Zhou Hongyi retreated, there is not much time for Nezha cars

Produced ｜ Pai Finance

Text ｜ Xin Youji Editor | Paid Son

The 360, which came by Nezha, unexpectedly gave up some of the gain.

On June 26, the 360 ​​Security Technology Co., Ltd. issued an announcement saying that the 360 ​​Full -owned subsidiary 360 Private Equity Fund intends to transfer the ex -equity of the corresponding Nezha Automobile 3.53%of the equity to two limited partnerships to the two limited partnerships. The transfer consideration is 0 yuan. After the equity transfer was completed, 360 still held 11.4266%equity of Nezha Automobile.

Earlier, 360 Company plans to invest 2.9 billion yuan in Nezha Automobile, and pay 900 million yuan and 1 billion yuan in investment funds twice. At present, 1 billion yuan of investment funds have not been paid. For the transfer of the equity, the reception party is the shareholder of Jiaxing Xinzhu equity investment partnership (hereinafter referred to as "Jiaxing Xinzhu"), and Shenzhen sincerely opens the enterprise management center (hereinafter referred to as "Shenzhen sincerity").

Less than a year ago, Zhou Hongyi's words were still in the ears, and the investment in Nezha was also regarded as a major layout of 360 cars. Since the beginning of this year, the average monthly sales of Nezha Motors have exceeded 10,000, and they have become the "first echelon". The flagship model of the Nazha S flagship that has opened in the pre -sale recently has not been refunded. Earlier, there are news that Nezha Automobile will go to Hong Kong IPO this year. Why is the promising Nezha car, why was abandoned by the "second largest shareholder" at this time? Why does 360 choose to transfer the benefits at this stage?

01, 360 "Let go" the truth of Nezha Automobile

The car building is like climbing Everest. "The mountain is there, you always have to try it once." When it was announced in 2021, the chairman and CEO Zhou Hongyi of 360 Company said.

However, in order to avoid making mistakes when making mobile phones, Zhou Hongyi decided to act as a supporting role. The role he set for himself was "doing things related to the experience related to Internet product experience in smart driving, Internet security, smart cockpit."

This attitude and model of cooperation also laid foreshadowing for the 360 ​​-in -interest transfer transfer. Regarding the change of equity, the 360 ​​response is to support the reconstruction of Nezha Automobile's shareholding system. Zhou Hongyi said that Nezha Automobile is also a startup company, which needs to allow the founder team to lead the company, rather than completely dominated by capital, but now the founder team has too few equity.

Earlier, public reports supported Zhou Hongyi's view, reporting showing that the three largest holders of Nezha Motors were representative Yichun State -owned Assets, Nanning State -owned Assets and Sichuan State -owned Assets Yichun Jinhe (9.9773%), Nanning Minsheng New Energy Production Investment Investment (14.0348%) and Beijing Huading's new power (12.3033%), while Tongxiang Zhonghe, Shanghai Zheio Industry, the founder team, and the founder Fang Yunzhou's total shareholding of only 7.2%.

However, Zhang Yong, the co -founder and CEO of Nezha Automobile, recently responded that the holding information was inaccurate and the team held more than 20%. Zhang Yong responded to the media in 2020, saying: "At present, the capital is mainly from local industrial funds, accounting for more than 60%, and the team accounts for over 20%. And some natural persons. "

From the perspective of public information, the two companies who took the list had nothing to do with Nezha Automobile, which belonged to the new external shareholders. In other words, the 360 ​​-abandoning 3.53%equity corresponding to the equity of the equity of the entire entrepreneurial team is not greatly impact, and it will not play a decisive role.

According to Shen Meng, executive director of Kan Song Capital, it may be that the internal investment plans are changing. "The so -called optimized equity structure is just an official term. Even if three or six0%of Nezha cars account for more than 90%of the shares, it will not hinder its listing."

The adjustment of the equity is also regarded as preparing for the IPO. In the announcement, Nezha Motors stated that it is promoting the industrial and commercial change of this round of financing and will quickly start the company's shareholding system restructuring work. Stock reform is a necessary procedure for the company before listing, so that the company's property rights are clear and the equity structure is reasonable.

Nezha Automobile Announcement said that after the transfer of some of the 360, it still holds more than 10%of the equity of Nezha Automobile, which is an important shareholder of Nezha Automobile. In fact, even if you are not ready to continue funding, 360 has made a lot of money. According to public information, 11.4266%of the Nezha Automobile currently held in Sixty Sixty, corresponding to about 3.245 billion yuan. Before the investment of 1.9 billion yuan before the three sixty-sidet, the investment has exceeded 1.3 billion. Yuan.

就在本次增资权转让之前，哪吒汽车已经在2022年连续5个月处于造车新势力销量前两名，并在数日前开启了新旗舰哪吒S的预售，在张勇口中， This "best coupe" has performed well in the "best coupe". On the day of the pre -sale, the orders of Nezha S Ya Shi have reached 683 units, and the orders of other models of Nezha S. Yao Yao.

No matter from which angle, Nezha Automobile has gradually improved, at least it performs well in making money for investors.

What is incomprehensible is that the Nezha car with dozens of small targets for 360 a year makes 360 no interest? An important fact is that as an investor 360, it has also entered a bottleneck period in the past two years. According to the financial report, as of the end of 2021, the cash flow generated by 360 business activities was only 165 million yuan, a decrease of more than 90 % year -on -year; as of March 31, 2022, its cash flow was 310 million yuan, a decrease of 23 year -on -year decreased by 23 %. At the same time, the net profit of 360 in 2019 was 5.980 billion yuan, down to 2.913 billion yuan in 2020, and the net profit in 2021 dropped to only 902 million yuan, a year -on -year decrease of 69.02%. However, the reason for the 360 ​​"letting go" Nezha car is more speculated to stop the loss in time.

02. Selling a loss of half of the car, the problem of losing money by the Nezha car

Lost loss is the most serious issue facing Nezha Automobile.

In this announcement of abandonment of gain, 360 exposed the financial situation of Nezha Motors. According to the announcement of the 360s, as of the end of 2021, the total assets of Nezha automobiles were 13.69 billion yuan, the total liabilities were 8.328 billion yuan, and the net assets were 5.362 billion yuan. In terms of performance, the company realized revenue of 5.735 billion yuan in 2021, net profit, and net profit. Losses were 2.908 billion yuan, an increase of 1.58 billion yuan from the previous year, and a total loss of 4.22 billion yuan in two years.

However, this loss is normal in the car industry. The three-year-old car "Weilai, Xiaopeng, Ideal" in 2021 was 4.02 billion yuan, 4.86 billion yuan, and 670 million yuan, respectively. During the reporting period from 2019 to 2021, the loss of 13.628 billion yuan in the past three years.

From the perspective of long -term investment, losses are not the first consideration of investors' departure, and their own hematopoietic ability is the decisive factor.

Since Nezha V, Nezha Motors has determined the positioning of the low -end market. According to the data of Nezha Motors, Nezha delivered a total of 1,1009 units in May this year, and the delivery volume was 49,974 in the first five months, but its sales volume, but its sales volume, but its sales volume The main contribution model is contributed by the Nazha car small SUV model "Nezha V".

In May 2022, Nezha V's delivery volume was 7,884, accounting for 71.6%of the total sales in May, and the price range of Nezha V V is 7.49 to 123,800 yuan, which is still within the "low -end" price range.

The positioning of this "building for the people" 360 Zhou Hongyi recognized. The logic is simple, because, no matter at any time, the low -end market is the largest market in the space. According to data from the Federation of Federation, the sales volume of passenger cars in 2019 was 21.09 million, most of which were less than 150,000, accounting for 60.4%. The proportion of 150,000 to 300,000 reached 29.8%. More than 300,000 models account for 9.8%.

It is also relying on the excellent performance of the low -end market. Nezha cars caught up with Weilai and ideals in terms of sales, and became the new forces of cars second only to Xiaopeng Automobile. However, the low -end models also have a huge disadvantage -the profit margin is too low. According to the data of the Federation of Federation, in 2021, the number of delivery of Nezha Motors reached 69,674 units, and the average price of each car was about 82,000 yuan. The average loss of a car exceeded 40,000 yuan, basically selling one loss. Too low profit margins will directly lead to the low valuation of Nezha and the value -added of investors' wealth.

He Xiaopeng had stated that smart cars below 150,000 could not be profitable, and Zhou Hongyi firmly opposed it. But the facts of the losses of Nezha cars prove that He Xiaopeng said. In order to find the growth curve, after a year, Nezhayi entered the high -end smart line without hesitation.

Zhang Yong said that the keywords of Nezha Automobile in 2022 are "upward", realizing product upward, brand up, and target markets. As an important carrier of this keyword, Nezha S assumed the main task.

Nezha S is positioned in Zhiqu high -energy electric coupe, but because the pricing is as high as 338,800 yuan, many consumers are surprised. From low -end to high -end, Nezha Automobile rely on stacking technology content and directly cross the mid -range models. Obviously, Nezha was in a hurry.

But another problem also follows. The high -end is not just simply put together the technology, nor is it high or high -end. It requires processing, services, technology, cognition and other aspects. In terms of technical point of view, it is a high investment, and even the cost of autonomous driving will be higher in the future.

The premise of making money by high -end cars is to burn money first. According to Weilai Li Bin, the lower limit of this number is now 40 billion yuan. However, so far, the total financing of Nezha Automobile has only 14 billion yuan, and the gap is still not small. Even with the support of money, how many opportunities can Nezha win in the competition with Wei Xiaoli? Zhou Hongyi, who had once made a mobile phone, certainly knew how difficult it was.

In this case, the larger and longer losses seem to have become the fate of Nezha's upward counterattack, and it is unknown whether it can be upgraded in the end. Therefore, Zhou Hongyi naturally does not need to continue to "shuttle", and conservatively watching is sometimes a wise choice.

03. There is not much time left to the Nezha car

"We have always wanted to survive." Zhang Yong once said. In fact, the three words "surviving" since the birth of the birth have always been a problem that Nezha needs to be considered. Until now enter the high -end, Nezha has never got rid of this trouble.

On the smart car track, most of the players with capital start from high -end, and the supercar full of marketing gimmicks, such as Weilai's supercar EP9, Tesla Super Runway, and High -Heal Motors, Lantu Automobile, BAIC Fox, etc., these brands entered the automotive market with high cost -effective models at the beginning, thereby establishing relatively high -end brands.

But the slightly shabby Nezha car is another scene. When the earliest founding of the Nezha Automobile brand, the entrepreneurial team faced the dilemma of no one, no money, and no technology. Model N01, in the industry, it seems that many places have borrowed the founder Lao Dongjia Chery. With zero channels and zero promotion, N01 did not unexpectedly rush the street on the retail end, and only 10,000 units were sold throughout 2019.

But this is difficult to create Zhang Yong, who once created the myth of 7 consecutive wishes of BAIC New Energy, relying on its unique "Emperor's Method" -first creating the market from the gap, and then extraction from the "tiger" mouth. The situation opened the situation.

The "gap" that Zhang Yong found was first found by Zhang Yong. Zhang Yong's ability to sell to the public in BAIC's driving to help Nezha Automobile has obtained the sharing from the four houses before the official offline of the Nezha N01 in 2018. 20,000 orders for travel companies. At the same time, the three local government industrial funds, Tongxiang, Zhejiang Tongxiang, Jiangxi Yichun, and Nanning, Guangxi. From the procurement of official vehicles and group purchases to enterprises and institutions, Nezha can be more convenient to obtain orders.

Relying on the support of public channels, although Nezha has survived, the problem of the product itself has not been resolved. Zhang Yong once admitted, "Because the product power is really not enough, it will be more difficult to go to the C -end market."

When the second car Nezha U, Nezha tried to change its strategy and raised the price intended to enter the mainstream market in first- and second -tier cities, with a maximum price of nearly 200,000. As a result, Nezha U did not achieve the strategic goal of Nezha. In the first four months of 2021, Nezha U added only more than 300 units in total, and fought again.

Nezha, who is not convinced, can only return to the low -end market to explore again, and relies on the cost performance of Nezha V and Nezha UPro to win the favor of consumers in new first -tier and second -tier cities. Once again, there is a confidence of upward, and Nezha S, which sells for 338,800 yuan, was born, but it was not born. At this time, the high -end car market has already formed a "Three Kingdoms" pattern. Nezha, which is labeled with a "low -end car company", is easy to highlight the siege. Sure enough, shortly after the pre -sale of Nezha S, the sound of pre -sale of fakes came.

How big is the gap between Nezha and "Wei Xiaoli"? In terms of technical capabilities, Nezha was targeting the industry benchmark Xiaopeng this time, and was known as "one time". Specifically, the TA Pilot 4.0 equipped by Nezha S can achieve intelligent piloting of high -speed and cities, as well as memory parking; in contrast, Xiaopeng P7 currently equipped with the XPILOT 3.0 system Navigation auxiliary driving functions, and parking lot memory parking function.

However, XPILOT 3.0 was released in 2020. It was two years earlier than TA Pilot 4.0, and it is more technically mature. In this way, it highlights the shortage of Nezha on the technical end. The two are far from R & D investment. Weilai and Xiaopeng's single -quarter R & D expenditure has exceeded 1 billion yuan, and the well -known ideal car in the third quarter of 2021 also reached 889 million yuan. In contrast, it is expected to invest 1 billion yuan per year in intelligent driving research and development, and the total investment in the entire intelligence will reach 10 billion yuan.

A more cruel trend is that the financing window of smart cars is slowly closed. Cao He, president of the entire owner investment management (Beijing) Co., Ltd., has analyzed that the enthusiasm of the capital market for the investment of new forces has been reduced. In this case, it is unlikely that Hong Kong stocks will have many new forces to list. The value of the duty will also greatly decrease. This means that the first -time listing is the first opportunity for capital, and its marginal benefits may be affected.

As a new forces of the car, the financing channel of Nezha IPO may become narrower and narrower. Right now, Nezha's situation is quite embarrassing. The existing low -end models continue to lose money, which is limited by technical difficulties to lose high -end models. Increasing car manufacturing technology requires huge investment, and can only rely on continuous financing to renew; Capability has been limited by continuous losses but performance and difficulty in "low -end car brands".

Nezha, which is caught in a dead cycle, can rely on Zhang Yong's "Returle Warfare" to find the gap in the counterattack again, which takes time to verify.

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