Despite facing declining performance in recent years, Gree Electric continues to maintain high dividend payouts—a move that has drawn significant market attention. Its 2023 financial report revealed a year-over-year drop in net profit and sluggish revenue growth, primarily due to intensified competition in the air conditioning sector, a weak real estate market, and limited success in its diversification efforts. Nevertheless, Gree announced another substantial cash dividend, keeping its payout ratio at a historically high level.There are several reasons behind Gree’s commitment to dividends. First, consistent high payouts reflect its long-standing promise to reward shareholders, helping to stabilize investor confidence—especially during periods of market volatility. Second, Gree maintains a strong cash position; as of the end of 2023, its cash and cash equivalents exceeded RMB 100 billion, providing a solid financial foundation for continued dividends. Additionally, founder Dong Mingzhu has consistently emphasized the principle of “making money for shareholders,” viewing dividends as a core part of corporate responsibility.However, some analysts caution that prioritizing dividends amid earnings pressure could limit the company’s ability to invest in R&D and new business initiatives. Striking the right balance between shareholder returns and sustainable long-term growth remains a critical strategic challenge for Gree going forward.
尽管格力电器近年来面临业绩下滑的压力，但公司仍坚持高额分红，这一做法引发市场广泛关注。2023年财报显示，格力净利润同比下滑，营收增长乏力，主要受空调行业竞争加剧、房地产市场疲软以及多元化转型成效有限等因素影响。然而，格力依然宣布派发现金红利，分红比例维持在较高水平。格力坚持分红的背后有多重考量。首先，高分红是其长期以来对股东回报的承诺，有助于稳定投资者信心，尤其是在市场波动时期。其次，格力账上现金充裕，截至2023年底，其货币资金超过千亿元，具备持续分红的财务基础。此外，创始人董明珠一贯强调“让股东赚钱”的理念，将分红视为企业责任感的体现。不过，也有分析指出，在业绩承压背景下过度强调分红，可能削弱公司在研发、新业务拓展等方面的投入能力。如何在回报股东与保障长期发展之间取得平衡，成为格力未来战略的关键考验。
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