Flower Finance Original
On March 17, Zero Run Technology finally handed over the form to the Hong Kong Stock Exchange, and it will become the fourth new car-making force listed on the Hong Kong stock market. Previously, Xiaopeng Automobile, Ideal Automobile and Weilai Automobile have successively landed on the Hong Kong Stock Exchange, and the establishment time (2015) is not later than the famous "Wei Xiaoli" zero-run technology, whether in terms of sales or listing, there are many gaps compared with the former.
According to the Zero Run Technology prospectus, the company was founded in 2015 as a smart electric vehicle company. Zero Run Technology claims that it has independently developed all the key hardware and software in the core system and electronic components of intelligent electric vehicles, mainly focusing on china's high-end mainstream new energy vehicle market with prices ranging from RMB150,000 to RMB300,000.
Sales data fight
According to the prospectus, zero-run began to deliver the first smart pure electric production car S01 in July 2019, and the delivery of the smart pure electric mini car T03 began in May 2020. In October 2021, Zero Run Technology began to deliver the medium-sized intelligent pure electric SUVC11. 43,748 electric vehicles will be delivered for the full year of 2021. The prospectus also said that according to Frost & Sullivan, the company is the fastest growing company among China's leading emerging electric vehicle companies in terms of deliveries.
In the whole year of 2021, Zero Run Technology delivered a total of 43,748 electric vehicles, an increase of 443.5% over 2020. In its prospectus, Zero Run Technology quoted Frost & Sullivan as saying that the company is the fastest growing company among China's leading emerging electric vehicle companies in terms of deliveries.
However, according to the previous official announcement of Zero Run Technology, the company's cumulative delivery volume in 2021 was 43,121 units, an increase of 278.6% year-on-year. Including T03 38463 units, zero-run C11 4021 vehicles.
That's more than 600 fewer than the data disclosed in the prospectus, and the growth rate is 160% less.
This is not the end, zero run 2020 delivery data also appeared in the prospectus and the previous official announcement of the situation, according to the prospectus, 2020 zero run delivery volume of 8050 cars, and zero run was declared to be 11391 vehicles.
It is also the amount of official announcements that is larger than the amount of prospectuses.
As we all know, the ranking of new car-making forces depends on the amount of delivery, and the public and investors attach great importance to this ranking list.
Could it be that zero-run technology does not hesitate to exaggerate the amount of delivery in order to "rush the list", and in the prospectus that is difficult to fake, it reveals the truth?
Zero-run cars have always attached importance to delivery, and in 2021, Zhu Jiangming once said that he would get 10% of the sales share of the new energy vehicle market (800,000 units) in 2025.
There are still a little more than two and a half years to go before this goal, and if the next zero run doubles sales every year, it will almost complete the target.
The three-year loss exceeded 4.8 billion yuan
Zero run focuses on research and development, Zhu Jiangming once declared that global self-research is the core of the future and the key to winning. We achieve core competitive advantages through global self-research. In addition to the self-development of the drive assembly, the battery field has also developed from external battery cells to its own modules, packs and BMS (battery management systems), while the car system, cloud platform, intelligent driving, etc. have realized self-research.
In fact, not to mention the practitioners in the automotive field, even ordinary car friends know that it is extremely difficult to develop self-research in the whole region, and some people with the same goal have not returned to the beautiful country.
However, without seeking the color of the "global self-research" of zero-run technology, the research and development cost alone is indeed very high. In the past three years, Zero Run Technology's R&D expenditure accounted for 306.4%, 45.8% and 23.6% of revenue, respectively.
Here to explain, although the data appears to be a slippery slope, the absolute values have increased, at 358 million, 289 million and 740 million, respectively. In 2021, Zero Run recorded revenue of 3.132 billion yuan, nearly 5 times that of 2020. The industry also said that 2020 and 2021 are two years of zero-run outbreaks.
However, the effect of high research and development seems to be poor, on the day of the listing of zero-run T03, 200 car owners because of the frequent failures of S01, including brake system failures, main control screens are completely black, control system failures and other issues, sent an open letter to Zero Run Technology hoping to get a reply.
But high research and development does bring huge losses. According to the prospectus, Zero Run Technology's net losses during the reporting period were 901 million, 1.100 billion and 2.846 billion, respectively. The three-year loss exceeded 4.847 billion yuan.
And at the same time as revenue soared, losses also soared. In other words, the more cars are sold, the more they lose.
And Zero Run Technology said that due to investment in future models, research and development of smart electric vehicle technology, production facilities and expansion of sales and service networks, it may not be able to generate enough revenue - "It is expected that net losses will continue in 2022."
Of course, the loss of the first few years of the startup is not a special case, and now the scenery of Wei Xiaoli has also gone through such a stage, but the problem is that zero running has been entrepreneurship for 7 years, the excellent people in the "same period of life" have emerged, but the zero run is still in the stage of burning money, the market for new energy vehicles has become more mature, and every day is becoming more mature, the logic of burning money for growth will gradually become difficult to establish on this track, how long can zero run rely on burning money?