GREE Latest Report

Performance Review

Greenidge Generation (stock code: GREE) recorded a total operating revenue of RMB147.92 million in 2024, a YoY decrease of 24.0% from RMB196.42 million in 2023. This decline reflects the challenges the company faces in revenue generation, affecting its profitability and resulting in a loss of pre-tax profit and net profit.

Key Financial Data

1. The total operating revenue in 2024 was RMB147.92 million, a YoY decrease of 24.0%.

2. The sales cost in 2024 was RMB101.7 million, a significant decrease from RMB147.74 million in 2023, but still failed to stop the decline in operating revenue.

3. Non-current operating income significantly decreased, from RMB225,000 in 2023 to RMB12,000 in 2024.

4. Factors such as declining market demand, operational efficiency issues, and cost increases affected the company's overall profitability.

Industry Comparison

1. Industry-wide analysis: In the current energy industry, especially in the market environment where renewable and traditional energy coexist, many companies face similar challenges. The overall industry is affected by factors such as policy changes and fluctuating market demand, leading to a decrease in revenue. According to the combined performance of listed companies in the power sector in 2023, the total operating revenue in 2023 was RMB1,834.33 billion, up 3.3% YoY. However, the decrease in Greenidge Generation's revenue is significantly higher than the industry average, indicating a more severe competitive and market environment.

2. Peer evaluation analysis: Compared with other companies in the same industry, GREE's decrease in total operating revenue is larger, possibly indicating its lack of competitiveness in the market. The revenue performance of other companies in the industry may be more stable or they have achieved growth in the same market environment, reflecting GREE's shortcomings in operations and market strategies.

Conclusion

Greenidge Generation's operating revenue in 2024 has decreased significantly, mainly due to the impact of declining market demand, operational efficiency issues, and rising costs. Compared with other companies in the industry, its performance is poor and urgently needs to improve its operating strategies to cope with market competition.

Opportunities

1. Strengthen product and service innovation to enhance market competitiveness and customer demand.

2. Improve production and sales efficiency to reduce operating costs and enhance profitability.

3. Focus on opportunities in the renewable energy market and transform at the right time to seize new market growth points.

Risks

1. Continued low market demand may lead to further revenue decline.

2. Intensified competition may erode the company's market share.

3. The pressure of rising costs may continue to squeeze profit margins and affect long-term profitability.