Core Viewpoint - Chery CVC successfully acquired Honghe Technology (002955), marking the first completed transaction under the "Six Merger Guidelines" and establishing a new governance structure that integrates industry capital with listed companies [1][3] Group 1: Transaction Overview - The acquisition involved the transfer of 59,159,978 shares, giving Chery CVC a 25% stake and making it the controlling shareholder of Honghe Technology [1] - This transaction is significant as it represents a strategic move by Chery to leverage Honghe's strengths in education technology and display technology for cross-industry collaboration [2][5] - The deal is seen as a model for future industry capital acquisitions of listed companies, providing a replicable framework for similar transactions [3] Group 2: Financial Performance and Market Position - In 2024, Honghe Technology reported revenues of 3.525 billion yuan and a net profit of 222 million yuan, with a net profit margin of 6.13% and a gross margin of 28.01% [4] - The company has a debt-to-asset ratio of 28.05% and nearly 2.2 billion yuan in cash and financial assets [4] - Honghe's brand "Newline" holds a 22% market share in the U.S. and 9.5% in the EMEA region, with 55.36% of its revenue coming from international markets [4] Group 3: Governance Structure - The new board of directors was established on December 22, 2025, combining new and existing members to create a balanced governance structure [6] - Key figures include Yao Ruibo from the controlling shareholder, Wang Chenchen representing provincial state assets, and Peng Ji representing municipal state assets, enhancing the board's industry expertise [6][7] - The retention of former chairman Sun Xiaoqiang as vice chairman and CEO ensures continuity in management while integrating new strategic capabilities [7] Group 4: Strategic Implications - The integration of Honghe's education technology with Chery's smart automotive technology aims to create a new market segment combining education and smart vehicles [5] - The collaboration is expected to leverage both companies' strengths in overseas markets, enhancing their competitive edge in international expansion [5] - This acquisition is positioned as a pioneering example of industry capital integration, potentially transforming Honghe from an education technology leader to a diversified display solution provider [7]

Core Viewpoint - The acquisition of Honghe Technology by Chery CVC marks a significant milestone as the first completed transaction under the "Six Merger Guidelines," facilitating a smooth transition of control and exploring new avenues for industrial capital empowerment in listed companies [1][4]. Group 1: Transaction Overview - Chery CVC successfully acquired 25% of Honghe Technology's shares, making it the controlling shareholder, with the transfer of 59,159,978 shares completed on February 1 [1]. - The transaction is seen as a strategic move by Chery to gain access to the A-share capital market and align with local industrial upgrade strategies [4]. - The establishment of the investment fund, Ruicheng Hongtu, with a capital of 1.6 billion yuan, focuses on equity investment and asset management, indicating a robust backing for the acquisition [4][7]. Group 2: Strategic Integration - The unique value of this transaction lies in the deep integration of industrial capital and listed company resources, potentially leading to a new cross-industry collaboration between education and smart automotive sectors [2][8]. - Honghe Technology, a leader in educational information technology, reported a revenue of 3.525 billion yuan and a net profit of 222 million yuan in 2024, with a significant portion of its revenue coming from international markets [6]. - The collaboration between Honghe Technology's educational display technology and Chery's smart automotive technology is expected to create synergies and enhance market competitiveness [8]. Group 3: Governance Structure - The new board of directors, formed after the acquisition, combines experienced members from both the old and new management, creating a balanced governance structure that supports future development [10][11]. - Key appointments include Yao Ruibo from Ruicheng Fund, who brings extensive financial and investment experience, and Wang Chenchen, representing provincial state-owned assets, ensuring diverse representation [10]. - The retention of former chairman Sun Xiaoqiang as vice chairman and CEO preserves existing management expertise while integrating new strategic capabilities [11]. Group 4: Future Outlook - The successful integration of Honghe Technology as a platform for industrial capital consolidation is expected to lead to a transformation from an educational technology leader to a diversified display solution provider [11]. - The transaction serves as a benchmark for future acquisitions under the "Six Merger Guidelines," promoting the integration of industrial capital and listed companies [11].

此次改组是鸿合科技响应资本市场"并购六条"政策导向、引入战略投资人的关键落地步骤。作为"并购 六条"发布后首例CVC基金控股上市公司的案例，鸿合科技的本次变更具标杆意义。市场人士认为：瑞 丞基金作为奇瑞旗下CVC平台，其入主不仅有望为公司带来区域政策支持，更将打开产业协同的巨大 空间。 鸿合科技资金储备充沛、资产负债率低，具备良好的财务基础，在新董事会带领下，公司有望加速实现 技术、市场与资本的良性循环，开启新一轮成长周期。 本次股东大会选举姚瑞波、王陈琛、彭骥为非独立董事，宋利国、李姚矿、黄福平为独立董事，与留任 董事孙晓蔷共同组成第三届董事会。新董事会成员背景多元，覆盖金融投资、产业运营、法律风控等领 域，体现了"专业治理、产业赋能"的鲜明导向。同日召开的董事会选举姚瑞波为董事长、孙晓蔷为副董 事长，并聘任孙晓蔷为总经理，增聘张元来为副总经理，进一步完善了公司经营管理团队。 公开信息显示，本次履新的董事长姚瑞波，拥有深厚的金融行业背景与产业投资视野，先后于建设银 行、兴业银行、民生银行、长城国瑞证券等金融机构担任重要管理职务，并深耕产业投资领域，曾任安 徽新安金融集团常务副总裁、瑞丞基金投资与并购业务负责 ...

鸿合科技（002955）12月23日披露，截至12月20日公司股东户数为14599户，较上期（12月10日）减少 1126户，环比降幅为7.16%。这已是该公司股东户数连续第3期下降。 公司发布的三季报数据显示，前三季公司共实现营业收入24.57亿元，同比下降11.14%，实现净利润 8228.57万元，同比下降66.42%，基本每股收益为0.3500元，加权平均净资产收益率2.46%。 证券时报 数据宝统计，截至发稿，鸿合科技收盘价为29.47元，下跌1.70%，本期筹码集中以来股价累 计上涨2.04%。具体到各交易日，4次上涨，5次下跌。 ...

鸿合科技表示，调整后的第三届董事会成员构成呈现鲜明的专业化与多元化特征。其中，新任非独立董 事姚瑞波、王陈琛、彭骥分别来自金融投资、国有资本运营及地方产业投资领域，具备深厚的产业与资 本运作背景；新任独立董事宋利国、李姚矿、黄福平则为国际法律仲裁、会计审计、公司治理领域的专 家，三人均拥有丰富的上市公司独董履职经验。此次调整后，独立董事在董事会中占比近半，显著强化 了决策的科学性、独立性与监督制衡能力。 中证报中证网讯(王珞)12月22日，鸿合科技（002955）公告称，2025年第三次临时股东大会顺利举行， 高票通过了关于改选公司第三届董事会成员的各项议案。随着法定程序的完成，此前公布的董事会人员 调整方案正式生效，标志着公司在控股股东变更后，治理结构的系统性优化迈出关键一步。 值得关注的是，此次治理升级形成了"新董事会引领战略，核心高管团队稳定经营"的协同格局。新董事 带来外部产业资源、资本视野与治理智慧，而核心高管团队均系长期服务于鸿合科技的业务骨干：副董 事长、总经理孙晓蔷曾历任公司董秘、总经理及董事长，对公司战略与运营有着深刻理解；副总经理 KEJIAN WANG长期负责海外市场，尤其是美国业务的拓 ...

Group 1 - The core point of the article is that Honghe Technology (002955) successfully completed its third board and executive team restructuring, marking a significant milestone in the company's development and the first successful case of a corporate venture capital (CVC) platform controlling a listed company since the release of the "Merger Six Guidelines" [1][2] - The acquisition by Ruicheng Fund, a top CVC platform under Chery, reflects a deep strategic alignment based on long-term collaboration, distinguishing it from traditional financial investments [2] - This transaction serves as a practical example of how CVC-led acquisitions can clear cognitive and practical barriers for similar future transactions, validating the forward-looking and feasible nature of the policy [2] Group 2 - The transaction was implemented through Ruicheng Hongtu Fund, which gathered multiple industry-guided funds from Anhui Province and Wuhu City, enhancing the merger to a level of regional industrial planning and resource integration [3] - This arrangement creates a win-win ecosystem where industry capital leads, local government resources empower, and the listed company serves as a platform, effectively responding to regulatory expectations for capital markets to serve the real economy [3] - The introduction of industrial capital into Honghe Technology aims to optimize governance and expand collaboration, which is a core measure to enhance its long-term investment value [3]

【深圳商报讯】(记者陈燕青)今年以来出现了多起私募股权创投基金入股上市公司的案例，涉及的A股 公司包括皮阿诺、鸿合科技、天迈科技、ST中珠等，大多为小市值公司。 对此，业内人士认为，未来私募股权创投基金收购上市公司股权的案例会越来越多，通过产业整合和资 产注入有助于改善相关公司的业绩。 12月15日晚，定制家居上市公司皮阿诺宣布，大股东马礼斌与二股东珠海鸿禄分别向初芯微转让9.78% 和7%股份，两项转让完成后，初芯微持股比例将达到16.78%。此外，大股东马礼斌同步承诺放弃其剩 余的3537.37万股表决权。此外，公司拟向青岛初芯定向发行3451.5万股，发行完成后青岛初芯持股比例 将达到15.87%。由于青岛初芯和初芯微为一致行动人，两者合计持股比例达29.99%。 根据记者梳理，私募股权创投基金入主上市公司主要有协议转让、参与上市公司定增、司法拍卖等方 式。从已披露的案例来看，私募股权创投基金大多通过"协议转让+原控股股东表决权委托(或放弃)"等 方式取得上市公司实控权。 私募股权创投基金下场收购上市公司控制权，既能缓解被投项目退出难的问题，又能以上市公司为平台 推进募资，可谓是一举两得。 深圳一家创投 ...

（文章来源：证券日报） 证券日报网讯 12月22日晚间，鸿合科技发布公告称，公司第三届董事会第十八次会议审议通过《关于 改选公司第三届董事会董事长的议案》等多项议案。 ...

证券代码：002955 证券简称：鸿合科技 公告编号：2025-087 鸿合科技股份有限公司 关于公司及子公司2026年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 根据鸿合科技股份有限公司（以下简称"公司"、"本公司"）及所属子公 司 2025 年度与各关联方实际发生的关联交易情况，并结合公司及子公司 2026 年 度的业务发展需要，公司对 2026 年度的日常关联交易进行了合理预计。公司及 子公司预计 2026 年度与公司关联方 XING XIUQING 先生、王京先生、张树江先 生、邢正先生、新线科技有限公司（以下简称"新线科技"）及其子公司、西安 巴斯光年软件科技有限公司（以下简称"巴斯光年"）及其子公司发生金额约 4,610.00 万元人民币的日常关联交易，2025 年 1-11 月，公司与上述关联方实际 发生的日常关联交易总额为约 1,820.87 万元人民币。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，亦无需经过有关部门批准。 公司已于 2 ...

证券代码：002955 证券简称：鸿合科技 公告编号：2025-085 鸿合科技股份有限公司 关于完成董事改选、变更高级管理人员的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 鉴于鸿合科技股份有限公司（以下简称"公司"）控股股东、实际控制人已 发生变更，经公司2025年第三次临时股东大会审议通过，公司已顺利完成董事会 席位调整、董事改选、《公司章程》及配套制度修订。公司于2025年12月22日召 开第三届董事会第十八次会议，选举产生了第三届董事会董事长、副董事长、董 事会各专门委员会委员，聘任了高级管理人员。同时，根据《公司章程》相关规 定，公司对法定代表人进行变更。现将有关情况公告如下： 一、公司变更董事长及法定代表人情况 鉴于公司控股股东、实际控制人已发生变更，同时第三届董事会已改选完毕， 孙晓蔷女士向董事会递交了书面辞职报告，申请辞去公司第三届董事会董事长、 战略委员会主任委员及薪酬与考核委员会委员职务。孙晓蔷女士辞去上述职务后 仍然担任公司非独立董事及代行董事会秘书职责。孙晓蔷女士的辞职报告自送达 董事会之日起生效。 上述事项完成变更后，公司第 ...