文/广州日报全媒体记者许晓芳、赵方圆 企业如何穿越产业智能化变革周期？世界500强企业在当下恪守着哪些战略信条，遵循着怎样的管 理原则？9月25日，在广州举办的2025年《财富》世界500强峰会上，全球知名经济学者、《财富》世界 500强、《财富》中国500强、行业领先企业的高管齐聚一堂，共同探讨如何在充满不确定性的全球经济 环境中发现机遇、拥抱变革。值得关注的是，记者会上获悉，在今年的《财富》世界500强排行榜中中 国共有130家企业上榜，其中广东地区有10余家。 500强企业高管共议高质量发展 会上，多位《财富》世界500强企业高管分享了其企业经营转型的实践与思考，展现了500强企业在 复杂商业环境下的战略选择与管理原则。 广汽已在全球建了5家散件组装的工厂。图为广汽生产线。广州日报全媒体记者 王燕 摄 其中，广东省广新控股集团有限公司总经理刘志鸿分享了广新集团从外贸转型制造业的历程："广 新本身是从传统外贸企业转型到制造业的，我们制造业基因本身并不强，但是我们能把制造业做强做 大。除了坚定的战略支撑之外，我们比较注重苦练内功，其中一个就是做精益管理。" 会上，美的集团股份有限公司副总裁兼首席财务官钟铮分 ...

Core Viewpoint - Gree Electric Appliances is undergoing a significant transformation in its distribution channels, shifting from a model reliant on core agents to a more streamlined and digital approach, which aims to enhance control over retail channels and improve market responsiveness [2][6][8]. Distribution Channel Transformation - Gree has transitioned its online procurement system from the "Shengshi" series to the newly established "Hengxin" series, indicating a move towards a flatter distribution model that reduces reliance on traditional agents [2][3]. - The new "Hengxin" series companies are primarily composed of professional managers associated with Gree, contrasting with the previous model that was heavily tied to core agents [4][7]. - This change is expected to simplify the sales process, reduce costs, and enhance competitiveness by eliminating layers of pricing that previously inflated retail prices [6][8]. Market Response and Sales Strategy - Gree's new retail model is currently in a transitional phase, with both traditional and online procurement systems operating simultaneously [7][11]. - The company aims to expand its product categories beyond air conditioners to include refrigerators, washing machines, and water purifiers, thereby diversifying its revenue streams [8][9]. - Recent reports indicate that the procurement prices for mid-range air conditioners have decreased by approximately 10% year-on-year, reflecting the impact of the new model [7]. Financial Performance and Competitive Landscape - Gree's revenue for the first half of 2025 was reported at 97.325 billion yuan, a decrease of 2.46% year-on-year, while net profit increased by 1.95% [9]. - The company faces increasing competition in the home appliance market, necessitating a shift from its traditional air conditioning business to other product lines to sustain growth [9][10]. - Competitors like Midea and Haier have already made significant strides in digital channel transformation, which Gree is now striving to catch up with [9][10]. Future Trends in Retail - The future of retail for Gree is expected to focus on "factory sales" and experiential retail, emphasizing direct consumer engagement and reducing intermediary costs [11][12]. - Gree is enhancing its offline channels to improve customer experience and integrate online and offline sales processes, aiming for a more cohesive retail strategy [12].

Investment Rating - The investment rating for the company is "Increase" [4] Core Views - The company's performance in H1 2025 is under pressure, with a revenue of 97.6 billion (down 3%) and a net profit of 14.4 billion (up 2%) [6] - The report indicates a downward adjustment in the annual profit forecast, expecting net profit for 2025 and 2026 to be 32.1 billion and 33.6 billion respectively, with a year-on-year growth of 0% and 5% [11] Financial Performance Summary - For H1 2025, the revenue from consumer electronics, primarily air conditioners, accounted for nearly 80% of total revenue, showing a decline of 5% [7] - The industrial products and green energy segment, mainly from Shieldan and Gree Titanium, saw a revenue increase of 17% in H1 2025 [8] - The gross profit margin for H1 2025 was 29% (down 1 percentage point), with domestic sales gross margin at 34.56% [10] - The net profit margin for Q2 2025 was 15.2%, benefiting from effective measures to recover channel profits [10] Revenue and Profit Forecast - The company's revenue is projected to decline to 190.04 billion in 2024, followed by a slight recovery to 203.50 billion by 2027 [4] - The earnings per share (EPS) is expected to be 5.75 in 2024 and increase to 6.31 by 2027 [4] Market and Competitive Landscape - The report highlights that the company is facing intensified market competition, particularly in the low-end air conditioning segment, which has affected its growth [11] - The company is restructuring its sales channels to adapt to market conditions, indicating a strategic shift to enhance competitiveness [11]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1]. - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders for 2024 [1]. Financial Performance - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a decrease of 8.8% year-on-year, and a net profit of 110 million yuan, down 14.33% year-on-year [1]. - The gross margin for 2024 was 40.7%, a slight decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1% [3]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 510 million, 580 million, and 650 million yuan respectively [4]. Market and Product Insights - The company experienced stable growth in its core product categories, with the domestic smoke and stove categories showing increases of 7% and 5% respectively in 2024 [2]. - The new retail channel contributed significantly, with a revenue of 1.3 billion yuan in 2024, reflecting a year-on-year growth of 30% [2]. - The integrated stove market faced challenges, with a year-on-year decline in retail revenue of 30.6% [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.7x, 9.5x, and 8.4x respectively [4]. - The company’s total market capitalization is approximately 5.48 billion yuan [7].

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1] - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4] - The company plans to distribute cash dividends of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders in 2024 [1] Financial Performance Summary - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a year-on-year decrease of 8.8%, and a net profit of 110 million yuan, down 14.33% year-on-year [1] - The gross margin for 2024 was 40.7%, a decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1%, an increase of 0.2 percentage points year-on-year [3] - The company expects net profits attributable to shareholders for 2025-2027 to be 510 million, 580 million, and 650 million yuan respectively, with corresponding P/E ratios of 10.7x, 9.5x, and 8.4x [4] Market and Product Insights - The domestic market for kitchen appliances, particularly range hoods and gas stoves, showed stable growth in 2024, with retail sales of range hoods increasing by 14.9% and gas stoves by 15.7% year-on-year [2] - The new retail channel contributed significantly to revenue, with a 30% year-on-year increase in new retail revenue, while online sales decreased by 6% [2] - The company is experiencing pressure in integrated products, with a 30.6% year-on-year decline in retail sales for integrated stoves [2]

Core Viewpoint - The company faces dual challenges in 2024, including a normalization of demand for respiratory products and high raw material prices, alongside significant changes in the retail market environment [1][3][4] Financial Performance - In 2024, the company reported a revenue of 3.377 billion yuan and a net profit of 492 million yuan [1] - The revenue from traditional Chinese medicine accounted for 72.96% of total revenue, while chemical drugs and health products contributed 21.10% and 5.50%, respectively [3] Market Environment - The market is experiencing a structural change due to policies like centralized procurement and adjustments in payment structures, which have impacted retail sales [3][4] - The shift towards online channels has led to a decline in customer volume and spending in physical pharmacies [3] Strategic Response - The company is actively optimizing its marketing model and streamlining its distribution channels to adapt to market changes [1][4] - It has established a self-operated B2B platform and is implementing a flat channel strategy to enhance decision-making efficiency [4] Product Development - The company maintains a strong product pipeline with over 1,000 drug approval numbers, including more than 500 in the national medical insurance directory [5][6] - Key products include the pediatric cough syrup and liver protection tablets, which continue to perform well in the market [6][7] Brand and Channel Strength - The company has built a robust brand presence with a brand value of 18.432 billion yuan for "葵花" and 14.484 billion yuan for "小葵花" [9] - It has developed a comprehensive marketing network covering nearly 8,000 hospitals and over 300,000 retail outlets [10] Future Outlook - The company is focused on long-term growth through internal reforms, product upgrades, and brand building, with a commitment to generous cash dividends [11] - It continues to seek acquisition opportunities to enhance its market position and product offerings [10]