Every reporter Chen Pengli was once edited by Li Jinghan On the evening of April 25th, GREE electric released its annual report for 2017. According to the annual report, GREE achieved 148 billion 290 million yuan in operating revenue last year, up 36.92% in 2016 compared with 108 billion 303 million yuan, and achieved a net profit of 22 billion 400 million yuan, a year-on-year increase of 44.87%, a new record high. Compared with the performance, the annual report has triggered a heated debate in the market, but GREE has not paid dividends for the first time in 11 years. Some investors also take this opportunity to call on everyone to buy the US group. Even better people even moved out of the 2016 Dong Mingzhu meeting at the shareholders meeting: I will not pay dividends to you in 5 years. What can you do to me? To make an article and express, let women not buy things, the consequences are very serious. But is it true? On the same day, the daily economic news (nbdnews) reporter combed the data of the GREE electric appliance annual report and interviewed the company related staff, hoping to answer the doubts for the majority of the investors. According to the 2017 annual report of GREE electric appliance, the company realized its operating income of 148 billion 290 million yuan last year, up 36.92% from the same year, and realized net profit of 22 billion 400 million yuan, up 44.87% and basic earnings per share of 3.72 yuan. On the product, the sales revenue of GREE air conditioner was 123 billion 410 million yuan last year, accounting for 83.22% of the total revenue of the company; the income of the living electrical appliance business was 2 billion 300 million yuan, accounting for 1.55% of the revenue. The GREE electrical equipment has also gained greater growth through one years development. Last year, the operating income was 2 billion 126 million yuan, an increase of 1220.27% over the same period last year, accounting for 1.43% of the companys revenue. In 2016, GREE intelligent equipment business revenue was only 161 million yuan. GREE Electrics performance growth last year is mainly due to the growth of the air-conditioning industry. The revenue of the companys air-conditioning plate increased by 40.1% year on year. Liu Buchen, a household appliance analyst, told the daily economic news (micro signal: nbdnews) that GREEs net profit exceeded expectations. The annual report of GREE in 2017 also showed that by the end of 2017, the total amount of cash cash was as high as 99 billion 610 million yuan, accounting for 46.34% of the total assets and nearly 4 billion yuan at the beginning of the year, and the bank deposits that were not restricted to use also reached 59 billion 170 million yuan. But what is puzzling is that GREE electric appliances suddenly failed to pay dividends when its performance increased this year. You know, GREE Electric has always been considered the most generous enterprise in the home appliance industry. Wind data show that since the launch of GREE electric appliances, there has been a total of 19 dividends, with a cash dividend amounting to 41 billion 700 million yuan and a dividend yield of 40.96%. Since Dong Mingzhu became chairman of GREE electric in 2012, the amount of dividends has increased. At the shareholders meeting of GREE in Zhuhai, held in October 2016, Dong Mingzhu once reprimanded small and medium shareholders who came to the meeting because of the vote against the acquisition of Zhuhai silsilon by small and medium shareholders. What can you do for you in 5 years? Visual China (unrelated to graphics) But in fact, GREE electric company still has a large dividend in 2016, and the dividend amount is a new high in history. The annual report shows that in 2015 and 2016, GREE electric produced dividends of over 70% net profit for shareholders of listed companies, which were 9 billion yuan and 10 billion 800 million yuan respectively. In 2017, the net profit of shareholders belonging to listed companies reached 22 billion 400 million yuan. If calculated in 70%, shareholders were expected to get about 15 billion 700 million yuan. By contrast, the shareholders of the US group are much happier this year. The profit distribution notice issued by the US group in April 25th said that the US group will carry out a dividend plan of 10 yuan (12 yuan) in cash (including tax). But in the long run, the dividend rate of the US group in 2013 was 31.7%, lower than the 40.96% dividend rate of GREE electric. The annual report for the first time refers to the development of integrated circuits For the first time in 11 years, GREE Electric said in its 2017 annual report: According to the 2018 business plan and the long-term industrial planning, the company expects to have a larger capital expenditure in the future capacity expansion and diversification. In order to seek long-term development of the company and the long-term interests of shareholders, the company needs to do a good job of capital reserve. The companys retained funds will be used for the production base construction, the intelligent factory upgrading, and the technology research and development and market promotion of new industries such as intelligent equipment, intelligent household appliances, integrated circuits and so on. In the evening of April 25th, the GREE electronics market department said in an interview with the daily economic news (nbdnews) reporter that there was a detailed explanation in the announcement that it was not a bonus for the future development of the company. As for the announcement of capital expenditure demand, it means that GREE will have M & A action in the coming year. Compared with the 2015 and 2016 annual reports of GREE electronics, the reporter found that GREE electrical appliances also mentioned the development of integrated circuits for the first time in the annual report. A picture net (unrelated to a graph) To this, GREE electric director general secretary Wang said to the reporter that the planning of integrated circuits is still in discussion, not convenient to speak, but the company has been laid out in this respect for many years. In the early stage of the company, we have also done the packaging and design of the chip. As early as April 2016, the media reported that GREE electric wants to enter the chip R & D industry. Dong Mingzhu said to the outside world at that time: GREE air conditioning itself has something to do with chips. We have to turn the air conditioner and chips into a future world, so that consumers can experience the intelligent environment. At present, we can basically confirm that the overall growth rate of air conditioning in 2018 will be substantially slower than in 2017. 2017 is a rare new year in the history of air conditioning development, and the purchasing power of the market is expected to be released. In fact, this has emerged. According to the news of the orwei cloud network, air conditioning stock has recovered to the 2016 high in the first quarter of this year, reflecting market sales far below expectations. He said that the current performance of GREE electric air-conditioning industry is still very good, especially profitability continues to improve, it is very difficult to achieve this. But the problem is GREE Electrics dependence on air conditioning industry is high, and the new industry has not really been cultivated. At present, GREE electric equipment has made the smart equipment (similar to the US robot industry) the key to the new industry, but the GREE intelligent equipment industry is independently developed by itself. The model foundation is solid but slow. It is estimated that the 10 billion yuan will be the most significant estimate in the next three years. Household appliance industry observer Zhang Yanbin also expressed the future air conditioning market prospects, air conditioning is now mature market and mature industry, no significant growth or fall in the next few years. Zhang Yanbin said: According to my analysis, 2018 air conditioning market performance may be worse than 2017, the reason is: first, after 2 years of continuous growth will generally appear a year of callback, this is the air conditioning industry itself running law; second, on the real estate industry relying on large air conditioning industry, 2017 is better, is based on this round of real estate in 2016. But in 2107, the real estate entered the adjustment in 2107, the air conditioning happened just after 1 years in 2018, the return is more normal; third in 2017, the growth point in the export, the problem is the Sino US trade war in 2018, is bound to affect the export, the growth of a point of extinguishing may cause growth pressure. In addition, GREE electric announced the related transaction announcement with Zhuhai silver dragon new energy limited company (hereinafter referred to as Zhuhai silver dragon) on the same day. The announcement showed that in 2017, Zhuhai silon achieved 8 billion 752 million yuan, with net profit of 268 million yuan, far below the performance commitments made by GREE in 2016. The daily economic news (nbdnews) reporters noticed that in 2017 GREE electric had signed the cooperation agreement with Zhuhai silon. The two sides would take one year as a cycle, and the two sides preferred to purchase each other with a total amount of less than 20 billion yuan. But in fact, in 2017, the amount of new energy vehicles and storage equipment purchased by GREE to Zhuhai silvery was 40 million 390 thousand yuan. The difference between the actual amount and the estimated amount was 95.96%. At the same time, the amount of GREE air conditioning and intelligent equipment to silon was 1 billion 890 million yuan, and the actual amount and the estimated amount were 89.99%. In this regard, GREE explained that the difference was mainly due to the actual operation of the company, the subjective intention of the non company, the independence of the listed companies, and the interests of the small and medium shareholders. That is to say, the actual amount of related transactions between GREE and Zhuhai silver dragon in 2017 was 1 billion 940 million yuan. The total amount of daily related transactions between GREE electric and Zhuhai Silong in 2018 is about 1 billion 500 million yuan. For the reason that the expected amount of new energy is less than the amount that happened in 2017, it is expected to be done according to the actual situation. GREE electric marketing department told reporters, the amount of cooperation with Yin long is not to be completed within a year, so it should be said that there is no discrepancy between the plan and the plan. Source: Daily Economic News Editor: Wang Fengzhi _NT2541 In this regard, GREE explained that the difference was mainly due to the actual operation of the company, the subjective intention of the non company, the independence of the listed companies, and the interests of the small and medium shareholders. That is to say, the actual amount of related transactions between GREE and Zhuhai silver dragon in 2017 was 1 billion 940 million yuan. The total amount of daily related transactions between GREE electric and Zhuhai Silong in 2018 is about 1 billion 500 million yuan. For the reason that the expected amount of new energy is less than the amount that happened in 2017, it is expected to be done according to the actual situation. GREE electric marketing department told reporters, the amount of cooperation with Yin long is not to be completed within a year, so it should be said that there is no discrepancy between the plan and the plan.