On October 9, Zotye Auto Co., Ltd. (hereinafter “Zotye Auto”) announced the dismissal of Vice President Yin Xuefeng. At the same time, in order to meet the company’s operational and strategic development needs, the board of directors decided to appoint Huang Bangde as the new Vice President, with a term aligned with the company’s eighth board of directors.
According to information, Yin Xuefeng was born in November 1969. He holds a bachelor’s degree in automotive design and manufacturing from Harbin Institute of Technology, a master’s degree in vehicle engineering from Jilin University, and a senior engineer title. Reviewing his work history, he has held various positions, including Director of the Automotive R&D Center at Hafei Automobile Co., Ltd.; Board Director, Vice President, and Chief Engineer at China Changan Automobile Group Hafei Automobile Co., Ltd.; Chairman of Harbin Botong Automotive Parts Manufacturing Co., Ltd.; Assistant to the Chairman at Zotye Auto Co., Ltd.; General Manager of the Linyi branch of Hunan Jiangnan Automobile Manufacturing Co., Ltd.; and Executive Vice President of Lingtu Automobile Co., Ltd. In January 2024, Yin Xuefeng became Vice President of Baoneng Group’s Qoros Automotive, responsible for production and manufacturing. In May 2024, Yin Xuefeng was appointed Vice President of Zotye Auto, overseeing manufacturing, quality, production bases, procurement, and R&D. However, due to the company’s inability to resume production, he was ultimately dismissed from his role as Vice President.
Zotye Auto’s announcement stated: “Yin Xuefeng’s original term was set to expire on February 16, 2025. Since the company’s bankruptcy restructuring in 2021, the progress of vehicle R&D has significantly lagged behind the market, severely impacting the company’s strategic development plans. Due to the current inability of the company to resume production, the board of directors, after careful consideration, decided to dismiss Yin Xuefeng as Vice President. After the dismissal, Yin Xuefeng will no longer hold any position in the company.”
According to financial reports, in 2024, the total annual compensation for Zotye Auto’s directors, supervisors, and senior management amounted to 9.5491 million yuan, with independent directors receiving a total of 360,000 yuan in allowances. Among them, Chairman Hu Zeyu received a pre-tax total compensation of 1.9659 million yuan, while Vice President Yin Xuefeng received 1.8361 million yuan, with the two individuals accounting for nearly 40% of the company’s total executive compensation.
After Yin Xuefeng’s dismissal, Huang Bangde will take over as the company’s Vice President, with a term consistent with the eighth board of directors. Official records show that Huang Bangde was born in September 1963. He holds a diploma in business administration, an EMBA from Sun Yat-sen University, and a master’s degree in project management from the University of Virginia in the United States. He currently serves as a director and vice president at Zotye Auto. Reviewing his work history, he has held positions as General Manager in various hotel management companies (Shantou International Hotel, Garden Hotel Management Co., Ltd., Shuangchen Hotel Management Co., Ltd.), large commercial real estate enterprises (Hong Kong Xindi Properties Co., Ltd.), and Hong Kong-listed companies (Huaxi Holdings Co., Ltd.).
As an automotive manufacturing company focused on vehicle R&D, manufacturing, and sales, Zotye Auto owns independent brands like Zotye and Jiangnan. Initially, it gained significant market recognition by imitating the designs of well-known brands and offering affordable prices. By 2020, Zotye Auto faced a financial crisis, and its parent company, Tieniu Group, was ruled bankrupt due to severe insolvency and lack of operating capacity. The company started to gradually resume vehicle production in 2022. Its first new energy vehicle after restructuring was launched in February 2023, but the market performance was lackluster. As of today, Zotye Auto’s core business has yet to show improvement. On September 1, Zotye Auto announced that its subsidiary, Hunan Jiangnan Automobile Manufacturing Co., Ltd.’s Chongqing branch, had its T300 model assembly line and related equipment dismantled due to judicial enforcement. This Chongqing base was the key production site for the T300, which was intended to be the first model for the company’s production recovery. After the judicial execution, the company’s Chongqing base would no longer be able to resume production as planned, which would have a significant impact on its business and performance. Zotye Auto pointed out that the production line and equipment had been put up for auction but failed to sell in both the first and second rounds.
In fact, since Zotye Auto’s restructuring, the company has had almost no presence in the car market, and its executives have frequently changed. According to financial reports, in 2024, Zotye Auto sold only 14 new vehicles, with annual sales revenue of 558 million yuan, a year-on-year decrease of 23.96%. The net profit attributable to shareholders of the listed company was -1 billion yuan, a 6.82% increase in loss, and the net profit attributable to shareholders of the listed company after non-recurring items was -1.469 billion yuan, a 49.28% increase in loss.
According to the latest financial report, in the first half of this year, Zotye Auto’s operating revenue was 280 million yuan, a year-on-year increase of 12.61%. The net profit attributable to shareholders of the listed company was -148 million yuan, a 42.82% reduction in loss, and the net profit attributable to shareholders of the listed company after non-recurring items was -108 million yuan, a 63.64% reduction in loss. Zotye Auto stated that due to a lack of operating funds, the vehicle business had not resumed production during the reporting period, so the overall performance remained in a loss state. By the end of the first half of 2025, Zotye Auto’s total assets were 3.422 billion yuan, down 5.11% compared to the same period last year.
