ZOTYE(SZ:000980) Di Yi Cai Jing·2025-09-21 00:06Core Viewpoint - Zhongtai Automobile is facing severe financial distress, with a total loss of 25.5 billion yuan over six and a half years and a debt ratio of 96.10%, leading to doubts about its ongoing viability [2][6]. Financial Situation - The company announced that its bankruptcy asset disposal account holds 334.72 million shares, which have been judicially frozen, accounting for 100% of its holdings and 6.64% of the total share capital [2][5]. - As of September 19, the controlling shareholder's shares totaling 78.63 million have been judicially auctioned, representing 15.59% of the total share capital [5][6]. - The company's asset-liability ratio reached 97.28% in the first half of the year, with only 8.725 million yuan remaining in equity attributable to shareholders [6]. Operational Status - The production line for the T300 model and related equipment was forcibly dismantled after failing to sell at auction, with a deadline for completion set before September 15 [5][6]. - The factory has been largely inactive since 2023, with reports indicating minimal activity and a lack of deliveries to the site [7][19]. Industry Context - Once known for its imitation luxury vehicles, Zhongtai's sales peaked at over 330,000 units in 2016 but have since plummeted due to a lack of core technology and competition in the new energy vehicle sector [6][21]. - The factory site is now being repurposed, with new companies like Boyuan Electric Drive Technology and Chongqing Haoneng Transmission Technology recruiting for positions related to new energy vehicles [19][21].