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source of this article: times finance author: zhao yu

information from tianyancha shows that recently, thalys automobile co., ltd. (hereinafter referred to as "salys automobile") has undergone industrial and commercial changes, and the registered capital has increased from 4.96 billion yuan to 9.96 billion yuan, with a capital increase of 5 billion yuan. cyrus automobile is a wholly-owned subsidiary of cyrus. it was registered in september 2012. its business scope includes research and development, production and sales of new energy vehicles and their parts. it is mainly responsible for the group's vehicle business.

according to a previous announcement by thalys (601127.sh), the purpose of the capital increase is to enhance the capital strength of thalys automobile and meet its sustainable and high-quality development needs. the source of funds is the group's own funds.

image source:AITOautomobile official weibo

increase capital, attract shares, acquire the wenjie trademark, acquire a super factory, establish an automobile sales company... since turning around losses in the first half of the year, cyrus has shown stronger ambitions and deepened its cooperation with huawei. at the same time, i am also looking for my own path. in late august, zhang xinghai, chairman of thalys group, publicly stated that he would strive to achieve the annual production and sales target of one million in three years.

brand independence or deepening cooperation?

in the past two months, cyrus has made frequent moves.

in august, it first purchased huawei's 10% stake in yingwang for a consideration of 11.5 billion yuan, and then spent 2.5 billion yuan to acquire the wenjie series of trademarks from huawei.

entering september, cyrus announced on september 13 that it planned to purchase 100% equity of longsheng new energy at a price of 8.164 billion yuan through the issuance of shares to obtain the shares held by longsheng new energy and used to produce the wenjie series of models. super factory. previously, it mainly obtained the right to use the factory through leasing. on september 24, cyrus established an automobile sales company in wuxi with a registered capital of 3 million.

a series of actions by thalys also triggered discussions about whether it should develop independently. although both cyrus and huawei stated that their cooperation is still deepening, the buzz in the industry has not died down.

take the trademark transfer incident as an example. according to the official statement, this action is to "further deepen the cooperative relationship between the two parties and help cyrus automobile build aito into a world-class new luxury car leading brand." however, there are two different interpretations in the market. one theory is that the transferred trademark will help cyrus automobile get rid of the label of "oem", enhance its brand influence, avoid potential legal risks, and facilitate the integration of brand resources; another theory is that huawei is preparing to invest in the management of inter-brand brands. "take a back seat" and let thalys take the initiative.

in fact, there is no contradiction between brand independence and deepening cooperation. the logic behind this is that after matters such as equity participation, trademark recycling, and factory purchase are finalized, cyrus and huawei will separate the upstream and downstream of the industrial chain, with less business overlap and more aligned interests.

in zhang xinghai's view, the current cooperation between the two parties has gone beyond jointly building cars, but has established a "business + equity" partnership.

after wenjie, zhijie, xiangjie and zunjie are also copying this proven successful market path. perhaps as yu chengdong, chairman of huawei's terminal bg and chairman of smart car solutions bu, said earlier this year, huawei's energy is limited and it will only focus on the "four realms" brand. next, redefining customer relationships, diversifying ecological cooperation, and doing business with all car companies will be the main ideas of huawei's automotive business.

how far is it from asking to reach one million sales?

in the first half of the year, thalys just turned around losses. based on the profit situation, its investment actions can be said to be broad-based.

according to the financial report released by thalys, its operating income in the first half of the year was approximately 65.044 billion yuan, a year-on-year increase of 489.58%; the net profit attributable to the parent company was approximately 1.625 billion yuan, which was positive compared with the net loss attributable to the parent company of 1.344 billion yuan in the same period last year; operating activities generated the net cash flow is approximately 16.360 billion yuan. among them, cyrus automobile's revenue reached 61.737 billion yuan, accounting for nearly 95% of the group's total revenue.

in comparison, the 11.5 billion yuan in investment, the nearly 8.2 billion yuan in purchasing the super factory, and the 5 billion yuan in capital increase in subsidiaries are respectively equivalent to 7 times, 5 times and 3 times of cyrus's net profit attributable to the parent company.

the slightly "radical" investment action also reflects its optimism about the future.

since the new wenjie m7 was launched in december 2023, the delivery volume of wenjie series models has completed a counterattack. official data shows that from january to august this year, the cumulative sales of new energy vehicles owned by cyrus automobile reached 279,300 units, a year-on-year increase of 381.75%; among them, wenjie new m7 andwenjie m9sales volume accounts for about 90%.

wenjie's new m7 targets the family suv market of 250,000-350,000 yuan, not onlytoyota highlander,publicpatrol、audi q3there are also some old and popular models such astesla model y、ideal l7、xpeng g9、denza n7waiting for new players. the wenjie m9 is aimed at the price range of 500,000 yuan.bmw x5, mercedes-benz gle, audi q7, volvo xc90, ideal l9, weilai es8 and other strong competitors.

in the past, the wenjie brand opened up the market with the halo of huawei. however, as huawei reaches cooperation with more car companies, huawei's technology label is still eye-catching, but it is no longer exclusive. compared with competitors with distinctive labels, wenjie is still looking for other bright spots besides "huawei empowerment".

on september 26, cyrus announced that it would cooperate with huawei to build a smart charging network. zhang xinghai also tried to play the service quality card, saying that "wenjie must explore the service no-man's land." however, as competition in the industry intensifies, consumers' requirements for car companies have also increased, and services that used to have value-added attributes have now become routine.

before its global production and sales reach one million, cyrus auto still has a lot to do.