AutoBeta(AutoBeta.net)03/14 Report--

On March 12, Haima Motors announced that it intends to entrust its wholly-owned subsidiary Haima New Energy Automobile Co., Ltd. (hereinafter referred to as Haima New Energy) and all its assets to Zhengzhou Airport New Energy vehicle Operation and Management Co., Ltd. (hereinafter referred to as Zhengzhou Airport Company). The trusteeship period is 5 years, and the escrow deposit is 199 million yuan.

According to Tianyan check information, Zhengzhou Airport New Energy Automobile Operation and Management Co., Ltd. was established in February 2024, the legal representative is Zhang Ruihua, the registered capital is 30 million yuan, is an enterprise mainly engaged in automobile manufacturing. The company is 100% owned by Zhengzhou Airport Automobile Industry Investment Co., Ltd., and belongs to the Management Committee of Zhengzhou Airport Economic Comprehensive Experimental Zone, that is, Zhengzhou state-owned enterprises.

As for Haima New Energy Automobile Co., Ltd., formerly known as Haima Commercial Automobile Co., Ltd., established in January 1980, the legal representative is Sun Zhongchun, with a registered capital of RMB 400 million. In other words, Haima New Energy is a wholly owned subsidiary of Haima Automobile.

According to the latest announcement issued by Haima Motor, as of January 31, 2024, Haima's new energy assets totaled 32.8022 million yuan, liabilities totaled 6.5586 million yuan, and net assets totaled 26.2436 million yuan. In January 2024, the operating income of seahorse new energy was 288600 yuan and the total profit was 2.0131 million yuan. The evaluation report shows that as of January 31, 2024, the total equity value of seahorse new energy shareholders is 198.996 million yuan. From the financial situation, there has been an obvious bottleneck in the development of seahorse new energy.

The announcement pointed out that Haima Motor entrusted the management of Haima New Energy to Zhengzhou Airport Company is a specific measure for the company to continuously optimize the allocation of resources and invigorate existing assets. After the trusteeship of the target company, there is no adverse impact on the related business of the company in terms of operation.

Haima Motor was founded in 1988, and Haima Automobile Co., Ltd. (hereinafter referred to as "Haima Automobile") was founded in 1988, which owns Haima Automobile Co., Ltd., Haima New Energy Automobile Co., Ltd., Hainan Haima Automobile Co., Ltd. As an old car with a history of more than 30 years, Haima does not have a high sense of existence in the car market. At present, Haima Motors' models on sale include fuel SUV 2020 Haima 8s, fuel MPV Haima 7X, new energy model 7X-E, hydrogen energy model Haima 7X-H, seahorse plug-in hybrid SUV Haima 6P, pure electric model Aishang series, etc., but except for the Eyson series, sales of other models are dismal.

According to official figures, sales of seahorse cars totaled 27957 in 2023, up 14.62 per cent from a year earlier. The cumulative sales from January to February of 2024 were 1314, down 75.11% from the same period last year.

In addition, Haima Motors is also hardly ideal in terms of finance. The annual performance forecast of Haima Motor in 2023 shows that the net profit loss of the company belonging to the shareholders of the listed company in 2023 is 160 million-240 million yuan; deducting the non-parent net profit is expected to lose 270 million-360 million yuan. In view of the reasons for the changes in performance, Haima said that in 2023, the company's production and marketing scale increased, expenses and cost control also achieved certain results, the company's operating income increased year-on-year, operating losses significantly narrowed compared with the same period last year. However, as the overall production and marketing scale of the company is still small, the operating income generated by daily operation is not enough to fully cover operating costs and expenses, so the net profit is still negative. It is worth mentioning that the company has reported losses for six consecutive years, and the total loss of deducting non-return net profit from 2017 to 2022 is as high as 7.014 billion yuan.

In March 2023, Haima announced the signing of the Framework Agreement on Strategic Cooperation in the Research, Development and industrialization of hydrogen fuel Cell vehicles with Toyota (China). The two sides will carry out extensive strategic cooperation in the field of research and development and industrialization of hydrogen fuel cell vehicles to jointly promote the rapid popularization and industrialization of hydrogen fuel cell vehicles. Under the agreement, Haima will work with Toyota to build a hydrogen-powered passenger car, the 7X-H, which will be equipped with a hydrogen fuel cell stack system from Toyota and driven by Fudi Power.

As the first hydrogen fuel cell passenger car cooperated by Toyota in China, the Haima 7X-H functional prototype car was trial-produced in April 2023, and the product announcement test has been completed.

This year is a key year for the transformation of Haima Automobile operation. The latest announcement shows that the EX00, the first B-end customized model for seahorse, will be launched in mass production, coupled with the launch of the seahorse Zhihang box travel cooperation project and the landing of the new energy cruise vehicle travel business of "Ma Bang Travel", the company will continue to cultivate new energy vehicle travel business in the areas of products and services. It was previously reported that Haima EX00 plans to produce and deliver in the company's Zhengzhou base after the R & D work is completed.

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