Gree seeks sustainable growth in a slowing market

By QIU QUANLIN (China Daily) Updated: 2015-01-30 09:24

"Going overseas is not simply about building manufacturing facilities. We will also introduce our technology and management to the overseas markets," Dong said.

The company has seven manufacturing facilities in Zhuhai, Chongqing, Hefei, Zhengzhou, Wuhan, Shijiazhuang and Wuhu. It also has manufacturing units in Brazil and Pakistan.

Dong, who always remains modest about her contributions, was ranked as one of the most powerful businesswomen in the country during 2014 by Fortune China. The magazine praised her for her influential role in transforming Gree to an eminent position in the global home appliance industry.

Moreover, Dong has often been more than willing to adapt to, or in many cases, fully embrace the changing industrial trends. An example of this is the company's recent foray into online services.

"As a key player in the traditional manufacturing sector, we attach great importance to the Internet business and have started online sales to meet market demand," Dong said.

Gree reported 132.5 million yuan in online sales during the Nov 11 Singles' Day online shopping spree, selling more than 47,000 air conditioners, according to figures provided by the company.

Sales of the Shenzhen-listed company increased 16.63 percent from a year earlier to almost 140 billion yuan in 2014.

"The growth was driven by increased efforts in technology and innovation, improved management, readjustment of product structure and lower prices of raw materials," Dong said.

Gree, whose products sell in more than 100 countries and regions, reported a net profit of 14.12 billion yuan in 2014, up 29.84 percent year-on-year, according to the company.

"The booming e-commerce segment will help drive a new round of business growth for Gree," Dong said.

Besides selling on major domestic e-commerce service providers including Tmall and JD.com, the company launched its self-developed online platform in December.