By Xie Fang
Zotye Automobile Co. (000980), whose stocks are included in the Morgan Stanley Capital International (MSCI) Emerging Markets Index, released its audited semi-annual financial statements on Tuesday, reporting a dramatic revenue growth in the first half of 2018.
The company generated a total of over RMB 10.25 billion in its operating revenue during the reporting period, a year-on-year growth of up to 77.15 percent. Its net profit also jumped by 37 percent to reach more than RMB 340.5 million.
The company’s basic earnings per share rose by 25 percent from a year earlier to RMB 0.15 while its weighted average rate of return on equity declined by 1.83 percentage points to 1.80 percent.
The company’s net cash flow slumped by 51.47 percent year on year to around RMB 39.95 million. Its total assets also dropped by 4.57 percent from the beginning of the year to about RMB 31.65 billion by the end of this June.
During the reporting period, the company sold 92,666 SUVs, 9,576 general passenger cars, as well as 12,802 electric cars.
To meet the growing demand of Chinese consumers for intelligent drive, the company promises to step up its effort to develop technologies such as the internet of vehicles and autonomous driving over the second half of this year.
After launching its latest new energy vehicle (NEV) model which has a maximum driving range of 330 kilometers in June, it also plans to advance its cooperation with the U.S. automaker Ford on the development of clean fuels.
