董明珠股东会听劝“少说话”，为何仅针对分红发言？

Core Viewpoint - Gree Electric Appliances has maintained a high dividend policy, distributing over 170 billion yuan in total dividends since its listing, but faces challenges with declining revenue and net profit in recent quarters, highlighting the need for operational efficiency and market adaptation [6][10][11]. Dividend Policy - Gree's mid-term profit distribution plan for 2025 includes a cash dividend of 10 yuan per 10 shares, totaling 5.585 billion yuan, with cumulative dividends exceeding 170 billion yuan since its listing [7][10]. - Gree ranks approximately 17th in total dividends among A-share companies, with the highest dividends being distributed by state-owned banks and enterprises [7][8]. - The company has adopted a dual dividend model for 2025, with an expected total dividend of 16.755 billion yuan for the year [8][10]. Financial Performance - Gree's revenue for the first three quarters of 2025 was 137.65 billion yuan, a decrease of 6.6% year-on-year, while net profit fell by 2.3% to 21.46 billion yuan [11][12]. - The company's air conditioning business, which constitutes approximately 78.38% of total revenue, is significantly impacted by industry downturns, with retail sales dropping by 21.2% in September [11][14]. Management and Governance - Gree's chairperson, Dong Mingzhu, has been advised to allow younger management team members more visibility, which she has begun to implement [3][5]. - Dong Mingzhu holds approximately 1.8% of Gree's shares, making her the sixth-largest shareholder and the largest individual shareholder [15][20]. Market Position and Competition - Gree faces increasing competition from rivals like Midea and Haier, which have diversified their business models and achieved significant revenue growth [13][14]. - The company's recent channel reforms have temporarily hindered domestic sales, contributing to the revenue decline [13]. Shareholder Sentiment - Investor opinions on Gree's high dividend strategy are mixed, with some viewing it as a sign of corporate responsibility and others as a means to benefit original shareholders and executives [20][24].