AutoBeta(AutoBeta.net)10/31 Report--

The operation of Zhongtai Motor, which is in financial difficulties and is caught in a continuous suspension of production, has also attracted attention from the outside world. A few days ago, Zhongtai Motor released the third quarter results report, continue to operate at a loss, it is worth noting that the directors once again said that there is no guarantee of the authenticity of the performance.

According to the financial report, Zhongtai Motor's operating income in the third quarter was 210 million yuan, down-26.79% from the same period last year; the net profit belonging to shareholders of listed companies was a loss of 530 million yuan, down-12.52% from the same period last year.

In the first three quarters of 2020, Zhongtai Automobile achieved operating income of 981 million yuan, down 72.68% from the same period last year; the net profit attributed to shareholders of listed companies was a loss of 1.563 billion yuan, down-105.67% from the same period last year.

Due to the inability to operate normally, Zhongtai Motor has low revenue and is even less than the amount of loss.

Zhongtai Automobile has said that the reason for the large performance loss is that due to the influence of the shortage of funds superimposed by the COVID-19 epidemic and the low prosperity of the automobile industry as a whole, at the same time, due to the decline of the company's refinancing capacity and the aggravation of capital tension caused by overdue bank loans, the company's subordinate bases are basically in a state of suspension or semi-suspension of production, the company's automobile production and sales have dropped sharply, and sales revenue has dropped sharply.

It is worth noting that Zhongtai Automobile Director Lou Guohai once again said that it was impossible to guarantee the authenticity, accuracy and completeness of this report because of the great uncertainty in the company's sustainable operating ability. it is difficult for Tieniu Group Co., Ltd. to cash in the company's performance compensation, and the company faces many lawsuits and guarantee matters. Under such circumstances, it is impossible to reasonably estimate the amount of losses caused to the company as a result of performance compensation and contingencies, it is impossible to confirm the authenticity, completeness and accuracy of the company's financial data such as sales revenue, total profits and net profits attributable to shareholders of the listed company in the first three quarters of 2020.

At present, Zhongtai Motor is in a state of being applied for restructuring because it is unable to pay off its maturing debts.

Zhongtai Automobile announcement once showed that Zhejiang Yongkang Rural Commercial Bank Co., Ltd. on the grounds that Zhongtai Motor was unable to repay its due debts and obviously lacked solvency, but still had restructuring value, submitted an application for pre-restructuring of the company to the people's Court of Yongkang City. Subsequently, Zhejiang Yongkang people's Court accepted the registration creditor's application for pre-restructuring of Zhongtai Automobile Co., Ltd., and selected Zhejiang Jingheng Law firm as the pre-reorganization manager. Zhongtai Automobile said that in order to smoothly promote the pre-restructuring of Zhongtai Automobile, maintain the operational value of the enterprise, and achieve the integration of resources, it has openly recruited investors from the public.

The purpose of Zhongtai Automobile's recruitment and reorganization of investors is to coordinate and complete the pre-restructuring of Zhongtai Automobile and its subordinate core business subsidiaries, with financial support from investors. comprehensively optimize the debtor's asset structure, debt structure and equity structure, achieve industrial transformation and upgrading, etc., but the recruitment of investors is not limited to the industry.

Zhongtai Automobile was once a self-owned car company with a good momentum of development. In 2016, Zhongtai launched a number of models, such as the T600 sports version, the SR9 and the New Damai X5, among which SR9 became Zhongtai's "star" products after its launch. Thanks to this, Zhongtai Automobile's cumulative sales reached 333100 vehicles in 2016, an increase of 50% over the same period last year, which is also the peak of Zhongtai Automobile sales. The good times did not last long, due to the subsequent outbreak of quality problems, word-of-mouth plummeted, Zhongtai car sales have been declining, after a decline in 2017, sales fell to 154800 in 2018 and only 116600 in 2019. In 2020, the production and operation business of Zhongtai Automobile almost came to a standstill. In the first half of the year, Zhongtai Automobile produced only 574 cars and sold 1417 cars.

Due to the shortage of funds, Zhongtai Automobile may still be in a state of suspension, and whether Zhongtai, which is becoming more and more difficult, can survive 2020 is also a topic of great concern to the industry.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat