Miss Dong did not retreat

@新 新 新

Author 丨 Venus

Edit 丨 Monthly

Despite the "defect", Miss Dong was still stable.

On August 30, Gree announced the semi -annual report. In the first half of the year, Gree achieved revenue of 95.222 billion, an increase of 4.58%year -on -year; net profit was 11.466 billion, a year -on -year increase of 21.25%. As of press time, Gree's total market value was 184.992 billion, and the dynamic price -earnings ratio reached more than 7 times. From a financial perspective, it was still undervalued.

In contrast, the performance of old opponents is more stable. In the first half of the year, revenue was 182.661 billion, a year -on -year increase of 5.09%; net profit was 15.995 billion, a year -on -year increase of 6.57%, with a total market value of 385.661 billion.

If the beautiful students are all -around students, Na Gree is a partial student. Except for the air -conditioning business, the other is the bottom of the class. The ice washing business and the small appliance business have not improved in the financial report. In addition, the pain of channel reforms caused by Xu Zi, Hebei Province recently, and pushed Gree to move forward.

In fact, Philips's into the Gree Base Camp is not a day. As early as the end of last year, Huang Hui, former president of Gree Electric, Hu Wenfeng, former president assistant Hu Wenfeng, former Minister of E -commerce Administration Li Peng, Dong Mingzhuo Liu Yirong, etc. Join the Philips air conditioner. Huang Hui and Hu Wenfeng attended the press conference of Philips as the chairman and president of Philips air -conditioning. According to media reports, investors behind Philips Air Conditioning Operations may be Xu Zifa.

It seems that after cutting the robe, whether it is Miss Dong or Xu Gongzi, there is a tough battle to fight.

A "cut robe", province 2 billion yuan in net profit in half a year

2 billion, the most dazzling number of Gree 2022 in the first half of the year.

According to Gree's semi -annual report in 2022, Gree's sales costs decreased by nearly 2 billion year -on -year, which directly contributed nearly one -fifth of Gree's half -year net profit. Gree also seems to have tasted the sweetness. The latest financial report states that its short -term focus in the second half of the year is the channel reform that deeply cultivates the basic disk, and it is completed before the second quarter of 2023, completely transforming Gree's past channel model.

In fact, Xu Zifa and Dong Mingzhu had made the back to each other with the marketing model of regional sales companies proud of Gree's regional sales company, and then the "enclosure" has created the Gree business empire today. But now this is called "a new marketing model in the 21st Century Economic Field", which has become the shackles of Gree's forward.

In the summer of 1996, the continuous rainstorm made the Jianghuai area encountered a flood disaster that did not meet for a century. The demand for air conditioning at low temperatures was sharply reduced. The air conditioning industry broke out for the first price war. In the Hubei market, the four major air -conditioning wholesale customers in Gree are in order to seize more market share, racing the price reduction, channeling, and vicious competition, and the market price of Gree air -conditioning has been rushed. Under such circumstances, Dong Mingzhu started another way and began to start with the dealer, saying that 2%of the 100 million yuan profit subsidized to each dealer at the sales ratio. This measure is immediate. Despite the internal and external problems, Gree's sales increased by 17% in 1996, surpassing Chunlan for the first time.

In order to further bind the dealers and Gree, in 1997, Gree established Hubei Gree Air Conditioning Sales Company, marking the official birth of the "joint -stock regional sales company" model. This new marketing model was quickly promoted to the country.

The biggest feature of Gree Electric's "joint -stock regional sales company" model is to allow Gree and dealers to form a "community of interests". In this model, big dealers are no longer downstream customers of Gree Electric, but have become shareholders of regional sales companies. Because regional sales companies are controlled by Gree Electric, regional dealers are also partners of Gree Electric to some extent. It turns out that the source of profit for the big dealers of Gree Electric is the difference between wholesale and retail. Low buying and high sale is the core logic of profitability. friend".

As a shareholder of regional sales companies, dealers can participate in the profit dividends of the sales company. The more profit of the sales company, the more money that the big dealers can share. In addition, big dealers can also enjoy the policy of "off -season benefits" and "year -end rebates", which can also bring great profits.

In addition to allowing dealers to build specialty store development channels, the dealers are also obtained, and through the method of holding regional sales companies, dealers can listen to their "command" and have absolute control of specialty stores across the country.

On April 25, 2007, Gree Electric Announcement showed that the "Jinghai Interconnection" formed by 10 Gree Electric Sales Company was used as a strategic investor to transfer Gree Electric Stocks from Gree Group. The two major shareholders hold a 10%shareholding ratio. Among these 10 companies, Xu Zifa's Hebei Gree Electric Marketing Co., Ltd. is the largest shareholder with a shareholding ratio of 28%. Xu Zifa was the old minister of Gree's rapid development at that time. At that time, the regional sales company model became Gree's jumper. From "good air conditioning, Gree made", to "master core technology" to "make the sky blue, the earth is greener", to today's "Gree, let the world fall in love with China", Gree walks behind millions of households It is the brilliant result of Zhu Lou together.

Related data shows that since 1997, Gree Electric's sales have achieved rapid growth, 3.4 billion (1997), 5.2 billion (1999), 10.1 billion (2003), 100.1 billion (2012), 200 billion (200 billion), 200 billion (2012) From 2018) From 200.5 billion from 2019, it has achieved nearly 58 times the growth of revenue in just over twenty years, which has also achieved the myth of Gree's 24 -year air -conditioning industry. However, the myths have gradually surpassed the beauty. Double anxiety of "partial student"

Beginning in 2018, Gree's shortcomings in the "joint -stock regional sales company" channel model began to rise significantly.

In the current air -conditioning industry, beauty is often compared with Gree. Nowadays, the market value is already beautiful. For a long time, it has been following Gree's footsteps.

After 2005, Midea also established a local marketing company system. Differently, as early as 2013, Midea opened the first round of channel changes. First of all, in the supply and marketing model, Midea implemented T+3 models, which will soon receive four cycles of customer orders, raw materials stocking, factory production, and delivery sales. The production and supply and sales are connected. At the same time, the layout of the e -commerce company was established in the same year, launched the official online mall operation of Midea, opened the official comprehensive flagship store of Tmall beauty, established a strategic cooperative relationship with Suning and Gome, and in the field of e -commerce fields, in the field of e -commerce fields Heavy punch is a representative brand that laid out online channels earlier in the industry.

In a sense, the former beauty and Gree represent the two different channel models of the Chinese home appliance industry. It is now a comprehensive blooming, while increasing the income and not much profit. The business that does not make money either does not do it or does not do it.

When glory became once, where there must be something wrong, Gree attributed it to the urgent need of channel changes.

At the end of 2019, Dong Mingzhu launched a new round of sales channel change. The sword refers to the "provincial agent" level under the sales company of various places, so that Gree Air Conditioning does not "make a difference in the middle business." In 2020, Dong Mingzhu began to live and bring the goods in person. The data showed that in 2020 Dong Mingzhu lived in 13 games with sales of 47.62 billion yuan, accounting for 27.93 % of Gree's revenue of the year. In fact, this number is not all paid by consumers, but the underlying dealers "purchase" from the live broadcast room. In this way, the most direct impact is that the dealers who originally sold the company from regional sales companies began to directly from Gree directly from Gree directly from Gree. At the same time, Gree also launched the WeChat Mini Program "Gree Dong Mingzhu Store". Pearl shop pick -up. Similarly, a large number of consumers can also buy products from Gree Dongmingzhu store.

In Gree's view, this move is a good strategy to adapt to the development of the times and relieve growth anxiety. However, from the perspective of large dealers such as Xu Zifa, this move is "cutting the vassal". Although Dong Mingzhu has admitted that "the company's sales change in 2021 has not met expectations in 2021, channel changes are one of the factors." But the contradiction is still the same.

For a long time, the game with the dealer is Dong Mingzhu's strength. She once wrote in the autobiography: "If you are not careful, you lose all. Common game rules, look forward to 'Zhenghe Games' -not you eat me, nor is it me eating you. This is a chess that will never end. "

From the salesperson to the Gree, whenever Gree is facing the predicament, Dong Mingzhu always finds the idea of ​​breaking the problem on the sales channel, which has also caused the game between Gree and the sales channel to run through Gree's development. Now, such a game is continuing, but it is difficult to say whether it can solve Gree's current problem.

From 2019 Gree has begun to change channels, and some damaged dealers have begun to leave Gree. In November 2019, Hu Wenfeng, assistant to the former president of Gree Electric, led a team to Shandong to promote a new retail model. One month later, the former general manager of the Shandong Shengshi Xinxing Gree (ie Gree Shandong Agent) Duan Xiufeng announced his resignation publicly in the circle of friends. Hu Wenfeng began to manage the Shandong market. Subsequently, Duan Xiufeng turned into agent beauty, Oaks and other brands.

In August 2020, Miao Peiyuan, former sales director of Shandong Gree, set up Shandong Shengmei Zhuoyue Electric Sales Company, and held a dealer meeting to call out the slogan of "selling air -conditioned beauty and beauty, buying air conditioners". After March, some of the main force of Gree Shandong's agent also reincarnated.

Xu, the general seller of Hebei this year, spontaneously "run away" the Philips air conditioner. The reason why the market is so concerned again is that Gree has changed the channels for nearly 3 years. Now, success is still premature.

But in Dong Mingzhu's view, this is a better and longer approach. In an exclusive interview with the reporter of China Economic Weekly, she said: "Gree is self -revolutionary every day, but it is very good. It is very healthy. I believe that you can see again in a few years, Gree will change again. "

Interestingly, in May of this year, Fang Hongbo, the chairman and president of the United States, estimated at a internal exchange meeting that the industry will face relatively difficult difficulties in the next three years, which is an unprecedented cold winter. In order to "overwhelm winter", many companies save expenses through layoffs, salary reduction, and reduction of business. Dong Mingzhu once told China Economic Weekly: "I have always thought that the industry has no cold winter, and only enterprises have cold winter." The words are all confident in Gree and channel change.

Is Gree's self -employment be competitive?

This time, the spontaneous "anti -water" can only wait for the boots to land for many other dealers in Gree.

Recently, some media said that Xu Zifa had invited a local Gree dealer in Hebei to eat, drinking old Moutai, and sending 100,000 yuan in cash per table. He hoped that the dealer would resold the Philips air conditioner he invested.

Fu Mao (pseudonym), a dealer of Gree, Shijiazhuang, Hebei, expressed the new entropy that Fu Mao confirmed that it was true. When asked if he would follow Xu Zifa to resold Philips, Fu Mao said, "Whoever has money to earn does not sell, it is at most the promotion period and do more activities." In his opinion, it is becoming more and more difficult to do. The fundamental reason is that a store only makes one brand, and it is always rebate.

Gree's change in this channel is that one of the core purpose is that there is no "intermediate business earning difference", so if you cancel the middlemen, is Gree's price competitive? Not necessarily.

According to many people in the industry, even if there is no city or county for sales profits, the competitiveness of Gree terminals is still insufficient.

Fu Mao revealed that there was no difference in the middlemen to make differences, but some products of "Gree Dong Mingzhu Store" were not cheap. Instead, the channel price would be cheaper than Gree Dong Mingzhu shop.

Fu Mao gave two examples. Gree's Tianli 35 three -level air conditioner was priced at 2699 yuan at Gree Dongmingzhu store, and you can buy it at 2,500 yuan in the store where Fu Mao is located. The living room air -conditioning vertical air conditioner is priced at 5999 yuan in Gree Jingdong's flagship store, and it can be bought at 5,700 yuan in the store where Fu Mao is located. Obviously, the same after -sales service, the establishment of the new sales channels is not fully established here.

In Fu Mao's view, Gree's e -commerce itself started late. Other friends and merchants rely on other platforms to sell products, but Gree must establish a platform by itself. no advantage.

Fu Mao believes that in terms of e -commerce, Gree can be considered to allow the dealer to promote Gree's e -commerce platform. The order places an order on the Gree Dongmingzhu store. It can be promoted by Gree small appliances, which is currently acceptable to dealers.

"President Dong has been paranoid in the past few years. I have some people who have others. It is said that people who have a sense of crisis are just the person who has the least crisis."

In short, under this wave of fast -knife, Xu Zifa and Philips earned enough traffic. Other dealers may get more room for dialogue. Gree can only be said to be a chariot that was put on a fast channel change. There are no forever friends, and there is no eternal enemy. The Shanghai tears his face. It is destined to have a winner, whether it is Miss Dong or Xu Gongzi.

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