The technical route does not work, coupled with the high debt, the game of Greti seems to have become a dead end. If you don't stop the loss in time, even if you charge "employee training fees" to make up for the hole, you are afraid that it will only be a drop in the ocean.
Written by |Forest Order.
Produced by |Zero Carbon Knowledge Bureau.
Recently, Gree has been a topic of conversation, and behind the turmoil, it is inseparable from its head Dong Mingzhu.
Dong Mingzhu angrily reprimanded former employee Meng Yutong for 'borrowing the platform to be an Internet celebrity'" This entry occupied the hot search a few days ago, pushing Gree to the forefront of the storm for a while, in the eyes of the public, Dong Mingzhu's move seems to have lost the pattern.
And on December 21, which must have been a sleepless night for many Gree people, Gree released its 2023 annual performance forecast in the early morning.
Among them: the company expects a net profit of 27 billion yuan and 29.3 billion yuan in 2023, a year-on-year increase of 102%—19.6%；The net profit attributable to the parent company after deducting non-profits was 26.1 billion yuan to 27.8 billion yuan, a year-on-year increase of 88%—15.9%；The total operating income was 205 billion yuan and 210 billion yuan, compared with 1901 in the same period last year5.1 billion yuan.
The market generally expects that the total operating income of Gree Electric Appliances will be 204 billion yuan, and the net profit attributable to shareholders of listed companies will be 2708.5 billion yuan, and Gree's performance forecast obviously exceeded market expectations. According to the announcement, in 2023, the company's operating performance will be stable and upward, and its revenue and profit will increase compared with the same period last year.
The market value evaporated, and the disaster caused Yinlong
On the evening of the 19th, Gree Electric Appliances issued an announcement: it intends to increase its holdings of its holding subsidiary Gree Titanium New Energy Co., Ltd. *** hereinafter referred to as "Gree Titanium" and "Target Company") shares by transferring the shares held by existing shareholders, and the company has signed the "Share Transfer Agreement" with 12 counterparties on December 19, 2023, intending to transfer its total holdings of Gree Titanium 27,072320,000 shares (2454%), trading at 101,533280,000 yuan.
The day after the announcement,Gree Electric's share price**709%, the company's market value evaporated more than 13 billion yuan in 1 day. Clearly, investors aren't buying it.
Why is the outside world not optimistic about Gretitan?This has to start with the predecessor of Gretitanium.
Founded in 2008, Gree Titanium, formerly known as Zhuhai Yinlong New Energy Co., Ltd., is a global comprehensive new energy industry group integrating lithium titanate core materials, batteries, motor electronic control, charging equipment, intelligent energy storage systems, pure electric vehicle research and development, production, sales and power battery echelon utilization.
And Dong Mingzhu has long had the idea of increasing new energy. December 2016,Dong Mingzhu plans to acquire Yinlong New Energy through Gree Electric Appliances for 13 billion yuanHowever, it was opposed by the board of directors, and the acquisition was ultimately rejected by minority shareholders.
Due to the disruption of the plan, Dong Mingzhu even said harshly to investors at the shareholders' meeting: "I won't give you dividends for five years, what can you do to me?"”
Despite this, Dong Mingzhu did not give up. At the end of 2016, Dong Mingzhu paid out of his own pocketInvest 1 billion yuan in the name of an individualIt also brought in 5 investors such as Wang Jianlin and Liu Qiangdong to follow, with a total investment of 3 billion yuan and won Zhuhai Yinlong 2239% equity.
Subsequently, Dong Mingzhu pledged 1.6 billion yuan from Gree's equityTake 17With a 46% equity ratio, it has become the second largest shareholder of Yinlong New Energy.
In the past few years, the development momentum of new energy was strong, and Dong Mingzhu was full of confidence to bet on Yinlong, wanting to gain a foothold in the field of new energy, but his expectations were ultimately disappointed.
Yinlong in 2018 can be described as stretched. The sprint IPO failed, the financing was in trouble, and the finances completely collapsed. Chairman Wei Yincang fled in a hurry with 1 billion yuan in cash, and General Manager Sun Guohua was imprisoned.
As of 2021, Gree Electric Appliances contributed 182.8 billion yuan won the bid for Yinlong 3047% of the equity, at the same time, Dong Mingzhu, chairman of Gree Electric Appliances, holds 1746% of the equity, and its corresponding equity is entrusted to Gree Electric AppliancesGree Electric holds a total of 47 Yinlong93% of the voting rights。As a result, Yinlong New Energy became a holding subsidiary of Gree Electric Appliances, and Yinlong New Energy changed its name to Gree Titanium New Energy Company.
And Greti's operating data is as disappointing as its predecessor Yinlong.
According to Gree's public disclosure data, as of December 31, 2022, Gree Titanium's total assets were 2502.4 billion, debt 2478.6 billion, accounts receivable 237.3 billion, with a total owner's equity of 23.8 billion. In 2022, Greti's revenue will be 258.7 billion, operating profit -196.9 billion, net profit -190.5 billion. As of June 30, 2023, Greti's total assets were 2431.1 billion, total liabilities 2424.5 billion, accounts receivable 14400 million, operating profit -14.2 billion, net profit -17.1 billion.
Gree Titanium continues to be in a state of loss, which is really worrying. And Dong Mingzhu also said frankly at a shareholders' meeting this year, "Gree Titanium's big hole needs time to be filled slowly." ”
Despite this, according to the announcement of Gree Electric Appliances, Gree Electric Appliances also plans to acquire Gree Titanium by no more than 30.4 billion shares (i.e. no more than 2753%), which also means,Gree Electric plans to wholly acquire Gree Titanium, and the total transaction will exceed 2 billion yuan.
After Gree Electric released Gree Electric's 2023 annual performance forecast and the company's supplementary announcement on foreign investment and related party transactions overnight, when the market opened on December 21, Gree Electric's share price opened at 311 yuan share, the stock price has rebounded from the previous day.
A one-man
For Greti, although others are not optimistic, Dong Mingzhu still devotes himself to it without hesitation.
Dong Mingzhu passed Gree Electric with about 101.5 billion yuan to acquire 2454% of the shares. Gree Electric said that after the completion of this transactionGree Electric will control the total share capital of Gree Titanium 7247% of the voting rightsand plans to proceed with the transfer of the corporate agreement in the next 12 months2753% of Greti's shares.
Among the 12 parties to the transaction, Beijing Automobile Guangxing Information Technology is 100% owned by Jingdong Century, and Liu Qiangdong was once the legal person of Jingdong CenturyBeijing Honghang Culture and Creativity is 100% owned by Beijing Hongge Technology and Culture, which is a wholly-owned subsidiary of Wanda Group, and the actual controller behind it is Wang Jianlin.
After the transaction is completed,Wang Jianlin and Liu Qiangdong officially withdrew from Gree TitaniumIt can be seen that the big guy also wants to escape from this bottomless pit as soon as possible.
The acquisition of Gree Titanium can be said to be Dong Mingzhu's carnival alone.
Gree titanium mainly goesLithium titanateRoute. Because of the characteristics of large size, high safety, wide temperature resistance and long life, it is more suitable for large buses, such as buses and special vehicles.
Advantages of lithium titanate batteries:
High security, large magnification;
Fast charge and discharge (up to 50C continuous charge and discharge, support 70C pulse charge and discharge) ;
Wide temperature range (with -50 60 temperature range charge and discharge capability);
Long life (more than 40,000 cycles).
Disadvantages of lithium titanate batteries:
Low density;Large size;
Relative cost is high.
Under the high subsidy of the state for new energy buses, Yinlong New Energy has a good momentum of development. However, with the reduction of state subsidies, Yinlong's performance plummeted, from 7,278 annual sales in 2018 to 2,708 in 2019. In recent years, sales have been declining due to limited demand for large buses. In 2022, the sales volume of passenger cars above 6 meters and Yinlong Automobile will be 1,789, a year-on-year decrease of 1165%。
At present, the mainstream of electrochemical batteries is lithium phosphate batteries and ternary lithium batteries, including sodium-ion batteries, flow batteries, solid-state batteries and other late-stage rookies, while lithium titanate batteries are difficult to be recognized by the market.
The technical route does not work, coupled with the high debt, the game of Greti seems to have become a dead end. If you don't stop the loss in time, even if you charge "employee training fees" to make up for the hole, you are afraid that it will only be a drop in the ocean.