众泰汽车前三季度净亏损2.23亿元 目前处“无主”状态|财报解读

Core Viewpoint - The recovery process of Zotye Auto is challenging, with continued financial losses and operational difficulties reported in the latest quarterly results [1][2] Financial Performance - In the first three quarters of 2025, Zotye Auto reported a net loss of 223 million yuan, continuing the trend of losses from the previous year, with a single-quarter loss exceeding 74 million yuan in Q3 [1] - The company's revenue for the first three quarters was 419 million yuan, reflecting a year-on-year increase of 8.98%, while Q3 revenue was 140 million yuan, up 2.34% year-on-year [1] - The net loss of 230 million yuan in the first three quarters was an improvement compared to a loss of 326 million yuan in the same period last year [1] Cost Management and Cash Flow - Zotye Auto is actively working to reduce expenses, with sales, management, R&D, and financial expenses all showing a year-on-year decline [1] - Despite efforts to cut costs, the company's asset disposal income has significantly decreased, and the net cash flow from operating activities remains negative, reflecting a 220.26% decline compared to the same period last year [1] Shareholding and Corporate Governance - Zotye Auto is currently in a "no controlling shareholder" status, as the ownership of 3.79% of shares held by Jiangsu Deep Business Holdings has been transferred following a judicial auction [1] - The company has no single shareholder holding more than 30%, and the board of directors has not been re-elected, leading to a change in controlling shareholder status [1] Operational Challenges - The company has faced continuous losses from 2019 to 2024, accumulating over 25 billion yuan in losses [2] - Zotye Auto has not resumed production of complete vehicles this year due to a lack of operating funds, with only 14 vehicles shipped and sold from an earlier order in Algeria [2] - Efforts to restart operations at the Chongqing base are ongoing, but negotiations with local government regarding historical debt issues have not reached an agreement [2]