Gree stock: Q3 profit falls as shareholder debt pressure rises

Gree Electric Appliances reported a sharp deterioration in third-quarter profitability, while pressure on its largest shareholder adds a separate risk factor for investors. The figures were reported by 36Kr on October 29, 2026, based on Gree's third-quarter report released on October 26.

Third-quarter earnings weakened

Gree generated revenue of CNY 36.678 billion in the third quarter, down 7.97% from the same period a year earlier. Net profit attributable to shareholders fell 43.31% to CNY 3.996 billion.

For the first nine months of 2026, revenue declined 8.1% to CNY 126.075 billion, while attributable net profit decreased 19.51% to CNY 17.274 billion. The nine-month figures show that the pressure extended beyond a single quarter, although the published report did not establish a specific cause for the stock's subsequent performance.

Largest shareholder faces debt pressure

Zhuhai Mingjun, an investment vehicle associated with GL Ventures, acquired 902 million Gree shares in 2019 at CNY 46.17 per share, according to the 36Kr report. The investment was financed partly with acquisition loans, and the replacement financing was scheduled to mature in 2026.

Zhuhai Mingjun reduced its holding by 42.7931 million shares in February 2026 at an average price of CNY 37.13 per share. The proceeds were used to repay maturing bank acquisition loans. After the sale, the vehicle held about 860 million shares and remained Gree's largest shareholder.

36Kr reported that Gree closed at CNY 37.30 on October 28 and estimated the remaining stake's market value at about CNY 32 billion. The report compared that value with the original investment and the earlier sale proceeds to estimate a floating loss of about CNY 8 billion. This is a static calculation rather than a realized loss.

Buybacks and dividends provide support

Gree is also pursuing shareholder-return measures. The company has announced a CNY 5 billion to CNY 10 billion share repurchase program, with at least 70% of repurchased shares intended for cancellation. Its interim distribution plan provides a cash dividend of CNY 10 for every 10 shares, including tax.

Investors can follow the real-time quote of Gree stock separately from the company's operating results.

China's broader equity backdrop can be followed through the Shanghai Composite market environment.

More news and analyses on Gree stock