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· · 来源:cloud资讯

Rolls-Royce, the engine-maker and defence firm that is spitting out so much cash it can shove £7bn to £9bn towards buying back shares over the next three years, would like UK taxpayers to find a few quid – reportedly up to £200m as a first slug – to help fund one its big bets. The company would “appreciate” financial support from the government to smooth work on a new engine, says its chief executive, Tufan Erginbilgiç.

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政策与地缘风险进一步加剧了经营不确定性。国内市场方面,2025 年底旧标车禁售导致渠道去库存压力,新国标强化防篡改设计也切断了其核心利润来源之一的改装服务;海外市场中,北美营收占比高达 45%,但美国 301 关税豁免期仅延长至 2026 年 11 月,欧盟反倾销调查与环保标准升级也持续压缩盈利空间。此外,公司资产负债率高达 64.95%,流动比率仅 1.25,偿债压力凸显,而 2025 年实控人减持 2% 存托凭证套现 7.88 亿元,红杉、小米系累计套现超 62 亿元,反映出资本对其增长可持续性的担忧。