AutoBeta(AutoBeta.net)09/01 Report--

Pangda Auto Trade Group Co., Ltd. disclosed its semi-annual report for 2019. In the first half of this year, the revenue and profit of the huge group both declined, from profit in the same period last year to loss.

Pangda Group is mainly engaged in automobile distribution, maintenance and maintenance business, belonging to automobile distribution industry. Company agent sales models include passenger cars, mini-cars, commercial vehicles and so on. In the first half of this year, the huge group realized operating income of 10.256 billion yuan, a year-on-year decrease of 62.17%; the net profit attributable to shareholders of listed companies was about-1.199 billion yuan, down 563.66% compared with the same period last year; the net profit attributable to shareholders of listed companies excluding non-recurring profits and losses was about-1.253 billion yuan. In the first half of this year, the cumulative sales volume of new vehicles of the huge group was 50,100, down 71.22% compared with the same period last year.

According to Huge Group, in the first half of 2019, the negative impact brought by operation continued to ferment, and factors such as tight overall capital environment in 2018 were superimposed, so the financing difficulties and capital shortage of the Company had not been alleviated, which seriously affected and restricted the normal operation of the Company, and the operating income and benefits of the Company decreased year-on-year. As of June 30,2019, the book balance of monetary funds of Pangda Group was RMB4.363 billion, a decrease of RMB9.706 billion compared with the same period of last year, mainly due to the substantial decrease in the deposit of acceptance bills; the book balance of bills payable was RMB3.235 billion, a decrease of RMB9.841 billion compared with the same period of last year, mainly due to the decrease in the purchase of complete vehicles by the Company in the form of bank acceptance bills.

In addition, through the website inquiry, it is known that the huge group table and wholly-owned subsidiaries as defendants involved in a total of 6 new and pending lawsuits, involving a total amount of 457.76 million yuan. Among them, there was 1 dispute over financial loan contract with an amount of RMB 99.99 million yuan; 1 financial lease contract involving RMB 26.17 million yuan; 1 equity transfer contract involving RMB 229.66 million yuan; 2 notarized creditor's rights documents involving RMB 59.84 million yuan; and 1 bond transfer contract involving RMB 42.10 million yuan.

Huge Group said that due to the fact that the liquidity shortage problem of the Company has not been completely solved, the litigation matters of the Company and its subsidiaries are increasing constantly, and the number of cases is relatively large. The Company will continue to sort out the litigation situation and timely fulfill the obligation of information disclosure according to the relevant regulations of Shanghai Stock Exchange. At the same time, up to now, the amount involved in the lawsuit of the Company is RMB 457.76 million, accounting for 7.06% of the audited net assets of the Company in 2018, and its impact on the current profit or future profit of the Company will not have too much adverse impact.

In view of the current financial difficulties and other difficulties, the huge group said that it would truthfully explain the situation to financial institutions, obtain understanding and support, and at the same time reduce expenses and withdraw funds by reducing staff and increasing efficiency and disposing assets, so as to do its best to maintain the normal operation of the company.

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