OFweek smart home network news "Greeto do what they do, that is, air conditioning is doing well," a dealer so evaluate Gree's diversification strategy. Since Dong Mingzhu became chairman in 2012, Gree has entered a stage of high dividends, and the corporate culture has become more and more "Dong Mingzhu". However, the industrial structure still remains in the era of Zhu Jianghong.
Gree’s leading position in the home appliance industry in China is unquestionable, but as the era of rapid growth in the industry has passed, companies need new growth.
Gree entered the “Dong Ming Zhu†era and started the diversification process five years ago. Mobile phones, smart homes and new energy vehicles are now Gree’s three new strategic directions. However, from the 2016 annual report released by Gree at the end of April, Gree’s diversification did not seem to have achieved results. From the financial report data, Gree’s industrial structure still stays in the era of “Zhu Hongjiangâ€.
Gree's "Dong Mingzhu" Brand
"What Gree can't do well is air conditioning is doing well." A Gree dealer commented on Gree's diversification strategy.
In October last year, Gree Electric Appliances shareholders’ general meeting voted to acquire Yinlong, the programmatic plan was rejected by shareholders, and the plan to acquire Yinlong was aborted. At that shareholder meeting, the votes of small and medium shareholders were the main force of opposition. More than 65% of small and medium-sized shareholders voted against the programmatic motion or abstained from voting.
Back five years ago, the small and medium shareholders who voted against or abstained from voting today jointly elected Dong Mingzhu to the position of chairman in 2012, and Gree Electric entered the era of the second leader.
In addition to the small and medium shareholders, Dong Mingzhu’s today is also inseparable from the preparation of Gree Electric founder Zhu Jianghong. Gree Group once held more than 50% equity in Gree Electric Appliances and has absolute controlling power. However, in 2003, after the conflict between Gree Electric Appliances and Gree Group's trademark use rights of Gree, from 2006 onwards, under the impetus of Zhu Jianghong, Gree Electric Appliances experienced a six-year split in shareholding reform and absorption. Dealers became shareholders, reduced holdings, several rounds of management incentives and additional offerings.
In 2012, when Dong Mingzhu received Gree Electric from Zhu Jianghong, although Gree Group was still the largest shareholder, the shareholding of Gree Real Estate was only about 20% of the shares.
From the concentration of equity to the decentralization of equity, this laid the foundation for Dong Mingzhu to take over Gree Electric, and the small and medium shareholders were able to elect it into the board of directors. However, for Dong Mingzhu, who has less equity in Gree Electric Appliances, how to enhance the control of Gree Electric Appliances is a problem that must be solved. Through personally speaking Gree's approach, Dong Mingzhu gradually became the symbol of Gree Electric Appliances and firmly bound their own image with the Gree Electric brand.
In addition, since Dong Mingzhu served as chairman in 2012, Gree Electric Appliances began to enter the stage of high dividends. In the past five years, Gree's corporate culture has become more and more "Dong Mingzhu", but the industrial structure still remains in the era of Zhu Jianghong.
Forced diversification
Since January this year, Gree Electric Appliances has continued to perform well. The stock price has continued to climb and the market value has exceeded 200 billion yuan for a record high. At the end of April, Gree Electric disclosed its 2016 annual report. The company's 2016 revenue was 108.3 billion yuan, up 10.8% year-on-year; its net profit was 15.4 billion yuan, up 23% year-on-year.
However, it is not hard to find that its revenue structure has never changed a lot. In 2013, revenue from air-conditioning accounted for 89% of Gree Electric Appliances. By 2016, air-conditioning revenue still accounted for 81% of Gree Electric Appliances. Compared with Dong Mingzhu’s claim that “My mobile phone is the first in the world†and the struggle to enter the field of new energy vehicles, Gree’s diversification strategy has not yet taken shape.
This means that air conditioning is still Gree's main source of profit. However, the indisputable fact is that the future development of air-conditioning is limited. A company with a market value of nearly 100 billion can't rely on a sunset industry to support the future. Gree's competitor, Midea Group, also saw this. In 2016, Midea Group chose overseas acquisitions, and it has acquired Toshiba White Electric Business, Italian commercial air-conditioning company Clevit, and the famous German robot company KUKA.
Gree also knows this crisis. Dasong Life Appliance was established in 2013 to promote small home appliance products. By 2014, Gree Electric made clear that “Gree Electric Appliances will develop from a professionally-produced air-conditioning enterprise into a diversified group enterprise†to develop products such as water heaters and water purifiers. , And then Gree mobile phones, today's new energy vehicles, Gree Electric also has been trying in other areas.
Beginning in March 2015, Dong Mingzhu began to publicize Gree's mobile phone preheating and announced that it would sell 50 million units in 2015. For the selling point of the mobile phone, Dong Mingzhu publicized: "Gree's mobile phone can connect smart home."
Smart home is undoubtedly the hottest concept in the past two or three years, and will continue to heat up in the next 3-5 years. More and more companies are investing in the competition of smart homes, hoping to create a platform or provide core products, and finally realize the dream of connecting everything. Gree is doing mobile phones, is hoping to deploy smart homes through mobile phones, build an ecological closed-loop, complete the realization of a diversified layout represented by mobile phones and air conditioners in 2018.
Compared to Haier, who gave control to the Meizu, Gree Dong Mingzhu decided to make a smart phone. Her intention is very clear, that is to make the smart phone as the core to achieve control of all smart home products. However, Gree cell phone was eventually seen as a farce.
Perhaps many of Gree's mobile phones are not smooth, accelerating the Dong Mingzhu betting on new energy vehicles.
The battery technology of Zhuhai Yinlong is the reason why Dong Mingzhu repeatedly mentioned why it wanted to acquire Yinlong. According to a public introduction, Zhuhai Yinlong acquired 53.6% of the shares of Otis Nanotechnology Co., Ltd., a company listed on the Nasdaq Stock Market of the United States, and puts its technology, production line and sales system in the bag. It has lithium iron phosphate batteries with BYD. , Zhong Ju Lei Tian rare earth lithium battery comparable to the lithium titanate battery technology.
The core profit of new energy vehicles is "three powers," that is, motors, electronic controls, and batteries. Electronic control technologies are all domestic and even international leaders. All automotive giants including BMW and Mercedes-Benz are customers, and motors have always been traditional automobiles. Business site. It is not difficult to understand why Dong Mingzhu, who is clinging to technology, is also keen to cooperate with Yinlong to make batteries.
Why do you try harder and fail more
Dong Mingzhu found the hottest spot in the moment. However, from the financial report data, Gree’s income structure did not change significantly compared with five years ago. Some people may say that investment in new energy vehicles cannot be seen as soon as possible. In fact, starting from the Gree mobile phone, Dong Mingzhu went off.
It took less than a year for Gree mobile phones to go from the beginning to the end of the listing period. At the beginning of his mobile phone, Dong Mingzhu advertised Gree mobile phones to be mobile phones that would allow users not to change for 3 years. With the current replacement speed of the mobile phone market, and the startup screen of Gree's mobile phone exposure, it is evident that Gree has entered the mobile phone industry, and it is completely "children's play". It is totally inconsistent with the positioning of mobile phone fashion and has been ridiculed by many netizens as "Dong." Pearl is learning from Laoganma."
From the observers' point of view, Gree's old bank air conditioning is a durable electrical appliance, and the mobile phone is a fast-moving consumer electronic product. The users of the two have significant differences. In addition, Gree's channels and brands want to be copied to mobile phones, which is not an easy task. In the mobile phone R&D, content ecology, software, and supply chain, Gree is still far from being able to enter the market.
If the role of Gree's mobile phone, as Dong Mingzhu said, is to "connect smart homes," then what about smart home industry people?
In fact, the current smart home is mainly the intelligent transformation of the original home appliances, smart home rely more on Internet content and software to solve. In the current situation that the smart home is still in a single product, the integration of intelligent control systems, the establishment of different brands of product links and the promotion of their products together is the most feasible way to open up the entire smart home ecosystem and realize the most feasible living of smart home service users. Method.
In the eyes of people in the industry, Gree is not surprised that Gree must rely on hardware to solve the problem.
Recall Zhuhai Yinlong's leading battery technology. Leading technology does not mean having a market. The leading battery technology needs to match the market of new energy vehicles is large enough and the imagination is large enough. This is the problem that Dong Mingzhu neglected. Dong Mingzhu used clean energy and social responsibility as the basis for judging the market size, and ignored the fact that new energy vehicles are policy products in China.
On Dongmingzhu's most valued power battery, industry insiders analyzed that 2017 will be the inflection point of power battery capacity, and overcapacity is inevitable. Dong Mingzhu's prediction of the use of power batteries in energy storage and smart grids for a short time, the uncertainty of policies and the market's capacity are unpredictable, and everything is still unknown.
Conclusion
Dong Mingzhu’s eagerness to lay out mobile phones and new energy vehicles is behind the predicament of Gree Electric in the industry. It is difficult to expand the market in front of the Gree Electric Appliances.
Bringing Gree, a crises of the year, to the position of the domestic air-conditioning boss, the great reason is Dong Mingzhu’s emphasis on technology and the reuse of technical talents, which also leads Dong Mingzhu’s technology leadership to lead the market share. ingrained. However, the market environment facing Gree air-conditioning's winning rules has long since changed.
This is why after a five-year diversified transformation, Gree's air-conditioning business accounted for 81% of revenue. There is nothing wrong with finding hot spots. The original intention of the layout is also good, but Dong Mingzhu has not yet found a suitable runway.
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