Data map: Dong Mingzhu. China News Agency reporter Luo Yunfei photo
Dong Mingzhu: Advance and retreat
"China Economic Weekly" reporter Guo Fang Guangdong reported
(This article was published in China Economic Weekly, Issue 26, 2018)
On June 25, after nearly one month of delay, Gree Electric Appliances General Meeting was held at Zhuhai Headquarters.
This time the general meeting of shareholders has received unprecedented attention. The number of investors present on the day exceeded 500, setting a historical record, so that a separate venue was needed to accommodate.
Dong Mingzhu lamented, “Shareholders’ concern for Gree is unprecedented. ”
This is a general meeting of shareholders held at a special time point —— the current board of directors has expired on May 31, 2018, and Dong Mingzhu will be re-elected and when he will be retired.
However, the meeting did not involve the reelection of the board of directors.
Re-election or retirement?
About a month ago, at the Gree Dream Festival on May 16, the new Zhuhai Municipal Party Committee Secretary Guo Yonghang brought in four sets of leadership teams from Zhuhai City and said in his speech: I wish the young Dong Mingzhu to lead the young Gree. Cast brilliant.
This was interpreted by the outside world as a clear signal to support the re-election of Dong Mingzhu. However, the delay in the reelection has not been settled, which has also attracted some investors' concerns. What should I do without Dong Mingzhu's Gree?
“ What if I am retired? & nbsp; At the shareholders meeting, Dong Mingzhu responded to this question.
She admits that from the bottom of her heart, she wants to retire. “In the 28 years of Gree, I have devoted myself every day. You know that we often work from 3 to 4 in the night and get 2 million a year. We are not for money in this officer. We really have dreams. I always feel that one person has to perform his duties due to his duties. If I retire tomorrow, I will still stick to the last moment today and will not make any mistakes for the development of Gree Electric. Decision making. ”
At the shareholders meeting, she announced many long-term plans.
For example, to continue to transform and upgrade, to do smart equipment, mobile phones and chips business. & ldquo; must do. Of course, tomorrow I am not the chairman of the board. That is another matter. As long as I am, I must do it. If I want to do it, I will succeed. ”
She also wants to achieve employee stock ownership. “Before retiring, let all our Gree employees hold Gree's stock to solve the problem of barbarians. ”
People can't imagine a Gree electric appliance without Dong Mingzhu. But this day is always coming, so how to pass is the key.
“(Serving) the chairman of this 6-year-old, I think my most successful is to train a team, not myself. ” She stressed that instead of cultivating a person, she cultivated a team and created a corporate culture unique to Gree. This corporate culture emphasizes dedication, emphasizes the building of a clean government, and cuts the relationship between management and suppliers and suppliers. “The only way to ensure the quality of our products is to ensure our fairness. ”
Who achieved the Gree?
At this general meeting of shareholders, Dong Mingzhu made a meaningful speech: What did the two-term chairman of the board of directors do for Gree Electric?
She made a systematic review of Gree's 28-year development:
In 1991, Gree Electric was established. The dream that I dreamed of at the time was to be able to go public, but it was not listed until 1996. “Why can't you get on the market because the company doesn't have good finances and no good performance to support it. According to Dong Mingzhu, in 1995, Gree's performance doubled. In that year, Gree Electric realized real profit and its profit was more than 100 million. Therefore, it was only in 1996 that it had a chance to go public. “Of course, this credit depends a lot on Dong Mingzhu. That year I came back to charge sales, and at the beginning I was a deputy minister. After one month, I turned from deputy. ”
In 2001, Dong Mingzhu was appointed as General Manager of Gree Electric. From 2001 to 2011, Gree Electric continued its “11-year-old Zhu Duo” for 11 years. During these 11 years, Dong Mingzhu and Zhu Jianghong together achieved a cumulative revenue of 349.3 billion yuan.
In 2012, Zhu Jianghong retired and Gree Electric began the Dong Mingzhu era. In the six years from 2012 to 2017, Gree Electric's cumulative revenue was 720.9 billion yuan.
From the perspective of profit, Gree Electric began to make real profits in 1995; from 1996 to 2000, the profit was close to 1.1 billion; from 2001 to 2011, the profit was close to 18.4 billion; from 2012 to 2017, Gree's profit was more than 800. Billion.
In recent years, Gree's patented technology and scientific research strength have also achieved leap-forward development: between 1991 and 2000, Gree Electric has 148 patents; from 2001 to 2011, it has grown to more than 4,000 patents; and in the past 6 years Gree Electric has 33,571 patents, including 15,900 invention patents.
“ Which company dares to fight with me? "Dong Mingzhu said that the most painful thing for Gree over the years has been to be dug." “It’s not a digging, every family wants to dig. ”
The changes in slogans from these years also reflect the different stages of development of Gree Electric. From the initial "Gree Electric created a good opportunity" to "good air conditioning Gree" & rdquo;; then, after 12 years, only shouted "Master the core technology"; in the last two years, it has become " Let the world fall in love with China.
Dong Mingzhu believes that every advertisement in different periods expresses the strength of a company.
The expression of advertising is not only the strength of the company, but also the ambition. In these years, Dong Mingzhu emphasized the mission of Gree in China's manufacturing industry in almost all public occasions. She also succeeded in shaping the image of a Chinese-made spokesperson. Of course, as a maverick entrepreneur, the controversy surrounding her has never stopped.
“ Some people say that Dong Mingzhu is now independent, and one person has the final say. But it is because I have the final say, from 2012 to 2017, the revenue of these six years is more than 700 billion, which is nearly double the growth in the past 21 years. ”
Dong Mingzhu & ldquo; speak with the truth, as always, hard.
Where is the new growth point?
Even in the past 6 years, under the leadership of Dong Mingzhu, Gree has created new glory, but “the ceiling problem” is still a concern of some investors.
Since 2005, Gree has been ranked first in household air conditioners for many years, and from the 2017 financial report, Gree's profit margin is almost double that of its competitors.
In 2017, Gree Electric achieved unprecedented success with revenue of 148.2 billion yuan, up 36.92% year-on-year; net profit was 22.4 billion yuan, up 44.87% year-on-year. However, more than 80% of the revenue comes from the air-conditioning business, but it also limits the imagination of Gree's future. It is also difficult for the air-conditioning business to maintain such a high growth rate in the future. Investors will inevitably have the worry of “ceiling”.
And Dong Mingzhu believes that the problem of “ceiling” is non-existent. “How big is the air-conditioning market and the market is infinite. Gree Electric is sufficiently recognized in this field. According to her, in addition to household air conditioners, Gree is also widely used in commercial air-conditioning. From the Great Hall of the People, Chairman Mao Memorial Hall, China Respect, to many airports and subways, Gree air-conditioning is used.
But she must also tell investors new stories.
In the new story told by Dong Mingzhu, smart equipment, chips, mobile phones and molds have become the protagonists. These are the areas in which she is determined to succeed.
In the 2018 Gree Electrics cadre work conference, smart equipment was raised to “second main business”. In 2017, smart equipment revenue accounted for only 1.4%, but more than 10 times more than the previous year.
“Intelligent equipment So far, many products have been put on the market. It is this speed that will make 5 billion this year, 10 billion next year, and 20 billion or more in the next year, waiting for time to test and market awareness. ”
And the controversial mobile phone business, she still insists. She told investors that you see, Gree does not have a profit decline in doing mobile phones, which means that there is nothing wrong with the choice.
Dong Mingzhu promised that no decision can affect the survival and development of enterprises. “We have a bottom line, we will not let the company collapse because of a project, or invest in an industry. ”
Why not pay dividends?
Of course, investors are most concerned about the issue of dividends.
On April 26, 2018, Gree Electric announced that it will not distribute bonuses for the 2017 year, will not send bonus shares, and will not convert the share capital into share capital. The balance will be transferred to the next year.
Gree Electric Appliances evaporated nearly 30 billion yuan on the day, and the Shenzhen Stock Exchange also sent a letter of concern to Gree Electric.
On the day of the shareholders' meeting, Dong Mingzhu explained that the reason for not paying dividends this year is because the strategic plan has not been completely laid out.
If you pay dividends by convention, "I am at least close to 100 million, but I don't have any points." I don't want to divide, but after the second day, Gree's competitiveness has declined. Do you hope? & rdquo; Dong Mingzhu said frankly that no dividends are made for the company to do more powerful.
In previous years, Dong Mingzhu generously gave investors a big dividend.
In 2016, Gree Electric sent a total of 10.828 billion yuan to all shareholders, breaking the cash dividend record of Gree Electric Appliances over the years. According to statistics, between 2012 and 2015, Gree Electric has accumulated cash dividends of up to 25.568 billion yuan, with an average dividend yield of 8.5%, ranking first in A-shares. The dividend amount far exceeds the sum of the US and Haier, so it is called “&ldquo The most conscientious listed company & rdquo;.
“From the time of listing to today, if we remember correctly, the dividend has exceeded 30 billion. Dong Mingzhu said bluntly that in 1996, Gree Electric only paid 500 million yuan in dividends. At that time, no one said that Gree had no dividends.