Core Viewpoint - The restructuring expectations for Zotye Auto are rising, driven by the recent appointments of key executives from Chery, despite the company's ongoing debt issues and slow recovery progress [1][2]. Group 1: Executive Changes - Chery veteran Han Biwen has been appointed as the new president of Zotye Auto, with the board unanimously approving this decision [1]. - The board of directors now has significant representation from Chery executives, indicating a strong influence on company governance [1]. Group 2: Shareholding Structure - Zotye Auto is currently without a controlling shareholder or actual controller, following a change in shareholding due to a judicial auction [2][3]. - The largest shareholder, Jilin Jiutai Rural Commercial Bank, does not seek to become the actual controller, which may allow for strategic investors to enter [3]. Group 3: Financial Performance - Zotye Auto reported a revenue of only 419 million yuan and a net loss of 223 million yuan for the first three quarters of the year [3]. - The company's total assets stand at 3.37 billion yuan, with owner equity drastically reduced to 12.58 million yuan, nearing insolvency [3]. Group 4: Stock Performance - The stock price of Zotye Auto has risen significantly from around 2 yuan to a peak of 4.36 yuan, reflecting an increase of 87% over four months, largely driven by restructuring speculation rather than operational performance [4].

Core Viewpoint - The frequent changes in the executive team of Zotye Automobile have drawn significant market attention, with the company facing ongoing operational challenges and financial difficulties. Group 1: Executive Changes - Zotye Automobile appointed Han Biwen as the new president, following a series of interim appointments by various executives [1] - The company has also seen the hiring of several key executives with backgrounds in other automotive companies, including Wang Yian as vice president and Yan Minxia as financial director [2][3] - Investors have expressed high expectations regarding the new executive team, particularly due to connections with major suppliers like Dongshan Precision, which is linked to companies such as Apple and Tesla [4] Group 2: Financial Performance - In the first three quarters of the year, Zotye Automobile reported revenue of 419 million yuan, an increase of 8.98% year-on-year, but a net loss of 223 million yuan, which is a 33.13% increase in losses compared to the previous year [1] - The company has struggled with production, reporting only 14 vehicles sold in 2024, a 98.74% decline year-on-year, and zero production [5] Group 3: Operational Challenges - Zotye Automobile has indicated that it lacks the conditions to resume production of its first model, the T300, this year [1][6] - The company is facing severe financial constraints, with a significant need for operational funding and ongoing negotiations to lift judicial freezes on its assets [6][7] - The inability to resume production has raised concerns about the company's ongoing viability and operational capacity [6]

Core Viewpoint - Zotye Auto, once a prominent player in the automotive market with a peak annual sales of 330,000 units, is undergoing significant changes including factory shutdowns, bankruptcy of its parent company, and leadership changes, yet it retains dual qualifications that may aid its recovery [1][5] Group 1: Company Developments - The appointment of Han Biwen as the new president of Zotye Auto signals potential new operational strategies, following a period of interim leadership after the resignation of the previous president in March 2024 [1][3] - Following Han Biwen's appointment, Zotye Auto's stock price rose to 3.84 yuan, reflecting a 7.56% increase, and the company's market capitalization exceeded 19.2 billion yuan, indicating investor optimism regarding the company's recovery prospects under new leadership [3] - Zotye Auto has faced severe challenges, with only 14 vehicles sold in 2024, and has struggled with production halts and financial difficulties since its parent company, Tieniu Group, declared bankruptcy in 2020 [7][8] Group 2: Leadership Background - Han Biwen brings nearly 24 years of experience in the automotive industry, primarily with Chery Automobile, where he held various roles related to production and quality management [4][5] - His previous experience includes significant roles in Chery's collaborations with Jaguar Land Rover and Qoros, as well as a recent position at Kaiwo New Energy, which aligns with Zotye's current strategic needs for recovery and transformation [4][5] Group 3: Market Context - The automotive market in China is facing increasing competition and a shift towards electrification, posing additional challenges for Zotye Auto as it attempts to resume production and innovate [3][6] - Zotye's historical reliance on imitating popular models has led to a decline in reputation and sales, contrasting with competitors like Geely, which have successfully pursued original development paths [8]

Core Insights - The automotive parts sector experienced a 1.23% increase on December 1, with significant contributions from smart agriculture stocks leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Automotive Parts Sector Performance - Notable gainers in the automotive parts sector included: - Smart Agriculture (000816) with a closing price of 3.94, up 10.06% and a trading volume of 1.0334 million shares, totaling 402 million yuan - Huapei Power (603121) at 17.59, up 10.01% with a trading volume of 220,600 shares, totaling 377 million yuan - Ruima Precision (002976) at 31.28, up 9.99% with a trading volume of 133,600 shares, totaling 397 million yuan [1] Capital Flow Analysis - The automotive parts sector saw a net inflow of 1.199 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.063 billion yuan [2] - Key stocks with significant capital flow included: - Shanzi Gaoke (000981) with a net inflow of 331 million yuan from institutional investors, but a net outflow of 208 million yuan from retail investors - Top Group (601689) with a net inflow of 228 million yuan from institutional investors and a net outflow of 172 million yuan from retail investors [2]

Core Viewpoint - On November 28, 2025, Zotye Auto approved the appointment of Han Biwen as the new president of the company, marking a significant leadership change [1] Group 1: Appointment Details - The board meeting resulted in a unanimous vote of 9 in favor, with no opposition or abstentions regarding the appointment of Han Biwen as president [1] - Han Biwen's term as president will last until the end of the ninth board's term, following the approval of the board [1] - Wang Yian, who previously acted as the president, will no longer hold the acting president responsibilities [1] Group 2: Background of Han Biwen - Han Biwen, born in April 1978, is a Chinese national and a graduate of Anhui University [1] - He has extensive experience in the automotive industry, having worked at Chery Automobile Co., Ltd. in various roles, including senior technician, workshop director, and manufacturing center director [1] - From September 2015, he served as the executive vice president of the manufacturing department at the Chery Jaguar Land Rover joint venture [1] - He was the general manager of Chery's manufacturing division from September 2020 until April 2024, and he left Chery for personal reasons, which was not related to production issues of the Zhijie S7 [1] - Most recently, he held the position of co-CEO and general manager of the international marketing center at Kaiwo New Energy Automobile Co., Ltd. from April 2024 to October 2025 [1]

（文章来源：证券日报） 证券日报网讯 11月28日晚间，众泰汽车发布公告称，公司于2025年11月28日召开第九届董事会2025年 度第二次临时会议，审议通过《关于聘任公司总裁的议案》，同意聘任韩必文先生为公司总裁。 ...

Company Overview - Zhongtai Automobile (SZ 000980) announced a temporary board meeting on November 28, 2025, to discuss the appointment of a new president [1] - As of the report, Zhongtai Automobile has a market capitalization of 18 billion yuan [1] Financial Performance - For the first half of 2025, Zhongtai Automobile's revenue composition was 55.19% from the transportation equipment manufacturing industry and 44.81% from the metal furniture manufacturing industry [1]

附件：韩必文先生简历 众泰汽车股份有限公司 关于聘任公司总裁的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 众泰汽车股份有限公司(以下简称"公司")于 2025 年 11 月 28 日召开第九届董事会 2025 年度第二次临时会议，审议通过《关于聘任公司总裁的议案》，现将具体情况公告 如下： 会议以 9 票同意，0 票反对，0 票弃权，同意聘任韩必文先生（简历见附件）为公司 总裁。韩必文先生具备与其行使职权相适应的任职条件，任职资格和聘任程序符合相关法 律法规、规范性文件及《公司章程》的规定，其任期自本次董事会审议通过之日起至第九 届董事会任期届满之日止。公司副总裁王伊安先生不再代行总裁一职。 特此公告。 证券代码：000980 证券简称：众泰汽车 公告编号：2025-107 众泰汽车股份有限公司董事会 2025 年 11 月 28 日 1 附件：韩必文先生简历 韩必文，男，汉族，1978 年 4 月出生，中国国籍，无境外永久居住权，毕业于安徽 大学，本科学历。2001 年 7 月- 2015 年 9 月就职于奇瑞汽车股份有限公司，担任制造中 心副总经理职务 ...

证券代码：000980 证券简称：众泰汽车 公告编号：2025-106 第九届董事会 2025 年度第二次临时会议决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1、众泰汽车股份有限公司(以下简称"公司")第九届董事会 2025 年度第二次临时会 议通知以书面或通讯方式于 2025 年 11 月 26 日发出。 2、会议于 2025 年 11 月 28 日以通讯方式召开。 3、公司董事 9 名，实际参加会议表决董事 9 名。 4、会议由董事长李立忠先生主持。 5、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的 规定，会议合法有效。 二、董事会会议审议情况 众泰汽车股份有限公司 三、备查文件 1、经与会董事签字并加盖董事会印章的董事会决议； 2、深交所要求的其他文件。 特此公告。 众泰汽车股份有限公司董事会 2025 年 11 月 28 日 1 审议通过《关于聘任公司总裁的议案》； 表决结果：同意 9 票，反对 0 票，弃权 0 票，获得通过。 具体内容详见同日刊登在巨潮资讯网（http://www.cninf ...

众泰汽车股份有限公司 公 司 章 程 二零二五年十一月 0 目 录 第十一章 附则 1 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第一章 总则 邮政编码：321300。 第六条 公司注册资本为人民币 5,042,547,739 元。 第七条 公司为永久存续的股份有限公司。 第八条 代表公司执行公司事务的董事或者总裁为公司的法定代表人。代表 公司执行公司事务的 ...