哪吒汽车破产余波，至信股份连续两年计提大额坏账损失

Core Viewpoint - The financial struggles of Nezha Auto have led to significant impacts on its suppliers, particularly Zhixin Industrial Co., which has reported substantial bad debt losses due to overdue accounts receivable from Nezha Auto and other clients [1][2]. Group 1: Financial Impact on Zhixin Industrial - Zhixin Industrial has disclosed that it has recognized a total of 12.95 million yuan in overdue accounts receivable from Nezha Auto, which has entered bankruptcy reorganization, leading to a complete provision for bad debts [1]. - The company reported credit impairment losses of -25.34 million yuan for the fiscal year 2024, primarily due to expected credit losses related to accounts receivable from Nezha Auto [1][2]. - The total liabilities of Nezha Auto are close to 10 billion yuan, with debts to suppliers constituting nearly two-thirds of this amount, indicating a significant financial strain on its supply chain [2]. Group 2: Performance and Growth of Zhixin Industrial - Despite the challenges posed by clients like Nezha Auto and Beiqi Yinxiang, Zhixin Industrial has achieved rapid revenue growth, with reported revenues of 2.09 billion yuan, 2.56 billion yuan, and 3.09 billion yuan for the years 2022 to 2024 [2]. - The company’s net profit has also shown improvement, with figures of 52 million yuan, 120 million yuan, and 185 million yuan for the same period, indicating resilience in its financial performance [2]. - Zhixin Industrial's gross margin for its main products has been increasing annually, attributed to its strategic focus on high-value components and cost-reduction measures despite the competitive pressure in the automotive industry [3][4]. Group 3: Market Dynamics and Competitive Landscape - The automotive industry is experiencing intense competition and price declines, which have affected many players, leading to revenue declines for some comparable companies [3][4]. - Zhixin Industrial has managed to maintain a growth rate in revenue that aligns with or exceeds the average of its peers, attributed to its diverse client base and effective market strategies [3]. - The company has adapted to market pressures by optimizing its product structure and increasing the proportion of high-margin components, which has contributed to the sustainability of its gross margins [4].