In 1978, Guangzhou Household Appliances Factory No. 1 developed and produced single-door direct cooling 200-liter and double-door frost-free 150-liter household refrigerators in small batches. In 1979, Guangzhou No. 2 Light Industrial Machinery Repair Factory began to develop household refrigerators. In 1980, Guangzhou No. 2 Light Industry Machinery Repair Factory trial-produced 404 household refrigerators. In the same year, it was renamed Guangzhou Refrigerator Factory, introduced a refrigerator production line, and mass-produced China's first generation of household refrigerators. In 1984, Guangzhou Household Appliances Factory No. 1 was renamed Guangzhou Air Conditioner Factory. The following year, it introduced an air conditioner production line and became the second largest air conditioner factory in the country in terms of production and sales.

The Guangzhou Refrigerator Industrial Company was established with Guangzhou Refrigerator Factory, Guangzhou Air Conditioner Factory, Guangzhou Freezer Factory, etc. to produce Wanbao brand refrigerators, air conditioners, and refrigerated cabinets (the "Wanbao Electric" brand was founded).

Guangzhou introduced my country's first refrigerator compressor production line and established Guangzhou Refrigerator Compressor Factory, with an annual production capacity of 1 million units.

The new Guangzhou Refrigerator Industrial Company was formed by Guangzhou Refrigerator Industrial Company and Guangzhou Refrigerator Compressor Factory. In 1985, Guangzhou Refrigerator Industrial Company was renamed Wanbao Electrical Industrial Company (started to use "Wanbao" in the company name). In April 1988, Wanbao Electrical Appliance Group Co., Ltd. was established and implemented the "six unifications" management mechanism in accordance with the requirements of integration of production and operations. By the end of the same year, the annual output of Wanbao refrigerators reached 1 million units, ranking among the "top eight" refrigerator companies in the world. The output of refrigerator compressors has also ranked first in the country for many years. In 1991, Wanbao Electric Group Co., Ltd. successively cooperated with multinational companies such as Japan's Panasonic, Mitsui & Co., and Singapore Packaging to establish joint ventures to expand production scale, improve technological strength, increase product varieties, and promote economic growth. At the same time, the company's internal production organizational structure was adjusted to form three major production bases: Renhe, Guangzhou and Panyu. In 1995, Wanbao Refrigeration Group Co., Ltd. was established. In just a few years, Wanbao Refrigeration Group Co., Ltd. has developed into a powerful leading enterprise in the domestic refrigeration industry. Its subsidiary Guangzhou Refrigeration Co., Ltd. was listed on the Shenzhen Stock Exchange in 1998. In 1998, Guangzhou Wanbao Refrigerator Co., Ltd. was established. In 2004, the company's "Wanbao" brand refrigerator won the title of "China Famous Brand" product. In 1999, Guangzhou Wanbao Home Appliances Holdings Co., Ltd. was established, and it participated in seven joint ventures in the Panyu base. Guangzhou Wanbao Group Co., Ltd. was established in July 2000. The registered capital of Guangzhou Wanbao Group Co., Ltd. was 330 million yuan. In 2000, it had total assets of 8.4 billion yuan, net assets of 3.26 billion yuan, the state-owned part was 1.79 billion yuan, and the number of employees was 9,708, including There are 1,090 engineering and technical personnel. The products produced include refrigeration appliances, household appliances and many intermediate ancillary products in eight categories and thousands of varieties, forming a production and operation direction with refrigeration products as the main business. It has four major production bases in Guangzhou City, Renhe, Conghua and Panyu, and 17 industrial enterprises. In 2001, the total industrial output value was 5.3 billion yuan, the sales output value was 4.874 billion yuan, the total profit and tax was 154 million yuan, and the export volume was 74.36 million US dollars. In 2002, the total industrial output value was 6.6 billion yuan, a year-on-year increase of 23.18%, the industrial added value was 1.56 billion yuan, a year-on-year increase of 12%, the sales revenue was 6 billion yuan, a year-on-year increase of 30%, the export volume was 180 million US dollars, a year-on-year increase of 140%, and the profit and tax The total amount is 446 million yuan, of which the total profit is 167 million yuan, and the overall labor productivity is 300,900 yuan/person. In 2003, the total industrial output value was 8.33 billion yuan, a net increase of 1.73 billion yuan over the previous year, a year-on-year increase of 26.2%, the industrial added value was 1.79 billion yuan, a year-on-year increase of 26.2%, the sales revenue was 8.027 billion yuan, a year-on-year increase of 24.88%, and the export volume was 2.58 billion yuan. billion, a year-on-year increase of 36.5%, the total profit was 227 million yuan, a year-on-year increase of 1.17%, and the production and sales rate was 99.25%. In 2004, the total industrial output value was 10.5 billion yuan, a net increase of nearly 2.2 billion yuan over the previous year, a year-on-year increase of 26%, and the export volume was US$370 million, a year-on-year increase of 43%. In 2005, Wanbao ranked 242nd among the top 500 Chinese enterprises and 121st among the top 500 Chinese manufacturing enterprises. In 2006, the Wanbao brand was rated as a "Recommended Export Brand" by the China Chamber of Commerce for Machinery and Electronics.

Comprehensive evaluation of the top 500 competitiveness of Chinese enterprise groups in 2006 ranked 404th (National Bureau of Statistics).

The Wanbao trademark was rated as a well-known trademark in China. In 2007, the Wanbao brand was rated as the "most competitive" brand in 2006 by the Ministry of Commerce. In 2008, the total industrial output value was 14.489 billion yuan, the main operating income was 14.660 billion yuan, and exports were 842 million US dollars. The total industrial output value ranks among the top three industries under the Guangzhou Municipal Economic and Trade Commission. Comprehensive evaluation of the top 500 competitiveness of Chinese enterprise groups in 2008 ranked 344th (Information Release Center of the National Bureau of Statistics), and its comprehensive competitiveness jumped to 60th place in 2 years.