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In August 2018, listed companies in the power lithium battery industry successively released their mid year reports. Industry insiders found that companies represented by Jianrui Woneng and CATL had hidden secrets in their semi annual reports, with huge information content. However, the industry crisis reflected behind it has triggered deeper thinking in the industry.

Current situation: from "falling limit" to "money shortage"

At the end of August, Jianrui Woneng released its 2018 semi annual report, stating that due to Wotma's own strategic decision-making mistake, rapid expansion, internal management loss, and unfavorable changes in the new energy market environment and national policy adjustments, it was in crisis, which subsequently triggered a series of chain reactions, with most of the company's bank accounts frozen and a large amount of operational assets being frozen.

It is understood that as of the first half of 2018, Jianrui Woneng had an important amount of 22.167 billion yuan; As of August 6, 2018, a total of 83 bank accounts under the names of Jianrui Woneng and Wotma have been frozen, involving a total frozen amount of 85.63 million yuan.

In addition, this semi annual report also revealed a lot of information, such as multiple shareholders reducing their holdings or seeking equity transfers. As a result, Jianrui Woneng's stock has consistently fallen below the limit.

Similarly, the semi annual report with a huge amount of information is the "unicorn" CATL. As the most bullish stock on the ChiNext board, CATL was warmly sought after by shareholders before and after its listing.

After more than three months of listing, CATL disclosed in its interim report that in the first half of 2018, it achieved a total operating revenue of 9.36 billion yuan, an increase of 49% compared to the same period last year, and a net profit of 1.07 billion yuan, a year-on-year decrease of 45.8%. In the first half of 2018, accounts receivable exceeded 8.529 billion yuan, an increase of 23.27% compared to the same period last year.

Here comes the key point. Let's ask, CATL's accounts receivable are as high as 8.5 billion, so what about other peers?

Knowing without asking.

The visionary is A-share Chengfei Integration. Prior to the 2018 midterm report, the company announced in advance that it would restructure its lithium-ion battery business and no longer include it in the consolidated financial statements, and transfer control of the restructured AVIC Lithium Battery to Sands Investment.

What is more prescient is Guoxuan Battery. Guoxuan High tech announced the news at the end of April 2018, confirming that the balance of its special account for raised funds on December 31, 2017 totaled 3098667400 yuan. In the first half of 2018, Guoxuan's revenue increased by 8.76% year-on-year to 2.607 billion yuan.

Comparing these companies, it is not difficult to find that regardless of success or failure, they all come together in one word, which is "money".

Having money or not has become an important criterion for measuring the survival and development of power lithium batteries - and in the past, we thought technology should be the top priority.

It is important to understand that the problems with Waterma are not sudden. The industry has always had mixed reviews and evaluations of the Waterma Alliance model. However, when it comes to potential problems with Waterma, whether it is watching coldly or seeking innovation, change, adjustment, and improvement, it is believed that the problem lies in Waterma's own technical products, rather than anything else.

Because the popularity of the Waterma Alliance among local governments and alliance companies was once enviable.

This envy was once the envy of real gold and silver.

Review: From the "Great Leap Forward" to the "No Difference in Money"

Why is there a "money shortage"?

Economist Zhang Weiying said as early as April 2014: 'Because there is too much money, the result of too much money is reckless investment, and the final result of reckless investment is that everyone has no money.'.

The power lithium battery industry has come to this point, and we have to sigh that this sentence has indeed been fulfilled.

Looking back at the development timeline of new energy vehicles, it is generally believed that it began with the "ten cities and a thousand vehicles" in 2009, but the industry's explosive point was in 2015, six years later.

In the second half of 2015, especially in the fourth quarter, new energy vehicles represented by electric buses suddenly increased in volume and received high attention from the market. In this wave of "impulse" that later became known as "irrational rise", China's power lithium battery industry received unprecedented attention, and its importance was repeatedly discussed both inside and outside the industry, even surpassing that of new energy vehicle companies for a time.

In those months, in front of the top ranked battery companies in China, there were daily queues of vehicle manufacturers waiting to pick up goods. Many battery company sales representatives (often grassroots employees) were often guests of vehicle company bosses. At that time, battery companies were frantically shipping, and the industry even exposed the insider story of 3C consumer battery manufacturers temporarily modifying and installing them into electric vehicles.

Later on, we learned that the important reason for this "irrational increase" in large shipments was that vehicle companies and end users wanted to enjoy more favorable policy dividends before subsidies were downgraded, in order to reasonably and legally take advantage of the country's "advantages". The secondary reason was revealed to be that some local governments, in conjunction with local management units, opened floodgates to encourage car companies to license plate and load vehicles due to their "achievements".

Afterwards, whole industry inspection“

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