Yinlong Co., Ltd. is exposed to problems, and Yinlong is currently in the state of “internal rectification”

Recently, Yinlong New Energy Co., Ltd. (hereinafter referred to as “Yinlong”) invested by Chairman of Gree Electric Appliances Dong Mingzhu has attracted much attention. The company’s Hebei Yinlong New Energy Co., Ltd. was exposed to overcapacity of electric vehicle batteries and some employees. Resignation and other circumstances.

An industry insider who asked not to be named told reporters that Yin Longhai, the founder of Yinlong, left some black holes in the company. At present, Yinlong is in the state of “internal rectification”, improving management level around product quality, supply chain management, manufacturing and so on. .

Jia Xinguang, an auto industry analyst, told reporters that Yinlong’s battery capacity is “not a simple surplus”. Ningde era has both technology and capital, and has now become the world's largest supplier of car batteries. Different from the ternary material battery technology route in Ningde era, Yinlong has been pushing lithium titanate batteries, and the development direction of future car battery technology has not yet become clear.

Net profit fell by 70%

Last year, after the birth of Dong Mingzhu as the second largest shareholder, Yinlong quickly circulated around the country.

According to the official website, there are currently nine industrial parks in Yinlong, including industrial parks in Zhuhai, Handan, Shijiazhuang, Chengdu, Lanzhou, Tianjin, Nanjing and Luoyang, as well as American Titanium Nanotechnology Co., Ltd.

After the entry of Dong Mingzhu, the pace of expansion of Yinlong has obviously accelerated. For example, in August 2017, Yinlong signed a cooperation agreement with Luoyang. The total investment of Yinlong New Energy Luoyang Industrial Park is 15 billion yuan. After completion, it will realize an annual output of 10,000 pure electric commercial vehicles and an annual output of 5,000 pure electric special vehicles. With an annual output of 5,000 new energy sanitation vehicles, as well as new energy pickup trucks, pure electric agricultural machinery and other new energy vehicles.

In 2017, Yinlong's target is 30,000 new energy vehicle production capacity with sales of 30 billion yuan; the production capacity target for 2020 is 100,000 units. However, the reality is cruel. In 2017, Yinlong’s performance was not optimistic. While the revenue increased slightly, net profit fell by nearly 70%. The unaudited annual report shows that Yinlong's operating income in 2017 was 8.752 billion yuan and net profit was 268 million yuan. As of December 31, 2017, the company's total assets were 31.512 billion yuan and total liabilities were 23.767 billion yuan. In 2017, Yinlong’s net profit fell by 67.94% compared to 2016.

In terms of car sales, Zhuhai Yinlong has more than 6,000 electric bus orders in 2017, which is far from the original plan of 30,000 cars. In fact, Yinlong sold only 3,355 pure electric buses in 2017, and its sales volume is close to that of 6,200 in 2016.

From the perspective of battery sales, according to the statistics of trams, in 2017, Yinlong Automobile's power battery has a total of 59 products, of which only three products are not produced by Yinlong. The battery of Yinlong is mainly digested by itself.

Since the end of last year, Yinlong’s car orders have been reduced on a large scale, and production has plummeted. From January to March 2018, the sales volume of new energy passenger cars nationwide increased by 328% year-on-year, and the sales revenue and sales volume of the passenger car industry showed a double growth trend. Among them, the sales revenue was 13.98 billion, an increase of 38.6% year-on-year; the passenger bus industry in China, with a total length of more than 5 meters, sold 35,117 vehicles, a year-on-year increase of 20.9%. With the support of the policy, the new energy bus has increased its sales and sales revenue for the first quarter. The sales of new energy buses totaled 8,607, including 8,198 buses and 409 highways. From January to March this year, the national new energy buses are in a state of high growth.

Yinlong’s sales are not so optimistic. From January to March this year, Zhuhai Yinlong ranked seventh in the ranking of new passengers and bus sales of Chinese bus companies. The sales volume was 499 and 475 respectively, while in March, its new energy bus sales were only 68. The number of buses sold was only 45 vehicles. In March, it was supposed to be a time when the auto market was picking up, but the sales of Zhuhai Yinlong suffered a cold winter.

Technical defects or expansion too fast

At the "2018 re-launching" large-scale party held on the evening of May 16, the reporter noticed that hundreds of bus buses responsible for picking up and dropping passengers were mostly Yinlong electric buses, and the body was also printed with Dong. Pearl is a large advertisement for the Gree home central air conditioner.

However, the reporter did not appear in the core partner album of Gree Electric Appliances in the hands of the guests.

Last year, Gree's smart equipment business revenue achieved a rapid growth of more than 200 times, most of which came from the related transactions of selling smart equipment to Zhuhai Yinlong.

A senior person in the Chinese home appliance industry told reporters that Yinlong is not in this album. It may be that Dong Mingzhu wants to “avoid suspicion”.

However, the development of Yinlong is full of ups and downs.

The first is the technical issue. The above-mentioned seniors in China's home appliance industry analyzed with reporters that he visited Toyota six years ago. At that time, Toyota was developing hybrid technology and nickel-metal hydride batteries. At that time, it charged for 2 hours and ran for 800 kilometers. Now it charges for 3 minutes and runs 1000. Kilometers, and nickel-metal hydride batteries are not polluted. He believes that lithium batteries are a transitional technology. “Lithium titanate battery is a technology that has been eliminated by Japan and the United States because the density is too low and the cruising range is short.”

Guangtong Auto, a wholly-owned subsidiary of Zhuhai Yinlong, uses a lithium titanate battery to produce a bus that is not far away. It takes about 30 kilometers to go back and forth every time it runs, and there is a serious battery life problem. It is because of this inconvenience that Wu'an City, Hebei Province, has switched some electric buses from towns and towns back to fuel buses.

Recently, due to problems in the sales of Guangtong Auto, orders suddenly decreased, which directly led to the supply of batteries to Hebei Yinlong New Energy Co., Ltd. also fell into overcapacity, backlogged a large inventory.

It is reported that there are a total of five battery production workshops in Yinlong, Hebei. In the case of normal production, the number of staff in a workshop is approximately 700. Now only one of the workshops, this time more than 600 employees.

Recently, employees of various workshops in the Yinlong factory in Hebei Province were notified and were required to participate in a one-month training period until May 31. Employees who are unable to attend training on time will be removed by default.

For the above report, an industry insider who is close to Gree said that Yinlong is not willing to accept media interviews. At present, Yinlong is undergoing internal rectification, and too much external intervention may cause conflicts at the shareholder level.

Followed by funding issues. The rapid expansion has led to a significant increase in costs. Li Zhi, vice president of Yinlong New Energy’s finance department, said that since many industrial parks are currently under construction and the state’s subsidies for new energy vehicles have not been paid, Yinlong will not be able to make ends meet in 2017. The total funding difference is about 4 billion yuan.

On January 10 this year, a photo of a Zhuhai Yinlong supplier, Zhuhai Siqi Company, who was collecting debts at the Yinlong Gate in Zhuhai, caused a hot discussion on the Internet. Although Zhuhai Yinlong later denied malicious arrears, it admitted to refusing to pay Zhuhai. The fact that Siqi has part of the payment.

In view of the above unfavorable conditions and the cold weather in the new energy bus market, Yinlong plans to switch to the passenger vehicle market. At the Beijing New Energy Auto Show last year, a new energy electric SUV from Yinlong was unveiled, which was also seen as a signal for Yinlong to enter the passenger car market.

Talking about the future trend of Yinlong, Jia Xinguang suggested that the industry trend research should be done first; secondly, the core technology, electrode, diaphragm and electrode liquid are the key components and materials of the battery, and breakthroughs are needed to grasp the initiative.

Will Dong Mingzhu’s new energy car dreams die? Jia Xinguang believes that the electric vehicle industry is still developing, and the demand for car batteries is also increasing. However, there are many blind investments in the auto industry, and many people still don’t know much about the auto industry. Tesla has "burned" tens of billions of investment and does not know when to make a profit.

It can be seen that the profit model of the electric vehicle industry has not yet matured, and a virtuous cycle of self-hematopoiesis has not yet formed. Cross-border “making cars” needs to be more rational and prudent.

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