"No matter how great a dream an entrepreneur has, he can't violate some business rules. Most enterprises don't die of hunger, but die of desire." Not long ago, 360 head Zhou Hongyi talked about LeTV in an interview. And Jia Yueting, did the above summary.
Dong Mingzhu, who also holds the same point of view, is mad at Jia Yueting’s blindfolded eyes. She screams that “there is no way to squander the hard-earned money of the stockholders and bring negative energy to the society.†In Dong Mingzhu’s view, what Jia Yueting did is a concept. . Perhaps Dong Mingzhu did not think that the words were only more than a month, and the situation she rebuked also appeared in Zhuhai Yinlong, which she invested.
In this regard, Yinlong official did not deny, and admitted the existence of the arrears, but it said: the reason for the arrears of suppliers is because the products provided by the suppliers have serious defects, so they refused to pay. However, such an explanation is somewhat too far-fetched to the outside world. Dong Mingzhu, who first pushed Yinlong to the front desk, once again stood on the cusp of public opinion.
In addition, Wei Yincang, founder and chairman of Zhuhai Yinlong, was also resigned as the chairman of the board. The main executives of the company's core business were mostly taken over by the original Gree background employees, which means that Zhuhai Yinlong has actually been Gree. In charge. For a time, Zhuhai Yinlong became the core of the turmoil of public opinion. Some analysts pointed out that it has too many similarities with the “LeTVâ€.
This Zhuhai Yinlong and Pele TV
The blindfolded madness is the image metaphor of LeTV during the peak period. As Zhou Hongyi said, “Others are 5 cups and 3 lids. It is 12 cups and two lids.†Last year, Zhuhai Yinlong was From the point of view of the management of the company or the development model, it is quite similar to the LeTV car in the era of “scarred eyesâ€.
First, they are all large-scale investments in the “health periodâ€. At the beginning, LeTV immediately announced the investment of nearly 20 billion yuan in the National Economic Development Zone of Moganshan, Deqing, Zhejiang, with a model car of Jia Yueting and a few pages of eye-catching PPT, and built a LeSEE eco-car super factory. Car ecological town. Subsequently, about 679 mu of land in Deqing was purchased as a post-development site at a price of 140 million yuan. Today, things are human and non-existent, Jia Yueting has been living overseas, and the super-factory and car eco-towns in LeTV’s legend have not been seen.
On the other hand, in the case of Zhuhai Yinlong, in the case of unsatisfactory business conditions in 2017, there is no stop for rapid expansion. According to statistics, Yinlong has already owned 11 energy vehicle industrial parks in the country, and 8 of them are in the construction stage. As Yinlong was smashed out of the capital chain, these industrial parks under construction were also cast a shadow.
Second, there is a high proportion of pledged shares. At the beginning, Jia Yueting chose high stakes in the financing process. Now, the same is true of Wei Yincang, the founder of Zhuhai Yinlong. According to reports, Wei Yincang produced registered capital of 80.826 million yuan and 187.7762 million yuan respectively on July 19 and August 11, 2017, and the corresponding number of shares was given to Zhuhai Rongjun Investment Management Partnership. The two total pledges of Yinlong shares reached 94% of the total shares held by Wei Yincang.
Third, the two shareholders are stronger than the major shareholders. In January last year, Sun Hongbin mobilized LeTV with a value of 15 billion yuan as a “white knightâ€. At that time, a reporter asked Jia Yueting. After Sun’s shareholding, Le Shi’s “surname Jia is still surnamed Sunâ€, Jia Yueting smiled and did not answer. Now, one year has passed, and everyone has seen it in the eyes. Not only has LeTV returned to Sun Hongbin, but in order to draw a line with Jia Yueting, the Leshi Ecosystem has been planning or completing its name change.
The same is true for Zhuhai Yinlong, and the strong Dong Mingzhu will not be willing to fall behind. Not long ago, there were media reports that the founder of the company, Wei Yincang, had resigned as chairman of the board of directors. Some analysts said that Wei Yincang had completed its historical mission.
Zhuhai Industrial and Commercial Bureau's filing confirmed this rumor. According to the latest filings, Sun Guohua, the president of Zhuhai Yinlong, has now replaced Wei Yincang as the new legal representative and chairman of Yinlong. In terms of management, Gree also began to fully access Yinlong. According to media reports, at least 12 of the core cadres at the middle level of Yinlong are from Gree. In addition, Yinlong currently has 7 vice presidents, 4 of whom have Gree resumes, and these 4 are responsible for core business such as procurement, finance, quality, and production technology.
In this regard, it is generally believed that although Gree still denies full involvement in Yinlong, from the current situation, it is only a matter of time before Gree enters the main Yinlong, and Dong Mingzhu will gradually go to the background.
In this regard, the home appliance industry observer Liu Buchen said to understand the notes: "Undoubtedly, Dong Mingzhu's current involvement in Zhuhai Yinlong is getting less and less. Because Dong Mingzhu's mentality towards Yinlong may be different from the mentality of the original investment. At the beginning, Dong Mingzhu’s main purpose of investing in Yinlong was to lay a back road for himself. Because Dong Mingzhu’s advantage in the election of the new chairman of Gree Electric Appliances at that time was not obvious. If he failed to re-elect the post of Chairman of Gree Electric Appliances Co., Ltd. Yinlong is also a good place for him. But now it seems that Dong Mingzhu is very likely to be the chairman of Gree Electric, so her current mentality is different."
Liu Buchen stressed that for Dong Mingzhu, the best state at present is to expand Zhuhai Yinlong as soon as possible. If it can operate the market, it is the best. If it can't be listed, Gree Electric will just launch a third acquisition. In the case of Gree Electric, the acquisition of Yinlong will greatly expand its revenue, and this will also achieve the goal of diversified development that Gree Electric has been pursuing.†Liu Buchen also pointed out that from the personal point of view of Dong Mingzhu, once Zhuhai Yinlong was acquired by Gree Electric Appliances, and Dong Mingzhu will hold more shares of Gree Electric Appliances, thereby increasing its right to speak within Gree Electric. â€
Yinlong IPO is basically hopeless, expansion projects may shrink
For Dong Mingzhu, the best situation is naturally the listing of Zhuhai Yinlong, but from now on, the chances of Zhuhai Yinlong's successful listing are not large, and Yinlong has also slowed down the IPO process. There are two main reasons for this, the reduction of new energy subsidies and the unfriendlyness of public opinion.
In China, it is not a novel news for new energy vehicle companies to swindle, and Yinlong is naturally "often walking along the river." On January 16, Hebei Yinlong was exposed by the local media, claiming that it defrauded state subsidies by changing vehicle clicks and changing the number of vehicles.
In this regard, Yinlong has not yet made a positive response. However, it is undeniable that from the current situation, the national new energy subsidy is still an important source of income for Yinlong. According to the data, Zhuhai Yinlong's new energy subsidies declared for the three years from 2014 to 2016 were 55.5 million, 1.0155 billion yuan, and 213.537 billion yuan, a total of nearly 3.2 billion yuan. A reality is that the major adjustment of the new energy subsidy policy at the end of 2016 has already affected the domestic new energy vehicle and bus market. The income of subsidies in the Zhuhai Yinlong revenue will inevitably shrink in the future.
In addition, public opinion is currently not friendly to Zhuhai Yinlong. With Dong Mingzhu's various high-profile "station" and "shocking skills", there are certain doubts about the battery technology of Zhuhai Yinlong.
At present, Zhuhai Yinlong is mainly engaged in the research and development of lithium titanate batteries. Although this battery has the advantages of long service life, fast charge and discharge, etc., it has high cost and is two to three times more expensive than lithium iron phosphate and ternary materials. In addition, its energy density is low and its volume is large. It is no problem to use on a large passenger car, but it is difficult to apply in ordinary family cars. The future mainstream market of new energy vehicles is obviously a family car.
Therefore, for Zhuhai Yinlong, sprinting IPO has many challenges. These challenges come from terms of revenue, profitability, market expectations, and how the “big cake†laid out across the country can generate a return on investment.
In this regard, Liu Buchen believes: "At the same time as the subsidies are reduced, Zhuhai Yinlong itself does not have sufficient hematopoietic capacity. However, in the case that its own hematopoietic capacity is insufficient and the market performance is insufficient to digest the current production capacity, it is bound to continue to expand rashly. Dangerous. Therefore, the industrial parks under construction in Zhulong, Zhuhai, are likely to experience significant shrinkage."
The strength of supporting IPO comes from the strength and achievements of the company. Then, in the past year, what kind of answer has Zhuhai Yinlong made in the face of the above challenges?
How is the situation of Yinlong, who has been rushing for a year?
From the high-profile announcement on December 15, 2016, after the private equity in Zhuhai Yinlong, Dong Mingzhu, who was difficult to suppress the joy, repeatedly praised Yinlong in public. It is also the strength of Dong Mingzhu, and Zhuhai Yinlong has successfully gained more social attention. But when we look back at Zhuhai Yinlong’s performance over the past year, we will find that Zhuhai Yinlong, which was praised by Dong Mingzhu, is really worrying.
According to the data reported by the Securities Daily, the actual sales volume of Zhuhai Yinlong's electric bus in 2017 was more than 6,000, which is far from the 30,000 annual sales it set for its own; in terms of revenue, Yinlong was in 2017. The sales target is 30 billion yuan, but according to the data, its total sales return is only about 8 billion yuan; in addition, according to Li Zhi, vice president of finance of Zhuhai Yinlong, there are billions of this 8 billion yuan. It is the order payment in 2016, and there are more than one billion that is the subsidy fund given by the state in 2015. In fact, Zhuhai Yinlong really belongs to the sales return in 2017, I am afraid that it is only more than one billion yuan.
According to Zhuhai Siqi Electric Vehicle Equipment Co., Ltd., the main debt collector of Zhuhai Yinlong, the number of unpaid payments at Zhuhai Yinlong has exceeded 76 million yuan. With the follow-up of many media, more information on arrears was also exposed. Li Zhi admitted to the media that the company's cash inflow was not enough, and the difference was about 4 billion yuan.
The cash flow problem is also reflected in the business model, that is, the “ToG†brings a slow return. According to the data disclosed by Dong Mingzhu when Gree Electric was proposed to acquire Zhuhai Yinlong, the accounts receivable of Zhuhai Yinlong from the year of 2014 to 2016 were RMB 300 million and 3.18 billion respectively. Yuan, 4.77 billion yuan, accounting for 86.60%, 82.35% and 192.10% of the proportion of receivables in the same period. It can be seen that this ratio is very exaggerated, and it shows that Zhuhai Yinlong is facing a serious problem of the payment cycle.
In this regard, Liu Buchen said that the main reason for this phenomenon is that the main operating market of Zhuhai Yinlong is the new energy electric bus market, and the customers who purchase these electric buses are often enterprises and institutions. The return rate of such institutions is often much slower than that of individual household users. This is why billions of the 8 billion battalions recovered in 2017 are the main reasons for the 2016 order return."
From this we can see that although Zhuhai Yinlong has doubled its volume due to the promotion of Dong Mingzhu, its real business situation is not satisfactory. However, under such operating conditions, Zhuhai Yinlong's series of development actions in 2017 is called the “Great Leap Forwardâ€. These huge cross-over actions will undoubtedly tighten their originally fragile capital chain.
Dong Mingzhu is disgusted with the idea of ​​making cars, and she is even less willing to repeat the mistakes of Jia Yueting. The key is how to engage in new energy vehicles. What kind of mentality do you use?
Obviously, both domestic traditional automobile companies, Internet giants such as BAT, and new Internet car companies are targeting new energy vehicles and autonomous driving, and most of them target passenger cars. After all, the passenger car market is the main "cake" for new energy vehicles in the future. Dong Mingzhu must understand this, but unfortunately Zhuhai Yinlong, the main commercial vehicle, does not have the qualification for passenger car production. Therefore, it was reported that Dong Mingzhu was planning to acquire FAW Xiali, but in the end, it still has no following. .
As Dong Mingzhu's investment in Yinlong is getting bigger and bigger, Gree is taking more and more control. It is both good and bad for Yinlong to hold the Gree. However, can this thigh help him through the mud of the capital chain and get out of the fate of blindfolded cars?
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