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The Chinese Home Appliance Industry Is Experiencing a Downturn; Leading Company Gree Electric Appliances Saw Its Net Profit Drop by 43% in the Third Quarter.
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Gree Electric Appliances Co., Ltd. (Gree Electric), a leading Chinese electrical appliance manufacturer, saw a year-on-year decline in both revenue and net profit in the third quarter. Net profit attributable to shareholders of the listed company plummeted by 43.31% year-on-year. Meanwhile, the Chinese home appliance market as a whole experienced a downturn in the first half of the year, with retail sales declining by 9.9% year-on-year.
·New York, United States
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