·CRRC passengers launch new energy vehicle market

On July 12, the reporter learned from the official website of the Beijing Property Rights Exchange that the long-term passenger price of CRRC was 53.706 million yuan, and transferred the entire equity of its subsidiary Jilin High-tech Electric Vehicle Co., Ltd. (hereinafter referred to as Gaoxin Electric), officially bidding farewell to the new energy vehicle market. The reporter found that the company has suffered losses for many years in a good situation in the industry.
It is worth noting that China CRRC (9.370, -0.06, -0.64%) has paid considerable attention to new energy vehicles in recent years, but the tram business in the north and the south is "two days of ice and fire." The Zhejiang electric car assets originally belonging to the CSR section earned hundreds of millions of yuan last year and are well-known in the industry. The high-tech electric power in the north is backed by the “big tree”.
In this regard, the "Daily Economic News" reporter contacted China CRRC and CZ Changke related people, but the other party did not make a clear response.
CZ Changke electric car suddenly exited
As an important business segment of China CRRC, CMB's main business is mainly related to railway passenger cars, EMUs, urban rail vehicles and accessories. The net profit for 2015 was 3.25 billion yuan. In June this year, it also signed a contract with Bangkok MRT Co., Ltd. for the sale of a subway vehicle of approximately RMB 1.22 billion.
Not far from the time of exporting subway locomotives, CMB Changke was listed on the property rights exchange on July 12 to transfer a 51% stake in Gaoxin Electric, which means that its electric vehicle business attempted to “suddenly exit”.
The listing shows that the current high-tech electric has been insolvent. As of the end of last year, the total assets were 137,764,200 yuan, the total liabilities were as high as 163,377,400 yuan, and the net assets were only -2,604,320 yuan.
According to industry and commerce information, Gaoxin Electric was established in 2009 with a registered capital of 81.12 million yuan, mainly engaged in the research, development, production and sales of automobiles (excluding cars) and parts sales, power motors and power battery charging cabinets. Its other 49% equity is held by Changchun High-tech Venture Capital Group Co., Ltd. (hereinafter referred to as Changchun High-tech), a state-owned enterprise of Changchun High-tech (106.960, -2.00, -1.84%).
The reporter noted that as one of the predecessors of China CRRC, CNR announced in January 2013 that it agreed to acquire the 35.59% stake in Gaoxin Electric held by Changchun High-tech Co., Ltd. and agreed to the North. The car long passengers increased their capital by 30.934 million yuan. After the equity transfer and capital increase were completed, CRRC Changke became the controlling shareholder of Gaoxin Electric.
The long-distance passengers who have a large number of advanced locomotive manufacturing technologies have also failed to save their performance, and high-tech electrics are gradually in a dilemma. The reporter found that Gaoxin Electric had involved 35 lawsuits and was included in the blacklist of the untrustworthy. At the same time, Gaoxin Electric still owes nearly 8 million yuan of business transactions to listed companies such as China Baoan (14.300, 0.12, 0.85%) and Chengfei Integration (47.170, 4.29, 10.00%). The above companies all said in the annual report that “recommended recycling” difficult".
Back to the "big tree" against the market loss of 15 million
Backed by the "big tree" of the mid-car passengers, standing in the "window" of the explosive growth of new energy vehicles, the high-tech electric "sudden exit" made the industry people quite confused.
2015 is the "big year" for the new energy auto industry to soar. Relevant data show that in 2015, China produced a total of 379,000 new energy vehicles, a four-fold increase over the same period last year. In this round of tides, new energy buses have become “trends” and even “sweet” in the capital market.
In this market environment, high-tech electric can be described as "anti-market". The listing information shows that its revenue last year was only 256,400 yuan, and the net profit was 15.35.42 million yuan. In the context of the high unit price of electric buses and special vehicles, this also means that high-tech electric vehicles may not be able to sell one car. In the first half of this year, high-tech electric revenue was only 128,200 yuan, with a loss of 6,587,700 yuan.
State-owned expert Zhu Boshan said to the "Daily Economic News" that the reason why the CSR long-term passengers should have a technical advantage in the first place is that they want to have a role in controlling the controlling stake. The “contrarian losses” of Jilin electric vehicles may be more related to the internal mechanism and marketing system of the company.
The reporter noted that at the end of June this year, Gaoxin Electric also signed a cooperation agreement with Ankai Bus (7.640, 0.06, 0.79%) for trademark and technology patent licenses, trying to assemble and sell the whole vehicle with Ankai brand, parts and technology. . The staff of Ankai Bus’s secretarial office told the reporter that Gaoxin Electric (Northern Electric Vehicle) should have its own marketing channels.
Chen Jingyi, an independent observer of the auto industry, told the reporter of "Daily Economic News" that although the long-haul passengers of Zhongche are sitting on the top of the central enterprises and their various advantages, their main business is the manufacture of locomotives, which may not necessarily invest a lot of resources in the new energy vehicle sector. In addition, the passenger car manufacturing field is more suitable for the “short and fast” business model, but the long-haul passengers may be more complicated in the process, resulting in long cycle of development of new products and high cost, which is not conducive to market competition.
Zhongche electric car "Ice and Fire Two Heavens"
Although CRRC passengers are “disappearing” on new energy vehicles, CRRC has a strong interest in new energy vehicles in recent years. In its annual report, new energy vehicles have also been included in the development plan of emerging industries, and the current operation of the electric vehicle business originally belonging to the CSR section can be described as a boom.
In the case of Gaoxin Electric's revenue of only 250,000 yuan last year, China Electric's subsidy for electric vehicles in Zhuzhou City has reached nearly 500 million yuan. This is mainly due to Hunan Chongzhou Times Electric Vehicle Co., Ltd. (hereinafter referred to as CSR Times) under the license of CZ Zhuzhou Electric Locomotive Research Institute Co., Ltd. (hereinafter referred to as CSR).
In 2007, before the merger of the North and South cars, CSR Zhuji established the CRRC era with investors such as Sany Group, becoming the first domestically approved vehicle for new energy vehicles, powertrain assemblies and key components. R&D and manufacturing of automotive companies. In the first three quarters of 2014, it was also in a state of loss, but in 2015, its operating income reached 2.187 billion yuan and its net profit reached 92.85 million yuan.
For the layout of the new energy vehicles of China CRRC and the “two-days of ice and fire” in the north and the south, Chen Jingyi said that CSR has paid more attention to the sector and the operating mechanism is relatively flexible. However, with the development of new energy vehicles, the advantage of the CRRC era in the new energy bus market is gradually decreasing, "it is not the first echelon."

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