AutoBeta(AutoBeta.net)10/28 Report--

On October 28, Zhongtai officially released its third-quarter results, which showed that its operating income in the third quarter of this year was 3.609 billion yuan, down 88.41% from the same period last year, and the net profit of shareholders belonging to listed companies was 470 million yuan, down 524.50% from the same period last year. The company's operating income in the first three quarters was 5.401 billion yuan, down 59.59% from the same period last year, and the net profit attributed to shareholders of listed companies was 759 million yuan, down 283.02% from the same period last year.

Recently, Junma Motor, a subsidiary of Zhongtai Automobile, encountered more than 100 dealers to protect its rights. due to problems such as gearbox supply and spare parts supply, Junma dealers went to Zhongtai Automobile headquarters to protect their rights.

Zhongtai Motors announced on October 24 that Zhongtai Motors will help Junma solve after-sales service problems in terms of operational difficulties, and promised that the after-sales solution will be announced in the near future.

In fact, the operating difficulties of Junma Motor is only the epitome of Zhongtai Automobile. Zhongtai Automobile has experienced a huge decline in sales due to the problem of slow updating of automobile products, and is now in business difficulties.

In September, Zhongtai sold only 10, 000 vehicles, down 33% from the same period last year. Zhongtai's cumulative sales in the first three quarters were 134600, down 32% from the same period last year. Zhongtai New Energy was sued by the company for arrears to Shenzhen Beek Power Battery Company, and the claim amount was as high as 621 million yuan.

On October 14, Bick Battery sued four Zhongtai Automobile companies, including Zhongtai New Energy Automobile Co., Ltd., Yongkang Zhongtai Automobile Co., Ltd., Zhongtai Automobile Co., Ltd., and Hangzhou Jieneng Power Co., Ltd., the case has been accepted by the court because the arrears reached 621 million yuan. In addition, Bick battery also applied to the court for property preservation, asking for the freezing of Zhongtai Motor's property of 41.83 million yuan.

In addition, Zhongtai Motor also received a supervision letter from the Shenzhen Stock Exchange for delaying the disclosure of its financial results. Zhongtai Motor violated the relevant provisions of the Stock listing rules because it failed to disclose the semi-annual performance notice in time before July 15, 2019, and fulfilled its semi-annual performance notice disclosure obligation as late as August 20.

Affected by the decline in car sales, Zhongtai Motor still has arrears of employees' wages, arrears of suppliers and so on. According to the data, a number of suppliers have applied for different amounts of property preservation for Zhongtai Motor.

In August, a number of banks issued 3 billion yuan in loans to Zhongtai Motor, which is in crisis. In September, Zhongtai Motor applied for another 200 million yuan loan from Shanxi Trust Co., Ltd. But for the current operating difficulties of Zhongtai Motor, these loans are far from enough. If sales fall sharply and profits suffer substantial losses, then it will not be far from the fact that it was rumored to be bankrupt.

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