Xiali really dared to lose - the car market crazy growth last year, but the loss of nearly 800 million breath. Shortly after the FAW service, Xiali took a huge loss. On April 28th, FAW Xiali Annual Report showed that it had a loss of 780 million yuan in 2002. On May 12, the original “Tianjin Automobileâ€, which had been renamed “FAW Xialiâ€, fell into ST quagmire due to losses for two consecutive years. Xiali once lost enough? According to the FAW Xiali Announcement, there were 790 million losses in 2002 for three reasons: First, in response to fierce competition in the domestic car market last year, FAW Xiali made a substantial adjustment to the market price of the Xiali series sedan. Second, with the completion of the technical transformation project of the company's NBC series cars, the new amortization of molds used in the company has also adversely affected the profitability of the main business. Third, from the perspective of the long-term and healthy development strategy of the company, FAW Xiali increased the proportion of provision for bad debts and accrued bad debts amounting to 142 million yuan, which caused a great impact on the 2002 performance. In response, Gu Shaohua, an analyst at Tianxiang Investment Advisors, believes that: “A company's profit composition mainly comes from two aspects. One is operating profit, one is investment income, and FAW Xiali changes from the pre-loss at the beginning of the year to the year-end huge loss. The major reason for the large losses on both items is the main reason.†The annual operating loss of 688.1 million yuan was undoubtedly the culprit for the loss of Xiali. An analyst from a securities firm that has long tracked FAW Xiali analyzed that: “There are operational losses. First, the main business has declined sharply. The other is that the management costs are too high. As a result of the price cut across the board, the main revenue of FAW Xiali in 2002 was a loss. Twenty-two million yuan, a decrease of 300 million yuan over 2001, a decrease of 790 million yuan over 2000. In the case of weak sales, the management cost has risen sharply, and the administrative expenses have reached 454 million yuan, accounting for the main business income. 10.94%, nearly doubled from 2001. This high management cost is not normal, and under normal circumstances, management costs account for between 6% and 8% of total sales revenue. At present, Xiali has a total of 4000 employees. People, 454 million yuan per capita amortization up to 113,500 yuan, and according to the annual sales of 88,527 units Xiali sales, the average amortization to each vehicle management costs up to 5,900 yuan. In 2001, the number of employees was about the same. The administrative expense of FAW Xiali was 22,872 yuan, and the sales revenue was 3.406 billion yuan. The management expenses only accounted for 6.7% of the total sales revenue. Back in 2000, the sales revenue of Tianjin Xiali was 4.566 billion yuan, but the management fee announced by Tianjin Auto in the year was only 275 million yuan, which was 180 million less than in 2002. Compared with Changan Automobile, which is also a small car company. In 2002, the main business income was 9.884 billion yuan, and the management cost was 6.8963 million yuan. The management costs accounted for about 7% of the total sales revenue. In 2002, Chongqing Chang'an sold a total of 301,852 vehicles, with a management cost of approximately 2,200 yuan per vehicle. The sales revenue of Fengshen Automobile Co. last year reached 9.7 billion, but the biggest head of business expenses—advertising expenses are also less than 1 billion; and Xiali’s advertising costs last year were less than 10 million yuan, so a person from the company’s The management costs are also inexplicable. Xiali's explanation is that due to a one-time provision for bad debts, management fees are included. A professional accountant said: "Management costs are the most difficult to understand in financial escalation. From this figure, it is unlikely that the loss of Xiali will be a problem." Another analyst believes that the explosion of business expenses and one-time The burden was incurred after FAW entered the main Xiali, and in the same fiscal year, it was thought deeply - is it rejection or arbitrage? This reserve of 144 million yuan was weighed down by the debt owed by the sales company of its parent company Tianqi. Even with the pain of sitting, due to management problems, Xia Li's sales have always been a headache for Tianqi. According to the audit of related departments, Tianqi Sales Company has always had a large potential loss of funds. Before FAW reorganized Tianqi, the sales of Tianjin Xiali was underwritten by Tianqi Industrial Sales Co., Ltd., and the actual management rights of the 32 local sales companies in the country were held by Tianqi Group. Thirty-two sales companies had followed the pattern of joint distribution before 2002. The joint distribution was controlled by multiple parties and sales of Xiali branded cars were sold through the establishment of a specialty store or a second-tier agency. As early as Xiali sales, powerful dealers generally hope that manufacturers as soon as possible to fully implement the brand agency system, clean up, regulate the dealer team, so that powerful dealers directly with the manufacturers to reduce intermediate links. However, the Xiali stock can't do it by itself, and Tianqi executives have been reluctant to delegate power. Until the beginning of 2002, the China Securities Regulatory Commission (SFC) stipulated that after the separation of “personnel rights, financial rights, and production, supply and sales†between the listed company and the parent company, Tianqi Group and Xiali Group were established with a 30% and 70% shareholding ratio. Xiali sales company. There was an unpredictable situation. Xiali sales company was established less than half a year ago. FAW merged with Tianqi. The sales company was immediately cancelled and all the secondary distributors were cleaned up. Xiali has been underwritten by the Tianqi Industrial Sales Company for a long time, and has laid the seeds for the large area of ​​debt and the bad debts of different degrees each year. As of March 31, 2002, Tianjin Automobile Sales Company had defaulted on payment of 3.419 billion yuan. In 1999, a company in Hunan purchased 400 Xiali taxi companies from Tianqi at a price of RMB 70,000 each, which owed more than 30 million vehicles and remained unpaid. In order to repay the debt, the company sold the 400 transportation licenses of the taxis to Tianva Hunan Sales Co., Ltd. at a price of 40,000 yuan each. The Tianqi Hunan Sales Company established a taxi company. The phenomenon of similar cancellation of arrears is more than an example in Hunan. By the end of 2002, FAW Xiali had collected a total of 740 million yuan in receivables, and the balance at the end of the period was still as high as 2.96 billion yuan. All along, Xiali shares play a role in blood generation for the entire group. For example, Tianqi has been implementing self-supporting facilities. Due to the protection of spare parts companies, Xiali did not receive preferential pricing when purchasing spare parts. On the contrary, some supporting factories provide low-cost accessories to other manufacturers. Under the management of Tianqi's next game of chess, Xiali's development naturally cannot be separated from the overall interests of Tianqi without consideration. However, the market environment facing Xiali at this time is that, as the era of monopolistic profits in the mini-car industry is relentless, vehicle profits are becoming thinner and thinner. Only by continuously diversifying products and continuously improving product performance and market share can Increase profitability. Relying on Xiali, it has been unable to move a huge steam. In June 2002, Tianqi Group negotiated an agreement to transfer 81,222,944 shares of state-owned legal person shares held by the company to FAW Group. After the equity transfer was completed, 81.224.4 million shares of the company held by FAW Group accounted for 50.98% of the company's total share capital. As a result of this asset transfer, FAW controlled 60% of the 84.97% equity of “Shali Shares,†directly resulting in the Xiali Shares being stripped from Tianqi. Xiali’s relevant person commented privately: “This equity transfer is a relief for Xiali.â€
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