跨境企业破产警示与深度分析：如何避免成为下一个“倒下的巨人”

Core Viewpoint - The article discusses the increasing challenges and risks faced by cross-border trade, highlighted by the bankruptcy of three companies in Shenzhen, emphasizing the need for adaptation and strategic shifts in the industry [3][5][6]. Group 1: Company Bankruptcy Cases - Three companies, Shenzhen Yongsheng Electric, Foshan Shunde Aochuang Electric, and Shenzhen Senhe Innovation Technology, have faced bankruptcy due to various operational challenges [4]. - Shenzhen Yongsheng Electric, established in 2012, specialized in electronic switches and lighting equipment, but suffered from cash flow issues leading to its closure in September 2025 [4]. - Foshan Aochuang Electric, founded around 2015, was unable to sustain operations due to insolvency and ceased operations by the end of August 2025 [4]. - Shenzhen Senhe Innovation Technology, established in August 2022, faced difficulties in team restructuring and manufacturing issues, leading to its closure in May 2025 [4]. Group 2: External Macro Environment Challenges - The rise of global trade protectionism, including significant tariffs imposed by the US on Chinese goods, has severely impacted Chinese exporters, forcing some to shift markets and resulting in reduced profit margins [8]. - The lingering effects of the COVID-19 pandemic and geopolitical conflicts, such as the Russia-Ukraine war, have led to increased logistics costs, which can account for over 30% of a company's revenue [8]. - Changes in market demand and consumer preferences, including a trend towards consumption downgrading, have negatively affected traditional products lacking technological differentiation [8]. - The competitive landscape in manufacturing has intensified, with new brands emerging and rapid technological advancements, putting pressure on established companies [8]. Group 3: Internal Operational and Strategic Shortcomings - Many companies lack core technology and brand premium, relying heavily on OEM models, which leads to vulnerability in price competition [10]. - Poor cash flow management and weak financing capabilities have been identified, with logistics costs consuming a significant portion of revenue [10]. - Companies often face cash flow crises due to unexpected expenses and inability to secure bank loans, leading to financial collapse [10]. - Risk management mechanisms are often inadequate, with over-reliance on single markets or routes exacerbating vulnerabilities [10][12]. Group 4: Supply Chain and Partner Risks - The reliance on freight forwarding logistics creates significant risks, as the failure of major freight companies can disrupt supply chains and lead to additional costs for manufacturers [12]. - The cycle of bad debts and overdue accounts receivable can create a critical financial burden during industry downturns [12]. Group 5: Insights and Recommendations - Traditional manufacturing firms must shift from an OEM mindset to a focus on branding and product innovation to enhance resilience against market fluctuations [13]. - Technology startups should balance technological advancement with production feasibility and cost control, while also managing cash flow effectively [13]. - Companies are encouraged to explore diversified financing channels and maintain healthy debt levels to mitigate risks [13]. Group 6: China's Foreign Trade Resilience - Despite challenges, China's foreign trade demonstrates strong resilience, with significant growth in trade with ASEAN and Belt and Road countries, even as trade with the US declines [16][17]. - The export of mechanical and electrical products has increased, indicating a shift towards higher quality products in China's export structure [17]. - The potential for "transshipment trade" through third-party countries highlights the adaptability of Chinese manufacturers in response to changing international market dynamics [18].