"Riding my beloved little motorcycle, it will never get stuck in traffic". Emma Technology was successfully listed, and the first family of Electric Vehicles in China surfaced.
Author i Zhang Jiwen
Coverage i Investment community pedaily
Emma's electric car finally drove onto the IPO bell ringing stage.
According to the news of the investment community on June 15, Aima Technology, a two-wheeled electric vehicle brand that is popular in major counties, officially landed on the main board of the Shanghai Stock Exchange, with an issue price of 27.86 yuan / share, an opening 44% rise, and a market value of more than 16 billion yuan.
"Riding my beloved little motorcycle, it will never get stuck in traffic." The founders of Emma Electric Vehicle are a couple from Shangqiu, Henan Province, Zhang Jian and Duan Hua, who smelled the outlet of electric bicycles 20 years ago. Later, relying on Jay Chou's sky-high endorsement, Emma electric vehicles became popular, and the advertising slogan of "love, act immediately" was all over the streets. According to the prospectus, AIMA Technology's electric vehicle sales in 2020 are 7.54 million units, with an annual revenue of nearly 13 billion yuan.
Today, the actual controller of AIMA Technology is Zhang Jian's 28-year-old daughter Zhang Gege, and behind them is a huge electric vehicle family. The three brothers and sisters of the Zhang family from Shangqiu, Henan Province, Zhang Jian, the head of Emma Electric Vehicle, Zhang Hong, the boss of Xiao bird electric vehicle, and Zhang Ru, the head of the bubuxian electric tricycle, occupy half of this market and are known as "China's first family of electric vehicles".
The couple sells electric motorcycles
Find Jay Chou endorsements and make a market value of 16 billion
Emma's entrepreneurial story began more than 20 years ago, founded by Zhang Jian and his wife Duan Hua. After graduating from university in 1990, Zhang Jian was assigned to work for a state-owned enterprise in Shangqiu, Henan Province, and soon went to the sea to sell bicycles.
(Picture from the official website of Emma Technology)
In 1999, Zhang Jian and his wife Duan Hua established Tianjin Taimei Automobile Industry Co., Ltd., the predecessor of AIMA Technology, in Tianjin, whose main business is the research and development, production and sales of electric bicycles, electric mopeds and electric motorcycles, which is one of the earliest electric bicycle manufacturers in China.
Around 2000, after the breakthrough of the key technology of electric bicycles, electric bicycles began to enter the consumer market. After smelling the changes, Zhang Jian began to develop the electric vehicle business, pulling brother-in-law Zhang Yanfeng and sister Zhang Ru to jointly develop the electric vehicle business, and transferred part of the equity to the latter. In 2009, Taimei Automobile Industry was changed to Tianjin Aima Technology Co., Ltd.
Emma's step just stepped on the wind outlet of the development of China's electric vehicle industry. According to the National Bureau of Statistics, in just five years from 2009 to 2013, China's electric bicycle production has soared from 290,000 to 36.95 million, with an average annual compound growth rate of 34.21%.
At first, Zhang Jian launched an attack in the sinking markets such as townships and villages, pulling banners and erecting signs to bombard the villagers with advertising, and in order to attract villagers to come to test drive in the countryside, Emma once set up a loudspeaker to publicize it. However, what really makes Emma popular is to find a spokesperson For Jay Chou. In 2009, the still unknown Emma sky-high price invited Jay Chou as a spokesperson and began to become popular. Emma offered an endorsement fee of 30 million yuan for two years, breaking the record of Faye Wong's endorsement shampoo of 20 million yuan at that time.
Yu Lin, then general manager of Aima Technology, once shared the details of Emma's endorsement with the outside world: "Jay Chou is very cautious about endorsement, and he has to understand the brand in depth before agreeing." With the cooperation of Emma, Jay Chou is much higher than Jackie Chan, Andy Lau and others to endorse electric vehicles, becoming the star with the highest endorsement cost in the electric vehicle industry.
Of course, the 30 million endorsement fee Emma spent is not a loss. At that time, Yu Lin explained: "The marketing volume of our brand is as high as 500 million yuan, and 30 million yuan is only a small part. Jay Chou endorsement can enhance brand awareness, and the annual brand value can reach 2 billion yuan. ”
In addition to Jay Chou, Emma has also invited stars such as Fan Bingbing, exo, and Jin Xiuxian to endorse its products. Since then, Emma has successfully penetrated into the young people. According to the data of the China Market Information Survey Industry Association, the cumulative global sales of Emma Technology from 2006 to 2019 have exceeded 41 million vehicles.
However, as the industry matures, gone are the days of relying solely on marketing to gain market share. In recent years, Emma's position as the number one in the e-bike industry market has gradually been surpassed by its old rival Yadi. At the same time, the Internet companies represented by Mavericks have entered the electric bicycle industry, which has also put great pressure on these traditional electric bicycle manufacturers.
Emma's listing road can be described as "getting up early and catching up with a late set". In fact, as early as 2012, Emma was ready to go public, but it was forced to stop because of the struggle between shareholders. After 6 years, in 2018, Aima Technology applied for an IPO again, and the CSRC tortured its soul "58" question, which was rejected again after queuing. At that time, Yadi had been listed for more than 2 years, and the market share was not as good as Emma's New Day had been listed for more than 1 year; The Maverick, which was only established at the end of 2014, also landed on the US stock market in October 2018, becoming the third listed company in the industry.
In 2019, Aima Technology once again mentioned the prospectus, but on the eve of the meeting, the sudden change was subject to patent litigation and was cancelled again. Looking back at the road of IPO, Emma walked for 8 years and broke through three times to succeed.
Today, Emma Technology has finally stepped onto the stage of ringing the bell, with a market value of more than 16 billion. The prospectus shows that after the issuance, Zhang Jian, chairman and general manager of AIMA Technology, directly held 69.94%. According to the opening market value, Zhang Jian's personal value exceeds 11 billion.
Father and daughter went to war, and small electric donkeys swept the chinese counties
It sold 7.5 million vehicles a year and earned nearly 13 billion yuan
As one of the hottest electric vehicles in China's county market, how many Aima sells a year?
Emma's main business includes the research and development, production and sales of electric bicycles, electric mopeds and electric motorcycles. According to the latest prospectus, in 2018, 2019 and 2020, Emma electric vehicles sold 4.5533 million units, 5.645 million units and 7.5407 million units, respectively.
Revenue should not be underestimated. According to the data, in 2018, 2019 and 2020, Emma's operating income was 8.99 billion yuan, 10.42 billion yuan and 12.9 billion yuan, respectively; net profit was 430 million yuan, 520 million yuan and 610 million yuan, respectively.
But there are also hidden worries behind it. According to the prospectus, from 2018 to 2020, the gross profit margin of the company was 13.12%, 13.68% and 11.35%, respectively, while the gross profit margin of yadi shares was 16.33, 17.36% and 15.87% respectively. Whether compared with competitors or the average level of listed companies in the same industry, there is a gap in the performance of the gross profit margin of the company.
In this regard, Emma's explanation is that the domestic market competition environment is becoming increasingly fierce, in order to seize the market, the company's proportion of sales of promotional models has increased, resulting in a decline in gross profit margin. In addition to external reasons, the lack of competitiveness caused by Emma's heavy marketing and light research and development may be the key reasons.
With Jay Chou's endorsement, Emma has been firmly occupying the throne of the industry for a long time, but marketing is also a huge expense. According to the prospectus, from 2018 to 2020, the proportion of the company's sales expenses to operating income was 4.49%, 4.10% and 3.09%, respectively. In contrast, its R&D expenditure investment is less than 2% of its revenue ratio, reaching 1.67%, 1.89% and 1.86% respectively. Emma also admitted in the prospectus that its research and development expenses accounted for less than comparable listed companies.
Interestingly, bike-sharing once provided Emma with a large number of orders. In 2017, AIMA Technology and Mobike (Beijing) Information Technology Co., Ltd. began to cooperate, and bicycle orders increased significantly, contributing 346 million yuan in sales. At that time, Mobike was also the largest customer of Aima Technology; in 2018, Hangzhou Qingqi Technology Co., Ltd., the operator of Qingju Bicycle, ranked second among the top ten customers of Aima Technology in 2018. But now, with the end of the wind outlet of shared bicycles, where should this piece go?
Emma urgently needs fresh blood. According to the prospectus, founder Zhang Jian is the controlling shareholder and actual controller of AIMA Technology. Zhang Gege is the actual controller and is Zhang Jian's daughter.
According to the data, Zhang Gege was born in 1993, with a high school education, joined AIMA Technology at the age of 18, successively served as assistant general manager, secretary of the chairman, and is currently a director of the company. Zhang Gege's appointment as a director was nominated by Zhang Jian due to internal family arrangements.
Nowadays, the young generation after the 90s has become the mainstream consumer group of electric vehicles. To this end, in addition to spending money on marketing, Emma has also established more than a thousand fashion terminals with artistic beauty - cycling halls across the country, and has created a number of rider interest organizations such as "Wheat Flour", "Geek Club" and "Macaron Fun Club", which is committed to building an exclusive fan ecosystem for Emma. The electric motorcycle brand that has swept through China's counties has been trying its best to keep itself fashionable.
Three brothers and sisters of the Zhang clan in Henan
Sitting on half of China's electric vehicles
At this point, Emma has officially become the fourth listed company in the industry - "the king of two-wheeled electric vehicles" Yadi has been listed for many years; the market share is not as good as Emma's New Day has been listed for more than two years; even the Mavericks, which were only established at the end of 2014, landed in the US stock market in October 2018, and the recent momentum is strong, and the stock price has risen fourfold from 2020 to the present. This jianghu, the flock of deer.
Behind Emma, there is also a little-known Family of Chinese electric vehicles. The main members are the three brothers and sisters of the Zhang clan from Shangqiu, Henan: Zhang Jian, the head of Emma Electric Vehicle, Zhang Hong, who is in charge of Xiao Bird Electric Vehicle, and Zhang Ru, the head of Bubuxian Electric Tricycle (Century Taimei Automobile Industry).
The hero behind it comes from the father of The Three Brothers and Sisters of the Zhang Family, Zhang Xingming. After Zhang Xingming transferred from a certain unit of the Air Force, he entered the Wujiaohua Company in Shangqiu Area. He works in a state-owned enterprise, but he is not intoxicated with his career. In 1993, after much deliberation, he led his three sons and daughters to the sea to do business - in Shangqiu City, he established Shengtianyu Automobile Co., Ltd., mainly engaged in bicycle sales.
After 2000, the three Zhang brothers and sisters began their respective entrepreneurial careers. Zhang Jian and Zhang Hong successively came to Tianjin to develop, and Zhang Ru stayed in Henan. Among them, Zhang Jian is the most well-known, and he single-handedly created the future Emma electric car.
Zhang Ru stayed in her hometown and took over her father's burden. In 2003, Zhang Ru was promoted to general manager of Baifeng Automobile Industry Co., Ltd., and the company's assets developed from tens of thousands of yuan to hundreds of millions of yuan, becoming the largest wholesaler of bicycles and electric vehicles in China. In 2005, Zhang Ru established Henan Century Taimei Automobile Industry Co., Ltd., and began to invest heavily in the Shangqiu Economic and Technological Development Zone to build a factory specializing in the production of electric tricycles; in 2011, Zhang Ru re-established Henan Bubuxian Power Technology Co., Ltd., whose products cover freight electric tricycles, manned leisure tricycles, manned enclosed tricycles, new energy electric cars and special special electric vehicles.
After Zhang Hong and her husband Zhang Yanfeng came to Tianjin, they founded the Xiao bird electric vehicle brand, mainly producing electric bicycles and electric tricycles. Public information shows that the two-wheeler market share of The Little Bird is among the best, and the three-wheel market share has long been in the top three. Today, Zhang Hong has gradually retreated to the second line, and his son Zhang Qian inherits the family business. Unlike the previous generation, Zhang Qian has obtained a master's degree in management from Tsinghua University and a senior doctorate in business administration, but still chooses to take root in this humble business.
From the 1990s to the present, the Shangqiu Zhang family has made a fortune by relying on unremarkable electric vehicles. Today, emma, little bird and bubuxian, which they founded, occupy a high share in the Chinese electric vehicle market, and the three brothers and sisters of the Zhang family are also known as the "first family in the electric bicycle industry".
Today, Zhang Jian's Aima has become the first listed company owned by the Zhang family.