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        "content": "<p data-pid=\"UFg3U7Jr\">岁末年初，当寒冬笼罩中国汽车产业，一则破产审查案件公告，为曾经的“国产高端之光”画上了凄凉的休止符。</p><p data-pid=\"jsMZ9NIP\">这个马年爆的第一颗大雷，背后是烧光的500亿元、总金额超过350亿元的冻结股权，以及难以收拾的一地鸡毛。</p><p class=\"ztext-empty-paragraph\"><br/></p><figure data-size=\"normal\"><img src=\"https://pic2.zhimg.com/v2-f211ff81b1de9227e451f19c75554373_1440w.jpg\" data-caption=\"\" data-size=\"normal\" data-rawwidth=\"1024\" data-rawheight=\"568\" data-original-token=\"v2-ff8b488c98852fe7b385d9551110b0fe\" class=\"origin_image zh-lightbox-thumb\" width=\"1024\" data-original=\"https://pic2.zhimg.com/v2-f211ff81b1de9227e451f19c75554373_r.jpg\"/></figure><p class=\"ztext-empty-paragraph\"><br/></p><p data-pid=\"2ohY0-Lz\"><b>1.千疮百孔的破产审判席</b></p><p data-pid=\"1pn8R1lW\">随着汽车行业从增量市场进入存量博弈时代，整车制造商们的竞争愈发白热化。</p><p data-pid=\"IkqrvOAC\">中国汽车赛道上的淘汰赛加速，又一家自主品牌轰然倒下。</p><p data-pid=\"UeuH4TfV\">近日，观致汽车有限公司新增一则破产审查案件，如同最后一根稻草，压垮了这匹早已不堪重负的骆驼。</p><p data-pid=\"ehe0K_yR\">申请人是深圳欣本供应链有限公司，一位被长期拖欠货款、无奈求助于司法的债权人。江苏省苏州市中级人民法院的案卷，冰冷地记录着一个车企的崩塌。</p><p class=\"ztext-empty-paragraph\"><br/></p><figure data-size=\"normal\"><img src=\"https://pica.zhimg.com/v2-3c80deb38541129eba983e74c06d2370_1440w.jpg\" data-caption=\"\" data-size=\"normal\" data-rawwidth=\"828\" data-rawheight=\"291\" data-original-token=\"v2-8dce3eea3a003d5620ff887edf4b383e\" class=\"origin_image zh-lightbox-thumb\" width=\"828\" data-original=\"https://pica.zhimg.com/v2-3c80deb38541129eba983e74c06d2370_r.jpg\"/></figure><p class=\"ztext-empty-paragraph\"><br/></p><p data-pid=\"tLWyuxK5\">数字无声，却震耳欲聋。</p><p data-pid=\"U2UBjABc\">公开资料显示，截至2025年年底，观致汽车股权冻结信息共有31条，冻结股权总金额超过350亿元；</p><p data-pid=\"GK4JBheo\">失信被执行人信息共有36则，涉案总金额超过1.36亿元；被执行人信息37则，被执行总金额超过7.6亿元……</p><p data-pid=\"cJY9cdtS\">这家历时近20年、耗资500亿打造的“中国宝马”，曾以设计惊艳欧美、斩获无数大奖，如今却躺在破产审查的“审判席”上，等待着命运的终章。</p><p data-pid=\"mUy-BU-C\"><b>2.从高光巅峰至深渊谷底</b></p><p data-pid=\"96lGDAgC\">观致汽车的故事，始于2007年一个绚烂的汽车梦。</p><p data-pid=\"aj7B98FC\">当时，中国汽车“一哥”奇瑞，与以色列量子公司携手，立志打造首个中国高端豪华品牌。</p><p data-pid=\"6j5p_8kT\">含着金汤匙出生的观致，舍得花钱投建国际化研究中心，以及邀请多个国际化汽车人才，堪称当时中国汽车产业的“黄金组合”。</p><p data-pid=\"k81de6-U\">2013年，观致首款车型观致3亮相日内瓦国际车展，不仅在欧洲新车碰撞测试中拿到历史最高分，成为首个获得Euro NCAP五星评级的中国品牌，还斩获了红点设计大奖。</p><p class=\"ztext-empty-paragraph\"><br/></p><figure data-size=\"normal\"><img src=\"https://pic4.zhimg.com/v2-fa18a4ca9c66979979e3f92ce72909c3_1440w.jpg\" data-caption=\"\" data-size=\"normal\" data-rawwidth=\"640\" data-rawheight=\"559\" data-original-token=\"v2-625497e16c3622d017904e33eefb984f\" class=\"origin_image zh-lightbox-thumb\" width=\"640\" data-original=\"https://pic4.zhimg.com/v2-fa18a4ca9c66979979e3f92ce72909c3_r.jpg\"/></figure><p class=\"ztext-empty-paragraph\"><br/></p><p data-pid=\"QWa-Qtg3\">诞生即巅峰，观致汽车一度被誉为“中国宝马”。</p><p data-pid=\"PNzCBUQq\">然而，观致在国外叫好，在国内却不叫座，其高端定位与市场现实严重脱节，定价直逼合资车型却缺乏品牌积淀。</p><p data-pid=\"FgUy0OqT\">2014年至2016年，观致汽车年销量始终徘徊在万辆左右，三年累计亏损高达66亿元。</p><p data-pid=\"hYx-WWmd\">2017年，“资本巨鳄”宝能集团的姚振华，拿出66.3亿元接盘，成为观致的“白衣骑士”。</p><p data-pid=\"ipIIVdl-\">但是，观致并未如期迎来转机，而是经过短暂的回光返照之后，陷入更加绝望的深渊。</p><p data-pid=\"Yl-pcwXo\"><b>3.宝能姚振华的财务泥潭</b></p><p data-pid=\"PUxdz0Yr\">2018年，观致汽车销量冲高至6.3万辆，同比暴涨320%。</p><p data-pid=\"9DuF0zmC\">然而，这种繁荣不是实打实的销量，而被视为“虚假繁荣”。因为观致的销量，主要依靠宝能旗下联动云租车平台的内部采购，类似左手倒右手的操作。</p><p data-pid=\"vX2WYC08\">2019年，观致汽车销量跌至2.27万辆后，2020年再度跌至1.31万辆，2021年跌至5200辆，到2023年全年销量已不足百辆。</p><p data-pid=\"l01scHV0\">一年比一年更艰难，观致汽车在车市处于极度边缘化的地位。</p><p class=\"ztext-empty-paragraph\"><br/></p><figure data-size=\"normal\"><img src=\"https://picx.zhimg.com/v2-4e9c84aec48d1fb0059da09c3fde8b5f_1440w.jpg\" data-caption=\"\" data-size=\"normal\" data-rawwidth=\"600\" data-rawheight=\"400\" data-original-token=\"v2-bdbea7b2a191199d017c7ef96c49a9d8\" class=\"origin_image zh-lightbox-thumb\" width=\"600\" data-original=\"https://picx.zhimg.com/v2-4e9c84aec48d1fb0059da09c3fde8b5f_r.jpg\"/></figure><p class=\"ztext-empty-paragraph\"><br/></p><p data-pid=\"ENMyBppI\">2017年接盘观致之后，姚振华曾明确表示，从2018年开始连续五年，每年向观致汽车投资100亿元用于新车研发。</p><p data-pid=\"vj5oveOf\">2021年，姚振华在座谈会上表示，宝能自2016年进入汽车行业以来，已经投入超过500亿元，致力于打造全球一流新能源汽车企业集团。</p><p data-pid=\"n10tgntp\">然而，超500亿元的投入，到现在变成一地鸡毛。工厂停产、员工讨薪、供应商断供、经销商维权……这些成了宝能观致汽车最近几年的常态。</p><p class=\"ztext-empty-paragraph\"><br/></p><figure data-size=\"normal\"><img src=\"https://pic3.zhimg.com/v2-9c7d3729e97a8fc929117154045558ec_1440w.jpg\" data-caption=\"\" data-size=\"normal\" data-rawwidth=\"595\" data-rawheight=\"381\" data-original-token=\"v2-f1704fb14b1e23ad6b299364d7535072\" class=\"origin_image zh-lightbox-thumb\" width=\"595\" data-original=\"https://pic3.zhimg.com/v2-9c7d3729e97a8fc929117154045558ec_r.jpg\"/></figure><p class=\"ztext-empty-paragraph\"><br/></p><p data-pid=\"sM4VoZzu\">随着国家对房地产和金融行业的监管收紧，宝能集团陷入严重的流动性危机。</p><p data-pid=\"PJ3KYfev\">天眼查显示，宝能集团67次列为被执行人，被执行总金额高达340亿元。宝能自身都可能难保，自然无法继续输血拯救观致汽车。</p><p data-pid=\"43_w3Ggy\">从奇瑞的匠心初孕，到宝能的资本狂飙，观致汽车从理想主义，走向残酷现实。</p><p data-pid=\"0UrZGhEV\">中国车市的淘汰赛，从来都不缺悲情故事。观致汽车曾是探路者，是孤勇者，而今却成了汽车赛道上的失败者。</p>",
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