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Zhongtai Automobile shows its report card: a loss of 284 million RMB for half a year

2024-03-02 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)08/21 Report--

On August 21, Zhongtai Motor released its 2023 interim results report. According to the report, Zhongtai Motor's operating income in the first half of the year was 371 million yuan, an increase of 24.55% over the same period last year, while the net loss was 284 million yuan, down 2.37% from the same period last year.

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Zhongtai, formerly known as Huangshan Golden Horse Co., Ltd., established in 1998, was listed on May 19, 2000. In 2003, the production line of Toyota extra sharp models in Taiwan was to be sold for financial reasons. Ying Jianren, the controller of Tieniu Group, finally acquired the production line, together with equipment and moulds, as well as technical workers and managers to bring it back to Yongkang. Zhongtai holding Group Co., Ltd. was established in the same year, and cooperated with Chengdu Xindi to obtain the qualification of car building, and officially started vehicle manufacturing.

In 2006, Zhongtai's first model, Dazhongtai 2008, appeared on the market, and its appearance was no different from that of Toyota, but it was soon sought after by the market because of its practicality and price advantages. Zhongtai, which won the first battle, continued to increase its weight, acquiring 70% of Jiangnan Automobile, which is facing restructuring the following year, not only solving the car-building qualification, but also reaping the brand of Jiangnan Otto.

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In the years since then, Zhongtai Motor has achieved phased results through imitation. In 2016, Zhongtai launched the SR9, which is highly similar to Porsche Macan. Although the appearance controversy is huge, the extremely low price has pushed Zhongtai to the peak and into the top 10 of its own brands.

In the final analysis, Zhongtai was able to reach the peak by imitation, but it was precisely because of imitation, followed by the outbreak of product problems, a decline in word-of-mouth, and the upward expansion of independent brands such as Geely, BYD, Changan and other independent brands in the same period. finally, Zhongtai's sales plummeted. In recent years, Zhongtai's production and operation business has almost come to a standstill, and many of its subsidiaries and parent companies have been liquidated.

The financial report shows that Zhongtai Motor lost 11.19 billion yuan and 10.343 billion yuan respectively from 2019 to 2020. After entering 2021, the scale of loss of Zhongtai Automobile has narrowed, mainly because the production and operation of the whole vehicle has been stagnant, losing 706 million yuan and 909 million yuan respectively from 2021 to 2022. To the first half of the year, Zhongtai Motor is still in a state of loss, with a net loss of 284 million yuan.

On May 31, Zhongtai Automobile announced that Mr. Huang Jihong applied to resign as chairman and director of the board of directors for personal reasons, as well as as a member of the Strategy Committee and nomination Committee of the eighth Board of Directors of the company. After the resignation of the relevant position, Mr. Huang Jihong will not hold any position in the company. At the same time, Zhongtai Automobile directors jointly elected Ye Changqing, a director, to perform the duties of chairman until a new chairman is elected.

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On July 12, Zhongtai Motor held an interim meeting of the board of directors to consider and pass the motion on the company terminating the issue of A-share shares to specific targets and withdrawing the application documents. Zhongtai Motor said that at present, the company's business activities are normal, this termination will not have a significant adverse impact on the company's operation and stable development, and will not harm the interests of the company and all shareholders.

Under the interference of the termination of the fixed growth plan, the successive resignations of senior executives and the uncertainty of the change of the actual controller, Zhongtai Automobile wants to turn losses into profits by resuming vehicle manufacturing business as soon as possible, which is not easy.

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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, while the T300 model is mainly produced in Chongqing and Zhejiang, and other factories have not yet resumed production. In addition to the T300, Jiangnan Automobile also launched the Jiangnan U2 model in February, which is the first strategic product created by Jiangnan Automobile's new J-Smart 1.0 pure electric platform, with a price of 5.68-98800 yuan. However, whether it is Zhongtai T300 or Jiangnan U2, the specific sales can not be queried.

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