OFweek smart home network news in China's air-conditioning market, Gree and the United States of the two peak confrontation, occupy half of the country, in the home appliances rivers and lakes in the past nearly 20 years. The story of duo-hsiung competition is brilliant, infighting and infighting. It has become more and more intense in recent years, manifesting itself as a price war on marketing and a patent war on legal rights protection. Although the two heads never faced each other directly in public, the patent lawsuits between the two have never ceased. In the end of June, the two companies filed four air-conditioning patent infringement lawsuits against each other. Nearly 100 million.
Gree and the United States have different systems: One is a state-owned enterprise, and the small shareholders are small and broad, and jump out of the big shareholders of state-owned assets to open up a new world. One is a private enterprise. The treasurer and the owner always live in harmony and avoid the weakness of the family business. If 10 years ago, there was no comparability between the two, and now the United States is catching up with the slow pace and has stood shoulder to shoulder with Gree. The 2015 results show that Gree’s total revenue and net profit are all under the US, Gree’s revenue is 97.745 billion yuan, net profit is 12.532 billion yuan; US’ revenue is 138.44 billion yuan, net profit is 12.7 billion yuan. . In 2016, US revenue continued to outpace Gree, achieving a total operating revenue of 159.8 billion yuan, an increase of 15% year-on-year. Gree's total operating revenue in 2016 was 110.113 billion yuan, a year-on-year increase of 9.50%. But in terms of profits, Gree has an advantage.
To be fair, Gree and Midea are taking two different models in technological innovation, focusing on the robot business. Gree is taking the path of independent research and development, hoping to master the core technology and not putting rice bowls on other people's pots and pans. This kind of approach is commendable, but it is still at the stage of exploration in the pursuit of speed, maturity in technology, and quality stability. The United States is taking a good and fast path to merge and acquire mature enterprises. It adopts “acquisitionism†and its technologies and products have been tested by the market, and it is in a leading position in the world, which is conducive to exerting its advantages of latecomers and seizing the commanding heights. Form large-scale sales. In 2016, the United States spent 29.2 billion to acquire the world-renowned robot company - Germany's Kuka, is a merger and acquisition generous. If there is no accident, in the development of the robot, the corner crossing will be achieved through mergers and acquisitions, and Midea is already ahead of Gree in the technology market.
The competition between Gree and the United States is also reflected in the increase or decrease in the equity of its own company. Gree Electric Co., Ltd. recently issued an announcement that the company’s chairman and president, Dong Mingzhu, has continuously increased Gree’s shares. On May 16th, Midea Group released an announcement that He Xiangjian, the actual controller of the United States, was quietly reducing its shareholding in the United States. The increase and decrease of this stock shows that Dong Mingzhu and He Xiangjian have the same interests and different market confidence. Both of them have the same interest demands, both of which are pursuing the maximization of their own interests, all in order to increase their control over the company. However, from the comparison of Dong Mingzhu and He Xiangjian in the increase and decrease of stocks, it is also possible to vaguely see the difference in market confidence between the two people.
Dong Mingzhu sang songs all the way in the past few years. Whether he was gambling with Xiaomi’s chairman Lei Jun, or increased salaries for employees, or he was arrogant of 1 billion yuan in making new energy vehicles, he even demonstrated high dividends to shareholders. Gree's market confidence. She continued to increase her shares in Gree Electric Appliances, intending to send a signal to the outside world: Regardless of how confusing the macroeconomic situation, Gree is always moving forward without hesitation. Gree needs to be the leader in Internet + home appliances, and is among the leaders of the national electricity industry.
Compared with Dong Mingzhu’s increase in Gree’s holdings, He Xiangjian’s reduction in holdings in the US may be a concern that the home appliance industry is likely to usher in an inflection point in the second half of the year. On the one hand, the upstream raw material companies have undergone supply-side reform after the overcapacity, and now their supply has not increased significantly. Therefore, the relevant raw materials have obviously increased their prices, which has exerted greater pressure on the cost of the household appliance industry. On the other hand, real estate regulation and control measures have become more stringent. The household electrical appliance industry is an industry that lags behind the real estate cycle. The current real estate transaction has gradually fallen into a sluggish situation. The momentum of “a new house with a few air conditioners†is no longer in sight. There will be a slowdown. It is out of this concern that He Xiangjian has quietly reduced his 0.5% stake, which is also a stone's throw.
Originally it was the Gree and Midea of ​​the opponent, the head of the company increased one by one, and the undercurrent of the infighting was even more interesting. After Dong Mingzhu’s holdings and He Xiangjian’s shareholdings were reduced, the signal transmitted was very subtle. This may be another psychological game in the market.
There is a saying that "their counterparts are family members" and "one mountain cannot accommodate two tigers." Right now, the white electricity industry has hit the ceiling and the market is becoming saturated. In 2014, the retail sales scale of the air-conditioning market in China was 157.5 billion yuan, which was only 0.6% higher than that in 2013. In 2015, the retail sales of the air-conditioner market did not increase, but dropped by 4.8% to RMB 137.4 billion. Although the heat wave rolled in the summer of 2016, the air-conditioning retail sales rose to 160.6 billion yuan, but based on the overall market structure, such market activity is difficult to last.
Obviously, if the competition between the two companies still stays in the traditional air-conditioning industry, besides the earth-shattering price war and mutual patent lawsuits, there is no way to defeat the opponent's good policy, only to lose both. It is also based on this reflection that the two giants are expanding into smart industries supported by mobile Internet. In contrast, the current ice-washed small household appliances in the United States are becoming more and more popular, and the robotic business is doing the same. The Gree mobile phone has not yet formed a competitive advantage, new energy vehicles consume huge amounts of money, and the progress of diversification and expansion remains to be seen.
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