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Image source: corporate official website
On August 31, Gree Electric issued an announcement stating that it had sold 1.828 billion yuan in silver Long New Energy Co., Ltd. (hereinafter referred to as " Yinlong New Energy") 30.47% equity. At the same time, Gree Electric’s chairman Dong Mingzhu entrusted the company with voting rights corresponding to the 17.46% equity of Yinlong New Energy. As a result, Gree Electric controls 47.93% of Yinlong New Energy's voting rights, making it its own subsidiary.
Yinlong New Energy, which has been losing money in recent years, has always been regarded as a "hot potato" by the outside world. Why does the shrewd "Iron Lady" Dong Mingzhu never give up on it?
Fancy the potential value of the parts business?
"To be honest, the domestic electric bus market is close to saturation, but Yinlong New Energy is still in production. Who are the products sold to? The cars sold in the first half of this year are all group purchase orders from the previous two years. Wang Xing (pseudonym) , an old employee of who recently resigned from Yinlong New Energy, revealed to the reporter of " China Automobile News" that Dong Mingzhu instructed to develop the "domestic Elfa" after entering the company in 2016. Effie's pure electric MPV and an electric SUV are immature and can only be regarded as hands-on work. The most valuable of Yinlong New Energy is the lithium titanate battery and other electric vehicle parts.
An unnamed Yinlong New Energy management person told reporters that the company's auto parts business has a multi-level layout: First, it has more than 40 lithium titanate and lithium iron phosphate power battery production lines, and the battery business sector The annual production capacity is about 18.31GWh, of which the annual production capacity of lithium titanate battery is 2.85GWh; the second is the electric vehicle powertrain, motor, power management system and other parts business and energy storage sector; the third is the self-developed hydrogen titanium powertrain technology Has exclusive advantages; fourth, in July 2020, it established a joint venture with Tianmai Technology to establish Beijing Liyin Automobile Technology Co., Ltd. (hereinafter referred to as "Beijing Liyin").As a result, it partially participated in the research and development and manufacturing of components such as Baidu's auto-driving and intelligent network equipment in the field of Baidu's car manufacturing. It is understood that other shareholders of Beijing Liyin also include Autotech, Zhiyun New Materials, Gordon New Energy, Flytech, Perran and other companies, all of which are involved in auto parts, new auto materials, new energy, wheels, and auto software. , Digitization, intelligence and other related businesses.
In addition, Zhuhai Hengqin Greehua Titanium Energy Development Co., Ltd., a wholly-owned subsidiary of Gree Electric, is mainly engaged in the development of new energy vehicle inverters and automotive software. Gree Electric also participates in Hunan Guoxin, which has a new energy vehicle power semiconductor business. Other shareholders include CRRC Times, which develops automotive power semiconductors, as well as CRRC Electric Vehicles, Changan Automobile , and so on. Gree Electric also holds shares in Highly Co., Ltd., an automobile compressor manufacturer, and Changyuan Group, a new energy automobile material company.
The announcement issued by Gree Electric specifically mentioned the advantages of Yinlong New Energy's lithium titanate battery products. “Lithium titanate battery is almost the exclusive product of Yinlong New Energy in China.” Lin Sen, a researcher at Guangdong New Energy Vehicle Development Research Center, introduced to reporters. One of its advantages is that it can eliminate the generation of metal lithium dendrites and reduce Short circuit risk; second, the reaction activity between lithium titanate and the electrolyte is low, and there is almost no SEI film that affects battery efficiency; third, the charging speed is fast, the low temperature performance is good, and the cycle life is long, with an average of more than 25,000 times. If an electric bus is charged 4 times a day at the highest frequency of use, it can be used for 20 years. But in fact, vehicles are generally "laid off" in less than 10 years, so lithium titanate batteries have a higher tiered utilization value, but the disadvantages are lower energy density and higher cost.
went from glamorous to dilapidated and then fully taken over.
However, public information shows that Yinlong New Energy's current financial situation is not optimistic. From January to July this year, Yinlong New Energy has total assets of 28.15 billion yuan and total liabilities of 22.73 billion yuan; operating income of 1.06 billion yuan and a net profit loss of 763 million yuan during the same period exceeded the total net profit loss of last year (688 million yuan). ."In fact, Gree Electric itself is also facing many challenges such as unstable performance and intensified competition in the industry. The acquisition of Yinlong New Energy shares may also be a hope to find new profit growth points." China Merchants Securities analyst Tan Wenjun Xiang The reporter said.
Yinlong New Energy's losses year after year are amazing. The enterprise search shows that in August this year, Yinlong New Energy had two pieces of information on the executor of the court judgment, one for 4.09 million yuan and the other for 240 million yuan. "This should be Wei Yincang (former chairman of Yinlong New Energy) owing other parts companies' debts such as payment." Wang Xing told reporters that he was the first batch of employees of Yinlong New Energy and had experienced 13 The ups and downs of enterprises during the years.
In 2008, Wei Yincang, who was an auto repair worker, founded Yintong New Energy (the predecessor of Yinlong New Energy). Subsequently, he benefited from subsidies for new energy vehicles, and owned a controlling stake in the American Otium Corporation, and obtained the right to use the lithium titanate battery patent. In 2012, Wei Yincang acquired Zhuhai Guangtong Automobile to obtain the qualification for passenger car production. In 2013, after the two industrial parks in Shijiazhuang and Handan were put into operation, Yintong New Energy was renamed Yinlong New Energy. At this time, Wei Yincang and Sun Guohua, another major shareholder of Yinlong New Energy, joined forces to withhold subsidies and embezzle funds. The evil consequences of the behavior began to appear, and employee wages were not paid for a time.
"The situation is basically like this." The aforementioned anonymous management person of Yinlong New Energy said that in the following years, as Wei Yincang invaded hundreds of millions of funds, the company was also in a slump. It is reported that in January 2016, Wei Yincang publicly attracted capital with "speculative psychology", but unexpectedly attracted Dong Mingzhu who was also in Zhuhai. But that year, Gree Electric’s investment intention was rejected by the general meeting of shareholders. The stubborn Dong Mingzhu used all his savings of 1 billion yuan to take a 7.46% stake in Yinlong New Energy, and then increased his capital twice to 17.46%, becoming the first one in one fell swoop. The second largest shareholder. Under Dong Mingzhu's persuasion, 4 companies including Wanda, JD.com and CIMC have also become shareholders of Yinlong New Energy.
"No one thought that the thunder exploded overnight." Wang Xing recalled, in January 2018, because the parts supplier Zhuhai Siqi asked for an account,The problem of Wei Yincang's private interception and misappropriation of corporate funds has been exposed. In November of the same year, Yinlong New Energy issued a statement stating that Wei, Sun and others had embezzled the company for over 1 billion yuan. They had filed a civil lawsuit with Zhuhai Intermediate People's Court , reported the case to Zhuhai Public Security Bureau, and were accepted. Wei Yincang also said afterwards that he countersued Dong Mingzhu. Subsequently, Sun Guohua was detained by the police, Wei Yincang went to another country, and even his nationality has been changed and he has not returned.
According to the judicial auction platform, from July to October 2020, Yinlong New Energy's equity was auctioned 5 times online, and a total of 24.1 million shares were sold, with a total transaction price of nearly 700 million yuan. These shares are part of Wei Yincang's holding and being frozen by the court. The auction proceeds are planned to be used to repay the arrears of suppliers, banks and related parties.
Even so, Dong Mingzhu does not seem to shake his confidence in Yinlong New Energy. According to an enterprise search, the current chairman of Yinlong New Energy is Lu Chunquan, the former general manager of Purun Capital, and Purun Capital is one of Gree Electric’s shareholders; the current general manager of Yinlong New Energy Lai Xinhua is the former general manager of Gree Electric Zhengzhou Company. . "Including the middle level, the company is now basically a Gree-based person." Wang Xing said, the company is also becoming stricter in management like Gree Electric.
Image source: corporate official website
low-key journey to rebuild Yinlong
Now, whether Yinlong New Energy can get rid of the loss situation is obviously an issue that Gree Electric’s shareholders and the industry are concerned about. “It should be said that we have at least two major sectors in terms of new energy auto parts that have great potential.” The aforementioned anonymous management person of Yinlong New Energy said, one is the lithium titanate battery, which is still undergoing technological improvement. Hope Gradually overcome its shortcomings of low energy density and high cost. In April of this year, Yinlong New Energy signed an agreement with SAIC Hongyan to provide lithium titanate batteries for the other's 2,000 pure electric heavy trucks. The second is that the independently developed hydrogen titanium powertrain technology has exclusive advantages. This assembly includes both lithium titanate battery systems and hydrogen fuel cell systems. The advantages of the two systems complement each other, allowing the entire vehicle to reach -40 ℃ ultra-low temperature to 60 ℃ ultra-high temperature environment, stable operation, adapt to most areas of the world.At present, buses equipped with hydrogen-titanium powertrains have been put into use in many cities such as Harbin, , Jinzhou, and Baotou.
"The revitalization of Yinlong New Energy should be based on the actual situation of the company and take advantage of breakthrough." Chai Jinlun, researcher of the Hubei Academy of Social Sciences Enterprise Development Strategy Research Center, said in an interview with reporters that, objectively speaking, Yinlong New Energy has its own At present, the most important part of the technical advantages of parts and components is to make up for the shortcomings, strengthen one's own advantages, and find the breakthrough, rather than covering everything. Huatai Securities analyst Liang Daoqing believes that Yinlong New Energy currently has advantages in technologies such as lithium titanate batteries and hydrogen-titanium powertrains, and presents a diversified pattern. The advantages of each sector should be strengthened to occupy the market.
Data shows that in July this year, Yinlong New Energy ranked third in the domestic sales of new energy buses over 7 meters; from January to July, its cumulative sales were 1,399, ranking fourth in the industry.
"The development of Gree Electric is facing challenges, and Yinlong New Energy has the potential to go up. Perhaps this is one of the reasons why Dong Mingzhu has his income under his command." In Tan Wenjun's view, the new energy automobile industry has gone through subsidies. The stage of "lying to win" has entered the "Warring States" era of facing fierce market competition. People will wait and see whether Yinlong New Energy can completely turn over under the leadership of Gree Electric in the future.
Disclaimer: The above content is reproduced from China Automobile News, and the content does not represent the position of this platform.
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