While the outside world is still looking forward to the restructuring of Daan Auto, Jianghuai Automobile has shifted its focus to internal changes.
Recently, Jianghuai Automobile announced that its related work for the introduction of external investors has been completed, and Jiantou Investment Co., Ltd. holds 25% of its shares to become the second largest shareholder of Jianghuai Group. As a result, the latest registered capital of Jianghuai Automobile has increased from the original 1.797 billion yuan to 1.93 billion yuan, and the proportion of Jianghuai Group will drop to 70.37%.
This paper announcement responds in a certain sense to the outside world's anticipation of the reorganization of Daan Automobile. It also releases the signal that Jianghuai Automobile will rely on its own strength to seek a breakthrough. In fact, since the beginning of this year, in addition to its operation at the capital level, JAC has made profound changes to the passenger car brand system and marketing network, and it is a revolutionary “self-operationâ€. Whether external capital and internal surgery can help Jianghuai Automobile to “smoothly shift gears and increase speed†is still unknown.
Capital foreign aid According to a recent announcement by Jianghuai Automobile, the related work of JAC Group to introduce external investors and optimize the internal equity structure has been completed. According to the announcement, prior to the introduction of external investors, Anhui State-owned Assets Supervision and Administration Commission held 78.21% of the shares of Jianghuai Group, Anhui Wangzhong Investment Co., Ltd. held 21.79%; after the introduction of external investors, the ownership structure was changed to 70.37% held by Anhui State-owned Assets Supervision and Administration Commission. , Jiantou Investment Co., Ltd. holds 25% of the shares, and Hefei Shenqin Equity Investment Partnership (general partnership) holds 4.63%. At this point, the operation of the introduction of external investors planned by Jianghuai Group since September this year has finally settled.
Analysts believe that the introduction of the Central Enterprise Capital by JAC Group will help Jianghuai optimize its internal equity structure. "The introduction of external investment can effectively ease the financial pressure on Jianghuai, and with the gradual recovery of Jianghuai Automobile's performance in the past two years, Jianghuai Automobile's current restructuring expectation has been greatly reduced." An auto analyst at Northeast Securities believes.
In fact, as early as May 2009, relevant departments of Anhui Province issued the "Automobile Industry Adjustment and Revitalization Plan of Anhui Province", and decided to implement the "Daan Steam" strategy, and strongly promoted local companies such as Chery, Jianghuai, and Huaihe to follow the market principle in the province. Restructuring, and strive to form an annual sales of more than one million automobile enterprise groups. However, due to the vigorous opposition of the Jianghuai and Huai parties, the reorganization event did not take place.
In August 2010, Jianghuai Automobile and Tianjin Zhengdao Equity Investment Management Co., Ltd. signed a letter of intent to jointly manufacture automobiles. The two parties will jointly establish a joint venture with a 50%:50% shareholding ratio. The initial investment amount is not less than 20 100 million yuan. However, due to the issue of approval, the joint venture between JAC and the right path did not come to an end.
“At the moment, the company has no longer mentioned internal joint venture restructuring projects. Jianghuai is putting more energy into the internal transformation level.†An insider of JAC Motors said in an interview with reporters.
Self surgery <br> <br> In fact, the JAC of "self-surgery" began in 2012. After a final review of the “Twelfth Five-Year Plan†strategy in 2010, Jianghuai Automobile finally decided to make a series of adjustments: on the one hand, it will increase the development of the family car and economy car market; on the other hand, it will focus on MPV, focusing on Development of light trucks, SUVs and other services.
At the end of November 2012, in order to achieve the effective integration of internal resources, Jianghuai Passenger Vehicle announced the “Rui Feng Heyue†dual brand operation strategy. “This is the fifth strategic adjustment Jianghuai Automobile has faced since its establishment (the other four strategic adjustments were launched, chassis, light truck, Ruifeng, and sedan business), and it is also a crucial change for the Jianghuai Automobile.†Vice President of Jianghuai Automobile Co., Ltd. Manager Yan Gang said.
“The more the market grows, the more it feels necessary to carry out internal organizational changes.†Yan Gang revealed that at the original JAC passenger car business level, the department that manages cars, the department that manages Ruifeng Commercial Vehicles and parts manufacturing companies exist at the same time, and different departments are Orders issued at the same time often lead to confusion in channel adjustments.
After that, JAC confirmed the determination to establish JAC Passenger Vehicle Marketing Co., Ltd., and will be involved in four marketing companies related to passenger cars: multi-functional commercial vehicle marketing companies, utility vehicle marketing companies, car marketing companies and accessories marketing. The company merged into a passenger vehicle marketing company. "After the integration of the system, under one voice and one channel, the company's internal public relations, marketing, and communications resources will be effectively unified, coordinated, and unifiedly managed," Yan Gang said.
Under this model, the original marketing management system of Jianghuai Passenger Vehicle was completely broken, and the country was again divided into 30 regions: 27 business centers and 3 branches (Shandong, Henan and Hebei respectively) to reduce Management scope, face to face with dealers directly. Whether it is a business center or a branch company, it can exercise management authority over regional terminal channels, and passenger vehicle marketing companies only provide support as decision headquarters.
The main car <br> <br> In fact, the JAC "internal operation" focus on passenger car business level, but also want to change their car unsatisfactory business performance.
According to the statistical data released by Dec. 5 of the Jianghuai Automobile, in 2013, cumulative sales of 461.28 million units were from January to November, an increase of 12.23% year-on-year. Among them, JAC sedan sales were 107,258, a year-on-year decline of 11.91%.
"This achievement is still difficult to enter the mainstream camp of China's car sales." Insiders analysis, Jianghuai Automobile still does not change the situation relying on traditional business light truck profits. JAC's traditional business is Ruifeng MPV and light trucks. The market ranking is ranked first and second in the country. These two models account for 60% of JAC's total sales, but contribute 90% of gross profit.
According to the “12th Five-Year Plan†previously announced by JAC, JAC’s overall development strategy is to adjust the product structure and make large-scale production. It plans to make efforts in the fields of passenger vehicles and commercial vehicles, and ultimately achieve annual production and sales of the entire vehicle. Over 1.6 million vehicles (including more than 1 million passenger vehicles, accounting for more than 60%), and the proportion of overseas sales reached more than 20%.
In this context, JAC will focus more of its internal changes on the passenger vehicle business. "Because of the marketing ideology in the past, there was no systematic establishment of marketing concepts and process methods based on customer value, and they were accustomed to competing in the market with low prices and varieties, unilaterally pursuing the current sales scale, which led to the experience of Jianghuai Automobile. There has never been a major brand crisis.†Yan Gang admits that although at the end of this year, the passenger car business of JAC Automobile still did not meet expectations, but this internal change will continue.
At present, Jianghuai Automobile's reform of the dual-brand strategic marketing system has been gradually completed. However, under the backdrop of continuous depressing prices of joint-venture brands and an increasingly harsh living environment of independent brands, Jianghuai Automobile can successfully break through and radically change its commercial use. The unbalanced development of the car and car business is the biggest challenge facing its management team.
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