<p><em>該公司通過出售其虧損的足球俱樂部實現了賬面利潤，但其現金消耗嚴重的新能量商用車業務同樣面臨艱難的局面</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>ZO Future 在截至 12 月的財年上半年實現盈利，但這僅得益於出售其負債累累的伯明翰城足球俱樂部所帶來的收益</li>
<li>該公司雄心勃勃地轉型為新能源車，但由於其近期進入該領域，面臨着陡峭的上升挑戰</li>
</ul>
<p><strong>ZO Future Group</strong> (2309.HK)，前身為伯明翰城足球俱樂部的所有者，正在遵循中國公司進行海外收購的經典操作手冊：接管一個高調的失敗資產，積累多年的虧損，然後轉向下一個大項目。在 ZO 的案例中，外國資產是一個知名的英國足球俱樂部，而下一個大項目是綠色車輛。但正如一些體育迷所説，你不能僅僅改變遊戲規則就指望贏得聯賽。</p>
<p>上週五，ZO Future，之前稱為伯明翰體育控股，發佈了 中期業績，顯示出引人注目的盈利迴歸，暗示在多年虧損後實現了重大轉機。在截至去年 12 月的六個月中，ZO Future 的財年上半年實現淨利潤 1.798 億港元（2300 萬美元），扭轉了去年同期的 1.17 億港元虧損。</p>
<p>但仔細觀察很快就會對轉機故事產生懷疑。ZO Future 在財年上半年的利潤完全是由於去年 11 月出售其長期虧損的伯明翰城足球俱樂部所致。該公司從出售其 52% 股份中獲得的現金總額僅為 500 萬英鎊（670 萬美元）。當 ZO Future 在 2016 年收購該俱樂部的控股權時，該球隊在接管下的估值為 1230 萬英鎊。因此，自那時以來，該球隊的價值已經下降，這並不令人驚訝，因為它面臨財務困境。</p>
<p>除了收購 ZO Future 在伯明翰城俱樂部的股權外，買方——一家由對沖基金經理 Wagner 於 2008 年在紐約創立的投資公司的子公司，還將償還球隊欠 ZO Future 的 1920 萬英鎊債務。伯明翰城足球俱樂部的新東家 Shelby Cos. Ltd.，已經在 2023 年購買了 ZO Future 部分股份。</p>
<p>在消除與俱樂部相關的虧損和債務後，ZO Future 從停止該業務中獲得了 2.291 億港元的淨利潤。ZO Future 的持續運營現在幾乎完全由一家新興的新能源車（NEV）業務組成，在當前財年上半年虧損 4930 萬港元，超過去年同期 2040 萬港元的虧損。</p>
<p>在六個月期間，該公司持續運營的收入翻了一番，達到了 5660 萬港元。但即便如此，這一數字也僅略高於其總計 5200 萬港元的管理和銷售費用。此外，該公司還因一項權益法投資計入了 1610 萬港元的虧損。</p>
<p>ZO Future 向新能源車品牌的轉型標誌着中國企業海外投資的一個熱潮的結束。就在十年前，手握現金並受到政府的鼓勵，中國公司開始瘋狂收購海外足球俱樂部，估計花費了 23 億美元，從伯明翰城足球俱樂部到國際米蘭再到阿斯頓維拉足球俱樂部。這些收購背後的邏輯往往模糊——既有軟實力的投射、個人熱情，也有時是方便的資金轉移渠道。</p>
<p>然而，結果是可以預見的。這些資產大多數證明是資金黑洞，需要不斷的新資金支持，運營成本遠遠超過它們所產生的微薄收入。ZO Future 與伯明翰城的經歷正是這一故事的典型，導致了年度虧損和頻繁的資本注入需求。</p>
<h4><strong>對新能源車的重大押注</strong></h4>
<p>ZO Future 現在在新能源車上進行了重大押注——具體來説，是 ZO Motors 品牌下的商用卡車——這至少使其擺脱了乘用車這一高調但極度過熱的領域。儘管如此，該公司的新能源車銷售並沒有令人興奮，財年上半年僅超過 3000 萬港元。該公司的新能源車戰略有兩個方面。在中國，它希望實現輕資產化。為此，它在 2024 年與濰柴新能源簽署了獨家制造合作協議，這消除了 ZO Future 建設自己工廠所需的大筆資金支出。</p>
<p>但該公司在海外有自己的製造基地，在加利福尼亞和柬埔寨設有工廠。位於加利福尼亞的工廠，位於豐塔納市，作為一個本地組裝中心，旨在表明其長期承諾，同時也迎合 “購買美國製造” 情緒，並預先幫助其應對當地法規。其柬埔寨工廠可以幫助其在這一新興市場獲得先發優勢，同時避免對成品車輛的進口關税，並建立包括充電基礎設施在內的本地生態系統。</p>
<p>從表面上看，ZO Future 的新能源車雄心值得稱道。隨着物流公司和地方政府尋求使其車隊脱碳，商用新能源車領域有望增長。而在這一領域尋求細分市場則避免了乘用電動車市場的激烈競爭，無論是在中國還是在國外，傳統汽車製造商如 <strong>比亞迪</strong> (1211.HK; 002594.SZ) 和資金充足的初創公司如 <strong>蔚來汽車</strong> (NIO.US; 9866.HK) 都在其中競爭。</p>
<p>ZO Future 的新能源汽車業務需要進行大量投資才能獲得 traction。但其資產負債表脆弱，截至 12 月底僅有港幣 43.7 萬元的現金，仍在與負現金流作鬥爭。事實上，在其中期報告中，公司承認在其財政年度上半年因運營淨現金流出約 2 億港元而可能面臨償債能力的危險。</p>
<p>&#34;這種情況表明存在重大不確定性，可能對集團持續經營的能力產生重大懷疑，&#34; ZO Future 表示。</p>
<p>目前，來自公司主要股東的財務支持足以為其提供足夠的營運資金。該股東集團由一位名為 Vong Pech 的男子領導，他是一位曾名為王東的中國國籍人士，現在是歸化的柬埔寨人，擁有公司約 30% 的股份。但這條生命線並不能保證永遠存在。</p>
<p>自中期報告發布以來，ZO Future 的股價已下跌約 2%，這表明其頭條淨利潤並未真正讓投資者信服。儘管 ZO Future 的收入基數與新能源汽車巨頭相比微不足道，但其市銷率為 4.2，高於比亞迪的 1.3。</p>
<p>在這一點上，ZO Future 作為新能源汽車製造商是否會比作為足球俱樂部所有者更好，仍然令人懷疑。如果在新能源汽車領域未能取得重大勝利，該公司可能會尋求在最新熱門領域尋找其他業務——這在類似的上市中國 “變色龍公司” 的環境中是一種相對常見的做法。但這隻會削弱投資者對其實現可持續增長路徑能力的信心。</p>
<p><em>要訂閲 Bamboo Works 每週免費通訊，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編輯。</em></strong></p>

平安中證汽車零部件主題ETF

華夏中證港股通汽車產業主題ETF

濰柴動力

<p>大象未來集團在其財年的上半年報告淨利潤為 1.798 億港元，主要由於出售了虧損的伯明翰城足球俱樂部。然而，其新能源汽車（NEV）業務仍然面臨困難，淨虧損為 4930 萬港元。該公司計劃轉向新能源汽車，特別是商用卡車，並與濰柴新能源合作以降低製造成本。儘管持續運營的收入翻了一番，但費用仍然很高，這引發了對其扭轉局面的可持續性的擔憂</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>該公司通過出售其虧損的足球俱樂部實現了賬面利潤，但其現金消耗嚴重的新能量商用車業務同樣面臨艱難的局面</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>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>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 月的財年上半年實現盈利，但這僅得益於出售其負債累累的伯明翰城足球俱樂部所帶來的收益</li>
<li>該公司雄心勃勃地轉型為新能源車，但由於其近期進入該領域，面臨着陡峭的上升挑戰</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)，前身為伯明翰城足球俱樂部的所有者，正在遵循中國公司進行海外收購的經典操作手冊：接管一個高調的失敗資產，積累多年的虧損，然後轉向下一個大項目。在 ZO 的案例中，外國資產是一個知名的英國足球俱樂部，而下一個大項目是綠色車輛。但正如一些體育迷所説，你不能僅僅改變遊戲規則就指望贏得聯賽。</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>上週五，ZO Future，之前稱為伯明翰體育控股，發佈了 中期業績，顯示出引人注目的盈利迴歸，暗示在多年虧損後實現了重大轉機。在截至去年 12 月的六個月中，ZO Future 的財年上半年實現淨利潤 1.798 億港元（2300 萬美元），扭轉了去年同期的 1.17 億港元虧損。</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>但仔細觀察很快就會對轉機故事產生懷疑。ZO Future 在財年上半年的利潤完全是由於去年 11 月出售其長期虧損的伯明翰城足球俱樂部所致。該公司從出售其 52% 股份中獲得的現金總額僅為 500 萬英鎊（670 萬美元）。當 ZO Future 在 2016 年收購該俱樂部的控股權時，該球隊在接管下的估值為 1230 萬英鎊。因此，自那時以來，該球隊的價值已經下降，這並不令人驚訝，因為它面臨財務困境。</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>除了收購 ZO Future 在伯明翰城俱樂部的股權外，買方——一家由對沖基金經理 Wagner 於 2008 年在紐約創立的投資公司的子公司，還將償還球隊欠 ZO Future 的 1920 萬英鎊債務。伯明翰城足球俱樂部的新東家 Shelby Cos. Ltd.，已經在 2023 年購買了 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>在消除與俱樂部相關的虧損和債務後，ZO Future 從停止該業務中獲得了 2.291 億港元的淨利潤。ZO Future 的持續運營現在幾乎完全由一家新興的新能源車（NEV）業務組成，在當前財年上半年虧損 4930 萬港元，超過去年同期 2040 萬港元的虧損。</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>在六個月期間，該公司持續運營的收入翻了一番，達到了 5660 萬港元。但即便如此，這一數字也僅略高於其總計 5200 萬港元的管理和銷售費用。此外，該公司還因一項權益法投資計入了 1610 萬港元的虧損。</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 向新能源車品牌的轉型標誌着中國企業海外投資的一個熱潮的結束。就在十年前，手握現金並受到政府的鼓勵，中國公司開始瘋狂收購海外足球俱樂部，估計花費了 23 億美元，從伯明翰城足球俱樂部到國際米蘭再到阿斯頓維拉足球俱樂部。這些收購背後的邏輯往往模糊——既有軟實力的投射、個人熱情，也有時是方便的資金轉移渠道。</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，結果是可以預見的。這些資產大多數證明是資金黑洞，需要不斷的新資金支持，運營成本遠遠超過它們所產生的微薄收入。ZO Future 與伯明翰城的經歷正是這一故事的典型，導致了年度虧損和頻繁的資本注入需求。</p>
</div><h4><strong>Big bet on NEVs</strong></h4>
<div class="lb-trans"><h4><strong>對新能源車的重大押注</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 現在在新能源車上進行了重大押注——具體來説，是 ZO Motors 品牌下的商用卡車——這至少使其擺脱了乘用車這一高調但極度過熱的領域。儘管如此，該公司的新能源車銷售並沒有令人興奮，財年上半年僅超過 3000 萬港元。該公司的新能源車戰略有兩個方面。在中國，它希望實現輕資產化。為此，它在 2024 年與濰柴新能源簽署了獨家制造合作協議，這消除了 ZO Future 建設自己工廠所需的大筆資金支出。</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>但該公司在海外有自己的製造基地，在加利福尼亞和柬埔寨設有工廠。位於加利福尼亞的工廠，位於豐塔納市，作為一個本地組裝中心，旨在表明其長期承諾，同時也迎合 “購買美國製造” 情緒，並預先幫助其應對當地法規。其柬埔寨工廠可以幫助其在這一新興市場獲得先發優勢，同時避免對成品車輛的進口關税，並建立包括充電基礎設施在內的本地生態系統。</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>從表面上看，ZO Future 的新能源車雄心值得稱道。隨着物流公司和地方政府尋求使其車隊脱碳，商用新能源車領域有望增長。而在這一領域尋求細分市場則避免了乘用電動車市場的激烈競爭，無論是在中國還是在國外，傳統汽車製造商如 <strong>比亞迪</strong> (1211.HK; 002594.SZ) 和資金充足的初創公司如 <strong>蔚來汽車</strong> (NIO.US; 9866.HK) 都在其中競爭。</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 的新能源汽車業務需要進行大量投資才能獲得 traction。但其資產負債表脆弱，截至 12 月底僅有港幣 43.7 萬元的現金，仍在與負現金流作鬥爭。事實上，在其中期報告中，公司承認在其財政年度上半年因運營淨現金流出約 2 億港元而可能面臨償債能力的危險。</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;這種情況表明存在重大不確定性，可能對集團持續經營的能力產生重大懷疑，&#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，來自公司主要股東的財務支持足以為其提供足夠的營運資金。該股東集團由一位名為 Vong Pech 的男子領導，他是一位曾名為王東的中國國籍人士，現在是歸化的柬埔寨人，擁有公司約 30% 的股份。但這條生命線並不能保證永遠存在。</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>自中期報告發布以來，ZO Future 的股價已下跌約 2%，這表明其頭條淨利潤並未真正讓投資者信服。儘管 ZO Future 的收入基數與新能源汽車巨頭相比微不足道，但其市銷率為 4.2，高於比亞迪的 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>在這一點上，ZO Future 作為新能源汽車製造商是否會比作為足球俱樂部所有者更好，仍然令人懷疑。如果在新能源汽車領域未能取得重大勝利，該公司可能會尋求在最新熱門領域尋找其他業務——這在類似的上市中國 “變色龍公司” 的環境中是一種相對常見的做法。但這隻會削弱投資者對其實現可持續增長路徑能力的信心。</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編輯。</em></strong></p>
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大象未來集團從伯明翰的失誤轉向新能源汽車的長遠目標