The bidding of the former star enterprise Xinfei Electric finally ended with Konka Group winning. On June 29, Alibaba's judicial auction platform showed that Konka Group bid for 100% of Xinfei Electric at a price of 455 million yuan, including brands, patents and related fixed assets. Konka Group stated that the acquisition of Xinfei Electric can quickly expand Konka's industrial scale in the white goods field, realize the "Konka + Xinfei" dual-brand synergy pattern on the brand, expand and strengthen its white goods business, and improve profitability.
Industry observer Hong Shibin believes that Konka is not an absolute leader in black power. Although white power is now more profitable, the three major white power companies in the stock market, Midea, Gree, and Haier, have a dominant position. Konka's acquisition of Xinfei Electric is also a bigger and stronger white power company. It is not easy.
The Konka Group, which has been established for 38 years, is entering the "middle age". It remains to be seen whether it can leverage the acquisition of Xinfei Electric to obtain the "Xinfei".
On June 29, one hour before the end of the auction of the subject matter of Xinfei Electric's bankruptcy reorganization, Konka Group, with the auction number F8731, participated in the auction for 455 million yuan. The only bid number X5091 that had previously bid 450 million yuan (the reserve price) was caught off guard, and Konka Group finally won with the highest bid.
According to the official website of Ali Judicial Auction, Konka Group won 100% equity of Henan Xinfei Electric Co., Ltd., Henan Xinfei Refrigeration Appliance Co., Ltd., and Henan Xinfei Home Appliance Co., Ltd. at a price of 455 million yuan, including brands, patents and related fixed assets. assets.
Why did Konka take over Xinfei Electric which is on the verge of bankruptcy? Konka said that the acquisition of Xinfei Electric can quickly expand its industrial scale in the white goods field, realize the "Konka + Xinfei" dual-brand synergy pattern on the brand, expand and strengthen its white goods business, and improve profitability.
Anhui Konka Tongchuang Electric Co., Ltd., a subsidiary of Konka Group, is mainly responsible for the production and sales of household appliances such as refrigerators and washing machines (ie white appliances business). In 2008, Konka Group announced in a high-profile manner that white electricity will be the three pillar industries of Konka Group and strive to achieve sales of more than 2 billion yuan. However, the performance of Konka's white goods business has been average for many years. From 2015 to 2017, the revenue of Konka Group's white goods business was 1.570 billion, 1.702 billion, and 1.737 billion, accounting for 8.53%, 8.38%, and 5.56% respectively.
Zhou Bin, President of Konka Group, said that although Xinfei Electric has been in a development dilemma due to various reasons in recent years, the research and development capabilities and product lines of Xinfei refrigerators in large-volume, air-cooled, frequency conversion and other high-end products are at the domestic advanced level. Xinfei freezer R&D and manufacturing capabilities are also extremely competitive. In addition, Xinfei has a complete product line, high brand awareness in the industry, and brand value, research and development capabilities, production equipment, and talent teams are all attractive to Konka white appliances that are in a period of rapid development.
Home appliance analyst Liang Zhenpeng believes that the brand, production line, and sales network system are all Xinfei's values, and Konka's takeover can complement the industry competitiveness of its white goods business.
However, industry observer Hong Shibin believes that Konka is not an absolute leader in black power. Although white power is now profitable, the three major white power companies in the stock market, Midea, Gree, and Haier, have a dominant position. Konka acquired Xinfei Electric to expand and strengthen white power. It is not easy.
Konka does not need to bear the debt of Xinfei Electric before the acceptanceJudging from the civil ruling of the Xinxiang Intermediate People’s Court, as of December 31, 2016, Xinfei Electric had total assets of 1.156 billion yuan, total liabilities of 1.503 billion yuan, asset-liability ratio of 130%, and net assets of -3.47. As of December 31, 2016, Xinfei Refrigeration had total assets of 759 million yuan, total liabilities of 953 million yuan, asset-liability ratio of 125%, and net assets of -194 million yuan; Xinfei Appliances as of 2016 On December 31, its total assets were 454 million yuan, total liabilities were 523 million yuan, debt-to-asset ratio was 115%, and net assets were -68.4435 million yuan; the total net assets reached 610 million yuan.
The "Xinfei Electric Appliance Reorganization Plan" shows that the total amount of ordinary claims of Xinfei Electric Appliance is 2.239 billion yuan. On the deadline for submission of the draft reorganization plan, Xinfei’s asset valuation was only 1.098 billion yuan.
Regarding Konka’s problems with Xinfei Electric’s debts, Shen Yuhan, Xinfei’s manager and a lawyer at Beijing King & Wood Mallesons, explained to reporters, “Konka does not need to bear Xinfei’s debts before the reorganization, 455 million and other disposals. The amount of assets will be repaid in accordance with the reorganization plan, and the common debts and bankruptcy expenses will be paid in proportion to the ordinary claims."
“Subsequent connection, resumption of work, and market recovery all require manpower and time. Konka has high expectations for the Xinfei brand. I believe that with Konka’s capital, management experience, technology and marketing channels, the influence and influence of the Xinfei brand can be restored as soon as possible. Market share." Shen Yuhan, manager of Xinfei Electric and lawyer of Beijing King & Wood Mallesons, told reporters.
Liang Zhenpeng believes, "How to revitalize the assets of Xinfei Electric Appliances, use Xinfei Electric's brand and production line to make aging and obsolete home appliance brands look new, and to be accepted by young consumers born in the 80s and 90s. These are the comparisons that Konka faces. Big challenge."
Black power acquisition of white power is becoming a trendIn recent years, the overall growth of the domestic TV market has been weak. IHS Markit data shows that in 2017, global TV shipments fell 3.4% year-on-year. According to data from Zhongyikang Times Market Research Co., Ltd., domestic TV retail sales in 2017 fell by 8.1% year-on-year. The revenue of Konka Group's color TV business in 2017 also dropped from 12.478 billion in 2016 to 11.995 billion, and its revenue share dropped from 61.47% to 38.41%.
For some time, in the domestic home appliance market, "white" is strong and "black" is weak has become the consensus of the industry. The market profit rate and market growth rate of white power companies are higher than those of black power companies. The concentration effect of the white goods industry is becoming more and more obvious. The relevant figures show that the market share of the top five in the refrigerator industry has rapidly increased from 72% in 2016 to 78% in 2017.
Konka also stated that from the current white TV industry, the product life cycle of white TV is relatively long (generally 2-3 years), the overall operating risk is relatively lower than that of color TV, and the industry gross profit level and overall profitability All are higher than the color TV industry.
As a result, within the home appliance industry, the acquisition of white power by black power has gradually become a trend. Xinfei Electric, together with Haier, Rongsheng, and Meiling, once called the "Four Golden Flowers" in the refrigerator brand circle. Now Rongsheng, Meiling, and Xinfei have all joined the black power companies.
At the end of 2006, the black power company Hisense Group successfully acquired the white power company Kelon Electric and changed its name to Hisense Kelon.
In 2008, the black power company Sichuan Changhong became the largest shareholder of the white power company Meiling Electric. On the evening of June 4 this year, Meiling Electric issued an announcement stating that it plans to change the full name of the company from "Hefei Meiling Co., Ltd." to "Changhong Meiling Co., Ltd." and at the same time, it plans to change the abbreviation of the company's A-share securities from "Meiling Electric" It is "Changhong Meiling".
Today, Konka also hopes to leverage the acquisition of the former star company Xinfei Electric to expand and strengthen its white goods business and enhance its profitability.
Earn 5 billion by selling equity in two yearsKonka Group's earnings have fluctuated greatly in recent years. Financial report data shows that the revenue of Konka Group from 2013 to 2017 was 20 billion yuan, 19.4 billion yuan, 18.4 billion yuan, 20.3 billion yuan, and 31.2 billion yuan; attributable net profits were 45.82 million yuan, 52.62 million yuan, and -12.6 100 million yuan, 95.67 million yuan, 5.06 billion yuan. The corresponding non-net profits deducted were 69.01 million yuan, -475 million yuan, -1.13 billion yuan, -283 million yuan, and -97.28 million yuan.
The company's attributable net profit increased from 95.67 million yuan in 2016 to more than 5 billion yuan. Regarding the reason for the sharp increase in profits, Konka Group stated that it was due to the adjustment of the company's management system, business structure, and incentive system.
It is worth noting that the reporter found in its 2017 annual report that the company's non-recurring gains and losses amounted to 5.154 billion yuan, mainly from the company's transfer of 70% of the shares of Shenzhen Kangqiaojiacheng Real Estate Investment Co., Ltd.
In November 2017, Konka Group announced that 70% of the shares of Shenzhen Kangqiaojiacheng Real Estate Investment Co., Ltd. were publicly listed and transferred on the Beijing Equity Exchange. The highest quotation generated by this dynamic quotation activity was 6.98 billion yuan. Calculated on the basis of the book net assets of Kangqiao Jiacheng on October 31, 2017, if the final transaction is 6.98 billion yuan, the investment income from the disposal of long-term equity investments is estimated to be 6.35 billion yuan.
The reporter noticed that the 2015 annual report showed that Konka City was jointly funded by Konka Group and OCT Group in January 2015, with a registered capital of RMB 1 billion, of which Konka subscribed RMB 700 million, accounting for 70% of the registered capital. ; The holding parent company Overseas Chinese Town Group Corporation subscribed 300 million yuan, accounting for 30% of the registered capital.
Long Road to "100 Billion Revenue"Konka Group, which is caught in the "middle-age crisis", does not "convince the old". While selling equity to revitalize funds, it is also involved in environmental protection, chips and other fields, seeking diversified development.
In May of this year, Konka Group announced the establishment of a new environmental technology division and a semiconductor technology division at the same time, focusing on the layout of semiconductor design, semiconductor manufacturing, semiconductor equipment, and semiconductor materials. "I hope to use 5-10 years to rank among the best international semiconductor companies, and strive to become China's top 10 semiconductor companies with annual revenue of over 10 billion yuan." At that time, Konka Group President Zhou Bin said that Konka will transform into technological innovation in the future Driven platform company.
Konka said that the announcement of its entry into the environmental protection and semiconductor business has not slowed down its rapid expansion in the field of home appliances. The acquisition of Xinfei not only further strengthens Konka's own home appliance industry foundation and further expands its home appliance business, it is also more conducive to its five-year strategic goal of achieving revenue of 100 billion yuan.
However, industry insiders believe that the large investment in the semiconductor field, the long profit cycle, and the long-term downturn in the home appliance industry, Konka Group’s "100 billion revenue" road is long.
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