ZOTYE(SZ:000980) Guo Ji Jin Rong Bao·2026-01-26 13:31Core Viewpoint - ZOTYE Auto, known as the "ancestor of counterfeit cars," appears to be resuming production after securing a bank loan of 400 million yuan, with the first tranche of 343 million yuan already received [1][4]. Group 1: Financial Restructuring - The loan is part of a 500 million yuan credit line from Yongkang Rural Commercial Bank and falls under a total credit framework of 4.5 billion yuan authorized by the company's 2025 shareholders' meeting [4]. - The loan has a term from January 22, 2026, to November 30, 2028, with an annual interest rate of 2.8%, which is lower than the historical debt rate of 3.65% [4]. - Funds will be used to replace settled historical overdue debts and support the resumption of the vehicle production segment, aiming to systematically address debt issues and optimize the financial structure [4]. Group 2: Debt Settlement - Prior to the loan, ZOTYE initiated debt cleanup, reaching a settlement with China Bank and Construction Bank to repay a total of 405 million yuan by January 31, 2026 [5]. - The settlement led to the lifting of a freeze on 335 million shares and 4.26 million yuan in deposits, facilitating the disposal of stocks [5]. Group 3: Financial Performance - ZOTYE's financial data has been deteriorating, with sales peaking at 330,000 units in 2016 but declining significantly since, resulting in seven consecutive years of losses since 2019 [6][7]. - In 2024, the company reported only 14 units sold, a 98.74% year-on-year decline, and zero production; however, revenue for the first three quarters of 2025 was 419 million yuan, an 8.98% increase, but with a net loss of 223 million yuan [7]. - As of the end of Q3 2025, the company's equity was only 12.58 million yuan, with a debt-to-asset ratio of 99.41% [7]. Group 4: Management Changes and Recruitment - The company has experienced frequent management changes, with two chairmen replaced in three months, indicating instability [7]. - The new chairman, Han Biwen, has extensive experience in the automotive industry, particularly with Chery Automobile [8]. - ZOTYE is actively recruiting across various positions, indicating preparations for resuming production, with 49 job openings primarily in Jinhua and Hangzhou [8]. Group 5: Future Uncertainty - Despite efforts to revive the company, there remains significant uncertainty regarding ZOTYE's ability to achieve a "rebirth" in a highly competitive market [9].