ZOTYE(SZ:000980) Mei Ri Jing Ji Xin Wen·2025-12-30 08:16Core Viewpoint - The resignation of Li Lizhong as chairman of Zotye Auto is a significant leadership change, occurring only two months after his appointment, but the company asserts that it will not impact its operations or board functionality [1][4][3]. Group 1: Leadership Changes - Li Lizhong has resigned from his positions as chairman and director of Zotye Auto due to personal family reasons, effective immediately [1]. - Li Lizhong had a brief tenure as chairman, having been appointed on October 30, and previously held a significant role at Chery Automobile [3]. - The board has nominated Han Biwen as a non-independent director candidate, who has a 23-year background in the Chery system and recently became the president of Zotye Auto [6]. Group 2: Company Performance and Financial Status - Zotye Auto has faced continuous losses for six years, with a bankruptcy restructuring initiated in September 2020 due to insolvency [7]. - The company reported a revenue of approximately 419 million yuan and a net loss of 223 million yuan for the first three quarters of 2025, with a staggering debt ratio of 99.41% [7]. - Production and sales of vehicles have significantly declined, with production figures of 524 units in 2022, 1,108 units in 2023, and none projected for 2024 [7]. Group 3: Financial Strategies and Funding - To address liquidity issues, Zotye Auto has entered into a loan agreement for up to 38 million yuan with Shenzhen Anjixuan Technology Co., with a fixed monthly interest rate of 0.5% [10]. - The company has received a credit line of 500 million yuan from Zhejiang Yongkang Rural Commercial Bank, aimed at alleviating short-term financial pressures [10]. - Zotye Auto has reached a settlement in a legal dispute with Shanghai Automotive Transmission Co., receiving 29 million yuan, which will be used to bolster working capital [12].