作者丨牛刀财经 朱哓 从3月敲钟港交所，开盘市值突破千亿港元，到6月股价冲高至618.5港元/股的巅峰，再到10月6日收盘 时市值缩水至1427亿港元，仅仅三个月，蜜雪冰城（2097.HK）的股价遭遇 "腰斩式" 下跌，较7月初蒸 发了500亿港元。 这场如同 "过山车" 般剧烈的市值波动，不仅将市场对其业绩能否持续高增长的疑虑彻底暴露，更把加 盟模式下长期存在的管理漏洞、食品安全等潜藏隐患，推到了聚光灯下。 对于蜜雪冰城创始人张红超而言，如何在企业规模快速扩张与风险有效管控之间找到精妙的平衡，如何 打破 "高增长只是幻象" 的市场认知、彻底根治管理上的 "沉疴旧疾"，已然成为这家企业能否成功穿越 行业周期的核心命题。 "褪色"：补贴退潮与市值回调的连锁反应 回溯2025年上半年，蜜雪冰城曾凭借外卖市场的"东风"交出亮眼成绩单。 随着京东进军外卖领域引发价格战，美团、饿了么的高额补贴间接带动了蜜雪冰城的销量增长。 中期财报显示，公司上半年收入148.7亿元，同比增长39.3%；毛利47.1 亿元，同比增长38.3%；净利润 27.2亿元，同比增长44.1%，增速远超行业平均水平。 | 中期業績摘要 | | | ...

Core Viewpoint - The article discusses the strategic investment by Luxshare Precision, led by Wang Laichun's family, in Chery Automobile, highlighting the financial gains and business synergies resulting from this investment [6][12]. Group 1: Investment Details - Luxshare Limited acquired a 19.88% stake in Chery Holdings, a 7.87% stake in Chery Automobile, and a 6.24% stake in Chery New Energy for a total cost of 10.054 billion RMB [6]. - As of now, Luxshare holds 920 million shares of Chery Automobile, representing 15.96% of the company, valued at approximately 27 billion RMB based on the IPO closing price [5][6]. - The investment has yielded significant returns, with the family reportedly gaining over 16 billion RMB in unrealized profits from Chery Automobile alone [5]. Group 2: Financial Performance - Chery Automobile's revenue for 2022 was 92.618 billion RMB, with a net profit of 5.806 billion RMB, and no dividends were distributed [9]. - The company is projected to see substantial growth, with revenues expected to reach 269.9 billion RMB by 2024 [9]. - The strategic focus on the overseas market and electric vehicles has contributed to Chery's explosive growth in recent years [9][10]. Group 3: Strategic Synergies - The investment in Chery is seen as a way to secure priority in component procurement for Luxshare Precision, which aims to enhance its automotive business [13]. - Luxshare Precision has established a strategic partnership with Chery, leading to increased business volume, with transactions rising from 31.72 million RMB in 2022 to 510 million RMB in Q1 2025 [16]. - Wang Laichun's dual role in both companies facilitates closer collaboration and operational synergies [14]. Group 4: Future Outlook - Chery's stock structure is expected to become clearer by 2025, potentially paving the way for an IPO [12]. - Luxshare Precision's market capitalization has exceeded 400 billion RMB, allowing it to leverage more resources for larger acquisitions, such as the planned acquisition of a majority stake in the German automotive wiring company Leoni [18]. - The family dynamics within Luxshare, with Wang Laichun and her siblings holding significant stakes, indicate a unified approach to business expansion and investment strategy [20].

Core Insights - The "2025 China Listed Companies Internal Control Best Practice Case" results have been officially announced by the China Listed Companies Association, recognizing outstanding internal control practices [1][3] - The evaluation process involved multiple rounds of strict selection, including case collection and expert blind reviews, with the selected cases to be compiled and promoted nationwide [3] Group 1: Award Significance - The successful inclusion of internal control practice cases reflects a high level of internal control management and confirms the company's solid management foundation during its strategic transformation [5] - The award serves as a significant recognition of the company's past achievements in internal control construction and as a motivation for future management improvement [5] Group 2: Business Performance - Since establishing its strategic focus on high-quality development in various sectors, the company has accelerated its transformation, with notable growth in its automotive and new energy business segments [5] - In the first half of 2025, the new energy business generated revenue of 402 million yuan, a substantial increase of 177.09% year-on-year, while the automotive segment achieved revenue of 507 million yuan, up 24.30% year-on-year [5] - The combined revenue contribution from these two segments has exceeded 60%, indicating significant progress in the company's business transformation [5] Group 3: Future Outlook - The company aims to use this award as a new starting point to deepen its internal control system, enhance management levels, and strengthen risk resistance capabilities [5] - Internal control is viewed not only as a compliance safeguard but also as a core engine driving value creation for the enterprise [5]

Group 1 - Hehua Co., Ltd. (河化股份) has found a new buyer, Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. (中哲瑞和), which was established less than two months ago, with Yang Herong as the actual controller [1][8] - On September 9, Silver Billion Holdings (银亿控股) signed an asset transfer agreement with Zhongzhe Ruihe to transfer 87 million shares of Hehua Co., representing 23.76% of the total share capital, for a total transaction price of approximately 632 million yuan [2][3] - If the transaction is completed, the controlling shareholder of Hehua Co. will change from Silver Billion Holdings to Zhongzhe Ruihe, and the actual controller will change from Xiong Xuqiang to Yang Herong [2][3] Group 2 - Hehua Co. reported a revenue of 80.83 million yuan for the first half of 2025, a year-on-year decrease of 37.02%, while the net profit attributable to shareholders increased by 45.56% to 3.84 million yuan [3] - The company was originally established as Guangxi Hechi Fertilizer Plant and was listed on the Shenzhen Stock Exchange in December 1999 [5] - Silver Billion Holdings acquired 87 million shares of Hehua Co. for 840 million yuan in 2016, becoming the controlling shareholder, while the company has since shifted its focus from chemical production to fine chemicals and pharmaceuticals [6] Group 3 - Yang Herong is a prominent figure in the Ningbo business community, known for founding the fashion brand "GXG" and leading Zhongzhe Group, which achieved a revenue of 30.01 billion yuan in 2024 [12] - Despite the lack of direct business connection between Hehua Co. and Zhongzhe Group, there are speculations that Zhongzhe may integrate Hehua's assets to achieve a listing [12] - Yang Herong has expressed a willingness to pursue cross-industry ventures when the timing is right, indicating a strategic approach to business expansion [13]

Core Viewpoint - Guangdong Songfa Ceramics Co., Ltd. (*ST Songfa) has undergone a significant transformation from a ceramics manufacturer to a shipbuilding and high-end equipment manufacturing enterprise following the acquisition of 100% equity in Hengli Heavy Industry Group Co., Ltd. [1][4] Group 1: Company Leadership and Structure - Chen Jianhua has been elected as the chairman of the seventh board of directors, while his son Chen Hanlun has been appointed as the general manager [1] - Chen Jianhua, born in 1971, holds a doctorate in business administration and has been serving as the chairman and president of Hengli Group since its establishment in 1994 [1] - Chen Hanlun, born in 2001, has a master's degree in applied finance and has held positions at PwC Singapore and currently serves as vice president of Hengli Group [1] Group 2: Financial Performance and Market Position - Hengli Group, under Chen Jianhua's leadership, achieved a total revenue of 871.5 billion yuan in the previous year, ranking 81st on the Fortune Global 500 list [1] - Following the completion of the asset restructuring, *ST Songfa expects to achieve a net profit attributable to shareholders of 580 million to 700 million yuan in the first half of 2025, marking a turnaround from losses in the previous year [4] - As of August 22, *ST Songfa's stock price was 56.80 yuan, with a market capitalization of 55.14 billion yuan [4] Group 3: Strategic Transformation - The company officially exited the daily ceramics manufacturing industry in May 2023 after completing the acquisition of Hengli Heavy Industry, which specializes in shipbuilding and high-end equipment [4] - Hengli Heavy Industry has commenced the construction of over 70 ships, with orders extending to 2029, indicating a robust order backlog and growth potential in the shipbuilding sector [4]

Core Viewpoint - Fonterra has agreed to sell its global consumer brands and related businesses to Lactalis for NZD 3.845 billion, marking a significant strategic shift for the company and enhancing Lactalis's market position [1][4][7] Transaction Details - The sale includes Fonterra's global consumer brand business (excluding Greater China), integrated food service and ingredient businesses in Oceania and Sri Lanka, and food service operations in the Middle East and Africa, covering over 20 brands [4][7] - The total transaction value could reach NZD 4.22 billion (approximately CNY 176.37 billion) if certain conditions are met, including the licensing of Bega [7] - Fonterra will continue to supply raw milk and dairy products to the divested brands, ensuring that New Zealand dairy farmers remain integral to these products [7][9] Strategic Implications - Fonterra's board believes the sale provides a higher value than pursuing an IPO, allowing for a complete divestiture of the consumer business and quicker capital return to cooperative owners [7][9] - The transaction is expected to be completed in the first half of 2026, pending approvals from various regulatory bodies [11] Future Outlook - Post-transaction, Fonterra aims to focus on becoming a more concentrated global B2B dairy supplier, retaining significant assets and workforce [16] - The company plans to enhance its core operations in high-value ingredients and food service, targeting a capital return rate of 10%-12% [16][13] - Fonterra's consumer brands accounted for only 7.5% of its revenue, indicating a strategic pivot towards more profitable segments [16] Market Impact - Following the announcement, Fonterra's stock price rose by 15%, reflecting positive market sentiment regarding the sale [26] - Analysts noted that the sale price exceeded market expectations, which had estimated the consumer business's value at NZD 2-3 billion [26] Lactalis's Position - Lactalis, as the world's largest dairy company, will significantly enhance its revenue and market presence in Oceania, Southeast Asia, and the Middle East through this acquisition [9][31] - The acquisition aligns with Lactalis's strategy to expand internationally and strengthen its position in key markets [9][31]

Core Viewpoint - Yonghui Supermarket (601933.SH) reported a significant decline in revenue and net profit for the first half of 2025, primarily due to strategic transformations and store closures [1] Financial Performance - The company achieved a revenue of 29.948 billion yuan, representing a year-on-year decrease of 20.73% [1] - The net profit attributable to shareholders was -241 million yuan, with a basic earnings per share of -0.03 yuan [1] Operational Changes - The revenue decline is attributed to the company's deep strategic and operational transformation initiated in the second half of 2024, which included closing long-term loss-making stores and temporary closures for store renovations [1] - Although revenue from renovated stores increased significantly compared to the same period last year, it was insufficient to offset the revenue loss from store closures [1]

Core Viewpoint - O-Film's mobile business remains dominant, while its automotive and new sectors are yet to achieve significant growth [2][4] Financial Performance - In the first half of 2025, O-Film reported revenue of 9.837 billion yuan, a year-on-year increase of 3.15%, but net profit attributable to shareholders was -109 million yuan, a decline of over 370% [2][3] - The company's basic earnings per share were -0.0332 yuan, indicating a shift from profit to loss [2] Business Segments - The smartphone segment generated revenue of 7.437 billion yuan, a slight increase of 0.43%, indicating stagnation [3] - The smart automotive business saw revenue of 1.262 billion yuan, up 18.19%, marking it as the largest growth area [3] - New sectors, including smart locks and VR/AR, contributed 1.105 billion yuan, with a growth of 9.73% [3] - Other business segments reported only 32.88 million yuan, a decline of 41.42% [3] R&D and Investment - R&D expenditure reached 758 million yuan, accounting for 7.7% of revenue, reflecting strategic investments in optical modules and automotive lenses [3][5] - The increase in share-based payment expenses due to the equity incentive plan has significantly impacted profits [5] Industry Context - The global smartphone market growth forecast for 2025 has been revised down from 2.3% to 0.6%, with domestic shipments also declining [3] - The automotive industry is experiencing growth, particularly in new energy vehicles, but competition is intensifying [4][5] - Despite maintaining double-digit growth in the automotive sector, O-Film faces challenges in achieving scale and profitability [4][5] Strategic Challenges - O-Film is at a critical transformation phase, needing to balance maintaining cash flow from its core smartphone business while investing in automotive and new sectors [5] - The company must address the core issue of balancing investment and profitability to navigate its transformation successfully [5]

Core Viewpoint - The sudden detention of the chairman of Wantong Development (600246.SH) casts a shadow over the company's transition to digital technology amidst ongoing financial losses [1][2]. Group 1: Company Leadership and Management Changes - On August 18, Wantong Development disclosed that its actual controller and chairman, Wang Yihui, was detained by the Beijing Public Security Bureau, with the investigation unrelated to the company's daily operations [2]. - Following this, the company held an emergency board meeting and appointed CEO Qian Jinzhu to assume the responsibilities of chairman and legal representative, indicating his deep involvement in the company's strategic transition [2]. Group 2: Strategic Acquisition and Financial Implications - Wantong Development announced plans to invest 854 million yuan to acquire a 62.98% stake in chip company Shudao Technology, which has faced significant losses since its establishment in 2021, with projected cumulative net losses exceeding 230 million yuan from 2023 to mid-2025 [3][4]. - The acquisition is positioned as a key move in the company's strategy to transition towards digital technology, aiming to enter the integrated circuit and AI infrastructure sectors, which are characterized by high growth potential and entry barriers [4]. - The valuation for this acquisition is controversial, with a staggering premium of 1869.01% over the net asset value of Shudao Technology, raising concerns about the rationale behind such a high valuation [4][5]. Group 3: Market Reactions and Financial Performance - Following the acquisition announcement, Wantong Development's stock price initially surged but then fell sharply, closing at 9.58 yuan per share on August 18, marking a 9.96% drop and reducing the total market capitalization to 18.1 billion yuan [2][9]. - The company reported net losses of 330 million yuan in 2023 and 498 million yuan in 2024, with a projected loss of 22 to 33 million yuan for the first half of 2025, although this represents an improvement compared to the previous year's loss of approximately 79 million yuan [7][8]. - Concerns about the chairman's detention and its impact on the company's strategic direction and acquisition plans have led to increased uncertainty among investors [9][10].

Core Insights - Sichuan Zigong Transportation Machinery Group Co., Ltd. (referred to as "Yunji Group") has established a wholly-owned subsidiary, Shanghai Ruqi Jieke Technology Service Co., Ltd. (referred to as "Yunji Shanghai Company"), with a registered capital of 200 million yuan [2] - The new subsidiary will serve as the East China headquarters for Yunji Group, focusing on international strategic layout, overseas direct investment in aftermarket business, international trade, and global customer relationship management [2][4] Business Focus Areas - Yunji Shanghai Company will concentrate on three main business areas: deepening cooperation with international mining giants and engineering machinery service providers, integrating supply chain resources in the Yangtze River Delta, and investing in smart operation and maintenance service platforms in countries along the "Belt and Road" initiative, starting with Guinea in West Africa and expanding to Central Africa, East Africa, Southeast Asia, Central Asia, South America, and Europe [4] - The establishment of Yunji Shanghai Company supports Yunji Group's strategic transformation from a traditional equipment manufacturer to a comprehensive service provider, enhancing the company's system integration capabilities and overall competitiveness [4]