Cover reporter Zhu Ning
On the evening of February 28, Gree Electric announced that the company will hold its first extraordinary general meeting in 2022 at its headquarters in Zhuhai. At the meeting, the proposal for the election of the company’s new board of directors was reviewed. Dong Mingzhu was re-elected as a non-independent director of the company. He was elected chairman of the board of directors by half votes for a three-year term.
The previous three-year shareholder return plan (2022-2024) and the mid-term profit distribution plan for 2021 proposed by Gree Electric were also reviewed and approved at this meeting.
On March 1, as of press time, Gree Electric fell 0.63% to 36.54 yuan per share.
Dong Mingzhu’s re-election and large dividend plan passed
The tenure of the 11th board of directors of Gree Electric Appliances, which started in January 2019, has expired. On February 28, Gree Electric held an extraordinary general meeting to elect the board of directors. Among them, Dong Mingzhu, Zhang Wei, Deng Xiaobo, Zhang Jundu and Guo Shuzhan were elected as non-independent directors of the 12th board of directors of the company. Liu Shuwei, Wang Xiaohua, Xing Ziwen and Zhang Qiusheng were elected as independent directors of the twelfth board of directors of the company.
Subsequently, the participating directors elected Dong Mingzhu as the chairman of the twelfth board of directors of the company, appointed Dong Mingzhu as the company’s president, and Dong Mingzhu was successfully re-elected. At the same time, Gree Electric’s shareholders meeting reviewed and approved the “Shareholder Return Plan for the Next Three Years (2022-2024)”.
Previously, Gree Electric announced that the company has formulated the “Shareholder Return Plan for the Next Three Years (2022-2024)”, taking into account factors such as corporate profitability, business development planning, and shareholder returns.
The company will distribute profits twice a year from 2022 to 2024, namely annual profit distribution and interim profit distribution. On the premise that the company’s cash flow meets the company’s normal operation and long-term development, the company’s cumulative cash dividends from 2022 to 2024 will not be less than 50% of the year’s net profit.
According to “the total accumulated cash dividends of the company from 2022 to 2024 will not be less than 50% of the net profit of the year”, the reporter calculated the current growth rate of Gree Electric’s performance, and the total dividends of Gree Electric in the next three years will not be less than 30 billion yuan.
It is worth noting that Gree Electric also confirmed the mid-term dividend in 2021 for shareholders following the Spring Festival of the Year of the Tiger. It is planned to temporarily distribute a cash dividend of 10 yuan (tax included) for every 10 shares to all shareholders, without bonus shares, and without converting the reserve fund to increase the share capital, a total of 5.537 billion yuan in cash dividends will be distributed.
Plans to split the sector for listing
On the followingnoon of February 28, Dong Mingzhu made it clear at the extraordinary general meeting that several major sectors of the company do have plans to spin off and list, such as motors, equipment and other sectors. She also emphasized that the spin-off and listing is not for the purpose of making money, but to shape the brand value of her own category.
Dong Mingzhu said that following the spin-off and listing, Gree will not pursue a high market value too much, “because our purpose is not to make money, but to build our own brand.”
It should be mentioned that the new energy business was also mentioned by Dong Mingzhu many times on February 28. Among them, she mentioned that one of the three confidences to complete the equity incentive is the new energy field. She believes that “in the future, every household may have demand for energy storage. I think the energy storage market is very huge.” The new energy that Dong Mingzhu refers to is the Yinlong new energy that Gree Electric has always been thinking regarding. In November last year, it changed its name to “Gre Titanium New Energy Co., Ltd.”.
Regarding the question of Gree Electric’s acquisition of Yinlong (Gree Titanium), Dong Mingzhu said that this acquisition of Yinlong is the best time, and the purchase price of 1.8 billion yuan is not enough to build a factory. At the same time, future energy storage is an inevitable direction for global development. A new track for the energy storage and new energy vehicle industry chain.
Dong Mingzhu said that Gree will not be a new energy family car, but will target urban sanitation vehicles, buses and other models. Because the lithium titanate battery of Gree Titanium New Energy Company has advantages in safety. In addition to entering the new energy vehicle industry through Yinlong, Gree’s mobile phone business was once controversial. Talking regarding the time once more, Dong Mingzhu said that he would insist on developing the mobile phone business, not to seize market share, but for the company’s planning.Return to Sohu, see more
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