On May 30, the Guangdong Securities Regulatory Commission disclosed that as of March 31, the schedule of counseling work for listed companies has been reported, and Zhuhai Yinlong New Energy Co., Ltd. has received much attention. The information shows that on January 17, 2018, The listing counseling status update is terminated for counseling.
In May 2017, the information disclosed by the Guangdong Securities Regulatory Bureau showed that Zhuhai Yinlong had registered for registration with the Guangdong Securities Regulatory Bureau. However, the current update means that Yinlong will not seek a listing for the time being. As a result, the outside world has once again worried that it was previously owed by the supplier. Whether or not the company's Yinlong company will worsen the situation, the funds will be more difficult.
According to the reporter's understanding from the person familiar with the matter, Yinlong's suspension of the listing was early in the plan. After Dong Mingzhu’s personal investment in Yinlong, especially after the change of management, although there was a listing counseling, Dong Mingzhu was not urgent to the IPO and the company took the initiative. Suspended the listing agenda.
However, the concerns surrounding Yinlong remained heavy. In May, a number of media reported that the Wulong plant in Yinlong Hebei had a large area of production cut. Some local people told reporters that there were more than 2,000 employees at the factory during the peak period of Yinlong Wu’an factory. Last winter began. Reduced, there are currently only about 500 employees.
Yinlong has received a lot of attention because of the large investment made by Chairman Dong Mingzhu of Gree Electric Appliances (000651.SZ), and Dong Mingzhu's stay at Gree Electric also affects the interest of Yinlong stakeholders. Long suppliers all said that if Dong Mingzhu can serve as chairman of Gree again, it will be good for Yinlong.
Yinlong has not fallen
In January of this year, Yinlong had a problem of defaulting on payment from suppliers. According to the incomplete statistics provided by the supplier to Caijing, the outstanding amount exceeded RMB 1.2 billion.
Since then, Yinlong has gradually returned the debts owed by suppliers. According to a recent report from some suppliers, the major suppliers with arrears have received payment in a more or less limited manner, with the proportion of repayments ranging from 10% to about 10%. The battery supplier’s payment status is relatively good. Some suppliers continue to supply Yinlong, while others are no longer available. Some suppliers also indicated that the receipts received were mainly commercial ones. Can not be paid directly, so there is also a risk.
A supplier told reporters that he does not want Yin Long to fall, otherwise he will not be able to get a penny. Now everyone is having difficulty and he does not want to blame too much.
Some suppliers also expressed their optimism. They think that the current situation has improved compared to January, and that the state subsidy was issued some time ago. As a result, the payment has improved.
Gree Electric announced on April 26 that the information disclosed in its related party transactions with Yinlong Company showed that in 2017, Zhuhai Yinlong's revenue was 8.752 billion yuan and net profit was 268 million yuan. In 2016, Yinlong's revenue and net profit were 78.98 respectively. 100 million yuan and 836 million yuan. As the new energy passenger vehicle subsidy standard was substantially adjusted in 2017, this also affected Yinlong's profitability.
In addition, Gree’s announcement also showed that by the end of 2017, the total assets of Zhuhai Yinlong were RMB 31,512 million and the total liabilities were RMB 23,767 million.
In early 2017, as the electric vehicle subsidy policy was substantially adjusted at the end of 2016, the energy density requirement was increased, and the subsidy limit was lowered. Many battery and new energy vehicle companies need time to complete product upgrades to meet the new subsidy standards. Therefore, in the first quarter of 2017, the sales of new energy vehicles were significantly reduced.
This year, the subsidy for electric vehicles including new energy buses has been lowered again. However, unlike last year, this year's subsidy policy set a transition period from February 12 to June 11, during which time brand-name new energy sources For passenger cars, the subsidy standard was 0.7 times that of 2017. After the transition period, the subsidy standard for new energy buses that were licensed on the card during the transition period was 0.6 times that of 2017. In addition, the energy density requirement for fully subsidized systems increased from 95Wh/kg to 115Wh/kg.
Therefore, taking a new energy passenger bus with a length of more than 10 meters that meets the energy density requirement as an example, the state subsidy that can be obtained before Feb. 12 is 300,000 yuan, and will be on the card from February 12 to June 11. The state subsidy that can be obtained is 210,000 yuan. After June 11th, the national subsidy that can be obtained is 180,000 yuan.
Under the combined effect of increasing energy density requirements and setting up transitional periods, in order to secure higher subsidies, auto companies hope to clear inventory as much as possible during the transitional period. Therefore, in the first half of this year, the production and sales of new energy buses did not occur in early 2017. The cliff fell, but it was relatively stable, compared with the same period of last year. However, in order to update the product to meet the new subsidy standards, the sales of new energy buses will continue to be mainly in the second half of the year.
In this market context, Yinlong’s current performance is quite satisfactory. The first electric network statistics show that from January to April, Yinlong’s Zhuhai Guangtong accumulated a total of 878 new energy busses, ranking sixth. According to statistics from the Automotive Information Network, in the first quarter, Zhuhai Yinlong sold 499 vehicles, ranking seventh. In the first quarter of 2017, it sold only 12 vehicles, and finally sold 3,355 vehicles throughout the year.
The supplier who understands the business condition of Yinlong told reporters that at present, there are about 2,800 orders for Yinlong, not including intentional orders. At present, Yinlong is mainly trying to obtain bus orders in Zhuhai, Chengdu, and Nanjing. These cities are also the areas where Yinlong invests.
Yinlong has caused controversy in the industry, which is pushing lithium titanate battery technology. The advantages and disadvantages of the battery technology are obvious, the advantages are fast charge performance, long cycle life, good low temperature performance, the disadvantage is that the energy density is lower than the iron phosphate Lithium batteries, mainstream batteries such as Ternary Batteries, resulting in short range of the car, is considered to be a more appropriate technical route in the bus scene.
However, one of the trends in domestic subsidy policy is to increase battery energy density requirements year by year. If the energy density is lower than a certain standard, subsidies will be discounted or even subsidized. Therefore, the new energy bus produced by Yinlong does not entirely use its own Lithium titanate also purchases lithium iron phosphate batteries used by mainstream electric buses.
Suspense remains
At present, the business condition of Yinlong is far from the death sentence, but it is not yet out of its predicament. The decisive factor for its prospect may not be Yinlong itself, but its outstanding investor Dong Mingzhu's stay.
At the end of 2016, after trying to promote the unsuccessful acquisition of Silver Dragon by Gree, Dong Mingzhu invested Yinlong in his personal capacity. Now he is the second largest shareholder of Yinlong, holding 17.40%.
After Dong Mingzhu invested in Yinlong, its management also gradually changed his blood. Many executives from Gree Electric Appliances entered Yinlong as the head of the core department, the founder team represents Wei Yincang, and Sun Guohua has left the chairmanship. The current chairman Lu Chunquan is One of Yinlong’s early investors, general manager of Runrun Capital, and current president and corporate representative of the company, Lai Xinhua, served as general manager of Gree’s Zhengzhou company.
The management’s substantial blood transfusion once caused the dissatisfaction of the partners. In the outbreak of the arrears that broke out in January, some suppliers had told reporters that the production, technology, and procurement personnel currently involved are basically not doing (electric vehicles). Origin, incompetence, and responsibility to deal with the problems faced by such a large enterprise, they are mostly from the air conditioning industry, it is difficult to understand the characteristics of the electric vehicle industry in a short time.
However, the new team is trying hard to integrate into the company. The aforementioned suppliers recently told reporters that he feels that Yinlong is now more systematic than before, and he does not have to repeatedly talk with multiple departments. However, for him, the key is whether Received payment.
Dong Mingzhu's stay in Gree remained the issue most concerned by stakeholders. Many of the interviewed suppliers stated that he hopes that Dong Mingzhu will serve as Chairman of Gree Electric Appliances again. This will be beneficial to Yinlong’s investment in her investment. There are also suppliers. I hope that if Dong Mingzhu is re-elected, he will be able to restart the acquisition of Yinlong.
In March 2017, after the unsuccessful acquisition of Yinlong, Gree convened a shareholder meeting to approve a proposal for a connected transaction with Yinlong. According to the agreement between both parties, the plan is to use a one-year cycle. The two parties will preferentially purchase the other’s products, with the amount not exceeding RMB 20 billion. However, this agreement is not primarily intended to guarantee the sale of Yinlong New Energy Vehicles, but the sales of Gree's smart equipment. According to the then-protocol, the estimated amount of related transactions that occurred was RMB 1 billion for Gree's purchase of Yinlong products. , 19 billion yuan for Yinlong purchase Gree products.
The final transaction is far less than expected. According to the Gree’s recently announced announcement, as of December 31, 2017, the actual transaction amount between the two parties was only 1.942 billion yuan, far below its estimated amount of 20 billion yuan. In the transaction, Gree purchases only RMB40 million worth of new energy vehicles and energy storage equipment from Yinlong, and Yinlong purchases air conditioners from Gree. The smart equipment amount exceeds RMB 1.9 billion, most of which are smart equipment. Purchase.
Gree sold to Yinlong far more than Yinlong sold to Gree. This trend will continue. According to the announcement, both parties expect the amount of related party transactions in 2018 not to exceed 1.5 billion yuan, of which Gree purchases silver dragon products not to exceed 200 million yuan. , Yinlong purchase Gree does not exceed 1.3 billion.
It is hoped that Dong Mingzhu’s re-election supplier believes that if Dong Mingzhu left Gree, he would lose his aura, and Gree’s business on this side would not be stable. Whether or not he would personally take charge of Yinlong, there would be no essential difference. If you stay In Gree, Dong Mingzhu, as the second largest shareholder of Yinlong, benefits both parties in their business development.
And Dong Mingzhu's stay in Gree itself is still a suspense that has attracted much attention and no conclusion.
For the future management changes of Gree Electric Appliances, the attitude of the major shareholder of the SASAC of Zhuhai City was of utmost importance. On May 16, Gree Electric held a Gree Festival in Zhuhai City. At the ceremony, Dong Mingzhu actively mentioned the topic of the change of the Board of Directors in his speech. She said that Dong Mingzhu did not retire in the end. Retirement is a natural law, but I think I am still young today. Although I am already in my 60s, my heart is like 25 years old.
On the grand occasion of the day, in February this year, just from the Standing Committee of the Shenzhen Municipal Party Committee, Guo Yonghang, secretary-general of the Secretary-General transferred Zhuhai City Party Committee also attended and spoke. In his speech, he said, 'Wish the young Dong Mingzhu to lead the young Gree, the more the cause The bigger the market, the stronger and stronger it is. ' This attitude was quickly interpreted by the market as the Zhuhai municipal government's support for Dong Mingzhu's re-election. He believes that his re-election will be a certainty.
However, Gree Electric's current board of directors was due to expire on May 31, 2018. However, until June 5, Gree Electric issued an announcement that the nomination of the new board of directors, directors, and supervisors of the board of supervisors remains During the process, the election of the company's board of directors and the board of supervisors will be postponed accordingly. At the same time, the term of office of the special committees and senior management personnel of the company's board of directors will be extended accordingly.
Obviously, waiting for the results of the change of Gree's board of directors will not only be the shareholders of Gree, but also the suppliers of Yinlong.