在新能源竞争全面白热化的当下，资金，对各大车企而言正变得前所未有的重要。
As competition in the new energy vehicle sector intensifies, capital has become more critical than ever for automakers.
近日，长安汽车正式启动新一轮再融资，新成立的央企——中国长安汽车，已向其注入60亿元资金。
Recently, Changan Automobile launched a new round of refinancing, receiving RMB 6 billion from the newly established central SOE, China Changan Automobile.
与此同时，长安汽车旗下深蓝汽车、阿维塔两大新能源子公司，也正通过增资与IPO等多种方式持续“输血”。
Meanwhile, Changan’s NEV subsidiaries, Deepal and Avatr, are seeking funding through capital injections and IPOs.
长安汽车披露，拟向特定对象发行A股股票，计划再融资60亿元。
Changan announced plans to issue A-shares to a specific investor, aiming to raise another RMB 6 billion.
本次拟发行6.3亿股，发行价为9.52元/股，认购方为中国长安汽车。
The offering includes 630 million shares at RMB 9.52 per share, fully subscribed by China Changan Automobile.
中国长安汽车于今年7月由兵器装备集团分立成立，是中国第100家央企。
China Changan Automobile was established in July through the restructuring of Norinco Group, becoming China’s 100th central SOE.
其业务覆盖整车、零部件、销售、金融、物流、摩托车等，贯穿汽车全产业链。
Its business spans vehicles, components, sales, finance, logistics, and motorcycles, covering the entire automotive value chain.
集团官网显示，中国长安旗下共有143家分子公司，包括长安汽车、江铃汽车、东安动力等5家上市公司。
According to its website, China Changan controls 143 subsidiaries, including five listed companies such as Changan Auto and Jiangling Motors.
截至2025年9月末，中国长安汽车总资产约2853.45亿元，净资产1061.16亿元。
As of September 2025, China Changan reported total assets of RMB 285.3 billion and net assets of RMB 106.1 billion.
实现营业收入1437.47亿元，净利润28.35亿元。
Revenue reached RMB 143.7 billion, with net profit of RMB 2.835 billion.
目前，中国长安为长安汽车间接控股股东，合计持股35.07%，本次定增完成后将升至38.95%。
China Changan is currently Changan Auto’s indirect controlling shareholder, with its stake rising from 35.07% to 38.95% after the placement.
此次募集资金中，45亿元将投向新能源车型及数字平台开发，15亿元用于全球研发中心与核心能力建设。
Of the funds raised, RMB 4.5 billion will go toward NEV models and digital platforms, while RMB 1.5 billion will support global R&D and core capabilities.
长安汽车表示，这将重点加强天枢智能座舱与智能驾驶平台研发，夯实未来竞争力。
Changan stated that the investment will strengthen its intelligent cockpit and autonomous driving platforms.
自2017年启动“第三次创业”以来，长安汽车全面向智能低碳科技公司转型。
Since launching its “third venture” in 2017, Changan has been transforming into a smart, low-carbon technology company.
围绕新能源、智能化、全球化三大主线，推进香格里拉、北斗天枢、海纳百川等战略计划。
It has advanced strategies including Shangri-La (electrification), Beidou Tianshu (intelligence), and global expansion.
但所有战略的背后，都离不开持续、长期、重资产的资金投入。
Yet behind every strategy lies the need for sustained, capital-intensive investment.
现实是，新能源市场的高速渗透，也带来了极端内卷与残酷价格战。
In reality, rapid NEV penetration has also triggered severe price wars and market saturation.
长安汽车的盈利能力不可避免受到冲击。
Changan’s profitability has inevitably been impacted.
2023年，公司归母净利润一度突破百亿元，但四年后大幅下滑至73.21亿元，降幅达35.37%。
Net profit attributable to shareholders once exceeded RMB 10 billion in 2023, but fell to RMB 7.321 billion four years later, down 35.37%.
2025年前三季度，在营收同比增长3.58%至1149亿元的情况下，归母净利润却同比下滑14.66%，仅为30.55亿元。
In the first three quarters of 2025, revenue rose 3.58% to RMB 114.9 billion, while net profit fell 14.66% to RMB 3.055 billion.
此时，中国长安全额认购定增股份，既释放信心，也缓解财务压力。
Against this backdrop, China Changan’s full subscription signals confidence and eases financial strain.
从销量看，长安汽车仍保持增长态势。
From a sales perspective, Changan continues to grow.
今年以来累计销量265.82万辆，同比增长9.25%。
Total sales reached 2.658 million units, up 9.25%.
其中新能源汽车销量99.49万辆，同比大增54.66%。
NEV sales hit 994,900 units, surging 54.66% year-on-year.
但新能源业务的“烧钱”属性，在子品牌层面表现得更为明显。
However, the capital-intensive nature of NEVs is more evident at the subsidiary level.
深蓝汽车近期完成增资扩股，合计募资61.22亿元。
Deepal recently completed a capital increase, raising RMB 6.122 billion.
尽管销量增长明显，深蓝仍持续亏损，2024年净亏损15.72亿元。
Despite strong sales growth, Deepal remains loss-making, with a net loss of RMB 1.572 billion in 2024.
阿维塔则肩负着长安高端化的使命，目前正冲击港股IPO。
Avatr, tasked with Changan’s premium ambitions, is pursuing a Hong Kong IPO.
其背后集结了长安、宁德时代与华为三大核心力量。
The brand is backed by Changan, CATL, and Huawei.
但现实同样残酷，2022年至2025年上半年累计亏损已达113亿元。
Yet losses have accumulated to RMB 11.3 billion from 2022 to mid-2025.
当新能源竞争从“拼技术”走向“拼耐力”，资金，正在成为真正的分水岭。
As NEV competition shifts from technology to endurance, capital has become the true dividing line.
谁能熬过这轮资金与周期的双重考验，谁才能留在牌桌上。
Only those who survive both capital pressure and market cycles will remain in the game.
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