证券代码：000980 证券简称：众泰汽车 公告编号：2025－ 032 众泰汽车股份有限公司 关于收到浙江证监局警示函的公告 根据《上市公司信息披露管理办法》(证监会令第 182 号)第五十二条规定， 我局决定对公司、胡泽宇、朱谷、黄继宏、连刚、曹敏、喻黎黎、杨海峰分别采 取出具警示函的监督管理措施，并记入证券期货市场诚信档案。你们应充分吸取 教训，加强相关法律法规学习，提高规范运作意识，认真履行信息披露义务；切 实履行勤勉尽责义务，促使公司规范运作，保证信息披露的真实、准确、完整、 及时。你们应当在收到本决定书后 10 个工作日内向我局提交书面报告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 如果对本监督管理措施不服的，可以在收到本决定书之日起 60 日内向中国 证券监督管理委员会提出行政复议申请，也可以在收到本决定书之日起 6 个月内 向有管辖权的人民法院提起诉讼。复议与诉讼期间，上述监督管理措施不停止执 行。 众泰汽车股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日收到中国 证券监督管理委员会浙江监管局于 2025 年 5 月 ...

Core Viewpoint - Zontai Automobile is facing significant challenges, with a drastic decline in production and sales, leading to substantial financial losses and a lack of competitive products in the rapidly evolving automotive market [2][4][7]. Financial Performance - In 2024, Zontai's total revenue was 558 million yuan, a year-on-year decrease of 23.96% [2]. - The net profit attributable to shareholders was -1 billion yuan, an increase in loss of 6.82% compared to the previous year [2]. - The company reported a total vehicle sales of only 14 units in 2024, a decline of 98.74% year-on-year, with zero production [4][5]. Business Operations - Zontai's core business of vehicle manufacturing and sales is struggling, with production activities nearly halted due to a lack of funds [5][6]. - The company has shifted its revenue focus primarily to automotive parts and door manufacturing, which are currently operating normally [5]. - The R&D expenditure for 2024 was 5.7 million yuan, a significant drop of 94.17% year-on-year, and the number of R&D personnel decreased by 49.69% to 81 [8][9]. Market Position and Strategy - Zontai's market share has been shrinking, and it has not launched any new models in the past four years, making it increasingly difficult to compete in a market where technology is rapidly evolving [3][4]. - The company is attempting to rebuild its dealer network and brand strategy to restore its market reputation [6][7]. - Zontai plans to focus on the T300 model for production and sales recovery by 2025, alongside a mid-to-long-term product development plan [7][9]. Challenges and Future Outlook - The company faces significant challenges in product competitiveness, brand image, and rebuilding trust with dealers and consumers [7][10]. - Zontai's debt burden is substantial, making it difficult to attract investment or secure financing for operational recovery [9][10]. - The company aims to prioritize financing efforts in 2025 to support its operations and potential recovery [9][10].

出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：众泰汽车众泰汽车自重整以来业绩并未好转，整车0产量疑似又陷入生产停滞。至此，我们 疑惑的是，公司经营可持续性有无实质性改善，公司成功摘帽背后是否有猫腻？为何公司摘帽后为何对 相关应收款大幅计提坏账，而非重整期处理？公司重整前后负债率为何反差较大背后又是否藏财技？值 得注意的是，公司出现少计提负债等情形。 随着年报季收关，不少上市公司却出现会计差错。据wind数据统计，2025年已经会计差错更正公司数量 超40家。 对于出现会计差错的公司我们该如何看待？所谓会计差错更正，根据相关定义，即指由于没有运用或错 误运用以下两种信息，而对前期财务报表造成遗漏或误报。需要指出的是，同样是财务列报错误，相比 会计舞弊，会计差错则属于非故意过失。 然而，近年部分财务造假公司却滥用会计差错，以会计差错更正之名掩盖财务造假舞弊之实。如众所熟 知的康美药业，300亿现金会计差错最终被证实财务黑洞；东方集团滥用总额法巨额财务造假，暴雷前 夕以会计差错之名进行调整等等。 基于上述背景，我们将对会计差错公司进行系列复盘，看看其背后隐藏何种风险。 陷入持续亏损 整车生产疑似陷入停滞 ...

Group 1: Low-altitude Economy and Flying Cars - The production license application for Xiaopeng Huitian's "land aircraft carrier" flying vehicle (code X3-F) has been accepted, marking a significant step towards mass production planned for 2026 [2] - Xiaopeng Huitian is constructing the world's first large-scale production facility for flying cars, with an annual production capacity of 10,000 units, expected to be completed by Q3 next year [2] Group 2: Zhongtai Automobile - Zhongtai Automobile announced a projected loss of 1 billion yuan for 2024, with revenue of 558 million yuan, a year-on-year decline of 23.96% [3] - The company sold only 14 vehicles in 2024, a staggering drop of 98.74% compared to the previous year [3] - Despite the losses, the total compensation for the board of directors reached 5.9145 million yuan, with the chairman's salary exceeding 1 million yuan [3] Group 3: BYD - BYD's new model, the Haiyan 07DM-i, has been launched with a starting price in the range of 160,000 yuan, featuring advanced technology and smart driving systems [4] - BYD aims to enhance its focus on intelligent technology as part of its strategic goals for 2025 [4] Group 4: Avita - The 2025 Avita 12 has been launched with six models available, starting at 259,900 yuan, slightly lower than the previous year's model [5] - Avita's sales targets for 2025 are ambitious, aiming for 220,000 units, following sales of approximately 27,600 units in 2023 and 73,600 units in 2024 [5][6] - The company plans to list on the Hong Kong stock exchange by 2026 and aims for global sales of 400,000 units by 2027 [6]

好的一面是，在营收承压的情况下，多家车企在一季度实现了利润增长或减亏，如上汽集团（600104）、长安汽车（000625）、赛力斯（601127）均实 现利润增长。这背后，是这几家车企调整销售结构、推动高端化产品发展进而推进利润率提升的结果。 | 营收排名 | 车企 | 营收(亿元) | 同比 | 归母净利润 | 同席 | 李度常量 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (亿元) | | (万辆) | | | 1 | 比亚迪 | 1703.6 | 36.4% | 91.6 | 100.4% | 100 | 59.8% | | 2 | 上汽集团 | 1408.6 | -1.6% | 30.2 | 11.4% | 94.5 | 13.3% | | 3 | 长城汽车 | 400.2 | -6.6% | 17.5 | -45.6% | 25.7 | -6.7% | | 4 | 长安汽车 | 341.6 | -7.7% | 13.6 | 16.8% | 70.5 | 1.9% | | 5 | 广汽集团 | 196.5 | - ...

Group 1 - Zotye Auto reported a net profit attributable to shareholders of -1 billion yuan in 2024, a year-on-year increase in loss of 6.82% [1] - The company's net profit after deducting non-recurring gains and losses was -1.469 billion yuan, a year-on-year increase in loss of 49.28% [1] - Zotye Auto's sales plummeted to only 14 vehicles in 2024, a year-on-year decline of 98.74% [1] Group 2 - Despite the poor operational performance, Zotye's executives received a total annual compensation of 9.5491 million yuan, with the chairman earning 1.9659 million yuan before tax, which is higher than the chairman of XPeng Motors [1]

Core Viewpoint - Zotye Auto, once known as the "national car," is now facing severe operational challenges, with sales plummeting to just 14 vehicles in 2024, indicating a de facto halt in production [1][4][16]. Financial Performance - In 2024, Zotye Auto reported revenue of 558 million yuan, a year-on-year decline of 23.96%, and a net loss of 1 billion yuan, down 6.82% from the previous year [1][4]. - Cumulatively, since 2019, the company has incurred a total net loss of 25.35 billion yuan over six years [2][5]. - The company's total assets were reported at 3.606 billion yuan with total liabilities of 3.366 billion yuan, resulting in an asset-liability ratio of 93.33% by the end of 2024 [9]. Production and Sales - Zotye Auto's production and sales figures for 2024 were alarmingly low, with production at 0 vehicles and inventory at 336 vehicles, indicating that all sales were from existing stock [1][16]. - The company had previously seen better days, with sales reaching 166,000 vehicles in 2014 and peaking at a market value of 29 billion yuan in 2017 [13][14]. Management Compensation - Despite the poor financial performance, the total pre-tax compensation for the company's executives rose to 9.5491 million yuan in 2024, a significant increase of over 61% from 5.9145 million yuan in the previous year [2][12]. Debt Situation - As of the first quarter of 2025, Zotye Auto's asset-liability ratio reached 96.10%, indicating a precarious financial position [3][10]. Research and Development - The company has seen a drastic reduction in its R&D personnel, with numbers dropping from 161 to 81, a decrease of nearly 50% [20]. - R&D expenses also fell sharply, with 2024 expenditures at 5.7024 million yuan, down 86.97% year-on-year [21]. Future Outlook - Zotye Auto plans to focus on overseas market expansion and aims to resume large-scale production of its T300 model, although challenges remain due to its weakened competitive position [18][19].

Core Viewpoint - The financial report of Zotye Auto for 2024 reveals a dramatic decline in performance, with zero vehicle production, only 14 units sold, and a net loss of 1 billion yuan, highlighting the company's significant struggles in the automotive market [2][4][12]. Financial Performance - Zotye Auto reported a total sales revenue of 558 million yuan in 2024, a year-on-year decrease of 23.96% [2]. - The net loss attributable to shareholders was 1 billion yuan, an increase in loss of 6.82% compared to the previous year [2]. - Over the past three years, Zotye Auto has accumulated losses nearing 3 billion yuan [2]. Production and Sales Data - In 2024, Zotye produced zero new vehicles, a 100% decrease from 1,108 units in 2023 [3]. - The sales volume of vehicles plummeted by 98.74%, from 1,112 units in 2023 to just 14 units in 2024 [3]. - The inventory of vehicles decreased slightly by 4% to 336 units [3]. Historical Context - Zotye Auto was founded in 2003 and initially gained popularity through a strategy of imitation and low pricing, achieving significant sales in the SUV market during its peak years [4][6]. - The company faced a turning point in 2018 due to quality issues, leading to a drastic drop in sales and a net loss of 11.1 billion yuan in 2019 [6][7]. Market Position and Competition - The rise of domestic new energy vehicles has intensified competition, leaving Zotye's older models, such as the T300, struggling to gain traction in the market [9][11]. - Zotye's attempts to re-enter the market with new models have been met with limited success, as evidenced by the T300's sales of only 111 units in 2023 and further decline to 14 units in 2024 [8][9]. Management and Strategic Challenges - The company has seen significant changes in its management team, with multiple high-level executives resigning without reversing the company's downward trend [11]. - Research and development investment has drastically decreased, with only 5.7 million yuan allocated in 2024, down 86.97% from the previous year [11]. Conclusion - Zotye Auto's journey from a once-prominent player in the automotive industry to its current state of financial distress serves as a cautionary tale for companies lacking core technology and user-centric strategies in a rapidly evolving market [12][14].

Financial Performance - The company's operating revenue for Q1 2025 was ¥98,750,969.12, a decrease of 12.83% compared to ¥113,287,396.70 in the same period last year[5] - The net loss attributable to shareholders was ¥103,044,017.57, an improvement of 18.55% from a loss of ¥126,516,082.41 in the previous year[5] - The basic and diluted earnings per share were both -¥0.02, an improvement of 33.33% from -¥0.03 in the same period last year[5] - Net profit for the current period is -¥103,686,761.17, compared to -¥127,997,994.98 in the previous period, showing an improvement of 18.9%[18] Cash Flow and Expenses - The net cash flow from operating activities improved by 30.38%, amounting to -¥20,476,745.37 compared to -¥29,414,025.73 in the prior year[5] - The company incurred a total of ¥66,767,719.25 in management expenses, a decrease of 33.9% from ¥101,191,935.62 in the previous period[17] - The company reported a significant reduction in management expenses by 34.02%, from ¥101,191,935.62 to ¥66,767,719.25[8] - Operating cash flow net amount is -¥20,476,745.37, an improvement from -¥29,414,025.73 in the previous period[19] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,504,595,198.13, reflecting a decrease of 2.82% from ¥3,606,374,786.83 at the end of the previous year[5] - Current assets decreased from CNY 1,520,349,670.24 to CNY 1,457,737,233.62, reflecting a decline of approximately 4.1%[14] - Cash and cash equivalents decreased from CNY 208,638,938.25 to CNY 155,987,123.77, a reduction of about 25.2%[14] - Total liabilities increased slightly from CNY 3,365,919,620.29 to CNY 3,367,826,792.76, indicating a marginal increase of about 0.06%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 197,019[10] - The largest shareholder, Jiangsu Shen Shang Holdings Group Co., Ltd., holds 14.81% of the shares, totaling 747,000,000 shares, which are currently frozen[10] - The company has no preferred shareholders or significant changes in the number of preferred shareholders[12] - There were no changes in the top 10 shareholders participating in margin financing or securities lending activities[12] Government Subsidies and R&D - The company recorded a government subsidy of ¥1,381,139.94, which is closely related to its normal business operations[6] - Research and development expenses for the current period are ¥1,379,263.58, slightly up from ¥1,326,237.21 in the previous period[17]

Core Viewpoint - Zontai Automobile reported a significant decline in financial performance for 2024, with a sales revenue of 558 million yuan, down 23.96% year-on-year, and a net loss attributable to shareholders of 1 billion yuan, an increase in loss of 6.82% compared to the previous year [1][2] Financial Performance - Total assets at the end of 2024 were 3.606 billion yuan, a decrease of 41.64% from the end of 2023 [2][9] - Net assets attributable to shareholders were 234 million yuan, down 80.98% from the end of 2023 [2][9] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -1.469 billion yuan, a year-on-year increase in loss of 49.28% [1][2] - The basic and diluted earnings per share were both -0.20 yuan, a decrease of 5.26% from the previous year [2] Sales and Production - The total vehicle sales for 2024 were only 14 units, a dramatic drop of 98.74% year-on-year, with no vehicles produced during the year [3][4] - The inventory at the end of 2024 was 336 units, slightly down from 350 units in the previous year [4] - The company’s revenue primarily came from automotive parts and door sales, with vehicle sales contributing minimally to total revenue [3] Management and Corporate Governance - Despite ongoing losses, the total annual compensation for the board of directors and senior management was 9.5491 million yuan, with the chairman and vice president receiving significant salaries [1][3] - Frequent changes in senior management have been noted, with several executives resigning for personal reasons, which may be linked to the company's poor performance [4][5] Industry Context - Zontai Automobile has faced continuous losses since 2019, with a significant decline in sales from over 300,000 units in 2016 and 2017 to just 14 units in 2024 [5][7] - The company has struggled to recover from a financial crisis that began in 2020, leading to a halt in production until 2022 [7][9] - The company plans to enhance its product development and production capabilities, particularly focusing on the T300 model for future growth [9]