众泰汽车产量为零资产负债率96% 一年亏10亿高管薪酬反增61%

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].