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Zhongtai came back to life with a net loss of 400 million RMB in the first three quarters.

2024-11-22 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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October 31, ST Zhongtai released the latest financial report shows, The first three quarters of total revenue 486 million yuan, Year-on-year decline 20.59%; The net profit attributable to shareholders of listed companies was-417 million yuan, up 57.88% year-on-year; The net profit attributable to shareholders of listed companies excluding non-recurring profits and losses was-428 million yuan, up 56.18% year-on-year; In addition, by the end of the third quarter, the net assets attributable to shareholders of listed companies were 7.662 billion yuan.

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Zotye was formerly Huangshan Jinma Co., Ltd. established in 1998 and 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 car, SUV, MPV and new energy vehicle market segments. In terms of products, it became famous after launching T600 sports version, SR9, Xindamai X5 and other models in 2016, especially SR9 became Zotye's "star" product after it was launched. The cumulative sales volume of that year was 333,100 units, an increase of 50% year-on-year, which was the peak sales volume since Zotye was founded. However, Zhongtai cars, which became popular due to imitation, were destined to go very far. Later, due to product problems, public praise declined and sales began to plummet. After sales declined in 2017, sales fell to 154,800 vehicles in 2018 and only 116,600 vehicles in 2019. Entering 2020, Zotye Automobile's production and operation business has almost stagnated, and many of its subsidiaries and parent companies have been liquidated.

In December 2020, Zhongtai Automobile claimed that Tieniu Group, the parent company, was ordered by the court to terminate the reorganization procedure and declare bankruptcy liquidation due to serious insolvency and inability to continue operation. From October 2020 to June 2021,8 companies of Zhongtai Group were successively accepted for bankruptcy by the People's Court due to debt crisis. On 30 September 2021, Jiangsu Shenshang Holding Group Co., Ltd.(hereinafter referred to as "Jiangsu Shenshang") was finally determined as the restructuring investor according to the voting results of the review. On October 9, Zotye Automobile restructuring investor was finally determined as Jiangsu Shenshang. On October 27, Zhongtai issued an announcement that 2 billion yuan of restructuring funds have been fully in place, and the funds will be used to pay restructuring expenses, pay off debts, and take advantage of industrial synergy to help Zhongtai Automobile recover its sales network nationwide as soon as possible. On December 28, Zotye received the Civil Decision of Jinhua Intermediate People's Court, which confirmed the completion of the implementation of Zotye's automobile reorganization 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 would entrust Huang Jihong with the voting rights corresponding to 24.22% shares held in total. At this point, the actual controller of Zhongtai was 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.

After the completion of bankruptcy reorganization, the resumption of production of the whole vehicle has become an important task of Zotye. On October 18, ST Zhongtai issued an announcement saying that the relevant pre-production preparations have been basically completed, and the company plans to roll off the first batch of T300 models and hold the off-line ceremony at Yongkang Base on October 20.

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In fact, Zhongtai T300's resumption of production has been early, in the Ministry of Industry and Information Technology disclosed in the 359th batch of new car declaration catalogue. According to the data, Zotye T300 was officially launched on August 22,2017, positioning small SUV, launching 1.5L and 1.5T two kinds of power, the price range is 568 - 91,800 yuan, until April 2020, the cumulative sales volume during this period is about 120,000 vehicles, which is one of the few original models owned by Zotye. As the first model to resume production, Zotye T300 has reached the emission standard of "National VI" compared with the old T300, but there is no change in appearance design.

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Everything seems to be going well. However, it should be noted that, on the one hand, each factory under Zotye has been shut down for a long time, and some equipment is old and outdated; on the other hand, hundreds of suppliers are involved in a vehicle model, and there are a small number of bankruptcies in the original supply chain system of relevant models, so it takes a certain amount of time to reopen the mold, and the resumption of production cannot be accomplished overnight.

In addition, the consumption concept of end users is becoming more and more mature, the focus on automobile products is gradually shifting to quality and service other aspects besides price, and higher requirements are put forward for the technical level and manufacturing process of products. Under the condition of increasingly fierce market competition, Zotye needs more time to adapt to the new market environment. After going through bankruptcy and reorganization, whether Zhongtai can break through cocoon and regenerate and keep up with the pace of automobile industry transformation still needs further observation.

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