This afternoon, the National Enterprise Bankruptcy Reorganization Case Information Network revealed new developments in the bankruptcy review case of Nezha Auto's parent company, Hozon New Energy Auto Co., Ltd. (Hozon New Energy). The case, numbered (2025) Zhe 04 Bankr 3, was filed by Shanghai Yuxing Advertising Co., Ltd., with the Intermediate People's Court of Jiaxing City, Zhejiang Province, presiding over the proceedings. Zhejiang Zicheng Law Firm has been appointed as the administrator institution. According to reports, Hozon New Energy has been applied for bankruptcy reorganization due to unpaid advertising fees totaling over 5.3 million yuan owed to Shanghai Yuxing Advertising Co., Ltd. The court has accepted the case, drawing attention to Nezha Auto's persistent financial challenges, including declining sales and cumulative losses exceeding 18 billion yuan. Legal experts emphasized that bankruptcy reorganization is designed to aid struggling enterprises in restructuring their debts, adjusting their business models, and averting direct bankruptcy liquidation. The ultimate decision on whether to proceed with this measure rests with the court.