Not Using Gree Products Is a Mistake? Dong Mingzhu Sparks Controversy Again After Saying Less Talk

At the 2024 shareholders' meeting of Gree Electric Appliances (000651) a month ago, Chairwoman Dong Mingzhu stated that she would "try to speak less."

A month after the aforementioned statement, Dong Mingzhu couldn't help but speak out again, and her remarks immediately thrust Gree Electric back into the vortex of controversy.

No longer disclosing revenue from home appliances primarily consisting of refrigerators and washing machines.

At the recent 2025 China Brand Festival, Dong Mingzhu, Chairwoman of Gree Electric Appliances, promoted the company’s refrigerators and washing machines by stating, "If you don't use Gree's washing machines and refrigerators, that's your mistake." "Because while Gree refrigerators are energy-saving, they can also keep fruits and vegetables as fresh and nutritious as if they were just picked from the field, even after being stored for 20 days."

In the aforementioned statement, Dong Mingzhu promoted the company's refrigerators and washing machines. Notably, as a leading company in the air conditioning industry, Gree Electric's refrigerator and washing machine business does not possess the strong industry position that its air conditioning business does. In the 2024 annual report, Gree Electric no longer discloses the revenue from home appliances primarily composed of refrigerators and washing machines. Prior to this, the company's home appliance revenue had already declined for two consecutive years.

Refrigerators, washing machines, kitchen appliances, and water heaters are all categorized under the "home appliances" segment by Gree Electric. In its 2024 annual report, Gree Electric introduced new technologies for its refrigerators and washing machines, but did not disclose the revenue details of this segment.

According to Gree Electric's annual report for 2023, the company's revenue from household appliances was 4 billion yuan, a year-on-year decrease of 12.4%. Looking back, it is not difficult to see that since reaching a revenue of 4.88 billion yuan in 2021, the revenue of Gree Electric's household appliances segment has declined for two consecutive years. Compared with the record high of 5.58 billion yuan in 2019, by 2023, the revenue of Gree Electric's household appliances segment had decreased by nearly 30%.

If not using Gree's washing machines and refrigerators is considered a mistake, then is the decline in revenue from Gree Electric's home appliance segment because most consumers are making a mistake? Or is it due to the decrease in revenue from kitchen appliances, water heaters, and other products?

Although Gree Electric Appliances no longer discloses revenue from home appliances separately in 2024, the company stated during an investor briefing at the end of July that, supported by the "Dong Mingzhu Healthy Home" channel, sales of non-air conditioning products at offline stores have shown significant growth, with a year-on-year increase of over 20% in the past 3-4 months. Among these, categories such as refrigerators, washing machines, and electric fans have seen particularly notable sales increases. During the 618 shopping festival, Gree refrigerators ranked among the top ten in popularity on online platforms such as Zhihu and Douyin.

On one hand, there is a statement about the current hot sales situation; on the other hand, the segment's revenue has been continuously declining to the point where detailed income figures are no longer disclosed, making it difficult for the market to clearly understand how much revenue Gree Electric Appliances' home appliances segment actually generates.

Speaking less and consecutively stepping down from positions

Before making these remarks, Dong Mingzhu had stated not long ago that she would "speak less." Previously, on June 30, Gree Electric held its 2024 shareholders meeting, and Liu Shuwei, a renowned financial scholar who had just stepped down as the company's independent director, told Dong Mingzhu at the meeting that she should not always be at the forefront by herself and that it wouldn't work if she continued doing so; others need to step up.

Dong Mingzhu responded, "I am indeed giving them a chance, and from now on I will try to speak less."

One background to this statement is that at the end of April 2025, Gree Electric Appliances had just completed the re-election of its new board of directors. Over 70 years old, Dong Mingzhu was reappointed as the company’s chairwoman. When her three-year term ends, she will be 74 years old.

In this board re-election, Dong Mingzhu stepped down from the position of President of Gree Electric, a role she had held since 2001 (previously titled General Manager). Zhang Wei, a company director and Party Secretary, succeeded her as President. Zhang Wei was also the youngest member of the previous board.

After stepping down as president of Gree Electric Appliances, Dong Mingzhu gradually began to "take a step back." In June 2025, personnel changes occurred at Zhuhai Zero Boundary Integrated Circuit Co., Ltd., a subsidiary of Gree Electric Appliances. Dong Mingzhu resigned from her positions as legal representative and chairperson, and Li Shaobin, Vice President of Gree Electric Appliances, took over as the legal representative and was appointed as the director responsible for executing company affairs.

In August, Gree Titanium New Energy Co., Ltd., a subsidiary of Gree Electric Appliances, also underwent personnel changes. Deng Xiaobo, who previously served as vice president of Gree Electric Appliances, stepped down as the legal representative, general manager, and director of Gree Titanium. Dong Mingzhu, along with several others, withdrew from their director positions at the company.

In a conversation with New Oriental founder Yu Minhong in February 2025, when discussing the issue of a successor, Dong Mingzhu stated, "There are already a few candidates on different platforms and in different positions, but it's crucial for one person to emerge." However, Dong Mingzhu also mentioned that she cannot step away from the company yet, saying, "If I retire now, this brand will be gone."