Thirty years of Hedong, thirty years of Hexi, China's automobile industry has developed for decades, I did not expect that the hottest today is not SAIC, FAW and other large state-owned car companies, but Weilai, Xiaopeng, Ideal, and BYD, and even Evergrande Automobile, which has not yet been listed.
In April, BYD announced that it would no longer produce fuel vehicles, which meant that a new era was coming. This traditional car company is at the forefront of new energy vehicles, with a market value of 677.5 billion yuan, which not only ranks first in China, but also surpasses Mercedes-Benz, Honda and other car companies.
Over the years, Xiali, Hafei, Borgward, Zotye... None of them could stop the torrent of the times, and one after another fell. There is a car company that was established earlier than Geely and BYD, and was once one of the best car companies, but in recent years, it has suffered heavy losses, fallen off the altar, and become a foundry. Nowadays, even the OEM business is not easy to do, the days are getting more and more difficult, and it is unknown how long it can be supported, this car company is Haima Automobile.
Why did Haima fall?
Haima Automobile's popularity in China is no less than that of Geely, BYD, Great Wall and other car companies, and its production of Prima and Fumeilai models has sold well throughout the country. Once a joint venture with Mazda, it also made it popular for a while. In 2016, Haima Automobile's sales exceeded 200,000 units, and its revenue reached 13.89 billion yuan, reaching its peak, becoming one of the representatives of mainland autonomous car companies.
There are many reasons why the haima car fell, which has to start from its past life and this life.
First of all, Haima Motors does not have a strong backer. Haima Automobile, formerly known as Hainan Automobile Manufacturing Factory, was established in 1988 and belonged to a state-owned enterprise in Hainan Province, but until 1998, it did not get the automobile production qualification, and the models it produced could only run in the province. Like FAW and Dongfeng, they are large state-owned enterprises, with the state behind them, while Shanghai and Guangzhou, behind SAIC and GAC, have strong economic strength. Hainan province has been established in a short time, the economy is in the bottom of the country, and even an automobile production qualification cannot be obtained.
Secondly, most of the more than 30 years of haima automobile development have actually been doing OEM work, without their own core technology and without research and development. The two cooperation with Mazda, both of which are OEM production of Mazda models, help Mazda open up the market in China. However, when Mazda's sales were good, it immediately dumped Haima Automobile and leaned on the more powerful FAW and Changan Automobile. I once worked with FAW for a short time, but I didn't get technology and funds, just OEM for it.
The real beginning of independent development was in 2006, Haima Automobile replaced it with the current logo, and began to launch its own models, and carried out technology research and development, but it was named "Shanzhai". The road to self-reliance for Seahorse cars has been difficult, but at least there has been some improvement.
Third, blind diversification of development, when the development of the main automobile industry is not stable enough, but also invested a lot of money to do finance, real estate. Behind The Seahorse Car, it is actually a real estate company, thinking of making quick money, and finally making no money.
However, Jingzhu, chairman of Haima Automobile, has summarized five major reasons: institutional constraints, product investment failure, inventory loss, heavy assets, and institutional rigidity. In fact, China's large car companies are all central enterprises, state-owned enterprises, and people have developed like fish.
Sell more than 500 apartments to survive
After reaching a brief peak in 2016, Haima Automobile fell into a continuous loss, with a total loss of nearly 4 billion yuan in 2017, 2018 and 2020. The profit in 2019 was 0.85 billion yuan, and the reason why it was able to turn a loss into a profit was not that the automobile business became better, but the income obtained by selling assets such as houses.
In 2017, Haima Motors put on the "ST" hat, and if it lost money for 3 consecutive years, it would be delisted. Therefore, in 2019, Haima Automobile sold 401 suites twice, cashing out 333 million yuan. After that, he sold the equity of two companies, cashing out a total of 546 million yuan, and even the research and development company was sold, and it seems that he did not want to invest in research and development. That is to say, 879 million yuan was cashed out throughout the year before it turned a loss into a profit, thus avoiding being delisted.
However, in 2020, it continued to lose 1.335 billion yuan, and sold another 145 properties this year, but failed to turn a profit. In order to survive, Haima Automobile has sold more than 500 suites. Many people found out at this time that Haima Automobile was originally a real estate company, which can also be said to be a super house flipping company.
However, it is said that the profit in 2021 is 112 million yuan, which is a good performance. In the first quarter of 2022, it lost 60.93 million yuan again.
OEM business is not easy to do
After falling into a loss, Haima Automobile opened a foundry business and began to do OEM work for Xiaopeng Automobile in 2017. Although Haima Motors' Haima 7X, Haima 8S, and Haima 6P are still on sale, they have not improved.
The data shows that in 2021, Haima Automobile sales were 29,513 vehicles, but after excluding the sales of Xiaopeng Automobile OEM, Haima Automobile sold only more than 10,000 vehicles. With such low sales, there is no competitiveness, and there is almost no sense of presence in Chinese car companies.
It is understood that Xiaopeng has ended its OEM cooperation with Haima Automobile, and without OEM income, survival is undoubtedly more difficult. Haima Automobile has actively transformed into hydrogen vehicles, but under the trend of rapid development of pure electric vehicles, this direction is not optimistic.
In the fierce competitive environment, where should The Seamaster Car, which has fallen behind, go?