<p><em>中国最早的科技巨头之一已同意接管日本品牌在北美和欧洲的销售业务</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/02081656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-3-2026_16933_thebambooworks.com_-1024x684.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="684" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/02081656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-3-2026_16933_thebambooworks.com_-1024x684.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>创维将接管松下在北美和欧洲的销售业务，并最终可能还会接管该品牌在欧洲业务的制造</li>
</ul>
<p><strong>创维集团有限公司</strong> (0751.HK; 000810.SZ)，作为 1990 年代领先的电视制造商，是中国科技领域的先驱，最近变得复杂多变。它是 2000 年在香港上市的首批公司之一，最近宣布的退市计划可能会结束这一历程。</p>
<p>但这并不是它故事的结束。多年来，其创始人、个性鲜明的黄宏生因挪用公款入狱三年，自 2009 年获释后创办了一家电动车（EV）公司。他在一段时间前离开了原创维，将其交给了他的儿子林劲，后者于 2022 年成为董事长。</p>
<p>现在，林劲可能不仅通过私有化计划，还通过上周透露的另一个计划，接管日本 <strong>松下</strong> (6752.T) 电视品牌的大部分全球销售业务，来为公司注入自己的印记。该计划是在中国竞争对手 <strong>TCL 电子</strong> (1070.HK) 达成类似交易 以接管消费电子巨头 <strong>索尼</strong> 的电视和家庭音响业务后仅一个月提出的。</p>
<p>主要电视品牌的出售已经进行了一段时间，像美国的 Zenith 在 1995 年被韩国买家收购，TCL 在 2003 年收购了法国的 Thomson 电视品牌。但索尼和松下，以及韩国的 <strong>三星</strong> 和 <strong>LG</strong>，一直是少数几个坚守的品牌，因为中国品牌已经开始主导市场。</p>
<p>根据创维宣布的 最新交易，松下将把其在北美和欧洲的电视销售业务转让给创维，具体金额未披露。松下将继续负责其在日本本土市场的销售。目前，日本和欧洲市场占该品牌电视销售的 80% 至 90%，大致均分。北美市场占比较小。</p>
<p>松下目前将继续负责其电视的制造，但根据《日经亚洲》报道，未来也可能将部分制造转移给创维，用于其在欧洲销售的电视。</p>
<p>这一举措可能会推动创维的电视销售，目前电视销售在这家香港上市公司的智能家电业务中占据了超过一半的收入。最近，电视业务对创维的整体收入贡献不大，2025 年上半年同比增长约 2%，在中国和国际市场之间大致均分。</p>
<p>公司的其他收入来源于多个领域，包括覆盖宽带设备的 “智能系统技术” 业务；以及涵盖家电维护、修理和物流的 “现代服务业务”。但最有前景的其他业务是其新能源部门，帮助企业和居民客户在其场所建立太阳能阵列，在行业内被称为分布式电力。这类系统越来越受欢迎，尤其是在政府补贴的帮助下，因为它们允许用户降低电费并将多余的电力卖回电网。</p>
<h4><strong>私有化与重新上市</strong></h4>
<p>虽然电视业务可能会因松下交易而获得提升，但如果公司成功实施 1 月份宣布的私有化计划，这一提升对持有创维当前香港上市股票的股东可能无关紧要。在该交易中，创维将通过现金和其新能源业务的股份回购所有香港股票。新能源部门随后将通过一种称为 “引入上市” 的过程单独上市，不会筹集任何新资金。</p>
<p>私有化交易将使每位现有股东获得相当于 10.16 港元的现金和新公司的股份——大约是 1 月份暂停交易前股价 5.18 港元的两倍。自那时以来，股价有所上涨。但其最新价格约为 7 港元，仍远低于收购报价，表明市场对私有化成功的怀疑。</p>
<p>在早期的电视制造商中，TCL 显然是领导者，而创维可能排在第二。TCL 的成功部分归功于其在大屏幕制造技术上的大量投资，使其更好地控制生产。TCL 目前在同行中拥有最高的毛利率，约为 15.4%，而创维在去年上半年为 12.3%，而较小的 <strong>康佳</strong> (200016.SZ) 仅为 4.5%。</p>
<p>正如我们已经指出的，创维的电视业务增长非常缓慢，甚至没有增长。这种缓慢拖累了公司的整体收入，2024 年下降了 6%。但公司在去年上半年恢复了强劲增长，收入增长 20%，得益于其新能源部门 53% 的增长，产生了 138 亿元人民币（20 亿美元），占总收入的 38%。鉴于这一强劲增长，创维希望将新能源业务与缓慢增长的电视部门分开，以便进行新的上市也就不足为奇了。</p>
<p>你必须给予林劲应有的认可，他的家族仍然控制着创维 66% 的股份，几乎在他父亲 1988 年首次创办公司近四十年后，试图将公司带入一个新的方向。年迈的黄宏生这些天也并非闲着，2024 年他声称自己目前电动车业务的驾驶模型可以帮助降低血压和提高免疫力，成为了头条新闻。</p>
<p>关键是，创维的电视业务在其前 30 年的成功运行后迅速老化。任何在 2000 年以每股 2.07 港元的 IPO 价格购买股票的人，如果公司的收购要约成功，将会获得相当可观的回报，投资额将增加五倍。</p>
<p>如果公司从松下的交易中获得足够的推动力，并找到其他方式来复兴创维品牌，未来也有可能在香港重新上市其电视业务。但任何这样的举动可能至少要几年后才能实现，而现在更好的选择可能是创维的新能量部门，如果它成功单独上市的话。</p>
<p><em>要订阅 Bamboo Works 每周的免费新闻通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

6752

松下电器

创维集团

<p>创维集团已同意接管松下在北美和欧洲的电视销售业务，并可能扩展到欧洲的制造。这一举措是在创维寻求私有化其香港股票并重新上市其新能源部门的背景下进行的。电视业务增长停滞，2025 年上半年同比增长仅为 2%。私有化计划为股东提供每股 10.16 港元的报价，但由于股票交易价格低于该价值，市场仍持怀疑态度。创维旨在在来自 TCL 等竞争对手日益激烈的竞争中振兴其电视业务</p>

<p><em>One of China's earliest tech giants has agreed to take over the North America and European sales operations for the Japanese brand</em></p>
<div class="lb-trans"><p><em>中国最早的科技巨头之一已同意接管日本品牌在北美和欧洲的销售业务</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/02081656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-3-2026_16933_thebambooworks.com_-1024x684.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/02081656/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_2-3-2026_16933_thebambooworks.com_-1024x684.jpeg"/></p>
<p><em>Image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Skyworth will take over Panasonic's North American and European sales operations, and could eventually also take over manufacturing for the brand's European business</li>
<li>The company is trying to privatize its Hong Kong shares, and would re-list its fast-growing new energy unit that helps homes and businesses set up solar arrays on their premises</li>
</ul>
<div class="lb-trans"><ul>
<li>创维将接管松下在北美和欧洲的销售业务，并最终可能还会接管该品牌在欧洲业务的制造</li>
</ul>
</div><p><strong>Skyworth Group Ltd.</strong> (0751.HK; 000810.SZ), a pioneer on China's tech scene as a leading TV maker in the 1990s, has become a company with many moving pieces lately. It was one of the first from its class when it listed in Hong Kong in 2000, and looks set to end that run with a de-listing plan announced last month.</p>
<div class="lb-trans"><p><strong>创维集团有限公司</strong> (0751.HK; 000810.SZ)，作为 1990 年代领先的电视制造商，是中国科技领域的先驱，最近变得复杂多变。它是 2000 年在香港上市的首批公司之一，最近宣布的退市计划可能会结束这一历程。</p>
</div><p>But that's hardly the end of its story. Over the years its founder, the colorful Huang Hongsheng, found himself in jail for three years for embezzlement, and has launched an electric vehicle (EV) company since his release in 2009. He left the original Skyworth some time back, and handed it over to his son, Lin Jin, who became chairman in 2022.</p>
<div class="lb-trans"><p>但这并不是它故事的结束。多年来，其创始人、个性鲜明的黄宏生因挪用公款入狱三年，自 2009 年获释后创办了一家电动车（EV）公司。他在一段时间前离开了原创维，将其交给了他的儿子林劲，后者于 2022 年成为董事长。</p>
</div><p>Now, Lin may be putting his own stamp on the company with not only the privatization plan, but also another plan revealed last week to take over a big chunk of the global sales business for Japan's <strong>Panasonic</strong> (6752.T) TV brand. The plan comes just a month after Chinese rival <strong>TCL Electronics</strong> (1070.HK) did a similar deal to take over the TV and home audio business of consumer electronics giant <strong>Sony</strong> through the establishment of a joint venture.</p>
<div class="lb-trans"><p>现在，林劲可能不仅通过私有化计划，还通过上周透露的另一个计划，接管日本 <strong>松下</strong> (6752.T) 电视品牌的大部分全球销售业务，来为公司注入自己的印记。该计划是在中国竞争对手 <strong>TCL 电子</strong> (1070.HK) 达成类似交易 以接管消费电子巨头 <strong>索尼</strong> 的电视和家庭音响业务后仅一个月提出的。</p>
</div><p>The sale of major TV brands has been going on for quite some time now, with names like U.S.-based Zenith sold to a Korean buyer in 1995, and TCL buying France's Thomson TV brand in 2003. But Sony and Panasonic, along with South Korea's <strong>Samsung</strong> and <strong>LG</strong>, have been some of the few holdouts as Chinese brands have come to dominate the market.</p>
<div class="lb-trans"><p>主要电视品牌的出售已经进行了一段时间，像美国的 Zenith 在 1995 年被韩国买家收购，TCL 在 2003 年收购了法国的 Thomson 电视品牌。但索尼和松下，以及韩国的 <strong>三星</strong> 和 <strong>LG</strong>，一直是少数几个坚守的品牌，因为中国品牌已经开始主导市场。</p>
</div><p>Under the latest deal announced by Skyworth, Panasonic will transfer its TV sales operation for North America and Europe to Skyworth for an undisclosed sum. Panasonic will continue to oversee sales in its home Japan market. The Japan and European markets currently account for 80% to 90% of the brand's TV sales, split roughly evenly between the two. North America accounts for a relatively small portion.</p>
<div class="lb-trans"><p>根据创维宣布的 最新交易，松下将把其在北美和欧洲的电视销售业务转让给创维，具体金额未披露。松下将继续负责其在日本本土市场的销售。目前，日本和欧洲市场占该品牌电视销售的 80% 至 90%，大致均分。北美市场占比较小。</p>
</div><p>Panasonic will continue to oversee manufacturing for its TVs for now, but also appears likely to transfer a portion of that to Skyworth for its TVs sold in Europe in the future, according to Nikkei Asia.</p>
<div class="lb-trans"><p>松下目前将继续负责其电视的制造，但根据《日经亚洲》报道，未来也可能将部分制造转移给创维，用于其在欧洲销售的电视。</p>
</div><p>The move could provide a boost for Skyworth's TV sales, which currently account for more than half of the Hong Kong-listed company's revenue under its smart household appliances segment. The TV business hasn't been providing much lift to Skyworth's top line lately, growing by around 2% year-on-year in the first half of 2025, split roughly evenly between China and international markets.</p>
<div class="lb-trans"><p>这一举措可能会推动创维的电视销售，目前电视销售在这家香港上市公司的智能家电业务中占据了超过一半的收入。最近，电视业务对创维的整体收入贡献不大，2025 年上半年同比增长约 2%，在中国和国际市场之间大致均分。</p>
</div><p>The company's other revenue comes from several sources, including a &#34;smart systems technology&#34; business that covers broadband equipment; and a &#34;modern services business&#34; that covers maintenance, repairs and logistics for home appliances. But the most promising of its other units is its new energy division, which helps enterprise and residential customers set up solar arrays on their premises, known in the industry as distributed power. Such systems are growing in popularity, especially with help from government subsidies, as they allow users to lower their electricity costs and sell excess power they generate back to the grid.</p>
<div class="lb-trans"><p>公司的其他收入来源于多个领域，包括覆盖宽带设备的 “智能系统技术” 业务；以及涵盖家电维护、修理和物流的 “现代服务业务”。但最有前景的其他业务是其新能源部门，帮助企业和居民客户在其场所建立太阳能阵列，在行业内被称为分布式电力。这类系统越来越受欢迎，尤其是在政府补贴的帮助下，因为它们允许用户降低电费并将多余的电力卖回电网。</p>
</div><h4><strong>Privatization and re-listing</strong></h4>
<div class="lb-trans"><h4><strong>私有化与重新上市</strong></h4>
</div><p>While the TV business could get a lift from the Panasonic deal, that boost could be irrelevant to holders of Skyworth's current Hong Kong-listed shares if the company succeeds in a privatization bid announced in January. Under that deal, Skyworth would buy back all of its Hong Kong stock through a combination of cash and shares in its new energy business. The new energy unit would then be separately listed through a process called &#34;listing by introduction&#34; that doesn't raise any new cash.</p>
<div class="lb-trans"><p>虽然电视业务可能会因松下交易而获得提升，但如果公司成功实施 1 月份宣布的私有化计划，这一提升对持有创维当前香港上市股票的股东可能无关紧要。在该交易中，创维将通过现金和其新能源业务的股份回购所有香港股票。新能源部门随后将通过一种称为 “引入上市” 的过程单独上市，不会筹集任何新资金。</p>
</div><p>The privatization deal would see each current shareholder receive the equivalent of HK$10.16 in cash and shares of the new company – roughly double the HK$5.18 price where the stock was trading before a suspension pending the January announcement. The stock has rallied somewhat since then. But its latest price of around HK$7 is still well below the buyout offer value, indicating there's quite a bit of skepticism that the privatization will succeed.</p>
<div class="lb-trans"><p>私有化交易将使每位现有股东获得相当于 10.16 港元的现金和新公司的股份——大约是 1 月份暂停交易前股价 5.18 港元的两倍。自那时以来，股价有所上涨。但其最新价格约为 7 港元，仍远低于收购报价，表明市场对私有化成功的怀疑。</p>
</div><p>Among the early field of TV makers that were arguably China's earliest tech leaders, TCL is the clear leader, and Skyworth may come second. TCL has succeeded partly by investing heavily in big-screen manufacturing technology, giving it better control of its production. TCL currently boasts the highest gross margin among its peers, at about 15.4%, compared with 12.3% for Skyworth in the first half of last year and just 4.5% for the smaller <strong>Konka</strong> (200016.SZ).</p>
<div class="lb-trans"><p>在早期的电视制造商中，TCL 显然是领导者，而创维可能排在第二。TCL 的成功部分归功于其在大屏幕制造技术上的大量投资，使其更好地控制生产。TCL 目前在同行中拥有最高的毛利率，约为 15.4%，而创维在去年上半年为 12.3%，而较小的 <strong>康佳</strong> (200016.SZ) 仅为 4.5%。</p>
</div><p>As we've already pointed out, Skyworth's TV business is growing very slowly, if at all. That sluggishness has dragged down the company's overall revenue, which fell 6% in 2024. But the company returned to strong growth in the first half of last year, as its revenue rose 20% thanks to 53% growth for its new energy unit that generated 13.8 billion yuan ($2 billion), making up 38% of total revenue. Given that strong growth, it's no surprise Skyworth wants to separate the new energy business from the slow-growth TV segment for its own new listing.</p>
<div class="lb-trans"><p>正如我们已经指出的，创维的电视业务增长非常缓慢，甚至没有增长。这种缓慢拖累了公司的整体收入，2024 年下降了 6%。但公司在去年上半年恢复了强劲增长，收入增长 20%，得益于其新能源部门 53% 的增长，产生了 138 亿元人民币（20 亿美元），占总收入的 38%。鉴于这一强劲增长，创维希望将新能源业务与缓慢增长的电视部门分开，以便进行新的上市也就不足为奇了。</p>
</div><p>You have to credit Lin Jin, whose family still controls 66% of Skyworth's shares, with trying to take the company in a new direction nearly four decades after his father first set up the firm in 1988. The aging Huang Hongsheng hasn't exactly been sitting idle these days either, making headlines in 2024 after claiming that driving models from his current EV venture could help lower blood pressure and improve immunity.</p>
<div class="lb-trans"><p>你必须给予林劲应有的认可，他的家族仍然控制着创维 66% 的股份，几乎在他父亲 1988 年首次创办公司近四十年后，试图将公司带入一个新的方向。年迈的黄宏生这些天也并非闲着，2024 年他声称自己目前电动车业务的驾驶模型可以帮助降低血压和提高免疫力，成为了头条新闻。</p>
</div><p>The bottom line is that Skyworth's TV business is rapidly aging after its successful run in its first 30 years. Anyone who purchased the shares for the HK$2.07 IPO price in 2000 listing would be making a decent return, increasing their investment by a factor of five if the company's buyout offer succeeds.</p>
<div class="lb-trans"><p>关键是，创维的电视业务在其前 30 年的成功运行后迅速老化。任何在 2000 年以每股 2.07 港元的 IPO 价格购买股票的人，如果公司的收购要约成功，将会获得相当可观的回报，投资额将增加五倍。</p>
</div><p>It's also possible the company could later re-list its TV business in Hong Kong if it gets a big enough boost from the Panasonic deal and finds other ways to revive the Skyworth brand. But any such move would probably be at least several years away, and a better bet for now could be Skyworth's new energy arm if it succeeds in separately listing that unit.</p>
<div class="lb-trans"><p>如果公司从松下的交易中获得足够的推动力，并找到其他方式来复兴创维品牌，未来也有可能在香港重新上市其电视业务。但任何这样的举动可能至少要几年后才能实现，而现在更好的选择可能是创维的新能量部门，如果它成功单独上市的话。</p>
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创维集团通过与松下电器的合作，推动其停滞不前的电视业务