Core Viewpoint - Bohai Automobile is facing significant losses primarily due to poor performance from its German subsidiary, leading to a revised profit forecast for 2024 indicating a net loss between 1.18 billion to 1.43 billion yuan [2][6]. Financial Performance - Over the past five years, Bohai Automobile has accumulated a non-recurring net loss of up to 1.965 billion yuan [2][7]. - The company's revenue from 2020 to 2023 has shown a declining trend, with figures of 4.686 billion, 4.415 billion, 4.102 billion, and 4.670 billion yuan respectively [3]. - The net profit for the same period has been 69.99 million, -90.11 million, -62.26 million, and -199 million yuan, indicating a consistent decline [3]. Operational Challenges - The decline in orders from major clients, including Volkswagen, and rising costs have severely impacted the performance of Bohai's German subsidiary, BTAH [4]. - Bohai's subsidiary, Tai'an Qicheng, has also faced reduced orders and increased raw material costs, particularly aluminum, leading to further losses [4]. Restructuring Efforts - The company has implemented various measures to improve operations, including management adjustments, layoffs, and cost-cutting strategies, but these have not been sufficient to counteract the downturn in the German automotive market [4][5]. - BTAH plans to lay off approximately 22% of its workforce, which will incur additional severance costs estimated at 580,000 euros [5]. Bankruptcy Proceedings - Due to ongoing financial difficulties, Bohai International and BTAH have been approved to file for bankruptcy, exacerbated by the bankruptcy of a key supplier, Schlote Holding GmbH, which has significantly affected BTAH's operations [7][8]. - The anticipated asset impairments and contract penalties related to the bankruptcy could reduce the company's net profit by 780 million to 935 million yuan [8]. Financial Position and Funding - As of the end of Q3 2024, Bohai Automobile reported cash reserves of 923 million yuan, with short-term and long-term borrowings of 1.812 billion and 40.31 million yuan respectively [9]. - The company plans to secure up to 600 million yuan in loans from its controlling shareholder, Hai Na Chuan, to enhance liquidity and manage operational risks [9].

深圳商报·读创客户端记者 李薇 除德国业务外，渤海汽车其他业务板块也面临挑战。其子公司泰安启程的轮毂出口业务受中美贸易摩 擦、市场需求疲软及主要客户重组影响，订单量下滑。同时，铝价上涨导致成本压力增大，加上人员优 化带来的辞退补偿费用增加，多重因素共同导致2024年业绩预亏。 渤海汽车主营业务包括活塞及轻量化汽车零部件，2023年公司实现总营收46.7亿元，净利润亏损约2亿 元。公司表示，虽然子公司破产将短期内对业绩造成重大冲击，但从长远看有利于减轻经营负担，促进 整体业务健康发展。 公告显示，渤海汽车旗下德国全资子公司渤海汽车国际有限公司（渤海国际）及其下属全资子公司 BTAH，因德国汽车市场持续低迷、成本上涨等因素影响，经营状况持续恶化。其中，BTAH长期合作 的机加工供应商Schlote Holding GmbH近期因资金链断裂申请破产，该供应商承担了BTAH约40%的机加 工业务，短期内难以找到替代方案。 受此影响，渤海汽车董事会审议通过了渤海国际和BTAH的破产申请。根据德国破产法规定，企业出现 流动性不足即触发破产条件。公司表示，此举旨在减少持续亏损，维护股东权益。 财务数据显示，2021年至20 ...