On the afternoon of June 26, the number of participants in the Gree Electric Appliances Shareholders' Meeting was a record, behind the shareholders' concern and expectation of Gree's direction. Why is this year not paying dividends, re-election, making chips virtual and real, how the air-conditioning business ceiling breaks... Shareholders' questions, Dong Mingzhu responded one by one. From the voting rate of more than 90% of the proposals, I saw the shareholders' approval of Dong Mingzhu.
However, Dong Mingzhu did not open up the mystery of how to increase 50 billion yuan this year and achieve the revenue target of 200 billion yuan. More importantly, how does Gree open the next round of growth curve, in terms of industrial layout, team relay, and equity mechanism? Dong Mingzhu urgently needs to hand over the perfect answer during the new chairmanship.
Dong Mingzhu quipped that, from her personal point of view, she hopes to distribute dividends. Her annual salary is more than RMB 2 million, and the dividend can be divided into tens of millions of yuan. However, the reason for not sharing dividends is that the strategic layout is not yet perfect, and the dividend will be distributed after the layout is perfect. It is hoped that the pattern of each investor will be higher. She firmly stated that as long as she is in office, smart equipment, mobile phones and chips must be done, but it will not affect the shareholders' earnings.
Ms. Dong’s eloquent speech was a simple matter, and she was able to make full use of her. However, from her tone and expression, she still felt the tremendous pressure she was experiencing. These pressures came from the market environment, competitors and investors.
Air conditioners still account for more than 80% of Gree's revenue, but this year's air conditioning market is not optimistic. According to AVC forecast, after experiencing high growth last year, coupled with weak real estate market, domestic air-conditioning retail sales will reach 2018 53.13 million units, a year-on-year decrease of 5.4%; retail sales amounted to RMB 186 billion, a year-on-year decrease of 3.7%, and the overall decline. From the total output of nine air-conditioner leading enterprises monitored by the industry online, the increase in production in May was from 4 The 17% in the month fell to 6%, and the industry consciously controlled production. The total initial output in June was only increased by 1% year-on-year.
Gree Electric's gross operating revenue for 2017 exceeded 150 billion yuan for the first time, and Dong Mingzhu previously revealed that the revenue for 2018 will hit 200 billion yuan. According to the business structure, the air-conditioning business will account for approximately 50 billion yuan in revenue this year. Contribute 40 billion yuan. At present, Gree's share in the home air-conditioning market in China has reached more than 40%. Its share has risen steadily this year, but the market is not expected to have big growth. Can air-conditioning charge more than three or four billion?
From the new industry map of Gree displayed by Dong Mingzhu, Gree's air-conditioner business will be further subdivided to make it deeper. Apart from home air conditioners, there are commercial air conditioners, refrigeration equipment, HVAC equipment, nuclear power air conditioning, rail transportation air conditioners, and photovoltaics. In addition to doing well in the domestic market, we must also expand overseas markets. One of the overseas markets is to promote its own brands, and the other is to make some investments based on brand maturity.
In the era of Zhu Jianghong, Gree was the leader of global air-conditioning for home use. In the era of Dong Mingzhu, Gree was diversified. Outside of air conditioning, where is Gree's second pillar industry? It is still exploring. The Iron Lady who specializes in marketing, Without mentioning the Bank, when referring to smart equipment, we strongly recommended steam washing machines to the shareholders at the venue; mentioned life appliances, and promoted water purifiers that do not need to change cores for three years.
Smart equipment, mobile phones and chips, Dong Mingzhu wants to promote Gree to break the bottleneck of the upstream industry chain, hold the smart home, the key link of smart manufacturing, 'not being stuck in the neck by others', and at the same time realize the diversified expansion of Gree. But just like her According to his own words, this will take time. Gree smart equipment revenue last year was 2.126 billion yuan. Whether it can achieve 5 billion yuan this year and 10 billion yuan next year, it will take time to answer. Unlike the U.S. acquisition of KUKA, Dong Mingzhu insists that Taking the road of independent innovation may go a little slower, but she thinks it is more solid.
How Gree's diversification strategy can be deployed depends on the success of Gree investors who came from all over the country to participate in the shareholders' meeting. A fund investor admits that Gree's old rival Midea has completed the layout of smart manufacturing. The market value rushed to more than 3,000 billion yuan, Gree's market value of more than 200 billion yuan, this time the strategic layout can not go wrong. Dong Mingzhu is also very clear, when a shareholder proposal should allow the Gree team trial and error, she immediately said that moved, and immediately Say 'We can't make mistakes' even more.
Dong Mingzhu is like a gladiator and likes to challenge. So even though she is in her 60s, she claims that her mentality is still like 25 years old. With this entrepreneurial spirit of courage and innovation, Dong Mingzhu hopes to bring Gree into A new realm. But if she retire?
Therefore, compared with the goal of achieving RMB 200 billion in revenue this year, shareholders are paying more attention to Gree’s sustainable development: whether the team can successfully take over, whether the industry can expand smoothly and whether the ownership structure can be stabilized. This is Dong Mingzhu Questionnaires urgently needed to be answered in the last term.
Although Dong Mingzhu stated that her most successful in the past six years has been the creation of an excellent and responsible team, after all, Gree’s brand and her personal label have been tightly linked to her influence in the industry and beyond. Which successor will feel the pressure. How to cultivate the successor who can truly select oneself, inherit the spirit of entrepreneurship and innovation, and test the wisdom of Dong Mingzhu.
As of the end of March this year, Gree Group's major shareholder, Gree Group, had a stake of 18.22%. As Gree, a high-quality listed company with tens of billions of cash in cash and no absolute controlling shareholders, could easily become a 'barbarian' invasion. Target. Dong Mingzhu had wanted to promote employees to hold shares in Gree Electronics's acquisition of Yinlong New Energy, but could not acquire Yinlong. However, she still hopes to achieve Gree's employee shareholding during his tenure.
There was a shareholder 'heartache' Ms. Dong, reminding her to take care of the body. The sharp Dong Mingzhu said: One day, I will sit down and ask questions.