Junyao group, which is engaged in real estate, aviation and dairy industry, is also going to build cars?
Recently, an insider close to Yundu New Energy Automobile Co., Ltd. (hereinafter referred to as Yundu automobile) said in an interview with the reporter of daily economic news that Junyao Group signed a relevant agreement with Yundu automobile before April 20, and will officially take over Yundu automobile and become the actual controlling shareholder of Yundu automobile .
In this regard, the reporter immediately verified with Junyao group and Yundu automobile. “At present, the group’s main energy is mainly used for epidemic prevention and protection in Shanghai. Only senior leaders of the company can know whether Yundu automobile has been acquired.” On April 23, relevant staff of Junyao group said during a wechat call with reporters.
The relevant staff of Yundu automobile told reporters in a telephone interview: “the company does have contact with Junyao group, but there is no exact news at present. Wait for the official announcement!”
As early as April 13, Fujian Haiyuan Composites Technology Co.Ltd(002529) ( Fujian Haiyuan Composites Technology Co.Ltd(002529) . SZ), one of the shareholders of Yundu automobile, announced that Yundu automobile had been in shutdown since February 2022 due to the rupture of the capital chain.
Picture source: Fujian Haiyuan Composites Technology Co.Ltd(002529) announcement
On April 23, in a telephone interview with reporters, the relevant person in charge of Yundu automobile admitted that the shutdown was true, but denied that the shutdown was due to the rupture of the capital chain. “The shutdown of the company is mainly affected by the battery supply. A new battery procurement plan has been drawn up and has been discussed with the supplier. It is expected to resume production around the end of June.” The relevant person in charge of Yundu automobile explained.
liabilities of nearly 1.7 billion yuan, shareholders “cut meat” exit
According to qixinbao, Yundu automobile, founded in 2015, is a mixed ownership new energy vehicle production enterprise jointly invested by Fujian Automobile Industry Group Co., Ltd., Putian state owned Assets Investment Co., Ltd., management team and Fujian Haiyuan Automation Machinery Co., Ltd. (i.e. Fujian Haiyuan Composites Technology Co.Ltd(002529) former name), accounting for 39%, 34.44%, 15.56% and 11% respectively.
Later, with the “departure” of founder Liu Xinwen, the withdrawal of shareholders such as Fujian Automobile Industry Group Co., Ltd. and the entry of new shareholders, Yundu automobile’s current equity structure has changed significantly. The current shareholders are Putian State-owned Assets Investment Group Co., Ltd., Fujian Leading Industry equity investment fund partnership (Limited partnership), Zhuhai Yucheng Investment Center (limited partnership), Fujian Haiyuan Composites Technology Co.Ltd(002529) , The shareholding ratio is about 43.44%, 30%, 15.56% and 11% respectively.
Source: qixinbao
It is believed that Fujian Haiyuan Composites Technology Co.Ltd(002529) chose to quit at this time because there is no hope of profit on Yundu automobile. Recently, Fujian Haiyuan Composites Technology Co.Ltd(002529) in the announcement on the establishment of subsidiaries by subsidiaries of the company (hereinafter referred to as the announcement), it said that it would transfer 11% of the shares of Yundu automobile to Zhuhai Yucheng Investment Center (limited partnership) (hereinafter referred to as Zhuhai investment), with a transfer price of 22 million yuan. After the completion of this transaction, Fujian Haiyuan Composites Technology Co.Ltd(002529) no longer holds the equity of Yundu automobile.
According to the data of qixinbao, Fujian Haiyuan Composites Technology Co.Ltd(002529) participated in Yundu automobile and subscribed 99 million yuan. In other words, this Fujian Haiyuan Composites Technology Co.Ltd(002529) clearing the equity of Yundu automobile will result in a loss of 77 million yuan .
Fujian Haiyuan Composites Technology Co.Ltd(002529) relevant staff admitted in a telephone interview with the reporter of the daily economic news that the company has invested in Yundu automobile for many years, but it has been in a state of loss, difficult to make a profit, and does not match the current business line of the company. At present, the company is accelerating the divestiture of irrelevant assets to raise more funds for a new project – photovoltaic.
The announcement disclosed that in 2021, Yundu automobile’s operating revenue was 677632 million yuan, with a loss of about 213 million yuan; In the first quarter of 2022 (Unaudited), the operating income was 6.6025 million yuan and the loss was 557136 million yuan. As of March 31 this year (Unaudited), the total assets of Yundu automobile were about 1.652 billion yuan, the total liabilities were up to 1.682 billion yuan, and the net assets were -30796400 yuan .
Picture source: Fujian Haiyuan Composites Technology Co.Ltd(002529) announcement
Fujian Haiyuan Composites Technology Co.Ltd(002529) said that this transaction is conducive to promoting the withdrawal of the company’s financial investment and non core business assets, recovering investment funds and increasing the company’s working capital.
The above Fujian Haiyuan Composites Technology Co.Ltd(002529) relevant staff said that at present, the withdrawal of Yundu automobile has preliminarily passed the deliberation of the board of directors, and the final result needs to be decided by the general meeting of shareholders on April 29.
denied that the capital was broken and had stopped production in January last year
“Affected by the epidemic and rising raw material prices and other factors, the difficulty of power battery supply has developed into an industry problem. Yundu is not the only company to stop production. In addition, Yundu is a small company with a relatively small volume. Power battery enterprises and some industrial chain enterprises will give priority to supplying large enterprises.” The relevant person in charge of Yundu automobile said that at present, the company is actively preparing for the resumption of production.
However, according to the above-mentioned insiders close to Yundu automobile, Yundu automobile began to stop production after new year’s day in 2021. Until the beginning of this year, more than 100 new cars were produced through the remaining materials in 2020 .
Source: Yundu auto official website
For the above-mentioned insider’s statement, many Yundu automobile insiders did not explicitly deny it. “We haven’t released new cars in the past two years. It’s normal to say that we use the remaining materials.” The above Yundu automobile related staff explained to the reporter that the company has always only two models, π 1 and π 3, which are produced with old parts, so it is normal for some missing products to continue production through parts later, but the company is indeed producing intermittently.
The above Yundu automobile related staff said that the production scheduling of new cars in the factory is arranged according to the market demand, and the company has corresponding production scheduling plans. For example, the production is less in the off-season and more in the peak season.
According to the data of the passenger Association, Yundu sold more than 5300 vehicles in 2021. Public data show that in the first quarter of this year, the cumulative sales of Yundu’s two models in sales were 516. “All the cars sold during this period are stock cars.” These people close to Yundu automobile said.
On April 20, the reporter contacted a Yundu automobile agent dealer by telephone. He told the reporter that there are no Yundu cars on sale in the store, but you can book in advance. It is expected that you can pick up the car in one to two weeks.
“Yundu has stock cars that can be transferred out, but the products do have small problems, and the after-sales service can’t keep up.” Said the above Yundu automobile agent dealer.
On April 24, Cui Dongshu, Secretary General of the national passenger car market information joint committee, said in a telephone interview with reporters that Yundu automobile has come to this step, which has a lot to do with insufficient investment in product technology, uncontrolled cost, and poor channel construction and customer service.
“three step” plan stranded due to “lack of money”
As early as 2018, Yundu automobile once ushered in the “highlight moment”. In the whole year, it completed 9300 new car sales and 100% delivery rate, second only to Weilai automobile, which delivered about 11300 vehicles, ranking second among the new forces of car making.
However, since then, the development of Yundu automobile began to stagnate, the sales volume fell into a downturn, and the loss gradually increased. According to public data, in 2017, the net profit of Yundu automobile was -95 million yuan, the net profit in 2018 was -138 million yuan and the net profit in 2019 was -177 million yuan. By 2021, the loss of Yundu automobile has reached 213 million yuan.
For this reason, Yundu’s new car R & D and channel construction were once “paralyzed”. In 2020, Lin MI, one of the founders, returned to Yundu automobile more than two years later and became the CEO of Yundu automobile.
At that time, Lin Mi set the goal that “by 2025, Yundu automobile will rank among the top three brands of pure electric vehicles in China and participate in the global market competition on behalf of China Shanxi Guoxin Energy Corporation Limited(600617) brand. In the future, Yundu new energy’s models will no longer be limited to the field of passenger vehicles, but will also cover the product line of commercial vehicles, adopt the dual line layout of” developing both business and passenger “, and realize the complete sinking of marketing channels.”
According to the plan, Yundu automobile will focus on the research and development of modified models in 2020 and realize mass production in 2021; New models will be mass produced in 2023. Now nearly two years have passed, but Yundu automobile is gradually far from the above goals.
“Yundu has come to this stage. In addition to being limited by capital, it also has a lot to do with its announcement of shutdown at the beginning of improvement.” These people close to Yundu automobile believe that.
Cui Dongshu said that the slow iteration of product technology, insufficient construction of sales channels and inadequate user services have made the “fragile” Yundu car more and more difficult.
“After the new senior management team came in, we did work in three aspects: the first step is to resume the production of π 1 and π 3 models and help the supplier system; the second step is to modify the π 1 and π 3 models of 2017 model year. It is expected to develop the modified models in about a year and then put them into production; the third step is to develop the next generation of new products, including new models, new pure electric platforms and new generation power batteries.” On April 20, a Yundu auto executive said in a telephone interview with reporters.
However, in the end, Yundu automobile did not advance the above plan as scheduled, and the channel construction work was shelved again after the restart. “In 2020, we will pull up the stagnant dealer network in 2019 again. At present, there are less than 100 registered dealers in China.” The person in charge of Yundu automobile mentioned above.
“The three-step plan we made is a very good strategic goal, which is very in line with the current market development direction, but later, due to the shortage of funds, it finally led to the emergence of current problems. many times, a good game of chess is broken because of the lack of money .” The above Yundu auto executives said.
has a new controlling shareholder
In addition to shutdown and losses, Yundu’s financial difficulties are also reflected in the payment of employees’ wages. “Yundu hasn’t paid its employees for more than half a year. Since May last year, Yundu auto employees began to leave one after another, from more than 1000 at the beginning to hundreds now, of which only more than 100 employees remain in the production line.” These people close to Yundu automobile said.
In this regard, many insiders of Yundu automobile only said in a telephone interview that the company is currently in normal operation. However, an unnamed internal employee of Yundu automobile admitted to reporters that the company had not paid wages for almost half a year. “The reason why we insist until now is that everyone has ideals and works with an entrepreneurial attitude. At least new investors should come in and move forward together.” The internal staff of Yundu automobile, who asked not to be named, said.
According to the announcement issued by Fujian Haiyuan Composites Technology Co.Ltd(002529) the company that took over the 11% equity of Yundu automobile this time is Zhuhai Yucheng Investment Center (limited partnership) (hereinafter referred to as Zhuhai Yucheng) with Lin Mi as the executive partner. After the equity transfer is completed, the equity of Yundu automobile held by Zhuhai Yucheng will be increased from about 15.56% to about 26.56%. “After taking back the external shares of Yundu automobile, package it and sell it to Junyao group. Yundu automobile has been received (purchased) by Junyao group, and the two sides have signed an agreement.” The person familiar with the matter told reporters that the car is close to the cloud.
According to public information, Junyao group is a modern service enterprise focusing on industrial investment. Founded in July 1991, Junyao group has formed five business segments: air transportation, financial services, modern consumption, educational services and scientific and technological innovation. At present, there are (sh.6007) and (sh.6007) listed companies. Among them, Juneyao Grand Healthy Drinks Co.Ltd(605388) formerly known as Junyao dairy, the main product is milk, and then began to enter the lactic acid bacteria beverage market. It was listed in A-share in August 2020, known as “the first share of lactic acid bacteria beverage”.
Source: Junyao Group official website
In addition, Junyao group also owns Shanghai Huarui Bank Co., Ltd., Shanghai World Foreign Language Primary and secondary school, Shanghai Junyao Ruyi Cultural Development Co., Ltd. and other industries.
In Cui Dongshu’s view, Junyao group has strong funds. Its participation is a great benefit to Yundu automobile, which is in urgent need of funds.
For the statement that “Junyao has taken over Yundu automobile”, the above Yundu automobile related staff said that Junyao group had contact with Yundu automobile, but the company also had contact with other enterprises.
The person in charge of Yundu automobile said: “we can’t say anything about this matter yet. But the company will make some big moves in the near future.”
According to the above unnamed internal employees of Yundu automobile, Yundu automobile has a new controlling shareholder, but the specific situation is not clear.
It is worth mentioning that in November last year, there was news that Aichi automobile was contacting Junyao group, which may invest in Aichi automobile. Industry insiders believe that Junyao group and other enterprises want to cross-border build cars, mainly because they have a crush on the development prospect of the new energy vehicle industry.
According to the above-mentioned people close to Yundu automobile, Yundu automobile dares to tell the outside world that it can resume production around the end of June precisely because of the entry of funds from Junyao group .
According to Cui Dongshu, after the entry of new shareholders, Yundu automobile should not only increase the R & D investment in new products and technologies, but also adjust its early product positioning and make efforts in channel construction and customer service.
“After Yundu automobile funds are in place, we should pay attention to product R & D in the middle and low-end market, so that it will be possible to compete with other new energy vehicle enterprises.” Cui Dongshu thinks.
