证券研究报告 并购重组跟踪（二十六） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年7月7日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本期并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本期并购动态回顾 注：本期为6.23-7.6，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 7月4日，国务院国资委印发《关于新时代中央企业高质量推进品牌建设的意见》，提出注重并购重组企 业优质品牌资产的继承维护，形成整体优势 ...

Mergers and Acquisitions - Aladdin announced its participation in the auction for 81.96% equity of Kasma Holdings, with a transfer base price of 202 million yuan, aiming to expand sales channels and integrate downstream resources [1] - *ST Baoshi received approval from the Ningxia State-owned Assets Supervision and Administration Commission for the acquisition of 100% equity of Ningxia Electric Power Investment New Energy Co., Ltd. through major asset replacement and cash payment [2] - Guotou Zhonglu disclosed a transaction plan to acquire 100% shares of China Electronic Engineering Design Institute through share issuance, with the specific transaction price yet to be determined [3] Shareholding Changes - MaiPu Medical announced that shareholder Tang Ying plans to reduce holdings by no more than 1% of the company's shares, totaling up to 665,100 shares [4] - Yue Wannianqing disclosed that a 10% shareholder, Hehe Investment, plans to reduce holdings by no more than 6% of the company's shares, totaling up to 4.8 million shares [5] - *ST Huawang announced that shareholder Wu Qun plans to reduce holdings by no more than 1.76% of the company's shares, totaling up to 15,414,300 shares [6] Regulatory Issues - Liuhua Co. received an administrative regulatory decision from the Guangxi Securities Regulatory Bureau due to issues related to accounting irregularities and failure to fulfill obligations regarding the integrity of appointed directors and supervisors [7] - *ST Huike was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws [8][9] - Tuisijingang announced that two vice presidents were arrested for violating important information disclosure laws, but stated that this would not impact the company's normal operations [10]

高级管理人员、内审负责人及证券事务代表的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 梦网云科技集团股份有限公司（以下简称"公司"）于2025年7月4日召开第 九届董事会第一次会议，选举产生公司董事长、副董事长、各专门委员会委 员，并聘任第九届高级管理人员、内部审计部负责人及证券事务代表。现将具 体情况公告如下： 证券代码：002123 证券简称：梦网科技 公告编号：2025-064 梦网云科技集团股份有限公司 关于选举董事长、副董事长并聘任 一、公司选举第九届董事会董事长、副董事长情况 经公司第九届董事会第一次会议审议通过，选举余文胜先生为第九届董事 会董事长；选举徐刚先生为第九届董事会副董事长，任期至第九届董事会任期 届满之日止。上述人员简历详见附件。 二、公司组建第九届董事会各专门委员会组成情况 其中，审计委员会、提名委员会、薪酬与考核委员会中独立董事均占半数 以上，且审计委员会的召集人邹奇为会计专业人士。公司第九届董事会专门委 员会委员任期与公司第九届董事会任期相同，期间如有委员不再担任公司董事 职务，自动失去委员资格。 三、公司聘任高级管理人 ...

（一）以7票同意，0票反对，0票弃权，审议通过了《关于选举第九届董 事会董事长、副董事长的议案》。 经公司第九届董事会第一次会议审议通过，选举余文胜先生为第九届董事会 董事长；选举徐刚先生为第九届董事会副董事长，任期至第九届董事会任期届满 之日止。 证券代码：002123 证券简称：梦网科技 公告编号：2025-063 梦网云科技集团股份有限公司 第九届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 梦网云科技集团股份有限公司（以下简称"公司"）第九届董事会第一次 会议通知及会议材料于2025年7月1日以专人送达、电子邮件等方式发送给公司 全体董事和高级管理人员，会议于2025年7月4日以现场加通讯方式进行表决。 会议应参与表决董事7人，实际参与表决董事7人。本次会议符合《公司法》及 公司章程的有关规定，会议的召开合法、有效。 二、董事会会议审议情况 会议审议并通过了以下决议： （四）以7票同意，0票反对，0票弃权，审议通过了《关于聘任公司财务 总监的议案》。 （二）以7票同意，0票反对，0票弃权，审议通过了《 ...

关于完成董事会换届选举的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 梦网云科技集团股份有限公司（以下简称"公司"）于2025年6月30日召开 2025年第一次临时股东会，选举产生公司第九届董事会非独立董事（职工代表 董事除外）和第九届董事会独立董事，与公司职工代表大会选举产生的职工董 事共同组成了公司第九届董事会。现将有关事项公告如下： 一、董事会成员组成情况 公司第九届董事会由7名董事组成，其中非独立董事4名，独立董事3名，具 体选举情况如下： 公司第九届董事会成员均符合相关法律法规规定的上市公司董事的任职资 格，均未受过中国证监会及其他有关部门的处罚和证券交易所的惩戒，独立董 事的任职资格和独立性已经深圳证券交易所备案审核无异议。公司第九届董事 会董事候选人中兼任公司高级管理人员以及由职工代表担任的董事人数总计未 超过公司董事总数的二分之一，独立董事人数不低于董事会成员总数的三分之 一，符合相关法律法规的要求。 证券代码：002123 证券简称：梦网科技 公告编号：2025-062 梦网云科技集团股份有限公司 经公司2025年第一次临时股东会审议 ...

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于梦网云科技集团股份有限公司 2025 年第一次临时股东会的 法律意见书 国枫律股字[2025]C0080 号 致：梦网云科技集团股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2025 年第一次临时股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业 务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券 法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《梦网云科技集 团股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开 程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法 ...

证券代码：002123 证券简称：梦网科技 公告编号：2025-061 梦网云科技集团股份有限公司 1、现场会议召开时间：2025年6月30日下午14:30 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 2、现场会议召开地点：深圳市南山区高新中四道30号龙泰利科技大厦2层 深圳市梦网科技发展有限公司会议室 3、会议召开方式：会议采取现场投票与网络投票相结合的方式召开 4、会议召集人：公司董事会 5、会议主持人：董事长余文胜先生 6、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为：2025年6月30日9:15—9:25，9:30—11:30和13:00—15:00；通过深圳证券交 易所互联网投票系统投票的具体时间为：2025年6月30日9:15－15:00期间的任意 时间。 7、会议的召集、召开与表决程序符合《中华人民共和国公司法》《深圳证 券交易所股票上市规则 ...

Group 1 - The core point of the news is that DreamNet Technology plans to acquire 100% of Hangzhou Bicheng Digital Technology Co., Ltd. for 1.28 billion yuan, which constitutes a major asset restructuring [1][2] - The acquisition aims to expand the breadth and depth of services offered by DreamNet Technology and optimize its business structure [2][3] - Bicheng Digital, established in 2017, is a leading e-commerce service provider in China, with a registered capital of 480 million yuan and a business focus on brand retail, brand operation, digital marketing, and channel distribution [3] Group 2 - The acquisition includes a performance commitment, requiring Bicheng Digital to achieve a cumulative net profit of no less than 323 million yuan from 2025 to 2027 [1][3] - DreamNet Technology's revenue for 2024 is projected to be 4.404 billion yuan, a year-on-year decrease of 15.87%, while the net profit is expected to be 38.17 million yuan [5] - The company has seen significant growth in its international business, with revenue from overseas markets increasing from 43.83 million yuan in 2021 to 901 million yuan in 2024, marking nearly a 20-fold increase over three years [5]

Group 1 - The core point of the article is that Mengwang Cloud Technology Group Co., Ltd. is making significant progress in acquiring 100% equity of Hangzhou Bicheng Digital Technology Co., Ltd. for a total transaction price of 1.28 billion yuan [2][3] - The acquisition will be financed through a combination of issuing shares and cash payments, with an additional fundraising of up to 830 million yuan from no more than 35 specific investors [2][3] - The valuation of Bicheng Digital's equity was assessed using both income and asset-based methods, with the income method yielding a valuation of 1.312 billion yuan, reflecting a 164.91% increase in value [3] Group 2 - The transaction includes a differentiated pricing arrangement based on whether the actual controllers of Bicheng Digital will bear performance compensation obligations, with the overall valuation for those who do being 1.384 billion yuan after cash dividends [3][4] - The performance compensation obligations require Bicheng Digital to achieve net profits of no less than 90 million yuan, 108 million yuan, and 125 million yuan for the years 2025 to 2027 [4] - Mengwang Technology aims to enhance its profitability through this acquisition, leveraging Bicheng Digital's strong e-commerce service capabilities and extensive brand client resources [5][6] Group 3 - Bicheng Digital is recognized as a leading comprehensive e-commerce service provider, holding certifications as a Tmall Six-Star Service Provider and a Douyin Diamond Brand Service Provider [5] - The financial performance of Bicheng Digital shows strong revenue growth, with projected revenues of 1.281 billion yuan and 1.363 billion yuan for 2023 and 2024, respectively, alongside net profits of 96.855 million yuan and 74.184 million yuan [5] - The acquisition aligns with Mengwang Technology's strategic goal of expanding its service offerings and optimizing its business structure, enhancing overall profitability and risk resilience [6]

Investment Rating - The communication industry is rated as "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [43]. Core Insights - The communication industry has shown a steady performance, with a cumulative revenue of 748.8 billion yuan in the first five months of 2025, reflecting a year-on-year growth of 1.4% [17][19]. - The industry is currently experiencing a period of technological iteration and policy benefits, with emerging sectors such as AI, quantum communication, and low-altitude economy expected to drive growth [3][40]. - The report emphasizes the importance of focusing on three main lines of opportunity: "technology commercialization + policy catalysis + performance certainty" for companies in the sector [3][40]. Summary by Sections 1. Industry Market Review - The communication sector index increased by 4.14% over the past two weeks (June 13-26), outperforming the CSI 300 index by 2.75 percentage points, ranking 4th among 31 primary industries [11][12]. - The sector has seen a cumulative increase of 10.01% in June, again outperforming the CSI 300 index by 7.25 percentage points [11][12]. 2. Industry News - Google launched the Imagen 4/Ultra series AI image generation model, priced from $0.04 per image [16]. - China Mobile announced a procurement of 200,000 TDD antennas, with eight companies winning the bid [20]. - Huawei's executive stated that by 2030, there will be nearly 10 billion personal AI agents globally [21]. 3. Company Announcements - Dream Network Technology plans to acquire 100% of Bicheng Digital for 1.28 billion yuan [24]. - Zhongtian Technology won multiple communication and power project bids totaling 3.617 billion yuan [26]. 4. Industry Data Updates - As of May 2025, the mobile phone user base reached approximately 1.807 billion, a year-on-year increase of 2.71% [27]. - The number of internet broadband access users reached about 682 million, up 5.05% year-on-year [28]. - The total number of 5G base stations reached 4.486 million, with a net increase of 235,000 since the end of the previous year [19][36]. 5. Weekly Perspective on the Communication Sector - The report suggests that the demand for bandwidth and latency driven by emerging businesses like AI will continue to push the development of optical networks towards greater capacity and lower latency [3][40]. - Investment opportunities are highlighted in companies such as China Telecom, FiberHome, and Weisheng Information, which are expected to benefit from ongoing infrastructure developments [40][42].