<p><em>中國最早的科技巨頭之一已同意接管日本品牌在北美和歐洲的銷售業務</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>創維將接管松下在北美和歐洲的銷售業務，並最終可能還會接管該品牌在歐洲業務的製造</li>
</ul>
<p><strong>創維集團有限公司</strong> (0751.HK; 000810.SZ)，作為 1990 年代領先的電視製造商，是中國科技領域的先驅，最近變得複雜多變。它是 2000 年在香港上市的首批公司之一，最近宣佈的退市計劃可能會結束這一歷程。</p>
<p>但這並不是它故事的結束。多年來，其創始人、個性鮮明的黃宏生因挪用公款入獄三年，自 2009 年獲釋後創辦了一家電動車（EV）公司。他在一段時間前離開了原創維，將其交給了他的兒子林勁，後者於 2022 年成為董事長。</p>
<p>現在，林勁可能不僅通過私有化計劃，還通過上週透露的另一個計劃，接管日本 <strong>松下</strong> (6752.T) 電視品牌的大部分全球銷售業務，來為公司注入自己的印記。該計劃是在中國競爭對手 <strong>TCL 電子</strong> (1070.HK) 達成類似交易 以接管消費電子巨頭 <strong>索尼</strong> 的電視和家庭音響業務後僅一個月提出的。</p>
<p>主要電視品牌的出售已經進行了一段時間，像美國的 Zenith 在 1995 年被韓國買家收購，TCL 在 2003 年收購了法國的 Thomson 電視品牌。但索尼和松下，以及韓國的 <strong>三星</strong> 和 <strong>LG</strong>，一直是少數幾個堅守的品牌，因為中國品牌已經開始主導市場。</p>
<p>根據創維宣佈的 最新交易，松下將把其在北美和歐洲的電視銷售業務轉讓給創維，具體金額未披露。松下將繼續負責其在日本本土市場的銷售。目前，日本和歐洲市場佔該品牌電視銷售的 80% 至 90%，大致均分。北美市場佔比較小。</p>
<p>松下目前將繼續負責其電視的製造，但根據《日經亞洲》報道，未來也可能將部分製造轉移給創維，用於其在歐洲銷售的電視。</p>
<p>這一舉措可能會推動創維的電視銷售，目前電視銷售在這家香港上市公司的智能家電業務中佔據了超過一半的收入。最近，電視業務對創維的整體收入貢獻不大，2025 年上半年同比增長約 2%，在中國和國際市場之間大致均分。</p>
<p>公司的其他收入來源於多個領域，包括覆蓋寬帶設備的 “智能系統技術” 業務；以及涵蓋家電維護、修理和物流的 “現代服務業務”。但最有前景的其他業務是其新能源部門，幫助企業和居民客户在其場所建立太陽能陣列，在行業內被稱為分佈式電力。這類系統越來越受歡迎，尤其是在政府補貼的幫助下，因為它們允許用户降低電費並將多餘的電力賣回電網。</p>
<h4><strong>私有化與重新上市</strong></h4>
<p>雖然電視業務可能會因松下交易而獲得提升，但如果公司成功實施 1 月份宣佈的私有化計劃，這一提升對持有創維當前香港上市股票的股東可能無關緊要。在該交易中，創維將通過現金和其新能源業務的股份回購所有香港股票。新能源部門隨後將通過一種稱為 “引入上市” 的過程單獨上市，不會籌集任何新資金。</p>
<p>私有化交易將使每位現有股東獲得相當於 10.16 港元的現金和新公司的股份——大約是 1 月份暫停交易前股價 5.18 港元的兩倍。自那時以來，股價有所上漲。但其最新價格約為 7 港元，仍遠低於收購報價，表明市場對私有化成功的懷疑。</p>
<p>在早期的電視製造商中，TCL 顯然是領導者，而創維可能排在第二。TCL 的成功部分歸功於其在大屏幕製造技術上的大量投資，使其更好地控制生產。TCL 目前在同行中擁有最高的毛利率，約為 15.4%，而創維在去年上半年為 12.3%，而較小的 <strong>康佳</strong> (200016.SZ) 僅為 4.5%。</p>
<p>正如我們已經指出的，創維的電視業務增長非常緩慢，甚至沒有增長。這種緩慢拖累了公司的整體收入，2024 年下降了 6%。但公司在去年上半年恢復了強勁增長，收入增長 20%，得益於其新能源部門 53% 的增長，產生了 138 億元人民幣（20 億美元），佔總收入的 38%。鑑於這一強勁增長，創維希望將新能源業務與緩慢增長的電視部門分開，以便進行新的上市也就不足為奇了。</p>
<p>你必須給予林勁應有的認可，他的家族仍然控制着創維 66% 的股份，幾乎在他父親 1988 年首次創辦公司近四十年後，試圖將公司帶入一個新的方向。年邁的黃宏生這些天也並非閒着，2024 年他聲稱自己目前電動車業務的駕駛模型可以幫助降低血壓和提高免疫力，成為了頭條新聞。</p>
<p>關鍵是，創維的電視業務在其前 30 年的成功運行後迅速老化。任何在 2000 年以每股 2.07 港元的 IPO 價格購買股票的人，如果公司的收購要約成功，將會獲得相當可觀的回報，投資額將增加五倍。</p>
<p>如果公司從松下的交易中獲得足夠的推動力，並找到其他方式來複興創維品牌，未來也有可能在香港重新上市其電視業務。但任何這樣的舉動可能至少要幾年後才能實現，而現在更好的選擇可能是創維的新能量部門，如果它成功單獨上市的話。</p>
<p><em>要訂閲 Bamboo Works 每週的免費新聞通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

6752

松下電器

創維集團

<p>創維集團已同意接管松下在北美和歐洲的電視銷售業務，並可能擴展到歐洲的製造。這一舉措是在創維尋求私有化其香港股票並重新上市其新能源部門的背景下進行的。電視業務增長停滯，2025 年上半年同比增長僅為 2%。私有化計劃為股東提供每股 10.16 港元的報價，但由於股票交易價格低於該價值，市場仍持懷疑態度。創維旨在在來自 TCL 等競爭對手日益激烈的競爭中振興其電視業務</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>中國最早的科技巨頭之一已同意接管日本品牌在北美和歐洲的銷售業務</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>創維將接管松下在北美和歐洲的銷售業務，並最終可能還會接管該品牌在歐洲業務的製造</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>創維集團有限公司</strong> (0751.HK; 000810.SZ)，作為 1990 年代領先的電視製造商，是中國科技領域的先驅，最近變得複雜多變。它是 2000 年在香港上市的首批公司之一，最近宣佈的退市計劃可能會結束這一歷程。</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>但這並不是它故事的結束。多年來，其創始人、個性鮮明的黃宏生因挪用公款入獄三年，自 2009 年獲釋後創辦了一家電動車（EV）公司。他在一段時間前離開了原創維，將其交給了他的兒子林勁，後者於 2022 年成為董事長。</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>現在，林勁可能不僅通過私有化計劃，還通過上週透露的另一個計劃，接管日本 <strong>松下</strong> (6752.T) 電視品牌的大部分全球銷售業務，來為公司注入自己的印記。該計劃是在中國競爭對手 <strong>TCL 電子</strong> (1070.HK) 達成類似交易 以接管消費電子巨頭 <strong>索尼</strong> 的電視和家庭音響業務後僅一個月提出的。</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>主要電視品牌的出售已經進行了一段時間，像美國的 Zenith 在 1995 年被韓國買家收購，TCL 在 2003 年收購了法國的 Thomson 電視品牌。但索尼和松下，以及韓國的 <strong>三星</strong> 和 <strong>LG</strong>，一直是少數幾個堅守的品牌，因為中國品牌已經開始主導市場。</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>根據創維宣佈的 最新交易，松下將把其在北美和歐洲的電視銷售業務轉讓給創維，具體金額未披露。松下將繼續負責其在日本本土市場的銷售。目前，日本和歐洲市場佔該品牌電視銷售的 80% 至 90%，大致均分。北美市場佔比較小。</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>松下目前將繼續負責其電視的製造，但根據《日經亞洲》報道，未來也可能將部分製造轉移給創維，用於其在歐洲銷售的電視。</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>這一舉措可能會推動創維的電視銷售，目前電視銷售在這家香港上市公司的智能家電業務中佔據了超過一半的收入。最近，電視業務對創維的整體收入貢獻不大，2025 年上半年同比增長約 2%，在中國和國際市場之間大致均分。</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>公司的其他收入來源於多個領域，包括覆蓋寬帶設備的 “智能系統技術” 業務；以及涵蓋家電維護、修理和物流的 “現代服務業務”。但最有前景的其他業務是其新能源部門，幫助企業和居民客户在其場所建立太陽能陣列，在行業內被稱為分佈式電力。這類系統越來越受歡迎，尤其是在政府補貼的幫助下，因為它們允許用户降低電費並將多餘的電力賣回電網。</p>
</div><h4><strong>Privatization and re-listing</strong></h4>
<div class="lb-trans"><h4><strong>私有化與重新上市</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>雖然電視業務可能會因松下交易而獲得提升，但如果公司成功實施 1 月份宣佈的私有化計劃，這一提升對持有創維當前香港上市股票的股東可能無關緊要。在該交易中，創維將通過現金和其新能源業務的股份回購所有香港股票。新能源部門隨後將通過一種稱為 “引入上市” 的過程單獨上市，不會籌集任何新資金。</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>私有化交易將使每位現有股東獲得相當於 10.16 港元的現金和新公司的股份——大約是 1 月份暫停交易前股價 5.18 港元的兩倍。自那時以來，股價有所上漲。但其最新價格約為 7 港元，仍遠低於收購報價，表明市場對私有化成功的懷疑。</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>在早期的電視製造商中，TCL 顯然是領導者，而創維可能排在第二。TCL 的成功部分歸功於其在大屏幕製造技術上的大量投資，使其更好地控制生產。TCL 目前在同行中擁有最高的毛利率，約為 15.4%，而創維在去年上半年為 12.3%，而較小的 <strong>康佳</strong> (200016.SZ) 僅為 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>正如我們已經指出的，創維的電視業務增長非常緩慢，甚至沒有增長。這種緩慢拖累了公司的整體收入，2024 年下降了 6%。但公司在去年上半年恢復了強勁增長，收入增長 20%，得益於其新能源部門 53% 的增長，產生了 138 億元人民幣（20 億美元），佔總收入的 38%。鑑於這一強勁增長，創維希望將新能源業務與緩慢增長的電視部門分開，以便進行新的上市也就不足為奇了。</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>你必須給予林勁應有的認可，他的家族仍然控制着創維 66% 的股份，幾乎在他父親 1988 年首次創辦公司近四十年後，試圖將公司帶入一個新的方向。年邁的黃宏生這些天也並非閒着，2024 年他聲稱自己目前電動車業務的駕駛模型可以幫助降低血壓和提高免疫力，成為了頭條新聞。</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>關鍵是，創維的電視業務在其前 30 年的成功運行後迅速老化。任何在 2000 年以每股 2.07 港元的 IPO 價格購買股票的人，如果公司的收購要約成功，將會獲得相當可觀的回報，投資額將增加五倍。</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>如果公司從松下的交易中獲得足夠的推動力，並找到其他方式來複興創維品牌，未來也有可能在香港重新上市其電視業務。但任何這樣的舉動可能至少要幾年後才能實現，而現在更好的選擇可能是創維的新能量部門，如果它成功單獨上市的話。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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創維集團通過與松下電器的合作，推動其停滯不前的電視業務