In the stock market era, there will always be car companies that can't stand the pressure and eventually drown in the long river of China's automobile history. It will take some time for Lifan to enter the restructuring process, but from the overall market point of view, with the intensification of China brand "Matthew effect", Lifan may not be the last car company to enter the restructuring process.
On August 24th, Lifan announced that Lifan Industrial (Group) Co., Ltd. (hereinafter referred to as Lifan), chongqing lifan Finance Co., Ltd. and their 65,438+00 wholly-owned subsidiaries have been ruled by the court to accept reorganization. This means that Lifan shares have officially entered the bankruptcy reorganization procedure.
At the same time, Lifan shares also disclosed the number and amount of lawsuits involved by the company. According to Lifan's statistics, the company is currently involved in litigation (arbitration) 1 178? Pieces, the amount involved? 50.37? 1 billion yuan. In this regard, Lifan shares stressed that litigation matters will have a significant impact on the company's subsequent production and operation, but because some lawsuits have not yet been opened, it is impossible to judge whether it will affect the performance in 2020.
What is the impact on Lifan after entering the reorganization procedure? Is Lifan able to repay its debts? With the increasingly fierce competition in China passenger car market, why are China brand car companies polarized?
Lifan's restructuring has failed or will go bankrupt.
According to the announcement issued by Lifan, 12 enterprises including Lifan, Lifan Finance, Lifan Passenger Car, Lifan Automobile Sales, Lifan Import and Export, lifan motorcycle Engine, Lifan Automobile Engine, Lifan Internal Combustion Engine, Wireless Oasis, Shifeng Energy, etc. entered the bankruptcy reorganization procedure.
It is understood that bankruptcy reorganization is different from the "bankruptcy" of a company, but a system in which creditors and debtors reach an agreement under the auspices of the court to formulate a reorganization plan, stipulating that the debtor will pay off all or part of the debt in a certain way within a certain period of time and the debtor can continue to operate the business.
For listed companies, bankruptcy reorganization can not only ensure the interests of shareholders and creditors, but also retain valuable shell resources. Of course, the reorganization procedure is only an opportunity for enterprises on the verge of bankruptcy to "regenerate". If the reorganization procedure fails and bankruptcy is officially declared, the company will directly enter bankruptcy liquidation.
According to the civil ruling issued by the Fifth Intermediate People's Court of Chongqing, at present, the monetary capital of Lifan shares is 43 million yuan, the debts due are1196 million yuan, and other properties are illiquid and cannot be realized. Lifan shares are recognized as obviously lacking in solvency.
In fact, the lawsuit or debt involved in Lifan shares does not stop there. On August 24th, Lifan shares disclosed the company's accumulated litigation (arbitration). Up to now, Lifan shares are involved in litigation (arbitration) 1 178? Pieces, the amount involved? 50.37? 1 billion yuan.
Lifan shares are only one step away from insolvency. In the first quarter of this year, Lifan achieved revenue of 564 million yuan, down 74.88% year-on-year, while the loss increased from 97.2048 million yuan in the same period last year to 6.5438+97 million yuan. In terms of assets and liabilities, as of March 3, 2020, Lifan's current assets were 55 1 billion, total assets were182.93 million yuan, total liabilities were 157438+09 million yuan, and net assets were 2.575 billion yuan.
As can be seen from Lifan's performance, the losses are gradually expanding while the main business continues to shrink. At the same time, the liquidated damages caused by the failure to repay debts will also increase Lifan's liabilities.
It is worth mentioning that the restructuring procedure of Lifan shares includes equity restructuring, debt restructuring, asset restructuring and business restructuring, which means that Lifan shares do not rule out being acquired by other car companies.
The polarization between car companies in China has intensified.
Lifan's entry into the restructuring process is only a microcosm of the polarization of China brand car companies. On the one hand, China brands headed by Geely, Great Wall and Chang 'an began to exert their strength. On the other hand, the sales of China brands such as Lifan, Haima and Zotye have declined on a large scale, drifting on the edge of life and death.
According to the statistics of China Automobile Association, in July, China brand passenger cars sold 585,000 vehicles, down 0.9% from the previous month and up 4.5% year-on-year, accounting for 35. 1% of the total passenger car sales. Although the market share of China brand passenger cars has ended the trend of continuous decline, the market share is still in a state of compression.
The compression of living space intensifies the Matthew effect of China brand car companies. Head car companies show rapid growth or maintain their inherent share. Specifically, Geely Automobile sold new cars 105200 in July, up about 15% year-on-year. Changan Automobile (referring to China brand owned by Changan) sold 65,438+023,500 vehicles in July, up 49.9% year-on-year. Great Wall Motor sold 47,400 cars in July.
However, the sales of marginalized China brand car companies are not satisfactory. In July, Haima only sold 875 new cars, down 68.4 1% year-on-year. Lifan Motor sold 253 new cars in July, down 70.75% year on year. Zotye Auto's sales in July went directly to zero.
In fact, R&D investment may explain why the gap between Tou China brand and other brands is getting bigger and bigger.
According to the annual reports of Changan Automobile, from 20 1 1 to 20 19, its R&D investment showed an increasing trend year by year, from 16 1 1 100 million yuan to 4.478 billion yuan, and accumulated R&D in 9 years. In addition, Geely Automobile has invested more in R&D, with an accumulated investment of more than 654.38+000 billion yuan in the past ten years.
On the other hand, since 20 15, Lifan's investment in R&D has been decreasing year by year. In 20 19, Lifan invested 232 million yuan in R&D, and the proportion of R&D investment in operating income was only 3. 1 1%. Although Lifan's share is smaller than that of most China brand automobile companies, its investment ratio in R&D is far below the industry average.
Of course, the amount of R&D investment can not directly determine the life and death of a car company, but it can determine its future development strength and confidence. Because R&D investment is closely related to product upgrading, appearance design, core technology and other issues, not enough R&D investment means no future. (Image from the Internet)
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.