Gree Electric Reports Lower Revenue but Higher R&D Spending

Gree Electric released its 2025 third-quarter report on October 30. For the first three quarters, the company posted RMB 137.18 billion in revenue, down 6.5 percent year-on-year. Net profit attributable to shareholders of the parent company declined 2.27 percent to RMB 21.461 billion. Despite the softer top line, gross margin improved by 0.67 percentage points to 28.5 percent, and R&D investment grew 5 percent to RMB 5.62 billion, lifting its share of revenue to 4.1 percent compared with 3.6 percent a year earlier. During the third quarter, Gree generated RMB 39.855 billion in revenue, 15.09 percent lower than the same period in 2024, while net profit attributable to shareholders of the parent company fell 9.92 percent to RMB 7.049 billion.