ZOTYE(SZ:000980) Jin Rong Jie·2025-12-30 10:37Core Viewpoint - The resignation of Chairman Li Lizhong after only two months in office highlights ongoing management changes at Zotye Auto, which is undergoing a transformation and restructuring process following its reorganization in 2021 [2][4]. Management Changes - Li Lizhong resigned due to personal family reasons, and the company has nominated current President Han Biwen as a non-independent director candidate to ensure continuity in management [2][4]. - Han Biwen has extensive experience within the Chery system, having held key positions in various Chery-related companies before becoming President of Zotye Auto [3][4]. - The board of directors now has significant representation from the Chery system, with three out of six non-independent directors having backgrounds in Chery [4]. Business Performance and Restructuring - Zotye Auto is currently in a phase of business adjustment and resource integration, with reported revenues of approximately 558 million yuan in 2024 and about 419 million yuan in the first three quarters of 2025 [6][7]. - The company is focusing on restoring its core business and has made progress in delivering vehicles, such as fulfilling an order for 14 vehicles to Algeria in 2024 [7]. Debt Restructuring and Financial Management - The company has made significant strides in debt restructuring, reaching agreements with banks to settle debts totaling 405 million yuan, which includes a repayment plan to avoid forced execution [8][9]. - Recent financial agreements and asset restructuring efforts are aimed at alleviating pressure on the company's financial situation and improving its operational capacity [9]. Financing and Production Capacity - Zotye Auto is actively pursuing multiple financing channels to support its operations, including a loan agreement for up to 38 million yuan and a credit line of 500 million yuan from a local bank [10]. - The company is also modernizing its production facilities, with significant upgrades at its Chongqing and Yongkang bases to enhance production capabilities [10].