（原标题：东风集团，深夜重要公告） 【导读】东风集团股份拟私有化退市，停牌前一月股价大涨，岚图汽车拟H股上市 中国基金报记者 南深 8月22日深夜，停牌半个月之久的东风集团股份公告了一项重大资本运作计划，方案包括三个互为先决 条件的操作。 根据该计划，东风集团股份将旗下新能源汽车子公司岚图汽车分拆，并通过实物分派的方式让现有股东 成为岚图的直接股东，之后岚图汽车将以介绍方式在联交所独立上市。与此同时，东风汽车集团（以下 简称东风公司或东风汽车）旗下全资子公司东风汽车投资以吸收合并方式，对东风集团股份进行私有 化，并从联交所退市。 根据方案，东风集团股份的H股股东每股将获得0.3552608股岚图汽车H股，以及6.68港元现金（东风公 司直接持有的股份除外），这样东风集团股份每股理论价值为10.85港元，较其停牌前价格溢价 81.74%。东风集团股份定于8月25日（周一）复牌，其股价大概率将出现跳涨。 事实上，东风集团股份停牌前一天股价已经大涨超8%，而停牌前一个月也是持续上涨，涨幅达64%。 中金公司操刀 交易结构精巧 东风集团股份此次重大重组的财务顾问，为知名内资投行中金公司。根据交易各方的联合公告，交易的 ...

据公告透露，此次交易采用了一种创新的"股权分派+吸收合并"模式，两个关键环节相互依存、同步进行。首先，东风集团股份将其持有的岚图汽车79.67% 的股权，按比例分配给全体股东。紧接着，岚图汽车将以介绍上市的方式在香港联交所挂牌。 东风集团股份近日宣布了一项重大战略调整，其子公司岚图汽车将通过介绍上市的方式进军港股市场，与此同时，东风集团股份将完成私有化退市。这一消 息于8月22日晚间通过公告形式对外发布，而东风汽车股份自8月11日起已停牌。 数据显示，2024年岚图汽车交付量达到85697辆，同比增长约70%。进入2025年，岚图汽车连续五个月销量破万，7月份交付量更是突破12000辆。此次香港 上市，将为岚图汽车进一步拓宽融资渠道、提升品牌形象、拓展国际市场提供有力支持，有望激发其价值创造能力，充分释放增长潜力。 虽然岚图汽车的具体上市日期尚未确定，但东风集团股份相关负责人表示，通常这一周期在3至6个月内。东风集团股份在发布私有化及岚图拟登陆港交所公 告的同一天，还公布了2025年上半年财报。财报显示，上半年公司营收为545.3亿元，同比增长6.6%；然而，归属于母公司权益持有人的利润为0.55亿元， 同比 ...

Core Viewpoint - The article highlights the contrasting experiences of individual car salespeople who can earn high incomes from selling popular new models, while traditional dealerships face significant financial challenges and a wave of closures due to declining profitability and market pressures [9][16][32]. Group 1: Sales Performance and Challenges - In late 2023, the launch of the AITO M9 saw salespeople achieving remarkable sales figures, with one salesperson selling 28 units in a month [6][8]. - Despite the potential for high earnings, the reality for many salespeople is marked by intense work pressure and high turnover rates, as many leave due to the demanding nature of the job [12][15]. - The sales environment is increasingly competitive, with new models from various brands entering the market, yet many salespeople report low sales during off-peak months [10][13]. Group 2: Dealership Financial Struggles - The China Automobile Dealers Association predicts that over 4,400 dealerships will close in 2024, with a loss rate among dealers reaching 41.7% [9][17]. - Price inversion affects 84.4% of dealerships, with over 60.4% experiencing a price drop exceeding 15% [17][18]. - Major dealership groups like Zhongsheng Holdings and Yongda Automotive are experiencing significant declines in new car sales and profitability, with some reporting net profit drops of over 80% [19][20]. Group 3: After-Sales Service as a Revenue Stream - After-sales services are becoming a crucial revenue source for traditional dealerships, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue in 2024 [25][26]. - The focus on after-sales services is seen as a potential lifeline for dealerships struggling with new car sales [25][32]. Group 4: Industry Transformation and Future Outlook - The article discusses the need for dealerships to adapt to changing market conditions, emphasizing collaboration with manufacturers and a shift towards after-sales and user engagement strategies [32]. - The success of individual salespeople and mid-sized dealerships in the new energy vehicle market illustrates the potential for growth and adaptation within the industry [30][32]. - The ongoing transformation in the automotive industry highlights the importance of flexibility and innovation for both dealerships and sales personnel to thrive in a competitive landscape [32].

凤凰网《风暴眼》 百年老牌车企，也卖不动了。 作为百年老牌的梅赛德斯-奔驰，其2025年第二季度财报显示，净利润同比暴跌近69%，销量持续下滑，尤其在最大单一市场中国，跌幅高达14%。 与此同时，中国本土品牌如比亚迪、吉利等凭借新能源车型的强势表现逆势增长，进一步挤压传统豪车的生存空间。 面对"量价双杀"的困境，奔驰虽通过降价、缩减经销商网络等措施艰难自救，但转型成效尚未显现。 01 利润暴跌近69% 近日，奔驰集团公布了2025年第二季度财报，不过，凤凰网《风暴眼》发现，这份财报有些沉甸甸的。 数据显示，报告期内奔驰集团营收为331.53亿欧元，上年同期为367.43亿欧元，同比下滑9.8%；净利润为9.57亿欧元，较上年同期的30.62亿欧元下滑 68.7%。 上半年整体来看，奔驰的财务表现同样不太理想。上半年总营收为663.77亿欧元，同比下降8.6%；税前净利润45.34亿欧元，同比下滑40.7%；税后净利润 更是大幅下降55.8%至26.88亿欧元。 收入没上去，奔驰的销量也呈下滑之势。 2025年上半年，奔驰上半年在全球范围共交付汽车约107.63万辆，同比降幅约为8%。其中乘用车销量为90万辆， ...

2025.07. 08 本文字数：1578，阅读时长大约3分钟 作者 | 第一财经 肖逸思 车企和经销商也应重新思考在汽车行业新竞争环境以及新业态下，传统的返利机制、压库惯例、价格 体系是否还行得通。 近日，一位奔驰车主告诉笔者，收到了标注为"梅赛德斯-奔驰"发送的短信。该短信称，因为业务调 整，宝利德集团旗下绍兴之星汽车有限公司的梅赛德斯-奔驰授权将于2025年6月27日终止。车主原 厂保修保养套餐可到任何一家梅赛德斯-奔驰授权店继续使用，而车主购买的仅限宝利德集团兑付使 用的售后产品，只能联系该集团进行后续协商。 车主供图 而宝利德集团的400热线无法接通。与此同时，宝利德集团分布在多地的汽车4S店也陆续闭店。今 年以来，该公司被执行总金额超4000万元，法定代表人余海军三次被限消。这导致了众多消费者保 养、延保等权益受损，叫苦不迭。 近年来，随着车市竞争的加剧，汽车经销商也普遍面临库存高企、市场竞争失序、企业资金链断裂风 险加剧等严峻挑战。经销商闭店、倒闭、跑路等现象频发，比如去年10月下旬，G.A.集团旗下宝马 4S店也同样密集出现了闭店停业、经营异常的情况。 中国汽车流通协会发布的《2024-202 ...

Core Insights - The Chinese automotive industry is undergoing significant changes due to the transition to new energy vehicles, leading to both growth and challenges such as overcapacity and price wars [1][2] Industry Overview - The automotive industry's capacity utilization rate has shown increased volatility, indicating structural overcapacity risks [2] - In Q1 2024, the capacity utilization rate dropped to 64.9%, significantly lower than the 76.9% in Q4 2023 and below the overall industrial average of 73.6% [2] - Despite a "V-shaped" recovery in 2024, the capacity utilization rate fell again in Q1 2025 to 71.9%, still below the healthy threshold of 75% [2] Company Performance - The automotive sector is experiencing a divide among companies, with leading firms optimizing supply chains and managing cash flow effectively, while struggling firms lag in operational efficiency [4] - The median gross margin in the automotive industry is between 15% and 20%, with first-tier companies like Seres (27.6%), Li Auto (20.5%), and BYD (20.1%) achieving margins above 20% [4] - BYD's net profit for 2024 is reported at 41.59 billion, significantly higher than its competitors, with Geely at 2.5 times less and Great Wall at 3.3 times less [6] Inventory and Sales Trends - The inventory alert index for Chinese automotive dealers dropped to 52.7% in May 2025, indicating improved market conditions, with a year-on-year decrease of 5.5 percentage points [11] - Despite strong sales trends, profit margins remain a concern, with hidden discounts and promotions increasing in the market [12] - Dealers are cautious about June sales, with 37.6% expecting sales to remain flat and 35.0% predicting a decline [12]

Group 1 - The core viewpoint is that the Chinese automotive industry is facing significant challenges due to a price war, which is negatively impacting the supply chain and leading to delayed payments to suppliers [1][2] - Four major automotive companies in China have committed to a payment term of no more than 60 days, indicating a collective effort to stabilize the market [1] - The chairman of Volkswagen China supports the government's stance against excessive competition, emphasizing the need for companies to optimize operations and enhance local R&D to maintain competitiveness [1][2] Group 2 - The Chinese automotive market is experiencing a transformation, with around 130 brands competing, leading to a dilemma where established companies must invest for transformation while startups struggle to achieve profitability [2] - The industry is facing a long-term risk if investments do not yield returns, resulting in declining sales and shrinking profits [2] - Volkswagen China aims to contribute to the healthy development of the industry while ensuring customer satisfaction, highlighting the importance of after-sales service and vehicle residual value [2]

Core Viewpoint - The announcement regarding the non-involvement of Dongfeng Motor Group in asset and business restructuring marks the end of the "Dongfeng-Changan restructuring speculation" that lasted for four months, leaving Dongfeng to face significant market challenges alone [2][4]. Group 1: Restructuring and Market Impact - The restructuring expectations were high, with investors anticipating a merger that could create a vehicle manufacturer with annual sales exceeding 5 million units, surpassing BYD to become the largest in China and the fifth largest globally [2]. - Following the announcement, shares of Changan-related companies rose, while Dongfeng Group's stocks plummeted [2]. - Dongfeng Group's 2024 revenue is projected at 106.2 billion yuan, a year-on-year increase of 6.86%, but net profit is only 5.8 million yuan, indicating a significant decline from previous years [2][3]. Group 2: Sales Performance and Challenges - Dongfeng's total sales for 2024 are expected to be 1.8959 million units, a 9.2% decrease compared to the previous year, falling short of the initial target of 3.2 million units [2][4]. - The profit structure shows a stark contrast, with the 2024 net profit of 5.8 million yuan being significantly lower than the peak of 14 billion yuan in 2017 [2]. - The light commercial vehicle sector is experiencing a downturn, with Dongfeng's joint venture sales dropping by 9.2% in 2024, including a 12.7% decline for Dongfeng Nissan and a 29.2% drop for Dongfeng Honda [3]. Group 3: Strategic Initiatives and Future Goals - Dongfeng plans to launch 10 new vehicles this year, with a goal of achieving 3 million annual sales by 2025, including over 1 million in new energy vehicles [4][6]. - The company aims to export over 500,000 vehicles overseas as part of its ambitious sales targets [4]. - The failure of the restructuring may hinder Dongfeng's ability to integrate resources in the fields of intelligence and electrification, which were previously expected to benefit from a merger with Changan [5].

5月26日，沃尔沃汽车官宣，作为重组计划的一部分，将削减3000个工作岗位。据悉，沃尔沃目前正面临成本高企、电动汽车需求放缓以及关税不确 定性等方面的挑战。 沃尔沃汽车首席执行官兼总裁哈坎・塞缪尔森表示："汽车行业正处于充满挑战的时期。为了应对这一挑战，我们必须提高现金流生成能力，并从结 构上降低成本。" 值得关注的是，沃尔沃集团上月宣布削减成本的同时，也撤回了财务指引，指出消费者信心减弱和贸易关税导致全球汽车行业动荡，市场难以预测。 上周，沃尔沃还更换了首席财务官，并任命新负责人掌管美国业务。 哈坎・塞缪尔森上周五表示，消费者将承担与关税相关的成本增加的很大一部分，50%的关税可能会使沃尔沃最实惠的汽车之一——比利时制造的 EX30电动汽车无法进入美国。 沃尔沃汽车为应对美国关税影响上个月已经开始对美国工厂进行裁员。 4月18日，沃尔沃集团发言人表示，由于美国总统特朗普加征关税的政策对市场带来了极大的不确定性，该集团计划未来三个月内在美国的三家工厂 最多将裁员800人。随后，沃尔沃集团北美分公司在一份声明中表示，其计划将在宾夕法尼亚州麦克根尼的麦克卡车工厂以及弗吉尼亚州都柏林和马里兰 州哈格斯敦的两家沃尔沃 ...

Core Insights - The company reported a significant decline in 2024 revenue and net profit, with revenue at 627.59 billion yuan, down 15.73% year-on-year, and a net profit of 1.666 billion yuan, down 88.19% year-on-year [1] - In Q1 2025, the company showed signs of recovery with a 13.3% increase in sales volume, reaching 945,000 units, and a net profit of 3.023 billion yuan, up 11.40% year-on-year [2] - The company is undergoing internal transformation and external collaboration, including the establishment of a new brand "SAIC 尚界" in partnership with Huawei, aimed at the mid-to-high-end electric vehicle market [3] Financial Performance - 2024 total sales volume was 4.013 million units, a decrease of 20.07% year-on-year, leading to a revenue decline [1] - The gross margin for 2024 was 9.38%, down 0.81 percentage points, primarily due to intensified industry competition and a 7.13 billion yuan asset impairment charge [1] - Q1 2025 revenue was 140.86 billion yuan, a slight decrease of 1.55% year-on-year, with a net profit margin of 2.91%, an increase of 0.86 percentage points [2] Strategic Initiatives - The company has merged several divisions to enhance R&D and operational efficiency, including the establishment of a new passenger vehicle segment [3] - A total investment of 6 billion yuan is planned for the new brand "SAIC 尚界," with a dedicated team of over 5,000 people and the first model expected to launch in Fall 2025 [3] - The company anticipates revenue growth from 2025 to 2027, projecting revenues of 677.84 billion, 715.33 billion, and 764.67 billion yuan, with net profits of 9.582 billion, 12.712 billion, and 15.198 billion yuan respectively [3]