北交所策略并购专题报告第五期：卓兆点胶收购广东浦森，设备与耗材强强联合客户互补，中报扭亏为盈

Group 1 - The report highlights the positive signals in the merger and acquisition (M&A) market since 2024, driven by policies such as the new "National Nine Articles" and "M&A Six Articles," which encourage industrial integration and cross-border mergers [3][12][19] - The report emphasizes the importance of the Beijing Stock Exchange (BSE) in seizing M&A opportunities, particularly focusing on resource integration within the same group, external mergers in new productivity industries, and "strong chain and supplementary chain" expansions [3][20] - As of August 24, 2025, a total of 32 significant investment and M&A events have been disclosed on the BSE, indicating a growing trend in corporate acquisitions [22][26] Group 2 - The acquisition of 51% of Guangdong Pusen by Zhuozhao Point Glue for RMB 96.9 million is presented as a benchmark case of synergistic M&A between equipment and consumables [4][26] - The transaction aims to provide a comprehensive, one-stop service for customers by integrating point glue equipment and consumables, enhancing customer experience and satisfaction [4][31] - Zhuozhao Point Glue reported a turnaround in its financial performance for the first half of 2025, achieving revenue of RMB 156 million, a year-on-year increase of 207.46%, and a net profit of RMB 26.78 million, compared to a loss in the same period of 2024 [5][33] Group 3 - Guangdong Pusen specializes in point glue consumables, with major clients including well-known companies such as Samsung and BYD, positioning it as a strong competitor against international brands [48][49] - The acquisition is expected to enhance Zhuozhao Point Glue's market influence by integrating market resources and expanding customer coverage, particularly in the non-fruit chain sectors like new energy lithium batteries and semiconductors [32][34] - The original shareholders of Guangdong Pusen have committed to achieving a minimum net profit of RMB 19 million for the years 2025, 2026, and 2027, ensuring performance accountability post-acquisition [55][56]