竞标方对星巴克中国的整体估值约为50亿美元，按照预计2025年4亿至5亿美元的EBITDA计算，对应估 值倍数在10倍左右。 从2024年底传出卖身消息后，星巴克的中国业务吸引了包括KKR、高瓴、PAG等国际顶级资本的参与 竞购，而市面上对于星巴克最终的买主和价格的传言始终不断。期间，甚至出现"反向管理层路演"的戏 剧性场面。 那么，为何是这四家投资机构闯进"决赛圈"？ Part01 决赛选手们 有过麦当劳中国投资经验的凯雷是四家PE中最意料之内的入选者。 2017年，麦当劳以20.8亿美元的价格出售了80%的麦当劳中国业务，凯雷在其中持有28%的股权。引入 凯雷等资方后，麦当劳中国发展迅速，一年就开了1000家店，为股东带来丰厚的回报。2023年，凯雷将 其所持28%的麦当劳中国股权以18亿美元的价格回售给麦当劳全球，净收益约12亿美元，实现约6.7倍 的投资回报。 竞购星巴克中国业务的名单缩短至四家：博裕资本、凯雷集团、EQT和红杉中国（HongShan）。 有消息称，这四家私募股权机构已于上周收到卖方发出的确认函。由高盛主导的此次出售预计将在10月 底前确定最终买家。若此次交易就此尘埃落定，持续一年，吸 ...

Core Viewpoint - The company is actively advancing the global expansion of its core product, Isupravaglutide α, which has recently received regulatory approval for the treatment of Type 2 Diabetes (T2D) in Macau [1]. Product Development - The company announced that on September 12, 2025, the first prescription for its core product for T2D was issued at the Huabao Medical Center in Macau, marking the official commercialization phase of the product in the region [1]. - The Biologics License Application (BLA) for the core product was approved in Macau on June 2025, indicating a significant milestone in the product's development [1].

Group 1 - The core point of the article is that Mengniu Dairy has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and potentially stabilize its stock price [2][3] - On September 12, the company repurchased 300,000 shares at a price range of HKD 15.160 to HKD 15.310, totaling HKD 4.5677 million [2] - Since September 10, Mengniu Dairy has conducted share buybacks for three consecutive days, accumulating a total of 618,000 shares repurchased and a total expenditure of HKD 9.366 million, with the stock price increasing by 0.93% during this period [2] Group 2 - Year-to-date, Mengniu Dairy has completed 75 share repurchase transactions, totaling 18.668 million shares and an aggregate amount of HKD 31.3 million [3] - The detailed repurchase data shows various dates, share quantities, and prices, with the highest repurchase price recorded at HKD 19.900 and the lowest at HKD 14.890 [3][4][5]

Core Viewpoint - The competition between Alibaba and Meituan in the local lifestyle sector has intensified, with both companies launching new initiatives on the same day to capture market share in offline store services [2]. Group 1: Alibaba's Strategy - Alibaba launched the "Gaode Street Ranking" on September 10, leveraging Gaode Map's user behavior data to compete directly with Meituan's Dazhong Dianping [2]. - Gaode Map has three key advantages: it is a high-frequency app with 186 million daily active users, it possesses rich behavioral data reflecting genuine consumer intent, and it offers integrated services that facilitate seamless transactions [2]. - The initial response to the Gaode Street Ranking was strong, with over 40 million users engaging with the feature on its first day [2]. Group 2: Meituan's Response - Meituan announced the "restart" of Dazhong Dianping's quality takeaway service, utilizing AI models to filter out fake reviews and enhance user trust [2][5]. - Meituan aims to strengthen its traditional advantage in user-generated content (UGC) while ensuring the authenticity of reviews through AI-driven data cleaning [5][6]. Group 3: Industry Challenges and Technological Impact - The local lifestyle sector has faced challenges over the past two decades, including user exploitation of discounts and the prevalence of fake reviews, leading to issues of information asymmetry and trust [3]. - AI technology is transforming the landscape by addressing trust issues for both users and merchants, allowing for more reliable decision-making and enabling lesser-known businesses to gain visibility [4][6]. - Despite the technological advancements, Meituan's long-standing user habits, merchant relationships, and service depth present significant barriers for Gaode to overcome in the competitive landscape [6].

盛京银行(02066)与沈阳盛京金控投资集团有限公司联合公布，为了就股东接纳提供更大财务激励，提 升本次要约的成功概率，要约人将把初始H股要约价由每股H股港币1.32元增加至每股H股港币1.60元， 相当于每股H股提高港币0.28元。最终H股要约价港币1.60元较最后交易日联交所所报收市价每股H股港 币1.14元溢价约40.35% 假设要约获全数接纳，要约人根据要约及最终要约价应付的总现金代价将约为35.97亿港元(就H股要约 而言)及人民币47.47亿元(就内资股要约而言)。 该行已向联交所申请自2025年9月15日上午九时正起恢复H股在联交所买卖。 初始内资股要约价将相应地由每股内资股人民币1.20元增加至每股内资股人民币1.45元，即按港币1元兑 人民币0.91193元汇率计算的最终H股要约价的人民币等值金额，该汇率为本公告日期中国人民银行公布 的最新人民币兑港币汇率中间价。 ...

Core Insights - The company is actively advancing the global expansion of its core product, Isupravaglutide α, which is intended for the treatment of Type 2 Diabetes (T2D) [1] - The company received BLA (Biologics License Application) approval for its core product in the Macau Special Administrative Region of the People's Republic of China in June 2025 [1] - The first prescription for the core product for T2D treatment was issued at the Huabao Medical Center in Macau on September 12, 2025, marking the official commercialization phase of the product in Macau [1]

Core Insights - The launch of the new product, Beshuhen Silicone Gel Scar Patch, by Menarini on JD Health marks a significant step in scar management and reflects the growing market demand for effective scar treatment solutions [1][2] - The scar management market is experiencing rapid growth, with JD Health reporting a compound annual growth rate of 62% in scar removal market sales from 2019 to 2024 [1] - The Beshuhen Silicone Gel Scar Patch incorporates multiple technological innovations to meet consumer demands for secure adhesion, long-lasting repair, soothing care, and natural appearance [1] Company Collaboration - The partnership between Menarini and JD Health is not only a product collaboration but also an important step in building a scar management ecosystem [2] - Menarini aims to leverage its leadership in the global scar management field to deliver innovative products to consumers more effectively through collaboration with JD Health [2] - JD Health plans to continue its collaboration with renowned medical device brands to establish a new product launch IP focused on innovative products and services in the scar management sector [2]

于2025年度，该集团取得购股权开支人民币2750万元;出售一间附属公司的亏损人民币450万元;毛利减 少人民币460万元;及政府补贴较2024年度减少人民币330万元。 智通财经APP讯，慧源同创科技(01116)公布，该集团预期将于截至2025年6月30日止年度度取得公司权 益拥有人应占净亏损约人民币4000万元至6000万元，而2024年同期经重述公司权益拥有人应占溢利则为 约人民币1.4亿元至1.6亿元。该集团于2024年度的业绩由公司权益拥有人应占亏损人民币1470万元经重 述，主要因为于2024年度拨回承兑票据结余及取消附属公司综合入账的收益。 ...

智通财经APP讯，东吴水泥(00695)发布公告，于2025年9月12日，本公司(作为卖方)与买方嘉逸控股订 立买卖协议，买方已有条件同意收购，及本公司已有条件同意出售待售股份(目标公司东方诚正稀土全 部已发行股本)，代价为1000万港元。 董事会认为，出售事项为符合本集团长期目标及当前市场状况的战略举措，使本集团得以重新定位，专 注于更高潜力的业务。 目标公司为出售集团的控股公司，而出售集团包含本集团业务中的稀土板块。出售集团主要从事磁性材 料及其他应用产品的生产及销售业务，包括生产及销售高性能烧结钕铁硼永磁材料和永磁电机。 本集团于2023年通过收购一家从事稀土永磁材料生产销售等业务的公司多数股权，进军稀土及稀土永磁 业务领域，该公司随后发展为出售集团。然而，出售集团过去两年财务表现欠佳，截至2023年12月31日 及2024年12月31日止各年度的除税后亏损分别为约915万港元及2777万港元，主要乃由于磁性材料价格 下行趋势及出售集团生产规模不足。鉴于稀土业务面临的挑战，本集团认为出售事项将可使本集团通过 将财务资源集中投入本集团水泥业务及改善现金流流动性与财务灵活性，从而精简运营及提升整体财务 表现 ...

该行已向联交所申请自2025年9月15日上午九时正起恢复H股在联交所买卖。 初始内资股要约价将相应地由每股内资股人民币1.20元增加至每股内资股人民币1.45元，即按港币1元兑 人民币0.91193元汇率计算的最终H股要约价的人民币等值金额，该汇率为本公告日期中国人民银行公布 的最新人民币兑港币汇率中间价。 假设要约获全数接纳，要约人根据要约及最终要约价应付的总现金代价将约为35.97亿港元(就H股要约 而言)及人民币47.47亿元(就内资股要约而言)。 智通财经APP讯，盛京银行(02066)与沈阳盛京金控投资集团有限公司联合公布，为了就股东接纳提供更 大财务激励，提升本次要约的成功概率，要约人将把初始H股要约价由每股H股港币1.32元增加至每股H 股港币1.60元，相当于每股H股提高港币0.28元。最终H股要约价港币1.60元较最后交易日联交所所报收 市价每股H股港币1.14元溢价约40.35% ...