The auction of the former star enterprise Xinfei Electric finally ended with the Winjia Group. On June 29, the Ali Judicial Auction Platform showed that Konka Group won 100% equity of Xinfei Electric with a price of 455 million yuan, including brand and patent. And related fixed assets. Konka Group said that the acquisition of Xinfei Electric can quickly expand the industrial scale of Konka in the field of white electricity, realize the pattern of 'Kangjia + Xinfei' dual brand synergy in the brand, and enlarge and strengthen its white electricity business. Improve profitability.
Industry observer Hong Shibin believes that Konka is not an absolute leader in black electricity. Although white gold has higher profits, the three major white power companies in the stock market are beautiful, Gree and Haier occupy a dominant position. Konka acquires Xinfei Electric to make it stronger and stronger. Not easy.
The Konka Group, which has been in existence for 38 years, is entering the 'middle age'. It is still to be seen whether it can take advantage of the acquisition of Xinfei Electric to obtain 'Xinfei'.
Konka's white electricity business in 2017 only contributed 5.56% of revenue
On June 29, one hour before the end of the bidding for the re-branding of Xinfei Electric, the Konka Group with the auction number F8731 participated in the auction with 455 million yuan. The auction number X5091, which had previously bided 450 million yuan (base price), was caught off guard. In the end, Konka Group won the highest price.
According to the official website of Ali Judicial Auction, Konka Group won a 100% stake in Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Refrigeration Appliance Co., Ltd. and Henan Xinfei Household Appliances Co., Ltd. for 455 million yuan, including brands, patents and related fixed assets.
Why did Konka take over the bankrupt Xinfei Electric? Konka said that the acquisition of Xinfei Electric can quickly expand the scale of the industry in the white electricity field, and realize the pattern of 'Kangjia + Xinfei' dual brand synergy in the brand, making it bigger and stronger. White electricity business, improve profitability.
Kangjia Group's subsidiary, Anhui Konka Tongchuang Electric Co., Ltd. is mainly responsible for the production and sales of household appliances such as refrigerators and washing machines (ie white electricity business). In 2008, Konka Group announced a high-profile announcement of white power as the three pillar industries of Konka Group. Sales exceeded 2 billion yuan. But for many years, Konka's white-light business has performed generally. In 2015-2017, Konka Group's white-light business revenue was 1.57 billion, 1.702 billion, 1.737 billion yuan, accounting for 8.53% and 8.38% respectively. , 5.56%.
Zhou Bin, president of Konka Group, said that although Xinfei Electric has been in a development dilemma for various reasons in recent years, Xinfei Refrigerator is at the domestic advanced level in the research and development capabilities and product line of high-volume products such as large volume, air-cooled and variable frequency. The development and manufacturing capabilities of Xinfei Freezer are also very competitive. The new flight product line is complete, the industry brand awareness is high, the brand value, research and development capability, production equipment, talent team, etc. are all in the high-speed development period of Konka White Power. Larger attraction.
Liang Zhenpeng, a home appliance analyst, believes that brands, production lines and sales network systems are all new flying values. Konka will take over the industry competitiveness of its white goods business.
However, Hong Shibin, an industry observer, believes that Konka is not an absolute leader in black power. Today, Baidu has a relatively high profit, but the three major white-box companies in the US stock market, Gree, and Haier occupy an advantageous position. Konka acquires Xinfei Electric to become bigger and stronger. It is not easy.
Konka does not need to assume the debt before the acceptance of Xinfei Electric.
Judging from the civil ruling of the Xinxiang City Intermediate People's Court, Xinfei Electric had total assets of 1.156 billion yuan as of December 31, 2016, total liabilities of 1.503 billion yuan, asset-liability ratio of 130%, and net assets of -3.47. 100 million yuan; Xinfei Refrigeration as of December 31, 2016, its total assets of 759 million yuan, total liabilities of 953 million yuan, asset-liability ratio of 125%, net assets of -94 million yuan; Xinfei home appliances as of 2016 On December 31, its total assets were 454 million yuan, total liabilities were 523 million yuan, asset-liability ratio was 115%, net assets were -6,844,500 yuan, and total net assets reached -6 million yuan.
According to the “Xinfei Electric Appliance Reconstruction Plan”, the total credit amount of Xinfei Electric Appliances totaled 2.239 billion yuan. The asset valuation of Xinfei Company was only 1.098 billion yuan at the deadline for submission of the draft reorganization plan.
Regarding the problems of Xinfei Electric Appliances faced by Konka, Xinfei Electrical Appliances Manager, Shen Yuxi, lawyer of Beijing King & Wood Law Firm explained to the Beijing News reporter, 'Konka does not need to bear the debts of Xinfei Electric before reorganization, 455 million And the amount of disposal of other assets will be repaid in proportion to ordinary claims after the payment of the common debt and bankruptcy expenses in accordance with the reorganization plan.
'Subsequent convergence, resumption of work, market recovery all require manpower and time. Konka has high expectations for Xinfei brand. I believe that with Konka's funds, management experience, technology and marketing channels, we can restore the influence of Xinfei brand as soon as possible. Market share. 'Xinfei Electric Appliance Manager, Shen Yujun, a lawyer at Beijing King & Wood Law Firm, told the Beijing News reporter.
Liang Zhenpeng believes that 'how to revitalize the assets of Xinfei Electric, use the brand of Xinfei Electric, the production line, make the old and old home appliance brand brand new, and be accepted by young consumers after 80, 90. These are the comparisons that Konka faces. Big challenge. '
■ Observation
Black electricity acquisition of white electricity is gradually becoming a trend
In recent years, the overall growth of the domestic TV market has been weak. IHS Markit data shows that global TV shipments in 2017 decreased by 3.4% year-on-year. According to data from Zhongyikang Times Market Research Co., Ltd., domestic TV retail sales declined in 2017. 8.1%. The revenue of color TV business of Konka Group in 2017 also dropped from 12.478 billion in 2016 to 11.795 billion, and the revenue ratio decreased from 61.47% to 38.41%.
For some time, in the domestic appliance market, 'white' strong 'black' weak has become the consensus in the industry. The market profit rate and market growth rate of white electricity enterprises are higher than that of black power enterprises. The concentrated effect of white electricity industry has become more and more obvious. The top five market share of the refrigerator industry has risen rapidly from 72% in 2016 to 78% in 2017.
Konka also said that from the current white electricity industry, Baidian's product life cycle is relatively long (generally 2-3 years), the overall operating risk is relatively low compared to color TV, and the industry's gross profit level and overall profitability Both are higher than the color TV industry.
As a result, in the home appliance industry, the acquisition of white electricity by Black Power has become a trend. Xinfei Electric has been with Haier, Rongsheng, Meiling and is known as the 'four golden flowers' in the refrigerator brand. Nowadays, Rongsheng, Meiling, and Xinfei are all in succession. Join the black power enterprise.
At the end of 2006, Haidian Group, a subsidiary of the black power company, successfully acquired Kelong Electric Appliance Co., Ltd., and renamed Hisense Kelon.
In 2008, the black electric enterprise Sichuan Changhong became the largest shareholder of the white electric enterprise Meiling Electric. On the evening of June 4 this year, Meiling Electric announced that it intends to change the company's full name from 'Hefei Meiling Co., Ltd.' to 'Changhong Meiling Co., Ltd. Ltd.', at the same time, it is proposed to change the company's A-share securities from 'Meiling Electric' to 'Changhong Meiling'.
Today, Konka also hopes to take advantage of the acquisition of the former star company Xinfei Electric to expand its white power business and improve its profitability.
■ Focus
Selling shares earned 5 billion in two years
Konka Group's profitability has fluctuated greatly in recent years. According to financial report data, the revenue of Konka Group in 2013-2017 was 20 billion yuan, 19.4 billion yuan, 18.4 billion yuan, 20.3 billion yuan, and 31.2 billion yuan. 45.82 million yuan, 52.26 million yuan, -12.6 billion yuan, 95.67 million yuan, 5.06 billion yuan. The corresponding net non-profit profits were -69.10 million yuan, -475 million yuan, -11.3 billion yuan, -2.83 billion yuan, - 97.28 million yuan.
The company's net profit increased from 95.67 million yuan in 2016 to more than 5 billion. For the reason of the surge in profits, Konka Group said that it originated from the adjustment of the company's management system and business structure, incentive system and so on.
It is worth noting that the Beijing News reporter found in its 2017 annual report that the company's non-recurring profit and loss amounted to 5.154 billion yuan, mainly from the company's transfer of 70% equity of Shenzhen Kangqiao Jiacheng Real Estate Investment Co., Ltd..
In November 2017, Konka Group announced that 70% of the shares of Shenzhen Kangqiao Jiacheng Real Estate Investment Co., Ltd. were publicly listed on the Beijing Equity Exchange. The highest quotation generated by this dynamic quotation activity was 6.980 billion yuan. Jiacheng Company calculated the net assets of the book on October 31, 2017. If it is finally sold at 6.98 billion yuan, the investment income from the disposal of long-term equity investment is expected to be 6.35 billion yuan.
The Beijing News reporter noted that the 2015 annual report showed that Kangqiao Jiacheng was jointly established by Konka Group in January 2015 with OCT Group, with a registered capital of RMB 1 billion, of which Konka subscribed RMB 700 million, accounting for registered capital. 70% of the controlling parent company OCT Group subscribes RMB 300 million, accounting for 30% of the registered capital.
■ Trend
'100 billion revenues' road is long
Konka Group, which is caught in the 'middle-age crisis', is not 'serving the old'. While selling equity funds, it is also diversified in the fields of environmental protection and chips.
In May of this year, Konka Group announced the establishment of the Environmental Technology Division and the Semiconductor Technology Division, focusing on semiconductor design, semiconductor manufacturing, semiconductor equipment, semiconductor materials, etc. 'I hope to be among the best international semiconductors in 5-10 years. The company is committed to becoming the top 10 semiconductor companies in China, with annual revenues of over 10 billion yuan. At that time, Zhou Jia, president of Konka Group, said that Konka will transform into a platform-driven company driven by technological innovation.
Konka said that the announcement of its entry into the environmental protection and semiconductor businesses has not slowed down its rapid expansion in the home appliance sector. The acquisition of Xinfei not only further strengthens the foundation of Konka's own home appliance industry, but also further promotes its home appliance business. Five years to achieve the strategic goal of revenue of 100 billion.
However, the industry believes that the semiconductor industry has invested heavily, the revenue cycle is long, and the long-term downturn in the home appliance industry. Konka Group's '100 billion revenues' road is long.