"上下同欲者胜，风雨同舟者兴。"孙子兵法早在两千多年前就一语中的地指出了组织协同的本质。然而，在现代商业世界的并购战场上，即使拿下控制权， 也不意味着赢得了"人心"。许多企业，尤其是上市公司，在完成了一纸协议后的掌声与欢呼中，往往忽视了一个隐藏的杀手——文化整合。美国更好并购集 团（Goheal）在多年交易实践中反复验证：控制权可以过户，治理权可以重构，但文化的迁徙，才是决定并购成败的"最后一公里"。 据统计，60%的中国企业并购案因文化冲突宣告失败，远高于财务风险（32%）和战略错配（28%）。而在跨国并购中，这一失败率甚至飙升至75%。TCL 并购阿尔卡特的故事，如今仍在商学院课堂被反复剖析，文化冲突就像"温水煮青蛙"，看似不痛不痒，却能在整合期让企业元气大伤，甚至毁于一旦。 美国更好并购集团（Goheal）观察到，在并购尽调阶段，绝大多数收购方都把注意力集中在财报、法务、业务协同等"显性指标"上，极少有人会问一句：这 家公司的人，愿不愿跟我们一起干？能不能听我们的话？其实，这才是真正的问题核心。 举一个2025年的活案例。文化长城集团在收购某教育子公司后不久，便因文化摩擦导致40%的核心教师团队集体离职 ...

证券代码：300946 证券简称：恒而达 福建恒而达新材料股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他：电话会议 参与单位名称及 人员姓名 线上投资者 时间 2025年5月14日 15:30——17:00 地点 "全景路演"网站（http://rs.p5w.net） 公司接待人员姓名 公司董事长、总经理 林正华先生 公司独立董事 陈 菡女士 公司董事、副总经理、董事会秘书 方俊锋先生 公司副总经理、财务总监 陈萍英女士 投资者关系活动 主要内容介绍 为了更好地与广大投资者进行互动交流，使投资者 能够进一步了解公司2024年度报告及经营情况，公司参 加了由福建证监局指导、福建省上市公司协会主办与深 圳市全景网络有限公司联合举办的"2025年福建辖区上 市公司投资者网上集体接待日活动"暨召开"2024年度 业绩说明会"。 在本次交流过程中，公司接待人员严格按照有关要 求与来访投资者进行交流、沟通，没有出现未公开重大 信息泄露的情况。 附件清单 附件：互动交流问答记录 附件：202 ...

Core Viewpoint - Fujian Province is enhancing support for corporate mergers and acquisitions (M&A) to promote high-quality development of technology-oriented enterprises, including the establishment of a 10 billion yuan provincial M&A fund [1] Group 1: M&A Support Measures - The Fujian provincial government is increasing support for corporate M&A and restructuring [1] - The provincial financial investment company and investment group are encouraged to collaborate with quality technology-oriented listed companies and leading manufacturing enterprises [1] - The government aims to leverage Fujian's overseas Chinese community advantages to attract foreign capital participation [1] Group 2: M&A Fund and Financial Products - A provincial M&A fund of 10 billion yuan is being established to participate in key M&A projects based on market principles [1] - Listed companies, especially technology-oriented ones, are encouraged to utilize various financial instruments such as shares and targeted convertible bonds for M&A [1] - Financial institutions, including banks and insurance companies, are encouraged to provide diverse M&A financial products like loans, insurance, and bonds [1] Group 3: Post-M&A Support - There will be an emphasis on enhancing M&A services and post-investment empowerment [1] - A comprehensive tracking and service system will be established around M&A targets to ensure focused support for projects that are implemented [1]

欧洲石油巨头剑指埃克森美孚与雪佛龙，石油巨兽就此诞生？ 长期以来，关于BP和壳牌合并的猜测从未停止，甚至被认为"迟早会发生"，近日，彭博社再次报道 称，壳牌正在研究收购竞争对手英国石油(BP)的可能性。而如果这一潜在的超级并购成功实现，将创造 一个足以挑战埃克森美孚和雪佛龙的欧洲石油巨头。 根据瑞银集团的分析，合并后的公司每日原油和天然气产量将达到近500万桶油当量，较壳牌目前约270 万桶的日产量增长85%。这将使合并后的企业成为全球最大的油气生产商，超过埃克森美孚第一季度的 460万桶和雪佛龙的340万桶日产量。 天然气领域继续称霸，商品交易业务有望扩张 加拿大皇家银行（RBC）分析表示，壳牌已是全球最大的液化天然气（LNG）销售商，收购英国石油 将推动其业务"迈向新的高度"，合并后公司的液化天然气年销量将跃升至9000万吨以上，占目前全球市 场的20%以上。 分析还指出，收购BP的丹佛基地美国页岩油业务(BPX)，将弥补壳牌2021年在页岩油繁荣前夕出售其二 叠纪盆地业务给康菲石油的战略失误。 据悉，BP和壳牌已是全球最大的商品交易商，其炼油厂和管道等众多实物资产为它们提供了宝贵的市 场洞察。 二者合并 ...

2024年A股只完成了100家IPO上市，是近十年来的最低IPO上市数量。在IPO收紧、并购政策频出的背 景下，越来越多拟IPO企业、IPO撤材料以及辅导阶段的企业，开始转向并购重组，通过并购踏入资本 市场。 在这股浪潮的推动下，2025年各行各业公司以及央国企的专业化整合都在进一步加速。为了帮助大家及 时把握这一轮热潮，了解并购重组操作实务，我们最新上线了 《企业并购重组实操手册》 。 企业并购重组实操手册 1.纸质资料《企业并购重组实操手册》 2.线上课程《并购逻辑与实践：丹纳赫VS爱尔眼科》 3.梧桐定制笔记本1个 企业并购重组实操手册 扫码立享 8折 优惠 《企业并购重组实操手册》共有 342页 ， 17.3万字 ，11个章节，主要从 交易买方、卖方、中介机构 的角度，梳理了 并购重组各个环节 的操作要点和常见问题。 企业常见资本运作概览 并购目的 协同效应 重组类别 支付方式 并购重组基础知识 融资安排 操作流程 1. 基础内容 相关协议 中介机构 并购共识 操作周期 收购方类别 标的公司类别 标的渠道 实操常见问题 e 中介机构 并购前的考量 双方诉求 失败案例警示 尽职调查的对象 尽职调查的原则 ...

Group 1 - As of March 2025, Sichuan's banking sector assets reached 17.61 trillion yuan, liabilities at 17.02 trillion yuan, deposits at 13.76 trillion yuan, and loans at 12.49 trillion yuan, with year-on-year growth rates of 8.29%, 8.37%, 9.34%, and 11.45% respectively [1] - The insurance sector in Sichuan achieved original insurance premium income of 109.93 billion yuan in the first quarter, ranking seventh nationwide [1] Group 2 - Sichuan's financial regulatory authority is guiding banking and insurance institutions to support local economic recovery by increasing financial resource allocation to key sectors and major projects [2] - The focus includes enhancing financing mechanisms for urban real estate, small and micro enterprises, and various financial product innovations [2] Group 3 - Personal consumer loan balances in Sichuan grew by 12.65% year-on-year as of March [3] - Manufacturing loans and high-tech industry loans increased by 8.67% and 19.5% respectively [3] - Agricultural loans in key areas saw significant growth, with rural financial services achieving 100% coverage in township banks and insurance [3] Group 4 - The city real estate financing coordination mechanism has been expanded, with 869 projects receiving credit of 282.18 billion yuan and loans of 259.51 billion yuan as of March [4] - Small and micro enterprise loans reached 4.56 trillion yuan, showing a year-on-year increase of 17.76%, surpassing the overall loan growth rate [4] Group 5 - Sichuan has been included in national pilot programs for intellectual property financial ecosystems and technology enterprise mergers and acquisitions [5] - As of March, intellectual property pledge loans increased by 4.48% year-on-year, with a cumulative amount growth of 30.97% [5]

不过，李康也提到，并购也面临一些风险和挑战，包括监管要求提高，随着并购重组市场的活跃，监管 部门对并购重组的审核标准和监管要求也在不断提高，企业需要严格遵守相关规定，确保并购重组的合 规性。其次，部分科技企业面临技术迭代压力，需要通过并购快速获取关键技术，但并购后的整合难度 较大。此外，市场环境的不确定性也可能对并购重组产生影响。 提及科技企业上市前景问题，李康则表示，在当前政策和市场背景下，未来科技企业上市前景广阔，政 策支持、市场需求与行业发展等因素将推动更多科技企业冲击IPO。不过，科技企业上市也面临市场风 险、行业波动风险、技术落地风险等挑战。企业需强化技术研发与合规性，灵活选择上市路径，以应对 复杂多变的市场环境。 北京商报讯（记者 马换换）5月8日至11日，第二十七届中国北京国际科技产业博览会在国家会议中心 举办。5月9日，针对科技企业并购重组以及IPO等市场热点话题，安永大中华区TMT行业联席主管合伙 人李康接受了北京商报记者采访。李康表示，科技类企业并购重组市场有望继续保持活跃。政策的持续 支持、市场需求的推动以及企业自身的发展需求将共同促进科技类企业通过并购重组实现产业升级和竞 争力提升。同 ...

以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 作者： 杨一轩 来源： 无冕财经 沉寂许久的双星鞋业，因为一封控诉信重回大众视野。 这封以汪海口吻在4月28日签发的公开信称，当月，自己被儿、媳、孙子一家三口两次抢夺公 章，限制人身自由，目的就是逼迫他交出公司管理权。 今年84岁的汪海，是青岛双星名人集团股份有限公司（下称"双星名人"）的总裁，而这家公司的 实控人，是汪海的儿媳徐英。 汪海曾一手将双星鞋业送上中国运动鞋霸主之位，博得"鞋王"美誉，年逾八旬仍活跃在经营一 线。从双星名人微信公众号的宣传导向看，汪海仍是公司的灵魂人物。 如今突然流传出"逼宫"信，外界看法不一。据媒体报道，双星名人的工作人员称，公开信是假 的。 而徐英的说法则耐人寻味，5月6日，她回复《每日经济新闻》时表示，"我们也不知道是不是总 裁发的，我们也找不到他，他现在也不在家，也不在公司。" ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $500.8 million, a 7.1% increase from $467.6 million in Q1 2024, representing an 8.9% growth rate on a revenue per day basis [8][12] - Adjusted EBITDA was $102.7 million, up 6.8% from $96.1 million in the same quarter last year, with a slight decrease in adjusted EBITDA margin from 20.6% to 20.5% [8][19] - Net income was $40.6 million, lower than the same quarter last year primarily due to increased interest expenses and transaction costs related to acquisitions [10][19] Business Line Data and Key Metrics Changes - Total patient visits per day increased 3.2% year over year to 50,900, with a 0.6% increase to 49,600 when excluding the Nova acquisition [5][12] - Workers' compensation revenue was $302.1 million, an 8% increase year over year, with visits per day up 2.4% [13] - Employer services revenue increased 6.2% to $160.1 million, with visits per day up 3.9%, marking a turnaround from previous declines [14][19] Market Data and Key Metrics Changes - The company reported strong growth in both workers' compensation and employer services, indicating a positive trend in visit volumes across all service lines [6][10] - The acquisition of Nova Medical Centers contributed positively to the company's performance, although it only accounted for one month of results in Q1 [4][10] Company Strategy and Development Direction - The company is focused on corporate development, having recently completed several acquisitions, including Nova and Physician Health Center, and is set to close the Pivot On-site acquisition [7][25] - The strategy includes expanding the on-site health clinics business, which is expected to double revenue in that segment and enhance overall service offerings [24][25] - The company aims to maintain a leverage ratio of approximately 3.5 times by the end of 2025 and is committed to deleveraging while focusing on organic growth initiatives [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current macroeconomic environment, noting no observed impact on visit volumes despite broader economic uncertainties [28][29] - The company is well-positioned to handle potential economic slowdowns, leveraging its history of managing costs effectively during downturns [31][32] - Future growth is anticipated from potential increases in manufacturing jobs due to reshoring efforts, which could drive visit growth at the company's centers [30][32] Other Important Information - The company declared a cash dividend of $0.0625 per share, payable on May 29, 2025 [22] - The company ended Q1 2025 with a total debt balance of $1.6 billion and a cash balance of $52 million, with a net leverage ratio of 3.9 times [21] Q&A Session Summary Question: Discussion on Employer Services volumes and turnaround - Management noted that the turnaround in employer services was aided by improved sales and marketing efforts, leading to increased optimism among employers [38][40] Question: Future growth with recent acquisitions - Management highlighted that the acquisitions enhance partnerships within the managed care ecosystem, driving additional volume and growth opportunities [42][44] Question: Workers' compensation performance and outlook - Management acknowledged that while organic growth was slightly slower than expected, they anticipate continued positive growth in the future [51][52] Question: Impact of inflation on rates - Management indicated that rates typically adjust in line with inflation, with historical patterns showing timely updates to fee schedules [58][60] Question: Cost of services performance and labor efficiencies - Management confirmed that labor efficiencies and revenue increases contributed to lower costs as a percentage of revenue, with ongoing investments in technology to enhance efficiency [62][64] Question: Guidance update and acquisition impacts - Management clarified that the updated guidance includes contributions from recent acquisitions, with expectations for continued strong performance [66][68]

新华财经上海5月7日电（记者郭慕清）清科创业旗下清科研究中心发布的最新报告显示，2025 年第一 季度，我国并购市场交易规模同比上涨 23.4%，在政策支持与市场活力的双重驱动下，呈现出一片繁荣 景象，为经济发展注入新动力。 记者梳理发现，2024 年以来，多项鼓励企业并购重组的政策相继出台。2025 年初，国家金融监管总局 再次发力，放宽科技企业并购贷款限制，为并购市场注入一剂"强心针"。3 月发布的科技企业并购贷款 试点政策，更是将并购贷款金额占比放宽至 80%，期限延长至 10 年，北京、上海等 18 个科技资源富 集城市纳入试点范围。在政策的积极引导下，市场各方并购意愿被充分激发。尽管并购交易数量尚未显 著增加，但在多起大额案例的有力带动下，并购市场交易规模已连续三个季度稳步上涨。 具体来看，境内并购呈现大额案例频现、整合重组加速的特点。数据显示，2025 年第一季度，境内并 购交易共完成 488 起，虽数量同比下滑 20.9%，但交易金额却高达 2248.89 亿元人民币，同比大幅上升 50.3%。产业内整合重组与产业链上下游资源整合成为突出特点，金融、汽车、机械制造、互联网等多 个领域均出现大规模 ...