[Yinlong's excess production capacity, the “subsidy†policy has been amended to become the original crime? ] A year and a half ago, the Yinlong company was closely linked with Dong Mingzhu. Miss Dong, who is called “Iron Ladyâ€, also brought Wang Jianlin and Liu Qiangdong to help themselves and announced high-profile investment. Long, and said that he is very optimistic about Yinlong's prospects in the field of new energy vehicles.
Fortunately, Yin Long started to fall into the midst of overcapacity and stoppage of production and production half a year ago. Many industrial parks have encountered operational problems. What happened in Yinlong in this short period of six months?
Overcapacity
Wu'an's New Energy Industrial Park was built 30 years ago at a cost of 30 billion yuan. It covers lithium carbonate materials, lithium-ion batteries, new energy vehicles, energy storage, and equipment. It seems to be tailored to Yinlong. In the same way, only Hebei Yinlong, Northern Ao Ti, and Guangtong Automobile, which are under their control, have covered most of this industrial park. They belong to Yinlong and are upstream and downstream.
According to the original plan, after completing the investment of 30 billion yuan in new energy projects, the annual production value will reach 120 billion yuan, which is equivalent to the reconstruction of a city of Wu'an.
However, the landscape was not long enough. Since last year, the super giant Yin Long of the Industrial Park encountered a dilemma. The car orders fell sharply and the production volume plummeted. The problem lies in the sale of Guangtong Automobile. The loss of orders directly led to the Hebei Yinlong, which provides batteries, is in a state of overcapacity and stockpiles are piled up.
What followed was layoffs and transfer of production lines. Many employees were able to stop working and receive more than one thousand yuan of basic wages. Some employees were transferred to other campuses. However, the same situation was actually in other industries in Yinlong. The park is also staged. Yinlong’s investment-for-market strategy ends in failure.
In fact, Yinlong entered the people's field of vision and began to run at a high speed. It was started after the end of 2016 when Gree’s chairman Dong Mingzhu entered the stock market. Yinlong was driven by Dong Mingzhu’s dream-making dream, and there are currently 9 industrial parks in Yinlong. Including the industrial parks in Zhuhai, Chongqing, Shijiazhuang, Chengdu, Lanzhou, Tianjin, Nanjing, and Luoyang, as well as the American ATi Nanotechnology Co., Ltd.
Radical strategies, in front of reality, can only be said to be cruel. The goal of 2017 set up by Yinlong for itself is to produce 30,000 new energy vehicles, with sales of 30 billion yuan. However, the actual situation is far from satisfactory. Unaudited annual reports show that Yinlong's 2017 operating income was 8.752 billion yuan. The net profit was 268 million yuan. Although the revenue grew slightly, net profit fell by 67.94%. The total assets of the company are RMB 31,512 million and the total liabilities are RMB 23,767 million.
Yinlong’s 2017 orders for electric buses were more than 6,000, and only one-fifth of the plan was completed. If only pure electric buses were to be seen, the sales volume of 3,355 units was almost the same as in 2016. In respect of batteries, Yinlong’s power batteries have a total of 59 products, of which only 3 products are not produced by Yinlong, and Yinlong’s batteries are mainly digested by themselves.
Dong Mingzhu’s dream of making cars is cool? Recalling the sensational incident of Dong Mingzhu at the general meeting of shareholders in 2016 that was caused by Gree’s acquisition of Yinlong, Gree Electric planned to acquire Yinlong for nearly half a year. The result was announced under the opposition of small and medium shareholders. Failed, but Dong Mingzhu did not give up, and said "willing to invest all my assets in Yinlong". It is not because the Gree acquisition is unsuccessful, but because Yinlong's lithium titanate technology is preferred.
Afterwards, we all know that Dong Mingzhu has brought in Wang Jianlin and Liu Qiangdong, and has invested 3 billion yuan to acquire a 22.388% stake in Zhuhai Yinlong. Then Dong Mingzhu added another Yinlong holding in 2017. The proportion of more than 17% has become the second largest shareholder of Yinlong New Energy.
What once caused Yinlong to make a hit was the two events that occurred in 2014. The antique “Wheelwagon†around Beijing’s Tiananmen Square was put into operation in September. It was highly sought after for its retro style and unconventional temperament. In November, The Yinlong pure electric bus became the official designated vehicle for the APEC summit, and the name of Yinlong was thoroughly launched.
Since then, Yinlong's development has been really good. In early 2016, Yinlong New Energy achieved 3,189 units of pure electric passenger car sales, with a cumulative growth of 2228%, a market share of 3.6%, and annual sales volume ranked seventh in the country.
Then why did the Yinlong, which looks like a promising prospect, suddenly go downhill? In fact, many of Yinlong’s many technologies have been questioned in the industry. The biggest problem is the lithium titanate battery that is mainly used in the battery field. This is exactly what Dong Mingzhu is most optimistic about, but the market does not seem to think so. . It is widely believed that lithium titanate batteries have low energy density, short cruising range, and high prices, and they have little advantage in market competition.
The surplus capacity may be forgotten, perhaps the battery technology used by Yinlong, and the lithium titanate battery is actually a technology that has been eliminated by Japan and the United States.
The actual situation seems to be the same. Zhuhai Yinlong’s wholly-owned subsidiary, Guangtong Automobile, uses a lithium titanate battery to produce a bus that requires about 30 km of electricity to run on a single charge. There is a serious problem with battery life. It is because of this inconvenience that Wuan City, Hebei Province, has returned some of the electric buses that run townships back to the fuel buses.
Yinlong currently produces mainly pure electric buses, and most of the purchase targets are local governments. Once this market has problems, Yinlong has not really opened a new market, and it is easy to fall into a passive state and reduce production.
From January to March this year, in the ranking of new energy passenger and bus sales of Chinese bus companies, Zhuhai Yinlong ranked seventh, with sales of 499 units and 475 units respectively. This is a big difference from the top companies. This is the season when the auto market is warming up, but Yinlong has experienced a cold winter.
Dong Mingzhu's spare tire
The news that the Gree Group plans to acquire the Changyuan Group for a price of RMB 5.2 billion has attracted the attention of the Shanghai Stock Exchange, and has inquired about the Changyuan Group on the actual controller of the listed company, the funds used in the acquisition, and competition in the industry. Changyuan Group responded that Gree purchased funds as its own funds and that the actual controllers would not change after the acquisition was completed. It will maintain personal independence, institutional independence, financial independence, and asset integrity with Changyuan Group.
The point in time when Gree’s tender offer for the acquisition of Changyuan Group was intriguing. It happened to be the point in time when Hebei Yinlong was exposed to the issue of production cuts and shutdowns. This could not help but make people think of it. Dong Mingzhu’s dream of building a car on Yinlong’s body is not to be Yellow? Is it time to acquire Changyuan to find a spare tire?
When it comes to the Changyuan Group, the areas involved do have some overlap with Yinlong. Changyuan Group is a technology company founded in 1986 by the Chinese Academy of Sciences, specializing in R&D, manufacturing, and service of electric vehicle related materials, smart factory equipment, and smart grid equipment. Since the acquisition scope coincides with Dong Mingzhu’s personal investment in Yinlong business, Therefore, the market sees it as Gree's "mother-child dispute."
Yinlong’s days are not very good, but the performance of Changyuan Group in recent years is still remarkable. In 2015-2017, operating income reached 4.16 billion yuan, 5.85 billion yuan and 7.43 billion yuan respectively; The non-net profit was 480 million yuan, 640 million yuan, and 1.14 billion yuan, and the operating cash flow was also positive. From 2016, the company’s total assets have reached more than 10 billion in scale.
So, is the Changyuan Group a spare tire for Yinlong? It is still impossible to answer with certainty. From the information circulating on the market, there is no cooperation between Changyuan Group and Zhuhai Yinlong, and Dong Mingzhu has not participated in the negotiations between Gree Group and Changyuan Group.
Conclusion: Don't make "subsidy" the original crime
China’s new energy vehicles have been able to develop rapidly in recent years, and the government’s high subsidies have also contributed a lot. Even on the bad side, high subsidies have given rise to a lot of chaos.
Before the subsidy policy has been changed, that is, before 2016, a vehicle with 6 ≤ L (captain)
Although the cost of electric buses is high, they are also priced higher than those of fuel vehicles. Plus the high subsidies provided by the government are basically net profits. Even some listed companies receive subsidies far more than their own. Up to 2-3 times.
This "affordable" policy has attracted a large number of companies that make new energy buses, and some even cross-border to do it. At that time, there were obvious loopholes in the policy. Subsidies were fully based on the length of the model, and there was a lack of supervision on the delivery and operation of vehicles, making the bus industry a once-in-a-death area.
Afterwards, the government was also aware of the defects of the subsidy policy. After penalizing some fraudulent enterprises, it also adjusted the policies and further subsidized the subsidy for passenger cars. Subsidies were calculated according to the amount of subsidy = vehicle carrying capacity × unit subsidy standard × adjustment coefficient. The previous 1:1 subsidy ratio between the central and local governments was adjusted so that the local subsidy must not exceed 50% of the central government. In addition, the increase in the number of operating conditions for the 30,000-kilometer operating mileage at the same time in the New Deal will tend to tighten the supervision afterwards.
The implementation of the New Deal actually enabled a group of companies with impure aims to launch industry competition. In fact, the passenger car industry was originally an industry with very low gross profit and high dependence on the government. Policy adjustments have made the entire passenger car market “go into the winterâ€. .
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