2 Once the “ Color TV king ”, Sell pork before delisting

source ： Mowgli of finance and economics （ID:caijwj） author ： Xu yuanxuan

After all, I didn't wait for that TV

6 month 30 Japan , list 27 In, Xiahua Electronics was officially delisted by Shanghai Stock Exchange , a farewell A stocks .

As a generation “ Color TV king ”, Xiahua TV carries the TV Enlightenment era of many people . But once the industry pioneer , However, due to various factors, I can't return , Finally, away from the public view .

Caijing Wuji will discuss three issues with you in this article ：

1.  How brilliant is the peak period of Xiahua Electronics

2.  How does Xiahua electronics break a good hand

3.  Xiahua color TV , Are you still there?

01 “ With Xiahua plasma , I really want to live again 500 year ”

This classic slogan comes from the advertisement recorded by Chen Daoming for Xiahua color TV .1995 year , On the occasion of the 10th anniversary of the company , Sign in A Shares the mainboard , It is the first batch of listed enterprises .

1985 Xiahua electronics, founded in , Accurately positioned as a professional TV manufacturer . After nearly ten years of efforts after the establishment of the company , Become the first batch of “ Innovative enterprises ” Pilot unit 、 State key high-tech enterprises .

Xiahua at that time , Have 1 A national technology center 、1 A postdoctoral research workstation 、3 A chip joint laboratory , Globally, 16 A research and development platform , In the industry, there is always “ Technology pioneers ” A reputation as a , It is the standard of Chinese Digital HDTV 、 Dozens of industry standards such as China's environmental protection standards for electronic information products 、 The main drafters of national standards .

As the earliest color TV manufacturer in China , Xiahua electronics is the first in China to start from CRT TV ( Old style picture tube TV ) Enterprises transformed into flat-panel TVs .

At its peak, Xiahua Electronics , Annual turnover reaches 30 One hundred million yuan ,“ Xoceco ” The brand value once reached 112.55 One hundred million yuan .“ Qingdao Haier Hisense in the North , Xiamen Xiahua Xiaxin in the South ”, This phrase, which was popular in China's color TV industry at that time, shows the position of Xiamen China in the industry .

Xiahua's color TV business is not limited to domestic , Export is also an important source of income for Xiahua color TV . Caijing Wuji and Mr. Wang, who has worked in Nanjing's famous electronic city for a long time （ alias ） After communication, I learned , At that time, the industry knew “ In a chain store in the United States , Every time I sell 4 Flat screen TV , Among them 1 Taiwan is produced by Xiahua ”.

Although the truth of this sentence can no longer be verified , But Xiahua color TV is 21 It was indeed ahead at the beginning of the century TCL、 skyworth 、 Changhong 、 haier 、 hisense 、 Konka and other domestic color TV brands .

so to speak , Xiahua electronics in his era , It is a real industry leader .

02 Disordered multi layout , Lay a foundation for delisting “ Curse ”

Just like all peak enterprises , Xiahua electronics is 1995 In the period of rapid development of enterprises , Chose business “ Pioneer ”. Xoceco , Chose another wasteland of electronic products in China —— Mobile phone industry .

From the present point of view , In those days , Choose the incoming mobile phone industry , It is a right choice , If at this time, Xiahua can produce products that meet the market demand , And realize quantitative production , It is completely possible to dominate the market .

But , Things didn't develop as Xiahua expected , The fierce competition in the mobile phone market , Instead, it is the delisting of Xiahua electronics today , Buried “ Curse ”.

Let's review the development of China's mobile phone market at that time .

The time when the first mobile phone appeared in China was 1987 year , This is very close to the time when the protagonist of our story was born . here we are 90 The mid - , China's mobile phone manufacturing industry is still in its infancy , At that time, the national production of mobile phones was only 400 More than ten thousand . At that time, the global mobile phone market was mainly controlled by Nokia 、 In the hands of foreign brands represented by Motorola .

Just one year after Xiahua electronics decided to enter the mobile phone market , China's mobile phone production has increased from 400 Ten thousand have soared to 5000 Thousands of . In areas with relatively developed economies , Such as Beijing 、 Shanghai 、 guangdong 、 jiangsu 、 The production and sales of mobile phones in Zhejiang have increased significantly .

At this time, Xiahua electronics, which joined the Bureau, has just reached an agreement with Guangzhou Institute of communications “ Memorandum of technical cooperation ”, Both sides are determined to achieve GSM Localization of mobile phones 、 Industrialization breakthrough , End the embarrassing situation of no localization of China's mobile communication industry .

In fact, in terms of cooperation efficiency , The progress of cooperation between the two sides is still quite satisfactory . Just a year later ,1996 year 6 month , The prototype of the handset principle developed by both parties has been designed , The engineering prototype adopts American ADI The company's AD415 chip , And adopt low-power RF units and new generation 3V Low voltage design .

1997 year 7 In June, the project prototype passed more than ten universities 、 Technical appraisal of the expert group formed by the Institute , The technical level of the identification results has reached 90 The international advanced level in the mid-s , With the independent national intellectual property rights of the Chinese . At the end of the same year ,50 The production of engineering prototype is completed .

1998 year 2 month , In the electronics department “ Small exhibition of the latest achievements of the digital industry ” On , General Secretary Jiang Zemin used the prototype of the project to talk to Guangzhou , Speak highly of , Repeatedly praised the call quality , The voice is very clear . therefore , Xiahua's first mobile phone “ Huaxia No.1 ” The birth of .

1999 year 1 month 8 Japan , Xiahua revised the proposal to establish a mobile communication company , Decided to cooperate with Guangzhou Institute of communications , Jointly establish Xiahua mobile communication equipment Co., Ltd , The initial registered capital is 2 One hundred million yuan , Among them, Xiahua accounts for 92％ shares , The remaining 8％ Held by Guangzhou Institute of communications .

2000 The annual report of the company in said ,GSM Mobile phones rank second in the market among domestic brands , Production and sales 47 Thousands of ,2001 In, it reaches 68 The scale of 10000 units , It ranks fourth in the market among domestic mobile phone brands .

The problem is ,1996 In, the output of mobile phones in China reached 5000 Thousands of ,2000 Annual sales volume 47 Compared with the early stage of the project 2 Compared with the high investment of 100 million yuan , It can be said that income cannot make ends meet .

After years of losses in the mobile phone business , The senior management of Xiahua had to choose “ cut meat ”.2002 year 2 month , Xiahua and Lenovo （ Beijing ） Ltd. signed the agreement , Lenovo Xiahua was jointly established （ Xiamen ） Mobile Communication Technology Co., Ltd , Total investment 1.5 One hundred million yuan , Among them, Xiahua contributed in kind and cash 6000 Ten thousand yuan , Accounting for 40％, lenovo （ Beijing ） The company contributes in cash 9000 Ten thousand yuan , Accounting for 60％, Contribution of the joint venture 4500 Million yuan to purchase intangible assets related to mobile communication terminals owned by Xiahua .

this “ cut meat ”, Although Xiahua electronics got it 4500 Ten thousand yuan in cash , And the joint venture 40% shares , But lost painstaking management 7 The voice of mobile phone business in .

Guo Zeli, then general manager of Xiahua, believes , The failure of mobile phone business , The reason lies in the lack of corresponding investment and financing system , As a result, enterprises do not have enough funds to support the emerging business of mobile phones .

The same problem occurs in another new field that Xiahua is trying to enter —— The computer industry .

It is a computer business that is almost laid out at the same time as the mobile phone business , We have very high expectations in the strategic layout of Xiahua . Xiahua, which started with color TV , Intend to use the mobile phone 、 The two new businesses of computer and color TV go hand in hand , formation “ troika ” Trend .

But what about reality ？

1999 year , Xiahua and Sambo computer company of Korea 、 Xiahua Sambo Computer Co., Ltd., a joint venture of South Korea Ssangyong Group , The total investment is only 400 Thousands of dollars , Enter the computer industry . Facing the powerful computer industry , Xiahua has really achieved the first export of computer products to the United States , It was once the largest export enterprise of computer products in China .

But , At that time, the computer industry was the same as the mobile phone industry , The whole is in a stage of rapid development , High product iteration rate , Want to really stand out , We need to invest a lot of money in product research and development and market expansion .

According to Xiahua 2001 Annual report , The company's computer sales revenue is only 100 Ten thousand yuan , It is difficult to call it a pillar industry . Xiahua computer soon withdrew from the Chinese market north of the Yangtze River , Exports to the United States have also stagnated for various reasons .

With 2003、2004 Performance loss for two consecutive years in , Xiahua decided to withdraw from the computer field , Return to the color TV business of the old bank , And conform to the trend of the times , Product transformation to flat panel TV .

however , What surprised Xiahua was , There are more in my old line “ Challenger ”, The cost of upstream screen components has increased , The demand for capital investment in the terminal market has increased , Let Xiahua in 2006 Three years after the beginning , The accumulated loss is close to 20 One hundred million yuan .

The result of the sharp decline in performance is also reflected in the capital market , Xiahua electronics 2008 year 5 Month began to bring “*ST” The hat of . In the years that followed , Xiamen China, which is constantly fighting against fate, is also repeating “ uncap ”、“ Hooded ” Spend in .

2007 - 2013 year , Xiahua changed into a main factory building 、 Industrial real estate 、 Domestic and foreign real estate in order to survive , In the end in 2014 year 4 month , Officially quit the color TV business , Will have been worth billions “ Xoceco ” Series trademarks are marked with 1200 Ten thousand yuan “ Cheap sale ”.

But the mistake is not over , Various emerging businesses that Xiahua electronics tried in the following years , Such as Internet finance 、 big data 、TMT And so on, they only blossom and bear no fruit .

According to Xiahua Electronics 2021 Annual report , Xiahua electronics one year before delisting , The main business is agricultural products supply chain management , The main products are meat products , Including imported frozen beef 、 Import frozen pork and domestic fresh beef . The business model is that the management of the company purchases according to the judgment results of the market 、 Storage 、 Sell at the right time .

In the company's operating income deduction table “ Amount of operating income after deduction ”13394.56 Ten thousand yuan belongs to “ Business income unrelated to the main business ”, Should be deducted , The amount of operating income after deduction is zero yuan ,*ST Xiahua therefore touched the delisting red line .

6 month 23 Japan , The last trading day before delisting , Delisted Xiahua shares reported per share 0.6 element , Finally, the market value is fixed at 3.14 One hundred million yuan .

03 “ Xoceco PRIMA” still , But with color TV has become a thing of the past

The delisting road of Xiahua Electronics , In fact, it mainly focuses on three issues ： Wrong choice of diversified business 、 Untimely business transformation and excessive cross industry restructuring .

Financial Wuji believes that , At its peak, Xiahua aimed at the mobile communication business with great market potential. In fact, there was no major mistake , The problem is to underestimate the intensity of market competition , The amount of capital required .

The same problem occurs in Xiahua's computer business .

And on mobile phones 、 A lot of money has been spent on computer business 、 After energy , produce very little effect , Instead, it delayed Xiahua's “ Familiar with ”, Color TV business .

At that time, all major brands seized the market opportunities of flat-panel TVs , Xiahua is still “ Distraction ” Other battlefields , Let the Xiahua color TV, which could have been preemptive , Failed to build their own “ The moat ”.

And Xiamen China, which cannot maintain the advantages of its main business ,“ Emergency medical treatment ”, Waste more capital and resources in areas where you are not good at , In the end, it's hard to return , Delisting ends .

Caijing Wuji learned through online search , Xiahua electronics once “ ace ”,“PRIMA” Series still exists , The current owner of this brand is Xiahua Technology Co., Ltd .

According to its official website ,PRIMA“ It is providing interactive electronic whiteboards for global consumers 、 Commercial large size display 、 Digital signage 、 laptop 、 The tablet 、 LCD TV 、 The Internet / Intelligent all-in-one machine and other high-quality audio-visual display products and educational software 、 The overall solution of wisdom education , At the same time, it also continues to expand multimedia 、 The Internet of things 、 Cloud services, etc ”.

“ With Xiahua plasma , Want to live again 500 year ” Xiahua color TV has not completely disappeared , But it's really already out of the stage .

Memories of a generation , Finally, it was sealed in the long river of history .