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In September last year, Liaoning Shuguang Automobile Group Co., Ltd.(hereinafter referred to as "Shuguang Shares") spent 132 million yuan to acquire a full set of technologies for Chery discontinued models and announced its entry into the new energy industry. Now, a year later, Shuguang acquired relevant model technology to create a production car has finally appeared.

The automobile industry pays close attention to the latest application catalogue of the Ministry of Industry and Information Technology. The application map of the brand-new miniature pure electric vehicle "Yellow Sea Smile" owned by Shuguang has appeared on the application catalogue. It is estimated that the new car or the name "Smile" is expected from the rear logo.

In terms of appearance, the appearance of the new car is highly similar to the discontinued Chery Ruilin M1, but the new car is no longer a fuel-powered model, but a pure electric model. The "mouth" in the smiling face of the front face is designed to be "closed" to enhance the recognition of new energy vehicles. The headlights are composed of black outer frames. At the rear of the car, the new car continues the classic simplicity of the Ruiqi M1 model, but it has been optimized in details, such as omitting the rear wiper. The new rear logo carries the words "Yellow Sea Car" and "Smile" logo.

In terms of body size, the length, width and height of the new car are 3600/1587/1527mm respectively, and the wheelbase is 2330mm, which is basically consistent with Ruiqi M1. In terms of power, the new car is equipped with a Chongqing Zongshen Jiyan electromechanical motor, with a maximum power of 25kW, equipped with lithium iron phosphate battery and a maximum speed of 101km/h.

According to the declaration information, the overall layout of the appearance of the new car is basically consistent with that of Chery Ruilin M1, and the size of the car body is similar. According to the attention of the automobile industry, Ruilin is the earliest high-end brand launched by Chery Automobile.‍In 2009, Chery Automobile launched two high-end brands,"Ruiqi" and "Weilin" respectively. In the same year, Ruiqi M1 and Ruiqi X1 were launched, among which Ruiqi X1 was the first mini SUV model under the brand and was launched on November 15,2009; Ruiqi M1 was a high-end boutique car launched by Ruiqi brand for the middle and high-end market and launched on April 20,2009. Subsequently, Chery Automobile also launched Ruiqi M1-EV, an electric version of Ruiqi M1 model in 2010. However, due to the high-end positioning of the model, and the low acceptance of independent high-end brands in the domestic market at that time, Chery Automobile gradually stopped production of Ruiqi and Weilin brands in 2012 due to poor market performance, and then Ruiqi M1 under Ruiqi brand was also discontinued.

Ruiqi M1

As for Huanghai Automobile, in fact, Huanghai Automobile has a history of 20 years, but the early Huanghai Automobile mainly produced automobile chassis and buses, and later launched SUV models, but also because of poor market performance, there is little attention on Huanghai Automobile in the market. Huanghai Automobile is Liaoning Shuguang Automobile Group Co., Ltd (hereinafter referred to as "Shuguang Shares"), a brand under Shuguang Shares, was established in December 1995. It is an enterprise group mainly engaged in vehicle, axle and parts business. It owns two brands,"Huanghai Automobile" and "Shuguang Axle". It is the only enterprise in China with the core technology of "Hybrid Transmission" and completely independent intellectual property rights. It has the core technology of "Three Electric" and independent intellectual property rights and the core technology of four-wheel electric vehicle axle. And has two financial licenses for auto finance and financial leasing.

On September 27,2021, Shuguang invested 132 million yuan to acquire the complete set of technologies of Chery discontinued models and announced its entry into new energy industry. At that time, Shuguang shares said in the announcement that it planned to accept the advanced mature technology of Chery S18(Ruiqi M1) and S18D (Ruiqi X1) models held by Tianjin Meiya New Energy Automobile Co., Ltd. Tianjin Meiya New Energy Automobile Co., Ltd. is a wholly-owned subsidiary of Huatai Automobile Group Co., Ltd., the controlling shareholder of the company. The technology transfer price of the above transaction is based on RMB 140 million Yuan of relevant assets obtained by Tianjin Meiya from Chery Automobile, and RMB 7.7 million Yuan of reduction expenses are deducted. The transfer price is finally determined to be RMB 132 million Yuan.

However, the introduction of related technologies by Shuguang shares has also caused controversy, and the controversial point is whether it makes sense to buy old technologies with heavy money. In response to the transfer of related technologies, Shuguang shares also said in the announcement that the company plans to follow the national strategy of encouraging the development of strategic emerging industries such as new energy vehicles, extend and expand the market for new energy passenger vehicles, and fill the gap in the pure electric passenger vehicle market by transferring advanced and mature technologies and continuously digesting and absorbing independent research and development. At the same time, the company will keep abreast of the latest product and technology development trends of pure electric passenger vehicles through passenger vehicle projects, so as to accelerate the pace of product structure transformation of the company and promote pure electric passenger vehicle projects.

It should be noted that although Shuguang shares have two famous brand products,"Huanghai Automobile" and "Shuguang Axle," the performance of Shuguang shares is not good. According to the financial report, the net profit of Shuguang shares from 2017 to 2021 is 316 million yuan,-128 million yuan, 47 million yuan, 55 million yuan and-459 million yuan respectively. In the first half of 2022, the revenue was 857 million yuan, down 39.17% year-on-year, and the net profit was-105 million yuan, down 3.85% year-on-year.

According to the plan, Shuguang shares will develop and produce pure electric cars and SUVs. The Yellow Sea Automobile brand new miniature pure electric vehicle "Yellow Sea Smile" declaration map has appeared in the declaration catalogue, which means that the new car may be mass-produced. As far as the current market is concerned, the miniature pure electric vehicle has high market heat, and the competitiveness is also very fierce. Huanghai Automobile, as an automobile circle, is not a particularly well-known brand. The appearance of the new car is highly similar to that of Ruiqi M1, which has been discontinued for a long time. It is obviously very difficult to drive the development of Huanghai Automobile in the market after the new car is launched.

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