(Yicai) Dec. 21 -- Shares of Gree Electric Appliances jumped after the leading Chinese maker of home appliances said it expects profit for the year to have climbed by as much as 19.6 percent.

Gree [SHE: 000651] ended 2.2 percent up at CNY31.49 (USD4.41) a share in Shenzhen today, after jumping by as much as 3.4 percent in the morning trading session.

Net profit may rise 10.2 percent to 19.6 percent to between CNY27 billion and CNY29.3 billion (USD3.8 billion and USD4.1 billion) for the 12 months ending Dec. 31, the Zhuhai-based firm announced today. Revenue will likely reach between CNY205 billion and CNY210 billion (USD28.7 billion and USD29.4 billion).

Gree said the earnings growth is down to the firm’s focus on its main air conditioners business, enriching its product types, and expanding sales channels while undergoing an industrial transformation and making ongoing efforts in multiple fields such as high-end equipment, industrial products, and green energy, according to the company.

In a separate statement yesterday, Gree said it will spend CNY1 billion (USD139.9 million) to hike its stake in its loss-making new energy vehicle unit Gree Altairnano New Energy by 24.5 percent to 72.5 percent. The firm also aims to buy the remaining shares within the next 12 months in response to the rapid developing and changing new energy sector, it added.

Because of the units' uncertain profit outlook, Gree's stock fell 7.1 percent yesterday to a new low this year after announcing the acquisition.

Gree Altairnano, formerly Yinlong New Energy, makes lithium-titanate batteries and electric buses. Gree became its largest shareholder in 2021 after Chairwoman Dong Mingzhu bought a stake in the company as early as 2016.

Editors: Shi Yi, Martin Kadiev