On June 6, with the eye-catching sales volume of the M5, Xiaokang shares rose again, and the company's stock price has increased by 92.49% since April. Just when Xiaokang shares are holding hands with Huawei to gradually enter a better situation, the relationship between the two has begun to surge.
Time into June, the major domestic new energy vehicle companies in May production and sales data have been released, BYD once again with about 114,200 units of eye-catching data ranked first, the rest of the car-making forces such as Weilai, Xiaopeng and so on as investors expected to achieve positive growth in the same and month-
Among them, the M5, which was jointly produced by Huawei and Xiaokang Shares, has unexpectedly become a "dark horse". According to the data, the delivery volume of M5 in May reached 5,006 units, and the sales volume jumped to the top three in the same gear, with a cumulative number of deliveries of 11,296 units.
Or affected by this news, on June 6, the stock price of Xiaokang shares rose again, and as of the close, the company's stock price was reported at 69.93 yuan / share, an increase of 10%. Taking this rise and limit into account, Xiaokang shares have recorded 5 days and 4 boards. In fact, xiaokang shares have begun to rise since they hit a stage low of 32.7 yuan per share on April 27, during which the stock price rose by as much as 92.49%.
To some extent, the Q&I M5 is Huawei's first model that is truly deeply involved, in addition to the Hongmeng car engine system and HUAWEI DriveOne three-electric system and sales channels throughout the country, Huawei also covers almost all parts of the design work of the Q&I M5. As for the other party of cooperation, Xiaokang shares, the main job is to be responsible for production.
A tone began to circulate in the market, and today's Xiaokang shares seem to have become a "Huawei foundry". In this regard, the well-off side has repeatedly publicly denied it. On January 7 this year, Zhang Xinghai, who has stepped down as chairman of the group and retired behind the scenes, stressed at the investor exchange meeting: "Xiaokang is not a foundry, nor does it do a foundry. ”
However, there are more and more clues that show that in this seemingly win-win cooperation, the well-off cars that do not want to be foundries may have their own "helplessness".
"Huawei" double-edged sword
There is no doubt that Huawei has achieved a well-off society.
"Without Huawei, it would be difficult for Xilis to get rid of the 'gene' of the parent company's low-end image and enter the mainstream automotive market." At the beginning of this year, Zhang Xinghai commented on the relationship between Huawei and Xiaokang.
This is also the main view of the capital market on the cooperation between the two.
Time back to two years ago, in 2020, Xiaokang co., Ltd. launched a new fist product - Xilis SF5, in order to cut into the new energy vehicle market.
However, things did not go as smoothly as the company imagined, and even though the company paid a lot of money and time for it, the Cyrus SF5 still failed to gain the favor of consumers, and the sales of the Cyrus SF5 in 2020 were only 732 units. Under the dilemma of not being able to make ends meet, Xiaokang shares turned from profit to loss that year, and the annual loss exceeded 1.7 billion yuan.
The turning point of the story quietly appeared in the first quarter of 2021, and in March 2021, Xiaokang officially announced that it had officially reached a cooperative relationship with Huawei, and the two sides signed a memorandum of cooperation in the field of new energy vehicles.
At that time, some analysts believed that the cooperation between the two was actually to take what they needed. Xiaokang needs Huawei's brand power to help it make a name, and the latter needs to have an "experimental sample" in the field of new energy vehicles.
On April 20, 2021, the two sides jointly launched the first cooperative model , the Xilis SF5 Huawei Smart Edition, and Huawei also provided store sales channels for this cooperative model. Thanks to Huawei's huge fan base, the model was popular with consumers as soon as it was listed.
According to public data, after Xiaokang released the Xilis SF5 Huawei Smart Edition, the order volume of the model exceeded 6,000 units in just one week, far exceeding the same period last year.
With the blessing of Huawei's traffic, not only the company's products have become easy to sell, but the company's stock has also become a "fragrant feast" in the eyes of investors, and the stock price of Xiaokang shares has risen by more than 500% in the first half of 2021.
But this beauty did not last long, after Huawei's brand effect faded, consumers will still return to rationality and focus more attention on the product strength of the Cyrus SF5 model itself.
Of course, this old product with Huawei gimmicks can not meet the appetite of consumers, which also led to its launch soon after, sales began to decline month by month, until the end of 2021, the model also sold 8169 units.
For the first time, the two sides began to seek new ways of cooperation, and the Q&A series appeared.
Unlike the SF5 Huawei Smart Edition, the design and development, manufacturing and sales of the M5 are all personally handled by Huawei, and this model is also jokingly called "Huawei's pro-son" by consumers.
Since the launch of the delivery of the M5 in March this year, the monthly sales of the M5 have continued to rise, with a cumulative delivery of more than 10,000 vehicles in only 87 days, and the fastest delivery of a single model of the innovative brand exceeding 10,000.
The cooperation between the two sides began to change slightly, because in the design and production of the M5, it was mainly responsible for the production of the whole vehicle, and some voices called Xiaokang shares "Huawei foundry".
However, for this title, Xiaokang shares do not seem to buy it. Xiaokang shares said that the company is definitely not a foundry, and the sales revenue of the car belongs to Xiaokang shares. Huawei's stores in the core areas of the mainstream business circle, through cooperation, Xiaokang products into their channel sales, will greatly reduce the company's early sales costs investment, each car sold, Huawei extracts the corresponding sales service fees.
It's not that simple.
"Stealthy" well-off
In late May, some media reported that users who bought the Q&C M5 cut off the "Jinkang Cyrus" logo and affixed "China Huawei" and "HUAWEI" and other logos. Some car owners said, "After the change of the label, it is simply injected with the soul."
Zhang Zhengping, chairman of Xiaokang Shares, responded to this: Whether the product is good or not, the market has the final say, if the product is not good, no matter whose label is posted, no one will buy it. The attention of the M5 is so high, which is an encouragement and affirmation for the cooperation between Xiaokang and Huawei.
The behavior of consumers partly reflects an "embarrassing" fact, although the sales of the M5 are considerable, but the well-off car as its main producer has not eaten the brand dividend, but has become more and more "invisible".
According to media visits, in the main sales stores of the M5 today, most of the words used by salespeople revolve around "Huawei", and as for the other party of cooperation, "Xilis" or "Xiaokang Shares", it is rarely mentioned. At the level of brand promotion that Xiaokang needs to start the most, the M5 has brought little effect to it.
It is understood that in the sales process of the Q&I M5, Huawei stores are mainly responsible for test drives and product promotion introductions, and follow-up users need to go to the user center of Xilis stores to go through procedures. According to the "Finance Weekly" report, a Xilis 4S clerk said that after the user placed an order in the experience store, although the order processing was the responsibility of their user center, most of the rebates of the manufacturers in the end were given to the experience store rather than the sales side of the Cyrus manufacturers.
The delicate relationship between the two has also made a slight change in the cooperation model between Cyrus and Huawei. From the beginning of the cooperation between the two sides in front of the stage, it gradually became - Huawei "earned money", and the well-off "hard work".
In the car-making process, Huawei exerts its own technical advantages, selling more than 30 intelligent components, including intelligent car digital architecture, intelligent cockpit, and intelligent driving, to car companies in need, "helping" car companies build good cars, and finally borrowing Huawei's own strong channel advantages to sell and charge sales fees.
Obviously, in this process, Huawei's business is more in line with the "asset-light" operating model. However, for Xiaokang Shares, the company not only needs to bear the costs of factory construction, production line reconstruction, etc., but also needs to be responsible for various expenses incurred by each vehicle from parts procurement, manufacturing, delivery and after-sales.
In the past two years, under the pressure of new energy vehicle research and development investment and the surge in raw material costs, the profit margins of the new energy automobile industry have been continuously squeezed, and if even the core technology is purchased in the future, car companies will have more money to earn.
New energy vehicle track, heavy asset investment is indispensable, how to break the situation of Xiaokang shares? The breakthrough or on the technical side, the well-off shares that shout that they will not do foundries are constantly increasing their investment in automobile technology.
According to the company's financial report data, as of the end of the first quarter of 2022, the net cash flow of operating activities of Xiaokang shares was as high as -1.54 billion yuan, compared with only 261 million yuan in the same period last year.
In fact, since the transformation to a new energy vehicle company began in 2020, Xiaokang shares have always been "bleeding" seriously.
According to the company's financial report data in the past two years, the company achieved net losses of 1.729 billion yuan and 1.824 billion yuan in 2020 and 2021, respectively. Until the first quarter of this year, the situation has not improved, or even worsened. According to the company's financial report data, as of the first quarter of this year, the company's net loss expanded from 532 million yuan in the same period of the previous year to 839 million yuan.
Well-off need money.
Well-off broke the conjecture
Recently, Xiaokang Co., Ltd. announced that it intends to raise no more than 7.13 billion yuan with a total investment of 7.608 billion yuan for the development of electrified models and the upgrading of product platform technology, the intelligent upgrading of factories and the construction of electric drive production lines, the construction of user centers and supplementary working capital projects.
Specifically, Xiaokang intends to invest 4.748 billion yuan in the development of 3 high-end intelligent electric vehicles and 3 practical electric vehicle models, as well as the upgrading of the DE-i platform and the development and upgrading of a series of product technologies. 633 million yuan is used for the construction of three parts, including the intelligent upgrading and transformation of automobile production lines, the intelligent upgrading and transformation of auto parts assembly production lines, and the construction of high-efficiency and high-power density electric drive high-flexibility production lines; 227 million yuan to expand the construction of the offline store network system.
Prior to this, Xiaokang shares had made frequent moves in the capital market.
In June 2021, Xiaokang shares completed a fixed increase of up to 2.6 billion yuan. Only four months have passed, and in October 2021, Xiaokang shares launched a Hong Kong stock listing. However, at the end of January this year, Xiaokang suspended the issuance of Hong Kong stocks on the grounds of the global economy and capital market conditions.
To some extent, the recent 7 billion yuan fundraising of Xiaokang or the suspension of listing in Hong Kong is a stopgap measure. Judging from the experience of industry development in the past decade, new energy vehicle brands want to become bigger, and listing is the only way.
Splitting the independent listing of the new energy vehicle business is no longer news among traditional car companies.
On November 29, 2021, GAC Group issued an announcement that the board of directors of the company decided to combine the overall development of its wholly-owned subsidiary, GAC Aean, and intends to promote the mixed ownership reform of GAC Aeon through the restructuring and integration of pure electric new energy vehicle research and development capabilities, business and assets, introduce strategic investors, achieve in-depth integration and focus on the company's pure electric new energy vehicle business, expand capital strength, and establish a market-oriented incentive mechanism.
However, at this stage, Xilis is still a long way from the spin-off and listing, in addition to the main business that needs to be cultivated, its relationship with Huawei may also be one of the factors hindering its independent listing.
The mountain rain is coming, and small cracks seem to have appeared.
In the 2021 annual report, Xiaokang shares did not mention anything about Huawei's help. Not only that, according to the Southern Business Daily, the future newly produced Q&I M5 will remove the "Cyrus" tail mark and will not paste the "Huawei" tail mark. This is also considered by consumers to be a means of self-marketing.
In addition, the above-mentioned Xilisi 4S store clerk also revealed a message, "(Huawei) experience store is only responsible for selling cars, and the final order must be transferred to the delivery center, that is, the Xilis manufacturer is responsible." And we definitely prioritize orders on our side. ”
This article originated from the Global Tiger Finance app