上市公司并购重组新趋势：从“买规模”到“抢技术”

Core Viewpoint - The trend of mergers and acquisitions (M&A) focusing on core technologies is increasing, driven by companies' responses to innovation-driven development strategies and the need for industry structure optimization and upgrading [2][3]. Group 1: M&A Activity and Trends - Hunan Nanxin Pharmaceutical Co., Ltd. plans to acquire assets and intellectual property rights related to "multiple trace element injection solutions" for no more than 480 million yuan [1]. - There have been 21 M&A projects involving core technologies this year, with a total transaction value of 2.569 billion yuan, highlighting a significant increase in asset-oriented transactions [1][3]. - The number of M&A projects involving core technologies has risen by 50% compared to the same period last year, with 14 projects reported last year [3]. Group 2: Strategic Importance of Core Technologies - Companies are shifting their focus from "buying scale" to "grabbing technology," as mastering core technologies becomes essential for overcoming growth bottlenecks and building differentiated competitive advantages [5]. - Intellectual property (IP) such as patents, trademarks, and copyrights is increasingly recognized as a crucial intangible asset that constitutes core competitiveness and market barriers for companies [5]. Group 3: Sector-Specific Insights - The pharmaceutical manufacturing sector is particularly active in core technology M&A, with 6 out of 21 projects occurring in this field, accounting for nearly 30% of the total [3]. - The semiconductor and biomedicine sectors are highlighted as "bottleneck" areas that require M&A for technological breakthroughs, especially in the context of global industrial chain restructuring [4][6]. Group 4: Future Outlook - The logic of core technology M&A is expected to deepen and expand over the next three to five years, with companies prioritizing technology exclusivity over short-term scale expansion [7]. - This trend is anticipated to extend into more niche areas such as materials, high-end equipment, and software algorithms, driving the overall upgrade of high-tech industries [7].