ZOTYE(SZ:000980) Xi Niu Cai Jing·2025-12-05 01:50Core Viewpoint - Zontai Automobile has appointed Han Biwen as the new president, aiming to lead the company through a critical phase of recovery and strategic transformation [1][4]. Company Overview - Zontai Automobile, originally established as Yongkang City Great Wall Hardware Factory, has evolved rapidly since the formation of Zontai Holding Group in 2003, launching its first model in 2005 [4]. - The company gained popularity by imitating luxury brand models and adopting a low-price strategy, achieving sales of 333,100 vehicles in 2016 and going public in 2017 [4]. - Following financial difficulties, Zontai entered restructuring in 2020 after its parent company, Tieniu Group, declared bankruptcy, and began to resume production in 2022 [4]. Recent Developments - Han Biwen brings nearly 24 years of automotive industry experience, primarily from Chery Automobile, where he held various positions including Vice General Manager of the Manufacturing Center [4]. - Zontai's first new energy vehicle post-restructuring, the Jiangnan U2, was launched in 2023, but the company faced significant challenges, with only 14 vehicles sold in 2024 due to funding shortages and production line stagnation [4]. Financial Performance - From 2019 to the third quarter of 2025, Zontai has accumulated losses exceeding 25.3 billion yuan [5]. - In the first three quarters of this year, Zontai reported revenue of 419 million yuan, marking an 8.98% year-on-year increase, but still recorded a net loss of 223 million yuan attributable to shareholders [5].