Core Viewpoint - Longxin General (SH603766) is facing significant challenges in its investment strategy, as evidenced by its recent announcements to sell stakes in Zunyi Jinye Machinery Casting Co., Ltd. and Zhuhai Longhua Helicopter Technology Co., Ltd. at drastically reduced prices, reflecting a broader trend of declining asset values and unsuccessful investments since 2014 [2][3][7]. Group 1: Asset Sales - Longxin General plans to transfer 66% of its stake in Zunyi Jinye for 105.6 million yuan, a decrease of over 70% from the previously planned transfer price of 410 million yuan in 2022 [2][3]. - The company is also selling its 49.9988% stake in Zhuhai Longhua for just 1 yuan, indicating a severe depreciation in asset value [2][3]. Group 2: Historical Investment Performance - Since 2014, Longxin General has engaged in multiple equity investments, including Guangzhou Weining Electromechanical Co., Ltd., Italian CMD, and Shandong Lichi New Energy Co., Ltd., but most of these investments have resulted in low-value transfers and impairments [2][7]. - The investment in Zunyi Jinye was initially made in 2019 for 429 million yuan, but the company has not met performance commitments, leading to a significant decline in its financial performance [5][6]. Group 3: Strategic Shift - Longxin General has stated that the recent asset transfers are part of a strategic shift to "focus on core business" established in September 2021, although efforts to find potential buyers for these assets have largely been unsuccessful [13][15]. - The company is also undergoing a change in control due to the financial difficulties of its former controlling shareholder, with new management needing to address competition issues and accelerate internal asset integration [15][16].

Core Viewpoint - Longxin General (603766.SH) announced the transfer of 49.9988% equity in Zhuhai Longhua Helicopter Technology Co., Ltd. and 66% equity in Zunyi Jinye Machinery Casting Co., Ltd. for a total of approximately 105.6 million yuan, marking a significant step in the company's asset divestiture strategy, albeit at a high cost of expected losses totaling 75.89 million yuan [2][3][4]. Group 1: Asset Transfer Details - The transfer of Zhuhai Longhua's equity was executed at a symbolic price of 1 yuan, reflecting the deteriorating asset value, with an anticipated loss of 36.22 million yuan for the company in 2025 [3][4]. - Longxin General has provided a total of 69.89 million yuan in loans to Zhuhai Longhua, which is at risk of being unrecoverable due to the company's negative net asset status of -67.35 million yuan [4][5]. - The transfer of Jinye Machinery was conducted at a significant discount of 68.31%, with a total equity value of 234 million yuan, resulting in an expected loss of 39.67 million yuan for 2025 [5][6]. Group 2: Strategic Focus and Performance - Longxin General has been pursuing a strategy to focus on its core business since 2021, gradually divesting non-core assets, with the recent transfers marking an acceleration in this process [6][7]. - Despite the short-term losses from asset divestiture, the company's core business has shown strong performance, with a revenue of 14.557 billion yuan in the first three quarters of 2025, a year-on-year increase of 19.14%, and a net profit of 1.577 billion yuan, up 75.45% [6][7]. - The company’s motorcycle business generated 10.714 billion yuan in revenue, reflecting a 14.91% increase, while the general machinery segment saw a 42.54% growth [6][7].

Core Viewpoint - The automotive industry is experiencing a divergence in performance, driven by scale effects and a shift towards high-end products, impacting profitability across different segments [2][4][5]. Passenger Vehicles - In Q3 2025, wholesale sales of passenger vehicles reached 7.686 million units, a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [2]. - Wholesale sales of new energy passenger vehicles were 4.024 million units, up 24.2% year-on-year and 10.9% quarter-on-quarter, with a penetration rate of 52.4% [30][49]. - Revenue for six major domestic companies, including SAIC and BYD, totaled 537.8 billion yuan, reflecting a year-on-year growth of 7.8% [2]. - The gross margin for passenger vehicle companies was 15.1%, down 2.5 percentage points year-on-year but up 2.2 percentage points quarter-on-quarter [2]. - Net profit attributable to parent companies in Q3 2025 was 13.57 billion yuan, a decline of 20.2% year-on-year and 11.1% quarter-on-quarter [2]. Auto Parts - The auto parts sector saw revenue of 279.8 billion yuan in Q3 2025, a year-on-year increase of 17.9% and a quarter-on-quarter increase of 5.0% [3]. - The gross margin for the auto parts sector was 18.3%, up 0.6 percentage points year-on-year [3]. - The net profit growth rate for the auto parts sector was 13.8% year-on-year, with a net profit margin of 5.8% [3]. Commercial Vehicles - Heavy truck wholesale sales reached 282,000 units in Q3 2025, a year-on-year increase of 58.1% [4]. - Revenue from key heavy truck companies was 108 billion yuan, up 26.9% year-on-year [4]. - The gross margin for key bus companies was 19.3%, an increase of 7.4 percentage points year-on-year [4]. Motorcycles - The wholesale sales of mid-to-large displacement motorcycles reached 259,000 units in Q3 2025, a year-on-year increase of 19.2% [5]. - Revenue for the motorcycle sector was 15.41 billion yuan, reflecting a year-on-year increase of 25.4% [5]. - The overall gross margin for key motorcycle companies was 23.2%, up 0.4 percentage points year-on-year [5]. Investment Recommendations - For passenger vehicles, companies such as Geely, Xpeng, and BYD are recommended due to their focus on smart and global expansion [5]. - In the auto parts sector, companies involved in smart driving and lightweight components are highlighted for investment [5][6].

权威精选 图片来源：隆鑫通用公告 2014年花5000万元取得 2014年10月，隆鑫通用披露，公司拟以现金5000万元出资，参与设立珠海隆华，并持有其50%股权。 2014年11月，珠海隆华正式成立。 隆鑫通用在公告中称，尽管公司长期以来在资金和资源方面为珠海隆华提供了重要支持，并积极寻求引 进战略投资者，以期扭转局面，但该公司的商业化目标始终未能有效实现，且长期处于经营亏损状态。 截至 2025年10月31日，珠海隆华账面净资产为-6735.17万元，即处于"资不抵债"的状态。 隆鑫通用11月13日盘后公告称，投资的无人机业务平台珠海隆华直升机科技有限公司（以下简称"珠海 隆华"）商业化进程缓慢且长期处于经营亏损状态，已成为公司战略调整中重点关注的非核心资产之 一。隆鑫通用拟以1元价格将持有的珠海隆华49.9988%股权转让给李亮君。 交易完成后，隆鑫通用将不再持有珠海隆华的股份，珠海隆华不再纳入公司合并报表范围。这次交易不 构成关联交易，亦不构成重大资产重组。预计对公司2025年度损益影响金额约为-3621.93万元。 《每日经济新闻》记者同时搜索"清华大学"和"李亮君"两个关键词后，在清华大学官网找到 ...

Core Viewpoint - Longxin General (603766) is divesting its stakes in Zhuhai Longhua Helicopter Technology Co., Ltd. and Zunyi Jinye Machinery Casting Co., Ltd. to focus on its core business and improve financial health [1][2] Group 1: Strategic Focus and Asset Divestiture - The company plans to transfer its entire 49.9988% stake in Zhuhai Longhua and 66% stake in Jinye Machinery, marking a significant step in its strategy to divest non-core and loss-making assets [1] - This divestiture is part of a broader strategy initiated in 2021 to focus on core operations, following a history of unsuccessful diversification efforts since 2014 [2] Group 2: Financial Performance and Impact - Jinye Machinery has not met performance commitments for two consecutive years since its acquisition in 2018, leading to an initial goodwill of 294 million yuan that will be fully amortized by 2024 [1] - Zhuhai Longhua has only achieved profitability in 3 out of 12 years since its establishment, resulting in an impairment of intangible assets totaling approximately 89 million yuan since 2022 [1] - The company reported a revenue of 14.557 billion yuan in the first three quarters of the year, a year-on-year increase of 19.14%, and a net profit of 1.577 billion yuan, reflecting a significant growth of 75.45% year-on-year [2] Group 3: Future Outlook - The asset divestiture is expected to alleviate financial burdens, optimize asset structure, and enhance overall operational efficiency and asset quality [1] - The company aims to continue focusing on its core business and accelerate its globalization efforts to promote sustainable high-quality development [2]

（文章来源：证券日报） 证券日报网讯 11月13日晚间，隆鑫通用发布公告称，公司拟与珠海隆华直升机科技有限公司（简称"珠 海隆华"）少数股东李亮君签订《股权转让协议》，参考评估机构的评估结果，以人民币1.00元的交易 价格，将公司持有珠海隆华全部49.9988%的股权转让给李亮君。本次交易完成后，公司不再持有珠海 隆华的股份，珠海隆华不再纳入公司合并报表范围。本次交易经公司第五届董事会第十次会议审议通 过。 ...

证券日报网讯 11月13日晚间，隆鑫通用发布公告称，公司与贵州科欣管理咨询有限公司（简称"贵州科 欣"）签订《股权转让协议》，以评估机构评估结果作为参考，以10，560.00万元的交易价格，将公司 持有遵义金业机械铸造有限公司（简称"金业机械"）全部66%的股权，转让给贵州科欣。本次交易完成 后，公司不再持有金业机械的股份，金业机械不再纳入公司合并报表范围。本次交易已经公司第五届董 事会第十次会议审议通过，无需提交股东会审议。 （编辑 任世碧） ...

每经AI快讯，隆鑫通用（SH 603766，收盘价：13.38元）11月13日晚间发布公告称，公司第五届第十次 董事会会议于2025年11月13日以通讯表决的方式召开。会议审议了《关于转让公司持有珠海隆华股权的 议案》等文件。 （记者 王瀚黎） 2024年1至12月份，隆鑫通用的营业收入构成为：机械制造行业占比99.23%，其他业务占比0.77%。 每经头条（nbdtoutiao）——对美出口下滑到7年前水平，我国出口总额却创历史新高，"新三样"变 成"新N样" 截至发稿，隆鑫通用市值为275亿元。 ...

本次股权转让符合公司"聚焦主业"的发展战略，有利于公司进一步优化资产结构，集中优势资源加快主 营业务发展，提升公司的经营业绩水平和资产质量，符合公司长远发展的战略规划。本次交易不会影响 公司生产经营活动的正常运行。 智通财经APP讯，隆鑫通用(603766.SH)发布公告，公司与贵州科欣管理咨询有限公司(简称"贵州科欣") 签订《股权转让协议》，以评估机构评估结果作为参考，以1.06亿元的交易价格，将公司持有遵义金业 机械铸造有限公司(简称"金业机械")全部66%的股权，转让给贵州科欣。本次交易完成后，公司不再持 有金业机械的股份，金业机械不再纳入公司合并报表范围。 ...

格隆汇11月13日丨隆鑫通用(603766.SH)公布，公司于2021年9月确定了"聚焦主业"的发展战略后，持续 推进资源整合，集中精力发展核心主要业务。同时，决定通过出让股权的方式从金业机械等非核心业务 退出。尽管公司近年来积极通过多种渠道寻找潜在受让方，但相关交易均未能成功达成。 为推进本次交易，公司于2024年10月聘请了重庆华康资产评估土地房地产估价有限责任公司（以下简 称"华康评估"）对金业机械的股东全部权益价值进行评估。根据华康评估出具的《隆鑫通用动力股份有 限公司拟转让遵义金业机械铸造有限公司股权所涉及的遵义金业机械铸造有限公司股东全部股权价值资 产评估报告》（以下简称"《资产评估报告》"），以2024年11月30日为评估基准日，金业机械全部股权 的评估值为2.34亿元。 在贵州当地政府部门的多次协调与支持下，经与金业机械的少数股东反复协商，最终确定本次交易方 案：由金业机械少数股东控制的贵州科欣，以1.056亿元的交易对价，受让公司所持有的金业机械66% 的股权。此次股权转让完成后，公司将不再持有金业机械的股权。 ...