CNBC AI News, July 4th – In a pointed statement at a recent shareholder meeting, Gree Electric’s Market Director, Zhu Lei, painted a picture of industry transformation under the leadership of Chairwoman Dong Mingzhu. He suggested a stark contrast between past perceptions of her business approach and the current vibrant state of the sectors she influences.
Zhu Lei asserted that the appliance industry, particularly air conditioning, is experiencing an intense “price war” or “technical race,” with other sectors facing even fiercer competition. He credited Gree’s distinct strategy for steering the air conditioning market. “The industry is engaged in a rampant price war,” Zhu stated, “but the air conditioning sector has an anomaly in Gree. We’ve propped up this market for over 30 years without engaging in price wars; instead, we’ve continuously pushed for technological advancement, leading the industry forward. This is what has created the current landscape.”
He elaborated on the perception of Dong Mingzhu, contrasting it with Gree’s impact: “People might call Ms. Dong a domineering CEO, suggesting her path leaves nothing standing. However, the industry she leads couldn’t be more different. The path Dong Mingzhu and Gree have forged is flourishing, with vast potential. This is the space that an industry leader creates for you.”
Previously, Zhu Lei had spoken out about a prominent Chinese TV brand that ventured into the air conditioning market using its existing distribution channels. He highlighted their slim profit margins, noting they were essentially selling at cost. “After directly asking their overseas distributors, they told us, ‘We don’t have KPIs. Our only KPI is to crush our Chinese competitors.’ I strongly question this strategy. Can you truly crush your competitors this way? You’ll only end up crushing yourselves.” Zhu emphasized the responsibility of industry leaders: “The leading company in an industry must live up to its status.”
Concluding his remarks, Zhu Lei issued a call to action for Chinese manufacturing peers with ambition and foresight. “Let us, together, uphold the banner of ‘Made in China’ and stride forward, creating a brighter future for all.”
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