时隔六年，格力电器第一大股东拟减持不超过2%

Core Viewpoint - Hillhouse Capital has decided to reduce its stake in Gree Electric Appliances after six years, with the largest shareholder, Zhuhai Mingjun Investment Partnership, planning to sell up to 112 million shares, representing 2% of the total share capital excluding repurchased shares [1][5] Group 1: Shareholding and Reduction Plan - Zhuhai Mingjun holds 16.11% of Gree Electric's total share capital, having acquired these shares through a transfer agreement with Gree Group in January 2020 at a price of 46.17 yuan per share, totaling 41.662 billion yuan [2] - The reduction plan will not change the control of the company, and even after the potential sale of 112 million shares, Zhuhai Mingjun will still hold 14.11% of the shares, maintaining its position as the largest shareholder [5] Group 2: Reasons for Reduction - The primary reason for the share reduction is to repay bank loans, which were partly used to finance the acquisition of Gree Electric shares. Approximately half of the 41.662 billion yuan came from Zhuhai Mingjun's own funds, while the other half was financed through bank loans totaling about 20.831 billion yuan [3] - As the grace period for these loans is ending, the principal repayment phase will begin in 2026, prompting the need for liquidity through share reduction [4] Group 3: Financial Performance and Challenges - Since Zhuhai Mingjun became the largest shareholder, Gree Electric's stock price has not shown significant growth, currently at 37.59 yuan per share, down 18.6% from the acquisition price, resulting in a cumulative paper loss exceeding 7 billion yuan [4] - Gree Electric has maintained stable net profit growth from 2020 to 2024, but it faces challenges in diversifying beyond its core air conditioning business. Recent financial reports indicate a decline in revenue and net profit for the third quarter and the first three quarters of the year [6]