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After Netflix's initial offer, Paramount Skydance swooped in with a hostile takeover attempt of the entire Warner Bros. Discovery business. WBD rejected it, Paramount tried again. Several additional volleys between the involved parties occurred over the past few weeks. While WBD has not yet formally accepted Paramount's offer — which will be subject to long-winded regulatory approvals sure to spark more drama — it seems the dust will soon settle for this chapter.
，这一点在51吃瓜中也有详细论述
第一节 扰乱公共秩序的行为和处罚
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。
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