Well -off shares: It is difficult to get cold back to Huawei

On the evening of July 15th, Xiaokang's shares disclosed that 137 million ordinary shares have been issued, and the total amount of funds raised was 7.13 billion yuan. After deducting the issuance costs, the company raised the net funds of 7.06 billion yuan. The number of new shares this time is equivalent to 1/10 of the original total share capital, and a total of 17 investors have been distributed. The most distributed was Guangfa Fund, with the amount of the distribution of 1.47 billion yuan. The last round of the well -off shares was in June 2021. At that time, the company raised 2.57 billion yuan, and the Guangfa Fund also participated in it. It was also the first issue of the distribution of distribution.

By cooperating with Huawei to build a car, Xiaokang's shares are entering the new energy field. In mid -June in June of June, Xiaokang was pushed in front of the public because the new energy vehicle "interrogation industry jointly created with Huawei and Huawei M5 "spontaneous combustion" was revealed. As soon as the report came out, Xiaokang's shares fell for many days.

With the big tree "Huawei", is it really good for a well -off shares?

01

Huawei "Ask the World M5" falls into a spontaneous spoil

Well -off capacity of Well -off shares is questioned

On the evening of June 13th, a Huawei mobile phone specialty store in Inner Mongolia started fire, and a Huawei asked M5 in the store was burned.

There are divergent opinions on the cause of fire, and many people attribute it to the concerns of the Sylis car under the "foundry" of the "foundry" of the "foundry" of the M5. In response, Selis responded that the stopping time of the vehicle in the store was later than the fire time, and it was possible that the fire source could not come from the vehicle itself.

But even so, there is no "suture" the outside world's trust in foundries. After all, before Huawei was involved, Xiaokang's shares focus on low -end new energy models. The Selis brand, which has been polished for several years, has never improved. It has never been produced in manufacturing more than 300,000 yuan. Therefore, in the production session, the outside world has always been doubtful for whether Xiaokang's shares can understand the high -end model of M5.

At first, Xiaokang was just a manufacturer of electrical appliances and car springs. It took the express train from Oriental Group to launch Dongfang Xiaokang. In 2011, the sales of Dongfeng Well -off miniature vehicles reached 1 million, which became a turning point for its transformation of the vehicle manufacturing. Five years later, a well -off shares were successfully listed. In 2016, at the time of the new energy vehicle wind, Xiaokang launched a new energy brand Selis in Silicon Valley in the United States.

However, at the beginning of the transformation, Xiaokang invested the money made in the fuel vehicle market and the funds that the capital market merged into the new energy sector, but Selis did not give the corresponding return. 732 units.

The first cooperation with Huawei opened the market for Selis. In early 2019, Huawei and Xiaokang held a comprehensive cooperation signing ceremony. The two parties carried out comprehensive cooperation in the fields of industrial Internet, ICT infrastructure, new energy vehicles intelligent, and networking. The stock price of well -off shares has also risen. After the first time, the first Sailus SF5 appeared in the Huawei offline exhibition hall, and sales began to improve.

The investigation and listing of the M5 created by the second cooperation of the interrogation world has achieved good sales. Data show that in May 2022, Huawei asked the M5's monthly delivery volume of 5006 units, and the sales of the same gear models jumped to the top three, with a cumulative delivery of 11,296 units. In the capital market, Xiaokang also took the shareholders of Huawei to make up. Wind data shows that in the past month (as of June 10), the stock price of well -off shares has risen by 96.8%, ranking first in the comprehensive passenger car sector.

However, both the market and capital are the big trees behind Huawei behind Xiaokang.

In this fire, the questioning of the capability of Xiaokang's car was intuitively responded to its stock price. On June 14, the stock price of Xiaokang's stock price fell as high as 5%on the day. At present, the market value of well -off shares has exceeded 100 billion. It is not consistent with the market value of 100 billion yuan, and Xiaokang's shares are still in a state of losing money. In the first quarter of 2022, the financial report of the well -off shares showed that the losses attributable to shareholders of listed companies in the first quarter reached 839 million yuan, and the loss of 533 million yuan in the same period last year; operating income of 5.131 billion yuan, an increase of 56.03%year -on -year.

The year -on -year narrowing and revenue growth points of losses in the quarter come from the increase in the sales of new energy vehicles in Xiaokang. Public data shows that in the first quarter, the production and sales of new energy vehicles in the well -off shares reached 17,400 and 14,200, respectively, an increase of 296.87%and 207.43%.

In March of this year, the first model of the AITO brand with Huawei and Huawei asked M5 to start delivery. According to statistics from the Federation of Federation, the sales data of M5 in March was 3045 vehicles, and the top ten sales of 200,000 to 300,000 yuan into new energy vehicles. Although the growth has achieved good results, in addition to traditional micro -vehicles and economy cars, the competitiveness of Xiaokang shares is obviously weak in the mid -to -high -end field represented by the SF5.

Under the blessing of Huawei's sales channels, the total annual sales volume is only more than 8,100, which is equivalent to the monthly sales of the three new forces "Wei Xiaoli".

Xiaokang's own hematopoietic ability is not enough to shoulder the first echelon car company. The loss of a well -off shares appeared for the first time in 2020, with a loss of 1.729 billion yuan, a year -on -year decrease of 2690.76%; in 2021, the loss of a well -off shares reached 1.824 billion yuan, and the loss further expanded. The reason for losses is mainly due to the transformation of the new energy vehicle market. The marketing costs, the surge in R & D costs, and the expansion of the team. In 2021, the R & D investment of Xiaokang shares was 1.948 billion yuan, accounting for 11.66%of the revenue, which was narrowed compared to 2020. Under the pressure of losses, Xiaokang's shares tried to spend a tight life through "blood transfusion". Earlier this year, the company announced that non -public offering of shares raised no more than 7.13 billion yuan, and the funds raised will be invested in projects such as electricized model development, factories intelligent upgrade, and user center construction.

But whether you can turn a loss to make a profit, there is still no fixed number.

02

Difficult to pick Huawei "foundry" hat

Although the big tree of Huawei is so cool, it also brings a lot of trouble to Xiaokang's shares.

In the past, "BMW Brilliance" became "BMW" and "Beijing Mercedes -Benz" was completely removed. After many imported models were domestic, they fell into the fate of being marked. For many car owners, it seems that it seems that the shadow of domestic production has become taller instantly.

A while ago, Xiaokang had just experienced a round of public opinion. This time it was not for imported cars, but a high -end brand AITO series of AITO series jointly developed by Huawei and Selis, the M5. Because Selis is far less well -known than a large brand like Huawei, some owners chose the "bid exchange" after buying the Huawei asked M5. "Logo.

Huawei had publicly stated that he would not build a car. This time with Selis's union is just cooperation. However, it is undeniable that the selling point of this car comes from the Huawei Hongmeng cockpit, and the core driving force comes from the Huawei Drive One pure electric driving process platform. Yu Chengdong, a smart car solution Bu CEO, personally took the goods to ask the M5 in person. He not only promoted this car on multiple occasions, but also drove it to return to his hometown and the next track.

Netizens teased that although "Huawei does not build a car, users come to build a car for Huawei."

It also reflects the lack of confidence in users in the Selis brand. Obviously, Selis's light was covered by Huawei's strength. Xiaokang's shares were very mindful about being passive by Huawei.

Zhang Zhengping, the chairman of Xiaokang's shares, responded: "The product is good or not, the market is calculated. If the product is not good, no one will buy no matter who the label is posted." factory". At the investor meeting at the beginning of the year, Xiaokang's shares specifically emphasized that they did not make foundries in the past and now, nor were they founded a foundry. Huawei created a joint business in -depth cross -border cooperation model.

In fact, this speech only applies to the cooperation of the last model SF5. Xiaokang shares are responsible for the supply chain links such as R & D, manufacturing and delivery, and Huawei is responsible for brand and channel sales. However, in the development process of asking the M5, Huawei led R & D and sales, and Selis was only responsible for providing relevant data support for it. According to Huawei Yu Chengdong, "In addition to providing key car hard components, Huawei mobile phone industrial design teams, software teams, and user experience teams also participate in cooperation."

It is dominated by Huawei. In the sales profit of this question world, Huawei is the main beneficiary. According to the "Finance Weekly" report, a Selis 4S clerk said that although the user places the order in the experience store, although the order processing is responsible for their user center, the rebate of the manufacturer is mostly given the experience store instead of Seli, not Seli Sales of Sri Lanka. For a well -off shares, the original intention of cooperating with Huawei is to improve the brand tone and take off the label of only low -end cars, but the result is to make wedding dresses for others.

Although the sales volume of M5 is now popular, the benefits that Xiaokang shares can be divided are not much, and the Huawei's manufacturing team is excessively relying on Huawei's manufacturing team, which brings huge risks. Recently, according to 36 氪 reported that Huawei Zhixuan Cars has been widened in the industry, and it has successively finalized the cooperation with Zhiqi, JAC Automobile, and Jihu Automobile, in addition to Jinkang New Energy.

If Huawei cooperates with other car companies in the future, the status of a well -off shares will be at stake. Perhaps Xiaokang shares can be completely transformed into a vehicle foundry, occupying the market with excellent manufacturing technology.

Author ｜ Zhang Yao

Edit ｜ Hu Zhanjia

Operation ｜ Chen Jiahui

Produced ｜ Zero -state LT (ID: lingtai_lt)

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