Take over the air-conditioning blood transfusion changhong? Mei Ling Electrical appliances are not clear

September 4, Mei Ling Electric issued a notice to clarify the media on the "air-conditioning business performance is not good, may be to changhong blood transfusion" suspicion.　　Meiling said in the announcement, Sichuan Changhong transferred to the company two parts of air-conditioning assets, the first half of the total income of 1.016 billion yuan, an increase of 21.99%, "profitability is increasing, there is no media coverage of the company's overall performance and profitability of Changhong". In the first half of 2010, Mei Ling Electric produced a beautiful semi-annual report, net profit of up to 219 million yuan. But then, this performance was referred to as "investment income and government subsidy" accounted for the bulk, the actual main business profit less than 4 million yuan.　　and its new acquisition of air-conditioning business is not ideal. In this respect, Mei Ling electrical appliances Dong Li Xia said: "We have confidence in air-conditioning, the first half of the air-conditioning performance growth very quickly." And from the acquisition to the present, this part of the business has been at least profitable, and profitability is increasing. "However, home appliance analyst Liu Buzhong (blog) said:" Mei Ling refrigerator Business Gross Profit margin is very high, the basic is more than 30%, and air-conditioning less than 10% gross profit margin, drag down the overall performance of the company. "2009, Mei Ling Gross profit margin 28.4%, the first half of this year 25.4%, of which the air conditioner gross profit margin less than 8%."　　Are air conditioning assets a real hot potato?　　Sichuan Changhong 2007 acquisition of the U.S. electric assets, the commitment will be integrated Mei Ling business, "will air conditioning and other business integration to the Mei Ling electrical appliances." It was a leading domestic refrigerator industry, but also a ill-fated one.　　More twists and turns on the road of diversification. In 1993, the company listed in the refrigerator as the main products. Since 1996, the United States to embark on a diversified road, with a large amount of funds, quickly in the washing machine, air-conditioning and other fields.　　However, in the 2001 years, due to market competition and financial problems, Mei Ling's refrigerator business has shrunk severely, and other business development is unfavorable, the company lost more than 300 million yuan a year. After the tide, who was naked to swim in the obvious. Zhang Jianxiang, chairman of the US-Ling Group, was asked to retire and Wang Jiazhang to take over the company.　　Wang admits that the company has made a mistake in diversification and said it "must reject the blindness of pluralism". However, the US has not been able to get rid of Dianpei. June 2003, the continuous huge losses of the Mei Ling Electric Appliances Let the authorities sit down, the introduction of Gu Junjun as a new chairman, the intention to emulate the Kelon model to transform the meiling. In 2004, due to occupy the listed company funds, Gu Junjun The incident, Mei Ling Electric continued to find buyers.　　2006, Sichuan Changhong Chairman Zhao into the company's board of directors, Changhong became a major shareholder, and promised to help its business integration. "The expansion of the Li Xia in the white electricity business is a must, and Changhong's reputation can help the company expand," said Mei Ling, an electrical director. "But Liu Buzhong does not agree with this, he said:" Changhong Black home appliances do very well, but has not been able to do the white electricity. The air conditioner has never been strong. At the same time, Meiling has no advantage in channel, technology and capital to develop air-conditioning business. "Once theThe top three in the industry are now being overtaken by some "little boys". 2010, a domestic second-line refrigerator Enterprise sales plan is 4.5 million units, and meiling 2009 sales data of 3 million units.　　But the figures do not include overseas sales, according to the US-ling source. Liu Buzhong even that Changhong to circumvent the reasons for the competition to sell air-conditioning business, itself there are problems. "How about the air conditioner and the fridge?"　　"Is it clear?" Clarification of the bulletin itself, there are some questions to be examined.　　In clarifying the announcement, the Mei Ling "ignores" the more than 68.95 million yuan "air-conditioning energy-saving huimin subsidy", but only to determine that the company received a government subsidy of 22.65 million yuan. Li Xia said: "The company's accounting for the indicators according to the relevant provisions, and confirmed by the auditor." "The company said that energy-saving subsidy is the government's direct subsidy to enterprises." Enterprises in the sale of the first profit, the government finally make up, can actually be seen as a part of sales revenue. Therefore, the major enterprises in the accounting, they are not listed as government subsidies. "In addition," as a result of this year's huimin subsidy policy has been revised, some high energy-consuming varieties of subsidies were canceled, resulting in the book on the low profit margin. For companies, net profit is important. You can see that this year's net profit of air-conditioning business is growing very fast. "Meiling is obviously confident in developing air-conditioning. Li Xia Introduction: "Haier, the United States, gree and other first-class white power enterprises are not a single product line, and we have been focused on the refrigerator, in the channel field of competitiveness is clearly behind." Dealers to reflect the various categories at the same time layout more conducive to product sales. At the same time, Changhong in the air-conditioning technology accumulation is not weak, the current market mainstream inverter technology Changhong also have. And Li Xia said: "Air-conditioning assets are not too big, short-term capital pressure is not a development barrier." "But Liu Buzhong worry:" Changhong choose to withdraw from it, air conditioning may drag the US-ling. ”