A visitor looks at air-conditioners at the stand of Gree during a home appliances exhibition in Shanghai, March 22, 2013.[Photo/IC]

Gree Electric Appliances Inc, a leading domestic machine maker, showed a net profit of 14.12 billion yuan ($2.27 billion) in 2014, up 29.84 percent year-on-year.

According to its annual report, the growth was driven by increased efforts in technology and innovation, improved management, readjustment of product structure and the lower price of raw materials.

Sales of the Shenzhen-listed company increased 16.63 percent from a year earlier to 140 billion yuan, the report said.

Gree's products sell in more than 100 countries and regions, with seven manufacturing facilities in the Chinese cities of Zhuhai, Chongqing, Hefei, Zhengzhou, Wuhan, Shijiazhuang and Wuhu with one each in Brazil and Pakistan.