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Annual Report 2015 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 April 2016 00 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 Section I Important Notice, Table of Contents and Paraphrase The Board of Directors, Board of Supervisors, all directors, supervisors and Senior Management Personnel of the Company hereby guarantee that the contents are authentic, accurate and complete, and there are no false records, misleading representations or material omissions in the Annual Report, and shall take all the joint and several legal responsibilities. Dong Mingzhu, the Company's responsible person, Wang Jingdong, responsible person in charge of accounting work and Liao Jianxiong, in-charge person of accounting institution (accounting superintendent) hereby declare and warrant that the financial report in the Report is authentic, accurate and complete. All directors personally attended the meeting of the Board of Directors in respect of deliberation of the Report. The profit distribution proposal passed upon deliberation at the meeting of the Board of Directors is set out as below: Based on the total stock capital of 6,015,730,878 of the Company, all directors were distributed a cash dividend of RMB 15 (tax included) per 10 stocks and given 0 bonus share (tax included). Public reserve funds were not used for capitalization. 1 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 Table of Contents Section I Important Notice, Table of Contents and Paraphrase................................................................ 1 Section II Company Profile and Main Financial Indices ............................................................................ 4 Section III Corporate Business Overview ................................................................................................. 8 Section IV Discussion and Analysis of the Management ........................................................................17 Section V Important Events .................................................................................................................... 43 Section VI Changes in Stock Capital & Information of Shareholders ...................................................... 53 Section VII Related Information of Preferred Stock ................................................................................ 59 Section VIII Directors, Supervisors, Senior Management Personnel and Employees ............................ 60 Section IX Corporate Governance ............................................................................................................ 0 Section X Financial Report ..................................................................................................................... 88 Section XI Index of documents ............................................................................................................. 229 2 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 Paraphrase Items Means Contents Company, the Company, the enterprise, Means GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI GREE ELECTRIC APPLIANCES or GREE GREE GROUP Means ZHUHAI GREE GROUP CORP. Finance Company Means Zhuhai Gree Group Finance Company Limited Jinghai Guaranteed Means Hebei Jinghai Guaranteed Investment Co., Ltd. CSRC Means China Securities Regulatory Commission Guangdong Securities Regulatory Bureau Means Guangdong Regulatory Bureau of CSRC Report Period Means the period from 1 January 2015 to 31 December 2015 3 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 Section II Company Profile and Main Financial Indices I. Company information Stock Abbreviation GREE ELECTRIC APPLIANCES Stock Code 000651 Stock Exchange Shenzhen Stock Exchange Name in Chinese 珠海格力电器股份有限公司 Name Abbreviation in 格力电器 Chinese Name in Foreign Language GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI (if any) Name Abbreviation in foreign GREE language (if any) Legal Representative Dong Mingzhu Registered Address Jinji West Road, Qianshan, Zhuhai City, Guangdong Province Post Code of Registered 519070 Address Office Address Jinji West Road, Qianshan, Zhuhai City, Guangdong Province Post Code of Office Address 519070 Website http: //www.gree.com.cn Email [email protected] II. Contacts and contact information Board Secretary Securities Affairs Representative Name Wang Jingdong Yang Yongxing Jinji West Road, Qianshan, Zhuhai City, Jinji West Road, Qianshan, Zhuhai City, Address Guangdong Province Guangdong Province Tel 0756-8669232 0756-8669232 Fax 0756-8622581 0756-8622581 Email [email protected] [email protected] 4 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 III. Information disclosure and place of the report China Securities Journal, Securities Times, Media designated by the Company for information disclosure Shanghai Securities News and Securities Daily Website specified by CSRC for release of the Annual Report http: //www.cninfo.com.cn Place where the Annual Report is available for inspection Securities Legal Affairs Department of the Company IV. Alteration of registration Organization code 91440400192548256N Changes (if any) in the main business since listing of the Company No change Changes (if any) in the controlling shareholders No change V. Other related information Accounting firm engaged by the Company Name of the Accounting Firm Union Power CPAs Co., Ltd（LLP）. (Special General Partnership) Office Address No. 169 Donghu Road, Wuchang District, Wuhan City Names of Accountants as Signatories Wangbing, Lu Maoan Sponsor engaged by the Company to perform continuous supervision during the Report Period □ Applicable √ Inapplicable VI. Main accounting data and financial indices Whether the Company will retroactively adjust and restate the accounting data of previous years because of changes on the accounting policy and correction of accounting errors, etc. □ YES √ NO Increase/ Decrease over Item 2015 2014 2013 the previous year 137,750,358,395.7 Operating Revenue (Yuan) 97,745,137,194.16 -29.04% 118,627,948,208.59 0 Net profit attributable to shareholders of listed 12,532,442,817.66 14,155,167,229.36 -11.46% 10,870,068,311.47 Company (Yuan) Net profit attributable to shareholders of listed Company less non-recurring gains and losses 12,313,582,570.49 14,144,950,462.04 -12.95% 8,907,238,576.98 (Yuan) Net cash flow generated from operating 44,378,381,827.68 18,939,165,507.73 134.32% 12,969,837,129.83 activities (Yuan) 5 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 Basic earnings per share (Yuan per Share) 2.08 2.35 -11.49% 1.81 Diluted earnings per share(Yuan per Share) 2.08 2.35 -11.49% 1.81 Weighted average return on net assets (%) 27.31% 35.23% -7.92% 35.77% Increase/ Decrease over Item At the end of 2015 At the end of 2014 At the end of 2013 the previous year 156,230,948,479.8 133,719,278,987.4 Total asset (Yuan) 161,698,016,315.06 3.50% 8 0 Net asset attributable to shareholders of listed 47,521,376,091.77 44,152,654,824.68 7.63% 34,489,886,750.23 Company (Yuan) VII. Accounting Data Differences under Domestic and Foreign Accounting Standards 1. Differences in net profit and net assets in the financial report disclosed under international accounting standards and that disclosed under domestic accounting standards □ Applicable √ Not applicable There was no difference in net profit and net assets in the financial report disclosed under international accounting standards and that disclosed under domestic accounting standards during the Report Period. 2. Differences in net profit and net assets in the financial report disclosed under overseas accounting standards and that disclosed under domestic accounting standards □ Applicable √ Not applicable There was no difference in net profit and net assets in the financial report disclosed under overseas accounting standards and that disclosed under domestic accounting standards during the Report Period. VIII. Quarter-based Main Financial Indicators Unit: Yuan Quarter 1 Quarter 2 Quarter 3 Quarter 4 Operating income 24,503,900,149.25 25,607,282,231.71 31,411,681,643.31 16,222,273,169.89 Net profit attributable to 2,775,358,656.61 2,945,395,014.27 4,231,967,784.45 2,579,721,362.33 shareholders of listed company Net profit attributable to shareholders of listed 2,655,357,773.33 2,557,877,622.16 4,562,236,380.83 2,538,110,794.17 companies after deduction of non-recurring profit and loss Net cash flows from operating 23,158,828,378.12 6,597,411,449.23 7,219,125,176.77 7,403,016,823.56 activities 6 GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI Annual Report 2015 Whether major differences exist between the above financial indicators or their sum and those in the disclosed quarterly report and semi-annual report □ Yes √ No IX. Non-recurring Profit and Loss Items and Amounts √ Applicable □ Not applicable Unit: Yuan Item Amount in 2015 Amount in 2014 Amount in 2013 Gains and losses from disposal of non-current assets (including -8,078,976.10 -13,604,321.23 -1,760,280.69 the provision for asset impairment write-off part) Government subsidies recorded into the current profits and losses (excluding the governmental subsidies closely relating to 1,160,736,574.04 681,875,856.67 660,482,277.34 the business of the enterprise and enjoyed by a fixed quota or a fixed amount in accordance with the state policies) Gains and losses of the fair value change of the trading financial asset and liability held by the Company, investment income from the disposal of the trading financial asset and -916,913,668.52 -653,382,850.98
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