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Wuliangye also has to build cars. When the vehicle-building plans for Chunlan, Hongta, Bird, Midea, Xinfei, and Oaks are all started, Wuliangye is trying to develop automobile molds as a way to enter the auto manufacturing industry. However, due to the multiple setbacks in Wuliangye's diversification, the 50,000-ton alcohol production line built in 1997 was soon put into operation. The pharmaceutical group that was originally called "Asia's top-notch" failed; and the "Amponas" Asian whisky project Lost tens of millions of yuan in vain, and it is currently in production...
Cautious investors can not help but ask: Wuliangye this move is innovation or death?
Chip investment fog
When it comes to Wuliangye's investment in automobile manufacturing, it does not make people think of several months ago that Wuliangye announced more than 100 invested chip industries. At the time, it caused a loss in public opinion.
In order to enter the electronic information industry, Wuliangye Group established a wholly-owned subsidiary, Pengcheng Electronic Equipment Co., Ltd. in May 2001. It now employs 2,000 people, including 300 senior and mid-level technical personnel; it currently has a presence in China. Academician Tu Mingquan, the academician of the Academy of Engineering, led the Pengcheng-Changda High-tech Materials Joint Laboratory, and led the Yangtze River Scholar and Prof. Zhang Huaiwu as the leaders of the Pengcheng-Electronic Science and Engineering Advanced Electron Components Laboratory.
Therefore, the Wuliangye Group's idea of ​​entering the computer chip industry began two years ago.
However, outside comments are very unfavorable to the project. Dr. Yu Shiwei, general manager of Shanghai Huiquan Enterprise Management Co., Ltd. and a well-known corporate management consulting expert, said: “Which Wuliangye is using chips? In Taiwan, the entry fee for the chip industry is as high as 10 billion yuan, and when it matures, it needs 100 billion yuan. , and the upper scale needs about 2000 billion. How much is the total assets of Wuliangye entire group? Only from the capital level, it must rely on loans or other forms of financing, the risk is too great.†And chip industry leader Intel ( Liu Yu, head of news at China (China) Co., Ltd., told reporters that Intel's annual R&D expenses will be as high as US$3 billion and the cost of manufacturing will be even higher. From 2001 to 2002, Intel spent as much as $8 billion on research and development, while manufacturing produced $12.8 billion. Although she did not comment on Wuliangye's intention to invest in the chip industry, she added that she had never heard of any company in the country that was ready to invest in chips. I only knew that the Chinese Academy of Sciences was engaged in research and development.
These people in the industry generally believe that Wuliangye has no advantage in its entry into the chip industry in terms of capital, technology, talent, market operations, and brands.
The road to diversification is difficult
In recent years, Wuliangye has repeatedly suffered setbacks in terms of diversification: The 50,000-ton alcohol production line built in 1997 has just been put into operation; the pharmaceutical group that was originally called “Asia's top-notch†has not died; and “Amponasi†Asian whisky Thousands of dollars were lost in the project and they are currently in production.
Wuliangye Group had previously invested RMB 400 million to set up Universal Plastics Co., Ltd. It now appears to be “too reckless†— as local power grids simply cannot meet the production needs of enterprises, causing current production to be intermittent.
In addition to the failure of self-built projects, Wuliangye has not seen improvement in foreign investment. In September 1998, Wuliangye Group transferred 20 million shares of Yibin Paper from the Yibin City State Assets Bureau to become the second largest shareholder. However, Wuliangye Group, which had been “critically challengedâ€, had not substantively reorganized Yibin Paper and eventually entrusted this portion of the equity to Yibin Tianyuan Group. In addition, Wuliangye entered the main Huaxi Securities, although the transfer agreement was reached with Sichuan Provincial State Assets Bureau, but before the transfer of shares announced.
At present, Wuliangye Group is still supporting the development of the wine industry. Wuliangye Group, which has been diversified since the mid-1990s, does not yet have an industry that can interact with the wine industry.
In 2002, Wuliangye Pump Co., Ltd., a subsidiary of the Wuliangye Group, which mainly consists of plastic products and modern molds, realized sales revenue of 1.2 billion yuan. It is the company's largest income other than wine. However, the actual situation is that only Wuliangye Stock Company has contributed more than 500 million yuan in sales revenue. Among the other affiliated companies of the Group, Exquisite Printing Company achieved sales revenue of 282 million yuan in 2002, Huaxia Glass Company achieved sales revenue of 125 million yuan, Anji Logistics Company achieved sales of 120 million yuan, of other companies. Less income. However, the three companies mentioned above all have close contact with the liquor industry and eliminated the sales revenue provided by the liquor companies. The sales revenue of these companies is much lower.
To this end, Wuliangye Group, a deputy general manager believes that the diversification of Wuliangye is currently only "around the diversification of Wuliangye bottle", can only be considered "fat water does not flow outside the field."
What makes Wuliangye make a car?
It is precisely because there are so many “preceding lessons†in the investment process of Wuliangye. Therefore, Wuliangye has to enter the automobile manufacturing industry in large quantities, which only makes investors particularly worried.
Why does winemaking step into the auto industry? This must also pay attention to another piece of news: Wuliangye announced the full replacement of new anti-counterfeit packaging at the same time that it announced its involvement in the automotive industry. It also took the opportunity to announce a decision that shocked distributors: increase prices! And the rate is as high as 30% or more. For the new packaging, 200 yuan more than ordinary Wuliangye rose to more than 300 yuan, the high price increase is indeed rare in the domestic liquor industry. Surprisingly, although the distributors had ideas in mind, they quickly accepted the reality of Wuliangye price increase.
In 2002, sales revenue of Wuliangye reached 10 billion yuan, and profits and taxes reached 3 billion yuan. This time, the price increase was 30%, and the annual output of 8,000 tons was at least more than one billion yuan. However, with the general shrinking of the liquor industry and little room for growth, how can we find a way out for the excess capital? It seems that Wuliangye has chosen a high-yield, large-scale automotive industry.
In addition to the Wuliangye Group, on the long list of preparations for large-scale entry, home appliance giant Chunlan, tobacco giant Yunnan Hongta, and cell phone giant Bird, Midea, Xinfei and Oaks have also started their vehicle-building plans. With so many enterprises investing billions of dollars in incremental capital to enter the auto manufacturing industry, how can the auto market be digested in a short period of time?
What's more, news from the China Association of Automobile Manufacturers a few months ago that the revised draft of the new "Automobile Industry Policy" to be issued by the end of the year will further strictly examine the qualifications of manufacturers of new-entry vehicles. On September 11, Vice-Premier Zeng Peiyan of the State Council pointed out at the symposium on development policies and consumer policies of the automobile industry held in Tianjin that the auto industry’s investment diversification and the internal impetus for the development of enterprises have been continuously enhanced, which has accumulated strength for a new level. At the same time, he also emphasized that China's auto market system still needs to be improved. Some places have witnessed the phenomenon of blind investment, new factories and stalls, and the corporate structure must be further adjusted.
Wuliangye's entry into the automotive market is probably not as smooth. For a large state-owned holding company such as Wuliangye, there is no second shareholder outside the state-owned shares to control the company’s decision-making. A failed investment may cause a structural disorder in the group company as a whole. Investment is not a game, nor is it an experiment. The most important thing for Wuliangye is not to consider what projects. It is necessary to think about it - who should monitor these projects?