JuneYao Group, which is engaged in the real estate, aviation and dairy industries, is also going to build a car?
A few days ago, a person close to Yundu New Energy Automobile Co., Ltd. (hereinafter referred to as Yundu Automobile) said in an interview with the "Daily Economic News" reporter that JuneYao Group signed a relevant agreement with Yundu Automobile before April 20, and will officially take over Yundu Automobile and become the actual controlling shareholder of Yundu Automobile.
In this regard, the reporter verified with JuneYao Group and Yundu Automobile for the first time. "At present, the group's main energy is mostly used in the supply of epidemic prevention and protection to Shanghai, and whether it has acquired Yundu Automobile can only be known by the company's senior leaders." On April 23, the relevant staff of JuneYao Group said during a WeChat call with reporters.
The relevant staff of Yundu Automobile told reporters in a telephone interview: "The company does have contact with JuneYao Group, but there is no exact news at present, wait for the official announcement!" ”
As early as April 13, one of the shareholders of Yundu Automobile, Haiyuan Composite (002529. SZ) has issued an announcement that Yundu Automobile has been in a state of suspension since February 2022 due to a break in the capital chain.
Image source: Haiyuan Composite Announcement
On April 23, the relevant person in charge of Yundu Automobile admitted in a telephone interview with reporters that the news of the suspension of production was true, but denied that the suspension of production was due to the break of the capital chain. "The company's suspension of production is mainly affected by the battery supply, and a new battery procurement plan has been drawn up, and the supplier has been almost negotiated, and it is expected to resume production around the end of June." The relevant person in charge of the above-mentioned Yundu Automobile explained.
The debt is nearly 1.7 billion yuan, and the shareholders "cut meat" to withdraw
Founded in 2015, Yundu Automobile is a mixed-ownership new energy vehicle manufacturer jointly funded by Fujian Automobile Industry Group Co., Ltd., Putian State-owned Assets Investment Co., Ltd., the management team, and Fujian Haiyuan Automation Machinery Co., Ltd. (that is, Haiyuan Composite Materials' former name), with the four-party investment accounting for 39%, 34.44%, 15.56% and 11% respectively.
After that, with the "departure" of founder Liu Xinwen, the withdrawal of shareholders such as Fujian Automobile Industry Group Co., Ltd., and the entry of new shareholders, the current equity structure of Yundu Automobile has undergone obvious changes, and the current shareholders are Putian State-owned Assets Investment Group Co., Ltd., Fujian Leading Industry Equity Investment Fund Partnership (Limited Partnership), Zhuhai Yucheng Investment Center (Limited Partnership), Haiyuan Composite, with a shareholding ratio of about 43.44%, 30%, 15.56% and 11% respectively.
Image source: Kaixinbao
Some people believe that Haiyuan Composite chose to withdraw at this time because there is no hope of profitability on Yundu Automobile. A few days ago, Haiyuan Composites said in the "Announcement on the Establishment of Subsidiaries of the Company's Subsidiaries" (hereinafter referred to as the "Announcement") that it transferred 11% of the shares held by Yundu Automobile to Zhuhai Yucheng Investment Center (Limited Partnership) (hereinafter referred to as Zhuhai Investment), and the transfer price was 22 million yuan. After the completion of this transaction, Haiyuan Composite no longer holds the equity of Yundu Automobile.
According to Qixinbao data, Haiyuan Composite's participation in Yundu Automobile's subscribed capital is 99 million yuan. That is to say, the emptying of Yundu Automobile equity by Haiyuan Composite will result in a loss of 77 million yuan.
Haiyuan Composite related staff in a telephone interview with the "Daily Economic News" reporter admitted that the company has invested in Yundu automobile for many years, but it has been in a state of loss, it is difficult to make a profit, and it is not very compatible with the company's current business line. At present, the company is accelerating the divestiture of unrelated assets to raise more funds to invest in new projects , photovoltaics.
The Announcement discloses that in 2021, Yundu Automobile's operating income was 67.7632 million yuan, with a loss of about 213 million yuan; in the first quarter of 2022 (unaudited), the operating income was 6.6025 million yuan, with a loss of 55.7136 million yuan. As of March 31 this year (unaudited), The total assets of Yundu Automobile were about 1.652 billion yuan, the total liabilities were as high as 1.682 billion yuan, and the net assets were -30.7964 million yuan.
Image source: Haiyuan Composite Announcement
Haiyuan Composite said that this transaction is conducive to promoting the withdrawal of the company's financial investment and investment in non-core business assets, recovering investment funds and increasing the company's working capital.
The above-mentioned Haiyuan Composite related staff said that at present, the withdrawal from Yundu Automobile has preliminarily passed the board of directors' consideration, and the final result needs to be decided by the company's shareholders' meeting on April 29.
Denying that funding was broken and production was stopped last January?
"Affected by the epidemic and rising raw material prices and other factors, the power battery supply difficulty has developed into an industry problem, not only Yundu has stopped production, coupled with the fact that Yundu is a small company, the volume is relatively small, power battery enterprises and some industrial chain enterprises will give priority to supplying large enterprises." The relevant person in charge of yundu automobile said that at present, the company is actively preparing for the resumption of production.
However, according to the above-mentioned insiders close to Yundu Automobile, Yundu Automobile began to stop production after New Year's Day in 2021, until the beginning of this year, it once again produced more than 100 new cars from the remaining materials in 2020.
Image source: Yundu Automobile's official website
For the above-mentioned insiders, many Yundu Automobile insiders have not explicitly denied it. "We haven't had a new car released in the last two years, and it's normal to say we're using the remaining material." The relevant staff of the above-mentioned Yundu Automobile explained to reporters that the company has only had two models, π1 and π3, which are using old accessories in production, so it is normal for some missing products to continue to be produced through patches later, but the company is indeed producing intermittently.
The above-mentioned Yundu Automobile related staff said that the new car scheduling of the factory is arranged according to the demand of the market, and the company has a corresponding scheduling plan. If there is less scheduling in the off-season of sales, there are relatively more scheduled production in the peak sales season.
According to the data of the Association, in 2021, Yundu Automobile will have accumulated sales of more than 5,300 vehicles. Public data shows that in the first quarter of this year, the cumulative sales volume of Yundu Automobile's two models on sale was 516. "During this period, some stock cars were sold." The above-mentioned insider close to Yundu Automobile said.
On April 20, the reporter contacted a Yundu automobile agent dealer by phone, who introduced to the reporter that there are no Yundu cars for sale in the store, but they can be booked in advance, and it is expected to pick up the car in one to two weeks. "Yundu has inventory cars that can be adjusted outward, but the products are indeed constantly glitched, and the after-sales service cannot keep up." The above-mentioned Yundu automobile agent dealer said.
On April 24, Cui Dongshu, secretary general of the National Passenger Car Market Information Joint Association, said in a telephone interview with reporters that Yundu Automobile has come to this step today, which has a lot to do with its insufficient investment in product technology, the cost is not controlled, and the channel construction and customer service are not done well.
The "three-step" plan was stranded due to "lack of money"
As early as 2018, Yundu Automobile ushered in a "highlight moment", completing 9,300 new car sales and 100% delivery rate throughout the year, second only to Weilai Automobile, which delivered about 11,300 vehicles, ranking second among the new car-making forces.
However, since then, the development of Yundu Automobile has begun to stagnate, sales have fallen into a downturn, and losses have gradually increased. According to public data, in 2017, the net profit of Yundu Automobile was -0.95 billion yuan, the net profit in 2018 was -138 million yuan, and the net profit in 2019 was -177 million yuan. By 2021, the loss of Yundu Automobile has reached 213 million yuan.
Because of this, Yundu Automobile's new car research and development and channel construction work was once "paralyzed". In 2020, as one of the founders, Lin Mi returned again after leaving Yundu Automobile more than two years ago and became the CEO of Yundu Automobile.
At that time, Lin Mi set a goal, "By 2025, Yundu Automobile will rank among the top three domestic pure electric vehicle brands, and represent China's new energy brands to participate in the global market competition." In the future, Yundu New Energy's models will no longer be limited to the field of passenger cars, but will also cover the commercial vehicle product line, adopt a 'business and ride' dual-line layout, and achieve complete sinking of marketing channels. ”
Image source: Per reporter Zhang Jian photographed (data map)
According to the plan, in 2020, Yundu Automobile will concentrate on research and development of the redesigned model, and achieve mass production in 2021; in 2023, it will mass-produce new models. Now that nearly two years have passed, Yundu Automobile is gradually drifting away from the above goals.
"Yundu has come to this point, in addition to being limited by funds, it also has a lot to do with its announcement of suspension of production at the beginning of the upswing." The above-mentioned insiders close to Yundu Automobile believe.
Cui Dongshu said that the slow iteration of product technology, insufficient construction of sales channels and user services have made the already "fragile" Yundu automobile more and more difficult.
"After the new senior management team came in, we did three aspects of work: the first step was to let the π1 and π3 models resume work and production, and support the supplier system; the second step was to modify the π1 and π3 models of the 2017 model, and it is expected to develop the modified model in about a year and then put into production; the third step is to develop the next generation of new products, including new models, new pure electric platforms and new generation power batteries." On April 20, a Yundu auto executive said in a telephone interview with reporters.
However, in the end, Yundu Automobile did not advance the above plan as scheduled, and the channel construction work was once again shelved after the restart. "In 2020, we pulled up the network of dealers who stagnated in 2019 again, and there are currently less than 100 registered dealers in the country." The relevant person in charge of the above-mentioned Yundu Automobile said.
"The three-step plan we made was a very good strategic goal, very in line with the current direction of the market, but then there was a shortage of funds, which eventually led to the emergence of current problems. Many times a good game of chess is broken, because of lack of money. The above-mentioned Yundu Automobile executive said.
Already have a new controlling shareholder?
In addition to production suspension and loss, Yundu Automobile's financial difficulties are also reflected in the payment of employees' wages. "Yundu has not paid employees for more than half a year. Since May last year, Yundu Automobile employees have begun to leave one after another, from more than 1,000 at the beginning to hundreds of people, of which only more than 100 employees are left in the production line. The above-mentioned insider close to Yundu Automobile said.
In this regard, a number of Yundu Automobile insiders only said in a telephone interview with reporters that the company is currently operating normally. However, an internal employee of Yundu Automobile, who did not want to be named, admitted to reporters that the company has not paid salaries for almost half a year. "The reason why we have persevered until now is because everyone has ideals and is doing things with an entrepreneurial mentality, at least to make new investors come in and then move forward together." The above-mentioned employee inside Yundu Automobile, who did not want to be named, said.
Judging from the announcement released by Haiyuan Composite, the company that took over its 11% equity interest in Yundu Automobile is the company in which Lin Mi is the executive partner- Zhuhai Yucheng Investment Center (Limited Partnership) (hereinafter referred to as Zhuhai Yucheng). After the completion of the equity transfer, the equity of Yundu Automobile held by Zhuhai Yucheng will increase from about 15.56% to about 26.56%. After recovering the external shares of Yundu Automobile, it was packaged and sold to JuneYao Group. Yundu Automobile has been acquired (purchased) by JuneYao Group, and the two sides have signed an agreement. The above-mentioned insider close to Yundu Automobile told reporters.
According to public information, JuneYao Group is a modern service enterprise based on industrial investment, founded in July 1991, and has now formed five major business sectors of air transport, financial services, modern consumption, education services and scientific and technological innovation. At present, JuneYao Group owns Juneyao Airlines (603885. SH), Aijian Group (600643. SH), Great Eastern (600327. SH), JuneYao Health (605388. SH) 4 A-share listed companies. Among them, JuneYao Health, formerly known as JuneYao Dairy, the main product is milk, and then began to enter the lactic acid bacteria beverage market, and was listed on the A-share market in August 2020, known as the "first share of lactic acid bacteria drinks".
Image source: JuneYao Group official website
In addition, JuneYao Group also owns Shanghai Huarui Bank Co., Ltd., Shanghai World Foreign Chinese Primary and Secondary School, Shanghai JuneYao Ruyi Cultural Development Co., Ltd. and other industries.
In Cui Dongshu's view, JuneYao Group has strong funds, and its joining is a big positive for Yundu Automobile, which is in urgent need of funds.
For the statement that "JuneYao has taken over Yundu Automobile", the relevant staff of the above-mentioned Yundu Automobile said that JuneYao Group has contact with Yundu Automobile, but the company has also contacted other enterprises.
The relevant person in charge of the above-mentioned Yundu Automobile said: "This matter, now there is no way to say anything to the outside world." But the company will have some big moves in the near future. ”
According to the above-mentioned internal employees of Yundu Automobile, who did not want to be named, Yundu Automobile already has a new controlling shareholder, but the specific situation is not clear.
It is worth mentioning that in November last year, it was reported that Aiways Automobile was in contact with JuneYao Group, which may invest in Aiways Automobile. Industry insiders believe that JuneYao Group and other enterprises want to cross-border car manufacturing, mainly looking at the development prospects of the new energy automobile industry.
The above-mentioned insiders close to Yundu Automobile said that the reason why Yundu Automobile dared to say to the outside world that it could resume production around the end of June was precisely because of the entry of JuneYao Group's funds.
In Cui Dongshu's view, after the new shareholders enter, Yundu Automobile should not only increase investment in the research and development of new products and new technologies, but also adjust the early product positioning and work channel construction and customer service.
"After Yundu Automobile has the funds in place, it is necessary to focus on product research and development in the low-end market, so that it will be possible to compete with other new energy vehicle companies." Cui Dongshu thinks.
Reporter | Li Xing
Edited | Duan Lian Pei Jianru Du Bo Wang Jiaqi
Proofreading | He Xiaotao
| the original article of the daily economic news nbdnews |
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