Group 1: Dividend Policy and Financial Performance - The company has a strong foundation for sustainable and stable high dividends, with a cumulative cash dividend of 41.125 billion CNY from 2020 to 2024, achieving a cumulative dividend rate of over 60% [1] - Future profit distribution policies will be reasonably formulated to ensure the stability, sustainability, and predictability of cash dividends [1] Group 2: "Dong Mingzhu Healthy Home" Initiative - The initiative aims to provide a one-stop health home solution through experiential scenarios, data visualization, and smart interaction, expanding from air conditioning to a full range of home appliances [2] - As of March 2025, over 600 stores have been upgraded, with a goal of completing 3,000 store renovations to enhance offline display and sales capabilities [2] - Non-air conditioning product sales in offline stores have seen over 20% year-on-year growth in the past 3-4 months, particularly in refrigerators and washing machines [2] Group 3: Product Development and Market Expansion - The company is accelerating product R&D and category expansion in refrigeration and home appliances, leveraging core technologies in compressors [3] - The introduction of popular products like the Lychee refrigerator has helped achieve top ten rankings on platforms like Zhihu and Douyin during promotional events [3] Group 4: Overseas Business Growth - The overseas business growth is driven by a "self-owned brand going global" strategy, with nearly 70% of export revenue coming from self-owned brand products [4] - The company has established nearly 500 self-owned brand agents globally and plans to enhance overseas sales company setups [4] - The overseas market has expanded from air conditioning to include refrigerators, washing machines, and environmental appliances, supporting the transformation into a comprehensive industrial group [4] Group 5: Channel Reform and Industry Characteristics - The company has streamlined its sales channels from multiple levels to 1-2 levels, significantly improving market response efficiency and channel control [5] - The air conditioning industry is characterized by durability, seasonality, and cyclical demand, requiring continuous investment in technology, quality control, and service systems [5] Group 6: Gree Titanium Business Synergy - Gree Titanium's business includes new energy commercial vehicles and energy storage, with a focus on lithium titanate battery technology, which is widely used in various sectors [6] - The synergy with Gree Titanium promotes the application of industrial products in the automotive sector, enhancing market promotion and business transformation [6] Group 7: Ten-Year Free Repair Policy - The company launched a ten-year free repair policy for home air conditioners in 2021, showcasing its commitment to quality and service standards [7] - The policy is supported by a comprehensive quality control system, ensuring low failure rates and enhancing consumer trust [8] - This initiative has shifted industry competition towards value rather than price, promoting quality and service upgrades across the sector [8]

Business Structure and Future Planning - Gree Electric is a diversified, technology-driven global industrial group with brands including Gree, TOSOT, and Jinghong, covering both consumer goods and industrial equipment sectors [1][2] - The company focuses on energy-saving, comfort, health, and intelligence in its air conditioning products, with continuous upgrades to meet high-quality living demands [1] - Gree aims for sustainable development through independent brand growth, innovation, and deepening channel construction [2] Technological Advantages - Gree has established a robust R&D system with nearly 16,000 researchers and a total R&D investment of 7.14 billion yuan in 2024, accounting for 3.77% of revenue [3][4] - The company holds approximately 130,000 patents, with 55% being invention patents, and has developed 48 internationally leading technologies [3] - Gree's unique technologies include the "no wind blowing" feature in air conditioning and energy-efficient solutions that reduce electricity consumption by over 13.6% [4][5] Dividend Policy - Since its listing, Gree has raised 5.269 billion yuan in equity financing and distributed cash dividends totaling 130.883 billion yuan, with an average dividend rate of 63.49% over the past five years [6][7] - The company aims to maintain a stable and sustainable high dividend policy while ensuring normal operations and long-term development [7] Health Home Initiative - The "Dong Mingzhu Healthy Home" initiative aims to enhance consumer awareness of Gree's health-oriented home appliances through experiential marketing [8][9] - By March 2025, Gree plans to upgrade 3,000 stores nationwide, with over 600 already upgraded, achieving significant sales performance [9][11] Ice Washing and Home Appliance Business - Gree is accelerating product development in ice washing and home appliances, leveraging its core technology in compressors to enhance preservation capabilities [12] - The company plans to launch innovative products that meet the ecological needs of the "Dong Mingzhu Healthy Home" initiative [12] Global Strategy and Market Expansion - Gree's products are sold in over 190 countries, with 2024 foreign sales revenue reaching 28.202 billion yuan, a 13.25% increase [22][23] - The company is expanding its product range from air conditioning to include refrigerators and washing machines, transitioning to a comprehensive industrial group [23][24] Challenges and Responses - Gree faces challenges from raw material price fluctuations, particularly in copper, aluminum, and steel, which impact manufacturing costs [32] - The company employs strategies such as hedging, strategic reserves, and technological innovation to mitigate these pressures [32] Intellectual Property Protection - Gree has taken legal measures to protect its intellectual property and reputation, resulting in multiple criminal and civil cases against infringers [34] - The company has successfully prosecuted 6 individuals for intellectual property crimes and has pursued civil actions for damages totaling over 21.31 million yuan [34]

Group 1 - The live stream titled "Long Time No See" featured a reconciliation between Gree's chairman Dong Mingzhu and her former secretary Meng Yutong, attracting over 2.92 million viewers and generating sales of 5 million yuan, marking a tenfold increase compared to usual performance [5][15][33] - The event reflects Gree's exploration of the younger market and a gentle dialogue about generational workplace relationships, showcasing Dong's elder-like advice and Meng's humble responses [5][16][33] - The live stream served as a platform for Gree to promote its "Dong Mingzhu Healthy Home" strategy, aiming to diversify its product offerings beyond air conditioning and reduce reliance on its core business [20][21][33] Group 2 - Dong Mingzhu's approach during the live stream indicated a shift towards a more inclusive and softer public image, contrasting with her previous strict demeanor [25][33] - Meng Yutong's transition from a corporate role to a successful influencer post-departure highlights the evolving nature of workplace relationships and personal branding in the digital age [9][33] - Discussions around Gree's succession planning were reignited, with Dong mentioning several potential candidates for future leadership, emphasizing innovation and responsibility as key traits [26][33]

Core Viewpoint - Gree Electric Appliances reported a decline in total revenue for 2024, but net profit showed positive growth, indicating resilience in profitability despite revenue challenges [2][3]. Financial Performance - Total revenue for 2024 was 190.038 billion yuan, a year-on-year decrease of 7.31% [2][3]. - Net profit attributable to shareholders was 32.185 billion yuan, reflecting a year-on-year increase of 10.91% [3]. - In Q1 2025, total revenue was 41.639 billion yuan, with a year-on-year growth of 13.78%, and net profit was 5.904 billion yuan, up 26.29% [3]. Dividend Policy - The company proposed a cash dividend of 20 yuan for every 10 shares, maintaining its high dividend payout tradition [2][3]. - The total dividend for 2024 is projected to reach 3 yuan per share, resulting in a high dividend yield of 6.6% [3]. Business Segment Performance - The consumer electronics segment accounted for 78.54% of total revenue, generating 148.56 billion yuan, down 4.29% year-on-year [4]. - Industrial products and green energy revenue increased by 0.8% to 17.246 billion yuan [4]. - Smart equipment revenue decreased by 36.68% to 0.0424 billion yuan, while "other main" revenue surged by 122.29% to 3.485 billion yuan [4]. Strategic Initiatives - The company is focusing on a new channel strategy branded "Dong Mingzhu Health Home" to enhance retail capabilities and market service [5]. - Gree Electric has reduced sales expenses significantly, with total operating costs down by 9.31% to 154.868 billion yuan [5]. - The company aims to strengthen its marketing and inventory management, improve channel efficiency, and enhance customer experience through offline stores [5]. Future Outlook - For 2025, Gree Electric plans to focus on product-driven growth and enhance brand image through nationwide upgrades of specialty stores [8]. - The company will continue to explore new market areas and optimize its product matrix across various price segments [8].