证券之星消息，9月12日，梅雁吉祥（600868）融资买入1933.87万元，融资偿还1849.72万元，融资净买 入84.15万元，融资余额1.86亿元，近3个交易日已连续净买入累计703.43万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-09-12 | 84.15万 | 1.86亿 | 3.40% | | 2025-09-11 | 423.49万 | 1.85亿 | 3.45% | | 2025-09-10 | 195.78万 | 1.81亿 | 3.38% | | 2025-09-09 | 262.64万 | 1.79亿 | 3.36% | | 2025-09-08 | -397.11万 | 1.76亿 | 3.32% | 融资融券余额1.87亿元，较昨日上涨0.47%。 融券方面，当日融券卖出400.0股，融券偿还0.0股，融券净卖出400.0股，融券余量66.02万股，近20个交 易日中有11个交易日出现融券净卖出。 融资融券：融资余额是指融资买入股票的金额与融资偿还的金额之间的差额。如果融资余额 ...

值得琢磨~ 近期，上市公司梅雁吉祥发布公告称，将以一个小目标（1.0595亿元）收购上海新积域信息技术服务有限公司（下称新积域）65%股 权，交易对方为新积域的两个股东侯兴刚、吴海燕。新积域主营业务为客服、电商外包。 作为一家承接客服外包的公司，新积域的运营特征有资产轻、劳动力成本高的特征。在梅雁吉祥发布收购公告后，上交所火速发出问 询函，首要问题便是要求梅雁吉祥解释新积域自聘员工及劳务派遣员工构成情况。 梅雁吉祥随后的回复很值得玩味。其回复称，截至2025 年 5 月末，新积域总部直聘员工 55 名，通过劳务公司聘用员工1673人，在新积 域的主营业务成本中，劳务用工成本占比在 80%左右，其他采购相对较少。 除总部直聘员工55名外，对其余的1673人梅雁吉祥在这里用到的称谓是"通过劳务公司聘用员工"，而不是以"劳务派遣员工"称之，这 处值得注意。 目前劳务用工分为两类，一类是外包用工；一类是劳务派遣用工。 第一类外包用工最大的问题在于，用工单位不能直接管理与支配承包单位的劳动者，其关系仅存在于发包单位和承包单位之间。简单 说，新积域如果使用了外包用工，那么新积域就不能直接管理和支配外包用工，比如不能对外包 ...

Group 1 - The A-share market experienced a general decline in power stocks, with Huayin Power and Jinko Technology dropping over 6% [1] - Zhaoxin Co., Huaguang Huaneng fell more than 5%, while Meiyan Jixiang decreased by 4% [1] - Leshan Electric, Guang'an Aizhong, Jiawei New Energy, and Jidian Co. all saw a decline of 3% [1]

Market Overview - The market exhibited a "seesaw" effect with high dividend assets performing actively while technology stocks experienced a pullback [1] - The banking and electricity sectors saw gains, while the computing industry chain stocks, including Dekoli, Cambridge Technology, and others, faced significant declines [1] - The Shanghai Composite Index fell by 0.79%, the Shenzhen Component Index dropped by 2.21%, and the ChiNext Index decreased by 2.9% [2] Banking Sector - The banking sector rebounded with notable gains in stocks such as Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank [3] - The overall performance of the banking sector's mid-year reports showed improvement, with most banks experiencing revenue and profit growth, a stable non-performing loan ratio, and a steady provision coverage ratio [5] - Analysts suggest that the banking sector may see a rotation and rebound due to solid fundamentals and previous adjustments, with a focus on regional banks and high-dividend stocks [6] Electricity Sector - The electricity sector showed strong performance, with stocks like Jingyuntong and Huaguang New Energy experiencing significant increases [8] - In July, the total electricity consumption reached 10,226 billion kWh, marking an 8.6% year-on-year increase, indicating robust demand [9] - Analysts recommend focusing on leading companies in renewable energy, regional offshore wind power firms, and water power stocks with stable performance and growth potential [9]

Core Viewpoint - Guangdong Meiyan Jixiang Hydropower Co., Ltd. provided a detailed response to the Shanghai Stock Exchange regarding the valuation basis and goodwill risks associated with its asset acquisition, with a focus on the valuation methods used and the expected goodwill generated from the transaction [1] Valuation Methodology - The acquisition's assessment date was set for May 31, 2025, with the target company's net assets valued at 44.5941 million yuan. The valuation methods employed were the market approach and the income approach, yielding valuations of 173.3241 million yuan and 163.2287 million yuan respectively, resulting in premium rates of 288.67% and 266.03%. The income approach was ultimately selected, anticipating goodwill of approximately 76 million yuan [1] Revenue and Cost Projections - Revenue forecasts from 2025 to 2030 indicate that the expected revenue for 2025 will reach 204.477 million yuan, an increase of 33.926 million yuan from 2024, driven by growth in 3C products and new and existing customers. Projections for 2026 to 2030 will consider growth from existing customer businesses, including 3C, home appliances, vehicle maintenance, and telecom projects [2] - Operating costs include labor fees and telecom services, with predictions based on the characteristics of different cost items and business development trends. For instance, labor costs are estimated at 80% of revenue, with some expenses expected to either grow or remain stable [2] Comparison of Valuation Methods - The selection of comparable companies differed between the market and income approaches. The income approach focused on business relevance, while the market approach considered industry relevance and market liquidity. The final comparable companies selected for the market approach were Shunwang Technology, Wutong Holdings, and Runze Technology. The income approach valuation was 163.1179 million yuan, while the market approach valuation was 173.2543 million yuan [3] Goodwill and Risk Assessment - The previous equity transfer in 2021 was unrelated to this acquisition and was influenced by business transformation. The current transaction is expected to generate approximately 76 million yuan in goodwill, which will require annual impairment testing. If the target company's performance deteriorates, there is a risk of goodwill impairment affecting the company's financial results [4] Reasonableness of Income Approach - The static PE ratio for this acquisition is 21.94 times, and the dynamic PE ratio is 10.70 times, both within the range of comparable transaction price-earnings ratios. The valuation agency believes that the income approach accurately reflects the company's future profitability and is less affected by market fluctuations, making it suitable for this transaction assessment and ensuring fair pricing without undisclosed interests [5]

Core Viewpoint - The company Meiyan Jixiang (600868) has announced adjustments to the acquisition terms of Shanghai Xinjiyu Information Technology Service Co., Ltd. to further protect its interests and reduce transaction risks [1][2]. Summary by Relevant Sections Acquisition Adjustments - The performance commitment for the target company has been increased from a net profit of 55 million yuan to 61 million yuan for the period from 2025 to 2028 [1]. - The performance guarantee deposit has been raised from 10 million yuan to 20 million yuan [1]. - The performance reward clause for exceeding the profit commitment has been removed [1]. Market Analysis - The e-commerce outsourcing industry is experiencing continuous growth, with the market size expected to increase from 351.62 billion yuan in 2022 to 563.52 billion yuan by 2026 [1]. - The execution amounts for business process outsourcing (BPO) in China were 172.2 billion yuan, 185.8 billion yuan, and 90.23 billion yuan for the years 2023, 2024, and the first half of 2025, reflecting year-on-year growth rates of 17.8%, 7.9%, and 25.7% respectively [1]. Company Profile - The target company, Xinjiyu, specializes in customer service and e-commerce outsourcing, with a stable customer structure where the top five clients accounted for 49.80% and 51.14% of revenue in 2024 and the first five months of 2025, respectively [2]. - Xinjiyu operates under a light asset model, leveraging quality customer resources and innovative service models, which enhances its core competitiveness and sustainability [2]. Integration and Management - The company has completed the formation of a new board of directors and key personnel appointments for Xinjiyu, implementing measures in management, customer relations, employee hiring, financial management, and internal controls [2]. - The company acknowledges potential integration risks, including uncertainties in regional resource complementarity and channel sharing, which could adversely affect Xinjiyu's business development [2]. Financial Considerations - The acquisition is expected to generate goodwill of approximately 76 million yuan, with the company highlighting the risk of goodwill impairment [3]. - The adjusted performance commitments are deemed achievable based on market promotion, customer expansion, order conditions, and profit margin forecasts [3]. - The financial status of the transaction counterpart is sound, and the company has established measures to ensure the payment of potential cash compensation and equity repurchase [3].

证券代码：600868 证券简称：梅雁吉祥 公告编号：2025-046 广东梅雁吉祥水电股份有限公司 关于回复问询函暨调整收购条款的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 为充分保障上市公司利益，进一步降低交易风险，经交易各方协商，对本 次收购上海新积域信息技术服务有限公司之《股权收购协议》部分条款进行调 整，调整后主要变化如下： 1、转让方承诺 2025 年至 2028 年（业绩承诺期间）标的公司合并报表口 径的净利润从合计不低于 5,500 万元，调整至合计不低于 6,100 万元； 2、转让方支付的本次交易履约保证金从 1,000 万元调整至 2,000 万元； 3、取消原协议约定的超出净利润承诺数的业绩奖励内容："业绩奖励： 甲方同意，在转让方完成本次交易业绩承诺的前提下，如标的公司业绩承诺期 间内实际实现的净利润总和超出净利润承诺数 5,500 万元，则以超出部分的 50%作为超额业绩奖励，且超额业绩奖励总额不超过本次股权转让交易价款的 20%。" 4、《股权收购协议》中与上述 ...

关于对广东梅雁吉祥水电股份有限公司购买资产 的问询函中就相关事项审计机构发表意见 XYZH/2025SZAA4F0212 根据上海证券交易所下发的《关于对广东梅雁吉祥水电股份有限公司购买资产 的问询函》（上证公函【2025】1253 号）的要求，信永中和会计师事务所（特殊普通 合伙）（以下简称审计机构或我们）对问询函中提到的需要审计机构发表意见的问题 进行了认真核查。现将有关问题的核查意见说明如下： 问题四、关于标的公司关联交易及其他应收款。 审计报告显示，截至2025年5月末，标的公司其他应收款119.16万元，涉及 员工借款及往来款等，其中应收股东吴海燕50万元、应收前股东商志骏31万元， 应收实控人下属企业上海骞米信息科技有限公司2万元。标的公司期末固定资产 7.22万元，系两辆车辆，车牌为股东个人所有行驶证权利人分别登记在股东侯兴 刚、吴海燕名下。请公司补充披露： （1）上述关联其他应收款形成原因、利率情况，标的公司历史期与股东资 金往来情况，截至目前相关款项是否已归还；（2）固定资产登记在股东名下的 原因及合理性，标的公司是否与股东存在资产混同、是否具有独立性，上市公司 后续在加强标的公司关联交易、 ...

贵所于 2025年8月18日出具的《关于广东梅雁吉祥水电股份有限公司购买 资产的问询函》(上证公函【2025】1253号)(以下简称"《问询函》")已收悉。 根据《问询函》的相关要求,深圳市国誉资产评估房地产土地估价顾问有限公司 (以下简称"评估机构")对有关问题进行了积极认真的核查、分析和研究,现就 《问询函》相关内容作如下回复说明。 问题二、关于交易作价及商誉。 关于上海证券交易所 《关于广东梅雁吉祥水电股份有限公司购买资产的问询函》 之回复 上海证券交易所: 公司回复: 一、收益法评估涉及的主要参数预测依据及测算过程,包括但不限于营业 收入、营业成本、期间费用、现金流、折现率等,说明预测期营业收入及毛利 率高于历史期的原因及合理性; (一)主要参数预测依据及测算过程 1、营业收入预测 2025年至 2030年营业收入预测如下: 营业收入的预测主要是基于现有合同,其中 2025年的营业收入全部按照在 手合同预测,2026年-2030年是在现有客户的基础上,适当考虑现有客户业务增 长所带来的业务增量。 (1) 2025年的收入预测 公告显示,本次收购采取市场法、收益法评估,评估基准目为 2025年 5 月 ...

本资产评估报告依据中国资产评估准则编制 广东梅雁吉祥水电股份有限公司 拟以现金收购股权所涉及的 上海新积域信息技术服务有限公司 股东全部权益 产评估报告 广东梅雁吉祥水电股份有限公司 拟以现金收购股权所涉及的 上海新积域信息技术服务有限公司股东全部权益资产评估报告 · 目录 深国誉评报字 GZ[2025]第 249 号 评估基准日:2025年5月31日 资产评估报告日:2025年8月15日 GIJOY 深圳市国誉资产评1 士地估餘顾问有限公司 o房地产 中国深圳市南山区粤海街道探圳湾科技生态园 12 栋裙楼 711 资产评估报告目录 | 声 明 … | | --- | | 资产评估报告摘要 … | | 资产评估报告正文 . | | 一、委托人、被评估企业和资产评估委托合同约定的其他资产评估报告使用人概况 | | … | | 二、评估目的 . | | 三、评估对象和评估范围… | | 四、价值类型 … | | 五、评估基准目 | | 六、评估依据 | | 七、评估方法 ……………………………………………………………………………………………………………………………………………………………………………………………… ...