Core Viewpoint - Gree Electric Appliances' chairman, Dong Mingzhu, sparked controversy by stating "never use returnees, as there are spies among them," leading to widespread public discussion about the returnee group and accusations of employment discrimination [1][10]. Group 1: Company Strategy and Talent Management - Gree Electric has a low percentage of returnees among its 13,000 R&D personnel, with less than 1% being returnees, compared to 15% at Midea and 12% at Haier [3]. - The company has invested 200 million yuan annually to develop a local talent training system, collaborating with top universities to create specialized courses and training programs [3]. - Gree's focus on local talent aligns with its long-term strategy, emphasizing the need for dedicated individuals over prestigious degrees [3]. Group 2: Security Concerns and Incidents - Dong Mingzhu's comments were partly based on past incidents where returnee engineers leaked critical technology, resulting in significant financial losses for Gree, including a $1.2 billion loss in Southeast Asia and a 230 million yuan loss in Europe [3][4]. - Gree operates in sectors involving national security, including military and infrastructure, which heightens its scrutiny of returnee talent [4][5]. Group 3: Public and Media Reaction - The media, including prominent figures like Hu Xijin, criticized Dong's remarks as lacking factual basis and promoting division, calling for an apology to protect the reputation of returnees [1][10]. - Public sentiment has been polarized, with some supporting Dong's caution regarding national security, while others view it as discriminatory against returnees [11][12]. Group 4: Policy Changes and Implications - Recent trends show tightening restrictions on returnees in civil service examinations across various provinces, reflecting a broader national security strategy [7][9]. - The Chinese government emphasizes a dual approach of supporting returnees while ensuring strict background checks for sensitive positions, indicating a nuanced policy shift rather than outright exclusion [9].

Core Viewpoint - The A-share market has shown robust growth in the home appliance sector for the fiscal year 2024 and the first quarter of 2025, particularly in the white goods segment, which has demonstrated impressive performance [1][2]. White Goods Industry - Most listed companies in the white goods sector reported revenue and profit growth for both 2024 and Q1 2025, with notable performances from Midea Group and Haier Smart Home [2][3]. - Midea Group achieved a total revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, and a net profit of 38.5 billion yuan, up 14.29%. In Q1 2025, revenue reached 128.4 billion yuan, growing over 20%, with a net profit of 12.4 billion yuan, up 38.02% [2][5]. - Haier Smart Home reported a total revenue of 285.98 billion yuan in 2024, a 4.29% increase, with a net profit of 18.74 billion yuan, up 12.92%. In Q1 2025, net profit was 5.49 billion yuan, a 15.09% increase [2][5]. - Other companies like Gree Electric, TCL Smart Home, and Hisense Home Appliances also reported net profit growth exceeding 10% in Q1 2025 [3]. Black Goods Industry - The black goods sector showed performance divergence, with leading companies like Sichuan Changhong and Hisense Vision maintaining steady growth [6]. - Sichuan Changhong's 2024 revenue was 103.69 billion yuan, a 6.4% increase, with a net profit of 704 million yuan, up 2.3%. In Q1 2025, revenue was 26.84 billion yuan, a 12.89% increase, and net profit surged by 96.68% to 345 million yuan [6][8]. - Hisense Vision reported 2024 revenue of 58.53 billion yuan, a 9.17% increase, with a net profit of 2.25 billion yuan, up 7.17%. In Q1 2025, revenue was 13.38 billion yuan, a 5.31% increase, and net profit rose by 18.61% to 554 million yuan [6][8]. Small Appliances Industry - The small appliances segment exhibited mixed results, with leading companies like Supor and Xinbao maintaining growth while others faced declines [9][10]. - Supor's 2024 revenue reached 22.43 billion yuan, a 5.27% increase, with a net profit of 2.24 billion yuan, up 2.97%. In Q1 2025, revenue was 5.79 billion yuan, a 7.59% increase, and net profit was 497 million yuan, up 5.82% [9][11]. - Xinbao's 2024 revenue exceeded 16.82 billion yuan, a 14.84% increase, with a net profit of 1.05 billion yuan, up 7.75%. In Q1 2025, revenue was 3.83 billion yuan, a 10.36% increase, and net profit rose by 43.02% to 247 million yuan [10][11]. - Conversely, companies like Joyoung experienced significant declines, with a 7.94% drop in revenue for 2024 and a 68.55% decrease in net profit [10][11].

编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读 者。 2024年和2025年一季度，A股市场家电行业上市公司总体实现稳健增长，其中白色家电行业上市企业2025年一季度业绩表现亮眼。 白色家电：一季度业绩表现亮眼 按照申万行业分类，白色家电行业绝大多数上市公司2024年和2025年一季度业绩均实现增长。 比如美的集团披露的2024年年报显示，公司2024年实现营业总收入4091亿元，同比增长9.5%，实现归属于上市公司股东的净利润385亿元，同比增长 14.29%。2025年一季度，美的集团营业总收入1284.28亿元，同比增长逾两成，实现归属于上市公司股东的净利润124.22亿元，同比增长38.02%。 另一家年度营收超过千亿元的公司海尔智家2024年实现营业收入2859.81亿元，同比增长4.29%，实现归属于上市公司股东的净利润187.41亿元，同比增长 12.92%。2025年一季度海尔智家实现归属于上市公司股东的净利润54.87亿元，同比增长15.09%。 如果说2024年度白色家电行业中还有上市公司 ...

Core Viewpoint - The article highlights Gree Electric's financial performance in 2024, showcasing a shift from scale-driven growth to value creation, emphasizing the importance of sustainable development and technological innovation in a competitive market [1][3][8]. Financial Performance - Gree Electric reported a total revenue of 1900.38 billion yuan in 2024, a decrease of 148.16 billion yuan from 2039.79 billion yuan in 2023, while net profit increased by 31.67 billion yuan to 321.85 billion yuan, reflecting a year-on-year growth of 10.91% [1][3]. - The company announced a cash dividend of 20 yuan for every 10 shares, demonstrating its commitment to returning value to shareholders [1]. Market Strategy - Gree Electric's strategy focuses on maintaining profitability despite a declining revenue trend, with a gross margin of 34.91% in its consumer electronics segment, which remains among the highest in the industry [4]. - The company has transformed its marketing approach by controlling costs through channel reforms and investing in technology to achieve brand premium [4][6]. Technological Innovation - Gree Electric emphasizes long-term technological accumulation over short-term market share battles, with 48 research achievements recognized as "internationally leading" and over 130,000 patents filed [6][7]. - The company leads the global market in split air conditioning retail volume and has maintained its position in the central air conditioning market for 13 consecutive years [6]. Industry Positioning - Gree Electric's approach serves as a model for the industry, advocating for a shift from price competition to technology-driven differentiation, which is essential for the health of the market ecosystem [5][8]. - The company is expanding into high-value sectors such as industrial products and green energy, which accounted for 9.12% of its revenue in 2024, showing a 0.8% year-on-year growth [7]. Global Expansion - Gree Electric is actively pursuing international markets, with a 13.25% increase in overseas revenue in 2024, exporting to over 190 countries and regions, and achieving a 70% share of its export revenue from its own brands [7].

Core Viewpoint - Gree Electric Appliances has faced significant controversy regarding its hiring practices, particularly the rejection of overseas returnees, which contradicts its stated principles of equal employment and non-discrimination. This stance may hinder the company's ability to meet its development needs in an increasingly global market [3][4]. Group 1: Employment and Workforce - As of the end of 2024, Gree Electric Appliances employed 72,808 people, maintaining a stable workforce with 6,000 new graduates hired in the past year. The age distribution is balanced, with 32.73% under 30, 44.82% between 31-40, and 22.45% over 40 [5]. - The overall employee turnover rate is 12.85%, with a higher rate of 19.8% for those under 30, compared to 9.53% for ages 31-40 and 5.75% for those over 40. This turnover rate is significantly lower than that of competitors Midea Group (36.41%) and Haier (13.77%) [5]. - In 2024, total salary expenditure was 12.266 billion yuan, with an average salary of 168,500 yuan, reflecting a 2.7% increase year-on-year [5][6]. Group 2: Environmental Performance - Gree's total greenhouse gas emissions in 2024 reached 3.17 million tons of CO2 equivalent, a 2.4-fold increase from the previous year, primarily due to changes in accounting scope that now include subsidiaries [7][8]. - The carbon emission intensity for 2024 was 16.70 tons of CO2 equivalent per million yuan in revenue, significantly higher than Haier's 4.27 tons and Midea's 5.39 tons [9]. - Gree has initiated actions to reduce emissions, including the adoption of photovoltaic power and energy-efficient upgrades, achieving a cumulative reduction of nearly 460,000 tons of carbon from 2021 to 2023 [8][9]. Group 3: ESG Ratings and Controversies - Gree Electric Appliances received a BB rating from Wind, placing it in the mid-tier of the household durable goods sector, and a B rating from MSCI, ranking it in the bottom 20% among 71 peers [10][14]. - The company has faced several controversies, particularly regarding its employee stock ownership plan, which has drawn criticism for low pricing and performance thresholds, leading to significant opposition from minority shareholders [16][18]. - In 2024, Gree processed 8.13 million units of electronic waste, a decrease of approximately 18% from the previous year, while increasing the recycling of materials like copper, iron, aluminum, and plastics to 157,600 tons [19][20]. Group 4: Financial Performance - In 2024, Gree Electric Appliances reported total revenue of 189.16 billion yuan, a decrease of 7.26% year-on-year, while net profit attributable to shareholders was 32.18 billion yuan, reflecting a 10.91% increase [20].

Group 1 - Gree Electric's GMV9 Zhiyue multi-split air conditioning unit is the first AI multi-split unit in the industry designed with energy efficiency as the control target, achieving an average energy saving rate of 25% through real-time AI energy-saving control strategies [1] - The GMV9 Zhiyue multi-split unit is recognized as an important achievement in promoting the green transformation of the industry, with its technology reaching "international leading" level as certified by a panel of experts [1] - The launch of the GMV9 Zhiyue multi-split unit signifies Gree Electric's commitment to advancing the air conditioning industry towards a more efficient, greener, and smarter phase [1] Group 2 - Gree's "Zero Carbon Source" photovoltaic storage direct drive air conditioning system integrates photovoltaic power generation, energy storage, direct current distribution, and flexible electricity usage, achieving a photovoltaic direct drive utilization rate of 99.06% [2] - This system is widely applicable in public buildings, factories, venues, schools, hotels, hospitals, and commercial complexes, and has served over 35 countries and regions globally [2]

清华教授马少平表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和假期。 整理 ｜丁丁炒面 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 曹操出行 36氪获悉，据港交所，曹操出行在港交所提交IPO申请。 活力集团 活力集团控股有限公司于2024年10月29日递交的港股招股书满6个月，于2025年4月29日失效，递表时招商证券（香港）有限公司、民银资本有限公司为 其联席保荐人。（界面新闻） 清华教授表示将来有望每周上三休四 4月28日，清华教授马少平 在选择与回响眼界沙龙中表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和 假期。未来有望一周只上三天班，有四天休息游玩时间。所以不要畏惧技术的发展，AI的发展一定会让人们更加轻松。（腾讯新闻） 永辉超市回应标价7.96元实收8元 奈雪的茶门店通知能喝奶茶就不要喝水 近日，刘先生在重庆永辉超市金源时代店购买标价为7.96元的淡虾米，支付100元现金后找零92元。按实际金额计算应支付7.96元，但超市采用分位"四舍 五入"规则，实际收取8元。刘先 ...

很多人都非常关注董明珠究竟何时"退休"，毕竟今年已经71岁了，再加上近期董明珠在内部会议上说"绝不用一个海归派，因为里面有间谍"，顿时引发了网 络声讨。 前不久格力电器发布公告称，董明珠卸任自2001年4月开始担任的总裁一职，张伟被聘任为格力新总裁，但第十三届董事会董事长仍由董明珠担任。 也就是说，董明珠依然是格力电器的"一把手"，只是卸任了总裁一职，减少了一些执行战略上的工作，但更高层次的战略决策依然是董明珠说了算。 有多家官媒和知名媒体人认为董明珠的这种言论过于武断，不加以数据支撑就给留学生扣帽子，说出这样的话确实影响不好，所以大家都要求董明珠道歉。 还有网友在网上喊话，要求董明珠"下课"退休，因为董明珠的种种行为已经影响到了格力品牌的对外形象。 但对于退休一事，董明珠显然不会轻易放手，去年年底董明珠就在回应退休话题时表示："我所有的股民都不会让我退，想让我退的人不是股民，更不是我 的员工。" 而现在格力电器的财报公布，董明珠下课退休的可能性就更小了。 因为在她的带领下，格力的盈利能力还在提升，股息率高达6.6%，让大小股东挣了不少钱。 董明珠之所以底气十足地说出"所有的股民都不会让我退"这样的话，确实是 ...

Group 1 - Gree Electric Appliances held its first extraordinary shareholders' meeting of 2025, where Dong Mingzhu was elected as a non-independent director with over 3.3 billion votes, indicating strong support from investors and shareholders [1][3] - Dong Mingzhu criticized the low-price competition in the domestic air conditioning market, stating that low prices reflect a lack of capability and emphasized the importance of quality and technology over pricing [1][5] - The company has seen a significant increase in sales at stores rebranded as "Dong Mingzhu Health Home," with the first store achieving sales of 8.2 million yuan in a week, showcasing the effectiveness of personal branding [5] Group 2 - Dong Mingzhu expressed a strong preference for cultivating talent domestically, rejecting the idea of hiring overseas returnees, citing concerns over potential espionage and the need to protect the company's extensive patent portfolio [7] - The company maintains a high gross margin of 34.7%, attributed to the personal branding of Dong Mingzhu, which saves approximately 800 million yuan in advertising costs annually [5] - Gree's cheapest wall-mounted air conditioner is priced at 2,899 yuan, while the lowest-priced floor-standing unit is 5,399 yuan, indicating that the company does not compete on price but rather on quality and technology [5]

Core Viewpoint - Gree Electric's new leadership faces the challenge of restoring revenue to over 200 billion yuan, as the company reported a revenue of 190 billion yuan for 2024, a decline of 7.31% year-on-year, while net profit increased by 10.91% to 32.185 billion yuan [1][2]. Revenue Performance - Gree Electric's revenue for 2024 was 1900.38 billion yuan, marking a 7.31% decline compared to the previous year, which is the first revenue drop in four years [2][5]. - In contrast, Midea Group achieved a revenue of 4090.84 billion yuan, a growth of 9.47%, and Haier Smart Home reported 2859.80 billion yuan, a growth of 4.29% [2][3]. - Gree Electric's revenue composition shows that consumer electronics accounted for 78.54% of total revenue, while industrial products and green energy made up 9.12% [4]. Profitability Analysis - Despite the revenue decline, Gree Electric's net profit reached 32.185 billion yuan, with a growth rate of 10.91%, placing it second among the three giants [5][6]. - Gree Electric's net profit margin improved to 17.11%, an increase of 3.52 percentage points year-on-year, indicating strong profitability despite revenue challenges [6][7]. Dividend Distribution - Gree Electric plans to distribute a cash dividend of 20 yuan per 10 shares, totaling approximately 11.170 billion yuan, contributing to a cumulative cash dividend of 16.692 billion yuan for 2024 [1]. Sales Expenses - Gree Electric significantly reduced its sales expenses by 34.11% to 9.753 billion yuan, which is only 5.13% of its revenue, contrasting with Midea and Haier, which had sales expenses exceeding 30 billion yuan [8][9]. Market Positioning - The competition among the three giants is intensifying, with Gree Electric and Midea both claiming to be the leader in the air conditioning market, using different metrics to support their claims [11][12]. - Gree Electric's air conditioning segment generated revenue of 779.61 billion yuan, while Midea's HVAC revenue was 1014.61 billion yuan, indicating a competitive landscape [10][16].