According to Fast Technology on August 7th， an investor recently raised concerns about Gree’s chip business on an interactive platform.
The investor pointed out that Gree’s total R&D investment from the beginning of 2020 to the end of Q1 2025 was 34 billion yuan. Of this， only a portion is allocated to the chip business. For comparison， SMIC’s R&D investment during the same period was 25.2 billion yuan， and GigaDevice’s was 4.68 billion yuan.
Furthermore， data indicated that ZeroBoundary had only 18 insured employees， while GigaDevice had 431， and SMIC boasted several thousand.
“Although Gree’s chip products and business differ from the other two companies， this comparison can offer investors some perspective. We would like to inquire why ZeroBoundary has only 18 insured employees， and what the total number of employees in Gree’s chip team is?”
Gree Electric responded by stating that the company entered the chip field in 2015 and established a Microelectronics Institute and a Power Semiconductor Institute within its Communication Technology Research Institute. In 2018， Zhuhai ZeroBoundary Integrated Circuit Co.， Ltd. was founded， primarily responsible for the R&D and sales of MCU chips， smart home chips， and power device products. In 2022， Zhuhai Gree Electronic Components Co.， Ltd. was established to manage the manufacturing of third-generation semiconductor silicon carbide wafers， power device packaging and testing， and semiconductor testing services.
Currently， the company’s chip team has expanded to nearly a thousand individuals， with over 60% being technical personnel. This significant investment in human capital suggests a serious commitment to developing its chip capabilities. The substantial proportion of technical staff indicates a focus on core R&D and engineering expertise， which is crucial for innovation in the semiconductor industry.
Regarding the investor’s concern about the number of insured employees at ZeroBoundary， Gree stated that the information has since been updated. This suggests that the initial figure may have been outdated or incomplete， and that the company is addressing specific reporting issues.
It is understood that Dong Mingzhu， the chairperson of Gree Electric， addressed external skepticism about Gree’s chip manufacturing earlier this year on a CCTV program， discussing the company’s chip factory construction.
In response to doubts about Gree’s chip production， Dong Mingzhu stated directly， “Everyone makes chips seem too mysterious!” She emphasized that chip manufacturing is not a reckless gamble for Gree Electric but a responsibility and commitment as a Chinese manufacturing enterprise.
She mentioned that when she first announced Gree’s venture into chip production， most people were more skeptical than supportive. “Firstly， they believed I lacked talent， questioning how a company known for air conditioners could venture into chips， which is a high-tech field.” This reflects a common perception that expertise in one industry does not easily translate to another， especially one as specialized as semiconductors.
Gree has established Asia’s first fully automated silicon carbide factory， handling the entire chip manufacturing process in-house. This ambitious undertaking signifies Gree’s deep commitment to vertically integrating its chip production and gaining control over key aspects of the supply chain. The development of such advanced manufacturing capabilities suggests a long-term strategic vision beyond just immediate product needs.
Dong Mingzhu further stressed， “This chip factory did not use a single cent of state funding; we have the capability ourselves.” She added that this facility not only serves as a benchmark for Gree but can also provide a comprehensive set of environmental equipment for more semiconductor factories. This statement highlights Gree’s self-reliance in its chip endeavors and its potential to become a service provider for the broader semiconductor industry， showcasing a business model that could foster industry growth while leveraging its manufacturing expertise.
