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Following the listing of China’s Car Rental in Hong Kong on September 19, its domestic counterparts announced a trip to the US IPO on October 3, which became the focus of the capital market. However, with the high-profile listing of a rental car, the reality is that it is losing money year after year. Under the glory of China’s Car Rental Co., Ltd., which is the first domestic car rental company, it has yet to step out of the "burning money" situation and find a big market space for itself.
Beijing News reporter Zhang Quanwei reports from Beijing
Insufficient scale leads to high operating costs
The analysis pointed out that the reason why a rental car continues to suffer losses is mainly due to its high operating cost, and the reason why the operating cost is so high is because it is not enough. At present, the size of a rental car fleet is approximately one-fourth of that of China.
On October 3, it has been claimed that the listing of "a no-timetable" rental car, formally submitted an IPO application to the US Securities and Exchange Commission, plans to go public on the New York Stock Exchange, financing 200 million U.S. dollars. In the first half of this month, a major car rental company in China, Shenzhou Car Rental, was listed in Hong Kong, financing 3.45 billion Hong Kong dollars, becoming the first domestic car rental company.
Within a short period of half a month, two major domestic car rental brands successively took the stage in the capital market and made their appearances. This “coincidence†put the two tit-for-tat competitions to the stage again.
However, unlike China’s newly-discounted Car Rental, as of the first half of 2014, the loss of a car rental for many years has continued.
A car rental was established in 2006, the main business is to provide car rental services for individuals and business users. The prospectus shows that from 2012 to the first half of 2014, the revenue of a rental car was 450 million yuan, 566 million yuan, 384 million yuan, respectively, and the corresponding after-tax net profit was a loss of 176 million yuan respectively. 152 million yuan and 20.7 million yuan.
Although the rental car company continued to lose money in the first half of 2014, the US capital market still showed strong interest in its 200 million U.S. dollars financing application.
“Companies with the same main business do not only rent a car for a single trip, but it is still difficult to say how to choose an IPO in the case of continuous losses.†Investors with concerns about US stocks said that although the concept of car rental is favored by the market, it is still One-on-one's listing is cautious.
A car rental industry official who declined to be named told reporters that the main reason for the continued loss of car rental is that its operating costs are high. According to the published prospectus, a “car operating cost†for renting a car was high, accounting for more than 80% of revenue. In 2013, the operating cost of a rental car was 1.17 times of sales revenue. In 2014, a car rental operation was completed. Fees still account for 97% of revenue. "The reason why the operating costs are so high is because the scale of the production is not enough." According to the aforementioned industry insiders, “the car rental industry will always be a heavy asset to the world, and it will not be able to scale. Its operating costs cannot be reduced.â€
According to statistics, as of the first half of 2014, the number of rental car fleets was 15,409. During the same period, the car fleet of Shenzhou Car was close to 60,000 vehicles.
While continuing to lose money, it was a shortage of cash flow for car rental. The prospectus shows that the free cash flow of car rental in 2012, 2013 and the first half of 2014 was -250 million yuan, -560 million yuan, -760 million yuan, respectively. yuan.
Heavy asset operations "burn money" into the normal car rental industry
For China, it has already come out from the simple stage of burning money. A car rental loss and investment are still continuing. For a rental car, entering the capital market is the most effective way to maintain its huge investment.
"Initiating the car rental industry, the market's first impression of it is 'burning money'. The characteristics of heavy assets are too significant, and huge investments are needed to maintain the scale of vehicles." Car rental industry insiders told reporters that "burning money is the norm in the industry, but the results of burning money and burning money are different, and some companies can 'burn out a future', and some can't."
Regarding the media's doubts about the "burning of money" in the car rental industry, "Car Rental First Share" Car Rental in China has more say than in one trip: In the past three years, the expenses of China Car Rental to maintain the scale of the fleet have remained at more than RMB 1.7 billion for three years. The fleet size has jumped from more than 20,000 cars to more than 50,000.
“For the car rental industry, the initial investment is necessary.†Faced with the topic of “burning moneyâ€, Shenzhou Car Rental insiders told the Beijing News reporter: “The mother who sells sesame seeds must make money. She does not have the problem of burning money. The question is how big can she do? Jingdong has prospects, but it is not profitable now."
The insider said that for China, which has already been successfully listed, the simple money-laundering phase has come out. According to the data, the net profit of China’s car rental in the first half of 2014 was 277.2 million yuan, compared with a loss of 0.142 billion yuan in the same period last year, which reversed the losses in the previous three years and made a good report on the eve of the listing.
A car rental loss and investment that continue to follow the pace of Shenzhou and carry a loss of "report card" to the capital market continue.
According to the disclosure of a related car rental document, on April 21 this year, a car hired a quick investment of 25 million U.S. dollars, accounting for 8.4% of the shares.
Behind the continuous investment is the strong support from investors.
Prior to this, a rental car has completed four rounds of financing. In March 2008, a rental car was awarded the first round investment of 5 million U.S. dollars for Qiming Venture Capital and IGNITION; on July 1, 2009, it received a second round of financing of 20 million U.S. dollars, led by CDH Venture Capital, and Asia Pacific Asia Pacific The round of investors Qiming Venture Capital and investment; August 26, 2010, and investors led by Goldman Sachs formally signed an investment agreement with a total investment of 70 million US dollars. This round of financing was led by Goldman Sachs. Existing shareholders Qiming Venture Capital, CDH Venture Capital, Ignition Capital, JTF Asia and Hanli Capital all followed suit.
In December 2013, Ctrip invested a total of US$94.50 million in a car rental. At that time, its shareholding ratio was less than 20%, making it the second-largest shareholder of a car rental after Enterprise.
"Next, for a rental car, entering the capital market is the most effective way to maintain its huge investment." Market observers believe that, "After years of investment, China has now seen profits, according to a car rental current financial At the level, I am afraid that a rental car is far from real profit."
For a competitor's move to invest in the most popular car-launching software currently in use, the Los Angeles-based car rental company has been unable to move. Shenzhou Car Rental said that it will pay attention to and study these popular business models, but it will not rush in.
Market space big car rental industry competition "non-zero sum game"
In the next five years, China's short-term self-driving business will grow at an annual rate of 27%. By 2018, the Chinese market will reach 18.3 billion yuan. In the industry's view, the car rental industry has a huge market space and it is not your "zero-sum game".
The capital market has shown a strong interest in the listing of China Car Rental and the pursuit of IPO for a car rental. "This stems from investors' optimistic judgment on the prospects of China's car rental market." Industry insiders said that it is also out of this judgment that companies such as Shenzhou and Jilin have spent only years on investment.
The insider of China Car Rental Co., Ltd told reporters that there is a huge market in the car rental industry and it is not a “zero sum game†for you. "There is no point in verbally fighting for the first and second. What the market has is that the key is to see how the company itself fights for it."
“Generally speaking, 70% of people in a mature society have a driver's license. According to this statistics, in the future, China will have 1 billion people who have a driver’s license. However, the carrying capacity of a car may be only 200 to 300 million units, which is 700 million more. To 800 million units, this is the opportunity for the car rental industry; besides, China’s future bus reform will also create a market of 200 billion yuan. As people’s living standards increase, tourism consumption accounts for more and more, and car rental will become more and more. The way people choose to travel."
Data shows that in 2013, the domestic online car rental market transaction volume reached 3.42 billion yuan, a year-on-year increase of 69.5%. According to a report from Roland Berger, the penetration rate of the Chinese car rental market in 2013 was only 0.4%, far lower than that of the United States, Brazil and other countries. In the next five years, China's short-term self-driving business will grow at an annual rate of 27%. By 2018, the Chinese market will reach 18.3 billion yuan.
“Shenzhou Car Rental Co., Ltd. has been successfully listed. As the “second child†of the same industry, the valuation of a rental car may be affected by Shenzhou,†said the industry insider.
However, some analysts in the investment community also believe that compared with a rental car that is ready to go public, Shenzhou Car Rental, which has already been successfully listed, has taken a dominant position. “There is no profit requirement for listing in the US. This may also be the main reason why a car rental can go to the US under the premise of a loss,†he said. “But in spite of this, it is still not ruled out that a car rental may be frustrated by the IPO process due to market status, scale disparity, and performance.â€
In 2012, for the first time, China Shenzhou Car Rental Co., Ltd. had a half-way crash in its US listing. According to people in the industry, from the perspective of its business model at that time, the factors that restrict its listing are mainly the poor sales capacity of used cars. "And a car rental currently has this problem."
A rental car intends to go to the United States IPO
Within a short period of half a month, two domestic car rental companies have made eyeballs in the capital market.