经营受托方落定，融资计划启动 哪吒汽车“复活”进入实质阶段

Core Viewpoint - Neta Auto, under its parent company Hozon New Energy Automobile Co., Ltd., is undergoing a critical restructuring process after facing severe operational challenges, including a production halt of over 14 months and significant debt issues, while attempting to retain its valuable vehicle manufacturing qualifications [1][3][10]. Group 1: Crisis and Judicial Intervention - The crisis for Neta Auto escalated in June 2025, with reported employee salary and compensation arrears amounting to approximately 4 billion RMB, affecting over 3,000 employees [3]. - On June 12, 2025, the Jiaxing Intermediate People's Court officially accepted Hozon New Energy's restructuring application, marking the company's entry into judicial restructuring [3]. Group 2: Restructuring Process Key Milestones - In March 2025, over 100 suppliers, including major battery and component manufacturers, issued a joint initiative to support Neta Auto in resolving its debts and resuming production, leading to a debt-to-equity swap agreement [5]. - Starting in August 2025, the restructuring process accelerated, with the management announcing a public recruitment for restructuring investors, raising the deposit threshold to 50 million RMB, which did not deter investor interest [5]. - By early September 2025, one potential investor had submitted a 50 million RMB deposit and a preliminary restructuring investment proposal, likely from Shanzi High-Tech Co., Ltd., a diversified enterprise group [7][9]. Group 3: Asset Value and Core Challenges - Neta Auto's most valuable assets include its independent new energy vehicle production qualifications, accumulated intellectual property, and existing production line equipment [10]. - The company operates three domestic production bases and has developed multiple vehicle platforms, but its main production facility in Qianjiang has been largely inactive since October 2024, leading to a significant shrinkage in sales channels [10]. Group 4: Market Environment and Future Outlook - The Chinese new energy vehicle market has become highly competitive, with Neta Auto previously leading sales in 2022 with 152,000 units sold, but has since struggled due to strategic missteps and market positioning issues [11]. - If the restructuring is successful, Neta Auto is expected to rely on continued financial support from investors to gradually restart production of a limited number of validated models while maintaining minimal operational costs [11]. - The management's operational period is set until March 12, 2026, covering the critical negotiation phase for final restructuring investors [13].