截至发稿，夏高累计任职时间10年357天，现任基金资产总规模24.94亿元，任职期间最佳基金回报 215.99%， 任职期间最差基金回报-71.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，大成基金旗下1只基金位居天迈科技十大流通股东。大成中证360互联网+指数A（002236） 三季度新进十大流通股东，持有股数40.68万股，占流通股的比例为0.78%。根据测算，今日浮盈赚取约 90.31万元。 大成中证360互联网+指数A（002236）成立日期2016年2月3日，最新规模7.88亿。今年以来收益 33.98%，同类排名834/4209；近一年收益34.05%，同类排名579/3982；成立以来收益215.99%。 大成中证360互联网+指数A（002236）基金经理为夏高。 11月24日，天迈科技涨5.01%，截至发稿，报46.50元/股，成交9100.95万元，换手率3.85%，总市值 31.64亿元。 资料显示，郑州天迈 ...

Core Viewpoint - Tianmai Technology's acquisition by Qiming Venture Partners is the first market-oriented case of a venture capital institution taking control of a listed company after the "Six Merger Rules" [1][3] Transaction Background - Tianmai Technology, listed on the ChiNext since December 2019, has faced continuous losses, with net profits negative from 2021 to 2024, and a loss of 15.35 million yuan from January to September 2025 [2] - On January 6, 2025, Tianmai's controlling shareholder signed a share transfer agreement with Qiming Venture Partners, locking the total transfer price at 452 million yuan [2] Transaction Changes - On May 23, 2025, a change in the transaction subject led to the failure of the "locked price" mechanism, increasing the total price to 542 million yuan, an increase of nearly 90 million yuan [4][5] Regulatory Environment - The emergence of this transaction model is closely related to policy changes, with the China Securities Regulatory Commission (CSRC) supporting private equity funds to acquire listed companies for industrial integration [3] Model Challenges - The "first invest, then raise" model faced obstacles, reflecting the cautious attitude of regulatory agencies towards private equity fund acquisitions of listed companies [6][7] - The complex structure of the acquisition involved a "dual GP + related party management" model, indicating efforts to enhance approval chances by involving state-owned capital [7] Industry Context - Despite the challenges faced by Qiming Venture Partners, there has been a rise in private equity firms acquiring control of A-share listed companies since the introduction of the "Six Merger Rules" [8][9] Practical Challenges - Private equity funds face high barriers to acquiring listed companies, struggling with the dilemma of whether to secure funding or lock in transaction prices first [10] - The Tianmai Technology case illustrates the difficulties in meeting funding and regulatory requirements within tight timelines [11] Future Outlook - The Tianmai Technology case serves as a warning for private equity fund acquisitions, highlighting the need for established investors or state-owned partners to enhance fundraising certainty [13] - The trend of private equity firms acquiring listed companies is expected to continue, but operational models may shift back to the traditional "raise funds first, then invest" approach to ensure transaction success and risk control [14]

Core Viewpoint - Tianmai Technology's stock has experienced fluctuations, with a year-to-date increase of 49.79% and a recent decline of 2.03% on November 7, 2023, indicating volatility in investor sentiment and market performance [1][2]. Company Overview - Tianmai Technology, established on April 13, 2004, and listed on December 19, 2019, is based in Zhengzhou, Henan Province. The company specializes in providing comprehensive solutions for urban public transport operations, management, and services based on vehicle networking technology [2]. - The company's revenue composition includes: Intelligent Dispatch System (49.34%), Software Products and Others (29.67%), Vehicle Remote Monitoring System (9.77%), Intelligent Bus Cashier System (7.28%), Taxi Operation Supervision System (2.87%), and New Energy Charging Monitoring System (1.07%) [2]. Financial Performance - For the period from January to September 2025, Tianmai Technology achieved operating revenue of 87.6863 million yuan, representing a year-on-year growth of 57.08%. However, the net profit attributable to the parent company was -15.3507 million yuan, reflecting a year-on-year increase of 70.97% in losses [2]. - Since its A-share listing, the company has distributed a total of 47.4957 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Tianmai Technology was 10,300, an increase of 6.12% from the previous period. The average circulating shares per person decreased by 5.77% to 5,050 shares [2]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on January 10, 2025, where it recorded a net buy of -47.5158 million yuan [1].

证券代码：300807 证券简称：天迈科技 公告编号：2025-038 郑州天迈科技股份有限公司 关于《详式权益变动报告书》和《简式权益变动报告书》修订的提 示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 2025年10月30日，公司控股股东郭建国先生及其一致行动人郭田甜女士、 海南大成瑞信投资合伙企业（有限合伙）（以下合称"转让方"）与苏州工业 园区启辰衡远股权投资合伙企业（有限合伙）（以下简称"苏州启辰"）、苏 州工业园区启瀚创业投资合伙企业（有限合伙）（以下简称"苏州启瀚"）签 署《股份转让协议之补充协议（二）》。具体内容详见2025年10月31日披露于 中国证监会指定信息披露网站巨潮资讯网（www.cninfo.com.cn）的《关于控股 股东及一致行动人签署<股份转让协议之补充协议（二）>暨实际控制人拟发生 变更的进展公告》（公告编号：2025-037） 根据《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格 式准则第15号——权益变动报告书》等相关规定，信息披露义务人苏州启辰对 其2025年5月23日出具的《详式权益变动报告书》和 ...

郑州天迈科技股份有限公司 详式权益变动报告书（修订稿） 上市公司名称：郑州天迈科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：天迈科技 权益变动性质：增加（协议受让） 签署日期：二〇二五年十一月 郑州天迈科技股份有限公司 详式权益变动报告书（修订稿） 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书是依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号 ——上市公司收购报告书》及相关法律、法规、规范性文件之规定编写。 股票代码：300807 信息披露义务人：苏州工业园区启辰衡远股权投资合伙企业（有限合伙） 住所：中国（江苏）自由贸易试验区苏州片区苏州工业园区苏虹东路 183 号东沙 湖基金小镇 10 幢 2-397 室 通讯地址：中国（江苏）自由贸易试验区苏州片区苏州工业园区苏虹东路 183 号 东沙湖基金小镇 10 幢 2-397 室 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规 ...

住所及通讯地址： 海南省洋浦经济开发区新英湾区保税港区 2 号办公楼 F556 室 签署日期：2025 年 11 月 4 日 上市公司名称： 郑州天迈科技股份有限公司 股票上市地点： 深圳证券交易所 股票简称： 天迈科技 股票代码： 300807 信息披露义务人（一）： 郭建国 信息披露义务人（三）： 郭田甜 住所及通讯地址： 郑州市金水区**** 权益变动性质： 股份减少（协议转让、表决权放弃） 信息披露义务人声明 郑州天迈科技股份有限公司 简式权益变动报告书 住所及通讯地址： 郑州市二七区**** 信息披露义务人（二）： 海南大成瑞信投资合伙企业（有限合伙） 一、信息披露义务人依据《中华人民共和国公司法》（以下简称"公司法"）、 《中华人民共和国证券法》（以下简称"证券法"）、《上市公司收购管理办法》 （以下简称"收购办法"）、《公开发行证券的公司信息披露内容与格式准则第 15 号--权益变动报告书》（以下简称"准则 15 号"）及相关的法律、法规编写本 报告书。 二、依据公司法、证券法、收购办法、准则 15 号的规定，本报告书已全面 披露了信息披露义务人在郑州天迈科技股份有限公司中拥有权益的股份变动情 ...

Core Viewpoint - Qiming Venture Partners is set to acquire a controlling stake in Tianmai Technology (300807), with recent developments indicating a change in the actual controller and an increase in the transaction price by approximately 90 million yuan compared to the original agreement [1][2]. Group 1: Transaction Details - Tianmai Technology announced that its controlling shareholder and related parties signed a supplementary agreement, which includes a new transaction price that exceeds the original agreement [1]. - The original fundraising target of 460 million yuan for the acquisition fund is now insufficient due to the increased transaction price, necessitating additional fundraising efforts by the Suzhou Qichen Fund established by Qiming Venture Partners [1][2]. - The buyer's entity changed from Suzhou Yihan to Suzhou Qichen, triggering a re-negotiation requirement under existing regulatory rules [1][2]. Group 2: Market Context - This acquisition marks the first case of a market-oriented venture capital institution taking control of a listed company following the "Six Merger Rules" introduced in September 2024, which encourages private equity funds to acquire listed companies for industrial integration [3][4]. - The supplementary agreement indicates that the acquisition fund had not completed fundraising at the time of the initial announcement, highlighting the challenges faced by private equity funds in securing financing before locking in transaction prices [2][3]. Group 3: Regulatory Environment - The fluctuation in Tianmai Technology's stock price and the change in transaction entities necessitated a re-locking of prices as per the guidelines for share transfer agreements [3]. - Recent policies have encouraged private equity funds to accelerate their involvement in mergers and acquisitions of listed companies, with regulatory support reiterated by officials [3][4]. Group 4: Challenges for Private Equity Funds - Private equity funds face significant challenges in acquiring listed companies, particularly regarding the timing of fundraising and price locking, which creates a dilemma for these institutions [5]. - The requirement for detailed disclosure of transaction agreements and changes in equity ownership adds complexity to the acquisition process for market-oriented venture capital institutions [5].

Market Overview - The Shanghai Composite Index closed at 3976.52 points, above the six-month moving average, with an increase of 0.55% [1] - The total trading volume of A-shares reached 21,329.04 million yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 222 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Baose Co., Ltd. (300402) with a deviation rate of 16.81% and a price increase of 19.99% [1] - Meirui New Materials (300848) with a deviation rate of 11.80% and a price increase of 19.99% [1] - Deer Chemical (920304) with a deviation rate of 10.57% and a price increase of 20.75% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Zhuhai Port, Tianhong Shares, and New Energy Tai Shan [1] - The table lists various stocks with their respective trading performance, including: - Academic shares (300261) with a deviation rate of 9.21% and a price increase of 11.98% [1] - Dahongli (300865) with a deviation rate of 7.54% and a price increase of 11.29% [1]

Core Viewpoint - Tianmai Technology (300807.SZ) announced a change in the control transfer plan due to market environment changes, involving a share transfer agreement with a new buyer, Suzhou Qichen [1] Group 1: Share Transfer Details - The controlling shareholder, Guo Jianguo, and his associates will transfer a total of 17,756,720 shares to Suzhou Industrial Park Qichen Hengyuan Equity Investment Partnership at a price of 30.52 yuan per share, totaling approximately 541.935 million yuan [1] - The payment will be executed in three phases: 60% upon meeting 14 preconditions, 30% the day before the share transfer, and 10% after the board and executive adjustments are completed [1] Group 2: Changes in Control - Following the transaction, the controlling shareholder will change from Guo Jianguo to Suzhou Qichen, with the actual controller changing from Guo Jianguo and his wife to Kuang Ziping [1] - The new plan clarifies that Suzhou Qichen will inherit all rights and obligations, replacing the previous indirect acquisition model involving a fund established by Qihan Venture Capital [1]

Investment & Contracts - Zhenyu Technology plans to invest RMB 2.11 billion in humanoid robot precision module and component projects in Ninghai County from 2025 to 2030, aiming to expand production capacity and enter emerging business areas [1] - East Asia Machinery intends to establish a smart manufacturing base for air compressors and core components in Hefei, Anhui Province, with a total investment of approximately RMB 400 million [5] - Hopu Co., Ltd.'s subsidiary signed a procurement contract for a 200MW/800MWh independent energy storage project with a total value of RMB 520 million, which is expected to positively impact future operating performance [7] Shareholding Changes - Tianhua New Energy's actual controllers plan to transfer 12.95% of shares to CATL at a price of RMB 24.49 per share, representing a 19% discount to the closing price [1] - Tianmai Technology's controlling shareholder will change from Guo Jianguo to Suzhou Qichen after transferring 17,756,720 shares at a price of RMB 30.52 per share, totaling approximately RMB 541.94 million [6] - Zhongyuan Co., Ltd. will see a change in actual control to Zhu Shuangquan, Zhu Shunquan, and Zhu Mengqian, with a combined voting rights of 25.63% after signing a voting rights entrustment agreement [3] Other Developments - Beisimei's actual controller is under investigation by the China Securities Regulatory Commission for failing to fulfill mandatory tender offer obligations and information disclosure violations, but this does not affect the company's operations [2] - InSai Group has decided to terminate its major asset restructuring plan to acquire 80% of Zhizhe Tongxing Brand Management Consulting (Beijing) Co., Ltd. due to changes in the external environment [4] - Taifu Pump Industry has also terminated its major asset restructuring plan to acquire at least 51% of Nanyang Huacheng's shares, as the parties could not reach an agreement [9] - Toukang Life has received one medical device registration certificate and eight registration applications for various products, enhancing its product line but with limited immediate impact on performance [8]