编排 | Sunnyue 审核 | Sunnyue
Source: Brand front page
01.99% of revenue from non-automotive business
On the evening of March 28, the high-profile Xiaomi car SU7 press conference came to an end, and the mystery of the pricing that whetted people's appetite was finally revealed.
That night, the topics of "Xiaomi car SU7 price" and "Lei Jun Thor" exploded directly, and there were many related topics that dominated the hot search list on Weibo.
Interestingly, the day before, Evergrande Automobile released its annual results announcement on the Hong Kong Stock Exchange.
People who look closely at this financial report can't help but sigh - novels don't dare to write like this.
Because this is really not like the financial report of an automobile company, because the total revenue of Evergrande Automobile in 2023 (the total net amount received and receivable from customers) is about 4.535 billion yuan, and 3.19 billion yuan is health management income, accounting for 70.34%, including health space sales, medical beauty and health management income and rental income.
Evergrande Automobile, in essence, is actually a medical beauty company?
In addition, 1.34 billion of Evergrande Automobile's total revenue is property development and sales revenue, accounting for 29.5%.
Evergrande Automobile, also a developer?
In 2023, the revenue that really belongs to the new energy vehicle category will only be 200 million yuan, which includes technical services and others in addition to selling cars and parts, and the sales of lithium batteries in 2023 will even be 0 yuan.
●Source: Evergrande Automobile's 2023 annual report
If you take a closer look at the comprehensive income statement, it is even more "shocking".
Evergrande Automobile's total comprehensive loss in 2023 will reach 12.3 billion yuan, and the annual loss after excluding the currency difference will be 11.995 billion yuan.
●Source: Evergrande Automobile's 2023 annual report
At the same time, as of December 31, 2023, Evergrande Automobile's total assets were 34.851 billion yuan, total liabilities were 72.543 billion yuan, 26.484 billion yuan of liabilities were borrowings, 43.012 billion yuan of trade and other payables, and 3.047 billion yuan of other liabilities. Among them, cash and cash equivalents were only 129 million yuan.
Evergrande Automobile's announcement said, "The forecast cash flow covers a period of not less than 12 months from December 31, 2023." The Group will have sufficient working capital to fund its operations and meet its financial obligations due within 12 months from 31 December 2023.
Evergrande Automobile, which is insolvent and has a loss of 10 billion yuan, is still optimistic in its self-prediction. Especially in the recent situation of frequent negative news, first the company's president and executive director Liu Yongzhuo was arrested, and the "life-saving money" ($500 million strategic investment) of Newton Group, which has been waiting, seems to be "yellow".
02. Real estate-style car manufacturing
In the five years since it was manufactured, Evergrande Automobile has accumulated a loss of 110.841 billion yuan, with a cumulative delivery of 1,389 units. According to this calculation, Evergrande lost 79.8 million yuan per car sold.
In 2019, Xu Jiayin began to lead Evergrande to build cars, and in 2020, Boss Xu put forward a "grandiose" production and sales target for Evergrande new energy vehicles that are still in the PPT stage, "production and sales of 1 million vehicles in 2025 and 5 million vehicles in 2035".
For comparison, BYD sold 180,000 new energy vehicles in 2020, and Tesla, the world's largest electric vehicle brand, sold only 500,000 units in 2020. It took more than ten years for them to achieve the above achievements from the advent of the first new energy vehicle. And Xu Jiayin wants to complete their sales several times in 5 years, and I have to sigh that Xu Jiayin is really Xu Jiayin!
Boss Xu's dream of building a car began in 2016. That year, Evergrande Group was selected as one of the world's top 500 companies for the first time, ranking 500th.
In this historic year, Boss Xu, who has a keen sense of smell, sensed the risks of the real estate industry for the first time and began to consider transformation. The new energy vehicle industry is the most suitable industry that Xu Jiayin believes can carry the large volume of Evergrande.
At first, Boss Xu didn't plan to do it alone, but wanted to find someone to cooperate in building a car. After some searching, Boss Xu took a fancy to Jia Yueting, who had already run away to the United States at that time.
Unexpectedly, Jia Yueting was a step ahead, and within a few months, Boss Xu lost 5.6 billion yuan on Jia Yueting, and withdrew from the cooperation with Jia Yueting, and decided to build a car by himself.
What should a developer do if he builds a car without any foundation or experience?
Xu Jiayin sacrificed a simple and crude 15-word motto - buy, buy, buy, merge, circle, big, good. "Buy, buy, buy, buy the core technology that can be bought, and the enterprises that can be bought. The technology that can't be bought must be 'combined', and the goal is 'big' and 'good' - to build a car must have a big pattern, a big strategy and a large scale, and the quality of the car must be good, the shape must be good, and the price should be good. ”
The first thing to buy is the production qualification. Only half a month after reaching a settlement with FF, Evergrande announced a lightning stake in NEVS, a Swedish electric vehicle company, and at the same time learned the lessons of investing in FF, winning 51% of NEVS in one fell swoop and becoming the absolute controlling shareholder.
The qualifications are solved, and there is no ambiguity in other aspects. On the vehicle development side, Evergrande has signed cooperation agreements with 15 top overseas designers, and bought the chassis of German Benteler and FEV. In terms of parts suppliers, Evergrande is not the top stream and does not cooperate, and only first-line brands such as Magna, Bosch, Continental, ZF, Schaeffler, Gesstamp and Fuyao Glass can become "guests".
The climax appeared on November 12, 2019, at a huge Evergrande New Energy Vehicle Global Strategic Partner Summit, Xu Jiayin signed contracts with 60 automobile suppliers on the stage. More than 1,100 people from 206 automotive supply chain companies from many countries and regions appeared at the scene, and there were 8 languages in the simultaneous interpretation channel alone.
Evergrande, which has deep pockets, is menacing and has the potential to subvert the pattern of the world's automobile manufacturing industry.
This is not all the "strength" of Evergrande, Hengchi released 6 new cars in one go in August 2020, not only sedans, SUVs, MPVs, but also covering all levels from A to D, which once again set off an uproar in the capital market and made a number of traditional manufacturers jaw-dropping.
Such a scale of new car releases is unprecedented in the history of Chinese automobiles, and even in the history of world automobiles, and it is estimated that there will be no latter.
Under the operation of Boss Xu, on April 16, 2021, the market value of Evergrande Automobile rushed to HK $674 billion. At that moment, in front of Evergrande Automobile, BYD had to bow its head.
However, behind the illusion of prosperity was shattered by a photo at the Shanghai Auto Show that year.
At the Shanghai Auto Show on April 19, 2021, Evergrande put all 9 new models on the booth. Evergrande Automobile invited a group of media to hold a press conference, ready to hype it up. At that time, I didn't expect that someone would rush to the booth and take a photo directly under the car of Hengchi 1.
From the leaked photos, everyone found that the chassis of the car was surprisingly flat, and there was no battery or motor that should have it. Everyone agrees that Boss Xu is fooling people with a model car.
People have praised Boss Xu for being born in real estate, and the pre-sale system of real estate blanks has been transferred to the automotive industry: what's so strange about model cars, can't you install the motor and battery yourself when you buy it back?
In the following more than a year, due to the "thunderstorm" incident, Boss Xu kept a low profile. Just occasionally show up and make a statement. As for the cars that can be tested by the media, they are all those Hengchi 5 that have been destroyed from beginning to end. After a long time, everyone came back to their senses, and dared to love from beginning to end, Evergrande spent so much money, so it only made this one car?
Finally, on July 5, 2022, Evergrande Automobile held a press conference specifically for Hengchi 5, with a starting price of 175,000 yuan. may be to dispel the public's fear that Boss Xu will run away after paying for the car. Evergrande has moved the real estate set over: Evergrande Automobile has set up a special account in the Tianjin Binjin Notary Office, and all the car purchasers, whether it is a deposit or a final payment, will go to this special account to ensure that the special funds are dedicated. And you can return the car for a refund within 15 days.
This divine operation makes people have to sigh: If you also stay in the supervision account so honestly with the funds from the sale of your house, why do you owe 2 trillion now?
After the press conference, the order data of Hengchi 5 was changed again and again: first it received 60,000 orders in 5 hours, and then it may have been blown too much, and it became more than 50,000 in 10 hours, then 37,000 orders in 15 days, and then 37,000 in 20 days.
For this fluctuating order data, everyone knows the cat, but Liu Yongzhuo, president of Hengchi Automobile, opened his eyes and said: "Hengchi Automobile's big sale is a foregone conclusion." It was really fun for a while.
03. The drunkard's intention is not in the "car"
Looking back at the node at the beginning of 2024, everyone now gradually realizes that behind Evergrande's car manufacturing is a complete scam - as a pawn that has borne the fate of "blood transfusion" to Evergrande Real Estate since its birth.
In other words, the real purpose of Evergrande's car manufacturing is to make money. First blow up the bull, attract shareholder funds in the name of new energy, speculate on the stock price, harvest a wave of leeks, and then use this fund to fill the financial loopholes in the real estate sector.
However, the dilemma of this plan is that the financial loopholes are too large, and Xu Jiayin's time is very short.
In the absence of time for follow-up operations, this financial game under the banner of new energy came to an abrupt end. Obviously, Boss Xu's plan failed. And the most hurt are the hundreds of thousands of owners and those investors who support Boss Xu with real money.
Recently, the president of Evergrande Automobile was arrested, and the detailed reasons for this matter were not disclosed.
In 2022, Evergrande Automobile's total liabilities are as high as 18 billion, while the company's assets are only 11 billion.
Although the company delivered only more than 300 vehicles and only 200 million in book funds, it is surprising that the person in charge enjoys an annual salary of 44 million.
This seems to indicate that Xu Jiayin is actually very satisfied with his work performance.
Perhaps it is because he has successfully shaped the market value of Evergrande Automobile from the 600 billion pie in the brainstorming, which makes Xu Jiayin probably think that his subordinates are even better than Jia Yueting.