BEIJING - Gree Electric Appliances, a leading air conditioner maker in China, on Thursday reported a 44.87 percent net profit growth in 2017.

Net profit attributable to shareholders hit 22.4 billion yuan ($3.5 billion) last year, the Guangdong-based firm said in its annual report filed with the Shenzhen Stock Exchange.

Its business revenue increased 36.92 percent to 148.29 billion yuan, while total assets rose 17.87 percent year-on-year to about 215 billion yuan.

The company's revenue from air conditioners rose 40.1 percent to 123.41 billion yuan, accounting for more than 83 percent of the total.

In 2017, its sales of air conditioners for home use remained the largest in China for a 23rd consecutive year, while sales for commercial air conditioners were the largest for the sixth year running.

While maintaining rapid growth in its main business last year, the company also expanded its smart equipment, smart home appliance and new energy businesses, the report said.