Interpretation of Walter code's life and death

In May 2018, one in southern China has somewhat sultry day, drizzle a breeze brings filar silk cool idea to shenzhen, let a person feel comfortable.Nearly grain in ear in season, it is the "cultivation" harvest season of the year, but the company headquarters is located in shenzhen ping mountain district's walter, this joy already has nothing to do with yourself - had been blocked by a large number of suppliers in March, debt collection, a huge debt crisis, self-help is the theme of the current only.

"Some staff had to change my job.Debt crisis make everyone a bit flustered, for ordinary employees, consider more is their life and future."Walter's former employees Lin Xiao (a pseudonym) said to "China automotive news" reporter.In walter the door of old factory, wearing green CARDS, hurrying to the company employees seem to support it.When a reporter stopped one pretend to consult hr how to walk, the employee should blurt out: "at that time also to walter ma do?"

Who never thought of, one of the top three in the power battery industry for several years, with byd, ningde era's walter zhou yu liang can temporarily "building to collapse" in just a few months, more than 20 billion yuan of overall debt let many people directly determine the company has no medicine can save.

What the hell happened to walter ma?

Slashing production disguised layoffs

Ping shan district in shenzhen city industrial park, walter m headquarters building belongs to the construction of very conspicuous, hanging over the building's walter three characters, declare the glory of it in the past.But, in front of China automotive news reporters, tightly shut the gate security with the condition of standing straight and constantly look around and let a person have to face the reality.On March 25, the supplier is encircling the door, and pulled out the "shenzhen walter m battery co., LTD., falsely making out commercial acceptance bills cheat supplier, due cannot be accepted, please also supplier hard-earned money" banners, the scene is chaotic.

To understand the real situation of walter, "China automotive news" reporter to try a variety of ways, to explore into its headquarters, but without success."What we all don't understand."Reporter just want to understand a little walter from the side of the status quo, by the security guard is a direct rebuffed.Indeed, before the supplier's actions and the status of the company to let them have to be more alert now, even must rehearse on situations.

New building than walter, although looks a bit worn out of old factory a few miles apart, but slightly relaxed atmosphere."After all office at headquarters, supplier factories also futile."A master walter m workers still (a pseudonym) told China automotive news reporter, "walter is developed from the old factory, then built a new building.The old factory has four production battery, because this thing (crisis) has now stopped two department.Also in the back office, the new building are decorated well, but the capital turnover don't open only."

It is understood that because of the debt crisis, as of the end of march, walter starts only about 20%, part of the production unit to suspend production, material demand.

Lin Xiao confirmed is the master: "indeed in retreat dormitory building and office building, and disguised layoffs.Technical jobs affected is not big, the underlying management job may affect a bit bigger."

"Is starting to have employees leave, but there are still many left-behind r&d department."The head of the research and development department of a walter declined "China automotive news" reporter's interview, just said he still stick to jobs.

Employees feel about current situation of the development of enterprise is more intuitive and sensitive.WeChat Lin Xiao, said a year ago enterprises in a large group of more than 6000 people, now with more than 4000 people, has been left the company."The company also has related management personnel of a similar kick-off meeting, hope you and the company spend difficulties, but the effect general."He said.

Is the master of the relatively optimistic views, after all, the old factory still have two department starts here."Starts or want, or dismiss workers the company would have to fall.New energy vehicles so fire, the government will support.And the company have a special deal with suppliers for person, should not block the door again."Is the master says, pointing to the side of walter publicity column, column domestic news filled the national support policies of new energy vehicles, including subsidies.

Huge debt burden

In fact, in front of the debt crisis, walter m cash-strapped situation is emerging."In January this year, I heard that the company's financial have long complained that money is tight, money to zhang was gone."Lin Xiao said.

Supplier for door like lit the fuse for walter's debt crisis is expanding fast.After their containment gate, walter finally stretched.Walter ma parent firm revell can release announcement, nut can revell, walter, general manager of the company shares from the chairman of the board of directors about has been the judiciary freeze.

On April 1, nut can revell has publicly acknowledged that the company has incurred a debt overdue, so far overdue debt of 1.998 billion yuan, mainly for notes payable and bank loans, facing claims of creditors, the company faces insolvency risks, impact on day-to-day operations.As of March 31, the company's overall debt of 22.138 billion yuan.

Huge debts are more than hundred upstream suppliers directly triggered a chain reaction.Some suppliers in the previous alert, in front of the debt crisis is to reduce or stop the supply, and other suppliers are disastrous.

"We don't have any relationship and walter!"A supplier to inquire, head of the China automotive news reporters after the intention, leaving only one sentence hastily hung up the phone, since he did not answer.And another vendor, head of the answer is more direct and surprising: "walter tamar has closed down!"A person close to walter's people familiar with the matter said: "a lot of suppliers painstaking efforts for many years, very not easy to meet walter such a big customer, sign yuanta single, thought to hold the 'cash cow', never thought finally wiped out, do not rule out have run."

Facing the supplier collection about said, saucepans, responsible to the end.Established on April 9, revell can, according to the announcement by proposed inventory and fixed assets sales will be in the form of company to deduction of related supplier to deal with the debt, the amount involved a total of 1.8483686 billion yuan, involving a total of 104 suppliers.

In desperation, some suppliers began to take walter battery owe the money."According to the battery cost repay a debt, but the lithium iron phosphate gets sold on the market is not good, assuming a batteries cost 25 yuan, can sell half price is pretty good."One supplier told China automotive news reporter, "there are too many debts, didn't expect to walter that later recovered and money, can sell is only a little bit, is better than not."

River's lake leader zhou yu liang at one time

In 2002, walter was set up in shenzhen ping mountain district, is the earliest successful research and development of new energy automobile power battery, lithium iron phosphate the start-up power, energy storage system solutions and take the lead to achieve the scale of production and batch application battery one of enterprise.

Launched in 2013, walter new energy industry innovation alliance, more than 1000 member companies, including more than 70 listed companies, integrated upstream raw materials, motor, electric control the whole power system and other parts, such as a party leader.

With China's new energy automobile market began to rapid growth, walter's shipments have increased, one of the top three in the country for a long time, with byd and ningde zhou yu liang at one time.In 2016, the a-share listed companies established revell can full acquisition walter, with 5.2 billion yuan after its main business is the fire control products.From a fire control products company to power battery company, established revell can it is aimed at the power battery the tuyere.After completing the acquisition, nut revell can performance once soared.Reports show that in 2016 the company operating income is about 3.82 billion yuan, up 557.03% from a year earlier, the corresponding implementation net profit attributable to shareholders of listed companies is about 425 million yuan, up 1102.98% from a year earlier.

, after acquisition of walter ma strong revell can be transferred to the business center of gravity of the new energy automobile power batteries, and disposal of some fire control products business, comprehensive investment into the research and development, production and sales of power battery, walter has also formally on the road to the capital market development.

In front of the debt crisis, although walter internal enjoy the atmosphere of money is tight, but the company still maintained a thriving external image, the good news.An official propaganda in February, said walter tamar, innovation alliance has more than 45000 vehicles on the operation of new energy cars, construction of charging stations, 500, more than 5000 charging piles.

In 2017, walter power battery installed capacity of 2.41 GWh, ranked third in the industry, and only a supporting the new energy vehicle installed capacity of more than 1 GWh power battery supplier.

Reverse customization is seeks to fill

Walter exactly why sudden death crisis, look from the company's message to foreign, mainly because a mistake in the market environment."China automotive news" reporter contacted by revell can strong board secretary's office, and walter, vice President, nut revell can secretary to the general manager meng, did not get reply.

In fact, the debt before the crisis, there is a industry and the media to walter alliance and its so-called "reverse custom" sales model.

"To put it bluntly, this alliance is not pure market behavior, even with the nature of the scores, upstream suppliers have no voice, most of the time will be bargains."A person close to walter alliance of people familiar with the matter said.

In an unnamed power battery industry veteran, bulk is an option, but with whom to unity is a problem worth thinking about."Join the alliance of enterprises should do is have good products supporting enterprises.If this model to control is not good, it's easy to become a burden."The veteran said.

In 2017, the media have pointed out that walter ma rely on "reverse custom" for the listed company's revenue.The media, the survey found suspected walter the new walter capacity to several of the subsidiary of automobile enterprise procurement logistics new energy cars, must use the specified volt battery, as walter brings a large number of orders.

In the face of doubt, walter has denied the existence of "reverse custom", "related party transactions" behavior.But the relevant person in charge of a certain automobile enterprise Zhang Zhiliang (a pseudonym) to the "China automotive news" reporter confirmed the existence of this pattern."We with walter ma adopted the mode of cooperation.We purchase walter of the battery, the operating company purchasing our vehicles."

This pattern "reverse custom" walter in related party transactions and suspected of illegal seeks to fill the much-maligned, when subsidies to tighten, the unsustainable model, the debt crisis erupted.In Zhang Zhiliang view, parts enterprises don't have experience as a company, not like automobile enterprise have accurate grasp of the market.

Is the master of the China automotive news "reporter said:" the pattern is the automobile enterprise procurement walter's battery, walter buy it back again, achieve a win-win situation, is actually to get subsidies bai."

As also subsidies and subsidies

Walter before a few years of rapid growth cannot leave the new energy car subsidy policy of strong stimulation, a passenger cars at nearly ten thousand yuan subsidies, to a great extent, including walter) around a lot of company's development strategy, try to get subsidies has become the main "baton", rather than innovation driven development.

Walter is not only the beneficiaries subsidies, and a "victim".

Clock meng once concluded: "the company's rapid expansion, failed to accurately predicting the effects of policy adjustment, is indeed a strategic error.Amount originally wants to walk the way to reduce production cost and improve the market share, the results have gone too fast and too radical, cause now in financial difficulties."

Zhang Zhiliang thinks, walter directly from the subsidy policy to adjust to the country's crisis does not adapt."A full 30000 km operations required to receive the subsidy policy, let walter m money back significantly slower.Operating companies can not meet the requirements naturally get subsidies.At the same time, they have to expand to further increase financial risk of fracture."

The relevant person in charge of a power battery company in shenzhen Wu Xue (a pseudonym), 2018 new subsidies to walter a fatal blow.She said: "walter before the production of the battery is difficult to meet the requirements of the new policy of the energy density of battery, this part of the battery can't get subsidies, automobile enterprise will not purchase this part.Therefore, walter said in the process of self-help, to have this part as a batteryEnergy storage batterySell it."

"Enterprise development ultimately depends on technology, can not rely too much on policy."The power battery industry senior personage points out, the industrial development is a gradual, walter manasseh did not according to the industry status quo and blind expansion, it is also one of the reasons of its debt crisis.

Technology is the foundation of enterprise development.Walter ma is aware of the problem itself.Nut revell can notice in April this year, according to walter always insist onlithium iron phosphate power batteryTechnical route, but at the beginning of 2018's most recent subsidies obviously tend to products of high energy density,The ternary lithium batteryMarket share increased.According to high industry research institute (GGII), according to data in 2017, the domestic new energy car battery installed capacity, ternary lithium battery ratio has reached 76%.By reporting the final, walter and ternary lithium battery products, in the future, if its not timely development and launch of ternary lithium battery products, trade changes caused by the product of a single company resist risk by the lack of ability.

"Walter have research and development of ternary lithium batteries, lithium battery production line before the company also plans to buy three yuan.But the status quo is not money, is also a lot of leaves and r&d engineers, so for a while it is difficult to take out the product.Lin Xiao said.

Fiscal subsidy is completely TuiPo, market and the energy density of power battery trip range of new energy vehicles increase demand will lead to further increase market concentration."Ebb tide, only research and development ability is strong, follow the market demand of enterprise to survive."Wu Xue said.

Hard and save your life and death edge

After the debt crisis, divided by the bonded goods, walter has also actively adopt other way to save his life, some of the good news is released in succession.

About said recently, is in talks now with more than a dozen strategic investors, three of which are about more in-depth, but is not convenient to disclose details for the time being.Established revell can attitudes are, for the sake of the healthy development of the company and industry, is willing to sacrifice, even low-cost transfer of equity;As long as strategic investors interested in the industry, the company will do our best to contribute to trading.

On May 14, nut revell can announcement, said walter, tongling city volt battery co., LTD., shenzhen citizens can rich, new energy automobile co., LTD and syndicated composed of 16 Banks signed the syndicated loan amount contract, 16 Banks original commitment shall amount to 4.234 billion yuan.

On May 17th, nut revell can announcement, a wholly owned subsidiary of shenzhen walter m battery co., LTD and chengdu recently universiade car sign sales contract, sales to the latterlithium iron phosphate battery pack15000 group, the contract amount is 2.862 billion yuan.

On May 21, nut revell can announcement, the company youthful anhui walter ma recently tower with China product procurement aspects to sign the purchase contract, anhui walter will cascade lithium batteries to supply China tower, the contract amount is 684 million yuan.On the same day, nut revell can disclose the stock option incentive plan, 2018 plan the awarded 168 million stock options incentive object, accounts for about 6.91% of the company's current total equity.

Blood transfusion, seeking new investment, for Banks to sign the new orders, to develop energy storage business, stable morale of equity incentive plan??Walter's self-help presents a busy road.

However, the situation is still very optimistic.Notes payable is still a big spending, a huge debt burden, like the sword of Damocles hanging over walter manasseh's head.As of May 11, nut revell can overdue debt of 3.532 billion yuan.

"Too attaches great importance to the business model itself, subsidies, eager and ignore before drive and innovation driven by technology development of an enterprise, no matter how to also go, the rapid rise of the competition era of ningde walter just can do a mirror."Another power battery industry veteran said that power in the battery industry reshuffle, competition intensified, under the huge debt burden of walter tamar has the edge of life and death.

It's time to get rid of the policy dependence

When plug the loopholes in the expenses of the New Deal, the end of the GSP, when subsidies to exit into the countdown, "double integral", who is the gold sand, for a moment the bottom.

Delighted to see that the industry in the national policy, under the force of China's new energy automotive industry has made great progress, some automobile enterprise to stand out, some parts suppliers grow into a dazzling star.

Policy, however, may also have evolved into a double-edged sword, reasonable use may get twice the result with half the effort, don't respect the market rule, only know, eager to exploiting loopholes, hard to avoid illness.Unfortunately, in the process of new energy automobile industry development in our country, there are quite a number of enterprises have a serious addiction, that under a boom, "a feather".

Walter, for the encounter of the present is not power battery industry is one of the representative.A lot of market chaos, like, the wisdom to understand while see., for example, some new energy car companies desperate to get the national annual sales champion, but profits shrinking, on the one hand is not prepared for the subsidies TuiPo, on the other hand, because of taking bottom line.For example, some power battery enterprises blindly expand capacity, rather than trying to raise the level of technology, improve product quality, its own capital chain rupture, for low-end industry overcapacity.In fact, even the byd, yutong, so in the auto industry cultivates the enterprise for many years, also to a certain extent, affected by subsidies TuiPo, sales growth and profit less than expected, with the former years rapid development situations in different ways.

?It is time to get rid of new energy automotive industry policy dependence!And we must get rid of, the sooner the better!

New energy car ownership in China is big, but star model, the rare, say good "points minutes can create a tesla," but now he can not see any of the standard, the delivery of real products.As for real competitive enterprise, although have, but is rare.New energy vehicles to catch up with fuel vehicle, it must rely on market performance.

Global industrial competition are changing, Europe and the United States, Japan and South Korea and other countries and regions to speed up the layout in the field of new energy vehicles, and the doors are open to the market in our country.In accordance with the plan, China will in 2018, 2020 and 2018, three phase, respectively to cancel the transfer vehicle and new energy cars, commercial vehicles, passenger car of foreign shares limited, in 2022 also cancel the limit of not more than two joint venture.

Once the car power really is class, independent new energy automobile enterprises can also play to win in the market?I'm afraid now few people dare to embrace fully optimistic state of mind.Squeeze out the bubbles, but the true, led by innovation technology, independent enterprise in the market to hold up, new energy automotive industry can really push our country from the motor power to the motor power.

The page contains the contents of the machine translation.