作者：百年不渡分类：未来幻想点击：90720次下载：21163次大小：70M 日期：2026-08-26

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对比中外车企，未见恒大式车企，但供应链融资或是另个问题_我的网站

铁线虫

A |

【行业】5月23日，长城汽车董事长魏建军在一场访谈中提到：汽车行业存在很多不遵守商业规则的现象，比如车企无限度降价，降价背后是偷工减料、质量堪忧。

B | 并提出汽车行业的“恒大”已经出现。 PARIS -- France’s anti-terror prosecutor said Tuesday that a suspected Islamic extremist declared allegiance to the Islamic State group before fatally stabbing a teacher in a school attack last week. The prosecutor, Jean-François Ricard, said police found an audio recording in the suspect’s phone. In it, the alleged attacker declared allegiance to the Islamic State and expressed “his hatred for France, for the French, for democracy and the education he benefitted from in our country.”The alleged attacker was a former pupil of the school in the northern town of Arras. A teacher was fatally stabbed in the neck and three other people were injured in the assault, which prompted France to raise its terror alert level and deploy extra security.The prosecutor spoke at a news briefing and took no questions.Ricard said that shortly before the stabbing, the alleged attacker also recorded a 30-second video of himself in front of a war memorial.In that video, the suspect “repeatedly attacked, in his own words, the values of the French. He expressed some particularly threatening views,” the prosecutor said. In the audio message, recorded in Arabic, the suspect also expressed support for Muslims in Iraq, Asia and the Palestinian territories but didn’t directly link the school attack to the outbreak of war between the Hamas militant group and Israel, the prosecutor said.Two of the alleged attacker's family members, as well the suspect himself, now face formal terrorism-related charges, Ricard said.They include the alleged attacker's 16-year-old younger brother who is suspected of having provided “a certain amount of support” for the assault, of being aware of his older brother's radicalization and of advising him how to handle knives, according to the prosecutor.The other is a cousin who was allegedly aware that a crime was possibly being planned but apparently did nothing to stop it, he said. Police detained a total of 13 people for questioning in the investigation since last Friday but 10 of those have been cleared of any wrongdoing for now, the prosecutor said.。关于“恒大式”汽车的讨论在网上非常热烈，我们从财报角度，借助网上公开的资料，对比车企和恒大之间的差异，并未发现恒大式车企。

中国车企负债率很高吗？中美车企都差不多汽车产业是重资产行业，根据财报披露的数据，高负债是这个行业的典型特征。在2025年一季度公布了资产负债率的六家车企中，资产负债率几乎都在60%以上，赛力斯作为新选手，负债率76.8%为6家当中最高。但环比去年末数据，所有车企负债率都出现下降，赛力斯降幅最大，达到10.5%。

C |

中国车企的负债率比对

对比海外车企，除了特斯拉（主要原因是特斯拉并非是一家传统制造业公司，而是一家科技属性更强的公司），其余所有老牌车企负债率也几乎都在60%以上。福特、通用汽车等两家美国车企甚至高达84%和76.5%。

D |

海外主流车企的负债率普遍较高，特斯拉除外

谁的负债更健康？中美各有差异既然中外车企负债率都很高，那负债的结构就是重点。海外车企当中，有息负债占到绝大多数，丰田、福特、本田等占总负债比重都超过60%，而特斯拉又是最亮眼，有息负债仅17%。

E |

2024年海外车企的负债结构，有息负债为主，特斯拉除外

中国车企的有息负债明显更低，除了蔚来的22%占比，其余车企都在10%上下，赛力斯、长安等车企几乎为0。中国车企的负债大多来自供应商的应付款等赊销方式，相当于变相向产业链上下游公司融资。

F | 这个主要原因是来自中外金融市场成熟程度差异，海外车企更容易从金融市场借钱，负债以有息负债为主。

2024年中国车企的负债结构，有息负债很低，供应链融资为主

从负债角度看，车企和恒大有本质区别。恒大暴雷之前，2019年底恒大总资产约2.21万亿，总负债高达1.84万亿元，资产负债率约83.3%。但和车企不同的地方在于，恒大的有息负债为1万亿，其中约75%是各类高息贷款、理财产品融资，境内外债券等，平均融资利息高达9.5%，海外美元债券利率都要10%，甚至更高。公司内部还存在挪用资金、违规质押等操作。

G | 价格战对车企利润造成严重拖累持续了两年多的价格战已严重压低中国汽车行业的利润空间。据崔东树测算，2022年及之前，中国市场单车利润始终未低于过2万元，2023年和2024年分别降至1.7万元、1.5万元。2025年一季度，单车利润进一步降至1.3万元。

H |

汽车行业利润降至历史低位

国家统计局5月27日公布的数据看到，2025年前四个月，国内汽车制造行业利润率刚过4%，处于历史低位。

I | 2021年至2024年，行业利润率逐年下滑，由6.1%降至4.3%。3月国家发改委刚批评车市无序竞争3月，在出席中国电动汽车百人会论坛时，发改委相关负责人具体指出，当前车市无序竞争问题较为突出，有的企业不惜牺牲利润抢占市场，虚假宣传、恶意抹黑等现象时有发生。这不仅会在短期内造成行业利润下降，长期来看，还将影响技术创新、产品质量安全，削弱产业竞争力。相关负责人称，将着力整治市场乱象，规范竞争秩序。

J | 没有看到恒大式车企，但要警惕供应链系统性风险近年来汽车行业竞争残酷，无休无止的价格战，多数车企苦不堪言，却又不得不参与其中，行业整体利润空间持续压缩，对中小车企造成较大压力。而规模较大的车企在对上游供应商采购环节中，不采用现金支付，越来越多使用承兑汇票，采用赊销的方式向供应商变相融资，将融到的资金用于海外扩张或国内研发、扩产能。国内方面，车企为了参与价格战，持续降本，收紧现金流，拉长供应商的还款期。一旦有车企现金流断链，财务压力就会传导至整个产业链，这类系统性风险值得警惕。（图/文吴沛哲）

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