Huge loss of nearly 1.6 billion! In the past, the “Bao Shi Tai” car was completely cool?

Zhongtai automobile, which was once very popular because of “domestic Porsche”, may be regarded as an unlimited scene in the line year. Its revenue once exceeded 20 billion yuan, and its market value reached nearly 40 billion yuan. However, three years later, the market value of Zhongtai automobile is less than one tenth of its peak period, and its loss this year has reached half of the current market value Zhongtai automobile lost half of its market value. On the evening of October 30, Zhongtai automobile, which has been renamed as * ST Zhongtai automobile, released the third quarter report of 2020. The report shows that the company realized 981 million yuan of revenue from January to September, a year-on-year decrease of 72.68%, and the net profit attributable to shareholders of listed companies was – 1563 million yuan, a year-on-year decrease of 105.67%. In the third quarter of 2020, * ST Zhongtai achieved a revenue of 211 million yuan, a year-on-year decrease of 26.79%, and the net profit attributable to shareholders of listed companies was – 529 million yuan, a year-on-year decrease of 12.52%. < p > < p > by the end of the third quarter of 2020, the monetary capital held by * ST Zhongtai was RMB 300 million, which was significantly lower than the RMB 2.199 billion held by the end of 2019. The current asset liability ratio is 74.64%, which is 68.74% at the end of 2019. < / P > < p > at the same time, the company also forecasts the operating performance in 2020. The company expects that the accumulated net profit of this year will be – 3.3 billion yuan to – 2.2 billion yuan, and the loss amount will be reduced by 11.19 billion yuan in the same period of last year. Although compared with the whole year of 2019, the net profit loss since this year has been significantly reduced, but for Zhongtai automobile, which has already been “riddled with holes”, it is still an unbearable “heavy pressure”. < / P > < p > what is more noteworthy is that as of October 30, the latest market value of * ST Zhongtai is no more than 2.84 billion, and it has lost half of its market value in the first three quarters of 2020. If calculated according to the company’s forecast, the annual loss of * St Zhongtai in 2020 is likely to exceed its current stock market value. Lou Guohai, director of * ST Zhongtai, said in the report that “the authenticity, completeness and accuracy of financial data such as sales revenue, total profit and net profit attributable to shareholders of Listed Companies in the first three quarters of 2020 cannot be confirmed”. < p > < p > as for the director’s failure to guarantee the authenticity, accuracy and completeness of the third quarter report, * ST Zhongtai also issued an explanatory announcement on the same day. The announcement said that due to the great uncertainty of the company’s sustainable operation ability, it is difficult for Tieniu Group Co., Ltd. to cash the company’s performance compensation, and the company is faced with many lawsuits and guarantee matters. In this case, it is impossible to reasonably estimate the company Due to the loss amount caused by performance compensation and contingencies, the authenticity, completeness and accuracy of the company’s sales revenue, total profit and net profit attributable to shareholders of Listed Companies in the first three quarters of 2020 cannot be confirmed. As early as * ST Zhongtai published its annual report in 2019 and semi annual report in 2020, Lou Guohai, director of the board of directors, said that he could not guarantee the authenticity, accuracy and integrity of the report. In addition, * ST Zhongtai also received an inquiry letter from Shenzhen Stock Exchange in September due to the semi annual report of 2020. Shenzhen Stock Exchange opened the “soul 17 questions” mode, requiring Zhongtai automobile to explain the reasons for the sharp decline in revenue and net profit in combination with changes in the industry situation and gross profit rate, and also asked Zhongtai automobile to explain whether the vehicle sales volume and sales revenue match. < p > < p > just on the 10th of this month, * ST Zhongtai just received the application for restructuring of Zhejiang Yongkang Rural Commercial Bank Co., Ltd. to Jinhua intermediate people’s court. According to the application, Zhejiang Yongkang agricultural commercial bank filed an application for reorganization of * ST Zhongtai in accordance with the enterprise bankruptcy law of the people’s Republic of China, on the ground that * ST Zhongtai could not pay off its due debts and was obviously lack of solvency, but still had high restructuring value, Zhejiang Yongkang agricultural commercial bank applied to Jinhua intermediate people’s court for reorganization. It is understood that Zhejiang Yongkang agricultural commercial bank is located in Jinhua, Zhejiang Province, and is one of the creditors of Zhongtai automobile. In August 2019, Zheshang Bank, Bank of China, China Construction Bank and Yongkang rural commercial bank, as the initial lenders and Zhongtai automobile as the borrower, signed the RMB 3 billion working capital syndicated loan contract, which will be used to restore the relief fund for Zhongtai automobile production in stages. The contract stipulates that the annual interest rate of the loan is 4.35%, and the loan term is one year on the withdrawal date of the first loan. The borrower shall pay off all the debts owed before the end of the loan term. However, up to now, all the RMB 3 billion working capital loans have been overdue. < / P > < p > according to the public data, Zhongtai automobile was established in 2003. It is an automobile manufacturing enterprise with R & D, manufacturing and sales as its core business. It owns Zhongtai, Jiangnan, Junma and other independent brands, and its products cover the market segments of cars, SUV, MPV and new energy vehicles. < / P > < p > in 2014, Zhongtai automobile became the most shining “black horse” in the domestic automobile market. When the sales volume of China’s own brand automobile market dropped for 12 consecutive years, the annual sales of the brand exceeded 166000, an increase of 23.8% compared with that in 2013. < / P > < p > in 2016, Zhongtai automobile climbed to the peak, with a cumulative sales volume of 333100 vehicles, up 50% year-on-year, ranking in the top ten of China’s automobile brand sales in that year; in 2017, it continued to make efforts, with the annual sales reaching 317000, and the sales volume exceeded 300000 for the second consecutive year. < / P > < p > however, the highlight time of Zhongtai automobile is very short, and it began to go downhill in 2018. In 2018, Zhongtai’s annual sales fell to 234000 vehicles, a year-on-year decrease of 26.23%, less than half of the sales target of 480000 vehicles in that year. In 2019, the brand sales of Zhongtai (excluding Junma) will be 116600, with a year-on-year decrease of nearly 50%. Novel coronavirus pneumonia was a major business in the first half of the year, and despite the impact of the new sales season on the traditional sales slack season, the domestic car market was recession. But the sales volume of Zhongtai automobile was only 1417, not only far from the about three hundred thousand annual sales volume, but also a poor “zero” in the first half of the year.

< p > < p > in the capital market, in 2016, Zhongtai auto set a price of 11.6 billion yuan, backdoor Jinma shares were quickly listed, the stock price reached the highest point of 18.17 yuan in December 2016, and the market value once reached 38.6 billion yuan. < p > < p > however, after several events, such as the decline of performance and the rights protection of 100 dealers, Zhongtai automobile’s share price has plummeted by nearly 90% in less than four years, and its market value has evaporated by more than 35 billion yuan to 2.84 billion yuan. At the same time, due to the fact that the audited institution issued “unable to express opinions” in the 2019 annual financial report, Zhongtai has been subject to “delisting risk warning” since June 24, 2020, and its stock abbreviation has also been changed from “Zhongtai Auto” to “* ST Zhongtai”. < p > < p > on October 30, * ST Zhongtai closed at 1.43 yuan / share, up 2.14%. Since 2020, the stock has declined by 51.19%, and hit a new historical low of 1.20 yuan / share on July 20. < p > < p > the purpose of this article reprinted by China net finance and economics is to convey more information, which does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks.