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On November 13, Jinbei Automobile issued a personnel change announcement, which said that it had received a written resignation report from Xu Xiaomin, the former president, and resigned because of a job change, and Mr. Ding Kan was subsequently appointed president of the company. After resigning as president, Xu Xiaomin will also serve as chairman of the company, chairman of the strategy committee of the board of directors, member of the nomination committee and compensation and assessment committee.

In the announcement, the official gave a brief introduction to Ding Kan, saying that Ding Kan has rich experience in the industry. He has worked in the production Technology Center of Japan Seiko Group and the Machinery Manufacturing Company of Benxi Iron and Steel Group. Then he joined brilliance Automobile Group sales Company as Deputy General Manager, Deputy General Manager of brilliance Power Machinery Co., Ltd., Director of brilliance Automobile Group Office (Party Office, Dong Office, Comprehensive Office), Director of brilliance BMW Automobile Co., Ltd., head of the Comprehensive Management Department of Shenyang Automobile Co., Ltd., Minister of Investment Promotion and Cooperation, etc. Currently, he is the executive director of Shenyang Sanshi Automobile Industry Development Co., Ltd., the director of Liaoning Shenhua holding Co., Ltd., and the director of Guolian Automobile Power Battery Research Institute Co., Ltd.

It is actually a commercial vehicle brand of Shenyang brilliance Golden Cup Automobile Co., Ltd., which is mainly engaged in vehicle production and auto parts design and manufacture. As a car brand of brilliance Group, it has been in a state of loss since 2001. The data show that in 2001, the net profit of Jinbei Automobile belonging to the listed company was-980 million yuan. In the following years, Jinbei Automobile still failed to get rid of the situation of loss. In March 2010, in order to reverse the loss, Jinbei stripped the long-losing China Motor Corp. from the stock market. Although the divestiture has improved the debt situation of Jinbei Automobile, due to the absence of new products and the lack of sedan business on its models, Jinbei car sales continue to decline.

From 2015 to 2016, the annual sales of Jinbei cars were 96000 and 23000 respectively. At that time, brilliance China transferred 49% of the shares of Golden Cup to French car company Renault for 1 yuan, and established Huachen Renault as a joint venture, but still failed to boost sales of Golden Cup cars. In order to survive, Jinbei Automobile also made a series of challenges, making a turnround by selling the whole vehicle business in 2017 with a revenue of 371 million yuan. In 2017, the business income of Jinbei auto parts business reached 4.787 billion yuan, an increase of 39.54% over the same period last year, and that of parts business in 2018 was 5.391 billion yuan, an increase of 21.82% over the same period last year.

By 2020, Huachen Renault was also affected by the decline of brilliance Group. Brilliance Group's brilliance China, Golden Cup brand and Huasong brand are gradually fading out of the market, and Golden Cup cars are also drifting between life and death.

With the rapid rise of new energy vehicles, great changes have taken place in the domestic automobile market. Compared with some mainstream fuel light commercial vehicles, there is a certain gap in both appearance and technology of Jinbei car. After all, up to now, the sales market of Jinbei car mainly depends on Golden Cup Sea Lion, and the slow iteration of the product makes Jinbei car gradually lose its place in the market, and sales have declined for a time.

In terms of personnel changes, in fact, Jinbei Motors has made frequent personnel changes from the end of last year to this year. Jinbei Motors announced in December last year that Ms. Gu Yuhong would no longer serve as vice president. On May 25, 2024, Sun Yifeng ceased to be a non-independent director. In July, Jinbei Automobile appointed Mr. Hong Chao as a non-independent director.

It is worth mentioning that today Jinbei Automobile also released the third quarter results. According to the data, as of the third quarter of this year, the operating income of Jinbei Automobile reached 3.427 billion yuan, down 13.21 percent from the same period last year, and the net profit belonging to shareholders of listed companies was 292 million yuan, an increase of 52.84 percent over the same period last year. At the end of the reporting period, the company's total assets were 4.278 billion yuan, an increase of 6.35 percent over the beginning of the year, and the owner's equity belonging to the company's shareholders was 1.37 billion yuan, an increase of 29.47 percent over the beginning of the year.

With regard to the future planning that investors are concerned about, Jinbei Automobile responded that it will continue to focus on the main business of auto parts, expand increment, increase scale, strengthen management, increase efficiency, and promote the high-quality development of listed companies. It is not known whether the follow-up Golden Cup will return to its peak, but in terms of the current car market, it is not easy for Jinbei to find a way out.

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