According to the news from the Liaoning Provincial Commission for Discipline Inspection, Qi Yumin, former party secretary and chairman of Brilliance Automobile Group Holding Co., Ltd., is suspected of serious violation of discipline and law, and is currently undergoing disciplinary review and supervision investigation. In the whole announcement, Qi Yumin was not suspected of serious violation of discipline and law, only a simple sentence was under investigation.
It's no secret that the less you talk, the bigger it is.
Qi Yumin's investigation also made Brilliance's bankruptcy more confusing. During Qi Yumin's tenure, Brilliance Group took the lead independently in the past and sustained losses. Although Qi Yumin left his post at the time of bankruptcy, he still has an unshirkable responsibility for Brilliance falling into the abyss.
Changed Qi Yumin.
Unlike other autobots, Qi Yumin never wanted to enter the automobile industry.
Qi Yumin has lived and worked in Dalian for 23 years. She came to Dalian after graduating from Xi University of Technology on 1982. From the clerk, general manager and chairman of Dalian Heavy Industry to the vice mayor in charge of industry in Dalian, Qi Yumin is going to show his grand plan in Dalian. However, a paper order from the Organization Department of Liaoning Province assigned Qi Yumin to Brilliance Group in Shenyang, which also laid the groundwork for his future actions.
Qi Yumin still wanted to do this enterprise well at the beginning of Brilliance. After taking office, with the belief of obeying organizational arrangements and the background of combining politics with business, Qi Yumin won the "sword on the side" of the Liaoning government and began a drastic reform. In just one week, Qi Yumin lowered the price of China Zunchi by as much as 40,000 yuan. At the same time, in order to ease the cash flow, Qi Yumin borrowed 700 million yuan from the bank for the production of upstream parts suppliers.
For a long time, the decision-makers of Brilliance have either stood aside or been indecisive. Qi Yumin's tough and decisive work style has made Brilliance see a glimmer of hope inside and outside. Finally, Brilliance, a rusty chariot, finally started again.
However, as a listed company in Chinese mainland and Hong Kong Special Administrative Region, the shareholders of Brilliance are constantly cutting interests, and the property right relationship is more complicated. All these make Qi Yumin extremely painful. Although he has bilateral experience in politics and business, it also means that he has to be monitored and questioned by both the government and shareholders. Compared with the chairman, he hasn't really done what he should do.
Qi Yumin once said with deep affection: "Brilliance is developing the strategy of' big plane', in which the fuselage part of the' plane' is zhonghua car business, and the two wings are BMW Brilliance and Brilliance special purpose vehicle business." In Qi Yumin's own words: We use the market for technology, and we use BMW to feed back China and Jinbei.
Indeed, over the past few years, Brilliance Auto has achieved an impressive profit margin of more than 20 times that of SAIC, but this report card has nothing to do with honor, but it fully reflects Brilliance's weakness and incompetence.
Brilliance Auto has been in a dilemma for a long time. From 20 15 to 20 19, the losses were 540 million yuan, 600 million yuan, 860 million yuan, 420 million yuan and10.64 million yuan respectively, with a total loss of nearly 3.5 billion yuan. On the other hand, BMW Brilliance, a joint venture brand, has contributed 3.923 billion yuan, 3.993 billion yuan, 5.233 billion yuan, 6.245 billion yuan and 7.626 billion yuan to Brilliance Automobile Group in recent five years, with a cumulative profit of 26.9 billion yuan.
Brilliance China's semi-annual report shows that in the first half of 2020, Brilliance China's revenue was 65.438+0.45 billion yuan and its net profit was 4.025 billion yuan. However, excluding the net profit of 4.383 billion yuan contributed by BMW Brilliance means that the loss of Brilliance China itself exceeds 340 million yuan.
On 20 17 interview, Qi Yumin smiled and said to the media, "I know many people scold me for not engaging in independent brands, but in fact, others are better than you, so be brave to admit it." Brilliance China has no fuselage, only huge wings, which support Qi Yumin's proud self-esteem.
The profit of Brilliance China has increased year after year, but the loss of Brilliance has increased year after year. Under the "feedback" of BMW's profits, Brilliance can get high profits without hard work. For BMW, Brilliance is more like a "giant baby" who can live well without hard work than a partner.
For Brilliance, BMW is not a ruthless joint venture. Since the establishment of the joint venture company, BMW has continuously provided technical support for Brilliance Auto. China Jie Jun, which once sold over 10,000 yuan for six consecutive months, focused on BMW elements and was called "Little BMW". Song Hua 7, which went on the market on 20 15, is not only equipped with n 20 engine supported by BMW, but also involves BMW personnel in design, research and development, manufacturing, testing and adjustment, and a quarter of vehicle parts are directly shared with BMW resource system.
It is better to teach people to fish than to teach them to fish. When these other independent brands are particularly envious of resources, the sales of Brilliance Auto's own brand SUV dropped by more than 40% in 20 17, and the sales of MPV dropped by more than 20%. Even last year, when the sales volume of Jinbei cars dropped 17.7%, BMW, which has its cake and eat it, gradually lost confidence.
Desperate talent
Moreover, Brilliance's zero contribution to the joint venture company is also an important reason for the decline of Brilliance's status. For example, Dongfeng Nissan, SAIC-GM, SAIC Volkswagen and other joint venture brands, the Chinese side plays a great role in the operation. Generally speaking, local brands in China have a more accurate grasp of the China market, which can make multinational brands have a better market in China for the market and marketing departments. But BMW Brilliance is different.
In the first few years of its establishment, BMW Brilliance did not sell as much as it does now, because Brilliance Auto lacked experience in running high-end brands. The widening sales gap with FAW-Volkswagen Audi made Qi Yumin take concession measures, handing over the financial rights and sales rights originally held by BMW Brilliance to BMW Automotive Group, which controls the sales system of BMW Brilliance.
This is the first and most crucial step for BMW Brilliance to become the main engine factory of BMW Group in China.
From product positioning, research and development, testing, marketing, sales, after-sales, all completed by BMW. Throw away the influence of northeast economy and the shadow of Sino-US trade war. If Qi Yumin can make the independent brand of Brilliance achieve something, BMW Brilliance can make Bavarians sit up and take notice. If Brilliance had a higher voice, it would not have fallen from a strong partner in 2003 to the first enterprise to break the joint venture share ratio.
Not only that, from being a pioneer in the industry and a light commercial vehicle to the bottom of the state-owned independent ranking, and taking the lead in "opening a joint venture", why did Brilliance come to Sri Lanka? "Automobile Commune" has long been detailed. Shen in China and Ma in Bao? We point out that Qi Yumin insisted on focusing on the value of state-owned assets of Brilliance and paid close attention to the stock prices and market values of listed companies in China, but neglected the development of independent board of directors of Brilliance, deviating from the laws of the market and industry, which became the fundamental reason for the decline of Brilliance today.
Although it is backed by BMW and has advanced technical resources, Brilliance has been marginalized by the market under market competition. Even China V7, known as BMW's technological masterpiece, has a brand-new intelligent M8X modular platform, draws lessons from BMW's future-oriented ACES car-making strategic concept, and fully applies the advanced R&D technology of "internet plus" to develop, but after all, it is not developing products forward, and its design and ergonomics are not close to the market demand, which fails to attract consumers in China.
It can't be said that Qi Yumin doesn't understand the importance of automobile manufacturing, but he constructs his own value orientation from a political perspective, emphasizing that state-owned assets are more important than industrial performance, that book figures are more important than strength, and that prudent self-defense is more important than pioneering and enterprising. We can't put all the pots on Qi Yumin's head. The achievements of enterprise bureaucratic leaders on various fronts are still mixed, especially in the old industrial base areas in Northeast China. It's just that Qi Yumin's tearing image of "being worthy of state-owned assets and sorry for the industry" is the most typical.
The final outcome
This is the most direct description of Qi Yumin after he left Brilliance Group. At the end of this year 10, the private placement bond of 654.38 billion yuan issued by Brilliance Group expired, and only the interest was paid, but the principal could not be paid. Brilliance Group's semi-annual report this year shows that the total liabilities at the group level are 52.376 billion yuan, and the asset-liability ratio exceeds 1 10%.
1 1 4th, Brilliance Group said that although it raised funds through various efforts, it could only pay part of the bond interest due to financing difficulties. In addition, according to relevant sources, although the Liaoning provincial government has also coordinated the support of all parties, including provincial enterprises, it still cannot completely solve the debt risk of Brilliance Group. The purpose of reorganization procedure is to save the debtor's enterprise, maintain the debtor's legal person qualification and restore the debtor's sustainable profitability. In terms of restructuring, Brilliance will conduct debt restructuring with creditors under the leadership of the court.
Although we don't know what kind of violations of law and discipline Qi Yumin has done, in 2004, such a proud enterprise went bankrupt because of financing difficulties. Besides being sad, we want to torture Qi Yumin from the soul: not to mention how the bankruptcy of Brilliance became a disgrace to China's automobile industry and how Qi Yumin lived up to his party member status.
For the news that Qi Yumin was investigated, not only netizens, but also many people in the automobile industry showed anger. As an industry that is still struggling to develop, the last thing I want to see is that when everyone is working hard, moths are stealing the fruits of their own efforts.
According to industry insiders, the best result for Qi Yumin is to expel the party membership, and the worst result for Qi Yumin is to hand it over to the public security organs for judicial prosecution. Regardless of the final result, Qi Yumin will accept the most fair investigation. However, the boots have not yet landed. For the automobile industry in China, only when everyone fears for himself can the industry develop healthily in the right direction.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.