
Core Viewpoint - Gree Electric achieved a decrease in sales revenue but an increase in net profit due to a significant reduction in sales expenses, with a high dividend yield of 6.6% for the year [1][12]. Financial Performance - In 2024, Gree Electric reported total revenue of 1900.38 billion yuan, a year-on-year decline of 7.31% [1][2]. - The net profit attributable to shareholders increased by 10.91% year-on-year, reaching 32.185 billion yuan [1][2]. - For Q1 2025, Gree Electric's revenue and net profit were 416.4 billion yuan and 59.04 billion yuan, respectively, representing year-on-year growth of 13.78% and 26.29% [1][2]. Dividend Policy - Gree Electric plans to distribute a cash dividend of 20 yuan for every 10 shares, resulting in a total dividend of 3 yuan per share for the year, leading to a dividend yield of 6.6% based on the latest stock price [2][12]. Marketing Strategy - The 2024 annual report introduced the concepts of "self-controlled" and "autonomous" in its marketing system, highlighting a new channel strategy brand called "Dong Mingzhu Healthy Home" [3][8]. - Gree Electric aims to build a self-controllable and mutually beneficial channel system, enhancing sales efficiency through digital technology [9][10]. Market Position - Gree Electric maintained its position as the leading brand in the central air conditioning market with over 15% market share, marking 13 consecutive years at the top [6]. - The company also ranked first in global retail volume for split air conditioners and held significant online retail market shares in various product categories [6].