According to Wind statistics, in the first half of the year, among the 85 listed companies in the automobile manufacturing industry, 57 companies' net profit increased year-on-year, accounting for 67%; 28 companies' net profit fell year-on-year, accounting for 33%. Regardless of the year-on-year decline in the amount of losses or net profit, FAW Xiali was “famous on the list” and the company became the loss-making king of the automobile manufacturing industry in the first half of the year.
In addition to the results, the financial expenses of 85 listed companies in the automobile manufacturing industry totaled 2.16 billion yuan, a year-on-year increase of 11.8%. Among them, BYD's financial expenses are the highest, at 637 million yuan. The financial expenses of the three car companies of BYD, SAIC and GAC Group accounted for 52% of the financial expenses of all car companies.
Half of the total vehicle companies' performance declined. Among the 22 vehicle companies, 11 companies experienced a year-on-year decline in performance, accounting for 50%, namely FAW Xiali, Yaxing Bus, Jinbei Automobile, Ankai Bus, FAW Car, Foton Motor, BYD, Jianghuai Automobile and Great Wall Motor. There are 6 companies with performance losses, namely FAW Xiali, Yaxing Bus, AVIC Panther, Tianxing Instrument and so on.
The performance of Zhongtong Bus increased the most. In the first half of the year, the company achieved a net profit of 204.79 million yuan, an increase of 354.19%. However, the company's performance growth was mainly due to the transfer of equity in Xinjiang Zhongtong Real Estate Development Co., Ltd., and has little to do with the main business bus manufacturing.
“In the first half of the year, the company’s passenger cars achieved a total sales volume of 6,013 vehicles, with a revenue of 1.562 billion yuan, which was basically the same as that of the same period of last year. “The company said that the bus industry is not optimistic and the industry competition will be more intense.
The reporter also found that among the whole vehicle companies whose performance has declined year-on-year, there are many bus companies. From the perspective of the entire automobile industry, data from the China Association of Automobile Manufacturers showed that in the first half of the year, the production and sales of automobiles were 11.738 million and 11.638 million, an increase of 9.6% and 8.36% year-on-year. Compared with the same period of last year, the growth rate has slowed down.
Among them, the production and sales of passenger cars were 9,708,500 and 9,633,800, an increase of 12.05% and 11.18%; the production and sales of commercial vehicles was 2.0474 million and 2.0479 million, down 0.59% and 3.18% year-on-year. Passenger car sales of more than 5 meters decreased by 8% year-on-year. In the overall weak background of the bus industry, the performance of listed companies, including Yaxing Bus and Ankai Bus, will inevitably decline.
According to the China Daily News, FAW Xiali's performance fell the most, followed by Yaxing Bus. Wind data shows that in the first half of the year, Yaxing Bus achieved operating income of 510 million yuan, an increase of 2.29% year-on-year. The net profit attributable to shareholders of listed companies was -55.22 million yuan, down 156% year-on-year.
Some companies have also seen an increase in income without increasing profits, and Great Wall Motor is one of them. In the first half of the year, Great Wall Motor achieved operating income of 28.527 billion yuan, an increase of 8% year-on-year, and realized operating profit of 4.7 billion yuan, down 3.48% year-on-year. Operating income increased year-on-year, while operating profit declined.
Based on the sales volume of the company's 347,000 units in the first half of this year, compared with the sales target of 890,000 units of Great Wall Motor in 2014, the company only completed 39% of its annual sales target in the first half of the year. This also brought a lot of pressure to the Great Wall Motor in the second half of the year.
In the first half of the year, FAW Xiali became a loss-making king. FAW Xiali produced 39,282 cars, down 50.51% year-on-year, and sold 37,301 cars, down 47.85% year-on-year; realized operating income of 157.592 million yuan, down 48.59% year-on-year, net profit attributable to shareholders of the parent company. It was -436 million yuan, down 9608.69% year-on-year.
“As the company is undergoing adjustments in product structure, especially due to the restrictions on the purchase of Tianjin’s products with high market share, the decline in sales of cars has affected the operation; the sales volume of Tianjin FAW Toyota Motor Co., Ltd. The year-on-year decline led to a decline in investment income contributed to the company compared to the same period last year," the company said.
At the same time, the company's performance in 2013 has been a loss. According to relevant regulations, the listed company's two consecutive years of performance losses will be treated specially by the exchange to implement the delisting risk warning. The loss for three consecutive years will be forcibly delisted. In other words, if the performance of FAW Xiali continues to lose money this year, the company will not be far from wearing a hat!
However, judging from the sales performance of the company in the first eight months of the year, it seems that it is not so easy to reverse the loss of 436 million yuan in the second half of the year. In August, the company's Xiali series and Wei series achieved a total sales of 4,618 units, compared with 7,401 units in the same period last year. In the first eight months, FAW Xiali’s cumulative sales volume was only 46,450 vehicles, a decline of 46% compared with 85,385 vehicles in the same period last year.
It seems that it is unlikely that it will be profitable to rely on its own main business car manufacturing. The income from the participating company Tianjin FAW Toyota has played a decisive role. The company’s new leader, Tian Qiao, faces many problems, improving sales, improving performance, and keeping the shell. Every problem is tricky.
The financial expenses of car companies increased by 11.8%
In the first half of the year, the financial expenses of 85 listed companies in the automobile manufacturing industry totaled 2.16 billion yuan, an increase of 230 million yuan compared with 1.93 billion yuan in the same period of last year, an increase of 11.8%.
Among them, BYD's financial expenses are the highest, at 637 million yuan, of which, in the details of financial expenses, interest expenses reached 800 million yuan. SAIC Group's financial expenses are 280 million yuan, second only to BYD. In the third place is the Guangzhou Automobile Group, with financial expenses of 197 million yuan.
It can be said that only the financial expenses of the three car companies of BYD, SAIC and GAC Group accounted for 52% of the financial expenses of 85 listed companies in the automobile manufacturing industry. In addition to BYD, SAIC and GAC, the car companies with financial expenses exceeding 100 million yuan also have Lifan shares and Weichai Power.
The financial expenses of 19 enterprises in the first half of the year were negative, including Haima Automobile, Dongfeng Motor, Great Wall Motor, Jianghuai Automobile and Jiangling Motors. Jiangling Motors had the lowest financial expenses in the first half of the year, which was -120 million yuan.
“The financial expenses of the automobile enterprises reached several hundred million yuan, indicating that the company’s loan amount to the bank is very large, the interest expense is large, and the cash flow is insufficient, which is not conducive to the long-term development of the listed company. “There is a sponsor representative who does not want to be named to tell the reporter.

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