The author | Cat brother
The source | Big Cat Finance
01
In 2016, Dong Mingzhu made a big fuss at Gree's shareholders' meeting.
Why? Mainly because no one applauded when she came in. At that time, Gree was planning to raise additional funds and acquire the shares of Zhuhai Yinlong, and Leng Buding was so engaged in this at the shareholders' meeting, miss Dong's mood was really a little bad.
The heart is not happy, and it is natural not too merciful to speak:
"Gree did not treat you badly!" I don't overdo it at all. Do you see how many listed companies give you dividends in this way? I don't give you dividends for 5 years, what can you do with me? ”
Domineering isn't it? That's for sure.
At that time, Gree was the number one white horse in the A-share market, with strong performance and generous dividends, and institutions and retail investors were eager to do so. With this confidence, Miss Dong, who has a strong personality, is really harmless to occasionally be willful.
However, such good days may be coming to an end.
Since 19 years, the air conditioning industry has been a bit less good. The residual temperature of home appliances going to the countryside and shed reform is gradually receding, and the competitors are deeply involved, under multiple pressures, Miss Dong is finally unable to turn the tide...
On October 26, Gree disclosed three quarterly reports - q3 revenue of 47.5 billion yuan, down 16.4% year-on-year; net profit attributable to the mother of 6.188 billion yuan, down 15.66% year-on-year; gross margin and net interest rate both declined at the same time, inventory climbed steadily.
Seeing that the data is bleak, the institutional funds that once surrounded Gree have also retreated.
The fastest to start is naturally foreign capital without any ideological baggage. From December last year to the present, the proportion of positions cut by Lu Stock Connect and QFII/rqfii is as high as 15%, and a series of actions that are sold with a sell are decisive.
What is more troublesome is that the main force, which has always been firm, seems to have begun to change its mind. For example, Central Huijin sold 50% of its positions and cashed out nearly 2 billion yuan; the public offering data has not yet been disclosed, but it will not be more righteous...
02
What's the problem? In the eyes of some people, this has a lot to do with Dong Mingzhu's personality -
To say it well, it is strong, and the ugly point is dictatorship, over the years Gree has made mobile phones, engaged in chips, and bought Silver Long, and has really lost a lot of real money and silver, but as long as she can listen to the objections, she may not plant so many heels.
That being said is true, but there are too many hardships along the way, and it is really impossible not to be strong.
When he first arrived at Gree, Dong Mingzhu took over a debt collection job. At that time, a dealer owed Gree more than 400,000 yuan for the goods, and it was she who led people to block the creditor for more than 40 days, which took the goods back.
In addition to being powerful, Miss Dong did not have to say anything about her business.
In 1992 alone, she talked about 16 million performance, accounting for 1/8 of the entire company; by 1993, Gree sales doubled, and Dong Mingzhu contributed nearly 50 million in turnover, which was indeed a bit powerful.
It was hard to stand firm, and the peach picking came.
In 2004, the debt-owed Gree Group once wanted to sell 58% of Gree shares to cash out, when the major shareholder Zhuhai Municipal Government even found a good home, but did not get Dong Mingzhu's hard stubble.
In order not to let the people sent by the competent unit find out the truth, Gree directly closed the window and locked the door and banned anyone from entering; in addition to finding the media to speak out, Miss Dong also engaged in cross-level "petitioning", and after arguing with the province about the stakes, the transaction finally failed.
In 2012, Zhu Jianghong retired, and Gree officially entered the era of Dong Mingzhu.
During the handover process, Zhuhai SASAC has not given up its struggle for control. After Dong Mingzhu took over as chairman of Gree, the SASAC appointed several airborne soldiers before and after, but these people did not argue, and none of them stayed long.
At that time, there were even investors who "stood" for Dong Mingzhu at the shareholders' meeting: I hope that the major shareholders will consider the interests of small and medium-sized shareholders and not use the company as a resource to compete for - in short, don't parachute anymore, anyway, everyone does not recognize.
Since then, the phrase "Gree is Dong Mingzhu, Dong Mingzhu is Gree" has begun to penetrate the hearts of the people.
03
Seeing that the backyard was no longer on fire, Dong Mingzhu was finally able to free up his hands to carry out expansion.
In the beginning, most of the air conditioners in the industry were assembled goods, and the structure and components were basically no different. Technology can not open the gap, completely rely on sales and channels to fight the bayonet, and Gree's channel merchants just happen to be the iron army of Miss Dong.
It is precisely because of the existence of this team that Gree has eaten almost complete real estate dividends.
As we all know, the home appliance industry is the downstream of real estate. With the help of home appliances going to the countryside and the east wind of housing reform and shed reform, the air conditioning market has also set off a wave of climax.
In 1997, there were only 16 air conditioners per 100 households in cities and towns; by 2018, the number of air conditioners in 100 households in urban residents had soared to 142, and the number of 100 air conditioners for rural residents had also 65.
Considering gree's air conditioning market share, which has always been high, the profit margin here is really not to be underestimated.
Perhaps based on this confidence, in 2013, Dong Mingzhu and Lei Jun made the famous bet on CCTV in front of the people of the whole country - 5 years of revenue to 200 billion, bet from 1 to 1 billion, when Gree's revenue just broke through 100 billion.
The ultimate winner is naturally Dong Mingzhu, who never accepts defeat.
From the OEM factory in 1991 to the 300 billion giant who mastered the core technology, Gree only took 20 years. In those years, miss Dong, who was full of ambition, not only killed decisively in the mall, but also did not forget to open fire on the competitors who were eyeing the tiger in her spare time.
Xiaomi and Midea reached a strategic alliance, some people said that Gree was in a hurry, and her response was quite crisp: "What am I anxious about?" Two crooks together, are a thief syndicate";
For the advertising slogan of the United States, which only costs one kilowatt hour of electricity a night, she is even more ruthless: "How many ignorant and unskilled people have been fooled, and consumers have been deceived, how can Chinese manufacturing be strong."
Whether these words are reasonable or not is not easy to say, but the momentum of tens of millions of people is still in place.
04
However, the latter thing is a little wrong.
With the increasing number of residents' air conditioners, Gree has gradually touched its own ceiling, which is obvious - even if the air conditioning is good, it can't be a house decoration, right?
Seeing that the entire industry has entered a cruel state of stock fighting, Miss Dong has also begun to diversify and expand.
In the beginning, they chose to make mobile phones. However, suffering from the lack of relevant genes, the mobile phone with a unique boot screen finally failed to set off any storm in the market.
Consumer goods can't play, so can't we go back to manufacturing?
In 2016, Gree set its sights on Zhuhai Yinlong, which is doing new energy. Although the relevant proposal was rejected at the shareholders' meeting, she finally raised 2.6 billion yuan to invest in Yinlong, and the reason is of course very good, "Yinlong is gold buried in the sand."
Later, everyone knows that Yinlong has become a big burden, and even Wei Yincang has "disappeared"...
Pluralism is a double-edged sword, and while successful transformers are often reborn, there are also many losers who fall on the eve of dawn. Once the progress is not smooth or stepping on the thunder, at this time, it is not so simple to want to return to the main business.
First, competitors are around, there are beautiful tigers on the top, and there are a lot of miscellaneous brands struggling to catch up; second, real estate regulation continues to tighten, and the era of downstream home appliance companies lying and making money is also gone.
There was really no way, Miss Dong had to become meticulous.
Is the cost of a spokesperson too high? Then simply replace it. Since 2014, Jackie Chan has not appeared in Gree's advertisements, replaced by Dong Mingzhu, who personally played.
Is the live streaming pit fee too expensive? Then simply go on your own. Although the debut turned over, it is obviously difficult to defeat Dong Mingzhu herself, who is getting more and more frustrated, and she has broadcast a total of 13 live broadcasts in 2020, and it is said that the cumulative sales revenue reached 47.6 billion.
The data looks pretty good, right? But in the eyes of clear-eyed people, this is either "the dealer sells Dong Zong's face", or it is mixed with water and water in the noodles, and in the end, it is still impossible to block the mouth of everyone.
In 2019, when the market was worried about white horse stocks, Dong Mingzhu once said conclusively in an interview: "Thunder is not a real white horse stock, Gree 100% will not."
Now that I think about it, there is indeed a little sadness behind this sentence.