Recently, Dong Limzhu, Chairman and President of Gree Electric Appliances, responded to the media for the first time that the Gree-Linked Enterprise Yinlong Nanjing project was closed. 'The incident will not affect the development of Yinlong.'
Previously, the Yinlong Nanjing project was once closed by the court due to the arrears of the project. In this regard, Dong Mingzhu believes that there is friction between the enterprises. The (Nanjing) High Court has already solved the situation, but it has been properly solved. She made it clear that 'Yinlong will not shrink investment, I am full of confidence in the prospect of (Yinlong), because first of all its energy storage technology is there.'
It is worth mentioning that as early as December 2016, Wang Jianlin, the chairman of Dalian Wanda Group, who was invited by Dong Mingzhu to invest RMB 3 billion in Yinlong, pointed out that 'the future of Yinlong is in energy storage. Commercializing the technology, the market value of Yinlong will double.
The "Securities Daily" reporter noted that as of now, Dong Mingzhu's shareholding ratio in Yinlong is 17.46%. According to the valuation of Yinlong's 13.4 billion yuan at the time of initial capital injection, Dong Mingzhu has to pay 2.34 billion yuan to obtain 17.46% equity of Yinlong. The transaction consideration; Wang Jianlin previously revealed in an interview that Wanda Group invested in the shares of Zhuhai Yinlong is 500 million yuan.
Some industry investors said that Yinlong is ultimately relying on the acquisition and sale of patents, and does not have the ability to continue positive research and development. Corporate culture does not support the physical manufacturing industry. 'Especially in the floating of people, the tight capital Stage. '
Focus on energy storage technology again
In fact, Dong Mingzhu has always regarded Yinlong as 'the gold that has been buried in the desert for a long time'. He admits that he looks at the energy storage prospects of lithium batteries. She believes that Yinlong's energy storage technology is in the leading position in the industry, 'Yinlong owns The technology and Gree are a tacit seamless docking and cooperation. '
'The development of Gree Electric also needs batteries, because we have seen the needs of the future in the past few years, that is the intelligence'. Dong Mingzhu has clearly stated that 'who will use the air conditioners of electric vehicles? Yinlong gave us the opportunity'. The above remarks have been regarded as the biggest cause of Dong Mingzhu's participation in Yinlong----seeking another support for Gree's future development. Gree and Yinlong will have business cooperation and intersection in the future.
Similarly, in the view of Yinlong Cang, the founder of Yinlong, Yinlong and Gree are also strong alliances. 'Gree's more than 60,000 electrical engineers and 100,000 electrical maintenance personnel can quickly match the supply of Yinlong.' However, the two business leaders The perfect cooperation between the population seems to be difficult to obtain the market's approval.
According to the reporter's understanding, the operating model of Yinlong can be summarized as the 'zero price supply, ten-year lease, ten-year warranty, complete vehicle replacement, four-way win-win' 20-character policy, that is, the bus company pays rent by means of financial leasing , zero down payment, paying for the car in ten installments. Bus companies, new energy car companies, local governments, financial institutions, the formation of a closed loop. During the bus company to do operations scheduling and management, new energy vehicles to the vehicle 'three electricity' warranty .
However, with the downward trend of subsidy policies and the time limit of local bus deductions, this kind of operation mode widely adopted in the new energy bus industry is no longer justified. Dong Mingzhu emphasized the 'solving problems by the market', silver Long obviously did not do it.
The data shows that as of December 31, 2017, Yinlong's total assets were 31.512 billion yuan, while the total liabilities were as high as 23.767 billion yuan.
In addition, in terms of product application, although the lithium titanate that has been repeatedly claimed by Yinlong for many years has overcome the energy density problem, from the market reaction, the effect is very small. The Securities Daily reporter reviewed the products of Yinlong. 1. The Yinlong electric bus even took the initiative to purchase lithium iron phosphate batteries to replace lithium titanate batteries.
It is worth mentioning that in the case of Dong Mingzhu’s response to the Yinlong incident, the energy storage technology that was “named and praised” was actually in December 2016. When Wang Jianlin increased his capital to Yinlong, he mentioned the future of Yinlong. In energy storage. If the technology is commercialized, the market value of Yinlong will double.
'Half domestic energy consumption is consumed by real estate. Energy storage can be washed up at low peaks. This matter was discussed by the international construction team 15 years ago, and it has not yet been found to be truly commercialized. 'Wang Jianlin said. Therefore, some people in the industry said that the most suitable application area for lithium titanate batteries is energy storage, covering household energy storage, industrial energy storage, military energy storage, industrial energy storage and other fields.
The reporter noted that in 2016, Yinlong publicly stated that the company's long-term planning is a core two major industries, two of which are energy storage and electric vehicles. At that time, it even proposed to achieve the goal of 1500MWH energy storage by 2020. So, in the face of today's tram business, whether Yinlong will shift its development focus is worthy of attention.
Lack of manufacturing culture
After Dong Mingzhu officially took over Yinlong, he said unceremoniously that Yinlong lacks corporate culture and craftsmanship and must be completely corrected. In the business model, 'Yinlong used to rely on bank financing to survive as a manufacturing enterprise. More should rely on the market ' .
According to Dong Mingzhu, the situation of Yinlong’s rough manufacturing was particularly serious. For this reason, there was a dispute with Wei Yincang. 'I saw that the gap is so big.' After she saw the Yinlong product, she pleaded with Wei Yincang. In this way, the Japanese car (seamless) 900,000, how much is my car?" Wei Yincang said.
'You have to give me a seamless docking, there is no reason to do it. It is this money, you can achieve 900,000 quality, that is your level. 'Since this Dong Mingzhu in addition to the drawbacks of innovation and full of mind.
'I (made a car) only a few years? You have to give me some time. 'Wei Yincang replied. But Dong Mingzhu thinks this time can not give, 'Now must be running. We must have every detail management, there must be Strict and even demanding standards and testing methods do not miss any flaws. '
Some industry investors revealed to reporters that the history of Zhuhai Yinlong's history, from early involvement in real estate, guarantees, used cars, agricultural miscellaneous, to the acquisition of the United States Austrian titanium to obtain patented lithium titanate technology, and ultimately through the signing with the local bus group The rapid rolling of wealth, valuations rose.
However, in the view of the above-mentioned people, Yinlong is ultimately relying on the acquisition and sale of patents, and does not have the ability to continue positive research and development. Corporate culture does not support the physical manufacturing industry. 'Especially in the floating of people, funds are tight The current stage. '
Despite this, the reporter noted that Yinlong is currently undergoing a comprehensive internal rectification around product quality, supply chain management, manufacturing and other issues. Zhu Xinlong President Lai Xinhua said that the current management has not only maintained the 8,000 layoffs of Yinlong. In normal production, the production efficiency has not risen and risen. At the same time, compared with the previously shoddy and ruthlessly subsidized bus products, the quality of Yinlong's complete vehicle technology has improved significantly.