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Gree Electric Appliances is a Chinese air-conditioning and home-appliance manufacturer, the world's largest AC maker by volume, sold in 160+ countries.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 2 suppliers, 2 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Rank 3 of the FY2025 top-5 customer table ('第三名', RMB 3,999,596,480.24, no name in the table itself) resolved via an exact-to-the-cent match against the separate related-party-transaction note's combined goods-plus-service sales line (RMB 3,998,025,672.70 销售商品 + RMB 1,570,807.54 销售服务). Related party: a Gree director serves as executive director and general manager of this entity, one of a small network of Gree-branded regional distribution companies (a sibling, Henan Shengshi Xinxing Gree Trading, sits below the top-5 threshold in the same note).
Rank 3 of the FY2024 top-5 customer table (RMB 5,377,436,945.43, 2.83%), confirmed independently in the FY2024 annual report and cross-checked against the FY2025 filing's own prior-period comparative for the same entity. Declining relationship: 2.83% -> 2.34%, -0.49 pts FY2024->FY2025.
RMB 716,522,325.17 in raw-material purchases (原材料), related-party note. Below the FY2025 top-5 supplier threshold (rank-5 cutoff RMB 5.67bn / 5.10%), consistent with the 0% supplier-side related-party figure in counterparty_concentration — this line never clears top-5, so no share_pct carried. Shanghai Highly (SSE: 600619) is itself an AC-compressor/motor manufacturer in which Gree holds an equity stake; the relationship sits against this dossier's own framing of Gree as vertically integrated and buying no third-party compressors (dossier wording, not a source quote) and is flagged as a live counter-example, not resolved further from the pages read.
FY2024 comparative from the same FY2025 filing's related-party note: RMB 1,104,632,383.40 (-35.1% FY2024->FY2025). Also below the FY2024 top-5 supplier threshold.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
Every exposure is read as a buyer dependency; the top 3 are its binding chokepoints.
Dossier discloses a neodymium exposure with no Dy/Tb/Sm tag and a sector where doping is not the rule — whether this company's magnets are Dy/Tb-doped is not on record. Resolved by a disclosed magnet grade, or a named magnet supplier in named_counterparties.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a buyer, policy pressure across its consumed materials is flat.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.