AutoBeta(AutoBeta.net)10/29 Report--

Today, Zhongtai Automobile released its reported sales data for the first three quarters of 2019. The report shows that the company's operating income in the third quarter was 360 million yuan, down 88.41% from the same period last year. The net profit belonging to shareholders of listed companies was negative 470 million yuan, down 521.5% from the same period last year. In the first three quarters, the cumulative revenue was 5.401 billion yuan, down 59.59% from the same period last year, and the net profit loss was 760 million yuan, down 283.02% from the same period last year.

Zhongtai said that the decline in revenue was mainly due to the decline in sales affected by the industry. According to data released by the China Association of Automobile Manufacturers, Zhongtai sold 135000 vehicles in the first three quarters, down 32.4% from the same period last year.

In addition, according to the third quarterly report, 2.40% of the total share capital of Zhongtai Motor was judicially frozen due to a contract dispute over the controlling shareholder Tieniu Group Co., Ltd. Among the top 10 shareholders, 4 shareholders' shares were pledged, accounting for 43.93% of the company's total share capital.

On October 10, Zhongtai Motor and others issued a statement saying that the bankruptcy rumors were not true. Zhongtai Motor said that the production and operation of the company is normal, and there is no insolvency. As of June 30, the company's total assets were 30.53 billion yuan, liabilities were 13.24 billion yuan, and net assets belonging to shareholders of listed companies were 17.278 billion yuan.

According to the third quarterly report, as of the end of September, Zhongtai Automobile assets totaled 30.852 billion yuan, liabilities totaled 14.03 billion yuan, including current liabilities of 13.43 billion yuan. The net assets belonging to the shareholders of the listed company is 16.81 billion yuan. Zhongtai said that the decline in performance is mainly due to the impact of the industry, the decline in sales.

Zhongtai Motors has fallen into operational difficulties this year due to the slow launch of new products and the absence of six emission standard models in the country. The report said that due to the weakness of the main business, the company also had a chain reaction such as arrears of wages to employees and arrears of payments to suppliers. Since March, Zhongtai Motor has been involved in wage arrears for many times, and it has been exposed that "wage arrears exist in many areas".

Recently, it has been reported that the 1.5 billion yuan of funds received by the Jinhua municipal government of Zhongtai Automobile will be used for the production of new models, new product research and development and core technology research and development of Zhongtai Automobile. But Xu Hongfei, general manager of Zhongtai Automobile Brand Department, said recently: "everything is subject to the announcement." Since the 17th, as of press time, Zhongtai Motor has not disclosed the relevant announcement on the injection of funds.

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