ZOTYE(SZ:000980) Di Yi Cai Jing·2025-09-16 01:32Core Points - The company has faced significant financial difficulties, accumulating losses exceeding 25 billion yuan since 2019, with six consecutive years of substantial losses [1][4] - The factory in Chongqing, once a manufacturing hub for the company, is undergoing dismantling, with plans to complete the removal of production lines and equipment by September 15 [1][3] - The company has been unable to sell its assets, leading to a situation where the assets are being auctioned off without any buyers [4] Financial Performance - The company reported a staggering debt ratio of 97.28% in the first half of the year, with only 8.725 million yuan remaining in equity attributable to shareholders [4] - The company has not resumed production due to a lack of operational funds, as indicated in its half-year report [4] Industry Context - Once known for its imitation luxury vehicles, the company experienced rapid growth in lower-tier cities, achieving sales of over 330,000 vehicles in 2016, surpassing newer competitors like NIO and Xpeng [4] - The decline in sales began in 2020, leading to a debt crisis and eventual cessation of operations [4] Asset Transition - The factory site is now being leased to two new companies, Bo Yuan Electric Drive Technology and Chongqing Hao Neng Transmission Technology, which are focused on the electric vehicle sector [9][10] - The new companies are actively recruiting for various positions related to electric vehicle production, indicating a shift in the use of the facility [10] Current State of Facilities - The factory premises are largely abandoned, with remnants of production equipment and parts exposed to the elements, symbolizing the decline of the once-thriving brand [2][6] - The presence of court seizure notices and the dismantling of production lines highlight the legal and financial troubles faced by the company [1][5]