Evergrande Health has a net loss of 3.31 billion for its new energy vehicle business, with revenue of 5.636 billion RMB.

SMM4, January 1: recently, Evergrande Health released its 2019 annual report, Evergrande Health's annual turnover of RMB 5.636 billion yuan (RMB, the same below), an increase of 79.88% over the same period last year. Gross profit was 1.887 billion yuan, up 64.78 per cent from a year earlier. Gross profit margin fell from 36.55% in the same period in 2018 to 33.49% this year.

Evergrande Health's main business has two main parts, namely, health management and new energy vehicle manufacturing. It is learned from the financial report that the turnover in 2019 is mainly the income of the health management division. But in 2019, Evergrande Health suffered a net loss of 4.947 billion yuan, of which the new energy vehicle business suffered a net loss of 3.31 billion yuan.

In this regard, Evergrande also mentioned that the loss is mainly due to the expansion of the new energy vehicle business is still in the stage of investment, the purchase of fixed assets and equipment, R & D and other related expenses and interest expenses. However, new energy vehicles also generated 661 million yuan in revenue, of which lithium battery sales were 588 million yuan. The business scale of the new energy vehicle division has expanded, and the research and development costs, management expenses and interest costs have increased considerably this year.

Evergrande has previously set up Evergrande Automobile Group, which is mainly engaged in administration, marketing, manufacturing and other business. At the end of October 2019, Evergrande announced the establishment of Evergrande Research Institute in Shanghai to co-ordinate the research and development of models.

According to the annual report, Evergrande has entered the new energy vehicle industry and has built a new energy vehicle industry chain covering the fields of vehicle manufacturing, motor electronic control, power battery, car sales, intelligent charging, shared travel, etc. Evergrande New Energy vehicle Global Research Institute has been established to implement a global integrated R & D model, and has coordinated research and development in China, Sweden, Germany, the United Kingdom, the Netherlands, Austria, Italy, Japan, South Korea and other countries. With Sweden and China Guangdong, Shanghai, Tianjin, Liaoning and other high-end manufacturing bases, to create a full range of products.

It was released on the evening of March 29, revealing the progress of Evergrande last year and its plans for this year. Under the support of the health management division business, the company's revenue and profits have increased, but the high expenditure of the new energy vehicle business has led to the company's loss, in this regard, the management expressed full confidence in the development of the new energy vehicle industry chain.

Evergrande health management also revealed that the current Evergrande car is progressing smoothly, the first car "Hengchi 1" will be unveiled this year. Guangdong and Shanghai production bases will be completed in the second half of this year and put into production in 2021, making a strong guarantee for the full range of Hengchi products in 2021.

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