3月28日，概伦电子披露公告，拟通过发行股份及支付现金的方式购买成都锐成芯微科技股份有限公司 （简称"锐成芯微"）的控股权。 公告显示，初步确定的交易方包含锐成芯微的实控人向建军、成都芯科汇企业管理中心（有限合伙）、 成都芯丰源企业管理中心（有限合伙）、海南芯晟企业管理合伙企业（有限合伙）、叶飞、朱鹏辉、沈 莉、天津盛芯汇企业管理中心（有限合伙），持有锐成芯微的股份有半数以上。 对此，概伦电子解释称：因参与认购思瑞浦微电子科技（苏州）股份有限公司向特定对象发行的股票， 导致报告期内公司发生大额公允价值变动损失。 据了解，概伦电子的资本运作一直较为频繁。在其上市前就曾并购过4家EDA企业，分别是博达微、 Entasys、芯智联、Magwel，并且还投资过东方晶源、泛利科技、上海思尔芯等多家公司。实际上，对 于EDA企业而言，这样的资本运作已是常态。EDA三巨头Synopsys、Cadence、西门子，便是通过持续 的并购扩张，才拥有现在的行业地位。 根据IPnest 2023年报告，锐成芯微的模拟及数模混合IP排名全球第二、中国第一，无线射频通信IP和嵌 入式存储IP分别排名中国第一和中国大陆第一。 业绩方面， ...

3月26日，扬杰科技发布公告称，拟以发行股份和支付现金的方式收购东莞市贝特电子科技股份有限公 司（简称"贝特电子"）100%股份。 27日复牌后，扬杰科技股价跌超7%，收盘报46.25元/股，市值为251.3亿元。 根据预案，扬杰科技本次发行股份的价格为36.25元/股，暂未表明具体发行数量。股份发行后，扬杰科 技的控股股东、实控人不会发生变化，仍为扬杰投资和梁勤。 值得一提的是，此次标的贝特电子曾冲刺创业板IPO未果。2023年6月，贝特电子创业板IPO获得受 理，当时计划首发募资5.5亿元，估值约11.87亿元。然而在发出第二轮问询后，贝特电子于2024年8月撤 回了上市申请。 资料显示，扬杰科技与贝特电子同属电子元器件行业，但两者细分领域有所不同。贝特电子以电力电子 保护元件产品为主，客户包含汽车电子行业、光伏行业、储能行业等行业的下游领域。 目前贝特电子无控股股东，股东韩露、刘汉浩、易鹏举、 黄卫平及卢志明签署了《一致行动协议》， 合计持有贝特电子39.35%股份，是贝特电子的实控人。 据了解，电力电子保护元件是用于保护电力电子设备免受过流、 过压、过温等异常情况损害的一类电 子元器件。随着新能源汽车 ...

Core Viewpoint - The company reported a resilient performance in its 2024 annual report despite a decline in revenue and net profit, showcasing strong operational capabilities and strategic foresight in a challenging market environment [1][2][10]. Financial Performance - In 2024, the company achieved operating revenue of 59.561 billion yuan, a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 4.989 billion yuan, down 1.26% year-on-year [2][4]. - The company's cash flow from operating activities reached 8.416 billion yuan, a significant increase of 148.42% compared to the previous year, indicating improved profitability and cash return [4][6]. - The profit margin per ton of meat products reached a record high of 4,700 yuan in 2024 [8]. Business Segments - The slaughtering and meat processing sectors remain the company's two main pillars, with meat products generating 24.788 billion yuan in revenue (41.62% of total revenue) and the slaughtering sector contributing 30.334 billion yuan (50.93% of total revenue) [4][6]. - The gross margin for the meat products segment increased by 4.01% to 35.67%, with operating profit rising by 6.8% to 6.65 billion yuan, marking five consecutive years of growth [4][5]. Strategic Initiatives - The company has effectively implemented its "two adjustments and one control" strategy, focusing on adjusting product structure, pricing, and cost control, which has enhanced its resilience against market fluctuations [5][10]. - The company has diversified its product offerings, including new products that cater to evolving consumer preferences, and invested 203 million yuan in research and development, a 1.79% increase year-on-year [5][6]. Market Position and Future Outlook - The company has expanded its distribution network, increasing the number of distributors by 19.83% to 21,282, which supports sales growth [6][10]. - Looking ahead to 2025, the company anticipates continued low raw material costs for meat products and plans to increase market investment and introduce more cost-effective products, although it expects a slight decrease in profit per ton compared to 2024 [10].

而中国科技资产大爆发或是导致张一鸣身价上涨的主要原因。据《The Information》报道，2024年上半 年，字节跳动总收入增长35%至730亿美元。其中，国际业务收入增长超60%达170亿美元，占总收入的 23%左右，2023年同期仅为19%左右。 国内市场上，字节跳动的总收入虽增幅放缓，利润率也有所下降，低于一年前的30%左右。但得益于其 AI业务出色、核心业务强劲，字节跳动的估值仍在上涨。 截至2025年，抖音的日活跃用户超过6亿，TikTok的全球月活跃用户数突破15亿，成为字节跳动营收的 主要动力。以人工智能为代表的豆包APP，截止2024年11月累计用户规模已成功超越1.6亿，每日平均 新增用户下载量稳定维持在80万，成为全球排名第二，国内排名第一的AI app。 随后，胡润研究院也发布了《2025胡润全球富豪榜》。截止2025年1月15日，张一鸣的财富为4350亿 元，成为中国首富。事实上，在2024年10月发布的《2024胡润百富榜》中，张一鸣就已登顶中国首富宝 座。彼时，其以3500亿元的财富超越了钟睒睒。 据了解，张一鸣曾先后就职于酷讯、微软、九九房等企业。2012年创立字节跳动，又 ...

Core Viewpoint - New Oriental Holdings plans to privatize New Oriental Energy through its wholly-owned subsidiary, New Energy Hong Kong, offering a combination of share exchange and cash payment to shareholders [1][2] Group 1: Transaction Details - The proposed transaction involves a total of 743 million shares, with shareholders receiving 2.9427 new H-shares and HKD 24.50 in cash per share [1] - The estimated total amount involved in the transaction is approximately HKD 595.19 billion, assuming all stock options are not exercised [1] - If all stock options are exercised, the total amount involved would be approximately HKD 599.24 billion [2] Group 2: Share Structure and Control - Post-transaction, New Oriental Holdings will issue up to 2.188 billion H-shares, increasing total shares from 3.097 billion to 5.285 billion, representing 41.58% of the total post-transaction share capital [2] - Wang Yushuo and his concerted parties will hold 2.243 billion shares, reducing their ownership from 72.44% to 42.32%, while still remaining the controlling party [2] Group 3: Financial Performance - New Oriental Holdings reported a revenue of HKD 135.84 billion for 2024, a decrease of 5.5% year-on-year, with a net profit of HKD 4.49 billion, down 36.6% [2] - New Oriental Energy's revenue for 2024 was HKD 109.85 billion, with a net profit of HKD 5.99 billion; post-transaction, New Oriental Holdings' net profit could increase to HKD 8.14 billion [3] - The transaction will be financed entirely through bank loans, leading to an expected increase in the debt-to-asset ratio to 67% [3]

分品类看，传统手办收入为69.4亿元，同比增长44.7%，占总营收的比重降至53.2%；毛绒玩具成为泡泡 玛特的年度爆品，收入暴增1289%至28.3亿元，占总营收比重为21.7%；MEGA营收16.8亿元，同比增长 146.1%；衍生品及其他营收15.9亿元，同比增长156.2%。 当日下午的业绩会上，王宁还透露了2025年的业绩预测：泡泡玛特有信心在2025年实现营收200亿元， 同比增长50%；海外业务突破100亿元，实现超100%的同比增长；未来希望逐步实现集团从百亿营收到 千亿营收迈进。 同时，泡泡玛特2024年的毛利也创新高。毛利由2023年的38.64亿元升至2024年的87.07亿元，同比增长 125.4%；毛利率升至66.8%，2023年的毛利率为61.3%。 泡泡玛特业绩表现如此强劲的背后离不开海外业务的爆发。2024年泡泡玛特在中国内地市场营收为79.7 亿元，同比增长52.3%。而在港澳台及海外市场营收达50.7亿元，同比增长375.2%，占总营收比重已接 近四成。 其中，东南亚市场表现最为突出，营收达到24亿元，同比增长619.1%；北美市场营收7.2亿元，占海外 营收的14.3%， ...

Group 1 - The core point of the article is that CATL has received approval for its Hong Kong listing, planning to issue up to 220 million shares and potentially raise at least $5 billion [1][2] - The approval from the China Securities Regulatory Commission (CSRC) is part of a broader policy initiative to support leading domestic companies in listing abroad, which provides significant policy backing for CATL's move [1] - The funds raised from the listing will primarily be used for overseas capacity expansion, international business development, and supplementing working capital [1] Group 2 - CATL has established six R&D centers and thirteen battery manufacturing bases globally, with plans for a production line in Hungary to commence in the second half of 2025 [2] - The company is increasing its R&D investment, with expenses projected to reach 18.6 billion yuan in 2024, and has launched innovative products that are expected to increase their market share significantly by 2025 [2] - In 2024, CATL reported a revenue of 362.01 billion yuan, a year-on-year decrease of 9.7%, while net profit attributable to shareholders rose by 15.01% to 50.75 billion yuan [2] - CATL maintains a leading market share in both power batteries and energy storage batteries, with respective shares of 37.9% and 36.5% in 2024 [2]

再看其分红方案：拟向全体股东每10股派发现金红利20元（含税），截至2024年12月31日，招商银行普 通股总股本252.20亿股，合计派发约504.40亿元，现金分红比例仅为35.32%。不过，招商银行还计划在 2025年进行中期分红。 或受上述消息影响，26日开盘后，招商银行A股、H股持续下挫，收盘跌幅均超5%。其中，招商银行A 股创下2024年10月以来最大单日跌幅。招商银行A股最新股息率为4.64%，远低于四大行平均5%的水 平。 招商银行营收下降或与其净利息和手续费的收入下滑有关。具体来看，2024年，招商银行净利息收入为 2112.77亿元，同比减少1.58%；净利息收益率为1.98%，同比下降0.17%。招商银行还在财报中指出， 2025年净利息收益率将继续承压。 此外，招商银行核心业务的零售金融板块的手续费及佣金收入同样出现下滑。其中，零售银行卡手续费 收入166.34亿元，同比下降14.23%。2024年，该板块实现营收为1924.26亿元，同比增长1.22%，占该行 总营收的63.03%，税前利润为879.9亿元，同比下降9.56%，占税前总利润的50.74%。 业绩不及预期，招商银行A、 ...

或受此影响，3月26日开盘，恒瑞医药股价小幅上涨，随后稍有回落，截至发稿涨超3%，总市值为2953 亿元。 恒瑞医药方面表示，借助默沙东在心血管领域的领先地位（其抗血小板药物氯吡格雷年销售额超50亿美 元）及覆盖120国的销售网络，可加速实现创新价值转化，同时还能规避海外高昂的研发投入和法规风 险。 实际上，恒瑞医药一直在通过海外授权，来完成其出海战略。粗略统计，恒瑞医药已有13项创新药实现 海外授权。值得一提的是，2024年5月，恒瑞医药将具有自主知识产权的GLP-1类创新药HRS-7535、 HRS9531、HRS-4729许可给美国Kailera公司。彼时，首付款加里程碑付款累计高达约60亿美元，并且 还取得美国Kailera公司19.9%的股权。 加速出海的背后，是恒瑞医药在研发方面的大力投入。2024年前三季度业绩报告显示，其研发费用达 45.49亿元，同比增长22.1%。目前，恒瑞医药已在全球布局 14 个研发中心，组建了超 5500 人的全球研 发团队；在中国获批上市的有19款新分子实体药物（1类创新药）和4款其他创新药（2类新药）。 加速出海，恒瑞医药与默沙东签下19.7亿美元大单 3月25日 ...

Core Viewpoint - Neta Auto has reached a debt-to-equity conversion agreement totaling over 2 billion yuan with 134 core suppliers, including major partners like CATL and Guoxuan High-Tech, amid financial struggles and operational challenges [1][2]. Group 1: Debt-to-Equity Conversion - Neta Auto announced a debt-to-equity conversion plan involving over 2 billion yuan, with 70% of the debt converted into equity at the parent company level and 30% to be repaid in cash over 15 installments starting in May [1]. - The conversion is linked to Neta Auto's E-round financing, which, if completed, would value the company at 6 billion yuan, allowing suppliers to convert their debt at a rate of 2.1146 yuan per 1 yuan of registered capital [1]. Group 2: Financial Challenges - Neta Auto's parent company is projected to incur a loss of 4.5 billion yuan in 2024, with approximately 1.1 billion yuan in frozen equity and multiple legal restrictions [2]. - The company has faced significant operational issues, including salary cuts, layoffs, factory shutdowns, and supply chain disruptions, leading to all three of its factories being non-operational [2]. Group 3: International Expansion Efforts - Neta Auto secured a credit line of 10 billion Thai Baht (approximately 2.15 billion yuan) from a Thai financial institution to support its wholesale and retail operations in Thailand [2]. - The company has signed a strategic cooperation agreement with local manufacturer BGAC to continue production support and plans to localize production of the Neta X starting in July [2]. - Neta Auto claims to rank among the top three in sales in the Thai market, with a 150% increase in overseas sales for three consecutive years, and aims to sell nearly 30,000 units overseas in 2024 [2].