缺少经营所需启动资金，众泰汽车再面临退市风险，净资产骤降超80%

Core Viewpoint - Zhongtai Automobile is facing significant risks of delisting due to a lack of operational funds, resulting in no vehicle production this year and a potential negative net asset situation by the end of 2025 [1][4]. Financial Performance - As of June 18, 2025, Zhongtai Automobile's stock price was 2.07 yuan per share, with a market capitalization of 10.438 billion yuan [5]. - The company's net assets were reported at 234 million yuan at the end of 2024, down from 1.235 billion yuan the previous year, marking a decline of 80.98% due to a net profit loss of 1 billion yuan [6]. - By the end of Q1 2025, net assets further decreased to 131 million yuan, a drop of 43.88% from the previous year, primarily due to a loss of 103 million yuan in Q1 [9]. Operational Challenges - In 2024, Zhongtai Automobile sold only 14 vehicles, a 98.74% decrease from 1,112 vehicles sold in 2023, and produced no vehicles compared to 1,108 in 2023 [12]. - The company is currently relying on overseas orders and is working to expand into international markets, including Algeria and Egypt, while preparing for the export of the T300 fuel version [12]. Bankruptcy and Restructuring - Zhongtai Automobile has been under bankruptcy restructuring since June 2021, with a court-approved restructuring plan in December 2021 [10]. - The company successfully removed some risk warnings in November 2022 but has struggled to fully recover, with ongoing issues related to production and operational funding [11]. Judicial Freezes and Financial Issues - Approximately 337 million shares and 27 million yuan in bank deposits have been judicially frozen by Zheshang Bank, impacting the company's operational liquidity [13]. - The company emphasizes that the frozen accounts are primarily for settling restructuring debts and do not directly affect its main operational accounts [17].