AutoBeta(AutoBeta.net)05/19 Report--

On May 18, Beijing Automobile announced that Jiang Deyi had submitted his resignation to the board of directors on May 16, 2022 due to job adjustment. He will no longer serve concurrently as chairman, non-executive director, director of the strategy committee of the board of directors and chairman of the nomination committee. At the same time, the board of directors recommends the appointment of Chen Wei as the chairman of the board of directors, the director of the strategy committee of the board of directors and the director of the nomination committee for a term commencing from the date on which the shareholders approve Chen Wei as a non-executive director of the company at the general meeting and ending at the end of the fourth session of the board of directors.

Jiang Deyi joined BAIC for less than two years, but looking through Jiang Deyi's resume, he couldn't find any experience related to cars. Data show that from February 2002 to July 2015, Jiang Deyi successively worked in Beijing Jinyu Group Co., Ltd., Beijing Jinyu Co., Ltd., and Beijing Jinyu Group (Stock) Company from July 2015 to July 2020. Jiang Deyi served as party secretary of Beijing Jinyu Group (shares) Company, chairman of Beijing Jinyu Group Co., Ltd., chairman and general manager of Beijing Jinyu Group Co., Ltd. According to the official website, Beijing Jinyu Group mainly focuses on cement and ready-mixed concrete, new building materials and trade logistics, real estate development, real estate and property and other industries. On July 31, 2020, BAIC officially announced that Xu Heyi would no longer hold the post of party committee secretary and chairman of BAIC because of his age, and Jiang Deyi, former chairman of Beijing Jinyu Group Co., Ltd. would be the new chairman of BAIC.

According to the data, Xu Heyi joined BAIC in 2002 and successively served as party committee secretary and chairman of Beijing Hyundai Automobile Co., Ltd., party committee secretary and chairman of Beijing Mercedes-Benz Automobile Co., Ltd., chairman of BAIC Futian Automobile Co., Ltd., party committee secretary and chairman of Beijing Automobile Group Co., Ltd. At that time, a number of domestic automobile groups already had joint ventures, and while BAIC was still a blank, Xu Heyi introduced Hyundai, which was not favored at that time. Beijing Hyundai's entry made BAIC's sales increase rapidly. Shortly after that, BAIC partnered with Daimler to establish Beijing Mercedes-Benz in 2005 and is now a profit cow of the group. Obviously, the introduction of Hyundai and Mercedes-Benz to promote the development and growth of BAIC's joint venture business is Xu Heyi's greatest achievement to BAIC.

As for Jiang Deyi as the new chairman of BAIC Group, the industry is still quite shocked. after all, Jinyu Group's businesses such as cement and ready-mixed concrete, new building materials and trade logistics, real estate development, real estate and property, etc., do not intersect with the automobile industry, so whether Jiang Deyi can lead BAIC has immediately become a question mark in the industry.

Judging from the performance of BAIC in the past two years, it is not very bad, but it is not much better. Data show that Beijing Automobile is one of the five major automobile groups in China, mainly engaged in passenger car R & D and manufacturing, spare parts manufacturing, automobile service trade, R & D, education, investment and financing and other business. among them, the passenger car business is carried out through Beijing Mercedes-Benz, Beijing Hyundai, Fujian Mercedes-Benz and Beijing brands. According to the annual report, Beijing Automobile achieved 175.916 billion yuan in revenue in 2021, including 8.174 billion yuan for Beijing brands and 167.966 billion yuan for Beijing Mercedes-Benz. In other words, 95% of Beijing Auto's revenue comes from Beijing Mercedes-Benz and only 5% from Beijing brands. In addition, the gross profit of Beijing Automobile in 2021 is 37.643 billion yuan, of which the gross profit of Beijing brand is 4.512 billion yuan and that of Beijing Mercedes-Benz is 42.255 billion yuan. In other words, if Beijing Mercedes-Benz is excluded, Beijing Automobile is in a loss-making state.

In order to improve profitability, BAIC announced on December 13, 2021 that it would increase its stake in Mercedes-Benz to 9.98%, making it the largest shareholder of Mercedes-Benz. According to Mercedes-Benz's 2021 results, excluding the already independent Daimler truck and bus business, Mercedes-Benz's full-year net profit rose 255 per cent year-on-year to 14.2 billion euros, while BAIC, which holds 9.98 per cent, will receive 524.3 million euros, or about 3.67 billion yuan. This is perhaps the most noteworthy thing that happened to Jiang Deyi during his tenure.

In addition to Beijing Mercedes-Benz, the performance of Beijing Hyundai and independent plate is not optimistic. BAIC Blue Valley reported that total sales in 2021 were 26127, up 0.82% from 25914 in 2020. The net profit attributable to shareholders of listed companies after deducting non-recurring profits and losses was-5.544 billion yuan that year, compared with-6.646 billion yuan in the same period last year. In addition, Beijing Hyundai, a 50:50 joint venture between Beijing Automotive Investment Co., Ltd. and Hyundai Automotive Co., Ltd., has terminal sales of 384000 vehicles in 2021, a decline for five consecutive years compared with the same period last year. The annual completion rate of 560000 vehicles at the beginning of the year was only 68%. The net loss after tax for the current year was 4.995 billion yuan.

Today's BAIC is still in the embarrassing situation of Mercedes-Benz being strong and weak. Of course, the dilemma of BAIC's weak independent plate can be described as a clich é, whether it is the BEIJING brand or the earlier integration of Weiwang into Changhe, BAIC's cross-country independence has not been effective yet.

It is worth mentioning that Jiang Deyi investigated BAIC shares and BAIC Research Institute after the Spring Festival. in order to achieve a breakthrough in the transformation of independent-brand passenger cars, BAIC Group was required to increase the distribution of new energy and put forward a sales target of 100000 new energy vehicles per year, including polar fox. accelerate the transformation of "electrification, intelligence, and networking".

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