·The Group's listing has not yet completed the FAW system pattern to be changed

Xu Jianyi, the head of FAW Group, was investigated. The market gave two completely different interpretations: one party called FAW Group's overall listing cleared the obstacles, and the other party explained that its overall listing was a potential change.
As the only four state-owned auto companies, the only auto group companies that have not achieved the overall listing, the best-profit segment of FAW Group is not reflected in the listed companies in its holdings. In 2011, First Automobile Co., Ltd. was established. According to the approval of the State-owned Assets Supervision and Administration Commission, FAW Group invested all the assets of the whole vehicle production in FAW, and FAW Group no longer carried out the whole vehicle production business.
Because FAW Group's large number of high-quality assets are not among its listed companies, making the outside world full of expectations for the overall listing of FAW Group, any turmoil can trigger the fluctuation of the stock price of the “FAW” listed companies. What is the future of FAW Group, which is expected to be listed for many years? How will the pattern of several listed companies change? This is a question that has been going on for 7 years.
Up to now, FAW Group has four holding companies listed, including ★ST Xiali, FAW Car, Qiming Information and FAW Fuwei. FAW Xiali’s loss of 1.65 billion yuan last year was recently “ST” and fell into the brink of delisting; FAW Car’s net profit fell by 83.99% in 2014; Qiming Information relied on subsidies to avoid losses; FAW Fuwei relied too much on FAW Group affiliates.
★ ST Xiali lost 2 billion in two years in the first half of last year, FAW Xiali, which lost more than 400 million yuan in the first half of last year. After replacing the top management, the expected turnaround situation has not appeared. In the second half of 2014, its losses further expanded.
On the evening of March 31, FAW Xiali released its 2014 annual report: last year, it achieved revenue of 3.23 billion yuan and a loss of 1.65 billion yuan. In 2013, FAW Xiali lost 480 million yuan. It shows the embarrassing situation of "selling 2 yuan and losing 1 yuan".
Once the boss of the domestic mini-car, the glory is no longer.
FAW Xiali, who has won losses for two consecutive years and has suffered losses for two consecutive years, was threatened by the Shenzhen Stock Exchange to implement the delisting risk. Since April 2, the stock abbreviation has been changed to “★ST Xiali”.
★ST Xiali is Tianjin Xiali Automobile Co., Ltd., and landed in the Shenzhen Stock Exchange in 1999. In the late 1990s, Xiali had been the number one seller of national economic cars for many years.
In 2002, under the general trend of the state promoting the merger and reorganization of the automobile industry, Tianqi Group transferred its 50% stake in Xiali Company to FAW Group.
At that time, for the acquisition of Xiali by FAW Group, the industry is quite optimistic: on the one hand, Xiali can be used as a low-end automobile production base of FAW Group to improve and extend the FAW industrial chain; on the other hand, Xiali can take advantage of FAW's channel policy. Further control to increase market share.
However, the reality is cruel.
Insiders said that FAW's acquisition of Xiali affected the performance. Since 2002, private brands such as Geely, BYD and Chery have entered the low-end auto market and Xiali to grab food. In the past 10 years, Xiali itself has been flat except for two new cars. Derailed from market development.
At the same time, after 2000, a number of large cities have successively introduced policies to restrict small-displacement vehicles, resulting in Xiali directly exiting many first-tier cities.
At the level of FAW Group, Xiali after the merger has not been listed as a key R&D and core development brand, and there is not much support for technology and capital resources. FAW Xiali itself is subject to major shareholders and lacks independence. The investment in product research and development is weak, so that the brand influence is gradually marginalized.
★ST Xiali, an insider who accepted an interview with the Beijing News, once said: "The company's business has declined and product updates have been weak. The main reason is that after the acquisition of FAW Group, it was restricted. At that time, FAW Group was relatively complete in middle and high-end brands. Due to the strategic development of the group, Xiali can only continue to develop low-end brands, which is difficult to transform and upgrade."
After 2010, ★ ST Xiali's performance fell sharply. In 2010, the company's revenue was nearly 10 billion yuan, and in 2013 it was 5.6 billion yuan, down nearly half.
At the same time, ★ ST Xiali's net profit continued to decline, from 2010 to 2013, ★ ST Xiali net profit was 300 million, 109 million, 34 million yuan, - 480 million yuan.
And the loss was further expanded in 2014. ★ ST Xiali said that the main reason for the decline in the company's performance is that under the influence of factors such as the upgrading of domestic automobile market consumption, the restriction of purchases in some cities, and the rapid decline in the market share of economical cars, the pace of upgrading the product structure of the company failed to adapt to the rapid market. The requirements for change.
Due to the loss of leadership, the "big change of blood"
In the first half of 2014, FAW Group had a series of personnel adjustments to ★ST Xiali, trying to turn losses.
Tian Qiao, who was just promoted to FAW Toyota's top leader for only half a year, was “kissed” by Xu Xianping, general manager of FAW Group, and returned to ★ST Xiali as general manager. The four senior executives, including Wang Gang, the general manager of the original company, and Lin Yin, the vice chairman of the company, left the company collectively.
It is worth mentioning that in 2002, Xu Xianping was appointed as the general manager of ★ST Xiali. After one year of performance, ★ST Xiali realized a turnaround. Xu Xianping is now also the chairman of ★ST Xiali.
According to public reports, Xu Xianping’s request to Tian Cong is that it is necessary to turn ★ST Xiali’s main business into profit before 2015, avoiding becoming a “stumble” for the Group’s overall listing.
Last May, ★ST Xiali launched a new brand “Junpai” series, which focuses on the SUV concept.
In the 2014 semi-annual report, ★ST Xiali said that the main work in the second half of the year was to “ensure the success of the D60”; in October of the same year, the D60 was listed, ★ST Xiali as an important factor to improve its profitability .
In the first two months of this year, the “Junpai” series sold a total of 6,615 vehicles.
★ ST Xiali also proposed six measures to improve the performance in 2015, to avoid continuing losses, of which diversification is still the focus.
★ ST Xiali said that it will “accelerate product structure adjustment and continuously introduce new products to adapt to new changes in the market”, and plans to launch the new car Xiali N7 in the second quarter of 2015.
The future of FAW Car "Red Flag" is not clear. After a brief improvement in 2013, in 2014, the performance of FAW Car declined again.
As the main production and sales company of the Hongqi series, after the investigation of Xu Jianyi, the main player of the “Red Flag Renaissance”, the red flag series of FAW Car is going to be a focus of the market.
The “Red Flag” series is used as another listed company of FAW Group. FAW Car is the backbone enterprise of the self-owned brand passenger cars of FAW Group. It has Red Flag, Pentium, Oulang and Mazda products. FAW (China First Automobile Co., Ltd., FAW Group holds 100% of the shares) holds 53.03% of its shares.
In the early stage of FAW Car, it was mainly independent research and development and the introduction of foreign technology to produce red flag series cars. The high-grade series of red flag promoted by Xu Jianyi was produced and sold by FAW Car.
In the 2012 and 2013 annual reports, FAW Cars have built the “Red Flag” brand as a self-owned brand that is mainly cultivated and promoted.
According to the financial report, in 2013, FAW Car sold 2,984 Hongqi series cars; in 2014, Hongqi sold 2,721 vehicles, down 8.8% year-on-year.
As the carrier of Xu Jianyi's "Red Flag Project", another problem that FAW Car needs to face is: After the Xu Jianyi era, where is the "Red Flag" series going?
It is worth noting that when the Hongqi H7 1.8T model was launched on March 25, 2015, FAW Car did not make any publicity.
In the newly released 2014 annual report, FAW Car has obviously played down the emphasis on the “Red Flag” series, and the words “Red Flag Rejuvenation” in the 2013 financial report have not appeared again.
As a backbone enterprise of FAW Group's own brand building, in 2014, the sales volume of FAW Car's own brand was 184,600, which was lower than private brands such as BYD and Geely.
In 2014, the performance of FAW Car was also not ideal. The financial report shows that last year its vehicle sales reached 293,300 units, an increase of 18.04% year-on-year; realized operating income of 33.857 billion yuan, an increase of 14.09%; net profit decreased by 83.99% year-on-year to 137 million yuan.
Last year, advertising expenditure exceeded 1.3 billion. For the decline of net profit in 2014, FAW Car explained that in order to improve product market share and brand competitiveness, the publicity efforts were increased and the expenses increased accordingly. In addition, the sales structure of some products changed, resulting in the company. The performance has dropped significantly from the previous year.
The financial report shows that the sales expenses of FAW Car last year totaled 3.91 billion yuan, a year-on-year increase of 34.86%.
FAW Car said in its earnings report that it mainly launched a number of new cars last year, which increased the advertising and publicity activities of radio, newspapers and other media, and increased sales activities such as stations and self-driving tours, resulting in sales expenses such as advertising fees and publicity expenses. increase.
According to the financial report, in 2014, the advertising cost of FAW Car was 1.37 billion yuan, an increase of 85% year-on-year; among them, the advertising fee reached 1.05 billion yuan in the first half of last year, and the expenditure slowed down significantly in the second half of the year.
In 2013, the expenditure on advertising for FAW Car was 740 million yuan; in 2012, the expenditure was 690 million yuan. FAW Car also invested 730 million yuan in business promotion last year.
In the briefing on the rectification of special inspections by FAW Group, FAW Group has specially made rectifications on the management of advertising fees.
FAW Group said: "The company's party committee focused on the investigation and rectification of the number of false advertising business and the sudden payment at the end of the year." The "Regulations on the Management of Advertising Expenses in the Marketing System of Group Companies" was formulated, and 49 subsidiaries were revised.
At the same time, the relevant units of FAW Group Company also canceled the cooperation relationship with the first batch of “blacklisted” advertisers.
In addition, in August 2011, FAW Motor Co., Ltd. made a commitment to solve the problem of horizontal competition for FAW Car. In February 2014, FAW Car announced that it had reaffirmed its commitment to resolve its own competition with its parent company (FAW) and announced that the deadline for fulfilling its commitments was June 28, 2016.
The above announcement is considered to be the last time point for the listing of FAW Group. However, with the investigation of Xu Jianyi, the future of FAW Group's overall listing is uncertain, and whether the issue of FAW's horizontal competition can be resolved before the deadline is still unknown.
However, after the investigation of Xu Jianyi, BOC International Securities released a research report saying that Xu Jianyi was investigated and had limited impact on the normal operation of listed companies and the overall listing of FAW Group. He believed that Xu Xianping is expected to become the new head of FAW Group and promote the overall listing of the group.
Qiming Information relies on government subsidies to avoid losses. The company's information performance continues to be sluggish. After the deduction in 2013, the net loss was 6.494 million yuan, and in 2014, the net loss was 7.091 million yuan.
Thanks to government subsidies, Qiming Information’s net profit for two consecutive years was positive.
On the day after Xu Jianyi was investigated, Qiming’s information was daily, and the analysis said that it was influenced by the good news of “Internet +” proposed by Premier Li Keqiang.
The performance was sluggish and the stock price soared. On March 20, Qiming Information released its 2014 annual report: In 2014, the company achieved operating income of 1.39 billion yuan, an increase of 3.52% over the same period of last year; net profit attributable to shareholders of listed companies was 7.788 million yuan, year-on-year. Increase by 1%.
However, Qiming Information’s net profit attributable to shareholders of listed companies in 2014 was -70.91 million yuan, down 9.21% year-on-year.
This is the net profit of Qiming Information Deduction since 2011, which has been falling for four consecutive years.
In 2013, Qiming Information deducted a net loss of 6.494 million yuan, relying on government subsidies, its net profit for two consecutive years was positive, avoiding losses or even the fate of "ST".
In 2013 and 2014, Qiming Information received government subsidies of 18.129 million yuan and 17.911 million yuan respectively.
Although the performance has not improved significantly, the stock price of Qiming Information has been rising since entering 2015. As of the close of March 27, the stock price of Qiming Information has increased by 75.9%.
The day after Xu Jianyi was investigated, Qiming Information's share price went up.
According to a news report from Qiming Information's official website, in order to successfully launch the Hongqi H7, the Qiming Car Network Center has spent three years developing the Hongqi H7 audio navigation unit.
According to the person in charge of the project, in order to debug the audio navigation system, the employees of Qiming Information had taken off the down jacket overnight work in the cold weather of 36 degrees Celsius in Heihe.
Operating profit for four consecutive years of decline shows that Qiming Information was established in October 2000, formerly known as Changchun FAW Qiming Information Technology Co., Ltd.; mainly engaged in automotive electronics, integrated services, management software, data center four business lines.
According to the official website of FAW Group, Qiming Information ranks first in the domestic industry in terms of market share in R&D and service of automotive industry management software products and development and service of in-vehicle information systems.
In May 2008, Qiming Information was listed on the Shenzhen Stock Exchange.
Since 2011, Qiming Information's performance has been less than one year. In 2014, Qiming Information's operating profit fell for the fourth consecutive year.
In 2011, Qiming Information's net profit was 64.057 million yuan, down 29.04% year-on-year; operating profit was 34.846 million yuan, down 63.4% year-on-year.
Regarding the reasons for the decline in 2011 performance, Qiming Information explained that due to the increased investment in research and development of automotive electronics products, the research costs have increased significantly, resulting in a decline in the company's various profit indicators. At the same time, due to several important integrated customer bases. The slowdown in construction projects has led to a decline in revenue from the company's integrated services category.
After that, the company's performance continued to deteriorate. By 2013, Qiming Information's operating profit loss was 17.447 million yuan. In 2014, although the loss narrowed, it still lost 143.85 million yuan.
Although relying on FAW Group, the Group's subsidiaries, such as FAW-Volkswagen and FAW Toyota, have developed into customers, but the performance of Qiming Information has not improved.
Qiming Information attributed the decline in performance to “affected by the overall development trend of the industry” and “the decline in the gross profit of automotive electronics”.
In 2014, the gross profit margin of Qiming Information decreased by 0.62% from the same period of the previous year to 16.19%.
FAW Fuwei's revenue came from affiliated companies. On March 25, FAW Fuwei released its 2014 annual report. The company achieved revenue of 11.27 billion yuan in 2014, an increase of 19.01% over the same period of the previous year. Net profit increased by 50.86% compared with the same period of last year.
Behind the gratifying performance is the excessive dependence on FAW Group companies. According to the financial report, in 2014, 94.83% of the total revenue was from affiliates of FAW Group.
The related transactions were accused of FAW Fuwei's customers mainly FAW Group and its subsidiaries, although FAW Fuwei said on its official website that in addition to being the core supplier of FAW Group's car companies, “there are also many well-known automakers at home and abroad. Strategic partners, however, for about five years, about 95% of its revenue comes from FAW Group and its subsidiaries.
The data shows that FAW Fuwei was established in June 1993 and was initiated by FAW Group and so on. It landed on the Shanghai Stock Exchange in 1996.
FAW Fuwei is a pillar company of FAW Group. It is mainly engaged in automotive interiors, automotive exteriors, body electronics and wheel industries. It is a core component supplier for FAW Volkswagen, FAW Car, FAW Jiefang and FAW Toyota.
In 2000, FAW Fuwei carried out industrial restructuring, from diversified operations to specialized operations, and defined the development strategy of “auto parts as its main business” and divested non-parts business.
FAW Group currently holds 20.14% of FAW Fuwei, which is the controlling shareholder of the company.
According to the financial report, in 2014, the revenue of the top five customers reached 10.69 billion yuan, accounting for 94.83% of its total revenue. These revenues are all from affiliates of FAW Group.
In 2013, FAW Fuwei's revenue from sales of goods to FAW Group and its subsidiaries was 9.07 billion yuan, accounting for 95.8% of total revenue. In 2012, sales revenue from FAW Group accounted for 96.09% of total revenue.
According to FAW Fuwei's daily connected transaction plan for 2015, the sales of its products depended on FAW Group in 2015.
Some investors believe that a large number of related transactions have caused FAW Fuwei to work for FAW Group in the loss, and some shareholders have called for a vote against the related party transactions.
The dividend plan triggered dissatisfaction among shareholders. For the company's 2014 revenue and profits increased significantly, FAW Fuwei said that the company's Chengdu and Foshan bases began to operate officially, while the company strengthened internal cost control.
In the 2014 annual report, FAW Fuwei did not mention how Xu Jianyi was investigated and how it would affect the company.
After Xu Jianyi was investigated, the share price of FAW Fuwei was in an upward trend. From March 16 to 25, FAW Fuwei's share price rose 19.7%.
FAW Fuwei remains optimistic about its 2015 results. In its annual report, it predicts that in 2015, it will realize a total operating income of 12.37 billion yuan and an operating cost of 12.29 billion yuan.
FAW Fuwei intends to distribute a cash dividend of 4.8 yuan (including tax) to every 10 shares of all shareholders based on the total share capital at the end of 2014.

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