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Recently, according to the announcement on the Progress of Foreign Investment issued by 360, in order to tie in with the reform of Naga's auto shares, the shareholding ratio of 3060 has been reduced to 10.72%, corresponding to a book value of 1.153 billion yuan, and Nagan's latest valuation is 10.756 billion yuan. Compared with the previous valuation of 25 billion after the financing of D-round was completed in July 2022, the valuation of Nahan has shrunk by 10 billion yuan.

It is understood that in October 2021, 360 invested 2.9 billion of Naga Automobile to become the second largest shareholder, with a shareholding ratio of 16.594%. In June last year, the group announced that it would transfer its 3.53 per cent stake in Nahan to two limited partnerships, with a corresponding capital increase of 1 billion yuan. After the completion of the equity transfer, 360 holds an 11.4266% stake in Nahan Automobile. Relevant data show that 360 announced in May 2021 that it would join hands with Nahan Automobile to enter the field of smart cars, and made a slogan of "making cars for the people".

Nezhong Automobile, a brand of Hezhong New Energy Automobile Co., Ltd., was established in 2014. In April 2017, it was qualified to produce pure electric vehicles, launched its car brand in 2018, and launched its first mass-produced car, Nali N01, at the end of 2018.

At present, there are four models on sale, namely, N01, U, V and S respectively. The N01 has launched a total of 4 models with a subsidized price of 5.98-69800 yuan. The second production car of Naxi went on sale on March 21, 2020, the price of the vehicle is RMB13.98-199800; on November 3, 2020, the third production model of Naxi-V is on the market, the price of the vehicle is RMB6.59-123800; and on March 21, 2021, the upgraded Naxi U Pro is released for pre-sale, and the price of the vehicle is RMB14-170000. On July 31, 2022, Nezha S listed in the price range of 19.98-338800 yuan. From the point of view of the price of the model, except for the Nashi S, the rest of the models are basically sold for less than 200000 yuan.

The shrinking valuation of Naha car may be related to its loss in the past two years, which has a net loss of more than 4.2 billion yuan in the past two years, according to relevant data. In 2020, Nahu achieved a revenue of 1.297 billion yuan and a net loss of 1.321 billion yuan. In 2021, its operating income increased significantly to 5.735 billion yuan, but the net profit loss also increased to 2.908 billion yuan. Although the latest sales figures for 2022 show an increase in sales figures. Relevant data show that the monthly delivery of Nahan cars in December was 7795, and the cumulative sales in 2022 reached 152073, an increase of 118% over the same period last year. But in terms of revenue, Naha, like most new energy companies, is still losing money. Take Nahu car in 2021 as an example, it delivered 69674 vehicles in 2021, with a net loss of 2.9 billion yuan. Based on this calculation, the average loss per car is more than 40,000 yuan.

As for financing, according to incomplete statistics: by 2017, Nahu has completed 10 rounds of financing, excluding three rounds of financing that have not disclosed the transaction amount, Naha has raised a total of nearly 18 billion yuan. By the end of 2021, Naha had total assets of 13.7 billion yuan and liabilities of 8.3 billion yuan. Judging from the financing situation, Naha Automobile is still very popular in the capital market, but judging from its performance in the past two years, it has not brought rich returns to the capital side.

Compared with many new power brands, the price of Nashi car is relatively low, but it is difficult to reverse the situation of losses and weak sales behind the price for volume. Looking at Nahan's December sales figures, it is down more than 50% from October deliveries. Its delivery volume was 15072 in November and 18016 in October, showing a downward trend for two consecutive months.

Or in order to reverse the loss, Naha launched its high-end Nashi S model in July last year, but sales of the model were not satisfactory after its launch, delivering only 2003 vehicles in the first month. Some people in the industry have pointed out that the transition from low to high is the most difficult at present, and the transformation of general brands from high to low is often relatively easy, and it is a process of rapid harvest increment; but from low to high, it is extremely difficult to get rid of the inherent Facebook of the original brand, it is difficult to attract new incremental markets, and the high price of new products will also lose old car owners to a certain extent.

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