Dong Mingzhu Pledges No Layoffs as Gree Workforce Falls Nearly 20% from Peak

Management
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Summary · why it matters

Gree Electric Appliances Chairwoman Dong Mingzhu reiterated the company's no-layoff commitment at the induction ceremony for the 2026 graduate cohort, saying the company now has nearly 80,000 employees. However, Gree Electric's headcount at the end of 2025 was about 72,000, down 19% from the peak of 88,800 in 2019, including a single-year reduction of 9,504 employees in 2022, the largest in a decade. Meanwhile, the gap between Gree's overseas business and its peers continues to widen. Overseas revenue in 2025 was 27.375 billion yuan, only 17.71% of Haier Smart Home's 154.545 billion yuan and 13.97% of Midea Group's 195.948 billion yuan. Overseas revenue accounted for 16% of the total, far below Haier Smart Home's 51.1% and Midea Group's 42.7%. Extreme heat in Europe in the summer of 2026 led to a complete sell-out of Gree portable air conditioners in France, Spain, and Portugal. The company has coordinated with European distributors to lock in medium- and long-term orders in advance and accelerate shipments.

Impact on stocks 3

Others± Mixed · 3 stocks
Midea Group Co Ltd
000333
▲ PositiveDemandrelevance

Overseas revenue and share far exceed Gree's, highlighting Midea's strong global demand.

Qingdao Haier Co Ltd
600690
▲ PositiveDemandrelevance

Overseas revenue and share far exceed Gree's, highlighting Haier's strong global demand.

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