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On November 17, Haima Motor issued two consecutive announcements on the sale of assets: 1. The company transferred its 100% stake in Jinpan Industry to the construction of Haima Industrial Park at a transfer price of 316.0034 million yuan. 2. Haima Motor Co., Ltd. signed an "equity transfer agreement" with Henan Haima property in Zhengzhou. Haima Automobile Co., Ltd. transferred 95% of its stake in Zhengzhou Lanma Industry to Henan Haima property. The transfer price is 472.3358 million yuan plus equity transition profit and loss.

After two operations, Haima Motor received nearly 800 million yuan of funds. Haima Motors said in the announcement that the business situation facing the company is still grim, and the landing of strategic measures and the promotion of cooperative projects require the company to continue to invest a lot of resources. This transaction is a specific measure for the company to optimize the allocation of resources and invigorate existing assets. After the completion of the relevant transactions, Haima Motor Co., Ltd. will further realize the operation of light assets, which will not only obtain the corresponding liquidity and improve operating efficiency, but also help Haima Automobile Limited focus resources to do a good job in the main business.

As the only car company in Hainan Province, Haima Motors achieved brilliant results in 2016, with annual sales of 216000 vehicles, but has since gone from prosperity to decline. Total sales of seahorse cars fell to 140400 in 2017. As a result, the net loss of Haima Motor was 994 million yuan, and the sales volume halved again to 67600 in 2018, with a net loss of 1.637 billion yuan. As a result of two consecutive years of losses, seahorse car was wearing a hat, the stock was changed to "* ST seahorse".

In order to save Haima, Jingzhu returned as chairman of the company. Data show that Jingzhu joined Haima Motor in 1988, served as chairman and party committee secretary of Haima Automobile Group at the end of 2004, and resigned as chairman of the board in July 2013 for personal reasons. After being re-elected as chairman, Jingzhu said he was "determined to return to the front line, recreate seahorses and lead employees to start a business for the fourth time."

To save Haima, the most important thing is to reverse the continued loss of funds. From 2019 to 2020, Haima successively sold more than 400 properties in Haikou and Shanghai, as well as some real estate properties and divested the automobile R & D business, resulting in a net profit of 85 million yuan in 2019. Although the extra profit was made by selling assets, the profit was achieved after all. In June, 2020, the abbreviation of Haima Automobile stock was changed from "* ST Haima" to "ST Haima", and in May 2021 it was changed to "Haima Automobile".

From a series of operations of Haima Motor, it will definitely not work in the long run to turn losses into profits through the sale of assets. According to the latest financial report, the operating income of Haima Automobile in the first three quarters of this year was 1.15 billion yuan, with a net loss of 170 million yuan, and a net loss of 270 million yuan after deducting. It is not difficult to see that in the absence of liquid asset disposal, it is not realistic for Haima to rely on its main business to turn losses into profits. According to the data, the cumulative sales of seahorse cars in the first three quarters were 22328, an increase of 136.30% over the same period last year, but the sales data disclosed by Haima included Xiaopeng G3, which is made for Xiaopeng. In the first three quarters, the cumulative sales of Xiaopeng G3 was 16933, that is to say, the sales of seahorse cars were less than 10,000. According to previous media reports, Haima said that the cooperative production relations between Haima and Xiaopeng will expire at the end of this year. As Xiaopeng already has a Zhaoqing factory and the Wuhan project is just starting, it is expected that Xiaopeng will no longer cooperate with Haima to build cars. In other words, if it is no longer manufactured for Xiaopeng, its sales figures will be even uglier and it will lose another extra income.

What is more inexplicable is that Haima Motor also received a regulatory letter from the Shenzhen Stock Exchange because of false financial statements. According to the regulatory letter, on April 23, 2021, Haima disclosed the announcement on the Correction of Accounting errors, correcting accounting errors in the first quarter report, semi-annual report and third quarter financial statements of 2020. Among them, the operating income in the first quarter of 2020 was corrected from 442 million yuan to 202 million yuan, the half-year operating income from 1.311 billion yuan to 624 million yuan, and the total operating income in the first three quarters from 1.937 billion yuan to 938 million yuan.

As the only car company in Hainan Province, Haima Automobile has seriously lagged behind the market in terms of products, research and development, technology, etc., and has become a marginal enterprise. However, as the only automobile company in Hainan, Haima Motors still has unique resources to support, especially under the acceleration of new energy vehicles, Haima Motors also has a certain possibility of development.

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