AutoBeta(AutoBeta.net)06/27 Report--

On the evening of June 26, 360 Group issued an announcement to the public. According to the announcement, 360's wholly-owned subsidiary 360 Private Equity Fund plans to transfer its 3.53% equity stake in Nahan Automobile to two limited partnerships, with a corresponding capital increase of 1 billion yuan. After the completion of the equity transfer, 360 still holds an 11.4266% stake in Nahan Automobile.

Zhou Hongyi, chairman and CEO of the company, responded that Nahu is still a startup and needs to let the founder team lead the development of the company, rather than full capital, but now the founder team has too little equity. 360 is still positioned to support and support the team.

In addition, on the morning of June 27, Naha made an announcement on its official Wechat account about the transfer of part of the equity fund. Nashi Automobile said that the 360 transfer of part of the equity fund, in line with the management team to form a consistent actor, is conducive to improving the corporate governance structure and increasing the control of the management team, which is more beneficial to the long-term sustainable operation of its various businesses. At present, the industrial and commercial change of this round of financing is being promoted, and the joint-stock restructuring of the company will be started quickly.

According to Tianyan survey information, as of February this year, Naha Automobile has conducted nine rounds of financing, the disclosed financing amount reached more than 14 billion, of which the latest round of financing exceeded 2 billion, according to financiers including China Railway Corporation, Shenzhen Venture Capital, and so on. At present, the ownership structure of Nahan Automobile is very fragmented. The top three shareholders are Nanning Minsheng New Energy Industry Investment Partnership (14.03%), Beijing Huading New Power Equity Investment Fund (12.30%) and Yichun Jinhe Equity Investment Co., Ltd. (9.98%). By comparison Tongxiang Zhonghe New Energy Automobile Industry Investment Partnership and Shanghai Zhe ao Industrial Co., Ltd. hold 6.32% of the shares.

Data show that 360, as a well-known domestic Internet company, was founded by Zhou Hongyi in September 2005. The payment of 900 million yuan for round B investment was completed on May 31, 2021, and the first 1 billion yuan investment for D1 round was completed on October 27th, 2021, with a total paid-in investment of 1.9 billion yuan.

On May 10, 2021, 360 announced for the first time to enter the automobile industry by investing in Nahan cars, and held high the banner of "building cars for the people". However, Zhou Hongyi also made it clear at that time that 360 would not build cars independently, 360 and Nahan cars were a partnership between the company and the company, and Internet companies used the concept of the Internet to help build cars. On October 19th of the same year, 360360 issued an investment announcement that the company intends to invest a total of 2.9 billion yuan in its own funds to invest in Nahan Automobile, and the investment is planned to be carried out in two steps by way of capital increase, with a total paid-in investment of 1.9 billion yuan before. however, the corresponding capital contribution of 1 billion of the fund has not been paid, until this time it was announced that it would give up the capital increase.

Nahu is the car brand of Hezhong New Energy Automobile Co., Ltd., which was founded in 2014. At present, it has three models on sale. The first model, N01, was officially launched on November 16, 2018. On March 21, 2020, the second production car of Nahu went on sale. The price of the car is 13.98-199800 yuan. On November 3, 2020, the third production model of Naxi V officially went on the market, the vehicle price is 6.59-123800 yuan; on March 21, 2021, the upgrade version of Naxi U Pro is released for pre-sale, the vehicle price is 14-170000 yuan, from the model price point of view, the basic price of Nahu car is less than 200000 yuan, and the product price is lower.

As one of the new forces in car building, public data show that from January to May this year, the cumulative sales of Naha cars were 40735. As a comparison, the cumulative sales of domestic new power brands Xiaopeng Motor, ideal Automobile and Lulai Automobile from January to May were 53688, 47379 and 37866 respectively. Among them, in May, Naha delivered 11009 new cars, an increase of 144.2% over the same period last year, an increase of 24.9% over the previous month, ranking in the first camp of the new forces of car-building, second only to the ideal car (11496). The pattern of the top three new forces of car-building has also changed from "Wei Xiaoli" to "Xiaoli".

However, the automobile industry is concerned that, compared with ideal, Ulay and other car companies, which car positioning is relatively low-end, lower product prices mean better access to the market. Zhang Yong, chief executive of Nezha Automobile, said earlier, "which car is not a toy for the rich, but only a car that can be bought."

However, despite the rapid growth in car sales, Nashi is still losing money like several other new forces. According to the data disclosed in the announcement, Naha's revenue in 2021 was 5.735 billion yuan, with a net profit of 2.9 billion yuan, while in 2020, revenue was 1.297 billion yuan, with a net loss of 1.321 billion yuan, with a total loss of 4.2 billion yuan in two years. By the end of 2021, the total liability of Naha automobile is 8.328 billion yuan, the total assets is 13.69 billion yuan, and the net assets is 5.362 billion yuan.

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