以下文章来源于智趣财经 ，作者小趣姐 智趣财经 . 有趣有料的商业故事和商业人物 导语：国资与银行联手输血61亿，为何仍难解深蓝汽车的"失血"之困？ 61.22亿元的融资到账，深蓝汽车的账面瞬间充实。12月25日，长安汽车旗下深蓝汽车宣布完成C轮融资，长安汽车、重庆渝富控股集团和招银金 融资产投资有限公司共同注资。完成此轮融资后，深蓝汽车注册资本由3.28亿元增至4.66亿元。长安汽车持股比例保持50.9959%不变。 然而，拨开这层光鲜外衣，深蓝汽车的真实处境却远比表面复杂：连续三年资不抵债、累计亏损近90亿元、年度销量目标恐难达成……这场看 似"输血式"的融资，更像是在为一场尚未走出泥潭的突围战争取喘息时间。 对于背靠长安、手握政策与资本双重支持的深蓝而言，必须从"讲故事"转向"算细账"，从"规模优先"转向"效益为王"。否则，再多的资本注入， 也难掩其深陷的发展困局。 融资亮眼，难掩财务"失血"现实 从融资结构来看，本轮61.22亿元的资金注入确实阵容强大。长安汽车以31.22亿元领衔出资，其中不仅包含20.79亿元现金，还打包了价值10.43 亿元的无形资产——涵盖深蓝S05、G318两款主力车型的专利 ...

长江商报消息 ●长江商报记者 黄聪 获得长安汽车（000625.SZ）全力托举的深蓝汽车，又获得了大笔增资。 12月25日，长安汽车公告，深蓝汽车开展增资扩股，募资规模约61亿元。 长江商报记者发现，深蓝汽车尚未盈利，近一年半累计亏损21.25亿元。截止到2025年上半年末，公司 资产总额达260.95亿元，负债总额达301.41亿元，资产负债率约为116%。 深蓝汽车董事长邓承浩曾介绍，公司2025年销量目标为36万辆。而前11个月，公司累计交付30.21万 辆，虽同比增长45.73%，但仅完成目标约84%。其中，公司11月交付量环比下滑约10%，同比下滑约 8%。 这也意味着，深蓝汽车12月交付量要达到5.79万辆才能达到目标，这显然并不现实。 长安汽车增资深蓝汽车 深蓝汽车成立于2018年5月，是长安汽车乘用车三大品牌之一，是长安汽车新能源"香格里拉"战略的核 心承载主体。 12月25日，长安汽车公告，公司此前召开董事会审议通过了《关于向控股子公司增资的议案》，同意深 蓝汽车开展增资扩股，预计募资规模约61.22亿元，包括重庆联合产权交易所集团股份有限公司公开挂 牌增资和非公开协议增资两部分，其中，公司 ...

导读：国资与银行联手输血61亿，为何仍难解深蓝汽车的"失血"之困？ 61.22亿元的融资到账，深蓝汽车的账面瞬间充实。12月25日，长安汽车旗下深蓝汽车宣布完成C轮融 资，长安汽车、重庆渝富控股集团和招银金融资产投资有限公司共同注资。完成此轮融资后，深蓝汽车 注册资本由3.28亿元增至4.66亿元。长安汽车持股比例保持50.9959%不变。 然而，拨开这层光鲜外衣，深蓝汽车的真实处境却远比表面复杂：连续三年资不抵债、累计亏损近90亿 元、年度销量目标恐难达成……这场看似"输血式"的融资，更像是在为一场尚未走出泥潭的突围战争取 喘息时间。 对于背靠长安、手握政策与资本双重支持的深蓝而言，必须从"讲故事"转向"算细账"，从"规模优先"转 向"效益为王"。否则，再多的资本注入，也难掩其深陷的发展困局。 融资亮眼，难掩财务"失血"现实 从融资结构来看，本轮61.22亿元的资金注入确实阵容强大。长安汽车以31.22亿元领衔出资，其中不仅 包含20.79亿元现金，还打包了价值10.43亿元的无形资产——涵盖深蓝S05、G318两款主力车型的专利 权、专有技术及软件著作权。重庆渝富控股集团和招银金融资产投资有限公司则分别以 ...

本次挂牌公告期为2025年11月26日至2025年12月23日，期间共2家投资者向重庆产交所指定账户支付了交易保证金，分别为重庆渝富控股集团有限公司和 招银金融资产投资有限公司。 经过审查，两家均符合增资扩股条件。 具体的增资方式如下 顶着L3首个牌照的光环，挂牌一个月后，深蓝汽车的增资落定。 长安汽车12月24日发布公告，深蓝汽车的增资扩股有了新进展。 此次增资的是，长安汽车、渝富集团、招银投资。增资分别为31.22亿元、25亿元、5亿元。深蓝汽车其他股东不参加本次增资。 增资完成后，长安汽车持股比例仍保持50.9959%的控股地位，但渝富集团与招银投资的加入，使得其他原始股东（如南京润科、交银博裕等）持股比例 被稀释至5%-8%区间。 | 序号 | 股东名称 | 增资前 | | 增资后 | | | --- | --- | --- | --- | --- | --- | | | | 注册资本 | 持股比例 | 注册资本 | 持股比例 | | | | | (%) | | (%) | | 1 | 重庆长安汽车股份有限公司 | 16,732.2103 | 50.9959% | 23,772.2024 | 50.9 ...

Core Viewpoint - Changan Automobile is actively pursuing investment opportunities, with Avita submitting a Hong Kong stock application and Deep Blue Automotive Technology Co., Ltd. initiating a capital increase project [2] Group 1: Capital Increase Project - Deep Blue Automotive aims to raise funds through a capital increase project, with the total amount and corresponding shareholding ratio to be determined [3] - Existing shareholders will participate in the capital increase, and employee participation is set at 100% [3] - The new shareholders' stake will not exceed 20%, and the capital raised will be used for new vehicle R&D, core technology innovation in intelligence and electrification, and enhancing global brand strength [3][4] Group 2: Shareholder Structure - Changan Automobile holds a 50.9959% stake in Deep Blue Automotive, making it the largest shareholder, followed by Nanjing Runke Industrial Investment Co., Ltd. with 11.078% [5] - The remaining shareholders are primarily investment funds, including the Jiaoyun Boyu No.1 (Suzhou) Debt-to-Equity Investment Fund [5] Group 3: Financial Performance - Deep Blue Automotive has experienced significant losses, with net losses of 3.196 billion yuan, 3.107 billion yuan, and 1.571 billion yuan from 2022 to 2024 [14] - As of October 31, 2025, the company reported total assets of 314.74 billion yuan and total liabilities of 359.86 billion yuan, resulting in negative equity of 45.12 billion yuan [15] - Despite the losses, the company has seen a narrowing of losses and aims to achieve profitability with monthly sales exceeding 30,000 units [16][17] Group 4: Sales and Production Capacity - In the first ten months of this year, Deep Blue Automotive's cumulative sales reached approximately 269,000 units, with a goal of 360,000 units for the year [18] - The company has committed to investing no less than 10% of its sales revenue in R&D annually, with a total R&D investment exceeding 100 billion yuan by 2030 [18]

Core Insights - Deep Blue Automotive has accumulated over 7.8 billion yuan in financing but continues to face negative net assets and a debt-to-asset ratio of 114.3% [1][3] - The company is seeking to raise funds through a capital increase project, with a target of no more than 20% new shareholder ownership, aimed at enhancing R&D in electric and intelligent vehicle technologies [1][4] - Despite a significant increase in vehicle deliveries, the company has reported substantial financial losses, with cumulative losses exceeding 12.5 billion yuan since its inception [3][4] Financial Performance - In the first ten months of 2025, Deep Blue Automotive reported revenues of 39.8 billion yuan and a net loss of 1.03 billion yuan [3] - Projected revenues for 2022-2024 are 15.68 billion yuan, 26.93 billion yuan, and 37.22 billion yuan, with net losses of 3.2 billion yuan, 3.11 billion yuan, and 1.57 billion yuan respectively, totaling nearly 8 billion yuan in losses over three years [3] Market Position and Competition - The company has seen a year-on-year delivery increase of over 60%, with a target of 360,000 units for the year, but still has about 90,000 units to go to meet this goal [1][2] - Deep Blue Automotive's sales strategy focuses on youth-oriented and cost-effective models, but faces intense competition in the same price range from other new energy vehicles [2][4] - The presence of a competing brand, Avita, which offers higher-end models with advanced technology, highlights the overlapping product positioning within the parent company, Changan Automobile [3][4] Strategic Challenges - The company must address issues of profitability and unclear brand positioning amidst increasing competition in the electric vehicle sector [4] - While the upcoming capital increase may provide temporary financial relief, a sustainable path to profitability is essential for long-term survival in the competitive landscape [4]

Domestic News - The Ministry of Industry and Information Technology (MIIT) is promoting the transformation of the entire green industry chain, focusing on the development of new energy vehicles and energy-saving equipment. Key initiatives include green design, building green factories, creating green supply chains, and promoting green industrial parks, with a target for green factory output to reach 40% by 2030 [5]. - The "14th Five-Year" industrial collaboration development initiative for the Beijing-Tianjin-Hebei region has been released, aiming to build a modern industrial system centered on advanced manufacturing and accelerate the development of seven national-level advanced manufacturing clusters [6]. - FAW-Volkswagen plans to achieve Level 3 autonomous driving by 2027-2030, with the introduction of Level 2 driving assistance in 2026 [7]. - FAW Bestune has increased its registered capital to approximately 5.17 billion RMB, marking a 107% increase [8]. - The Guoxuan High-Tech battery factory in Slovakia has officially opened, with plans for trial production in 2026 and a capacity of 20 GWh [10]. - The autonomous driving company "萝卜快跑" has received approval for cross-district testing in Hong Kong, marking its fourth expansion of testing areas this year [11]. - The Deep Blue G318 has been launched in Colombia, indicating the company's expansion into the South American market [12]. - Li Auto has established a new battery company in Zhejiang with a registered capital of 70 million RMB, focusing on battery manufacturing and electric vehicle charging infrastructure [13]. International News - Samsung SDI has partnered with BMW Group and Solid Power to develop a solid-state battery validation project, aiming to enhance battery performance for future vehicles [14]. - Ford is planning to invest approximately 3.7 billion USD in India to produce new engines, with an annual capacity exceeding 200,000 units [15]. - Lucid Motors is set to launch a mid-sized electric vehicle equipped with NVIDIA chips, marking a significant step towards Level 4 autonomous driving technology [16]. - Nissan has confirmed the introduction of the Patrol SUV to the Japanese market in the first half of the 2027 fiscal year, marking its return to this segment [17]. Commercial Vehicles - Suzhou has launched a subsidy program for the scrapping and updating of old commercial vehicles, with an initial fund of 30 million RMB [18]. - SAIC Commercial Vehicle has opened its first nationwide store in Tianjin, marking a strategic integration of its brands [19]. - Hanma Technology has unveiled the first range-extended heavy truck in Southeast Asia, targeting the green logistics market [20]. - The Xiangtan base of Yuan Cheng has received the highest level certification for intelligent manufacturing in the new energy commercial vehicle sector, indicating its advanced capabilities [21][22].

Core Viewpoint - Changan Automobile, recently established as a new central enterprise, reported a mixed performance in its third-quarter results, highlighting both growth and pressure in its operations. Revenue and Sales Growth - In Q3, Changan achieved operating revenue of 42.236 billion yuan, a year-on-year increase of 23.36%; cumulative revenue for the first three quarters reached 114.927 billion yuan, up 3.58% year-on-year [1][5] - The revenue growth was primarily driven by sales, with total sales of 2.0661 million vehicles in the first three quarters, of which over 30% came from new energy vehicles (NEVs), totaling 724,000 units; September alone saw NEV sales surpassing 100,000 units, marking an 87% year-on-year increase [1][3] - By brand, Avita, as a high-end brand, recorded cumulative sales of 90,700 units in the first nine months, while Deep Blue focused on the mid-range market with sales of 232,300 units; Changan Qiyuan delivered 41,000 units in September, exceeding 200,000 units in total for the first three quarters [1] International Market Expansion - Changan's overseas market also became a significant growth driver, with exports reaching 60,000 units in September and a total of 465,000 units in the first three quarters; Southeast Asia and the Middle East markets saw growth rates exceeding 50% [3] - The new energy factory in Rayong, Thailand, commenced production in Q3, with the first localized model, Deep Blue S05, achieving mass delivery, and an expected annual capacity of 150,000 units to further support overseas sales growth [3] Profitability Challenges - Despite the increase in sales and revenue, Changan's profitability did not improve, with a net profit attributable to shareholders of 764 million yuan in Q3, a slight year-on-year increase of 2.13% but a significant quarter-on-quarter decline of 18.6% [5][6] - For the first three quarters, the net profit attributable to shareholders was 3.055 billion yuan, down 14.66% year-on-year, contrasting with a 20.08% increase in the net profit after excluding non-recurring gains and losses [5][6] - The decline in profitability was attributed to a reduction in non-recurring gains, which fell by 45.39% year-on-year, primarily due to a decrease in government subsidies from 1.564 billion yuan in the same period last year to 508 million yuan, a drop of 67.52% [5][6] Cash Flow and Liquidity Issues - Changan's cash flow situation raised concerns, with a net cash flow from operating activities of only 1.555 billion yuan, a significant year-on-year decline of 64.6%; investment activities showed a net cash flow of -7.859 billion yuan, reversing from a positive figure last year [9] - The cash reserves decreased by 8.863 billion yuan, from 63.27 billion yuan at the end of last year to 54.41 billion yuan, compared to a net increase of 5.122 billion yuan in the same period last year [9] - To alleviate supplier financial pressure and ensure supply chain stability, the company shortened payment terms, resulting in a decrease in accounts payable from 43.836 billion yuan to 27.054 billion yuan, a decline of 38.28% [9] Strategic Transformation and Future Outlook - This quarterly report marks Changan's first as a central enterprise, with accelerated transformation efforts, particularly in core technology development, including the completion of solid-state battery prototype verification with an energy density of 400 Wh/kg, expected to be mass-produced by 2026 [10] - The company launched the "Tianshu Intelligent" brand, introducing an intelligent cockpit system based on the Orin-X chip, and established a European R&D center focusing on local adaptation of new energy vehicles [10] - However, the high costs associated with transformation have led to a dilemma between short-term profitability and long-term strategic positioning, prompting analysts to lower the 2025 net profit forecast for Changan to 4.4 billion yuan from the previous estimate of 4.8 billion yuan [12]

Core Points - Deep Blue Automotive has appointed Jiang Hairong, former CMO of Honor in China, as the new president, while Deng Chenghao has been promoted to chairman. This leadership change comes amid significant backlash from existing customers over perceived price reductions on the Deep Blue S09 model [1][11] Group 1: Leadership Changes - Jiang Hairong has taken over as president of Deep Blue Automotive, aiming to address marketing shortcomings [11] - Deng Chenghao, the former CEO, has been promoted to chairman, indicating a shift in management strategy [11] Group 2: Customer Backlash - The launch of the Deep Blue S09's extended range version, which offers better battery capacity at the same price, has angered existing customers who feel this is a disguised price cut, violating the "one-year price guarantee" promised by the previous CEO [1][4][5] - Customers have expressed their dissatisfaction on social media and through complaints, demanding compensation for the depreciation of their vehicles due to the new model's enhancements [5][6] Group 3: Sales Performance - Deep Blue Automotive has struggled to meet its sales targets, with only 55.17% of the annual goal achieved by August 2023, and a significant drop in sales figures in recent months [12][13] - The company set a target of 360,000 units for 2025, but current sales trends suggest this goal may be unattainable [13] Group 4: Financial Performance - Deep Blue Automotive reported a net loss of 1.57 billion yuan in 2024, despite a slight improvement from the previous year, indicating ongoing financial challenges [16] - The company aims to reach breakeven but faces pressure from customer dissatisfaction, sales performance, and financial stability [16]

Core Viewpoint - Deep Blue Automotive faces backlash from existing customers due to the perceived "price drop" of its flagship model, the Deep Blue S09, which was promised to have a "one-year price guarantee" by the former CEO, but has since introduced a new version with enhanced features at the same price point, leading to claims of devaluation of existing vehicles [1][2][6][15]. Group 1: Management Changes - Deep Blue Automotive appointed Jiang Hairong, former CMO of Honor, as the new president, while Deng Chenghao was promoted to chairman [1][14]. - The management change comes amid ongoing marketing controversies and customer dissatisfaction, raising questions about the new leadership's ability to address these issues [14][20]. Group 2: Customer Backlash - Customers are expressing anger over the introduction of the new Deep Blue S09 model with better battery capacity and charging speed at the same price, which they view as a disguised price reduction [2][6][9]. - Complaints have flooded the Deep Blue Automotive app, with customers demanding compensation for the perceived loss in value of their vehicles [2][7][9]. Group 3: Sales Performance - Deep Blue Automotive has struggled to meet its sales targets, achieving only 55.17% of its goal for the year by August, with a total of 19.86 million units sold [15][16]. - The company set a target of 360,000 units for 2025, but the current sales trajectory suggests this goal may be unattainable [16][19]. Group 4: Financial Performance - Deep Blue Automotive reported a revenue of 37.225 billion yuan in 2024, with a net loss of 1.572 billion yuan, indicating ongoing financial challenges despite a slight improvement from the previous year [19][20]. - The company is under pressure to achieve profitability, with expectations of reaching breakeven in the near future [19].