St Gold Cup for tipped qiyumin stage of loss

August 27, the annual report of the first half of 2010, the net profit of the owner of the parent company during the reporting period was 172.45 million yuan, an increase of 399.22 million yuan from the same period last year.　　This result made the Gold Cup car basic earnings per share from the same period last year-0.208 yuan, rose to 0.158 yuan. The driving force behind this rising figure is not the huge increase in the sales of the whole car, but the direct benefits of a series of capital movements, such as debt restructuring and equity substitution.　　Two consecutive years of loss, has suffered a a-share exit risk warning of the Gold Cup Car Co., Ltd. (Gold Cup car, 600609.SH) finally in the deadline, to achieve technical losses. With the Gold Cup car to achieve a different path, in Hong Kong listed brilliance China, in the last four quarters of the continued loss of the independent brand business Chinese sedan to brilliance Auto Group Holdings Limited (hereinafter referred to as Brilliance car), with the eye-catching performance of BMW brilliance business,　　Realize a profit of 509.5 million yuan, the average profit of 0.10205 yuan per share. Since last year began a series of capital operations, brilliance Auto's two major listed companies have successfully lost money.　　But has always let brilliance Auto chairman Qiyumin worried about the independent brand car business has not seen improvement.　　According to the China Automotive Technology Research Center released data, the first half of this year brilliance Auto's four car system, most of the negative growth, including the main model June Jie 1.6L, 1.8L Two models of car sales fell 47.34% and 67.47% respectively year-on-year.　　In the capital market will be thrilling to pass the brilliance of the car, the independent brand car business is still delayed, how to activate this business, for Qiyumin is a more severe test.　　Left hand changing right hand facing the fierce competition in the automobile market, eager to tipped of the Gold Cup car obviously did not put the hope on the slow rise in profitability of the vehicle business, but to seek debt restructuring, equity replacement and other ways to get rid of the risk of delisting, it is this way to brilliance Auto Chairman Qiyumin to the Gold Cup car tipped confidence. "Golden Cup St" is the initiative of Brilliance Automobile, is a part of the group's overall capital operation, after our series of actions in the capital market will guarantee the Gold Cup car take off St's hat.　　In July, Qiyumin in an interview with reporters. Gold Cup automobile semi-annual report data shows that the first half of this year's Gold Cup car operating profit rate only increased by 0.82% in the same period last year, operating profit, although the year-on-year rise of 121.43%, also only 40.72 million yuan.　　And March 26 this year, the Gold Cup car and the Agricultural Bank of China Liaoning branch of the debt restructuring agreement, the reorganization of the proceeds of nearly 160 million yuan, accounting for the listed company's shareholder net profit of 94.6%.　　Relying on debt restructurings with banks to increase earnings per share and get rid of loss books is already commonplace in the case of the Gold Cup. As early as in 2007, the first time in the Beatles wearing a Gold Cup car in order to tipped, and ICBC Shenyang South railway station branch, industrial and commercial silverShenyang Nanjing Street Branch signed the "Property debt repayment of interest-free agreement" to solve the problem of long-term overdue non-performing loans.　　It's just that the Chinese car business, which has not been spun off with the Gold Cup, has grown rapidly, becoming the main reason for the former to tipped smoothly. This year, after stripping the loss of the Chinese car business, the whole operation of the Gold Cup car is not enough to bring it out of the market risk. "This year, light card, micro-card business 11% gross margin is difficult to maintain a profit situation."　　"National Securities analyst Cao He in the research report that reliance on debt restructuring proceeds at least to ensure that the Gold Cup cars do not exit the market."　　But for a two-year-old gold-cup car, a debt restructuring could get rid of the risk of delisting, and asset sales could accelerate its tipped pace. April 26 This year, the Gold Cup car will be held by the Minsheng Investment Credit Guarantee Co., Ltd. 44% stake in the price of 330 million yuan to the Liaoning state Investment Development Co., Ltd. (hereinafter referred to as Liaoning Province). Liaoning is the largest shareholder of Shanghai Shen Hua Holding Co., Ltd. (hereinafter referred to as Shen Hua Holdings), with a shareholding ratio of about 11.297%. Shen Hua Holdings is another listed company of Brilliance automobile in the domestic a-share market, is the fourth largest shareholder of the Gold Cup automobile, the shareholding ratio is about 4.97%.　　and Liaoning province is the actual holding person brilliance automobile. The capital game, which took place in the interior of Brilliance Auto, has benefited a lot from the Gold Cup, which has been warned by the risk of delisting.　　By the end of the year, the Gold Cup car has received the transfer of the shares of 170 million yuan, and the remaining 160 million yuan will be withdrawn in the year.　　The sale of the equity assets made the Gold Cup auto investment activities generated by the net cash flow rose 1105.11% Year-on-year, also made its investment income reached 24.394 million yuan, an increase of 112.82% per cent, the same period last year, the number has reached-190 million yuan. Half of the net profit from the BMW business and the complex loss path of the Gold Cup car, Hong Kong stock listed brilliance China to dump the Chinese car business, after the heavy burden of BMW brilliance business sales, cost reduction,　　Directly to increase its earnings to 509.5 million yuan, and the same period last year, brilliance China is still in the mire of losses, profit income of 386 million yuan.　　According to the brilliance of China's annual Zhongcai newspaper, the first half of this year, BMW brilliance sales of 32,594 domestic BMW sedan, an increase of 57%, for the Brilliance Auto Group contributed more than half of the net profit of 286.9 million yuan, the year-on-year growth of 147.1%. Brilliance China believes that the BMW new 5-Series extended sedan, launched in August, will boost overall sales in the fourth quarter of this year.　　At present, Brilliance Group is discussing with BMW Group the export of joint-venture vehicles, the production of engines in the mainland and the development and production of new energy BMW cars in the mainland.　　At the same time, the brilliance of China's other major business Gold Cup light passenger Although the number of sales increased by 35.7%, but because of the increase in light passenger sales increased transport costs, so that the first half of the brilliance of China's sales expenditure increased by 77.9% year-on-year. So the main businessThe performance of the red, so that brilliance China out of the mire, but failed to effectively reduce the company's capital-liability ratio. In the first half of this year, the company accounts for about 1.73 billion yuan, an increase of about 230 million yuan over the same period last year, according to Zhongcai, the Brilliance China year.　　With an increase in accounts payable and notes payable, the company has a capital-liability ratio of about 163% in the first half of the year, up 9% per cent from a year earlier, meaning that its solvency is weakening. At the same time, the company reported that Brilliance China's new liability projects are related to the business of Brilliance Auto Group's subsidiaries.　　Among them, the Gold Cup car can apply for bank loans, pledged nearly 214 million yuan bank deposit as a guarantee, the company's first half of the debt funds reached 306.5 million yuan, compared with the same period last year increased 106.5 million yuan. As of June 30, 2010, brilliance China has a cash and cash equivalent of 433.4 million yuan, plus short-term bank deposits of 216.4 million yuan and pledged short-term bank deposits of 2.1113 billion yuan, a total of 2.7611 billion yuan. The company held a bill of 3.6248 billion yuan, plus the outstanding short-term bank loans of 452 million yuan, a total of 4.0768 billion yuan.　　Brilliance China's capital situation is still not very optimistic.　　The fund chain will be plagued for a long time qiyumin although the two major listed companies have successfully achieved losses, but by the Chinese car business long-term loss of fatigue, Brilliance Auto's three listed companies are not well-off capital situation. As the most profitable of brilliance automobile's Shen Hua Holdings, because of the first half of the car sales business decline, wind power has not formed enough cash flow, making the company's funds face a severe test. In addition, May 7 this year, brilliance automobile through the Liaoning Toyota Gold Cup technician College 100% stake to Shen Hua Holdings to obtain 250 million yuan in cash; the first major shareholder of Liaoning is the country to 330 million yuan price to accept the people's livelihood investment 44% equity. Brilliance Automobile and the Gold Cup automobile reached about 2010 to its purchase not more than 3.7 billion Yuan Gold Cup entire vehicle and the accessories and so on a series of related transactions, has made the Shen Hua holding accounts receivable turnover rate to reach 33.22%, is far above the industry 12.48% average level.　　and its balance-sheet ratio is the first over 60% in three years, reaching 63.8%.　　July 23 This year, Shen Hua Holdings has been to the Agricultural Bank, Societe Generale to apply for about 450 million yuan loans, and the company held in Shanghai Ningbo Road, 1th, Shen Hua Financial building part of the floor property rights as collateral. And through debt restructuring, equity replacement and other financing channels to achieve the loss of Gold Cup car, although the net assets yield reached 83.25% high, far exceed the industry average of 9.52%, but its 1.91% operating profit rate is still far below the level of 7.49% of the industry.　　In addition to the increase in the amount of cash it uses to buy goods, the net cash flow of the first half of the Gold Cup car fell by 91.31%. For a long time, qiyumin, which has been plagued by financial problems, will still face tight funds after a series of maneuvers in the capital marketThe problems brought about by the shortage.　　To remove the veil of capital operation, how to improve the operational capacity of the independent business, has been qiyumin to crack the final path of the financial difficulties of brilliance, because there is not enough capital investment, qiyumin always can only be a little. Since 2006, the first Chinese Chun-Jie sedan off the line, the annual investment of Brilliance automobile research and development funds of 500 million yuan, but 4 years, brilliance in the car field only launched 5 models.　　Brilliance only around the June-Jie model platform resources for research and development, not only make the Chinese car products are too narrow, but also the market for Chun-Jie series of models produced aesthetic fatigue. According to the information provided by the China Automotive Technology Research Center, the first half of this year, the two main models of the Chinese sedan June Jie and Chun-jie FRV market performance is not satisfactory. June-Jie 1.6-2.0l displacement models of sales are showing a downward trend year-on-year. June Jie FRV In addition to the 1.5L displacement vehicle sales growth of 199.09%, 1.3L and 1.6L displacement of the June Jie Frv are more than 10% year-on-year sales decline. And the first half of the Chinese cool treasure sales of only 268 units.