Judgment of the reinvestment efficiency of retained earnings: When Gree invests its retained funds in new businesses such as R&D, new energy and intelligent equipment, is Return on Invested Capital (ROIC) or Return on Equity (ROE) a more accurate metric to measure the rate of return? Have the rates of return of these new businesses reached the threshold for value creation that is "higher than the market average level"?
Quantitative benchmark for a reasonable purchase price: For a leading home appliance enterprise with high dividends and low valuation like Gree, what range of Price-to-Earnings (PE) or Price-to-Book (PB) ratios can be regarded as a reasonable purchase price that "does not negate the value of retained earnings"? How significant is the impact of the valuation gap between the 2021 peak and the current valuation on the conversion of retained earnings into shareholder returns?
Coping strategies for the conversion cycle: Given the uncertainty regarding the timeline for the conversion of retained earnings into market value, for Gree, how should investors balance the pace between "long-term holding to wait for value recognition" and "conducting phased operations based on valuation recovery"? Can dividend reinvestment shorten the cycle for value realization?