Market value of 3.7 billion Zhonghua shenche announced loss of more than 10 billion 1 base holiday for one year

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 Market value of 3.7 billion Zhonghua shenche announced loss of more than 10 billion 1 base holiday for one year


Among the many manufacturers who are good at imitation and reference, Zhongtai automobile is the leader.

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Whether you can drive Lamborghini or not in your life depends on Zotye. I believe you are very familiar with such teasing. Under dispute, Zhonghua shenche Zhongtai automobile once made rapid progress. In 2016, the sales volume of Zhongtai automobile reached 330000, and in 2017, the annual sales volume of Zhongtai automobile still reached 310000.

However, after reaching the peak, Zhongtai auto fell rapidly. After entering 2018, the sales volume of Zhongtai auto dropped significantly: the annual sales volume was 230000, while the sales target for that year was 480000, less than half of which was achieved. After 2019, the sales volume of Zhongtai automobile will further decline. According to the sales data of the Travel Association, the sales volume of Zhongtai automobile (excluding Junma) brand in 2019 is only 116600, nearly 50% lower than that in the same period of the previous year.

On the evening of June 18, Zhongtai Motor Co., Ltd. in trouble broke out a big thunder. The company issued a revised notice of performance forecast, saying that it had expected a loss of about 6-9 billion yuan in net profit in 2019;

After correction, it is estimated that the annual loss will be about 10.8-11.5 billion yuan.

Affected by the adverse news, Zhongtai Motor Co., Ltd. ended down 2.6% on June 19, with a total market value of 3.711 billion yuan, which means that the loss amount of Zhongtai Motor Co., Ltd. in one year is more than twice the current market value of the company.

A huge loss of over 10 billion yuan a year

Prior to that, in January 2020, Zhongtai automobile released a notice that it is expected to lose 6 billion to 9 billion yuan in 2019, a year-on-year decrease of about 850% to 1225%.

In addition, ZTEs first quarter report in 2020 shows that the companys operating revenue is only 210 million yuan, a sharp drop of 94.71%; its net profit is 417 million yuan, compared with 105 million yuan in the same period last year.

Shortly after the announcement, Zhongtai automobile received a letter of concern from Shenzhen Stock Exchange, in which four major issues were raised, including the basis and rationality of making up credit impairment loss in combination with bad debt provision policy, customer operation and performance ability.

As for the reason for this performance correction, Zhongtai automobile said in the announcement that the cash flow of the company was further affected by the new crown epidemic situation and other factors, and limited by funds. The companys management adjusted the original production resumption plan, adjusted some production resumption models and reduced the production resumption according to the actual situation, so the recoverable amount of the production line calculated was lower than its book price According to the accounting standards, an additional impairment loss of 1.33 billion yuan was made for the difference.

In fact, goodwill is an important reason for ZTEs loss.

According to the main operating results of Zhongtai automobile in 2019 released in April, the main reasons for the loss of more than 10 billion yuan are the impairment of goodwill of more than 6 billion yuan and the operating loss caused by the sharp decline in sales volume.

It is understood that Zhongtai automobile acquired 100% of the equity of Yongkang Zhongtai Automobile Co., Ltd. in 2017, forming a consolidated goodwill of 6.579 billion yuan, more than half of the purchase price (11.6 billion yuan) at that time. Among them, the impairment of goodwill accrued in 2018 is 320 million yuan, and the impairment of goodwill accrued in 2019 is about 6 billion yuan.

Photo source: Zhang Jian, a journalist of every economy

Employee: I cant afford to eat without going

Zhongtai auto is a private auto group founded in 2003. The actual controllers of the company are Ying Jianren and Xu Meier.

In December 1996, Ying Jianren and his wife Xu Meier jointly funded the establishment of Zhejiang Tieniu Industrial Co., Ltd., during which, with the rapid development of Chinas automobile manufacturing, the enterprise obtained rapid development. In 2003, his Tieniu group took over the listed company Jinma shares through acquisition.

In the first half of 2017, Jinma shares acquired 100% equity of Yongkang Zhongtai by issuing shares to purchase assets, and Yongkang Zhongtai became a wholly-owned subsidiary of the company. From June 7, 2017, the stock abbreviation of Jinma Co., Ltd. was officially changed to Zhongtai automobile. So far, Zhongtai automobile has been successfully listed.

In December 2016, the stock price of Zhongtai Motor Co., Ltd. (at that time, Jinma Co., Ltd.) was at a high of 18.18 yuan (former reversion right),

The latest closing price is only 1.83 yuan, and the stock price has dropped 90% since its high position.

The sharp drop of stock price reflects the poor operation of Zhongtai automobile.

In the first five months of this year, the sales volume of Zhongtai automobile and other automobile enterprises dropped by more than 90%, far less than the industry average of 22%. Zhongtai automobile has not released production and sales data for many months. According to the data reported by the media without official confirmation, the sales volume of Zhongtai automobile in the first five months of this year was 3573, down 96% year on year.

The poor performance has increased the financial difficulties of Zhongtai.

Since May 2019, Zhongtai has heard that it is difficult to pay wages on time. According to the first quarter financial report of Zhongtai motor in 2020, as of the end of December 2019,

Zhongtais arrears have reached 220 million yuan, and by the first quarter of this year, the total amount of arrears had soared to 320 million yuan, an increase of 40.96%.

Recently, media reported that Zhongtai automobile Hunan base issued a notice on employees postponement of holidays, saying that due to the downward pressure of the automobile industry and the serious impact of the epidemic,

All employees in the base will have a holiday from July 1, 2020 to June 30, 2021.

From October 2019 to February this year, the basic wage has not been received, and you cant afford to eat without going. A former employee of Zotye told geyser that most people are struggling with it, but it wont last long. An old employee of Zotye told geyser, Zotye is short of money.

The big shareholders become the losers

BIC battery has been providing power batteries for Zhongtai new energy since 2014. In 2018, BIC battery supplied 18900 new energy vehicles to Zhongtai, accounting for about 60% of the latters new energy vehicles in that year. Since the second half of 2018, Zotye began to pay back to bick battery, even after receiving 60 million yuan of new energy subsidies, it has not settled the debt. After Zhongtai defaulted as much as 621 million yuan, in May 2019, bick battery had to ask the court to freeze more than 40 million yuan of property of several companies of Zhongtai series.

Bick battery told AI finance and economics that the lawsuit against Zhongtai is still in the first instance.

Jin zheyong, chairman of Zhongtai automobile, was successively issued the consumption restriction order by Yanling County Peoples Court of Henan Province and Changsha County Peoples Court of Hunan Province.

In addition, as early as October last year, Tieniu group, a major shareholder of Zhongtai automobile, was listed as the dishonest executor because of its ability to perform and its refusal to perform the obligations specified in the effective legal documents.

(function(){( window.slotbydup=window .slotbydup||[]).push({id:u6056789,container:ssp_ 6056789, async:true });}) (); behind the relevant recommendation of wearing hat of great wall TV: the loss of over 900 million yuan, the investigation of Ruian real estate affected by the epidemic, or the CEO who recorded the loss of shareholders should be investigated this year! The stock price is broken! How does the egg shell survive? Source: Daily Economic News Editor: Du Shuo_ NB12556