Brilliance China is still the actual control party. Brilliance Gold Cup original shareholder proportion of brilliance China 51%, Golden Cup Automobile 49%, in the overall prosperity of the automotive industry in previous years, it has brought good investment returns for the company. After the transfer of equity, the shareholder proportion of brilliance Golden Cup changed to 51% of brilliance China, 39.1% of Golden Cup Automobile, and 9.9% of Dalian Huaxia. Brilliance China, the actual controller of the company, still owns 90.1% of brilliance Gold Cup.

Make a turnaround and be sure. As brilliance Gold Cup is still likely to lose money this year, the transfer of some shares can reduce the possible loss on investment income. Most importantly, the revenue of 245 million yuan will ensure that the company will turn losses into profits this year and get rid of the risk of delisting after three consecutive years of losses.

The most difficult period is over. As of October this year, brilliance Golden Cup sold 22192 Zhonghua Zunchi cars, an increase of 221.8% over the same period last year, and 9564 Gerris, an increase of 198.4% over the same period last year.

The newly launched China Junjie has completed the sale of 25672 vehicles and is in short supply in the market. The company has come out of the impact of the "Yang Rong storm" and passed through the most difficult period.

Long-term profitability weakens. The main products of the company are light trucks and auto parts. Brilliance Golden Cup has excellent assets such as China Motor, Golden Cup bus and engine, which is the main driving force of the company's future profit growth. In order to reverse losses and transfer part of the stake in brilliance Gold Cup, the company gets rid of the risk of delisting and replenishes its cash flow, but at the same time reduces the company's future profitability. Maintain a neutral rating.