10 year 10 On October 23rd, Brilliance Group failed to pay private placement bond "17 Huaqi05" with the scale of 10 billion yuan, resulting in substantial breach of contract. According to relevant rules, all bonds under Brilliance will be suspended soon.
According to public information, the distribution scale of "17 Huaqi05" is 10 billion yuan, and that of coupon rate is 5.3%. 10 year1On October 20th, the debt rating of this bond was downgraded to A+.
In this regard, Brilliance also made a relevant response-at present, there are indeed temporary difficulties in funds, so it is impossible to pay the bonds due on time, and the Group is actively working hard to study solutions. I believe Brilliance will actively and properly solve the bond problem.
However, behind the seemingly inconspicuous bond is a 100 billion auto giant under the State-owned Assets Supervision and Administration Commission of Liaoning Province.
Without BMW's "parasitism", where will Brilliance go?
On August 2 1 day, Brilliance Auto released its performance report for the first half of 2020. The report shows that Brilliance China's revenue in the first half of this year was 65.438+0.45 billion yuan, down 23.85% year-on-year; The net profit was 4.045 billion yuan, a year-on-year increase of 25.24%.
The net profit of Brilliance China rose instead of falling, mainly due to the profit contribution of its joint venture BMW Brilliance. According to official reports, BMW Brilliance sold 262,000 new cars in the first half of this year. Although the sales volume decreased by 0.8% year-on-year, the profit of bicycles increased due to product upgrading, and the net profit in the first half of this year reached 4.383 billion yuan. An increase of 23.4% over the same period last year. If the profit share from BMW Brilliance is excluded, the overall loss of other sectors of Brilliance China in the first half of this year will reach 338 million yuan.
Unfortunately, the bright net profit of BMW Brilliance will soon fade with the implementation of the equity transfer agreement signed by China Brilliance and BMW Group. According to the agreement, BMW will acquire some shares of BMW Brilliance for 3.6 billion euros, and the shareholding ratio will be increased to 75%. The change of equity adjustment will be completed in 2022. By 2022, Brilliance will only hold 25% of BMW Brilliance, and its profits will be halved. Before that, Brilliance should look for new profit points.
It is worth mentioning that under the dual influence of the decline in the contribution rate of the "profit cow" BMW and the decline of the automobile market, Brilliance Group raised its sales target during the Tenth Five-Year Plan period, indicating that it will reach the sales scale of 6,543,800+0.95 million vehicles by 2025.
In fact, Yan Bingzhe, who shouldered the heavy responsibility of reform, remained silent most of the time after taking office. What should Brilliance do in the face of such pressure?
After taking office for a year and a half, Yan Bingzhe still "should change with constancy"
On April 20 19 10, Qi Yumin, the chairman of Brilliance Group, who had been in office for nearly 13, suddenly retired early and was replaced by Yan Bingzhe.
According to the data, Yan Bingzhe obtained a bachelor's degree in Chinese in 1980s. I worked as a secretary for several years and was in charge of urban management, during which I was awarded a doctorate in philosophy by Northeastern University. After working in many jurisdictions in Shenyang, 20 17 was promoted to vice mayor.
As the saying goes, "a new official takes office with three fires." It was originally thought that the glory of the Yan Bingzhe era could ignite an upward fire in the thorny automobile market. However, to the surprise of the outside world, Yan Bingzhe, who was in charge of reform, remained silent most of the time after taking office.
According to relevant news reports, since Yan Bingzhe took over as the chairman of Brilliance Auto, he has led Brilliance to actively strive to establish a complete industrial chain covering product research and development, procurement, manufacturing, sales and service. Through a series of reform and innovation measures, we will stimulate the endogenous motivation of enterprises, consolidate and deepen cooperation with BMW and Renault, explore new marketing models, and comprehensively deploy travel services. ?
However, these actions did not cause much waves in the auto market, nor did they attract public attention and the transformation of Brilliance. On the one hand, I didn't hear his new revolutionary ideas and deployment for future enterprise strategic planning, on the other hand, I don't know how careful adjustments and changes have been made in personnel structure within Brilliance. In the era of gradual informationization, Yan Bingzhe's "changing without changing" is no longer applicable.
Under the current background, how Brilliance Auto can strengthen its own brand and make its own achievements while consolidating the development of joint ventures, or the thorny problem that Yan Bingzhe is facing now, is also the key to whether it can leave its mark on the development history of Brilliance Auto. ?
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.