导读： 思百吉发布2025年上半年财报，订单与销售额均实现增长，推进增效计划并实现成本节约，上半年已实现超过 1,000 万英镑的成本节约，并且董事会已建 议股东接受 KKR 提出的收购。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2025年8月7日，思百吉（ Spectri s plc ） 正式公布截至2025年6月30日的 半年度报告，并回应了被收购最新进展 。 报告显示，集团上半 年展 现出稳健的业绩增长与有效的战略执行，为全年管理预期提供了有力支撑。 主要财务与运营指标如下 订单同比增长 5%（-2% L FL ） ，其中第二季度订单增长达 15%（4% LFL） 销售额同比增长 8%（1% LFL） ，其中第二季度销售额增长 20%（9% LFL） 上半年通过"增效计划"已实现超过 1,000 万英镑的成本节约，预计全年节约金额将超过 3,000 万英镑 调整后营业利润为 6,560 万 英镑 （2024 年H1：6,110 万英镑），与去年同期持平 法定营业利润为 2,480 万 英镑 （2024 年H1：2,400 万英 ...

[PART I — FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section details KKR's financial performance, condition, and management's analysis for the period ended June 30, 2025 [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) KKR's unaudited condensed consolidated financial statements as of June 30, 2025, reflect significant asset growth and increased revenues, presented with a two-tiered approach for clarity - KKR presents its financial statements using a two-tiered approach, separating the Insurance operations (Global Atlantic) from the Asset Management and Strategic Holdings businesses. This is done to provide a more informative view, given the distinct characteristics and significance of each business, particularly the policy liabilities of the insurance segment[58](index=58&type=chunk) [Condensed Consolidated Statements of Financial Condition](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) The statements detail KKR's assets, liabilities, and equity, showing significant growth in total assets driven by both Asset Management and Insurance segments Condensed Consolidated Statements of Financial Condition (Unaudited) | Key Metrics | June 30, 2025 (In Thousands) | December 31, 2024 (In Thousands) | | :--- | :--- | :--- | | **Total Assets** | **$380,867,573** | **$360,099,411** | | *Asset Management and Strategic Holdings Assets* | $134,252,009 | $122,517,378 | | *Insurance Assets* | $246,615,564 | $237,582,033 | | **Total Liabilities** | **$309,899,128** | **$298,114,719** | | *Asset Management and Strategic Holdings Liabilities* | $61,510,960 | $57,906,939 | | *Insurance Liabilities* | $248,388,168 | $240,207,780 | | **Total KKR & Co. Inc. Stockholders' Equity** | **$28,219,229** | **$23,651,568** | | **Total Equity** | **$68,974,847** | **$60,399,515** | - Total assets of consolidated Variable Interest Entities (VIEs) were **$131.8 billion** as of June 30, 2025, up from **$122.4 billion** at December 31, 2024. These VIEs primarily consist of collateralized financing entities (CFEs), certain investment funds, and VIEs formed by Global Atlantic. The assets and liabilities of these VIEs are generally non-recourse to other KKR entities[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements present KKR's revenues, expenses, and net income for the three and six months ended June 30, 2025, highlighting growth in total revenues Condensed Consolidated Statements of Operations (Unaudited) | (In Thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$5,088,843** | **$4,171,910** | **$8,199,026** | **$13,828,648** | | *Asset Management & Strategic Holdings* | $1,835,166 | $1,560,449 | $3,881,081 | $3,516,917 | | *Insurance* | $3,253,677 | $2,611,461 | $4,317,945 | $10,311,731 | | **Total Expenses** | **$4,746,444** | **$3,946,329** | **$8,577,399** | **$13,259,273** | | **Income (Loss) Before Taxes** | **$1,528,768** | **$1,210,205** | **$2,299,835** | **$2,573,256** | | **Net Income (Loss)** | **$1,354,464** | **$993,236** | **$2,038,962** | **$2,087,086** | | **Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders** | **$472,387** | **$667,926** | **$286,463** | **$1,350,140** | | **Diluted EPS** | **$0.50** | **$0.72** | **$0.29** | **$1.45** | [Notes to Financial Statements (Unaudited)](index=19&type=section&id=Notes%20to%20Financial%20Statements%20(Unaudited)) This section provides detailed disclosures and explanations supporting the condensed consolidated financial statements [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=118&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides an in-depth analysis of KKR's financial condition and operating results across its segments, highlighting key performance drivers and the prevailing business environment - KKR operates through three reportable segments: Asset Management, Insurance (Global Atlantic), and Strategic Holdings. The chief operating decision-makers use segment earnings to allocate resources and assess performance[287](index=287&type=chunk)[289](index=289&type=chunk) Total Segment Earnings Summary | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Asset Management Segment Earnings | $1,126,966 | $996,000 | | Insurance Operating Earnings | $277,932 | $253,213 | | Strategic Holdings Segment Earnings | $29,121 | $40,852 | | **Total Segment Earnings** | **$1,434,019** | **$1,290,065** | [Business Environment](index=133&type=section&id=Business%20Environment) This section describes the macroeconomic conditions and market trends influencing KKR's operations during the second quarter of 2025 - In Q2 2025, the U.S. economy expanded with real GDP growth of **3.0%**, while inflation remained persistent. The Federal Reserve held the federal funds rate target at **4.25% to 4.50%**. The Eurozone saw moderate GDP growth, and the European Central Bank lowered its deposit rate to **2.0%**[421](index=421&type=chunk)[422](index=422&type=chunk)[426](index=426&type=chunk) - Global equity markets showed positive returns in Q2 2025, with the S&P 500 up **10.9%** and the MSCI World Index up **11.6%**. Market volatility, as measured by the VIX, decreased from **22.3 to 16.7** during the quarter[425](index=425&type=chunk) - Elevated market volatility and uncertainty continued, driven by geopolitical and global trade concerns, including the imposition of tariffs by the United States and retaliation from trading partners since April 2025[425](index=425&type=chunk) [Analysis of Segment Operating Results](index=160&type=section&id=Analysis%20of%20Segment%20Operating%20Results) This section details the operating performance of KKR's Asset Management, Insurance, and Strategic Holdings segments for the quarter Asset Management Segment Operating Results (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Fee Related Earnings | $886,754 | $755,397 | | Realized Performance Income | $418,850 | $482,309 | | Realized Investment Income | $153,998 | $138,546 | | **Asset Management Segment Earnings** | **$1,126,966** | **$996,000** | Insurance Segment Operating Results (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Investment Income | $1,788,525 | $1,538,046 | | Net Cost of Insurance | ($1,277,381) | ($1,070,616) | | **Insurance Operating Earnings** | **$277,932** | **$253,213** | Strategic Holdings Segment Operating Results (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Dividends, Net | $29,121 | $40,852 | | **Strategic Holdings Segment Earnings** | **$29,121** | **$40,852** | [Analysis of Non-GAAP Performance Measures](index=172&type=section&id=Analysis%20of%20Non-GAAP%20Performance%20Measures) This section provides an analysis of KKR's non-GAAP financial measures, including Total Segment Earnings and Adjusted Net Income, to assess underlying business performance Non-GAAP Performance Measures (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Operating Earnings | $1,193,807 | $1,049,462 | | Total Investing Earnings | $240,212 | $240,603 | | **Total Segment Earnings** | **$1,434,019** | **$1,290,065** | | **Adjusted Net Income (ANI)** | **$1,063,350** | **$971,869** | - Total Operating Earnings increased by **$144.3 million** YoY for Q2 2025, driven by higher Fee Related Earnings and Insurance Operating Earnings[619](index=619&type=chunk)[620](index=620&type=chunk) - Adjusted Net Income (ANI) increased to **$1.06 billion** in Q2 2025 from **$972 million** in Q2 2024, primarily due to higher total segment earnings[619](index=619&type=chunk)[623](index=623&type=chunk) [Liquidity and Capital Resources](index=192&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses KKR's sources and uses of liquidity, capital structure, and financial flexibility - KKR's primary sources of liquidity include operating activities, realizations on carried interest and investments, cash inflows from its insurance business, and borrowings under various credit facilities and debt offerings[725](index=725&type=chunk) - As of June 30, 2025, KKR had unfunded commitments of **$10.5 billion** to its investment funds and vehicles, and **$0.3 billion** in capital markets commitments[313](index=313&type=chunk)[314](index=314&type=chunk) - A dividend of **$0.185 per common share** was declared for Q2 2025. As of July 25, 2025, approximately **$459 million** remained available under the company's share repurchase program[344](index=344&type=chunk)[305](index=305&type=chunk) - As of June 30, 2025, approximately **$521 million** of carried interest was subject to clawback obligations, assuming all applicable funds were liquidated at their current fair values[320](index=320&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=198&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risks during the second quarter of 2025, referring to its Annual Report for comprehensive details - There were no material changes to KKR's market risks during the three months ended June 30, 2025[825](index=825&type=chunk) [Controls and Procedures](index=198&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective at a reasonable assurance level[827](index=827&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[828](index=828&type=chunk) [PART II — OTHER INFORMATION](index=199&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=199&type=section&id=Item%201.%20Legal%20Proceedings) KKR is involved in various legal proceedings incidental to its business, with detailed information provided in the notes to financial statements - The company refers to Note 24 "Commitments and Contingencies" for a detailed discussion of its legal proceedings[830](index=830&type=chunk) [Risk Factors](index=199&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors beyond those discussed in the Business Environment section of the MD&A - There were no material changes to the risk factors disclosed in the company's Annual Report, aside from those discussed in the Business Environment section[831](index=831&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=199&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details KKR's share repurchase activities and the status of its equity award retirements and repurchase program during the quarter Share Repurchases in Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | April 2025 | 36,411 | $92.32 | | May 2025 | — | $— | | June 2025 | — | $— | | **Total Q2 2025** | **36,411** | **$92.32** | - The share repurchase program was automatically increased by **$500 million** during Q2 2025 after the remaining available amount fell below the **$50 million** threshold. As of July 25, 2025, approximately **$459 million** remained available for repurchases[833](index=833&type=chunk)[835](index=835&type=chunk) [Defaults Upon Senior Securities](index=200&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable [Mine Safety Disclosures](index=200&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Other Information](index=200&type=section&id=Item%205.%20Other%20Information) Not applicable [Exhibits](index=200&type=section&id=Item%206.%20Exhibits) This section provides a comprehensive list of all exhibits filed as part of the report, including key corporate and financial documents - The report includes exhibits such as the Indenture for the **6.875% Subordinated Notes due 2065**, CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906, and interactive data files (XBRL)[839](index=839&type=chunk)

美国私募股权巨头KKR将以64亿美元收购英国仪器巨头思百吉，欧洲并购市场回暖信号显现。 思百吉周二宣布接受KKR每股41.75英镑的报价，撤回对Advent此前41英镑每股报价的支持。仅在四天 前，该公司刚刚表态支持Advent的竞购方案。 两家美国私募股权公司围绕思百吉的争夺战已持续超过一个月。 竞购战始于6月份Advent的初始报价，当时思百吉股价较2021年峰值已下跌约一半，而KKR的最新报价 较Advent此前的竞购价格每股高出0.75英镑，显示出私募股权公司对优质英国资产的强烈兴趣。 英国相对较低的估值水平和相对稳定的市场环境，持续吸引海外买家关注。近几个月来，针对英国资产 的收购要约激增，凸显了国际投资者对英国公司的强烈收购意愿。 尽管美国关税政策在4月初所谓对等关税后的几个月里对全球并购交易造成冲击，但英国公司收购步伐 今年明显加快。 据Dealogic数据显示，全球并购市场已出现强劲反弹。今年前七个月的交易总价值达到2.6万亿美元，创 下自2021年疫情时期峰值以来同期最高纪录。 风险提示及免责条款 消息公布后，思百吉欧股在早盘交易中上涨1.7%。这笔交易使得思百吉股权价值达到42亿英镑，包括 ...

买下一个部门。 作者 I 周佳丽 报道 I 投资界-并购最前线 投 资 界 获 悉 ， KKR 近 日 宣 布 知 名 休 闲 摩 托 车 品 牌 哈 雷 戴 维 森 旗 下 的 金 融 服 务 公 司 HDFS ， 已 与 KKR 及 太 平 洋 投 资 管 理 有 限 公 司 （PIMCO）建立长期战略合作伙伴关系，交易价值达5 0亿美元（约合人民币360亿元）。 以下文章来源于并购最前线 ，作者周佳丽 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 欢迎加入投资界读者群 简言之，KKR联手买下了哈雷摩托的金融部门。 哈雷摩托大家并不陌生。始于1903年密尔沃基后院的木棚中，哈雷戴维森凭借坚固耐用的V型双缸引擎、复古的外表以及所承载的自 由、叛逆的重机文化而为一代人所痴迷，价格在几万元到百万元不等。百年风雨，哈雷戴维森却在新一代年轻市场中受挫，销量接连 下滑。危机感扑面而来，这家摩托传奇不得不开始甩卖业务。 说起来，KKR与哈雷戴维森之间早有渊源——大约十年前，曾有传闻称KKR有意收购哈雷摩托，但之后并无下文。如今战略投资其重 要部门，收购一幕也许可能会成为现实。 哈雷摩托卖部门，360 ...

Fundraising Activities - Zhongke Chuangxing announced the first closing of its fund with a scale of 2.617 billion yuan, focusing on hard technology projects in various industries including artificial intelligence [5] - KKR successfully raised 28 billion USD, increasing its assets under management (AUM) by 14% to 686 billion USD, with a target of reaching 1 trillion USD AUM by 2029 [9] - China Chengtong signed a framework cooperation agreement with Jiangsu Province to establish a 10 billion yuan fund, targeting strategic emerging industries [11] - Coller Capital announced a record fundraising of 6.8 billion USD for its second credit opportunities fund, showcasing its strong position in the private secondary market [14] - BlueFive Capital completed fundraising for its 2 billion USD private equity fund, focusing on sectors like healthcare and technology in the GCC region [16] - Changjiang Industrial Group established a 5 billion yuan fund focusing on specialized vehicles and high-end manufacturing [18] - Suzhou Taikang Investment Fund was registered with a total contribution of 3.1 billion yuan, marking the establishment of a new RMB fund in Suzhou [20] - Yuanhe Puhua launched its first private equity fund in Shanghai, focusing on the integrated circuit industry [22][23] - Dongfang Jiafu established a 1.6 billion yuan fund in Ordos, focusing on advanced manufacturing and information technology [25] - Kewai Fund announced the establishment of a 1 billion yuan smart energy fund, supported by Total Energy [27] Investment Strategies - KKR's new fundraising efforts are part of a broader trend of significant dollar fundraising among VC firms, indicating a shift in the domestic dollar fund ecosystem [7] - Blackstone announced an investment of over 25 billion USD in Pennsylvania's digital and energy infrastructure, aiming to stimulate an additional 60 billion USD in investments [13] - The establishment of AIC pilot funds by Shenzhen Investment Control Capital aims to connect financial resources with the real economy, supporting high-quality development in Shenzhen [34] Sector Focus - The funds established by various companies are primarily targeting sectors such as artificial intelligence, advanced manufacturing, new materials, and digital infrastructure, reflecting a strategic focus on innovation and technology [5][11][25][34] - The collaboration between Renault and Chinese private equity firms aims to explore investment opportunities in the electric vehicle sector, emphasizing technology innovation and industry capital empowerment [43]

Key Takeaways KKR posted Q2 adjusted net income of $1.18 per share, topping estimates and rising y/y from $1.09.Higher AUM and transaction fees drove a 15.9% revenue jump to $1.28B, meeting estimates.Fee-related earnings rose 17.4%, while total AUM grew 14% y/y.KKR & Co. Inc.’s (KKR) second-quarter 2025 adjusted net income per share of $1.18 topped the Zacks Consensus Estimate of $1.17. The bottom line increased from $1.09 in the prior-year quarter.KKR shares rallied nearly 1% in the pre-market trading on b ...

KKR & Co. Inc. (NYSE:KKR) Q2 2025 Earnings Call July 31, 2025 9:00 AM ET Company Participants Craig Larson - Partner & Head of Investor Relations Robert Howard Lewin - Chief Financial Officer Scott C. Nuttall - Co-CEO & Director Conference Call Participants Alexander Blostein - Goldman Sachs Group, Inc., Research Division Arnaud Maurice Andre Giblat - BNP Paribas Exane, Research Division Benjamin Elliot Budish - Barclays Bank PLC, Research Division Patrick Davitt - Unidentified Company Autonomous - Unidenti ...

KKR (KKR) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsCraig Larson - Partner & Head - IRRobert Lewin - CFOScott Nuttall - Co-CEOCraig Siegenthaler - Managing DirectorAlex Blostein - Managing DirectorSteven Chubak - Managing DirectorBen Budish - DirectorMichael Cyprys - Managing DirectorBrian Bedell - DirectorBrian Mckenna - Director - Equity ResearchKyle Voigt - Managing DirectorConference Call ParticipantsGlenn Schorr - Senior MD & Senior Research AnalystJohn Barnidge - MD & Senior ...

KKR (KKR) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Ladies and gentlemen, thank you for standing by. Welcome to KKR's Second Quarter twenty twenty five Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. Following management's prepared remarks, the conference will be open for questions. As a reminder, this conference is being recorded.I will now hand the call over to Craig Larson, Partner and Head of Investor Relations for KKR. Craig, please go ahe ...

Financial Performance - Fee Related Earnings (FRE) reached $887 million ($0.98/adj share) for the quarter, a 17% year-over-year increase[19] - Total Operating Earnings (TOE) amounted to $1.2 billion ($1.33/adj share) in the quarter, reflecting a 14% year-over-year growth[19] - Adjusted Net Income (ANI) was $1.1 billion ($1.18/adj share) for the quarter, up 9% year-over-year[19] - On a last-twelve-month (LTM) basis, FRE totaled $3.6 billion ($3.96/adj share), up 34% year-over-year, while TOE reached $4.7 billion ($5.19/adj share), up 26% year-over-year, and ANI was $4.5 billion ($4.98/adj share), up 27% year-over-year[19] - GAAP Net Income Attributable to KKR Common Stockholders was $0.5 billion for the quarter and $0.3 billion year-to-date[16] Assets Under Management - Assets Under Management (AUM) reached $686 billion, a 14% increase year-over-year[19] - Fee Paying Assets Under Management (FPAUM) totaled $556 billion, also up 14% year-over-year[19] - New capital raised in the quarter was $28 billion, and $109 billion for the last twelve months[19] - Capital invested during the quarter was $18 billion, and $83 billion for the last twelve months[19] Strategic Initiatives - KKR closed on a majority stake in HealthCare Royalty Partners, adding approximately $3 billion to AUM[22] - Japan Post Insurance announced a $2 billion investment in a new vehicle sponsored by Global Atlantic[62]