GREE(SZ:000651) Chang Jiang Shang Bao·2025-11-16 23:37Core Viewpoint - Gree Electric Appliances continues its mid-term dividend plan, proposing a dividend of 5.585 billion yuan for the mid-2025 period, maintaining the same level as the previous year [2][3]. Dividend and Shareholder Returns - Since its listing in 1996, Gree has distributed a total of approximately 147.639 billion yuan in cash dividends, ranking 16th in the A-share market [4][5]. - Over the past decade, Gree has distributed around 120.1 billion yuan in cash dividends, placing it 14th in the A-share market [6]. - The company has conducted 32 cash dividend distributions since its IPO, with an average dividend payout ratio of 48.35% [4]. - Gree's dividend payout ratio for 2024 was 52.06%, with total cash dividends amounting to 16.755 billion yuan [3]. Share Buybacks - Since 2020, Gree has repurchased approximately 617 million shares, spending around 30 billion yuan, and has canceled about 415 million shares, which is 6.89% of the total shares before cancellation [10]. Financial Health - As of September 30, 2025, Gree's debt-to-asset ratio stood at 62.80%, with cash and cash equivalents totaling approximately 116.235 billion yuan [11]. - The company has a negative financial expense of -3.297 billion yuan for the first three quarters of 2025, indicating strong cash flow [13][14]. - Gree's cumulative profit since its listing is approximately 305.341 billion yuan, with a net profit of 32.185 billion yuan in 2024, marking a significant milestone [15]. Research and Development - Gree has invested approximately 33.3 billion yuan in R&D from 2020 to 2024, with R&D spending of 5.622 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase [16].