出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：雅创电子（维权）分两步收购是否存在互为前提条件？为何标的业绩缩水，相关对价却无差 异，相关定价是否合理？此次收购同时配套募资补流。值得注意的是，公司短期债务高企，账面资金有 限，是否借收购之名行募资补血之实？ 近日，雅创电子发布《发行股份及支付现金购买资产并募集配套资金报告书（草案）》（简称"草案"） 公告。根据草案显示，雅创电子拟通过发行股份及支付现金的方式购买李永红、杨龙飞、王磊、黄琴、 盛夏、张永平持有的欧创芯40.00%的股权，以及海能达科技、海友同创、王利荣持有的怡海能达 45.00%的股权；同时，拟向其他不超过35名特定投资者发行股份募集配套资金。 分两步收购是否互为前提条件？两次交易对价差异不大 本次交易上市公司拟通过发行股份及支付现金方式，购买交易对方合计持有的欧创芯40%股权和怡海能 达45%少数股权。根据立信评估出具的信资评报字（2025）第080089号和信资评报字（2025）第080088 号《资产评估报告》，截至评估基准日，欧创芯的股东全部权益价值为5.18亿元，怡海能达的股东全部 权益价值为2.84亿元。 根据上述评估结果，经 ...

减持计划核心内容 根据公告，宏泰投资与益泰投资此次减持均因部分合伙人个人资金需求，减持股份来源为公司首次公开 发行前股份，减持方式为集中竞价交易，减持期间为自本公告披露之日起十五个交易日后的三个月内， 减持价格将根据市场价格确定。 具体来看，宏泰投资目前持有公司股份154.70万股，计划减持不超过16.20万股，占公司总股本的 0.1733%；益泰投资持有公司股份138.00万股，计划减持不超过33.80万股，占公司总股本的0.3616%。 两股东合计减持数量不超过50.00万股，占公司总股本的0.5350%。（注：公司总股本计算基数为 9346.40万股，即当前总股本9533.79万股剔除回购专用账户中的187.39万股。） 股东持股及承诺履行情况 公告显示，宏泰投资与益泰投资均为公司首次公开发行股票上市前设立的员工持股平台，成立于2017年 7月，二者均为公司控股股东、实际控制人的一致行动人。截至公告披露日，两股东合计持有公司股份 292.70万股，占剔除回购专用账户股份后总股本的3.1317%。 登录新浪财经APP 搜索【信披】查看更多考评等级 浙江泰福泵业股份有限公司（以下简称"泰福泵业"）于2026 ...

Core Insights - The company conducted an investor meeting on January 8, 2026, with participation from four institutions, focusing on core equipment progress, capacity layout, technological advantages, and project advancement [1] Group 1: Equipment and Production Capacity - The company has successfully put into operation 16 imported foaming extrusion machines since 2025, with remaining equipment delayed due to shipping issues [2] - The core equipment for high-speed communication lines is versatile and can be used across different products, allowing for flexible capacity adjustments based on market demand [2] Group 2: Competitive Advantages - The company's competitive edge in high-speed communication lines is driven by three factors: leading technology capabilities, large-scale production ensuring stable delivery, and long-term partnerships with top-tier clients [2] Group 3: Product Development and Market Response - The company has completed the development of a single-channel 448G high-speed communication line sample, which is currently under validation by key clients [2] - The impact of rising copper prices on gross margins is mitigated through a pricing mechanism that adjusts product prices in line with copper price fluctuations [2] Group 4: Expansion Plans - The company plans to establish three new production bases domestically and internationally, focusing on high-speed communication lines and electronic materials, with capacity planning based on market conditions and customer demand [2] - Progress has been made on the company's Hong Kong stock issuance, with the China Securities Regulatory Commission issuing a notice for overseas listing on December 9, 2025 [2]

Core Viewpoint - Wanbang Digital Energy has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, global market expansion, production capacity enhancement, and working capital supplementation. The company has divested its charging operation business, "Xingxing Charging," to focus on its core manufacturing business amid increasing competition in the electric vehicle charging market [1][2][12]. Financial Performance - Wanbang Digital's revenue for 2023, 2024, and the first three quarters of 2025 were CNY 3.474 billion, CNY 4.182 billion, and CNY 3.072 billion, respectively. However, profits showed a decline, with 2024 profits expected to drop by 32% despite a 20.4% revenue increase, indicating a "growth without profit" scenario [3][6]. - The company's gross profit margin decreased from 33.4% in 2023 to 29.2% in 2024, while the net profit margin fell from 14.2% to 8% during the same period [6][7]. Debt and Cash Flow - The debt-to-asset ratio has been rising, reaching nearly 75%, with accounts receivable nearing CNY 3.8 billion. The company's cash and cash equivalents were reported to be less than CNY 800 million, raising concerns about its ability to meet long-term funding needs for R&D and capacity expansion [8][9][10]. - The net cash flow from operating activities is projected to drop significantly from CNY 1.15 billion in 2023 to CNY 272 million in 2024, a decline of approximately 76% [8]. Market Position and Strategy - The domestic charging pile industry is characterized by intense competition and a lack of high concentration. Wanbang Digital's decision to divest its charging operation is seen as a strategy to streamline operations and focus on the more profitable equipment manufacturing segment [2][12]. - The company aims to present a more focused "technology story" to the capital market, which could potentially lead to a higher valuation and open new financing channels to address its current financial challenges [12].

进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为8.37亿元。该股近5个交易日累计 上涨3.33%，主力资金合计净流出2.61亿元。 责任编辑：小浪快报 第1笔成交价格为38.49元，成交104.40万股，成交金额4,018.36万元，溢价率为-0.65%，买方营业部为机 构专用，卖方营业部为国联民生证券股份有限公司无锡金融一街证券营业部。 1月8日，闻泰科技（维权）收涨0.62%，收盘价为38.74元，发生1笔大宗交易，合计成交量104.4万股， 成交金额4018.36万元。 ...

Summary of Key Points Core Viewpoint - Yunlu Co., Ltd. experienced a slight decline of 0.02% on January 8, closing at 102.59 yuan, with significant trading activity in the form of block trades totaling 24.4 million shares and a transaction value of 23.03 million yuan [1][2]. Trading Activity - A total of 9 block trades were recorded, all at a price of 94.40 yuan per share, with a consistent discount of 7.98% from the market price [1][2][3]. - The first four trades involved various institutional buyers, all purchasing shares from Guotai Junan Securities Co., Ltd. at the same price and discount rate [1][2]. - The last five trades continued the trend of 94.40 yuan per share, with multiple institutional buyers involved, indicating a strong interest at this price point [2][3]. Recent Performance - Over the past three months, Yunlu Co., Ltd. has seen a total of 23 block trades, accumulating a transaction value of 82.29 million yuan [3]. - In the last five trading days, the stock has increased by 2.71%, with a net inflow of 5.38 million yuan from major funds [3].

责任编辑：小浪快报 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为4669.75万元。该股近5个交易日累 计下跌1.84%，主力资金合计净流入502.41万元。 1月8日，特宝生物收跌2.65%，收盘价为82.07元，发生1笔大宗交易，合计成交量21.93万股，成交金额 1799.8万元。 第1笔成交价格为82.07元，成交21.93万股，成交金额1,799.80万元，溢价率为0.00%，买方营业部为中 国国际金融股份有限公司北京建国门外大街证券营业部，卖方营业部为广发证券股份有限公司厦门湖滨 南路证券营业部。 ...

1月8日，起帆电缆收涨0.93%，收盘价为19.45元，发生1笔大宗交易，合计成交量58万股，成交金额 1005.72万元。 责任编辑：小浪快报 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为1923.67万元。该股近5个交易日累 计上涨6.34%，主力资金合计净流入2073.69万元。 第1笔成交价格为17.34元，成交58.00万股，成交金额1,005.72万元，溢价率为-10.85%，买方营业部为国 金证券股份有限公司上海奉贤区金碧路证券营业部，卖方营业部为国泰海通证券股份有限公司上海静安 区北京西路证券营业部。 ...

第1笔成交价格为42.80元，成交12.00万股，成交金额513.60万元，溢价率为8.68%，买方营业部为中银 国际证券股份有限公司上海虹口区东长治路证券营业部，卖方营业部为东亚前海证券有限责任公司深圳 福华三路证券营业部。 第2笔成交价格为29.68元，成交9.00万股，成交金额267.12万元，溢价率为-24.63%，买方营业部为东方 证券股份有限公司抚顺裕民路证券营业部，卖方营业部为申万宏源证券有限公司吉林分公司。 1月8日，拉普拉斯收涨6.15%，收盘价为39.38元，发生3笔大宗交易，合计成交量53.25万股，成交金额 1780.47万元。 第3笔成交价格为31.00元，成交32.25万股，成交金额999.75万元，溢价率为-21.28%，买方营业部为中 国中金财富证券有限公司福建分公司，卖方营业部为中国中金财富证券有限公司福建分公司。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为1.05亿元。该股近5个交易日累计 上涨7.54%，主力资金合计净流出8972.2万元。 责任编辑：小浪快报 ...

责任编辑：小浪快报 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为111.82万元。该股近5个交易日累 计下跌2.73%，主力资金合计净流出1779.59万元。 1月8日，*ST大晟收跌0.28%，收盘价为3.56元，发生1笔大宗交易，合计成交量32.04万股，成交金额 111.82万元。 第1笔成交价格为3.49元，成交32.04万股，成交金额111.82万元，溢价率为-1.97%，买方营业部为中信 建投证券股份有限公司北京东三环中路证券营业部，卖方营业部为广发证券股份有限公司深圳高新南一 道证券营业部。 ...