According to the WeChat public account of "Yong'an Line", on December 22, Yong'an Bank officially put into operation the "Hydrogen Energy Bicycle System" and 1,000 hydrogen energy vehicles in Changzhou, Jiangsu Province. The bicycle has a hydrogen energy range of about 70 kilometers, a maximum speed of 23 kilometers per hour, and a manual hydrogen exchange in 5 seconds.
This hydrogen bicycle is transformed on the structure of ordinary bicycles, and the principle is not complicated.
The hydrogen storage tank adopts metal hydrogen storage technology, which is safe and reliable.
The whole process is fine, so what's the problem?
cost.
A hydrogen bike costs about 20,000 yuan, 2 yuan for 20 minutes, and there is no difference between free and free free gifts.
The cost of a hydrogen refueling station is also in the millions or even tens of millions.
The company invested tens of millions to make 1,000 hydrogen energy bicycles that could not be returned.
In 2021, the market value of Wing On Bank rose by almost 58%.
First, the "real" business of Yongan Bank
What does Wing On Travel do?
As a well-known listed company, think about it with your knees, we all know that it is engaged in sharing bicycles.
Starry Sky Jun originally thought the same thing, until he opened its financial report and fell into contemplation.
Source: Flush iFind, Cartography: Poetry and Starry Sky
According to the 2020 annual report, more than 60% of the company's revenue comes from "system operation service revenue", and the proportion of shared travel business is very low.
What is this business?
By 2021, the company's revenue classification has changed again.
The largest proportion has become "public bicycle operation service revenue".
Originally, the company not only made shared bicycles, but also provided platform services for the government's shared bicycles, made its own system into commercial software, sold to some local governments, and operated on behalf of others.
It turned out that in the case of sharing bicycles without making money, the company launched the To G (Government) business.
I have to say that this is a very amazing business development, OFO fell too early.
Not only that, the company also cooperates with local governments to develop a smart life service business for the elderly living alone.
It just so happens that Starry Sky Jun has learned about similar business in an exchange with a doctoral supervisor of Huawei University. Smart meters and smart water meters can monitor the water and electricity situation of households, and if the data of the elderly living alone is abnormal, they will be paid attention to.
Second, from the third quarterly report to look forward to the annual report
Since 2015, the company's performance has been very stable, with revenue of about 700 million or 800 million yuan, and non-net profit of about 100 million.
The company's various businesses are relatively balanced and have not changed much.
In addition to the lackluster revenue, the cash flow statement shows that the money earned by the company's operation has gone to buy fixed assets. The company's fixed assets have increased significantly, mainly shared bicycles, and it can also be seen that for many years, the shared car business has stopped developing for many years.
However, as we all know, the business of sharing bicycles is not to make money.
Xingkong Jun believes that the biggest value of shared bicycles is to give WeChat and Alipay new and promote revitalization. Even if it is as strong as WeChat Alipay, because the procedures for tying up cards are very cumbersome, the cost of pulling new education is also very high, but if young people start cycling from the campus, they must bind bank cards with WeChat and Alipay, which will greatly improve the efficiency of pulling new ones.
Before young people officially became high-frequency consumers, they were already accustomed to using WeChat Alipay for mobile payment, and because of this, no matter how much money was lost on shared bicycles, there was always capital behind it.
According to Wang Xing, a good standard-bearer must have the consciousness of being a pawn for others. Knowing that you are a pawn, what would you think as a boss?
Perhaps more enthusiastic is not management, but capital operation.
Third, enter the hydrogen energy
The company introduced in the financial report: The main representative products include public bicycle systems, shared assisted bicycle systems (lithium batteries and hydrogen fuels), shared car systems (new energy), new generation of public bicycle systems and other shared travel platform services, as well as the sales and service business of smart life related products.
Among them, lithium batteries and hydrogen fuels are indeed easy to make people think, Starry Sky Jun checked the company's 2020 annual report, and found that among its more than 30 subsidiaries, the annual sales of more than 100 million, only a subsidiary of Anhui Yongan Low Carbon Environmental Protection Technology Co., Ltd. According to the enterprise investigation, this company and new energy do not have a half-cent relationship, mainly in bicycle-related fields of research and development, production and sales.
Most of the remaining subsidiaries have annual sales of only a few million or even hundreds of thousands.
What do you rely on for hydrogen energy?
As early as 2006, a hydrogen energy company called Shanghai Panye was founded, and in 2008 it produced hydrogen energy bicycles and provided services for the 2008 Spanish World Expo.
Why have hydrogen bikes not been popularized for so many years?
Or cost.
Many companies in France, Japan, Germany and other countries have produced hydrogen energy bicycles in China, and the cost is high, equivalent to tens of thousands of yuan.
For more than a decade, the cost of hydrogen bicycles has not had much room to fall.
At the same time, the cost of hydrogen refueling stations is also very high.
What are the competitors of hydrogen bikes?
Battery car.
Cheap and sufficient, why use hydrogen energy vehicles?
In front of the battery car, the hydrogen energy bicycle has almost no strength.
Unless, for some ulterior motive.
Fourth, the major shareholders
The company's second largest shareholder is Shanghai Yunxin Venture Capital Co., Ltd., an investment company with An Ali background. Through the company, Ali invested in a large number of A-share listed companies.
Unlike Tencent's investment route, Alibaba's optimistic business will try to gain control and merge. For example, hungry.
For the investee companies with strategic card slots, Ali will make a symbolic investment to prevent it from being absorbed by opponents.
With the supervision and restriction of disorderly expansion of capital, Ali and Tencent have gradually withdrawn from some investment areas. There are no small variables in the capital behind the company.