前言 公司是中国民用电工龙头，转换器、墙开利基市场优势稳固，20- 23 年平均 ROE 约为 29%。近年来公司加速多元化，探索新能源 /无主灯/出海三大新兴业务，经营韧性凸显，提出"千亿公牛"目 标，本文重点解析新兴业务发展态势及后续 ROE 水平展望。 投资逻辑 参考丹纳赫经验，BBS 支撑多元化发展。公司致力于走远路，积 极学习丹纳赫等国际企业先进经验，探索出独有的公牛业务管理 体系（BBS），整合生活电器事业部。以利润率、市占率等为考核 目标，为公司实现长期战略和各业务线协同发展奠定基础。 0 200 400 600 800 1,000 1,200 1,400 61.00 67.00 73.00 79.00 85.00 91.00 240412 240712 241012 250112 人民币(元) 成交金额(百万元) 成交金额 公牛集团 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 14, ...

2025年，数十家A股公司已向香港联交所递交H股上市申请。 清明前夕，有着国内"能量饮料第一股"的东鹏饮料（集团）股份有限公司（简称"东鹏饮料"）正式向香 港联交所递交招股说明书，计划"A+H"两地上市。 业绩狂飙，产品结构单一 2021年，东鹏饮料(605499.SH)登陆A股主板上市，随着公司业绩增长，公司股价和市值一路上升。截至 到2025年4月7日，公司A股总市值为1326亿元，也被业内称为"能量饮料第一股"。 根据尼尔森IQ数据，按销量计，东鹏特饮在中国能量饮料市场自2021年起连续4年排名第一，全国市场 份额从2023年的30.9%增长到2024年的34.9%。 业绩表现上，招股书显示，在过去的2022年至2024年，东鹏饮料的营收分别为85.00亿元、112.57亿元和 158.30亿元，复合年增长率为36.5%。同期净利润分别为14.41亿元、20.40亿元和33.26亿元，复合年增 长率为52.0%，净利润率分别为16.9%、18.1%和21.0%。 而近两年来多元化战略下，2023年至2024年，东鹏饮料电解质饮料营收分别为3.93亿元、14.95亿元，占 总营收的比重分别为3.5%和9. ...

公告显示，本次交易对价共计3.97亿元，交易完成后，思芮科技将成为东软集团控股子公司。 星标 ★ IPO日报 精彩文章第一时间推送 近期，东软集团股份有限公司（600718.SH）（下称"东软集团"）发布公告，拟以支付现金方式购买上海瑞应人才科技集团有限公司、天津芮屹企业 管理咨询中心（有限合伙）持有的上海思芮信息科技有限公司（下称"思芮科技"）合计57%股权。 但值得注意的是，公司扣非净利润指标明显背离，三年度数据分别为0.35亿元、-5.3亿元和-1.47亿元，自2022年起连续两年出现经营性亏损，反映其核心 业务盈利质量不佳。 这一反差现象的深层次动因可追溯至公司的战略转型。 早期的东软集团依靠外包业务起家，2006年，公司就成为了全国第一家外包收入过亿美元的软件企业。 不过，由于所在的软件行业变化迅速，面对行业变局，东软自"十四五"以来持续实施多元化布局战略，通过新领域拓展及产业链纵向延伸构建产业生态。 2011年，东软集团开始进入大健康产业并投资了多家健康医疗创新公司，随后2015年，公司又进入智能汽车产业领域。 但伴随新兴业务研发投入加大、市场培育期拉长以及部分业务板块协同效应未达预期，阶段性成本 ...

Investment Focus - The report initiates coverage on Kikkoman Corporation with a NEUTRAL rating, setting a target price of ¥1,429.73, reflecting a P/E ratio of 22X for the fiscal year 2026 [2][4]. - Kikkoman has a market capitalization of ¥1,409 billion (approximately US$9.40 billion) and a current share price of ¥1,454 [2]. Company Overview - Kikkoman is a leading soy sauce manufacturer with over 300 years of history, holding the largest market share globally in the soy sauce market, with 33.6% in Japan and 57.6% in the United States [3][7]. - The company has established a strong brand reputation and sells products in over 100 countries, leveraging high-quality production methods and a diverse product line [7][8]. Business Strategy - Kikkoman has adopted a diversification strategy, expanding from soy sauce to include a variety of food products, which has enhanced its operational resilience [3][4]. - The company has successfully increased its overseas revenue, with overseas food wholesale accounting for 73.8% of its foreign income during the period from April to December 2024 [3][4]. Financial Performance - Revenue projections for Kikkoman show a steady increase from ¥660.8 billion in 2024 to ¥750 billion by 2027, with a compound annual growth rate (CAGR) of 3.2% [2][4]. - Net profit is expected to grow from ¥56.4 billion in 2024 to ¥66.1 billion in 2027, indicating a robust growth trajectory [2][4]. Market Trends - The Japanese domestic market is experiencing stagnation, prompting Kikkoman to focus on international markets for growth, particularly in the U.S. and Europe [3][4]. - The company has noted a shift in consumer preferences towards healthier options, leading to increased demand for low-sodium and organic soy sauces [3][4]. Product Development - Kikkoman has implemented a high-value-added product strategy, introducing premium soy sauces and diversifying into products like soy sauce derivatives and beverages, which has bolstered profitability in Japan [4][60]. - The company has successfully cultivated a significant market share in the Japanese soy milk market, exceeding 50%, contributing positively to its overall profitability [67]. Global Expansion - Kikkoman's global expansion strategy has involved establishing production bases and sales channels in various countries since the 1950s, allowing it to adapt to local tastes and preferences [28][49]. - The company has focused on integrating its products with local cuisines, enhancing its market penetration and brand loyalty in international markets [50][51]. Conclusion - Kikkoman's strategic focus on diversification, global expansion, and high-value product offerings positions it well for sustainable growth despite challenges in the domestic market [4][28].