https://wallstreetcn.com/articles/3496703
雷军与董明珠的10亿赌局已定！雷军输了
作者： 叶桢
2019-03-19 19:39
董明珠和雷军之间纠缠了五年的“十亿赌约”终于迎来了揭晓时刻。小米2018年全年营收全1749亿元人民币。格力电器虽然还未出财报，但即使按照格力预计的营业收入下限，小米也没能超过格力电器。
董明珠和雷军之间纠缠了五年的“十亿赌约”终于迎来了揭晓时刻。
3月19日晚间公布的财报显示，小米2018年全年营收全1749亿元人民币。格力电器虽然还未出财报，但按照此前公布的业绩预告，公司在报告期内预计实现营业总收入2000亿元-2010亿元，即使按照格力预计的营业收入下限，小米也没能超过格力电器。
这一局，看来是雷军输了。
2013年12月12日，在CCTV第十四届中国经济年度人物评选颁奖现场，格力电器掌门人董明珠与小米掌门人雷军约定了一个“十亿赌约”。
当时雷军提出“请全国人民作证，五年之内，如果我们的营业额击败格力的话，董明珠董总输我一块钱就行了”。董明珠当场反击，“第一，我告诉你不可能，第二，要赌就不是一块钱，我跟你赌10个亿。”
当时雷军回应称：”我们是中国创造，你们是中国制造，所以10亿人民币我们必胜。”还请现场来颁奖的马云做担保。
当时，小米还未上市，全年营收在百亿元左右；而作为上市公司的格力，全年营收已达1200.43亿元。
过去五年里，双方就这个赌约多次隔空较量。2013年，雷军在接受《人物》杂志专访时称“格力必输无疑”；2014年接受央视《对话》栏目专访时，雷军进一步表示“再过一、两年格力就输了”。
董明珠也不甘示弱，2014年，在全国两会上称，“5年后，他会输给我10亿元，我有百分之百的把握”；2017年，董明珠在上交会开幕论坛上再提起赌局称，“明年就要见分晓了，没问题，我已经认定过了，没问题！”
全天候科技曾提及，去年12月，董明珠更是单方面宣布格力已经胜出。12月2日，在2018中国企业领袖年会期间，董明珠接受媒体采访时表示，与小米CEO雷军的5年赌局已基本胜出。
当时，董明珠表示，与雷军的赌局本身并没有什么意义，两者不具备可比性。因为格力是做实体经济的，而小米是做互联网的，属于轻资产。
近年来，格力和小米也开始互探对方领域。
2015年初，格力正式进军手机领域，声称要“做最好的手机”，并在3年内，相继推出了格力一代手机、格力二代手机、格力三代手机。
小米的扩张步伐也已经迈入空调领域。2014年底，小米与美的集团签署合作协议，拟通过参与定增的方式获得美的集团1.29%的股权；2015年6月，小米与美的合作推出“i青春”智能空调；2018年7月，小米推出米家互联网空调。
https://finance.sina.com.cn/roll/2019-04-30/doc-ihvhiewr9020216.shtml
产经 > 正文
赌局落幕 格力下一个对手是谁
2019年04月30日 01:05 新浪财经综合
赌局落幕 格力下一个对手是谁
来源：北京商报
4月28日晚间，随着格力电器2018年财报的揭晓，格力电器董事长董明珠与小米集团董事长雷军之间的五年赌约也尘埃落定。从营收上来看，格力首次突破2000亿元，而小米3月公布的2018年年报显示全年营收为1749亿元，董明珠成为赢家，但从增速来看，雷军也并未落后。虽然赌局已落定，但对于格力而言，混改大幕才刚开启，下一个对手又将浮现。
营收2000亿
营业总收入为2000.24亿元，同比增长33.33%；归母净利润为262.03亿元，同比增长16.97%。格力电器交出了一份稳健的财报。
除了双双增长的营收和经历，格力电器的慷慨分红也是值得关注的点。根据财报，格力电器拟每10股派发现金15元（含税），累加2018年半年度36.1亿元的分红，2018年全年累计分红超过126亿元，刷新历年分红纪录。
从格力电器的分业务收入构成看，空调业务仍然是绝对的龙头，虽然在整体营收中的占比从前年的83.22%下降到去年的78.58%，但在2018年格力空调业务收入达到1556.8亿元，同比增长26.15%；且毛利率仍高达36.48%，但同比微降0.59%。
五年来，格力电器虽然经历了一些波折，但业绩依然取得了增长。2013年，格力电器的营业总收入达1200.43亿元；2014年增至1400.05亿元。
2015年，由于空调市场低迷，格力电器的营业总收入滑坡至1005.64亿元。逐步化解库存压力之后，格力电器“重新爬坡”，2016年营业总收入回升到1101.13亿元；乘借2017年空调市场的回暖，格力电器营业总收入攀升到1500.2亿元的新高峰。
令人意外的是，在格力发出财报后，花旗表示将格力电器评级由买进下调至卖出，将格力目标价由58元下调至47元。花旗称，下调格力评级因2018年派息比率48%低于2017年的60%，且全年业绩表现欠佳。
不过，这一负面评级并未影响格力电器的股价。4月29日早盘，格力电器小幅低开后迅速下行，跌幅一度扩大近2%，随后开始拉升，截至4月29日收盘，格力电器涨逾2.01%。
双赢赌局
由于董明珠与雷军的赌约，格力电器的2018年财报成了业内关注的焦点，从营业收入来看，董明珠取得了这场赌约的胜利。但如果从这五年的增幅来看，小米营收增幅达6.6倍，利润增幅为24.8倍，远高于格力，也可以视为雷军的成功。因此，这可谓是一个双赢的结果。
未来，对于格力电器和小米来说，既要坚守主业，又要拓展多元化业务，而双方选择的方向也将决定五年后的胜局。
在刚刚过去的小米年会上，雷军宣布了手机+AIoT的“双引擎”，并称这就是小米未来五年的核心战略。雷军称，AIoT对外是AI+IoT（人工智能+物联网平台），但对内而言，AIoT就是“All in IoT”，并声称五年要在这一领域投入100亿元，可谓极度重视。
今年初，小米集团战略入股TCL集团，在重组之后，TCL集团已经将战略调整为专注半导体显示业务、材料业务及新兴业务。这也意味着，小米未来也会在半导体领域分一杯羹。
与小米的AIoT核心不同，在此次发布的财报中，格力电器则着重强调了多元化的布局。公告称，格力电器为进一步完善销售渠道，促进线上销售，推广新兴产业产品。
随着家电行业进入饱和期，格力电器要想做大做强，必须向多元化发展转型。董明珠已经开始布局，在获得连任后，喊出在2023年冲刺6000亿元营收的口号，并规划了格力电器多元化蓝图，将来要形成空调、生活电器、高端装备和通信设备四大板块。
就格力电器多元化的进一步方向，北京商报记者联系到该公司相关负责人，该负责人表示“以公告为准”。
“一个是从互联网模式逐渐链接传统产业，一个是传统产业开始转型创新互联网+，最终人们发现，格力电器和小米其实是殊途同归。”产业观察家洪仕斌说。
混改分水岭
格力电器的2018年年报也将成为格力电器混改的分水岭。4月8日晚间，格力电器发布公告称，格力集团拟通过公开征集受让方的方式协议转让格力集团持有的格力电器总股本15%的股票，最终转让价格以公开征集并经国有资产监督管理部门批复的结果为准。
一位接近格力电器的人士表示：“考虑到格力电器的行业地位、市值规模和市场影响，本次控股权转让有望成为新时期国企混改的全新标杆。”
不过这一颇受关注的股权转让一事尚未有定论。目前，格力电器的最大股东仍是珠海格力集团有限公司，持股比例为18.22%。香港中央结算有限公司持股比例由去年三季度末的7.86%上升至8.17%。而中国证券金融股份有限公司、中央汇金资产管理有限责任公司持股比例未变。
中国家用电器服务维修协会主席团副主席张彦斌指出，格力电器未来多元化如何发展要看未来谁来主导格力电器的发展。目前来看，以董明珠为首的格力管理层及经销商成为第一大股东的可能性较大。他表示，格力电器要实现6000亿元的营收目标，光靠空调肯定不行，空调行业已经到天花板，未来格力的发展要看它的增长后劲。
从另一方面来说，美的集团仍然是格力电器的最大劲敌。美的集团2018年营业总收入为2618.2亿元，同比增长8.23%；净利润216.5亿元，同比增长16.33%；实现归属于母公司所有者的净利润202.31亿元，同比增长17.05%。尽管格力电器已经在市值上超越了美的集团，但从营收的角度比较，格力电器还需要努力。
“若本次股权转让能够完成，意味着格力有望拉开新一轮国企混改序幕。国企混改利好公司治理改善，短期能够突破国企管理层的任期限制，治理方式趋于灵活化，业绩向好确定性增强；长期有望推出更加积极灵活的股权激励措施，弱化委托代理问题，提高经营效率，促进平稳健康发展。此外，公司持续深化多元化战略，混改有望形成股东成分多样化的股权结构，进一步提升管理层话语权，或将推动公司多元化版图清晰化，不断扩大产业链优势和品牌影响力，为格力未来业绩稳定向好趋势提供有力支撑。”华创证券分析师董广阳说。
北京商报记者 石飞月/文 白杨/制表
格力电器 增长1.62%
4月29日晚间，格力电器公布2019年一季报，财报显示，格力电器一季度实现营收405.48亿元，同比增长2.49%；净利润56.7亿元，同比增长1.62%；归属于上市公司股东的扣除非经常性损益的净利润51.14亿元，同比增长22.16%。
美的集团 增长16.6%
4月29日晚间，美的集团公布2019年一季报，财报显示，美的集团一季度实现营收752.06亿元，同比增长7.84%；净利润61.29亿元，同比增长16.6%；归属于上市公司股东的扣除非经常性损益的净利润60.85亿元，同比增长19.84%。
责任编辑：李锋
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Lei Jun and Dong Mingzhu’s 1 billion gambling has been set! Lei Jun lost
Author: Ye Zhen
2019-03-19 19:39
The "billion gambling contract" that has been entangled between Dong Mingzhu and Lei Jun has finally ushered in the moment of unveiling. Xiaomi's 2018 annual revenue was all 174.9 billion yuan. Although Gree Electric has not yet made a profit report, even if it is based on Gree's estimated lower operating income, Xiaomi has not been able to surpass Gree Electric.
The "billion gambling contract" that has been entangled between Dong Mingzhu and Lei Jun has finally ushered in the moment of unveiling.
The financial report released on the evening of March 19 showed that Xiaomi’s annual revenue in 2018 was 174.9 billion yuan. Although Gree Electric has not yet made a financial report, according to the previously announced performance forecast, the company expects to realize a total operating income of 200 billion yuan to 20 billion yuan during the reporting period. Even in accordance with Gree's expected lower operating income, Xiaomi has not surpassed Gree Electric. .
This game seems to have been lost by the Lei Army.
On December 12, 2013, at the 14th China TV Economics Annual Persons Awards Presentation Ceremony, Gree Electric's head Dong Mingzhu and Xiaomi head Lei Jun agreed on a “billion gambling contract”.
At that time, Lei Jun proposed "please ask the people of the whole country to testify. Within five years, if our turnover beats Gree, Dong Mingzhu Dong will lose me a dollar." Dong Mingzhu counterattacked on the spot. "First, I told you that it is impossible. Second, if you want to gamble, it is not a dollar. I will gamble with you for 10 billion."
At that time, Lei Jun responded: "We are created in China, you are made in China, so we must win 1 billion yuan." Ma Yun, who came to the awards on the spot, also made a guarantee.
At that time, Xiaomi was not listed yet, and the annual revenue was about 10 billion yuan. As a listed company, Gree had a revenue of 12.043 billion yuan.
In the past five years, the two sides have competed on this gamble several times. In 2013, Lei Jun said in an exclusive interview with "People" magazine that "Gree will lose no doubt"; in 2014, when interviewed by CCTV's "Dialogue" column, Lei Jun further said that "the Gree will lose in one or two years."
Dong Mingzhu did not hesitate to show weakness. In 2014, he said at the National People's Congress that "five years later, he will lose 1 billion yuan to me, and I have 100% confidence." In 2017, Dong Mingzhu made another gamble at the opening forum of the Shanghai Stock Exchange. Said, "I will see it next year, no problem, I have already identified it, no problem!"
All-weather technology mentioned that in December last year, Dong Mingzhu unilaterally announced that Gree had won. On December 2, during the 2018 Chinese Business Leaders Annual Meeting, Dong Mingzhu said in an interview with the media that the five-year gambling with Xiaomi CEO Lei Jun has basically won.
At that time, Dong Mingzhu said that there is no point in the game with Lei Jun itself, and the two are not comparable. Because Gree is a real economy, and Xiaomi is an Internet, it is a light asset.
In recent years, Gree and Xiaomi have also begun to explore each other's fields.
At the beginning of 2015, Gree officially entered the mobile phone field, claiming to "do the best mobile phone", and in three years, launched the Gree generation mobile phone, Gree second generation mobile phone, Gree three generation mobile phone.
The pace of expansion of Xiaomi has also entered the field of air conditioning. At the end of 2014, Xiaomi and Midea Group signed a cooperation agreement to acquire a 1.29% stake in Midea Group through participation in the increase. In June 2015, Xiaomi and Midea cooperated to launch “i Youth” smart air conditioner; in July 2018, Xiaomi launched Mi home internet air conditioner.
Https://finance.sina.com.cn/roll/2019-04-30/doc-ihvhiewr9020216.shtml
Sankei > Text
The gambling is over. Who is the next opponent in Gree?
April 30, 2019 01:05 Sina Finance Comprehensive
The gambling is over. Who is the next opponent in Gree?
Source: Beijing Business Daily
On the evening of April 28, with the announcement of the 2018 financial report of Gree Electric Appliances, the five-year gambling contract between Dong Mingzhu, Chairman of Gree Electric Appliances and Lei Jun, Chairman of Xiaomi Group, was also settled. From the perspective of revenue, Gree broke through 200 billion yuan for the first time, and Xiaomi’s 2018 annual report released in March showed that the annual revenue was 174.9 billion yuan. Dong Mingzhu became the winner, but from the perspective of growth rate, Lei Jun did not fall behind. Although the gambling has been settled, for Gree, the mixed scene has just opened, and the next opponent will emerge.
200 billion revenue
Total operating income was RMB 20.024 billion, a year-on-year increase of 33.33%; net profit attributable to mothers was RMB 26.203 billion, an increase of 16.97% year-on-year. Gree Electric delivered a solid financial report.
In addition to the double-increased revenue and experience, Gree's generous dividends are also worthy of attention. According to the financial report, Gree Electric intends to find 15 yuan (including tax) for every 10 shares, and accumulate dividends of 3.61 billion yuan in the first half of 2018. In 2018, the accumulated dividends exceeded 22.6 billion yuan, setting a record for dividends.
From the composition of Gree's sub-business revenue, the air-conditioning business is still the absolute leader, although the proportion of overall revenue dropped from 83.22% in the previous year to 78.58% last year, but in 2018 Gree air-conditioning business revenue reached 155.68 billion. Yuan, a year-on-year increase of 26.15%; and gross profit margin is still as high as 36.48%, but a slight decrease of 0.59%.
In the past five years, although Gree has experienced some twists and turns, its performance has still grown. In 2013, Gree's total operating revenue reached 12.043 billion yuan; in 2014, it increased to 140.05 billion yuan.
In 2015, due to the downturn in the air-conditioning market, Gree's total operating revenue declined to 100.564 billion yuan. After gradually reducing inventory pressure, Gree Electric “re-climbed”, and its total operating income rebounded to 110.11 billion yuan in 2016. With the recovery of the air-conditioning market in 2017, Gree's total operating revenue climbed to a new peak of 150.02 billion yuan.
Surprisingly, after Gree issued a financial report, Citigroup said it would downgrade Gree's rating from buy to sell, and lower the Gree target price from 58 yuan to 47 yuan. Citigroup said that the Gree rating was down 48% due to a 20% dividend payout ratio of 60% in 2017, and the annual performance was poor.
However, this negative rating did not affect the share price of Gree Electric. On the morning of April 29, Gree Electric quickly went down slightly after the opening, and the decline once expanded by nearly 2%. Then it began to rise. As of the close of April 29, Gree Electric rose more than 2.01%.
Win-win gambling
Due to the gamble between Dong Mingzhu and Lei Jun, Gree's 2018 financial report has become the focus of attention in the industry. From the perspective of operating income, Dong Mingzhu won the gamble. However, if we look at the increase in the past five years, the income of Xiaomi will increase by 6.6 times and the profit increase will be 24.8 times, which is much higher than Gree. It can also be regarded as the success of Lei Jun. Therefore, this is a win-win result.
In the future, for Gree Electric and Xiaomi, it is necessary to adhere to the main business and expand diversified business, and the direction chosen by both parties will determine the victory after five years.
At the recent millet annual meeting, Lei Jun announced the "dual engine" of mobile phone +AIoT, and said that this is the core strategy of Xiaomi in the next five years. Lei Jun said that AIOT is externally AI+IoT (artificial intelligence + IoT platform), but internally, AIOT is "All in IoT", and claimed that investing 10 billion yuan in this field in five years is extremely important.
At the beginning of this year, Xiaomi Group strategically invested in TCL Group. After the reorganization, TCL Group has adjusted its strategy to focus on semiconductor display business, material business and emerging business. This also means that Xiaomi will also take a share in the semiconductor field in the future.
Different from Xiaomi's AioT core, Gree Electric highlighted the diversified layout in the financial report released this time. According to the announcement, Gree Electric has further improved sales channels, promoted online sales, and promoted emerging industry products.
As the home appliance industry enters a saturated period, Gree Electric must transform itself into a diversified development if it wants to become bigger and stronger. Dong Mingzhu has already begun to lay out. After being re-elected, he shouted the slogan of spurring 600 billion yuan in revenue in 2023, and planned a blueprint for Gree's diversification. In the future, it will form four major sectors: air-conditioning, living appliances, high-end equipment and communication equipment. .
As for the further direction of Gree Electric's diversification, the Beijing Business Daily reporter contacted the relevant person in charge of the company. The person in charge said that “the announcement shall prevail”.
"One is to gradually link traditional industries from the Internet model, and the other is to transform the traditional Internet into a traditional industry. In the end, people found that Gree Electric Appliances and Xiaomi are in fact the same goal." Industrial observer Hong Shibin said.
Mixed change watershed
Gree's 2018 annual report will also become a watershed for Gree Electric's mixed change. On the evening of April 8, Gree Electric announced that Gree Group intends to transfer 15% of the total share capital of Gree Electric Appliances held by Gree Group through public collection of the transferee, and finally transfer the price for public collection and supervision by state-owned assets. The result of the approval of the management department shall prevail.
A person close to Gree Electric said: "In view of the industry status, market value and market influence of Gree Electric Appliances, the transfer of controlling stakes is expected to become a new benchmark for the reform of state-owned enterprises in the new era."
However, this highly concerned equity transfer has not yet been determined. At present, the largest shareholder of Gree Electric Appliances is still Zhuhai Gree Group Co., Ltd., with a shareholding ratio of 18.22%. The shareholding ratio of Hong Kong Securities Clearing Company increased from 7.86% at the end of the third quarter of last year to 8.17%. The shareholding ratio of China Securities Finance Co., Ltd. and Central Huijin Asset Management Co., Ltd. has not changed.
Zhang Yanbin, vice chairman of the China Household Electrical Appliances Service Maintenance Association, pointed out that the future development of Gree Electric's diversification depends on who will lead the development of Gree Electric in the future. At present, it is more likely that Gree management and distributors headed by Dong Mingzhu will become the largest shareholder. He said that Gree Electric has to achieve the revenue target of 600 billion yuan. It is definitely not possible to rely on air conditioning. The air-conditioning industry has already reached the ceiling. The development of Gree in the future depends on its growth potential.
On the other hand, Midea Group is still the biggest enemy of Gree Electric. Midea Group's total revenue in 2018 was 261.82 billion yuan, up 8.23% year-on-year; net profit was 21.65 billion yuan, up 16.33% year-on-year; net profit attributable to owners of the parent company was 20.231 billion yuan, up 17.5% year-on-year. Although Gree has surpassed the Midea Group in terms of market value, Gree Electric needs to work harder from the perspective of revenue.
"If this equity transfer can be completed, it means that Gree is expected to open a new round of state-owned enterprises to change the prelude. The reform of state-owned enterprises will improve the corporate governance, and the short-term can break through the term limits of the management of state-owned enterprises. The governance style tends to be flexible. It is expected to introduce more aggressive and flexible equity incentives, weaken the principal-agent problem, improve operational efficiency, and promote stable and healthy development. In addition, the company continues to deepen its diversification strategy, and the mixed reform is expected to form a shareholding structure with diversified shareholder structure. Further enhance the management's right to speak, or promote the company's diversified layout, and continuously expand the advantages of the industry chain and brand influence, and provide strong support for Gree's future stable performance trend," said Dong Guangyang, an analyst at Huachuang Securities.
Beijing Business Daily reporter Shi Feiyue / Wen Bai Yang / watchmaking
Gree Electric increased by 1.62%
On the evening of April 29, Gree Electric announced the quarterly report of 2019. The financial report showed that Gree Electric achieved revenue of 40.548 billion yuan in the first quarter, up 2.49% year-on-year; net profit was 5.67 billion yuan, up 1.62% year-on-year; belonging to shareholders of listed companies The net profit after deducting non-recurring gains and losses was 5.114 billion yuan, a year-on-year increase of 22.16%.
Midea Group grew 16.6%
On the evening of April 29, Midea Group announced the quarterly report for 2019. The financial report showed that Midea Group achieved revenue of 75.206 billion yuan in the first quarter, a year-on-year increase of 7.84%; net profit was 6.129 billion yuan, up 16.6% year-on-year; The net profit after deducting non-recurring gains and losses was 6.085 billion yuan, a year-on-year increase of 19.84%.
Editor in charge: Li Feng
雷军与董明珠的10亿赌局已定！雷军输了
作者： 叶桢
2019-03-19 19:39
董明珠和雷军之间纠缠了五年的“十亿赌约”终于迎来了揭晓时刻。小米2018年全年营收全1749亿元人民币。格力电器虽然还未出财报，但即使按照格力预计的营业收入下限，小米也没能超过格力电器。
董明珠和雷军之间纠缠了五年的“十亿赌约”终于迎来了揭晓时刻。
3月19日晚间公布的财报显示，小米2018年全年营收全1749亿元人民币。格力电器虽然还未出财报，但按照此前公布的业绩预告，公司在报告期内预计实现营业总收入2000亿元-2010亿元，即使按照格力预计的营业收入下限，小米也没能超过格力电器。
这一局，看来是雷军输了。
2013年12月12日，在CCTV第十四届中国经济年度人物评选颁奖现场，格力电器掌门人董明珠与小米掌门人雷军约定了一个“十亿赌约”。
当时雷军提出“请全国人民作证，五年之内，如果我们的营业额击败格力的话，董明珠董总输我一块钱就行了”。董明珠当场反击，“第一，我告诉你不可能，第二，要赌就不是一块钱，我跟你赌10个亿。”
当时雷军回应称：”我们是中国创造，你们是中国制造，所以10亿人民币我们必胜。”还请现场来颁奖的马云做担保。
当时，小米还未上市，全年营收在百亿元左右；而作为上市公司的格力，全年营收已达1200.43亿元。
过去五年里，双方就这个赌约多次隔空较量。2013年，雷军在接受《人物》杂志专访时称“格力必输无疑”；2014年接受央视《对话》栏目专访时，雷军进一步表示“再过一、两年格力就输了”。
董明珠也不甘示弱，2014年，在全国两会上称，“5年后，他会输给我10亿元，我有百分之百的把握”；2017年，董明珠在上交会开幕论坛上再提起赌局称，“明年就要见分晓了，没问题，我已经认定过了，没问题！”
全天候科技曾提及，去年12月，董明珠更是单方面宣布格力已经胜出。12月2日，在2018中国企业领袖年会期间，董明珠接受媒体采访时表示，与小米CEO雷军的5年赌局已基本胜出。
当时，董明珠表示，与雷军的赌局本身并没有什么意义，两者不具备可比性。因为格力是做实体经济的，而小米是做互联网的，属于轻资产。
近年来，格力和小米也开始互探对方领域。
2015年初，格力正式进军手机领域，声称要“做最好的手机”，并在3年内，相继推出了格力一代手机、格力二代手机、格力三代手机。
小米的扩张步伐也已经迈入空调领域。2014年底，小米与美的集团签署合作协议，拟通过参与定增的方式获得美的集团1.29%的股权；2015年6月，小米与美的合作推出“i青春”智能空调；2018年7月，小米推出米家互联网空调。
https://finance.sina.com.cn/roll/2019-04-30/doc-ihvhiewr9020216.shtml
产经 > 正文
赌局落幕 格力下一个对手是谁
2019年04月30日 01:05 新浪财经综合
赌局落幕 格力下一个对手是谁
来源：北京商报
4月28日晚间，随着格力电器2018年财报的揭晓，格力电器董事长董明珠与小米集团董事长雷军之间的五年赌约也尘埃落定。从营收上来看，格力首次突破2000亿元，而小米3月公布的2018年年报显示全年营收为1749亿元，董明珠成为赢家，但从增速来看，雷军也并未落后。虽然赌局已落定，但对于格力而言，混改大幕才刚开启，下一个对手又将浮现。
营收2000亿
营业总收入为2000.24亿元，同比增长33.33%；归母净利润为262.03亿元，同比增长16.97%。格力电器交出了一份稳健的财报。
除了双双增长的营收和经历，格力电器的慷慨分红也是值得关注的点。根据财报，格力电器拟每10股派发现金15元（含税），累加2018年半年度36.1亿元的分红，2018年全年累计分红超过126亿元，刷新历年分红纪录。
从格力电器的分业务收入构成看，空调业务仍然是绝对的龙头，虽然在整体营收中的占比从前年的83.22%下降到去年的78.58%，但在2018年格力空调业务收入达到1556.8亿元，同比增长26.15%；且毛利率仍高达36.48%，但同比微降0.59%。
五年来，格力电器虽然经历了一些波折，但业绩依然取得了增长。2013年，格力电器的营业总收入达1200.43亿元；2014年增至1400.05亿元。
2015年，由于空调市场低迷，格力电器的营业总收入滑坡至1005.64亿元。逐步化解库存压力之后，格力电器“重新爬坡”，2016年营业总收入回升到1101.13亿元；乘借2017年空调市场的回暖，格力电器营业总收入攀升到1500.2亿元的新高峰。
令人意外的是，在格力发出财报后，花旗表示将格力电器评级由买进下调至卖出，将格力目标价由58元下调至47元。花旗称，下调格力评级因2018年派息比率48%低于2017年的60%，且全年业绩表现欠佳。
不过，这一负面评级并未影响格力电器的股价。4月29日早盘，格力电器小幅低开后迅速下行，跌幅一度扩大近2%，随后开始拉升，截至4月29日收盘，格力电器涨逾2.01%。
双赢赌局
由于董明珠与雷军的赌约，格力电器的2018年财报成了业内关注的焦点，从营业收入来看，董明珠取得了这场赌约的胜利。但如果从这五年的增幅来看，小米营收增幅达6.6倍，利润增幅为24.8倍，远高于格力，也可以视为雷军的成功。因此，这可谓是一个双赢的结果。
未来，对于格力电器和小米来说，既要坚守主业，又要拓展多元化业务，而双方选择的方向也将决定五年后的胜局。
在刚刚过去的小米年会上，雷军宣布了手机+AIoT的“双引擎”，并称这就是小米未来五年的核心战略。雷军称，AIoT对外是AI+IoT（人工智能+物联网平台），但对内而言，AIoT就是“All in IoT”，并声称五年要在这一领域投入100亿元，可谓极度重视。
今年初，小米集团战略入股TCL集团，在重组之后，TCL集团已经将战略调整为专注半导体显示业务、材料业务及新兴业务。这也意味着，小米未来也会在半导体领域分一杯羹。
与小米的AIoT核心不同，在此次发布的财报中，格力电器则着重强调了多元化的布局。公告称，格力电器为进一步完善销售渠道，促进线上销售，推广新兴产业产品。
随着家电行业进入饱和期，格力电器要想做大做强，必须向多元化发展转型。董明珠已经开始布局，在获得连任后，喊出在2023年冲刺6000亿元营收的口号，并规划了格力电器多元化蓝图，将来要形成空调、生活电器、高端装备和通信设备四大板块。
就格力电器多元化的进一步方向，北京商报记者联系到该公司相关负责人，该负责人表示“以公告为准”。
“一个是从互联网模式逐渐链接传统产业，一个是传统产业开始转型创新互联网+，最终人们发现，格力电器和小米其实是殊途同归。”产业观察家洪仕斌说。
混改分水岭
格力电器的2018年年报也将成为格力电器混改的分水岭。4月8日晚间，格力电器发布公告称，格力集团拟通过公开征集受让方的方式协议转让格力集团持有的格力电器总股本15%的股票，最终转让价格以公开征集并经国有资产监督管理部门批复的结果为准。
一位接近格力电器的人士表示：“考虑到格力电器的行业地位、市值规模和市场影响，本次控股权转让有望成为新时期国企混改的全新标杆。”
不过这一颇受关注的股权转让一事尚未有定论。目前，格力电器的最大股东仍是珠海格力集团有限公司，持股比例为18.22%。香港中央结算有限公司持股比例由去年三季度末的7.86%上升至8.17%。而中国证券金融股份有限公司、中央汇金资产管理有限责任公司持股比例未变。
中国家用电器服务维修协会主席团副主席张彦斌指出，格力电器未来多元化如何发展要看未来谁来主导格力电器的发展。目前来看，以董明珠为首的格力管理层及经销商成为第一大股东的可能性较大。他表示，格力电器要实现6000亿元的营收目标，光靠空调肯定不行，空调行业已经到天花板，未来格力的发展要看它的增长后劲。
从另一方面来说，美的集团仍然是格力电器的最大劲敌。美的集团2018年营业总收入为2618.2亿元，同比增长8.23%；净利润216.5亿元，同比增长16.33%；实现归属于母公司所有者的净利润202.31亿元，同比增长17.05%。尽管格力电器已经在市值上超越了美的集团，但从营收的角度比较，格力电器还需要努力。
“若本次股权转让能够完成，意味着格力有望拉开新一轮国企混改序幕。国企混改利好公司治理改善，短期能够突破国企管理层的任期限制，治理方式趋于灵活化，业绩向好确定性增强；长期有望推出更加积极灵活的股权激励措施，弱化委托代理问题，提高经营效率，促进平稳健康发展。此外，公司持续深化多元化战略，混改有望形成股东成分多样化的股权结构，进一步提升管理层话语权，或将推动公司多元化版图清晰化，不断扩大产业链优势和品牌影响力，为格力未来业绩稳定向好趋势提供有力支撑。”华创证券分析师董广阳说。
北京商报记者 石飞月/文 白杨/制表
格力电器 增长1.62%
4月29日晚间，格力电器公布2019年一季报，财报显示，格力电器一季度实现营收405.48亿元，同比增长2.49%；净利润56.7亿元，同比增长1.62%；归属于上市公司股东的扣除非经常性损益的净利润51.14亿元，同比增长22.16%。
美的集团 增长16.6%
4月29日晚间，美的集团公布2019年一季报，财报显示，美的集团一季度实现营收752.06亿元，同比增长7.84%；净利润61.29亿元，同比增长16.6%；归属于上市公司股东的扣除非经常性损益的净利润60.85亿元，同比增长19.84%。
责任编辑：李锋
Https://wallstreetcn.com/articles/3496703
Lei Jun and Dong Mingzhu’s 1 billion gambling has been set! Lei Jun lost
Author: Ye Zhen
2019-03-19 19:39
The "billion gambling contract" that has been entangled between Dong Mingzhu and Lei Jun has finally ushered in the moment of unveiling. Xiaomi's 2018 annual revenue was all 174.9 billion yuan. Although Gree Electric has not yet made a profit report, even if it is based on Gree's estimated lower operating income, Xiaomi has not been able to surpass Gree Electric.
The "billion gambling contract" that has been entangled between Dong Mingzhu and Lei Jun has finally ushered in the moment of unveiling.
The financial report released on the evening of March 19 showed that Xiaomi’s annual revenue in 2018 was 174.9 billion yuan. Although Gree Electric has not yet made a financial report, according to the previously announced performance forecast, the company expects to realize a total operating income of 200 billion yuan to 20 billion yuan during the reporting period. Even in accordance with Gree's expected lower operating income, Xiaomi has not surpassed Gree Electric. .
This game seems to have been lost by the Lei Army.
On December 12, 2013, at the 14th China TV Economics Annual Persons Awards Presentation Ceremony, Gree Electric's head Dong Mingzhu and Xiaomi head Lei Jun agreed on a “billion gambling contract”.
At that time, Lei Jun proposed "please ask the people of the whole country to testify. Within five years, if our turnover beats Gree, Dong Mingzhu Dong will lose me a dollar." Dong Mingzhu counterattacked on the spot. "First, I told you that it is impossible. Second, if you want to gamble, it is not a dollar. I will gamble with you for 10 billion."
At that time, Lei Jun responded: "We are created in China, you are made in China, so we must win 1 billion yuan." Ma Yun, who came to the awards on the spot, also made a guarantee.
At that time, Xiaomi was not listed yet, and the annual revenue was about 10 billion yuan. As a listed company, Gree had a revenue of 12.043 billion yuan.
In the past five years, the two sides have competed on this gamble several times. In 2013, Lei Jun said in an exclusive interview with "People" magazine that "Gree will lose no doubt"; in 2014, when interviewed by CCTV's "Dialogue" column, Lei Jun further said that "the Gree will lose in one or two years."
Dong Mingzhu did not hesitate to show weakness. In 2014, he said at the National People's Congress that "five years later, he will lose 1 billion yuan to me, and I have 100% confidence." In 2017, Dong Mingzhu made another gamble at the opening forum of the Shanghai Stock Exchange. Said, "I will see it next year, no problem, I have already identified it, no problem!"
All-weather technology mentioned that in December last year, Dong Mingzhu unilaterally announced that Gree had won. On December 2, during the 2018 Chinese Business Leaders Annual Meeting, Dong Mingzhu said in an interview with the media that the five-year gambling with Xiaomi CEO Lei Jun has basically won.
At that time, Dong Mingzhu said that there is no point in the game with Lei Jun itself, and the two are not comparable. Because Gree is a real economy, and Xiaomi is an Internet, it is a light asset.
In recent years, Gree and Xiaomi have also begun to explore each other's fields.
At the beginning of 2015, Gree officially entered the mobile phone field, claiming to "do the best mobile phone", and in three years, launched the Gree generation mobile phone, Gree second generation mobile phone, Gree three generation mobile phone.
The pace of expansion of Xiaomi has also entered the field of air conditioning. At the end of 2014, Xiaomi and Midea Group signed a cooperation agreement to acquire a 1.29% stake in Midea Group through participation in the increase. In June 2015, Xiaomi and Midea cooperated to launch “i Youth” smart air conditioner; in July 2018, Xiaomi launched Mi home internet air conditioner.
Https://finance.sina.com.cn/roll/2019-04-30/doc-ihvhiewr9020216.shtml
Sankei > Text
The gambling is over. Who is the next opponent in Gree?
April 30, 2019 01:05 Sina Finance Comprehensive
The gambling is over. Who is the next opponent in Gree?
Source: Beijing Business Daily
On the evening of April 28, with the announcement of the 2018 financial report of Gree Electric Appliances, the five-year gambling contract between Dong Mingzhu, Chairman of Gree Electric Appliances and Lei Jun, Chairman of Xiaomi Group, was also settled. From the perspective of revenue, Gree broke through 200 billion yuan for the first time, and Xiaomi’s 2018 annual report released in March showed that the annual revenue was 174.9 billion yuan. Dong Mingzhu became the winner, but from the perspective of growth rate, Lei Jun did not fall behind. Although the gambling has been settled, for Gree, the mixed scene has just opened, and the next opponent will emerge.
200 billion revenue
Total operating income was RMB 20.024 billion, a year-on-year increase of 33.33%; net profit attributable to mothers was RMB 26.203 billion, an increase of 16.97% year-on-year. Gree Electric delivered a solid financial report.
In addition to the double-increased revenue and experience, Gree's generous dividends are also worthy of attention. According to the financial report, Gree Electric intends to find 15 yuan (including tax) for every 10 shares, and accumulate dividends of 3.61 billion yuan in the first half of 2018. In 2018, the accumulated dividends exceeded 22.6 billion yuan, setting a record for dividends.
From the composition of Gree's sub-business revenue, the air-conditioning business is still the absolute leader, although the proportion of overall revenue dropped from 83.22% in the previous year to 78.58% last year, but in 2018 Gree air-conditioning business revenue reached 155.68 billion. Yuan, a year-on-year increase of 26.15%; and gross profit margin is still as high as 36.48%, but a slight decrease of 0.59%.
In the past five years, although Gree has experienced some twists and turns, its performance has still grown. In 2013, Gree's total operating revenue reached 12.043 billion yuan; in 2014, it increased to 140.05 billion yuan.
In 2015, due to the downturn in the air-conditioning market, Gree's total operating revenue declined to 100.564 billion yuan. After gradually reducing inventory pressure, Gree Electric “re-climbed”, and its total operating income rebounded to 110.11 billion yuan in 2016. With the recovery of the air-conditioning market in 2017, Gree's total operating revenue climbed to a new peak of 150.02 billion yuan.
Surprisingly, after Gree issued a financial report, Citigroup said it would downgrade Gree's rating from buy to sell, and lower the Gree target price from 58 yuan to 47 yuan. Citigroup said that the Gree rating was down 48% due to a 20% dividend payout ratio of 60% in 2017, and the annual performance was poor.
However, this negative rating did not affect the share price of Gree Electric. On the morning of April 29, Gree Electric quickly went down slightly after the opening, and the decline once expanded by nearly 2%. Then it began to rise. As of the close of April 29, Gree Electric rose more than 2.01%.
Win-win gambling
Due to the gamble between Dong Mingzhu and Lei Jun, Gree's 2018 financial report has become the focus of attention in the industry. From the perspective of operating income, Dong Mingzhu won the gamble. However, if we look at the increase in the past five years, the income of Xiaomi will increase by 6.6 times and the profit increase will be 24.8 times, which is much higher than Gree. It can also be regarded as the success of Lei Jun. Therefore, this is a win-win result.
In the future, for Gree Electric and Xiaomi, it is necessary to adhere to the main business and expand diversified business, and the direction chosen by both parties will determine the victory after five years.
At the recent millet annual meeting, Lei Jun announced the "dual engine" of mobile phone +AIoT, and said that this is the core strategy of Xiaomi in the next five years. Lei Jun said that AIOT is externally AI+IoT (artificial intelligence + IoT platform), but internally, AIOT is "All in IoT", and claimed that investing 10 billion yuan in this field in five years is extremely important.
At the beginning of this year, Xiaomi Group strategically invested in TCL Group. After the reorganization, TCL Group has adjusted its strategy to focus on semiconductor display business, material business and emerging business. This also means that Xiaomi will also take a share in the semiconductor field in the future.
Different from Xiaomi's AioT core, Gree Electric highlighted the diversified layout in the financial report released this time. According to the announcement, Gree Electric has further improved sales channels, promoted online sales, and promoted emerging industry products.
As the home appliance industry enters a saturated period, Gree Electric must transform itself into a diversified development if it wants to become bigger and stronger. Dong Mingzhu has already begun to lay out. After being re-elected, he shouted the slogan of spurring 600 billion yuan in revenue in 2023, and planned a blueprint for Gree's diversification. In the future, it will form four major sectors: air-conditioning, living appliances, high-end equipment and communication equipment. .
As for the further direction of Gree Electric's diversification, the Beijing Business Daily reporter contacted the relevant person in charge of the company. The person in charge said that “the announcement shall prevail”.
"One is to gradually link traditional industries from the Internet model, and the other is to transform the traditional Internet into a traditional industry. In the end, people found that Gree Electric Appliances and Xiaomi are in fact the same goal." Industrial observer Hong Shibin said.
Mixed change watershed
Gree's 2018 annual report will also become a watershed for Gree Electric's mixed change. On the evening of April 8, Gree Electric announced that Gree Group intends to transfer 15% of the total share capital of Gree Electric Appliances held by Gree Group through public collection of the transferee, and finally transfer the price for public collection and supervision by state-owned assets. The result of the approval of the management department shall prevail.
A person close to Gree Electric said: "In view of the industry status, market value and market influence of Gree Electric Appliances, the transfer of controlling stakes is expected to become a new benchmark for the reform of state-owned enterprises in the new era."
However, this highly concerned equity transfer has not yet been determined. At present, the largest shareholder of Gree Electric Appliances is still Zhuhai Gree Group Co., Ltd., with a shareholding ratio of 18.22%. The shareholding ratio of Hong Kong Securities Clearing Company increased from 7.86% at the end of the third quarter of last year to 8.17%. The shareholding ratio of China Securities Finance Co., Ltd. and Central Huijin Asset Management Co., Ltd. has not changed.
Zhang Yanbin, vice chairman of the China Household Electrical Appliances Service Maintenance Association, pointed out that the future development of Gree Electric's diversification depends on who will lead the development of Gree Electric in the future. At present, it is more likely that Gree management and distributors headed by Dong Mingzhu will become the largest shareholder. He said that Gree Electric has to achieve the revenue target of 600 billion yuan. It is definitely not possible to rely on air conditioning. The air-conditioning industry has already reached the ceiling. The development of Gree in the future depends on its growth potential.
On the other hand, Midea Group is still the biggest enemy of Gree Electric. Midea Group's total revenue in 2018 was 261.82 billion yuan, up 8.23% year-on-year; net profit was 21.65 billion yuan, up 16.33% year-on-year; net profit attributable to owners of the parent company was 20.231 billion yuan, up 17.5% year-on-year. Although Gree has surpassed the Midea Group in terms of market value, Gree Electric needs to work harder from the perspective of revenue.
"If this equity transfer can be completed, it means that Gree is expected to open a new round of state-owned enterprises to change the prelude. The reform of state-owned enterprises will improve the corporate governance, and the short-term can break through the term limits of the management of state-owned enterprises. The governance style tends to be flexible. It is expected to introduce more aggressive and flexible equity incentives, weaken the principal-agent problem, improve operational efficiency, and promote stable and healthy development. In addition, the company continues to deepen its diversification strategy, and the mixed reform is expected to form a shareholding structure with diversified shareholder structure. Further enhance the management's right to speak, or promote the company's diversified layout, and continuously expand the advantages of the industry chain and brand influence, and provide strong support for Gree's future stable performance trend," said Dong Guangyang, an analyst at Huachuang Securities.
Beijing Business Daily reporter Shi Feiyue / Wen Bai Yang / watchmaking
Gree Electric increased by 1.62%
On the evening of April 29, Gree Electric announced the quarterly report of 2019. The financial report showed that Gree Electric achieved revenue of 40.548 billion yuan in the first quarter, up 2.49% year-on-year; net profit was 5.67 billion yuan, up 1.62% year-on-year; belonging to shareholders of listed companies The net profit after deducting non-recurring gains and losses was 5.114 billion yuan, a year-on-year increase of 22.16%.
Midea Group grew 16.6%
On the evening of April 29, Midea Group announced the quarterly report for 2019. The financial report showed that Midea Group achieved revenue of 75.206 billion yuan in the first quarter, a year-on-year increase of 7.84%; net profit was 6.129 billion yuan, up 16.6% year-on-year; The net profit after deducting non-recurring gains and losses was 6.085 billion yuan, a year-on-year increase of 19.84%.
Editor in charge: Li Feng
