Huang Hui 'Restore' CEO position, Dong Mingzhu did not hold shares for one year. Who is Gree's 'head'?
On May 8, Gree Electric Co., Ltd. made a supplementary correction announcement to the 2017 annual report, and corrected Huang Hui as the executive president. In the 2017 annual report released by Gree Electric before this year's May 1st, Huang Hui was the executive vice president. In contrast, Gree Electric Co. chairman Dong Mingzhu has not held Gree shares for a year. This quiet change has caused many speculations.
Dong Mingzhu was 'Extruded' Top Ten Shareholders
According to the Shenzhen Stock Exchange, Gree Electric's directors, executives Huang Hui, recently increased the company's holding of 5,000 shares; Gree Electric's executive Tan Jianming added 22,400, 14,800 shares on May 2 and May 3, respectively. This is Gree Electric. This year, for the first time, executives increased their shareholdings. Changes in executive ownership of well-known listed companies have always been the focus of attention in the capital market. Compared to last year, Gree Electric Appliance Co., Ltd. only appeared in its first executive bail in May this year.
Before senior executives blessed, in the first quarter, Gree Electric Appliances in the capital market also won the favor of the national team and social security funds. Compared with these blessings that gave the capital market confidence, Gree Electric Appliances Chairman Dong Mingzhu was in the capital market this year. However, the performance of Nanfang Daily was somewhat 'calm'. The Southern Daily reporter reviewed the Shenzhen Stock Exchange's data and found that Dong Mingzhu hadn't had the act of blessing Gree shares for one year. This quarterly report shows that the Social Security Fund's 1-10 combination has already 'exposed' Dong Mingzhu. 'The top ten' shareholder series.
Huang Hui's 'return to' CEO, coupled with Dong Mingzhu's 'silence' in the capital market, can not help but make people guess more about Gree senior personnel changes. On May 31, Dong Mingzhu’s tenure will Period, and Gree's shareholders meeting will also be held. Prior to this, there have been insiders that currently Gree can not do without Dong Mingzhu, and Gree Electric Market Department in the media interview has been saying 'do not understand the relevant situation'.
According to the relevant provisions of Gree Electric's "Articles of Association" (announced in April 2017), the company's board of directors, board of supervisors, and shareholders who individually or jointly hold more than 3% of the company's shares have the right to nominate directors and candidates for shareholders' supervisors; Election or replacement, with a term of three years. When the term of office of the director expires, he can be re-elected.
According to this stipulation, the company’s largest shareholder, Gree Group, can recommend four Gree Electric Director candidates. The second largest shareholder has the right to recommend two board seats. There are also three independent candidates. In view of this, Dong Mingzhu Whether or not you can be re-elected depends to a large extent on the attitude of Zhuhai Gree Group, which is the major shareholder of 18.36%. Currently, Gree Group is 100% owned by the SASAC of Zhuhai City.
According to the data, in 2016, Gree Electric Appliances achieved a total operating revenue of 110.113 billion yuan, an increase of 9.50% year-on-year; total profit was 18.531 billion yuan, a year-on-year increase of 24.29%, and a net margin of 14.10%. In 2017, Gree realized revenue of 148.2 billion yuan. The year-on-year increase of 36.92%; net profit of 22.4 billion yuan, a year-on-year increase of 44.87%.
Finding new growth points is imminent
However, it is certain that no matter who becomes the next 'head', Gree Electric Appliances is looking for new growth points.
In 2017, Gree Electric Appliances' air-conditioning revenue was 123.41 billion yuan, accounting for 83.22% of total revenue, which was nearly 2 percentage points higher than the same period of last year. Air-conditioning is still the company's core product. At the same time, Gree’s growth in smart equipment is also significant. Revenue was 2.126 billion yuan, accounting for 1.43% of the total, which was a year-on-year increase of approximately 1.3 percentage points. Gree Intelligent Equipment Co., Ltd. was founded in January 2013, and in 2017, in the newly established seven subsidiaries of Gree, the smart equipment field There are three subsidiary companies, namely Zhuhai Gree Robot Co., Ltd., Zhuhai Gree CNC Machine Tool Research Institute Co., Ltd. and Gree Robots (Luoyang) Co., Ltd.
However, in 2017, Gree’s gross margin in the smart equipment business remained low and far lower than the overall gross margin of the company. Clearly, the company’s performance has not yet benefited from the layout of smart devices. At the same time, Gree’s mobile phone sales remained Unsatisfactory, the speed of advancement in new energy vehicles has not yet reached expectations.
Liu Buchen, a senior expert in the home appliance industry, pointed out that 'Geli's operating revenue has reached a peak in 2017, but this growth rate will be difficult to maintain in the future, especially the core product air conditioning. 'And everything indicates, over the 'May 31 The day's, no matter who is under the leadership, Gree's road to breaking is still long.