近日，美克家居(600337)正式披露重大资产重组预案，拟通过发行股份及支付现金相结合的方式，全额 收购万德溙光电100%股权，并同步募集配套资金。此次交易标志着美克家居彻底告别单一家居业务赛 道，全面进军"AI＋高端制造"领域，构建"家居主业轻资产运营+AI高科技第二主业"的双线发展格局， 开启高质量发展新篇章。 作为中高端家居头部企业，美克家居近年来主动应对市场变化，锚定国家支持的战略性新兴产业加速转 型。此次并购标的万德溙光电所处的高速互连赛道，正受益于AI算力爆发式增长与"东数西算"工程深度 推进，成为确定性高增长赛道——据弗若斯特沙利文预测，2025—2029年全球高速铜缆市场规模将从19 亿元飙升至49亿元，4年复合增长率高达27%，而全球超高速电路市场规模2025年已突破580亿美元，年 复合增长率维持18.5%高位。更关键的是，万德溙光电已构建硬核竞争壁垒：成功推出800G/1.6T全系列 高速互连方案，其AEC产品在800Gbps速率下实现9米稳定传输，突破行业瓶颈；自主研发的25G-1.6T LOOPBACK测试模块，功耗监测精度达±2%，优于行业平均水平。客户端已深度绑定Marvell、 ...

行业人士表示，此次资产转让并非孤立动作，而是锦江酒店长期推进轻资产战略的延续。事实上，锦江 集团近年来持续践行"轻重分离、双轮驱动"模式，据锦江集团投资总监、锦江资管公司总经理张羽翀近 日披露的数据，锦江集团目前轻资产管理业务和重资产投资业务涉及的资产价值均在500亿元人民币以 上。张羽翀表示，对于重资产业务，锦江集团秉持的核心理念是"流动创造价值"，多年来在大宗交易、 资产证券化等方面均有成功实践，如2015年出售上海2家酒店并收购法国卢浮集团，2024年发行17.75亿 元类REITs等。 锦江集团2025年三季度财报显示，公司第三季度营业收入37.15亿元，同比减少4.71%；归母净利润约 3.75亿元，同比增长45.45%。前三季度，锦江酒店的营业收入102.41亿元，同比减少5.09%；归母净利 润7.46亿元，同比减少32.52%。 另据机构统计，从业务结构来看，2022年至2024年期间，锦江酒店自有及租赁酒店收入占比从52.7%逐 年下降至46.5%，而特许经营及管理酒店收入占比则从38.7%提升至44.0%，轻资产模式已成为收入增长 的重要引擎。 从行业背景来看，轻资产已成为酒店行业的主流发 ...

以下文章来源于东四十条资本 ，作者黎曼 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 五星酒店丽思卡尔顿（The Ritz-Carlton），也被摆上"货架"了。 中国金茂旗下的上海金茂投资管理集团有限公司于2025年11月21日公告，拟通过北京产权交易所挂牌出售其持有的金茂（三 亚）旅业有限公司100%股权，底价22.65亿元。 这家公司主要持有的核心资产，便是位于三亚亚龙湾畔的丽思卡尔顿酒店。 截至2025年8月31日，该标的公司实现营业收入约2.36亿元，净利润3777.99万元。按此估算，22.65亿元的挂牌底价对应 约60倍静态市盈率。这一价格虽不便宜，但丽思卡尔顿品牌和亚龙湾地理位置确实具有稀缺性。 这并非中国金茂在三亚高端酒店市场的首次撤退。2024年底，金茂已将同一区域的三亚希尔顿酒店以18.49亿元售出。不 过，与资产甩卖的出售性质不同，这次交易选择产权交易所公开挂牌，真实目的是为了"资产证券化"，贯彻轻资产战略。 如果将丽思卡尔顿酒店比喻为一头能稳定产奶的优质奶牛的话，"过去开 ...

晶科科技公告称，为推进轻资产战略，近日转让全资子公司海宁晶美100%股权并完成工商变更。海宁 晶美在关联方晶科储能厂区屋顶建光伏电站，年均售电及租赁厂区屋顶关联交易预计金额共1051万元， 该关联交易已于2024年获批。转让后，海宁晶美继续与晶科储能履约，但不再纳入公司合并报表，其与 晶科储能交易不再属公司关联交易范畴。此次交易减少公司日常关联交易，对财务和经营影响不大。 ...

作为复星旅文旗下核心品牌，私有化后Club Med如何发展备受关注。前不久，Club Med又正式任命法 国籍高管斯特凡纳·马凯尔为新任总裁兼首席执行官。 谈到Club Med的发展，鲍将军说道，到2035年，复星旅文计划在全球运营100家Club Med地中海俱乐 部、20个地中海·邻境度假村（Club Med Joyview）、5个超级文旅Mall（HiSphere），实现三条产品线 并行快速发展。而鲍将军所说的三条产品线则分别瞄准不同层次的度假市场。截至目前，复星旅文在全 球范围内共运营60余家Club Med地中海俱乐部。 复星国际 2035年拓展5个超级文旅Mall 作为复星旅文旗下核心品牌的Club Med地中海俱乐部，其占据复星旅文几乎九成的营收。据复星旅文 披露的2025年上半年营业数据，复星旅文运营营业额达102.3亿元，其中Club Med地中海俱乐部达92.5 亿元。 在Club Med地中海俱乐部之外，超级文旅Mall作为新的产品线也将在2026年开业。鲍将军还谈到，复星 旅文旗下超级文旅Mall明年将落地重庆，该项目总体量近50万平方米，包含沉浸式主题街区、宇宙主题 体验空间以及室内 ...

在私有化9个月后，复星旅游文化集团（以下简称"复星旅文"）披露了2026年新战略，再次明确将轻资 产化战略进行到底。近日，复星旅文CEO鲍将军在接受北京商报记者专访时谈到，私有化后的复星旅文 正以更"轻"的姿态加速全球布局。具体来看，计划到2035年，Club Med地中海俱乐部一价全包的度假村 在全球实现100家；继续推动亚特兰蒂斯独立上市；加速出清丽江、太仓等重资产项目。未来随着入境 游红利的涌现，复星旅文也将迎来新的发展机遇。 2035年拓展5个超级文旅Mall 作为复星旅文旗下核心品牌，私有化后Club Med如何发展备受关注。前不久，Club Med又正式任命法 国籍高管斯特凡纳·马凯尔为新任总裁兼首席执行官。 谈到Club Med的发展，鲍将军说道，到2035年，复星旅文计划在全球运营100家Club Med地中海俱乐 部、20个地中海·邻境度假村（Club Med Joyview）、5个超级文旅Mall（HiSphere），实现三条产品线 并行快速发展。而鲍将军所说的三条产品线则分别瞄准不同层次的度假市场。截至目前，复星旅文在全 球范围内共运营60余家Club Med地中海俱乐部。 作为复星旅文 ...

Core Viewpoint - Wanda's recent decision to repurchase its own asset, the Yantai Zhifu Wanda Plaza, marks a significant strategic shift after years of divestment, raising questions about the company's future direction [2][4]. Group 1: Asset Management and Strategy - Wanda has sold over 40 plazas in the past three years but is now reversing course by repurchasing assets, indicating a potential strategic turnaround [2]. - The repurchase of the Yantai plaza comes after a previous divestment in July 2024, suggesting improved cash flow for the company [4]. - The repurchase may be linked to previously embedded buyback clauses in the original sale agreement, indicating a strategic maneuver to regain control over valuable assets [4]. Group 2: Financial Position and Debt Management - Wanda is under significant debt pressure, with cash reserves of only 11.6 billion while facing 40 billion in maturing debts and additional liabilities totaling 34 billion from failed agreements [6]. - As of June 2024, Wanda's interest-bearing debt reached 137.56 billion, with nearly a quarter being short-term debt, highlighting the urgency of its financial situation [6]. - Following aggressive asset liquidation, Wanda has managed to clear most domestic debts, leaving only a 400 million overseas debt due in 2026, indicating a shift from survival mode to a more strategic financial management approach [6]. Group 3: Strategic Implications of Asset Repurchase - The repurchase of the Yantai plaza reflects a recognition of the limitations of Wanda's previous asset-light strategy, which has not sustained its commercial empire [8]. - The company may be exploring a hybrid strategy, retaining core assets while expanding through management services, aiming for a balance between asset ownership and operational efficiency [8]. - The operational control of previously sold plazas suggests a strategic approach of monetizing assets while maintaining brand influence, which could enhance both cash flow and asset value [10].

Core Viewpoint - Wanda's recent repurchase of its own asset, the Yantai Zhifu Wanda Plaza, marks a significant strategic shift after years of asset divestment, raising questions about the company's future direction [2][5]. Group 1: Asset Management Strategy - Over the past three years, Wanda has sold over 40 plazas, but the recent buyback suggests a potential reversal in strategy [2]. - The repurchase may indicate improved cash flow, as Wanda had previously divested from this project in July 2024 [3][5]. - Industry insiders suggest that the buyback could be linked to pre-existing repurchase clauses from the original sale [4]. Group 2: Financial Context - In 2024, Wanda initiated a significant asset liquidation, selling 26 plazas and planning to sell 48 more in 2025, aiming to recover 50 billion yuan [5]. - As of the first quarter of 2025, Wanda's cash reserves were only 11.6 billion yuan, while debts due within the year totaled 40 billion yuan, alongside additional liabilities of 34 billion yuan from failed agreements and 25 billion yuan from partners [8]. - By June 2024, Wanda's interest-bearing debt surged to 137.56 billion yuan, with nearly a quarter being short-term debt, indicating severe financial pressure [8]. Group 3: Strategic Implications - The asset repurchase reflects a shift from a "survival mode" to a "refined mode," allowing Wanda to enhance its balance sheet while stabilizing its core operations [8][10]. - The previous strategy of asset-light management has proven challenging, as reliance solely on management output cannot sustain a commercial empire [10]. - The repurchase of the Yantai plaza suggests a new approach where Wanda aims to balance core asset retention with management expansion, potentially creating a "mixed strategy" [10][12].

Core Viewpoint - Wanda Group has repurchased a Wanda Plaza after selling multiple properties, indicating a strategic shift towards asset management and operational control [1][5]. Group 1: Company Changes - On December 2, 2025, Yantai Zhifu Wanda Plaza Co., Ltd. underwent a change in ownership, with Shanghai Wanda Ruichi Enterprise Management Co., Ltd. becoming the sole controlling shareholder [1][2]. - The previous shareholders, Kunhua (Tianjin) Equity Investment Partnership and Kunyuanchengxing (Xiamen) Investment Management Consulting Co., Ltd., have exited the shareholder structure [1][2]. - The management team has also been adjusted in line with this ownership change [1]. Group 2: Strategic Direction - The repurchase aligns with Wanda Group's long-term strategy of promoting a light asset model, which has been a focus for the company in recent years [5]. - The estimated value of each sold Wanda Plaza was approximately 1.5 billion yuan [2]. Group 3: Operational Scale - As of the end of 2024, Wanda Commercial Management has opened 513 Wanda Plazas across China, with a total commercial operating area of 70.9 million square meters and an annual foot traffic exceeding 5.2 billion visitors [3]. - The Yantai Zhifu Wanda Plaza Co., Ltd. was initially fully controlled by Wanda Commercial Management and focuses on developing large commercial complexes [3].

Core Viewpoint - The company reported a revenue of 6.961 billion yuan in Q3 2025, representing a year-on-year increase of 8.1%, exceeding the guidance of 2%-6% [1] Group 1: Financial Performance - The company's revenue from direct hotels was 3.487 billion yuan, down 5.5% year-on-year, accounting for 50.1% of total revenue [1] - Revenue from franchise and managed hotels reached 3.309 billion yuan, up 27.2% year-on-year, making up 47.5% of total revenue, with growth exceeding the guidance of 20%-24% [1] - The net profit attributable to shareholders was 1.469 billion yuan, reflecting a year-on-year increase of 15.4% [1] Group 2: RevPAR and Occupancy Rates - Domestic hotel RevPAR was 256 yuan, a slight decrease of 0.1% year-on-year, with ADR at 304 yuan (up 0.9%) and OCC at 84.1% (down 0.8 percentage points) [1] - International hotel RevPAR was 87 euros, an increase of 6.4% year-on-year, with ADR at 117 euros (down 0.2%) and OCC at 74.4% (up 4.6 percentage points) [1] Group 3: Cost Management and Profitability - Hotel operating costs were 4.1 billion yuan, up 6.9% year-on-year, but the operating cost ratio decreased by 0.6 percentage points due to a light-asset strategy [2] - SG&A expenses were 884 million yuan, down 9.3% year-on-year, partly due to a one-time restructuring cost of 81 million yuan in Q3 2024 [2] - The overall operating profit margin improved to 29.4%, up 2.7 percentage points year-on-year, driven by increased contributions from managed and franchise business revenues [2] Group 4: Expansion and New Brand Launch - As of Q3 2025, the company operated 12,702 hotels globally, with 1.246 million rooms, having opened 749 new hotels domestically and 1 internationally in Q3 [2] - The company plans to launch a new mid-to-high-end brand "All Seasons Grand View" in Q4, aimed at attracting travelers with Eastern culture [2] Group 5: Future Outlook - The company expects total revenue growth of 2%-6% year-on-year for Q4, with managed and franchise revenue projected to grow by 17%-21% [2] - Revenue forecasts for 2025-2027 are 25.28 billion, 26.70 billion, and 28.23 billion yuan, with year-on-year growth rates of 5.8%, 5.6%, and 5.7% respectively [3] - Net profit forecasts for the same period are 4.54 billion, 5.11 billion, and 5.80 billion yuan, with year-on-year growth rates of 49.1%, 12.5%, and 13.4% respectively [3]