1月27日，安踏体育发布公告，拟以现金支付方式收购德国运动品牌Puma（彪马）所属公司Puma SE的29.06%股权，涉及4301万股普通股，交易对价为每 股35欧元，总额达15.06亿欧元（约合122.78亿元人民币）。交易完成后，安踏将成为彪马的最大股东。消息公布后，安踏体育股价早盘一度涨超3%。截 至1月27日收盘，安踏体育报77.9港元/股，涨2.03%，总市值约2180亿港元。 安踏在公告中表示，本次收购是集团推进"单聚焦、多品牌及全球化"战略的重要举措，有望进一步提升其全球市场地位与品牌知名度，增强国际竞争力。 交易预计于2026年底前完成，仍需相关监管批准与交割条件满足，资金全部来源于安踏内部自有现金储备。 资料显示，彪马约80%营收来自欧洲、美洲及中东等高消费市场。此举被视为安踏打通全球高端市场、拓展国际渠道的关键一步。 近年来，安踏通过持续并购构建品牌矩阵，旗下已拥有FILA、迪桑特、可隆体育等品牌，并通过持有亚玛芬体育股份间接运营始祖鸟、萨洛蒙、威尔胜 等知名户外与运动品牌。2009年，安踏收购FILA中国运营权，奠定多品牌基础，并逐步超越李宁成为国内运动品牌龙头。业内人士指出，安踏此次 ...

据港交所1月26日披露，常州星宇车灯股份有限公司（简称"星宇股份（601799）"）向港交所主板递交上市申请书，华泰国际为其独家保荐人。 据悉，星宇股份成立于1993年，2011年登陆上交所A股市场，主营业务涵盖汽车前部灯具、后部灯具和内外饰车灯的设计、开发、制造及销售，是国内领 先的汽车车灯制造商。公司客户覆盖全球主流车企，既包括大众、宝马、戴姆勒等国际豪华品牌，也涵盖华为鸿蒙智行、理想、蔚来、奇瑞等国内自主品 牌及造车新势力。 根据弗若斯特沙利文的资料，按2024年销售额计，星宇股份在中国和全球车灯市场的整体市场占有率分别为11.0%、4.2%，位列中国第一、全球第七；按 2024年销售额计，公司在中国市场该领域的占有率为22.1%，位列第一。 | | | 截至12月31日止年度 | | | | 截 至9 月 30 日 止 九 個 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣千元 | % | 人民幣千元 | 16 | 人民 ...

Core Viewpoint - Dongyun Co., Ltd. has received regulatory warnings from the Guangdong Securities Regulatory Commission and the Shenzhen Stock Exchange due to violations related to the disclosure of guarantees for loans taken by its wholly-owned subsidiary, leading to significant expected losses in its 2025 financial results [1][3]. Group 1: Regulatory Actions - Dongyun Co., Ltd. was issued a warning letter by the Guangdong Securities Regulatory Commission for failing to timely disclose guarantees related to loans totaling 30 million yuan and 4 million yuan, which were provided by its subsidiary [1]. - The company and its executives, including Chairman Yang Haikun and General Manager Zhang Furu, are held primarily responsible for these violations and have been urged to improve compliance with regulations [1][2]. - The Shenzhen Stock Exchange has also issued a regulatory letter to the company, emphasizing the need for strict adherence to information disclosure obligations [3]. Group 2: Financial Performance - The company expects a net loss attributable to shareholders of between -18 million yuan and -13 million yuan for the fiscal year 2025, compared to a profit of 5.13 million yuan in the previous year [3][4]. - The net profit after excluding non-recurring gains and losses is projected to be between -10 million yuan and -7 million yuan, a significant decline from -567,000 yuan in the same period last year [4]. - The decline in profits is attributed to a substantial decrease in gold mining production and sales, as well as a loss from the sale of 75% of its stake in Beijing Huanglong Jintai Mining Co., Ltd. [4]. Group 3: Management and Governance - The company has committed to addressing the issues raised by the regulatory bodies by enhancing its internal governance and control systems, as well as improving the quality of information disclosure [2]. - Dongyun Co., Ltd. aims to ensure that future disclosures are accurate, complete, and timely to prevent similar violations from occurring again [2]. Group 4: Additional Context - The company has faced negative publicity recently, including the arrest of its actual controller, Yang Tao, for alleged illegal public deposit solicitation [5].

上海丰豫投资低空经济产业投资基金成立于去年。2025年4月，上海丰豫计划以自有资金出资人民币 6500万元（其中计划首期投资金额为1300万元，目前已完成实缴260万元），与深圳市启赋安泰投资管 理有限公司、江苏黄海汇创私募基金管理有限公司等共同投资设立低空经济产业投资基金。 据悉，上海丰豫投资低空经济产业投资基金的初衷是，拓展公司在低空产业制造端的布局，实现从低空 应用端到制造端的延展，同时依托基金管理人的行业经验、管理和资源优势，拓展投资渠道，提升公司 综合竞争能力和抗风险能力。 1月27日，祥源文旅（600576）公告，为进一步聚焦低空文旅垂直业态，公司全资子公司上海丰豫拟从 低空经济产业投资基金退伙。低空经济产业投资基金于2026年1月26日召开全体合伙人会议，一致同意 上海丰豫从合伙企业退伙。低空经济产业投资基金应支付上海丰豫的退伙资产=该合伙人财产份额-应扣 减款项，上海丰豫退伙财产份额价值为257.15万元，全部以现金形式支付。 不过，高增长部分属于外延式并购增长。2024年以来，公司通过并购等行为扩充了并表范围。 "本次交易主要基于公司低空战略规划及投资模式的调整，为进一步聚焦对于低空文旅业态 ...

Core Viewpoint - Anlu Technology, a leading domestic FPGA chip supplier, plans to issue up to 120 million A-shares to raise no more than 1.262 billion yuan for advanced FPGA chip development and upgrades [1][2]. Group 1: Fundraising and Project Details - The company aims to raise funds for two main projects: the development of ultra-large-scale FPGA chips and the upgrade of existing FPGA and FPSoC chips, with total investments of approximately 735.23 million yuan and 588.06 million yuan respectively [2]. - The total amount raised is intended to enhance the company's R&D capabilities and expand product applications, aiming to catch up with international standards and promote long-term development [2][3]. Group 2: Financial Performance - Anlu Technology reported a loss of 30.85 million yuan in its first year post-IPO in 2021, followed by a profit of 59.83 million yuan in 2022, but faced losses again in 2023 and 2024, with net profits of -197 million yuan and -205 million yuan respectively [3][5]. - Revenue has been declining annually, from 1.042 billion yuan in 2022 to 701 million yuan in 2023, and projected at 652 million yuan for 2024, with only 368 million yuan reported in the first three quarters of 2025 [5]. - The company has been experiencing negative cash flow from operating activities, with a net cash flow of -90.88 million yuan as of September 30, 2025, a significant drop of 332.64% year-on-year [5][6]. Group 3: Market Analysis and Risks - Analysts view the fundraising as a "reverse gamble" given the company's ongoing losses and tight cash flow, indicating a strong commitment from management to technological breakthroughs [6]. - As of September 2025, the company reported inventory valued at 513 million yuan and accounts receivable of 135 million yuan, indicating potential risks of depreciation and bad debts [6].

1月26日晚间，有棵树（300209）发布公告称，公司拟对现有名称及证券简称进行变更，变更后公司名称为行云科技股份有限公司，变更后公司简称为行 云科技，证券代码保持不变。 | 变更事项 | 変更前 | 変更后 | | --- | --- | --- | | 公司名称(中文) | 有棵树科技股份有限公司 | 行云科技股份有限公司 | | 公司名称(英文) | Youkeshu Technology Co.,Ltd | Xingyun Technology Co.,Ltd | | 证券简称(中文) | 有棵树 | 行云科技 | | 证券简称(英文) | yks | XYKJ | | 证券代码 | 300209 | | 有棵树表示，本次变更旨在更加全面地体现公司的产业布局和运营情况，准确反映公司未来战略发展方向，产业投资人能够积极履行《重整计划》中相关 承诺，突出核心产业投资人深圳市天行云供应链有限公司的企业品牌。 追溯到2024年12月，法院裁定确认公司重整计划执行完毕并终结公司重整程序。公司第一大股东王维直接持有9.89%公司股份。同时，王维及其一致行动 人深圳市天行云供应链有限公司、长沙云蜀信息科技有限公司及 ...

Core Viewpoint - The recent leadership change at Wandong Medical involves the resignation of Chairman Ma Chibing after only seven months, with Wang Jianguo, an executive from Midea Group, taking over as the new chairman [1][3]. Group 1: Leadership Changes - Ma Chibing submitted his resignation due to personal reasons, stepping down from multiple roles including Chairman and member of various committees [1][2]. - Wang Jianguo, the new chairman, has a long history with Midea Group, having held various senior positions since 1999 [4]. Group 2: Company Performance - Wandong Medical's performance has been declining, with net profits of 183 million yuan in 2021 and 175 million yuan in 2022, indicating a downward trend [4]. - In the first three quarters of 2025, the company reported revenues of 1.189 billion yuan, an increase of 8.73% year-on-year, but faced a net loss of 27.21 million yuan, a decline of 123.51% [4]. Group 3: Profitability Metrics - The company's gross margin has been under pressure, with a gross margin of 32.62% in the first three quarters of 2025, continuing a downward trend from 45.82% in 2021 to 36.55% in 2024 [5][6]. - The gross margin figures for the years 2021 to 2024 were 45.82%, 44.11%, 42.07%, and 36.55%, respectively, showing a consistent decline [5][6].

Core Viewpoint - The article discusses President Trump's announcement regarding increased tariffs on South Korean goods due to the South Korean National Assembly's failure to ratify a previously agreed trade deal with the United States [1]. Group 1: Trade Agreement Details - The trade agreement in question was initially reached between President Trump and South Korean President Moon Jae-in on July 30, 2025, and reaffirmed during Trump's visit to South Korea on October 29, 2025 [1]. - Under the terms of the agreement, South Korea was to provide $350 billion for investment projects controlled by the U.S. and commit to purchasing $100 billion worth of liquefied natural gas or other energy products [1]. Group 2: Tariff Changes - In response to the lack of legislative approval from South Korea, the U.S. will increase tariffs on South Korean automobiles, timber, pharmaceuticals, and other equivalent goods from 15% to 25% [1]. - The increase in tariffs reflects the U.S. government's stance on enforcing trade agreements and the importance of compliance from partner nations [1].

Core Viewpoint - The recent resignations of multiple executives, including Chairman Wu Dinggang, indicate potential instability within Changhong Meiling, as the company faces challenges of revenue growth coupled with declining profits [1][2][11]. Executive Changes - Wu Dinggang submitted his resignation due to personal work adjustments, stepping down from multiple key positions including Chairman and various committee roles [2][5]. - Following Wu's resignation, the board appointed President Tang Youdao as the acting Chairman and legal representative [5]. - Vice President Li Xia also resigned recently, citing personal work adjustments, and will no longer hold any position within the company [7][10]. Financial Performance - For the first three quarters of 2025, Changhong Meiling reported total revenue of 25.393 billion yuan, a year-on-year increase of 11.49%, while net profit attributable to shareholders decreased by 8.20% to 488 million yuan [11]. - The company's net cash flow from operating activities fell significantly by 51.17% to 1.345 billion yuan [11]. - The gross profit margin has been declining, dropping from 19.94% in 2016 to 10.15% in the first three quarters of 2025 [11]. Compensation Details - Wu Dinggang received no salary from the company in 2024, instead obtaining compensation from related parties [4]. - Tang Youdao's salary for 2024 reached 2.14 million yuan, making him the only executive with a salary exceeding 2 million yuan [6]. Historical Context - The company has experienced a series of executive resignations since June 2025, including the resignation of the financial head and a board member due to personal work changes [10].

业绩预亏的风范股份（601700）公告3.8亿元跨界收购，随后，上交所火速下发问询函，要求说明在业绩亏损情况下仍进行跨界收购的主要原因和考虑。 1月26日，风范股份发布公告，公司使用自有及自筹资金3.83亿元收购防爆自动化装备、重载机械装备企业北京炎凌嘉业智能科技股份有限公司（简称"标 的公司"或"炎凌嘉业"）51%的股权。 首先是关于交易目的。 根据公告披露及公开信息，风范股份主营铁塔、光伏生产与销售等，标的公司主营防爆自动化装备、重载机械装备，风范股份与标的公司主营业务存在较 大差异，不属于同行业或上下游，无明显协同效应，且公司无相关行业经验、技术积累。 业绩承诺人承诺在业绩承诺期2026年、2027年、2028年内标的公司每年合并报表归属于母公司所有者的税后净利润分别不低于4000万元、6000万元、8000 万元。 若业绩未达预期，业绩承诺赔偿金额上限是本次收购的交易收购价款总额，即3.83亿元。交易完成后，炎凌嘉业将成为公司的控股子公司，并纳入公司合 并报表范围。 公告发出后，针对此次交易，上交所火速下发问询函。 根据2025年业绩预亏公告，公司预计2025年实现归母净利润为-3.8亿元至-3.2亿 ...