In addition to Weibo, there is also WeChat
Please pay attention
WeChat public account
AutoBeta
2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
Share
AutoBeta(AutoBeta.net)03/29 Report--
Zhengtong Motor issued a profit warning on March 28th, predicting a loss of 8 billion yuan to 9 billion yuan in 2020.
Zhengtong said that the loss was mainly due to (1) the impact of the epidemic in the first half of 2020 and the increasing pressure on the Group's liquidity position led to a continuous decline in the group's financial performance in the second half of this year; (2) this situation led to a significant decline in the performance indicators in the dealer agreement between the group and automobile manufacturers, resulting in the termination or suspension of some dealer authorizations, and the withdrawal and revocation of some supplier rebate rights. 93 the termination or suspension of several dealer authorizations and the Group's repositioning of some of its underperforming 4S stores have led to provision for impairment of various assets, including goodwill, intangible assets and property, plant and equipment.
Data show that Zhengtong Automobile was founded in 1999, the company was listed on the Hong Kong Stock Exchange in 2010, is the first luxury car dealer group listed in Hong Kong, China. In 2011, Zhengtong Motor acquired Shenzhen China Automobile South Investment Group Co., Ltd., which is twice its size, for 5.5 billion yuan, which is famous in the industry.
After entering 2020, Zhengtong Motor encountered operational problems and financial crisis, and many of its 4S stores were exposed that they could not deliver vehicles on schedule, and consumer complaints about rights protection occurred frequently. According to the responses of several 4S stores, the reason for the inability to deliver the car is that due to the shortage of funds of the head office, the vehicle certificate can not be redeemed in the bank, the pick-up date of consumers is indefinitely extended, and the whereabouts of the paid funds is unknown.
According to the financial report, Zhengtong Motor's business income in the first half of 2020 was 9.241 billion yuan, compared with 17.431 billion yuan in the same period, while the net profit was 1.323 billion yuan, compared with a profit of 520 million yuan in the same period. According to official data, the annual loss in 2020 is at least 8 billion yuan, that is to say, with the improvement of the epidemic and the gradual return of domestic consumption in the second half of the year, Zhengtong's profitability is deteriorating, and the loss in the second half of the year is much higher than that in the second half of the year.
According to media statistics, Zhengtong Motor closed nearly 40 4S stores in 2020, of which eight 4S stores were closed because of the epidemic, while more than 30 4S stores were closed because of the financial crisis and the crisis of trust. In addition, Zhengtong Motors' performance in the capital market is not optimistic, falling 68% for the whole of 2020, down more than 8% at the start of trading this morning, and closing down% at the end of the day, with a total market capitalization of HK $100 million. At present, Zhengtong Motor has lost 80-9 billion yuan in 2020, which means that the amount of pre-loss has far exceeded the current market value of the company.
Yongda Motor sold 204596 new cars in 2020, up 3.7% from the same period last year; operating revenue was 68, 534 million yuan, up 9.3% from the same period last year; and the net profit belonging to the parent company was 1.625 billion yuan, up 10.3% from the same period last year. Zhongsheng Group sold 500609 new cars in 2020, up 9.9 per cent from the same period last year, while operating revenue was 148.348 billion yuan, up 19.6 per cent from the same period last year. The net profit was 5.581 billion yuan, an increase of 23.5% over the same period last year.
In fact, Zhengtong Motors is just a microcosm of the industry. under the influence of the epidemic and competition in the market stock, nearly 3000 dealers walked out one after another during the year, and closure has become the norm in the market. According to the analysis of people in the industry, due to the weak product strength and brand strength of middle and low-end independent brands and joint venture brands, and the continuous decline in the prices of luxury brands and mainstream joint venture brands, the living space of low-end brands has been seriously squeezed, which also allows many luxury brand dealers to beat the market.
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
Views: 0
*The comments in the above article only represent the author's personal views and do not represent the views and positions of this website. If you have more insights, please feel free to contribute and share.
© 2024 AutoBeta.Net Tiger Media Company. All rights reserved.