零部件巨头拆分，一站式供应商宣告死亡

Core Viewpoint - Continental Group announced the decision to sell its ContiTech division in 2026, marking a strategic shift towards becoming a pure tire manufacturer focused on value creation, profitability, and cash flow [4][5][10]. Company Strategy - The decision to split is a result of extensive analysis and evaluation by the executive board, indicating a fundamental change in the business model to adapt to a complex market environment [5][12]. - The shift from a diversified business model to a focus on core tire manufacturing is seen as essential for enhancing operational efficiency and profitability [12][21]. - The company aims to concentrate resources on the tire business, which is expected to drive growth and improve market competitiveness [14][21]. Financial Performance - The overall sales forecast for the group is adjusted to €19.5 billion - €22 billion, with an adjusted EBIT margin of 12.0% - 14.5% [9]. - The tire division is projected to have a higher profit margin of 13.0% - 16.0%, reflecting a deep reflection and re-planning of the business profitability model [9][21]. - Since the announcement of the split, the stock price has surged approximately 46%, indicating strong market approval of the strategic shift [10][23]. Market Impact - The restructuring is expected to optimize resource allocation, allowing Continental to focus on its strengths in the tire market, thereby enhancing its resilience and sustainable development capabilities [23][28]. - The shift from diversification to specialization may serve as a model for other companies in the industry, encouraging them to reassess their business models and strategies [26][28]. - The transformation of Continental Group is likely to trigger a chain reaction in the industry, promoting further consolidation and a shift towards more specialized and efficient operations [28][29].