The economic crisis has had an unknown impact on Aucma: Freezers: As of 2005, Aucma freezers have ranked first in national production and sales for 12 consecutive years, accounting for more than 29% of the sales in the freezer market. In addition to its main businesses such as freezers and refrigerators, Aucma Group and its listed companies also involve products such as air conditioners, vending machines, lithium batteries, and solar materials. Except for the main business which is profitable, almost none of the other industries can currently provide profitable support to listed companies or group companies. According to public data, Aucma's total profit in the first three quarters of 2005 was RMB 18.5 million, while its turnover in the same period was RMB 1.6 billion. In other words, the operating profit was less than 0.7%. This is also the same dilemma faced by the home appliance industry at present. The profit has been It's getting lower and lower.
Refrigerator: In 2005, Aucma refrigerator sales ranked 10th in the country.
Air conditioning: Aucma air conditioning is a second- and third-tier brand, and its market share is not among the top ten in China. 1. On April 14, Qingdao State-owned Assets Supervision and Administration Commission announced that Jiang Peisheng, deputy director of the Economic and Trade Commission, was appointed chairman of the board of directors of Aucma Group, Qifa Company Deputy General Manager Li Wei was recommended as a candidate for director of G Aucma. A preliminary self-examination by the company's financial department shows that Aucma Group and its affiliated companies have occupied a total of 1.947 billion yuan in listed company funds. This situation has been reported to the securities supervision department. 2. Aucma air conditioners are dead
The production and sales of Aucma air conditioners have basically stagnated this year. In this regard, Suning revealed that Aucma air conditioners have been withdrawn from stores since the second half of last year. 3. The production and sales of freezers and refrigerators have been stopped
Although huge sums of money have been invested in new projects, the current situation of the refrigerator and freezer production lines is no different from that of air conditioner factories. Production has basically ceased. Aucma The three main businesses of the company are currently completely paralyzed. 4. Aucma is currently unable to pay its upstream raw material suppliers. Raw material suppliers eager to collect debts have stopped supplying Aucma. 5. Aucma’s way out:
NO.1: Hisense and Haier take over
Haier Group and Hisense Group have previously received inquiries from the Qingdao Municipal Government about whether they can intervene in the reorganization, but Both sides refused.
Same quality in the same city cannot be bought
Hisense spokesman Cheng Kaixun said that Aucma’s main business is white goods, and Hisense’s white goods production capacity is sufficient and does not require related assets. This cut off a way out. [Details]
NO.2: Self-rescue: The market does not accept it
After proactively exposing the problem of capital occupation, Aucma itself actively responded and set up a debt clearance team. Currently, it has The electric vehicle industry, real estate industry, trademarks, etc., which are high-quality assets of Aucma Group, will be included in the debt settlement plan. [Details]
NO.3: Will the government take over?
Qingdao City decided to appoint an official from the Economic and Trade Commission as the chairman of Aucma Group, and the Enterprise Development Investment Company under the Economic and Trade Commission to host Aucma.
The government wants to take charge of the company by providing 300 million yuan?
However, the stocks held by the Aucma Group purchased by the company have been frozen by the court. The government wants to be the leader with 300 million? I'm afraid it will be more difficult. [Details]
NO.4: Four Benefits: Which end should we pay attention to?
Currently, Aucma and the government have initially formed a guideline of "Four Benefits". But 1.9 billion cannot be solved by 300 million. [Details]
China's home appliance industry is facing a historical turning point
It has reached the bottom line of profits
Although the direct cause of the full-blown Aucma crisis is the parent company's misappropriation of funds, Low profit margins are currently a problem faced by all home appliance manufacturers. In 2005, the industry-wide cumulative sales cost ratio was 1.5% higher than the sales revenue growth rate. [Details]
Diversification siege
Reduced profit margins - lack of funds - diversification strategy - occupying more funds. Many home appliance companies including Aucma have fallen into or are falling into such a trap< /p>
Recently, Aucma, known as the "King of Chinese Refrigerators", has been in constant trouble.
First, it was revealed that the group company had occupied a huge amount of 1.947 billion yuan in listed companies, which triggered the market's association with the rupture of the Aucma Group's capital chain; then the company's "godfather" figure - who is also the Aucma Group Lu Qunsheng, who has been in charge of Aucmada for 16 years and has served as chairman of the company and chairman of the company, announced his resignation; then the company was placed under transitional trusteeship by an investment company affiliated with the Qingdao Municipal Government... Unfavorable news came one after another...
Aucma, a well-known company in the country that has ranked first in domestic refrigerator production and sales for 11 consecutive years, what kind of crisis is it currently facing? Can the trusteeship of Qingdao Municipal Government save Aucma?
Qingdao
Three major businesses were paralyzed
The trigger for the exposure of the tight capital chain of Aucma Group was an announcement by G Aucma on March 13: due to Aucma Group has occupied 600 million yuan of its funds and requested to freeze the 207 million shares of the company it holds.
It was disclosed on April 10 that Aucma Group had occupied 1.947 billion yuan of listed company funds for operations.
Recently, Aucma’s stock price has fluctuated significantly with the continuous announcement of good and bad news. As of yesterday, Aucma's share price closed at 3.23 yuan, down 1.52% from the previous day.
Lu Qunsheng resigned
Qingdao State-owned Assets Supervision and Administration Commission announced trusteeship matters
On April 14, Lu Qunsheng was responsible for the 1.947 billion yuan accounted for by Aucma's major shareholders. Qunsheng (pictured above) resigned as chairman and director of Aucma. Since the amount accounts for approximately 50% of G Aucma's total assets, Aucma is currently experiencing difficulties in capital turnover and some of its main businesses have been suspended. Qingdao Municipal State-owned Assets Supervision and Administration Commission announced that Qingdao Enterprise Development Investment Co., Ltd. (referred to as Qifa Company) will host the shares of Aucma Group. It also invested 300 million yuan to ensure the production and operation of its three main businesses of refrigerators, electric vehicles and small household appliances.
It is reported that on April 15, the day the leadership team adjustment was announced, two new executives, Jiang Peisheng and Li Wei, had gone to Aucma to take up their posts.
With Lu Qunsheng’s resignation, Aucma’s original insistence on diversified development ideas is being deconstructed. After the air-conditioning production and sales business of Qingdao Aucma Co., Ltd. basically stopped, due to too much money owed to upstream raw material suppliers on credit, Aucma's freezer and refrigerator production and sales business have also stopped. This means that Aucma's three main businesses are completely paralyzed.
Aucma Deputy General Manager Zhou Mingjiang, who is mainly responsible for the sales of Aucma freezers and refrigerators, said that in the face of the upcoming peak sales season, Aucma has no new products to provide to dealers. Currently, Aucma's sales force is quite "relaxed".
The reporter learned from home appliance chains such as Gome Electric, Suning Appliance, Yongle Home, and Dazhong Electric that since this year, Aucma has not signed "annual factory direct supply" with these home appliance chains due to factory shortages. Order".
Li Juntao, general manager of Gome Procurement and Sales Center, said that since the beginning of this year, Aucma’s freezers, refrigerators, air conditioners and other products are rarely sold in hundreds of Gome stores across the country. “Even if they are, they are basically It is the inventory accumulated by Aucma dealers all over the country last year.”
According to Aucma’s third quarter report of 2005, from January to September last year, Aucma achieved a cumulative main business income of 1.668 billion yuan, of which sales ranked first. The top three businesses are freezers, air conditioners, and refrigerators.
Bank calls for loans
Aucma’s funding crisis broke out
Aucma Group’s funding crisis began in the second half of last year. According to people familiar with the matter, Bank of Communications was the first to take action at that time. After a loan of 900 million yuan expired, it would not extend it to Aucma Group. Other banks smelled something was wrong and also asked Aucma Group to repay the loans. Such concentrated demands put Aucma Group's capital chain on the verge of breaking, and "it was unable to repay even a loan of 10 million yuan in an emergency."
Subsequently, Qingdao City held an emergency meeting, and all heads of banks in Qingdao City attended. The result of the meeting was that creditors agreed to extend the loan, and banks also issued new loans to Aucma Group to help it tide over the difficulties.
The person in charge of a bank that has business dealings with Aucma Group revealed that the reason for Aucma’s financial crisis is actually very simple. Many banks in Qingdao have business dealings with Aucma. In the early days, the home appliance market was booming. , various banks granted excessive credit and extended loans. Now that the market is not performing well, they all call for loans, causing a funding crisis.
The direction of the reorganization was determined
The trademark was transferred to the listed company
The investigation showed that G Aucma did not take the initiative to disclose the matters regarding the holding of funds by the controlling shareholder. At present, all of this 1.947 billion has been converted into many diversified industries under the name of Aucma Group Company and listed companies that have not yet achieved profitability.
A person in charge of Aucma Group said that these funds were used in the development of Aucma Group’s emerging businesses and the research and development of its main refrigeration industry. Public information shows that Aucma Group and listed companies’ industrial defrosters, refrigerators and other main products Outside the industry, it also involves air conditioners, vending machines, lithium batteries, solar materials and other products. Except for the main business which is profitable, almost none of the other industries can currently provide profitable support to listed companies or group companies.
Qingdao City is fully involved in the reorganization of Aucma. According to the determined reorganization direction, the ownership of the "Aucma" trademark held by Aucma Group will be transferred to the listed company. The equity of the listed company held by Aucma Group will be liquidated to repay the debt, and some real estate will also be transferred to the listed company at a discount. According to previous announcements, the value of the group company's land, real estate and equity, excluding mortgages, is approximately 847.6 million yuan, and the "Aucma" trademark's assessed value in 1997 reached 3.406 billion yuan.
Because of government intervention, there have been rumors that local home appliance companies such as Haier may participate in the restructuring. G Aucma had taken legal measures in mid-March to freeze the 207 million shares of G Aucma held by the group. Comprehensive Economic Observer, China Business News (related: Financial Management Securities) Daily, 21st Century Business Herald, etc.
Chengdu
Aucma Store Clearance
Aucma Headquarters If a crisis occurs, will its sales in the Chengdu area be affected?
Reporters learned yesterday from major stores such as Gome and Suning: Aucma freezers and other products have been withdrawn from all major stores such as Gome and Suning. Currently, none of the major stores sell Aucma products. Last night, Mr. Wang, who is responsible for the sales of Aucma products in Chengdu stores, told reporters, "The withdrawal is a recent matter. Now some of the payments have not been settled?" As for the reason for the withdrawal, Mr. Wang said that due to recent changes in high-level personnel, No one has made a decision on the new year's contracts with several major stores. He believes that this is the company's decision, and as a grassroots employee, he can only accept it, but he has repeatedly stated that sales around Chengdu have not been affected.
Staff at Aucma’s Sichuan region’s after-sales service center also confirmed Aucma’s statement of withdrawing cabinets from several major stores, but said at the same time that the current after-sales service in Chengdu is normal and will not be affected in any way. The person said that Aucma withdrew its products from major supermarkets in Chengdu at the end of last year, and the reason for withdrawing from hypermarkets such as Gome and Suning was that "hypermarket entry fees are too high and they are not profitable." It is reported that at present, Aucma only has one store in Chengdu's large electrical appliance market that is still selling, and other sales channels are still under construction. The person said that customers who have previously purchased Aucma will not receive any after-sales service. Impact, "As long as you need it, we can come to provide services tomorrow."
If you work hard to get through this difficulty, there is hope! ! !