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On January 29, Zhongtai issued an annual performance forecast for 2023. The announcement shows that Zhongtai Motor's net profit belonging to shareholders of listed companies is expected to lose 750 million yuan-900 million yuan in 2023, compared with a loss of 910 million yuan in the same period last year, narrowing the year-on-year loss; net profit after deducting non-recurring profits and losses is expected to lose 800 million yuan-1 billion yuan, compared with a loss of 1.01 billion yuan in the same period last year, narrowing the year-on-year loss.

As for the main reasons for the pre-loss of the current performance, Zhongtai explained that compared with 2022, the company's vehicle sales revenue increased in 2023, but the income of the auto parts and door business decreased due to the market environment, so the overall income decreased. In addition, the company's vehicle business is still recovering in 2023, with small sales. At the same time, the company intends to make provision for asset impairment and provision for bad debts totaling about 300 million to 400 million yuan, so the overall performance is still in a state of loss.

Reviewing the development process of Zhongtai Automobile, it is not too late to enter the automobile manufacturing industry. no matter in the field of automobile product design, R & D or manufacturing, Zhongtai Automobile has been deeply cultivated for more than ten years, but the road of its development is not smooth. In December 2020, Tieniu Group, the parent company of Zhongtai Automobile, was ruled by the court to go bankrupt because it was seriously insolvent and unable to continue to operate. Until October 2021, Zhongtai Automobile restructuring investors were finally identified as Jiangsu Shenzhen Merchants, with a restructuring investment of 2 billion yuan. Affected by this incident, Zhongtai vehicle production was almost at a standstill from 2020 to 2021. Entering 2023, Zhongtai Automotive vehicle business is still recovering.

Data show that Zhongtai Automobile, formerly known as Huangshan Golden Horse Co., Ltd., established in 1998, was listed on May 19, 2000, and Zhongtai Motor was officially registered and established in September 2003. the production line of the Toyota special model in Taiwan was sold for financial reasons, and Ying Jianren, the controller of the Tieniu Group, finally acquired the production line, together with equipment and moulds, as well as technical workers and managers. Zhongtai holding Group Co., Ltd. was established in the same year. At the beginning of 2006, Zhongtai Motor obtained the qualification of car manufacturing through Chengdu Xindi Automobile Company, and officially started vehicle manufacturing.

Also in this year, the first model of Zhongtai Earth Zhongtai 2008 came on the market, and the new car was quickly recognized by consumers. In 2016, Zhongtai SR9 won 20, 000 orders just three days after it went public, reaching a sales peak of 333100 vehicles for the whole year. Unfortunately, since then, Zhongtai car sales began to decline sharply, selling only 154800 vehicles in 2018 and 116600 in 2019. Due to the almost stagnant vehicle production and operation business in 2020, many of Zhongtai's subsidiaries and parent companies were liquidated. In addition, due to the lack of liquidity, the vehicle manufacturing business of Zhongtai Automobile in 2020 and 2021 is almost at a standstill, and the revenue mainly comes from the sales of auto parts and door industry.

Until October 2021, Zhongtai Automobile restructuring investors were finally identified as Jiangsu Shenzhen Merchants, with a restructuring investment of 2 billion yuan, which 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.

It is understood that Zhongtai Automobile has a complete vehicle production base in Zhejiang, Hunan, Hubei, Shandong, Chongqing and other places, with a design capacity of 685000 vehicles, and T300 models are mainly produced in Chongqing and Zhejiang. So far, the only product Zhongtai can rely on is its subsidiary Jiangnan Automobile, Jiangnan U2, which was launched in February 2023. It is the first strategic model based on Jiangnan J-Smart 1.0 pure electric platform and the first new car released after Zhongtai's bankruptcy restructuring. A total of six models have been launched with a price range of 56800-98800 yuan. However, whether it is Zhongtai T300 or Jiangnan U2, the specific sales can not be queried.

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