Dong Mingzhu, is making it over-turning drama

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Dong Mingzhu, is making it over-turning drama

2021-11-28 00:05:08 27 ℃

Everything is a table.


A female assistant, a merger

Recently Gree has fired two.

On the Summit of the Chinese Manufacturing Leader, Dong Mingzhu took a young girl.

This is called Mengyu, which is 22 years old. It is a secretary of the chairman of Gree Electric. It is a sensation, it is Dong Mingzhu to the girl's position:

"I hope she can train her into the second Dong Mingzhu."

This "Overbas President's self-exposed successor" drama is too early to eat melon people. In the first time, # Dong Mingzhu 22-year-old secretary walks the top of Weibo hot search, 350 million browsing and 1.80,000 discussions.

But in fact, the so-called "Dong Mingzhu Chung Point-to-offensen" is actually a little girl who has just graduated. In April this year, Meng Yu girl participated in variety show "We will enter the workplace", which has met with Dong Mingzhu, and finally from the intern of Gree Market, and successfully turned into a secretary of the Chairman.

A little girl who has just graduated, not only is a close-fitting secretary of the boss of the number of listed companies, but also claimed to cultivate into "second old", how to see, all revealed unusual.

The second thing, happened in the capital market.

On November 16th, Gree announcement is proposed to purchase 38.78% of the Shield An environment with total price of 38.78% of the total price of 38.78%.

From the perspective of the financial report, the Shield An environment is not a satisfactory acquisition.

At the performance, before 2018, the company was deducted less than 8 million in three consecutive years, and a company revenue 8 billion companies. The net profit was only more than 7 million, and it was really a bit.

In financial operation, this company continues to guarantee financing for the parent company. In 2018, the company and Shield security insurance contained capacity of 1.3 billion, and disclosed in the 2020 financial report.

The only thing is to look at it, the main business of this company is air-conditioning components, but also has the capacity of automotive air-conditioning components. The company has established Shield An Auto Heat Management Company in 2017. It officially entered the new energy auto parts business.

A female assistant, a merger, two events that seem to be angry, but there is an inner connection. Behind this is a breakout of Gree and Dong Mingzhu.


The main business is sad

To unlock the mystery, you must first understand the real situation of Gree.

As a well-known big white horse in the A shares, Gree is not awesome this year. Since this year, Gree's market value has fallen from the highest point of 420 billion straight lines, and now only 200 billion is left. Even if it is constant repurchase, I have not saved the battle.

This situation can find the answer from the financial report. The third quarter of 2021 shows that the income of 139.5 billion yuan in the first three quarters, an increase of 9.5% year-on-year, with a net profit of 50 million yuan, an increase of 14% year-on-year, although it grows, but this performance is lower than the market expectation.

From a single three quarter, Gree revenue was 47.5 billion yuan, a year-on-year decreased by 16.4%, and the net profit of return is 6.2 billion yuan, a year-on-year decrease of 15.7%.

This is the weakness of the core income behind the revenue to rely on air-conditioning.

As the air-conditioning business of Gree basic disks, its market share has dropped from 43.58% in 2015 to 36.9% in 2020.

On the other hand, the gross profit margin of the air conditioner is continuously declining. Financial report shows that the gross profit margin of H1-2021 H1 and Gree Electric air-conditioning business is reduced by 38.5% to 29.8%, directly down nearly 9 percentage points.

This is not accidental, in the air-conditioning industry, channels have always been the key to occupying the market. More than 20 years ago, Gree is to grasp the channel, and the United Actors form a joint-stock company to firmly bind the interests of the factory and distributors. With this mode, Gree stepped by step by step by step by step.

But today, e-commerce has become the main force, this trend is more obvious. At present, the white household appliances have been raised to nearly half of the share, and the small householder is more horrible to reach 80%.

From the launch of the air conditioning line, the sales volume of Gree's online sales market has a short increase in Double 11 in 2019. In February 2020, it drops to the Oaks, Haier's same echelon, which is obviously lagging behind the United States.

The short board of online channels directly affects Gree air-conditioning income. In the first quarter, when the epidemic was the most serious, Gree lost as much as more than 30 billion yuan. Dong Mingzhu quickly came to the first show, and frank:

"February is basically sold in February for a month. The sales data in previous years is basically one or two billion, and this year is almost zero."

If you can catch up behind online channels, the downstream of the entire air conditioner does not seem to be avoided.

From the past history, we found a interesting phenomenon: air-conditioned industry cycle and real estate industry cycle, surprisingly.

In 2005, in 2009, in 2016, the sales volume of air conditioners also rose, and in 2008, in 2014, the sales volume of these real estate is also dim.

More in harder is that when Gree performance expansion is the fastest, it is the hottest time in China.

It can also be understood that when the real estate is in love, there are many people who buy a house, and the people who buy the house to buy air conditioners naturally. Since last year, another round of real estate decline, the room and enterprises have come one after another, and the air conditioning industry is also unable to escape the history of history.


Diversified confusion

In fact, Gree knows that the air-conditioning main industry will be affected by the industry cycle. Therefore, in 2014, Gree turned his gaze to diversify.

In 2015, Gree made a first generation of mobile phones. Unfortunately, processors, imaging, appearances, etc. are not as good as the industry, and sales are very bleak.

In 2016, Gree 2nd-generation mobile phone was released, in order to boost sales, Dong Mingzhu personally endormed. According to the data, this mobile phone has produced 300,000 units, and the actual sales of less than 10,000 units, most of them are still "self-produced". After these two times, Gree's mobile phone has basically disappeared in the field of vital.

Later, Gree began to enter new energy.

In August 2016, Gree announced 13 billion to acquire 100% equity of Zhuhai Yinlong New Energy Co., Ltd., and Dong Mingzhu privately invests in Yinlong in the case of Shandong General Assembly.

After several cross-borders tried to hit the wall, Gree put the diversified center of gravity back home appliances. For example, in 2018, the acquisition of Jinghong Electric, Ironbox, Roof and other life appliances.

But today, the diversified business of Gree is still difficult to go today.

Financial report data shows that H1-2021 H1, Gree Electric, including small appliances, and smart equipment, the total revenue of 400 million yuan, accounting for about 20% of the company's total income; hair profits are 2 billion The yuan, accounting for about 10% of the company's total profit.

It is still air conditioning. After diversification 7 years, Gree's "second growth curve" still did not appear.

On this way, people are accustomed to comparing Dong Mingzhu and Lei Jun. They are all kinds of marketing, all spare no effort to explore diversification. However, compared with Gree's weakness, Xiaomi's home appliances, home and other business, and investing in the car, and is also optimistic by the industry and investors.

From the root cause, Xiaomi is a Radix, but the Gree electrical appliance is not completely Dong Mingzhu. Board and professional managers, still have difference.



Seeing this, Gree's current situation has gradually clear: the main business faces the ceiling, diversified temporarily can't stand the column.

Under this perspective, then look at the two actions starting at the beginning of Gree:

1. A young female assistant is called, and claims to create a "second Dong Mingzhu".

2, with a price that is not cheap, acquire 38.78% of the Shield An environment.

Have you found that these two movements are just a great revitalization and diversity of the main business of Gree!

Dong Mingzhu has always wanted to strengthen Gree's online channels. In 2020, Dong Mingzhu 13 live receiving belts reached 47.6 billion yuan, accounting for a quarter of Gree all-year revenue.

However, Dong Mingzhu is again fierce. After all, the 67-year-old person, the young people have aesthetic fatigue, and the light stands live in a long time. Dong Mingzhu is not necessarily affected. It is inevitable.

Meng Yu children, the body is high, can say that it will jump, naturally a good seedling of live goods. Dong Mingzhu bind her and her own, and the probability is replaced by ourselves, and puts up the online short board on Gree.

When I wrote this article, there is already a new account called "Pearl Feather Sather" on the short video platform, and the things sold in the air purifier, rice cooker and other small appliances.

The successor is a fake, and the aateral anchor is true.

The acquisition of the Shield An environment is a bet in diversified. Shield An environment is a leading enterprise of the world's refrigeration component industry. At present, the four-way valve, shut-off valve, small pressure vessel, and system integrated pipeline assembly are the world's first, electronic expansion valve ranks worldwide second.

Cutting a new energy car industry chain, I am afraid it is the real wild look of Gree.

Dong Mingzhu made these two tricks, it is to try a breakout battle against the current two difficulties in Gree!

I have turned over the big play.