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< reporter | Jiang Ruijie

< P > editor | Xiao Wenjie

WEI Lai is in trouble < p > on June 28, grizzlyresearch, a short selling agency, issued a report accusing Weilai automobile of being suspected of data fraud, falsely increasing its revenue by about 10%, and deliberately reducing its loss by nearly half. On the same day, Weilai US stocks closed down more than 2.5%; Due to the time difference, the impact on Hong Kong stocks appeared the next day. At the close, Weilai Hong Kong stocks fell 11.3% from the previous trading day

grizzly's short selling report involves many aspects, but one of the core allegations is that Wei Lai sold batteries that exceed the actual demand by more than twice to affiliated enterprises, thereby falsely increasing revenue and reducing depreciation costs, thereby falsely increasing book profits

according to the judgment of grizzly, the evaluation of Weilai company will be reversed. It will change from a startup company with climbing performance and narrowing losses to a startup company with expanding business scale but also expanding losses, and has not seen the dawn of profits

more importantly, grizzly's report directly points to the biggest difference between Weilai and other electric vehicle companies in their business models - baas

baas is the abbreviation of "batteryasaservice". In short, when buying electric cars in the past, batteries were an integral part of the car, so you had to buy them; However, after using the baas model, the battery pack is no longer a part of the car price, and consumers instead pay rent every month to buy battery packs and related services < p > in August 2020, Weilai launched this service for the first time in the industry. Consumers who choose this scheme can reduce the purchase price by at least 70000 yuan; The lowest monthly rent of battery pack is 980 yuan

for consumers, this method reduces the threshold of down payment and solves the problem of difficult valuation of used electric vehicles due to battery attenuation. As of September 30, 2021, Weilai has sold more than 140000 vehicles in total. If each user buys one, the users using baas account for more than 13% of Weilai owners. According to yimagazine, in Shanghai and other markets with sufficient infrastructure, this proportion will be much higher

consumers no longer directly hold batteries, so they need an entity to hold the asset of batteries, which is the role of Weineng. Two days before the launch of Weilai baas service, Wuhan Weineng battery assets Co., Ltd. (hereinafter referred to as "Weineng") was officially established. You can understand it as "battery bank". After consumers buy the car of Wei Lai, the battery pack on it is sold by Wei Lai to Wei Neng company. After that, the battery rent paid by consumers every month is actually paid to Wei Neng. Wei Neng leases the purchased battery to earn rent, and its cost is the purchase cost and depreciation cost of the battery

the advantage of this model for Weilai is that it can provide consumers with flexible leasing schemes while still determining the income of battery packs in advance, without waiting for consumers to slowly pay the rent every month, which reduces Weilai's financial pressure

but grizzly's short selling report believes that Weineng has two major problems. First of all, it should not be regarded as an affiliated enterprise of Weilai, but as a subsidiary. There are two reasons: 1) the chairman of Wei Neng is Shen Fei, vice president of Wei Lai, and the general manager Lu ronghua also came from Wei Lai; 2) Wei Lai is the only main service object of Wei Neng, and Wei Lai has actual control over it

from the perspective of shares, Wei Lai does not control Wei Neng. According to the 2021 annual report of Wei Lai, it owns 19.8% of the shares of Wei Neng. In addition, the major shareholders of Wei Neng include Ningde times, Hubei science and technology investment, Guotai Junan, Shandong Weida, etc. Wei Lai also holds only one of the nine board seats of Wei Neng. Although it has a "significant impact" on Weineng, it is not an absolute impact, let alone the parent company of Weineng. In this case, it is not as easy as Grizzlies to fabricate financial data with a scale of several billion yuan. In addition, in April this year, Weineng also issued the first phase of ABN (asset-backed notes), with an issuance scale of 400million yuan and an issuance interest rate of 3.2%. This also means that Weineng has realized financing in the inter-bank market through its own battery assets

the more core question is the second point: the number of batteries sold by Wei Lai to Wei Neng. According to the data released by Weineng, in the first three quarters of 2021, it provided 19000 users with baas battery rental service, but in the same period, it had more than 40000 batteries. If one user corresponds to one battery, Wei Lai sold about 21000 more batteries to Wei Neng

grizzly believes that this is the inflated battery sales revenue of Wei Lai - no consumers really pay for these batteries, but Wei Lai transferred them to Wei Neng, which increased its financial report by about 1.47 billion yuan

in addition, according to the calculation method of grizzly, if the remaining 19000 batteries are not sold to Wei Neng, Wei Lai will lose about 1.33 billion yuan in revenue. Although Weilai can obtain a cumulative rental income of about 180million yuan in three quarters, its total income in the same period will still decrease by about 1.15 billion yuan. Adding this figure to the above 1.47 billion yuan, Weilai increased by 2.62 billion yuan, equivalent to 10% of its revenue in the same period

in grizzly's view, inflated revenue depressed Wei Lai's losses, and after transferring assets that originally needed depreciation to Wei Neng, a depreciation cost of 336 million yuan was saved. If we don't fake Wei Neng, grizzly believes that Wei Lai actually lost 3.65 billion yuan in the first three quarters of 2021, 95% higher than the data published in the financial report

based on the previous introduction of baas mode, we don't need to pay too much attention to the query of Weineng's own business model. In terms of finance, it is reasonable for Wei Lai to transfer the battery depreciation cost that it originally needs to bear to Wei Neng: because the income from battery leasing is also given to Wei Neng and does not remain in Wei Lai's hands. Although Weilai passed on the depreciation cost of several years, it also transferred the rental income of several years

in industry, in fact, this way of holding some assets by asset management companies and optimizing financial performance is not uncommon, and it is not even a performance whitewash

the remaining 21000 "dead" batteries are the core. According to the statement in the financial report of Wei Lai, in the baas service mode, Wei Lai will sell this battery to Wei Neng only when Wei Lai delivers the car to the user and the user also pays the battery rental fee to Wei Neng, which is the so-called "back-to-back". According to this explanation, since only 19000 people rent, it should not sell 40000 batteries. This is the most powerful doubt in the grizzly report

first of all, it should be clear that this 21000 yuan ?
2023-03-22 10:04:54