Gree (Chinese: 格力; officially Gree Electric Appliances, Inc. of Zhuhai) is a Chinese multinational electrical-appliance and industrial-equipment manufacturer headquartered in Zhuhai, Guangdong, China. The company is best known internationally for air conditioners and HVAC systems, but its present-day business is considerably broader, covering household appliances, refrigeration, smart-home products, industrial equipment, motors, compressors, renewable-energy technologies and other manufacturing businesses.

Gree was established in 1991 and listed on the Shenzhen Stock Exchange in November 1996. From a small factory initially producing residential window air conditioners, it has grown into one of China’s largest appliance manufacturers and a major global air-conditioning brand. The company says its products now serve more than 190 countries and regions.

Quick facts

The corporate information above is based primarily on Gree’s own global and corporate materials.

Gree is essentially a technology and manufacturing company built around climate-control technology.

When people outside China hear “Gree”, they usually think of air conditioners. That association is justified: air conditioning remains the company’s core competency and its most internationally recognizable product category.

However, Gree today describes itself as a diversified, technology-oriented global industrial group operating in two broad areas:

1. Household consumer goods
2. Industrial equipment

Its portfolio includes residential and commercial air conditioning, refrigerators, washing machines, water heaters, kitchen appliances, environmental appliances, smart-home products and building systems. On the industrial side, it makes equipment and components including compressors, motors, precision molds, refrigeration equipment, semiconductor-related products, industrial energy-storage products and renewable-resource technologies. 1

So a useful way of thinking about Gree is:

Gree started as an air-conditioner manufacturer but evolved into a vertically integrated industrial technology group whose flagship consumer brand is still air conditioning.

Gree’s history goes back to Zhuhai, a city in Guangdong Province in southern China.

The company was originally a relatively small air-conditioning operation. In its early years, Gree concentrated primarily on assembling and manufacturing residential air conditioners, particularly window units. Its initial annual production was fewer than 20,000 units.

That is important to understanding Gree’s later development.

It did not begin as a diversified electronics conglomerate. Its strategy was initially very focused:

air conditioner → manufacturing capability → technology → brand → global expansion → industrial diversification

During the 1990s, Gree placed increasing emphasis on product quality, manufacturing systems and brand building. The company’s own historical account describes this period as the foundation for its later expansion.

During the 1990s, China’s consumer-appliance market was expanding rapidly.

Gree used that opportunity to build a strong domestic position in air conditioning. It invested heavily in:

• manufacturing capacity
• product quality
• distribution
• R&D
• compressor and component technology
• energy efficiency
• brand recognition

Gree subsequently became one of China’s dominant air-conditioner manufacturers.

The company was listed on the Shenzhen Stock Exchange in 1996, giving it access to capital markets and providing an additional platform for expansion. 2

One of the most important figures in Gree’s history is Dong Mingzhu.

Dong joined Gree’s predecessor as a salesperson in 1990. She subsequently rose through the organization, eventually becoming one of the most recognizable corporate leaders in China. She became chairwoman of Gree Electric’s board in 2012, while also serving as president. 3

Her leadership has become closely associated with Gree’s corporate identity.

Gree’s business philosophy emphasizes:

• technological self-reliance
• product quality
• manufacturing
• innovation
• long-term development
• strong internal capabilities

Dong has particularly emphasized the idea that a manufacturer should possess its “core technologies” rather than simply assemble products designed by others.

That philosophy is reflected in one of Gree’s famous Chinese slogans:

“格力，掌握核心科技”
roughly: “Gree — mastering core technologies.”

Later, the company adopted:

“让世界爱上中国造”
“Let the world fall in love with Chinese manufacturing.”

Gree’s strongest competitive identity is undoubtedly air conditioning.

The company manufactures both:

Residential air conditioning

Products include:

• wall-mounted split ACs
• floor-standing ACs
• multi-split systems
• inverter air conditioners
• heat-pump products
• smart/connected air conditioners

Commercial HVAC

Gree also produces large-scale climate-control systems for:

• offices
• hotels
• shopping malls
• factories
• hospitals
• public buildings
• transportation facilities
• large infrastructure projects

Its technology portfolio includes chillers, VRF/multi-split systems, heat pumps and other commercial HVAC equipment.

Gree’s international commercial business describes the company as a global specialist in both residential and commercial air conditioning.

The scale of the company has changed dramatically since its beginnings.

Gree’s current corporate information describes it as having:

• nearly 80,000 employees in one corporate profile;
• a very large R&D and technical workforce;
• 77 production bases in China and overseas according to the company’s current corporate profile;
• production operations in China, Brazil and Pakistan;
• six renewable-resource bases;
• products sold in 190+ countries and regions.

Gree’s global website also provides a broader figure of more than 90,000 employees, together with 15,000 R&D personnel and more than 30,000 technical workers. The difference appears to reflect differences between corporate profiles and reporting periods, so the safest description is that Gree is a tens-of-thousands-of-employees global manufacturer rather than relying on one static employee figure.

Although air conditioners remain its flagship, the company has expanded considerably.

Residential climate control

• Split air conditioners
• Inverter ACs
• Multi-split systems
• Heat pumps
• Air conditioners with smart controls
• Air purifiers
• Air coolers
• Dehumidification-related products

Commercial HVAC

• VRF systems
• Chillers
• Heat pumps
• Rooftop and packaged systems
• Large-scale central air-conditioning systems
• Building climate-control systems

Household appliances

Gree’s broader consumer portfolio includes products such as:

• refrigerators
• washing machines
• water heaters
• rice cookers
• electric pressure cookers
• fans
• heaters
• induction cookers
• humidifiers
• air purifiers
• water purifiers
• water dispensers
• kitchen appliances

Gree’s global product catalog confirms that the company now operates well beyond traditional air conditioning.

An interesting point is that Gree Electric Appliances owns more than just the GREE consumer brand.

The company’s 2024 annual report identifies three major consumer brands:

GREE

The flagship brand, particularly associated with:

• air conditioning
• HVAC
• household appliances
• climate-control technology

TOSOT

TOSOT is another consumer-appliance brand associated with Gree. It has a particularly important role in international markets and covers various appliances and air-conditioning products.

KINGHOME

KINGHOME is another consumer brand, particularly associated with appliances such as refrigerators.

Gree also lists industrial brands including:

• LANDA
• Kaibang
• Xinyuan

These are more closely connected with components and industrial technology than with consumer-facing products. 4

A major difference between Gree and many appliance brands is the extent to which it tries to control its own industrial technology and supply chain.

Gree does not simply design an air conditioner and purchase every important component from unrelated suppliers.

Its industrial businesses include technologies related to:

• compressors
• motors
• electrical components
• molds
• refrigeration equipment
• precision manufacturing
• semiconductor-related devices
• industrial automation
• energy storage
• renewable-resource recycling

This creates a vertically integrated ecosystem.

For example:

R&D → component development → manufacturing equipment → compressor/motor → air conditioner → sales/service

That integration is a major part of Gree’s strategy of developing what it calls core technologies.

R&D is central to Gree’s identity.

The company’s current corporate materials describe an extensive research network covering areas such as:

• refrigeration
• electromechanical engineering
• home appliances
• new energy
• environmental technology
• health technology
• communications
• intelligent equipment
• robotics
• Internet of Things
• motors
• washing technology
• refrigeration and cold-chain technology
• building energy efficiency
• electrical materials

Gree’s corporate profile lists 16 research institutes and a very large laboratory and engineering infrastructure.

This is one reason Gree positions itself as more than an appliance assembler.

Air conditioning consumes substantial amounts of electricity worldwide, so energy efficiency is strategically important to Gree.

The company’s R&D efforts therefore cover:

• inverter technology
• high-efficiency compressors
• heat pumps
• refrigerant technology
• intelligent energy management
• magnetic-bearing compressors
• high-temperature heat pumps
• solar/photovoltaic-related HVAC systems
• energy-storage technology

Gree has also increasingly promoted low-carbon and renewable-energy technologies.

For example, in 2025 the company highlighted technologies including large-power magnetic-levitation products and a high-temperature industrial heat pump, as well as an AI-based energy-efficiency chip for air conditioning.

Gree is no longer simply a Chinese domestic brand.

Its products are sold across:

• Asia
• Europe
• North America
• Latin America
• Africa
• the Middle East
• Oceania

The company’s official global distributor network includes markets such as Indonesia, Malaysia, Thailand, Australia, Brazil, Mexico, the United States, Canada and numerous European and Middle Eastern countries. 5

Gree also has overseas production facilities, notably in Brazil and Pakistan, alongside its extensive Chinese manufacturing network.

Gree has a dedicated Indonesian operation, PT Gree Electric Appliances Indonesia.

According to Gree Indonesia, the company entered the Indonesian market in July 2015, established its Jakarta headquarters and subsequently expanded its distribution and service network throughout Indonesia. 6

Its Indonesian product portfolio includes:

• residential AC
• light commercial AC
• commercial AC
• water-purification systems
• home appliances

Gree Indonesia markets itself primarily around air-conditioning quality, technology and after-sales service.

Gree is a very large publicly traded company.

For perspective, Gree Electric reported 2024 operating revenue of approximately RMB 190.0 billion and attributable net profit of approximately RMB 32.2 billion. 7

The company’s 2024 revenue mix also illustrates its continuing diversification:

• Home appliances: about RMB 148.6 billion
• Industrial products and green energy: about RMB 17.25 billion
• Smart devices: about RMB 424 million
• other businesses made up the remainder. 8

An especially interesting trend is international sales. 9

In the first three quarters of 2025, Gree reported revenue of approximately RMB 137.65 billion and attributable net profit of approximately RMB 21.46 billion.

Gree frequently describes itself as the world’s largest specialized air-conditioning manufacturer.

There is an important distinction here.

“Gree is the world’s largest AC manufacturer” does not necessarily mean Gree sells more consumer electronics overall than every other appliance company. It refers specifically to its enormous scale and specialization in air-conditioning manufacturing.

Gree has also highlighted Euromonitor data showing that its products ranked No. 1 globally by retail sales volume in split air conditioners in 2024.

This specialization is one of Gree’s biggest strengths.

Gree’s business model can roughly be summarized as:

1. Develop technology
↓
2. Manufacture key components internally
↓
3. Manufacture complete appliances
↓
4. Build a large distribution network
↓
5. Sell domestically and internationally
↓
6. Provide installation and after-sales service
↓
7. Reinvest in R&D and manufacturing

This model gives Gree considerable control over product development and manufacturing.

It also means Gree is much more of a manufacturing company than a pure marketing brand.

There are several characteristics that distinguish Gree from many other appliance brands.

1. Extreme specialization in air conditioning

Unlike companies whose appliance portfolios are broad from the beginning, Gree’s identity was built around climate control.

2. Manufacturing depth

Gree makes many of the components and machines used within its own industrial ecosystem.

3. Strong R&D culture

The company puts considerable emphasis on developing proprietary technologies.

4. Chinese manufacturing identity

Gree has increasingly positioned itself not merely as a Chinese company selling overseas, but as an example of Chinese manufacturing capability competing globally.

5. Vertical integration

The company operates across both finished consumer products and industrial components.

6. Strong domestic market position

China remains a fundamental market and manufacturing base for the company.

A simplified timeline looks like this:

The historical dates are compiled from Gree’s corporate history and company/industry records.

One unusual chapter in Gree’s history was its attempt to enter the smartphone business.

Beginning in the mid-2010s, Gree released several smartphone models.

However, smartphones never became a major pillar of the company’s business. Gree subsequently reduced its involvement in that sector.

This episode is useful because it illustrates Gree’s broader strategy: the company has periodically experimented with businesses outside its traditional HVAC specialization, although not every diversification effort has become commercially important.

This is perhaps the most underrated part of Gree.

Behind the consumer-facing GREE air conditioner is a much larger industrial ecosystem.

The company makes or develops:

• compressors
• motors
• precision molds
• machine tools
• industrial robots
• automation equipment
• refrigeration equipment
• electrical components
• semiconductor-related components
• energy-storage technologies
• renewable-resource systems

The company’s annual report explicitly divides its operations between household consumer goods and industrial equipment.

This means Gree increasingly resembles an industrial technology conglomerate rather than simply an appliance brand.

Gree’s philosophy revolves around several recurring themes.

Quality

The company has historically made product quality a central component of its brand strategy.

Technology

Gree strongly emphasizes proprietary and “core” technology.

Manufacturing

Rather than presenting manufacturing as a commodity function, Gree treats manufacturing capability as a competitive advantage.

Innovation

The company invests heavily in R&D and product engineering.

Long-term thinking

Gree frequently talks about building a company capable of operating for a century.

Gree Indonesia summarizes the philosophy as making innovation the company’s “soul” and technology its fundamental support.

Gree has a somewhat distinctive reputation internationally.

It is often perceived as:

Strengths

• strong air-conditioning expertise
• good manufacturing scale
• extensive HVAC product range
• substantial engineering capability
• competitive pricing in many markets
• broad availability

• long experience in climate-control technology

• brand recognition varies considerably by country

• product lines and warranty terms differ between markets
• Gree’s consumer electronics diversification has been less successful than its HVAC business
• some international markets have stronger local or Japanese/Korean competitors
• comparing a Gree product fairly requires looking at the specific model, not simply the Gree brand

In other words, Gree’s strongest identity is still HVAC, rather than general consumer electronics.

Gree operates in highly competitive markets.

Its major competitors vary depending on the product category.

In air conditioning / HVAC

Important competitors include:

• Daikin
• Midea
• Haier
• Mitsubishi Electric
• Panasonic
• LG
• Samsung
• Carrier
• Trane Technologies
• Johnson Controls / Hitachi-related HVAC businesses

The competitive landscape differs substantially between residential AC, commercial HVAC and different geographic markets.

Gree and Midea are particularly important Chinese competitors, while Daikin is one of the most important Japanese/global competitors in HVAC.

People often compare Gree with Midea because both are huge Chinese appliance manufacturers.

A simplified comparison is:

Gree’s historical DNA is air conditioning first.

Midea’s DNA is more broadly consumer appliances and electrical equipment.

That distinction is becoming less absolute as both companies diversify.

The formal company is:

Gree Electric Appliances, Inc. of Zhuhai

It is publicly traded in mainland China under:

Shenzhen Stock Exchange: 000651

The company was listed on 18 November 1996.

It should also be distinguished from Gree Group, the broader Zhuhai-based state-owned enterprise that historically had an important ownership relationship with Gree Electric.

The relationship between Gree Electric and Gree Group has changed significantly over time, particularly after the transfer of a major Gree Electric stake in 2019. 10

As of 2026, Gree is best understood as three things simultaneously:

① A world-scale air-conditioning company

This remains the heart of the brand.

② A diversified appliance manufacturer

Its consumer portfolio now extends into refrigeration, washing, water heating, kitchen appliances, environmental appliances and smart-home products.

③ An industrial technology company

Its industrial businesses encompass components, manufacturing equipment, motors, compressors, energy systems and other technologies. 11

That third identity is becoming increasingly important to understanding where Gree is going.

Gree is a Chinese multinational manufacturer founded in Zhuhai in 1991 that grew from a small residential air-conditioner factory into one of the world’s major HVAC companies and a diversified industrial group. Its flagship GREE brand is particularly famous for residential and commercial air conditioning, while the wider Gree Electric group also produces refrigerators, washing machines, water heaters, kitchen and environmental appliances, compressors, motors, industrial equipment, smart devices and green-energy technologies. Led for many years by Dong Mingzhu, the company has built its identity around manufacturing, proprietary technology, R&D and vertical integration. Today its products reach more than 190 countries and regions, making Gree one of the most prominent examples of a Chinese manufacturing brand that has expanded from a domestic market into a global technology and industrial business.

1. გრიის შესახებ – Gree
2. About Us | GREE Commercial
3. Gree Global
4. Company Overview | Gree Indonesia
5. Gree Electric
6. Gree Group
7. 格力电器(000651)_公司公告_格力电器：2025年年度报告(英文版)新浪财经_新浪网
8. EDGAR Filing Documents for 0001844971-26-000011
9. Gree Electric – Wikidata
10. EDGAR Filing Documents for 0001628280-25-015543
11. 知乎 – 有问题，就会有答案