In recent years, the "exploding" new energy vehicle track has attracted countless capital to join, but on the other hand, brutal market competition is also accelerating the withdrawal of capital. This phenomenon is particularly evident in Yundu Auto.
A few days ago, Haiyuan Composites issued an announcement stating that the company reviewed and approved the "Proposal on the Proposed Transfer of Equity Interests in the Company", and will transfer 11% of the shares of Yundu Auto to Zhuhai Yucheng Investment Center Limited Partnership (hereinafter referred to as "Zhuhai Yucheng"). Sincerity”), the transfer price is 22 million yuan.
It is understood that the reason why Haiyuan Composites transferred the equity of Yundu Automobile was because the capital chain of Yundu Automobile was broken, and production has been suspended since February this year.
In response, Yundu Motors related people responded, "We stopped production mainly because of battery problems. Now the new supply has been determined, and production is expected to resume in two months." Still from a few years ago, the overall trend of Yundu Automobile is not optimistic.
Seven years after its establishment, Yundu shareholders quit one after another
In 2015, with the support of the national industrial policy for new energy vehicles, Fujian Automobile Industry Group Co., Ltd. (wholly-owned by Fujian SASAC, referred to as "Fujian Group"), Putian State-owned Assets Investment Co., Ltd. (referred to as "Putian State-owned Assets Investment Co., Ltd." Investment”), Liu Xinwen (individual shareholder), and Haiyuan Composites, through the investment of state-owned funds at the Fujian provincial and municipal levels, the participation of listed companies, and management’s shareholding, they established a mixed-operating Yundu Automobile, with a shareholding ratio of 39%, 34.44%, 15.56%, 11%.
At that time, as the first batch of new car-making players in China, Yundu Motors also successfully caught up with the "fast train" of the development of the times.
In 2017, Yundu Motors obtained the new energy vehicle production license issued by the National Development and Reform Commission, becoming the tenth domestic company to obtain the qualification for the production of new pure electric vehicles, and the second new energy passenger vehicle production company to be reviewed and approved by the Ministry of Industry and Information Technology. .
In the same year, Yundu Automobile released its first model, the small pure electric SUV "Yundu π1", and with this model, Yundu achieved a cumulative sales volume of 9,300 units in 2018. But the good times did not last long. In 2019, at the darkest moment of new energy vehicles, the sales volume of Yundu Motors fell to 2,566 units, a year-on-year decrease of 72.4%, and Yundu Motors also fell into a short-term shutdown.
Until around 2020, Fuqi Group chose to withdraw its shares for free, and its shareholding was undertaken by Putian SDIC and the new funder Fujian Leading Industry Equity Investment Fund Partnership (referred to as "Fujian Leading Fund"). After the takeover, Putian SDIC rose to become the single largest shareholder with a shareholding ratio of 43.44%, and the new shareholder Fujian Leading Fund held a 30% shareholding ratio.
The entry of new investors has also injected new vitality into Yundu Auto, and has made a high-profile goal of becoming the top three domestic pure electric vehicle brands in 2025. However, the change of equity seems to be the fate that Yundu Auto can't get rid of.
In April 2021, Yundu Automobile completed the equity adjustment, and individual shareholder Liu Xinwen withdrew his shares, and his shares were taken over by Zhuhai Yucheng according to Liu Xinwen's original investment of 140 million yuan. And Zhuhai Yucheng is also the company that received 11% of Haiyuan Composites this time.
So far, the equity structure of Yundu Automobile has undergone four changes, and finally Putian SDIC, Fujian Leading Fund, and Zhuhai Yucheng hold 43.44%, 30%, and 26.56% of the shares respectively.
After successive losses, Yundu's situation is getting more and more difficult
"It is still operating normally." The staff of Yundu Automobile told "Automobile Talk" that the ordering process is still the same as before, and the local dealers will place the order from Yundu. However, in response to Yundu Auto's response to finding the resumption of production and battery supply, he also revealed, "The supply of batteries is not clear, but it is certain that Yundu uses ternary lithium batteries."
In fact, as the original shareholder of Yundu Automobile, Haiyuan Composites also pointed out the main reason for its withdrawal in the announcement, saying that when Yundu Automobile will resume production in the future, the number of possible orders and revenue recognition are all uncertain. sex.
The "clearance" to recover the investment funds is also a comprehensive consideration made by Haiyuan Composites based on the development of Yundu Automobile.
According to the data, the sales volume of Yundu Automobile in February this year was 252 units, a year-on-year decrease of 10.32%; in the first two months of this year, the cumulative sales volume of Yundu Automobile was 516 units, a year-on-year decrease of 35.5%.
The triple-digit sales have made Yundu's situation even more difficult. According to the data disclosed in the announcement, Yundu Automobile's revenue in 2021 will be 67.7632 million yuan, and its net profit will be -213 million yuan; from January to March this year, Yundu Automobile's revenue will only be 6.6025 million yuan, and its net profit will be -5571.36 million.
In addition, as of March 31 this year, Yundu Auto's total assets were 1.652 billion yuan, but its total liabilities reached 1.682 billion yuan, and it has fallen into the predicament of insolvency. And this state of high debt, Yundu Auto has lasted for as long as 5 years.
Under this circumstance, the increase of Zhuhai Yucheng's shareholding ratio may also be difficult to bring some substantial changes to Yundu Auto. Judging from the main financial data of Zhuhai Yucheng in the last year alone, its operating conditions are not optimistic.
The data shows that in 2021, Zhuhai Yucheng will have total assets of 140 million yuan, total liabilities of 140 million yuan, total receivables of 00,000 yuan, net assets of 0,000 yuan, operating income of 0 yuan, and operating profit of 0 yuan. RMB 00,000, net profit and net cash flow from operating activities are all RMB 00,000. This also means that if Yundu Auto wants to obtain a source of funds and maintain its own operation, it may have to find a new direction.
Post time: May-10-2022