<p><em>该公司通过出售其亏损的足球俱乐部实现了账面利润，但其现金消耗严重的新能量商用车业务同样面临艰难的局面</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/04041052/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-3-2026_1299_thebambooworks.com_-1024x697.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/04041052/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-3-2026_1299_thebambooworks.com_-1024x697.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>ZO Future 在截至 12 月的财年上半年实现盈利，但这仅得益于出售其负债累累的伯明翰城足球俱乐部所带来的收益</li>
<li>该公司雄心勃勃地转型为新能源车，但由于其近期进入该领域，面临着陡峭的上升挑战</li>
</ul>
<p><strong>ZO Future Group</strong> (2309.HK)，前身为伯明翰城足球俱乐部的所有者，正在遵循中国公司进行海外收购的经典操作手册：接管一个高调的失败资产，积累多年的亏损，然后转向下一个大项目。在 ZO 的案例中，外国资产是一个知名的英国足球俱乐部，而下一个大项目是绿色车辆。但正如一些体育迷所说，你不能仅仅改变游戏规则就指望赢得联赛。</p>
<p>上周五，ZO Future，之前称为伯明翰体育控股，发布了 中期业绩，显示出引人注目的盈利回归，暗示在多年亏损后实现了重大转机。在截至去年 12 月的六个月中，ZO Future 的财年上半年实现净利润 1.798 亿港元（2300 万美元），扭转了去年同期的 1.17 亿港元亏损。</p>
<p>但仔细观察很快就会对转机故事产生怀疑。ZO Future 在财年上半年的利润完全是由于去年 11 月出售其长期亏损的伯明翰城足球俱乐部所致。该公司从出售其 52% 股份中获得的现金总额仅为 500 万英镑（670 万美元）。当 ZO Future 在 2016 年收购该俱乐部的控股权时，该球队在接管下的估值为 1230 万英镑。因此，自那时以来，该球队的价值已经下降，这并不令人惊讶，因为它面临财务困境。</p>
<p>除了收购 ZO Future 在伯明翰城俱乐部的股权外，买方——一家由对冲基金经理 Wagner 于 2008 年在纽约创立的投资公司的子公司，还将偿还球队欠 ZO Future 的 1920 万英镑债务。伯明翰城足球俱乐部的新东家 Shelby Cos. Ltd.，已经在 2023 年购买了 ZO Future 部分股份。</p>
<p>在消除与俱乐部相关的亏损和债务后，ZO Future 从停止该业务中获得了 2.291 亿港元的净利润。ZO Future 的持续运营现在几乎完全由一家新兴的新能源车（NEV）业务组成，在当前财年上半年亏损 4930 万港元，超过去年同期 2040 万港元的亏损。</p>
<p>在六个月期间，该公司持续运营的收入翻了一番，达到了 5660 万港元。但即便如此，这一数字也仅略高于其总计 5200 万港元的管理和销售费用。此外，该公司还因一项权益法投资计入了 1610 万港元的亏损。</p>
<p>ZO Future 向新能源车品牌的转型标志着中国企业海外投资的一个热潮的结束。就在十年前，手握现金并受到政府的鼓励，中国公司开始疯狂收购海外足球俱乐部，估计花费了 23 亿美元，从伯明翰城足球俱乐部到国际米兰再到阿斯顿维拉足球俱乐部。这些收购背后的逻辑往往模糊——既有软实力的投射、个人热情，也有时是方便的资金转移渠道。</p>
<p>然而，结果是可以预见的。这些资产大多数证明是资金黑洞，需要不断的新资金支持，运营成本远远超过它们所产生的微薄收入。ZO Future 与伯明翰城的经历正是这一故事的典型，导致了年度亏损和频繁的资本注入需求。</p>
<h4><strong>对新能源车的重大押注</strong></h4>
<p>ZO Future 现在在新能源车上进行了重大押注——具体来说，是 ZO Motors 品牌下的商用卡车——这至少使其摆脱了乘用车这一高调但极度过热的领域。尽管如此，该公司的新能源车销售并没有令人兴奋，财年上半年仅超过 3000 万港元。该公司的新能源车战略有两个方面。在中国，它希望实现轻资产化。为此，它在 2024 年与潍柴新能源签署了独家制造合作协议，这消除了 ZO Future 建设自己工厂所需的大笔资金支出。</p>
<p>但该公司在海外有自己的制造基地，在加利福尼亚和柬埔寨设有工厂。位于加利福尼亚的工厂，位于丰塔纳市，作为一个本地组装中心，旨在表明其长期承诺，同时也迎合 “购买美国制造” 情绪，并预先帮助其应对当地法规。其柬埔寨工厂可以帮助其在这一新兴市场获得先发优势，同时避免对成品车辆的进口关税，并建立包括充电基础设施在内的本地生态系统。</p>
<p>从表面上看，ZO Future 的新能源车雄心值得称道。随着物流公司和地方政府寻求使其车队脱碳，商用新能源车领域有望增长。而在这一领域寻求细分市场则避免了乘用电动车市场的激烈竞争，无论是在中国还是在国外，传统汽车制造商如 <strong>比亚迪</strong> (1211.HK; 002594.SZ) 和资金充足的初创公司如 <strong>蔚来汽车</strong> (NIO.US; 9866.HK) 都在其中竞争。</p>
<p>ZO Future 的新能源汽车业务需要进行大量投资才能获得 traction。但其资产负债表脆弱，截至 12 月底仅有港币 43.7 万元的现金，仍在与负现金流作斗争。事实上，在其中期报告中，公司承认在其财政年度上半年因运营净现金流出约 2 亿港元而可能面临偿债能力的危险。</p>
<p>&#34;这种情况表明存在重大不确定性，可能对集团持续经营的能力产生重大怀疑，&#34; ZO Future 表示。</p>
<p>目前，来自公司主要股东的财务支持足以为其提供足够的营运资金。该股东集团由一位名为 Vong Pech 的男子领导，他是一位曾名为王东的中国国籍人士，现在是归化的柬埔寨人，拥有公司约 30% 的股份。但这条生命线并不能保证永远存在。</p>
<p>自中期报告发布以来，ZO Future 的股价已下跌约 2%，这表明其头条净利润并未真正让投资者信服。尽管 ZO Future 的收入基数与新能源汽车巨头相比微不足道，但其市销率为 4.2，高于比亚迪的 1.3。</p>
<p>在这一点上，ZO Future 作为新能源汽车制造商是否会比作为足球俱乐部所有者更好，仍然令人怀疑。如果在新能源汽车领域未能取得重大胜利，该公司可能会寻求在最新热门领域寻找其他业务——这在类似的上市中国 “变色龙公司” 的环境中是一种相对常见的做法。但这只会削弱投资者对其实现可持续增长路径能力的信心。</p>
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潍柴动力

<p>大象未来集团在其财年的上半年报告净利润为 1.798 亿港元，主要由于出售了亏损的伯明翰城足球俱乐部。然而，其新能源汽车（NEV）业务仍然面临困难，净亏损为 4930 万港元。该公司计划转向新能源汽车，特别是商用卡车，并与潍柴新能源合作以降低制造成本。尽管持续运营的收入翻了一番，但费用仍然很高，这引发了对其扭转局面的可持续性的担忧</p>

<p><em>The company booked a paper profit by offloading its money-losing soccer club, but its cash-burning new energy commercial vehicle business is in an equally difficult league</em></p>
<div class="lb-trans"><p><em>该公司通过出售其亏损的足球俱乐部实现了账面利润，但其现金消耗严重的新能量商用车业务同样面临艰难的局面</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/04041052/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-3-2026_1299_thebambooworks.com_-1024x697.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/04041052/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-3-2026_1299_thebambooworks.com_-1024x697.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>ZO Future was profitable in the first half of its fiscal year to December, but only thanks to gains from offloading its debt-laden Birmingham City Football Club</li>
<li>The company's ambitious pivot to new energy vehicles also faces a steep uphill climb given its recent arrival to the field</li>
</ul>
<div class="lb-trans"><ul>
<li>ZO Future 在截至 12 月的财年上半年实现盈利，但这仅得益于出售其负债累累的伯明翰城足球俱乐部所带来的收益</li>
<li>该公司雄心勃勃地转型为新能源车，但由于其近期进入该领域，面临着陡峭的上升挑战</li>
</ul>
</div><p><strong>ZO Future Group</strong> (2309.HK), formerly owner of the Birmingham City Football Club, is following a classic playbook by Chinese companies making foreign acquisitions: take over a high-profile dud asset, rack up years of losses and then pivot to the next big thing. In ZO's case, the foreign asset was a prominent British soccer club, and the next big thing is green vehicles. But as some sports fans may say, you can't just change the game and expect to win the league.</p>
<div class="lb-trans"><p><strong>ZO Future Group</strong> (2309.HK)，前身为伯明翰城足球俱乐部的所有者，正在遵循中国公司进行海外收购的经典操作手册：接管一个高调的失败资产，积累多年的亏损，然后转向下一个大项目。在 ZO 的案例中，外国资产是一个知名的英国足球俱乐部，而下一个大项目是绿色车辆。但正如一些体育迷所说，你不能仅仅改变游戏规则就指望赢得联赛。</p>
</div><p>Last Friday, ZO Future, previously known as Birmingham Sports Holdings, released midyear results that featured a headline-grabbing return to profitability that suggested a major turnaround after years of losses. For the six months to last December, the first half of ZO Future's fiscal year, the company scored a net profit of HK$179.8 million ($23 million), reversing a loss of HK$117 million for the same period a year earlier.</p>
<div class="lb-trans"><p>上周五，ZO Future，之前称为伯明翰体育控股，发布了 中期业绩，显示出引人注目的盈利回归，暗示在多年亏损后实现了重大转机。在截至去年 12 月的六个月中，ZO Future 的财年上半年实现净利润 1.798 亿港元（2300 万美元），扭转了去年同期的 1.17 亿港元亏损。</p>
</div><p>But a closer look quickly casts doubt on the turnaround story. ZO Future's profit for its fiscal first half was entirely due to the disposal of its perennially loss-making Birmingham City Football Club last November. The company pocketed gross proceeds of just 5 million pounds ($6.7 million) in cash from the sale of its 52% stake in the team. When ZO Future bought a majority stake of the club in 2016, the team, then under receivership, was worth 12.3 million pounds. So, the team has lost value since then, which isn't surprising given its financial troubles.</p>
<div class="lb-trans"><p>但仔细观察很快就会对转机故事产生怀疑。ZO Future 在财年上半年的利润完全是由于去年 11 月出售其长期亏损的伯明翰城足球俱乐部所致。该公司从出售其 52% 股份中获得的现金总额仅为 500 万英镑（670 万美元）。当 ZO Future 在 2016 年收购该俱乐部的控股权时，该球队在接管下的估值为 1230 万英镑。因此，自那时以来，该球队的价值已经下降，这并不令人惊讶，因为它面临财务困境。</p>
</div><p>In addition to acquiring ZO Future's equity in the Birmingham City club, the buyer, a subsidiary of an investment firm founded by hedge fund manager Wagner in New York in 2008, will also settle 19.2 pounds million of debt owed by the team to ZO Future. The new owner of the Birmingham City Football Club, Shelby Cos. Ltd., already bought part of ZO Future's stake in 2023.</p>
<div class="lb-trans"><p>除了收购 ZO Future 在伯明翰城俱乐部的股权外，买方——一家由对冲基金经理 Wagner 于 2008 年在纽约创立的投资公司的子公司，还将偿还球队欠 ZO Future 的 1920 万英镑债务。伯明翰城足球俱乐部的新东家 Shelby Cos. Ltd.，已经在 2023 年购买了 ZO Future 部分股份。</p>
</div><p>After eliminating losses and debt related to the club, ZO Future booked a HK$229.1 million net profit from the discontinuation of the business. ZO Future's continuing operations, now almost entirely comprised of a fledgling new energy vehicle (NEV) business, made a net loss of HK$49.3 million in the first half of its current fiscal year, more than double the HK$20.4 million it lost a year earlier.</p>
<div class="lb-trans"><p>在消除与俱乐部相关的亏损和债务后，ZO Future 从停止该业务中获得了 2.291 亿港元的净利润。ZO Future 的持续运营现在几乎完全由一家新兴的新能源车（NEV）业务组成，在当前财年上半年亏损 4930 万港元，超过去年同期 2040 万港元的亏损。</p>
</div><p>Revenue from the company's continuing operations during the six-month period did double to HK$56.6 million. But even that was only a tad larger than its administrative and selling expenses totaling HK$52 million. What's more, the company booked a HK$16.1 million loss from an equity-accounted investment.</p>
<div class="lb-trans"><p>在六个月期间，该公司持续运营的收入翻了一番，达到了 5660 万港元。但即便如此，这一数字也仅略高于其总计 5200 万港元的管理和销售费用。此外，该公司还因一项权益法投资计入了 1610 万港元的亏损。</p>
</div><p>ZO Future's transformation into an NEV brand marks a certain denouement of an exuberant chapter in outbound investment by Chinese firms. As recently as a decade ago, flush with cash and cheered on by the government, Chinese companies went on a shopping spree for overseas soccer clubs, spending an estimated $2.3 billion on teams from Birmingham City Football Club to Inter Milan to Aston Villa Football Club. The logic behind the purchases was often murky — a mix of soft power projection, personal passion, and occasionally, a convenient conduit for moving money out of China.</p>
<div class="lb-trans"><p>ZO Future 向新能源车品牌的转型标志着中国企业海外投资的一个热潮的结束。就在十年前，手握现金并受到政府的鼓励，中国公司开始疯狂收购海外足球俱乐部，估计花费了 23 亿美元，从伯明翰城足球俱乐部到国际米兰再到阿斯顿维拉足球俱乐部。这些收购背后的逻辑往往模糊——既有软实力的投射、个人热情，也有时是方便的资金转移渠道。</p>
</div><p>The results, however, were predictable. Most of these assets proved to be money pits that required constant new funding, with operating costs far outstripping the modest revenue they generated. ZO Future's journey with Birmingham City was typical of this story, resulting in annual losses and the need for frequent capital injections.</p>
<div class="lb-trans"><p>然而，结果是可以预见的。这些资产大多数证明是资金黑洞，需要不断的新资金支持，运营成本远远超过它们所产生的微薄收入。ZO Future 与伯明翰城的经历正是这一故事的典型，导致了年度亏损和频繁的资本注入需求。</p>
</div><h4><strong>Big bet on NEVs</strong></h4>
<div class="lb-trans"><h4><strong>对新能源车的重大押注</strong></h4>
</div><p>ZO Future is now betting big on NEVs — specifically, commercial trucks under the ZO Motors brand – which at least takes it out of the higher-profile but extremely overheated sector for passenger vehicles. That said, the company's NEV sales aren't anything to get too excited about, amounting to a little over HK$30 million in its fiscal first half. The company's NEV strategy is twofold. In China, it's looking to go asset-light. To that end, it inked an exclusive manufacturing partnership in 2024 with Weichai New Energy, which eliminates the need for ZO Future to spend the big money necessary to build its own factory.</p>
<div class="lb-trans"><p>ZO Future 现在在新能源车上进行了重大押注——具体来说，是 ZO Motors 品牌下的商用卡车——这至少使其摆脱了乘用车这一高调但极度过热的领域。尽管如此，该公司的新能源车销售并没有令人兴奋，财年上半年仅超过 3000 万港元。该公司的新能源车战略有两个方面。在中国，它希望实现轻资产化。为此，它在 2024 年与潍柴新能源签署了独家制造合作协议，这消除了 ZO Future 建设自己工厂所需的大笔资金支出。</p>
</div><p>But the company has its own manufacturing bases overseas, with plants in California and Cambodia. The U.S. facility, in the city of Fontana, serves as a local assembly hub designed to signal its long-term commitment, while also catering to &#34;buy American&#34; sentiment and pre-emptively helping it to navigate local regulations. Its Cambodia factory can help it gain a first-mover advantage in that emerging market, while allow it to avoid import tariffs on finished vehicles and build a local ecosystem, including charging infrastructure.</p>
<div class="lb-trans"><p>但该公司在海外有自己的制造基地，在加利福尼亚和柬埔寨设有工厂。位于加利福尼亚的工厂，位于丰塔纳市，作为一个本地组装中心，旨在表明其长期承诺，同时也迎合 “购买美国制造” 情绪，并预先帮助其应对当地法规。其柬埔寨工厂可以帮助其在这一新兴市场获得先发优势，同时避免对成品车辆的进口关税，并建立包括充电基础设施在内的本地生态系统。</p>
</div><p>On paper, ZO Future's NEV ambition looks laudable. The commercial NEV segment is poised for growth as logistics companies and local governments seek to decarbonize their fleets. And seeking a niche in that space avoids a passenger electric vehicle market that has become brutally competitive, both in and outside China, crowded with both traditional automakers like <strong>BYD</strong> (1211.HK; 002594.SZ) and well-funded startups like <strong>Nio</strong> (NIO.US; 9866.HK).</p>
<div class="lb-trans"><p>从表面上看，ZO Future 的新能源车雄心值得称道。随着物流公司和地方政府寻求使其车队脱碳，商用新能源车领域有望增长。而在这一领域寻求细分市场则避免了乘用电动车市场的激烈竞争，无论是在中国还是在国外，传统汽车制造商如 <strong>比亚迪</strong> (1211.HK; 002594.SZ) 和资金充足的初创公司如 <strong>蔚来汽车</strong> (NIO.US; 9866.HK) 都在其中竞争。</p>
</div><p>ZO Future's NEV business will need to make significant investment to gain traction. But its balance sheet is fragile, with only HK$43.7 in cash at the end of December, as it continues to grapple with negative cash flows. In fact, in its midyear report, the company admitted that its solvency may be in danger after it was hit by a net cash outflow of about HK$200 million from operations in the first half of its fiscal year.</p>
<div class="lb-trans"><p>ZO Future 的新能源汽车业务需要进行大量投资才能获得 traction。但其资产负债表脆弱，截至 12 月底仅有港币 43.7 万元的现金，仍在与负现金流作斗争。事实上，在其中期报告中，公司承认在其财政年度上半年因运营净现金流出约 2 亿港元而可能面临偿债能力的危险。</p>
</div><p>&#34;This condition indicates the existence of a material uncertainty which may cast significant doubt on the group's ability to continue as a going concern,&#34; ZO Future said.</p>
<div class="lb-trans"><p>&#34;这种情况表明存在重大不确定性，可能对集团持续经营的能力产生重大怀疑，&#34; ZO Future 表示。</p>
</div><p>At the moment, financial support from the company's major shareholders is enough to supply it with sufficient working capital. That shareholder group is led by a man named Vong Pech, a former Chinese national previously named Wang Dong, who is now a naturalized Cambodian and owns about 30% of the company. But there's no guarantee that this lifeline will always be there.</p>
<div class="lb-trans"><p>目前，来自公司主要股东的财务支持足以为其提供足够的营运资金。该股东集团由一位名为 Vong Pech 的男子领导，他是一位曾名为王东的中国国籍人士，现在是归化的柬埔寨人，拥有公司约 30% 的股份。但这条生命线并不能保证永远存在。</p>
</div><p>ZO Future shares have slipped about 2% through Tuesday since the release of its midyear report, which suggests that the headline net profit didn't really fool investors. They trade at a price-to-sales ratio of 4.2, higher than 1.3 for BYD, even though ZO Future's revenue base is tiny compared to the NEV titan.</p>
<div class="lb-trans"><p>自中期报告发布以来，ZO Future 的股价已下跌约 2%，这表明其头条净利润并未真正让投资者信服。尽管 ZO Future 的收入基数与新能源汽车巨头相比微不足道，但其市销率为 4.2，高于比亚迪的 1.3。</p>
</div><p>At this point, whether ZO Future will be any better off as an NEV maker than as a soccer club owner is doubtful. The company may end up looking for another business in the latest hot area if it fails to score a big win in the NEV game – a relatively common approach in a landscape of similar publicly traded Chinese &#34;chameleon companies.&#34; But that would only erode investor confidence in its ability to chart a path to sustainable growth.</p>
<div class="lb-trans"><p>在这一点上，ZO Future 作为新能源汽车制造商是否会比作为足球俱乐部所有者更好，仍然令人怀疑。如果在新能源汽车领域未能取得重大胜利，该公司可能会寻求在最新热门领域寻找其他业务——这在类似的上市中国 “变色龙公司” 的环境中是一种相对常见的做法。但这只会削弱投资者对其实现可持续增长路径能力的信心。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><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编辑。</em></strong></p>
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大象未来集团从伯明翰的失误转向新能源汽车的长远目标