日产的危机警报，越拉越响了。 2025财年上半年（4月至9月），日产全球销量同比下跌7.27%至148万辆，中国、日本两大核心市场销量跌幅分别高达17.6%和 16.5%。 半年营收缩水 6.69% 至 5.58 万亿日元，净亏损高达 2219.21亿日元，较去年同期192.23 亿日元净利润上演"由盈转亏"的断崖式下 跌，这是日产五年来首次半年报亏损。 日产汽车对2025财年的全球市场预期转为悲观。日产预测，2025财年，日产在全球市场的销量将会同比下降2.9%至325万辆，全 球区域市场均下滑。其中，中国市场销量跌幅将达到7.4%至64.5万辆，日本市场销量将同比下跌3.4%至44.5万辆，北美市场的销 量将下跌0.2%至 130万辆。 预计全年经营亏损将达2750亿日元。不过，日产也强调，如果没有关税影响，公司有望实现盈亏平衡。 为填补亏损黑洞，日产打出"资产变现+产能收缩+人员优化"组合拳，具体包括出售其日本横滨总部大楼，启动"Re:Nissan"转型 计划。 日产盈利的曙光何时到来？管理层是乐观的。日产公开重申了2026财年之前汽车业务营业利润和自由现金流转正的目标。"上半 年的业绩反映了我们面临的 ...

Core Viewpoint - Nissan is facing a significant crisis, with a sharp decline in global sales and a substantial net loss for the first half of the 2025 fiscal year, marking its first half-year loss in five years [1][5][9]. Sales Performance - In the first half of the 2025 fiscal year (April to September), Nissan's global sales fell by 7.27% to 1.48 million units, with significant declines in key markets: China down 17.6% to 279,000 units and Japan down 16.5% to 186,000 units [1][9]. - For the entire 2025 fiscal year, Nissan forecasts a 2.9% decline in global sales to 3.25 million units, with expected drops of 7.4% in China and 3.4% in Japan [4]. Financial Performance - Nissan's revenue decreased by 6.69% to 5.58 trillion yen, with a net loss of 221.92 billion yen, a stark contrast to a net profit of 19.22 billion yen in the same period last year [1][9]. - The company anticipates an operating loss of 275 billion yen for the entire fiscal year, although it believes it could break even without tariff impacts [5][9]. Strategic Response - To address the financial crisis, Nissan is implementing a strategy of asset monetization, capacity reduction, and personnel optimization, including the sale of its Yokohama headquarters for 97 billion yen [5][12]. - The "Re:Nissan" transformation plan aims to streamline operations, reduce global production sites from 17 to 10 by the 2027 fiscal year, and cut 20,000 jobs, approximately 15% of its workforce [11][12]. Market Challenges - Nissan is grappling with external challenges such as tariffs and supply chain disruptions, which are complicating its recovery efforts [6][14]. - The company is also facing technological and strategic setbacks, particularly in the electric vehicle sector, where it has fallen behind competitors like Tesla and BYD [15][20]. Focus on China - Nissan is shifting its focus to the Chinese market, viewing it as critical for its recovery, and is decentralizing decision-making to empower local teams [16][18]. - The company plans to launch several new models developed by its Chinese team, indicating a strategic pivot towards local market needs [17][18].

Core Viewpoint - Nissan is facing a significant crisis, with a sharp decline in sales and a substantial net loss for the first half of the 2025 fiscal year, marking the first half-year loss in five years [1][4][6]. Sales Performance - In the first half of the 2025 fiscal year (April to September), Nissan's global sales dropped by 7.27% to 1.48 million units, with sales in China and Japan declining by 17.6% and 16.5%, respectively [1][6]. - For the entire 2025 fiscal year, Nissan forecasts a 2.9% decrease in global sales to 3.25 million units, with expected declines in key markets: China (-7.4% to 645,000 units), Japan (-3.4% to 445,000 units), and North America (-0.2% to 1.3 million units) [4][6]. Financial Performance - Nissan's revenue for the first half of the 2025 fiscal year fell by 6.69% to 5.58 trillion yen, resulting in an operating loss of 27.7 billion yen and a net loss of 221.92 billion yen, compared to a net profit of 19.22 billion yen in the same period last year [1][6][9]. - The company anticipates an operating loss of 275 billion yen for the entire fiscal year, although it believes it can achieve breakeven without tariff impacts [4][6]. Strategic Response - To address the financial challenges, Nissan is implementing a strategy of "asset monetization, capacity reduction, and personnel optimization," which includes selling its headquarters in Yokohama for 97 billion yen and initiating the "Re:Nissan" transformation plan [4][10]. - The "Re:Nissan" plan aims to reduce global production facilities from 17 to 10 by the 2027 fiscal year, with a target production capacity of 2.5 million units and a workforce reduction of 20,000 employees, approximately 15% of its total workforce [9][10]. Market Position and Challenges - Nissan's supply chain risks are exacerbated by semiconductor shortages, leading to production cuts at its facilities [12]. - The company is struggling with technological and strategic lag, particularly in the electric vehicle sector, where it has fallen behind competitors like Tesla and BYD [13]. - Nissan is shifting its focus to the Chinese market, emphasizing local development and decision-making to regain market share, as its presence in China has been declining [14]. Competitive Landscape - In contrast to Nissan's struggles, Toyota's global sales increased by 5% to 4.783 million units in the same period, and Honda maintained profitability despite a sales decline [15].