经济观察报·2025-06-05 18:45Core Viewpoint - The restructuring plan between two major automotive state-owned enterprises, Dongfeng and Changan, has been halted after 116 days of negotiations, with significant changes in their management structure and ownership [1][2]. Group 1: Restructuring Details - The restructuring plan was officially terminated, with Changan Automobile's indirect controlling shareholder, China Changan, no longer under the management of the Equipment Group but directly under the State-owned Assets Supervision and Administration Commission (SASAC) [2][3]. - The Equipment Group's automotive business will be separated into an independent central enterprise, while other equity assets will be injected into China Weapon Industry Group, completing the merger of military assets [2][3]. Group 2: Market Context and Implications - The restructuring was part of a broader initiative by SASAC to encourage state-owned enterprises to focus on their core responsibilities and promote strategic restructuring and professional integration in the automotive sector [3][4]. - If the restructuring had proceeded successfully, the new automotive group could have achieved annual sales exceeding 5 million units, positioning it as the fifth-largest automotive group globally, with potential for technological synergy and supply chain optimization [3][4]. Group 3: Company Performance Comparison - In 2024, Changan Automobile reported sales of 2.684 million units, a year-on-year increase of 5.1%, with revenue of 159.733 billion yuan and a net profit of 7.32 billion yuan. In contrast, Dongfeng Group's sales were 1.896 million units, a decline of 9.2%, with revenue of 106.2 billion yuan and a net profit of only 60 million yuan [4]. - Changan's recent performance has been stronger than Dongfeng's, indicating a more favorable position in the market despite the halted restructuring [4].