Group 1 - The core viewpoint of the article is that Daye Co., Ltd. has successfully deployed key manufacturing processes and localized supply chains at its factory in Mexico, which is currently in the trial operation phase [1]

Core Viewpoint - Zotye Auto, once known as the "national car," is now facing severe operational challenges, with sales plummeting to just 14 vehicles in 2024, indicating a de facto halt in production [1][4][16]. Financial Performance - In 2024, Zotye Auto reported revenue of 558 million yuan, a year-on-year decline of 23.96%, and a net loss of 1 billion yuan, down 6.82% from the previous year [1][4]. - Cumulatively, since 2019, the company has incurred a total net loss of 25.35 billion yuan over six years [2][5]. - The company's total assets were reported at 3.606 billion yuan with total liabilities of 3.366 billion yuan, resulting in an asset-liability ratio of 93.33% by the end of 2024 [9]. Production and Sales - Zotye Auto's production and sales figures for 2024 were alarmingly low, with production at 0 vehicles and inventory at 336 vehicles, indicating that all sales were from existing stock [1][16]. - The company had previously seen better days, with sales reaching 166,000 vehicles in 2014 and peaking at a market value of 29 billion yuan in 2017 [13][14]. Management Compensation - Despite the poor financial performance, the total pre-tax compensation for the company's executives rose to 9.5491 million yuan in 2024, a significant increase of over 61% from 5.9145 million yuan in the previous year [2][12]. Debt Situation - As of the first quarter of 2025, Zotye Auto's asset-liability ratio reached 96.10%, indicating a precarious financial position [3][10]. Research and Development - The company has seen a drastic reduction in its R&D personnel, with numbers dropping from 161 to 81, a decrease of nearly 50% [20]. - R&D expenses also fell sharply, with 2024 expenditures at 5.7024 million yuan, down 86.97% year-on-year [21]. Future Outlook - Zotye Auto plans to focus on overseas market expansion and aims to resume large-scale production of its T300 model, although challenges remain due to its weakened competitive position [18][19].