AutoBeta(AutoBeta.net)04/26 Report--

On April 26th, * ST Zhongtai released its annual financial report, showing that its operating income in 2021 was 825 million yuan, down 38.34% from the same period last year; the net loss of shareholders belonging to listed companies was 706 million yuan, an increase of 93.18% over the same period last year; and the net loss of shareholders of listed companies after deducting non-recurrent gains and losses was 2.109 billion yuan, up 79.32% from the same period last year. In addition, by the end of 2021, the net assets belonging to shareholders of listed companies were 3.442 billion yuan, compared with-3.964 billion yuan at the end of 2020.

Zhongtai, formerly known as Huangshan Golden Horse Co., Ltd., established in 1998, was listed on May 19, 2000. As a member of its own brand, it not only has the dual production qualification of "traditional fuel vehicle + new energy vehicle", but also has production bases in Zhejiang, Hunan, Hubei, Shandong, Chongqing and other places, and its products cover sedan, SUV, MPV and new energy vehicle market segments. In terms of products, it became famous after launching a number of models in 2016, such as the T600 sports version, SR9, New Damai X5 and so on. In particular, SR9 became Zhongtai's "star" product after its listing, with cumulative sales of 333100 vehicles that year, an increase of 50% over the same period last year, which is the peak sales since Zhongtai Automobile was founded. However, Zhongtai Motors, which became popular because of imitation, was not destined to go very far, and then because of product problems, word-of-mouth declined, and sales began to plummet. After a decline in 2017, sales fell to 154800 in 2018 and only 116600 in 2019. In 2020, Zhongtai Automobile production and operation business almost stagnated, many of its subsidiaries and parent companies were liquidated.

In December 2020, Zhongtai Motor said that its parent company, Tieniu Group, was ordered by the court to terminate the reorganization process and declare bankruptcy liquidation because it was seriously insolvent and unable to continue its operation. From October 2020 to June 2021, eight Zhongtai companies were successively accepted by the people's court because of their debt crisis. On September 30, 2021, according to the results of the review vote, Jiangsu Shenshang holding Group Co., Ltd. (hereinafter referred to as "Jiangsu Shenshang") was finally determined as the restructuring investor. On October 9, the investor of Zhongtai Automobile restructuring was finally identified as Jiangsu Shenshang. On October 27th, Zhongtai announced that 2 billion yuan of restructuring funds have been put in place, the funds will be used to pay restructuring costs, pay off debts, and take advantage of industrial synergy to help Zhongtai Automobile restore the national sales network as soon as possible. On December 28, Zhongtai received the Civil order of Jinhua Intermediate people's Court, which confirmed the completion of the implementation of Zhongtai Automobile restructuring Plan. On December 29, Zhongtai issued an announcement that Huang Jihong signed the entrustment Agreement with Jiangsu Shenshang and other parties, agreeing that within 36 months from the date of signing, Jiangsu Shenshang and other shareholders will entrust 24.22% of their total shares to Huang Jihong to exercise their voting rights. At this point, the controller of Zhongtai has officially changed to Huang Jihong, chairman of Zhongtai Automobile Co., Ltd., manager of Zhejiang Zhongtai Automobile Manufacturing Co., Ltd., and manager of Yongkang Zhongtai Automobile Co., Ltd.

For the purpose of participating in Zhongtai restructuring, Jiangsu Shenshang made it clear that it is to obtain the qualification of automobile production, so as to produce and sell the whole vehicle. The relevant person in charge said that the future Zhongtai Automobile brand will still exist, will not be limited to the production of cars. In the field of new energy vehicles, Jiangsu Shenzhen Merchants will have a relatively large investment to import more car brands for the giant, and will also import more new technologies and develop more new products for Zhongtai Automobile.

Previously, Zhongtai issued a restructuring plan: in the traditional business, Zhongtai Automobile will gradually adjust the brand strategy and build a characteristic strategy system for Zhongtai, Junma and other national automobile brands, committed to building the most influential national automobile enterprises. Short-term plans to reorganize its brands, concentrate resources and boost sales through strategies such as merging homogenized models, optimizing product sequences, optimizing cost structure and restructuring dealer networks; long-term plans to build a brand matrix in the form of acquisitions and joint ventures to lay out the mid-and high-end new energy vehicle market. In addition, the business plan shows that customized network travel has become a trend, Zhongtai Automobile will make use of the resource advantage of restructuring investors to quickly layout the ride-hailing market and expand Zhongtai's development space. At the same time, focus on consumer hot spots and promote mini electric vehicles to the countryside.

Recently, the new development of Zhongtai Automobile. Some investors asked * ST Zhongtai that the Zhongtai Changsha factory is producing BYD cars? The company replied, Hello, the news is not true. Some investors have asked * ST Zhongtai whether the Hangzhou base will be taken over if it is ideal to register in Hangzhou. The company replied that it had not received any information in this regard at present.

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