How much is the shortage of 400 sets of hippocampus sold?

In the face of the “delisting risk warning” after two years of losing money, Haima Motors came up with a new move – selling a house to survive. On May 16, Haima Motor announced that it plans to publicly sell 284 idle properties, plus 117 properties announced in April, Haima Motors will sell more than 400 properties. According to industry insiders, in the short-term, selling houses is conducive to alleviating the loss pressure faced by Haima Motors and reducing the risk of delisting. However, whether it can completely get rid of the operational difficulties will depend on the success or failure of Haima Automobile's transformation.

Selling houses "returning blood"

On May 16, Haima Motor announced that in order to optimize and revitalize the existing assets, the company intends to publicly sell the first district, the second district and the gold in the venture new village of Jinpan Industrial Development Zone, Haikou City, by means of hanging out in the second-hand housing market. Some of the idle properties next to Jinpan Avenue in Pan Industrial Zone, including 269 residential units and 15 commercial shops, the final disposal price is subject to the transaction price.

This is the second time that Haima Motors has sold properties in a month. On April 23, Haima Motor announced that it plans to hang out and publicly sell 36 idle properties in No. 40, Lane 399, Nanliu Road, Xuanqiao Town, Nanhui District, Pudong New Area, Shanghai, and Longhua, Haikou City, Hainan Province. 81 sets of idle properties in Haima Garden, No. 2-1 Jinniu Road.

In less than a month, Haima Motors wanted to sell 401 properties. As can be seen from the announcement, the original book value of the 401 properties is 67.176 million yuan, and the net book value is 28.268 million yuan. The original value of the real estate book refers to the cost of the initial purchase of the property. The transaction price of the property is not directly related to the original value of the book, but is linked to real-time market prices and policies.

The relevant person in charge of Haima Automobile told the Beijing Business Daily that the sale of the idle property of Haima Automobile was specifically handled by the relevant intermediary. The final disposal price was based on the transaction price, but did not disclose the specific progress of the property sales.

Behind the large-scale sale of houses is the loss of the hippocampus "blood bleeding." According to the annual report, in 2018, Haima Motor's net loss attributable to shareholders of listed companies was 1.637 billion yuan, and the loss increased by 64.65% year-on-year. In 2017, the net loss of Haima Automobile was 994 million yuan.

Due to losses for two consecutive years, Haima Motor recently announced that, in view of the negative audited net profit of Haima Auto in 2017 and 2018 for two consecutive fiscal years, according to relevant regulations, Shenzhen Stock Exchange will implement “stock trading”. The delisting risk warning”, the stock abbreviation changed from “Hai Ma Automobile” to “*ST Sea Horse”. According to the relevant regulations, if the company's audited net profit for 2019 continues to be negative, the company's stock will be suspended.

“The sale of a large number of properties this time may be a helpless move for Haima Motors to avoid the final delisting.” Economist Song Qinghui said that in the case of cold weather in the domestic auto market, it is bound to be dealt with by “delisting risk warning”. It will crack down on the A-share market investors, especially the confidence of small and medium-sized investors in Haima Motors, affecting the ability to finance, which will make the road to get rid of the hippocampus.

Sales decline

Continued losses are directly linked to the downturn in hippocampal sales. Haima Motor said in its 2018 annual report that "the company's auto sales have fallen sharply year-on-year due to the external environment, the company's category strategy and further product focus."

According to the data, as early as 2017, Haima Motor began to focus on its strategy. However, the implementation of this strategy is not smooth. At the beginning of 2017, Haima Motor set a sales target of 300,000 units, and only completed 140,300 units. In 2018, the sales volume of Haima Automobile was 67,500 units, down 51.88% year-on-year, of which SUV sales fell 50.92% year-on-year. In the first four months of 2019, the sales volume of Haima Automobile was 7,742 units, a year-on-year decline of 72.2%, of which SUV sales fell by 60.11% year-on-year.

Part of the reason for the poor performance of the hippocampus automobile market is that Haima Automobile founder Jing Zhu concluded that the first is the institutional constraints. The FAW Haima shareholders' meeting and the board of directors rarely convene normally, and the strategic decisions on products, investment, research and development are slow and inefficient. The effect is poor; the second is product investment failure. Before the hippocampus product project manager, most of them did not have innovation consciousness, causing at least 10 project failures; thirdly, inventory loss, due to random product decision-making, etc., caused a large amount of abnormal inventory in the past ten years; Assets, due to low operating levels, blindly pursue scale, expand factories, cause idle capacity; fifth, the system is rigid.

“At present, sales in the second and third tier markets are sluggish, and the pressure on independent brands is even greater.” Jia Xinguang, an auto industry analyst, believes that the main problem of hippocampus is the lack of a best-selling model, which is not significantly competitive in traditional fuel vehicles. There is no breakthrough in the energy car.

Old man out of the mountain

It is worth noting that under the predicament, on May 15, Jing Zhu was re-elected as chairman of Haima Motor. As one of the founders, in 1988-1997, Jingzhu served as technician, workshop director, assistant to plant manager and agent of Hainan Automobile Manufacturing Factory. Since 2004, Jingzhu has served as chairman and party secretary of Haima Automobile Group; Jingzhu applied to resign as a director and chairman of the company.

After re-electing the chairman of the board, Jing Zhu stressed that he "resolved to return to the front line, recreate the hippocampus and lead the employees to start their business for the fourth time." For the future of Haima Auto products, Jingzhu said that Haima Motor will focus on developing strong-powered intelligent SUVs, high-security smart MPVs and variable-platform pure electric vehicles. In the five technical directions of deep mixing and insertion mixing, pure electricity and extended range, fuel and range, intelligent interconnection and automatic driving, the company is leading the innovation at the highest level.

It can be seen that the new energy will be the focus of the future layout of Haima Motor. In fact, in July 2018, Haima Motor announced that it would “eliminate traditional fuel vehicles in 2025” and plans to launch three platforms and four series of models within two years. All models will launch hybrid versions of oil and electricity, after 2020. A new energy modular platform will be launched.

In March 2019, the Ministry of Finance and other four ministries and commissions issued the "Notice on Further Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles." In the 2019 subsidy policy, new energy vehicles with a cruising range of less than 250 kilometers will no longer enjoy subsidies, and subsidies for other models will also shrink significantly.

Hippocampus official website shows that at present Haima Motor has three new energy models for sale, A00 pure electric car Ai Shang EV, A-class pure electric car E3, pure electric MPV Pulma EV. However, the best-selling Aishang EV has a total cruising range of only 160 kilometers.

In the 2018 annual report, Haima Motor declared that “the company’s annual sales of new energy vehicles was 10,500 units, a year-on-year increase of 73%”. However, during the same period, BYD's new energy vehicle sales were 247,800 units, and Beiqi New Energy achieved sales of 158,000 units.

"In the new energy market, the hippocampus has been left behind by opponents." The industry believes that although Haima Motors has put the treasure on new energy vehicles, but in foreign luxury brands and domestic joint venture brands have added to the field, the hippocampus The transformation prospects of the car are not optimistic.

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