21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道腾讯音乐并购喜马拉雅、安踏并购狼爪、KKR收 购大窑、高瓴竞购星巴克……并购案例频发。近年来，并购领域政策暖风频吹，从新"国九条"明确鼓励 并购重组，到证监会"并购六条"深化市场化改革，共同推动并购市场热潮涌动。 7月29日，"并购破局：存量时代的投退博弈"闭门研讨会在北京成功举办。活动现场，来自政府投资基 金、产业资本、GP/LP及中介机构的50余位嘉宾齐聚一堂，围绕并购市场的政策趋势、机遇与挑战，并 购投资的交易实践等话题，展开精彩分享和深度讨论。 在圆桌讨论环节，来自政府投资基金、产业资本、市场化创投机构与中介机构的代表，就并购市场的机 遇与难点、并购策略的实践思考等话题开展讨论与交流。 并购或为唯一"确定性"机会 当前并购领域前景广阔，甚至被业内视为一级市场未来十年最具确定性的增长点。 一方面，政策引导作用显著。宏观层面有国家战略支持；中观层面则有证监会、工信部、国资委、国家 发展改革委等部委的政策推动；微观层面，企业自身对并购交易也抱有迫切需求——有的希望借此实现 战略布局、扩大规模或推动转型，有的上市公司着眼于市值管理，部分央企也在积极探索通 ...

Group 1 - Danaher is recognized as a "king of mergers and acquisitions" with a remarkable track record of 400 acquisitions and a return of 1800 times over 40 years [2] - The company has evolved from a real estate trust to a diversified global corporation, focusing on healthcare and achieving a market value exceeding $200 billion [5][6] - Danaher has consistently outperformed major competitors, including Berkshire Hathaway, in stock performance over the past 40 years, delivering nearly 100,000% total shareholder return since its inception [9][8] Group 2 - The company has completed approximately 400 acquisitions, spending around $90 billion, and has created significant shareholder value, estimated at $250 billion when including spun-off companies [11][12] - Danaher’s operational management system, known as DBS, has been instrumental in enhancing the performance of acquired companies, leading to substantial improvements in profit margins [14][15] - The company has a strong track record of developing CEOs, with many former executives taking leadership roles in other major corporations [17][19] Group 3 - Danaher’s business model is characterized as a combination of a long-term acquisition fund and a management consulting firm, continuously evolving its business portfolio [22][23] - The company has strategically shifted its business focus over the decades, with significant changes in revenue composition, particularly towards life sciences and diagnostics [25][26] - Financial metrics have shown consistent improvement, with revenue growing from under $1 billion in 1990 to approximately $31.5 billion in 2022, reflecting a compound annual growth rate of about 12% [27][28]

湖北国资在A股市场上的"扫货"节奏持续加速。 智通财经创投通-执中数据显示，到2024年年底，湖北国资旗下已拥有14家上市公司，其中8家在近五年 通过收购纳入旗下。 湖北国资的并购浪潮始于2023年。当年，湖北省属国企通过增资扩股、并购重组等方式，取得天风证 券、双环科技、ST明诚3家上市公司的实控权，使省属国有控股上市公司增至11家，总市值从300亿规 模跃升至800亿规模。 2024年，湖北国资又连续完成对奥特佳、上海雅仕、微创光电、润农节水4家上市公司的战略收购，为 去年收购上市公司数量最多的地方国资之一。 2025年，湖北国资并购浪潮持续涌动。 长江产业集团在年初控股凯龙股份（002783.SZ）后，6月又将台基股份（300046.SZ）收入囊中。7月， 武汉国资宣布入主良品铺子（603719.SH）、山科智能(300897.SZ)。 大半年的时间里，湖北国资旗下又多了4家上市公司，覆盖半导体、民爆、消费、智慧水务等多元领 域。 湖北国资"并购凶猛" 今年6月，台基股份披露控制权拟发生变更公告，称湖北省国资委拟通过长江产业投资集团有限公司以 4.3亿元收购台基股份控制权。 今年才刚刚过半，湖北国资的并 ...

Financial Data and Key Metrics Changes - The company reported sales of $496 million and net income of $5.2 million for the second quarter of 2025, compared to $7.7 million in the same period of 2024 [5][16] - Adjusted EBITDA for the quarter was $20.3 million, a 26% increase compared to the first quarter of 2025, but down from $21.3 million in the prior year period [6][17] - Consolidated operating expenses totaled $110.4 million, up from $104.6 million in 2024, reflecting the addition of Metalworks [17][18] - The company reduced its total debt to $233 million, which is $39 million lower than year-end levels [18] Business Segment Data and Key Metrics Changes - The Carbon segment recorded second quarter EBITDA of $12.5 million, while the Pipe and Tube segment achieved adjusted EBITDA of $6.7 million [12] - The Specialty Metals Group saw EBITDA of $5.9 million, representing over 60% improvement from the first quarter [12] - All three business segments continued to deliver positive EBITDA, indicating resilience despite market challenges [7] Market Data and Key Metrics Changes - Shipping data indicated that service center shipping rates in 2025 are below those of 2024, yet the company's flat roll shipments for the first half of 2025 remained above the same period in 2024 [10] - The company gained market share across its stainless and aluminum product lines, benefiting from increased domestic mill price increases following tariff adjustments [13] Company Strategy and Development Direction - The company is focused on diversifying into higher value metal-intensive products and expanding fabricating capabilities [7] - A robust capital expenditure plan for 2025 includes $35 million primarily for organic growth opportunities, with several new processing and automation projects scheduled to enhance productivity [13][19] - The company aims to capitalize on trends towards increased U.S. manufacturing and fabrication services, particularly among OEMs [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment due to tariffs and market uncertainties but expressed optimism about emerging trends and potential demand growth [9][14] - The company expects the third quarter to be seasonally slower, with typical declines of 5% to 6% sequentially from the second quarter [31] - Management highlighted the importance of resolving uncertainties related to tariffs and tax legislation as potential tailwinds for future growth [40][46] Other Important Information - The effective tax rate for the second quarter was approximately 28%, with expectations for the full year to be between 28% and 29% [19] - The company has paid regular quarterly dividends since February 2006, with a current dividend of $0.16 per share [19][20] Q&A Session Summary Question: Details on new processing and automation equipment - Management discussed the benefits of new high-speed lasers and automation systems aimed at improving safety and efficiency [22][23] Question: Insights on Pipe and Tube segment profitability - Management noted strong growth in the data center sector and increased interest from OEMs for fabrication services [30] Question: Trends in July and August demand - Management indicated that July is typically slow due to holidays, but they expect a normal pickup in August [31] Question: Drivers of flat roll margin improvements - Margin improvements were attributed to changes in index pricing and a better product mix, including more coated products and value-added work [36][37] Question: Outlook for pricing and working capital - Management expects a flattish outlook for working capital in Q3, with potential for cash flow improvements in Q4 depending on pricing trends [64] Question: M&A opportunities - Management confirmed that they are actively looking for acquisition opportunities and have seen an increase in potential candidates [68]

Financial Data and Key Metrics Changes - The company generated over $126 million in free cash flow for the quarter, marking the 22nd consecutive quarter of positive free cash flow, totaling over $1.8 billion during this period [10][27][30] - Adjusted EBITDA for the quarter was $440.4 million, including a legal settlement impact of approximately $48.6 million [27][30] - Total average daily production was approximately 134,000 BOE per day, up 9% year-over-year and in line sequentially [26][30] Business Line Data and Key Metrics Changes - Oil production was approximately 77,000 barrels per day, up 10.5% year-over-year but down 2% sequentially due to lower activity in the Williston [26][30] - The Uinta basin showed strong performance with volumes up 18.5% sequentially [26] - Gas production reached record volumes of approximately 343 MMcf per day, with contributions from the Appalachian JV [27] Market Data and Key Metrics Changes - Oil differentials averaged $5.31 per barrel, while natural gas realizations were 82% of benchmark prices, down from 100% in the previous quarter [27][28] - Lease operating costs per BOE rose 6% to $9.95 due to higher expenses in the Williston and Permian [28] Company Strategy and Development Direction - The company emphasizes a disciplined approach to capital allocation, focusing on maximizing returns for investors and maintaining a strong balance sheet [16][17] - The strategy includes a shift towards acquisitions in a lower price environment, with a backlog of potential acquisitions at an all-time peak [13][14] - The company aims to grow profits on a per-share basis while focusing on strong returns on capital [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the business model has proven resilient despite commodity price volatility, with a focus on risk optimization and cash flow generation [4][5] - The outlook for the second half of the year anticipates a modest dip in production in Q3, with expectations for a recovery in Q4 [76] - Management remains optimistic about the M&A landscape, with a robust pipeline of opportunities driven by market conditions [70][71] Other Important Information - The company recorded a non-cash impairment charge of $115.6 million due to lower oil prices, leading to a reduction in DD&A guidance per BOE [32] - The company has maintained over $1.1 billion in liquidity, consisting of cash and available credit [30] Q&A Session Summary Question: What is the cadence into 2026? - Management indicated that lower spending in Q2 would translate into modestly lower volumes in Q3, but Q4 should see levels similar to Q2 [36][38] Question: Is the reduction in CapEx due to fewer wells being proposed? - The reduction is attributed to a combination of lower activity from operators and discretionary spending being curtailed due to risk-adjusted returns [50][51] Question: How will the nearly $50 million legal settlement be treated? - The settlement will be treated as working capital and will not be included in free cash flow calculations [64][65] Question: What are the expectations for the M&A market? - The M&A market remains robust, with a variety of asset types available, and management is optimistic about finding value-accretive opportunities [70][71][90]

Financial Data and Key Metrics Changes - The company raised its full year guidance on revenue, adjusted EBITDA, and adjusted EPS due to a strong start in the first half of the year, with organic order growth of low single digits and a book-to-bill ratio of 1.06 times [5][19] - Adjusted EBITDA for Q2 was $509 million, with an adjusted EBITDA margin of 27%, reflecting a year-over-year decline primarily due to organic volume declines and the dilutive impact from recently acquired businesses [14][20] - Adjusted earnings per share for Q2 was $0.80, which is up 18% on a two-year stack [15] Business Line Data and Key Metrics Changes - In the ITS segment, Q2 orders were up 7% year-over-year, with organic order growth in the low single digits and revenue finishing up low single digits [21] - The PSC segment saw Q2 orders increase by 13% year-over-year, with revenue up 17% driven largely by M&A [24] - The aftermarket revenue accounted for 37% of total revenue, up 100 basis points year-over-year [14] Market Data and Key Metrics Changes - Orders in the Americas were up high teens, EMEA up high single digits, and Asia Pacific up low double digits [22] - Organic order growth in China was noted, reflecting the resilience of the team and effective demand generation initiatives [22] Company Strategy and Development Direction - The company continues to focus on sustainability and innovation, achieving strong financial performance while supporting environmental and community initiatives [6] - A capital allocation strategy prioritizing M&A has been emphasized, with 11 transactions completed this year, adding over $200 million in annualized revenue [9][10] - The company is committed to leveraging its robust balance sheet to strategically deploy capital and drive shareholder value [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full year outlook, citing a stable macro environment and positive order growth in the first half of the year [28] - The company remains cautious about the impact of tariffs and macroeconomic factors on future demand, maintaining a precautionary view on volume growth [89][108] Other Important Information - The company recorded non-cash goodwill and asset impairments related to the High Pressure Solutions business and ILC Dover, but these adjustments did not affect adjusted earnings [15][18] - Total company liquidity is currently $3.9 billion, underscoring the strength of the balance sheet [20] Q&A Session Summary Question: Demand cadence and order cadence in the back half of the year - Management noted a stable continuation of orders through the quarter and into July, with a book-to-bill of 1.06 setting up well for the second half [32][34] Question: Margins in the back half of the year - Management indicated that margin improvement is expected due to seasonality and productivity initiatives, with Q4 anticipated to be the high watermark for the year [36][38] Question: Phasing within the second half of sales and EBITDA - Management confirmed that the phasing of revenue and EBITDA is consistent with prior guidance, expecting the second half to be better than the first half [42][43] Question: Legacy Gardner Denver Medical business performance - Management reported good momentum in the fluid handling side of the business, with organic revenue growth in life sciences [76] Question: Impact of tariffs on decision-making - Management indicated that tariff resolution is a significant factor affecting project timelines, with ongoing engagement from customers [67][70] Question: Long-term growth algorithm for compressors - Management reassured that the long-term growth outlook remains unchanged, with expectations for stable growth despite recent fluctuations [100][102]

苹果CEO库克：公司对加速路线图一类的并购持开放态度。 ...

Robinhood(HOOD.O)首席执行官特内夫：关注每一个并购机会。 ...

Core Insights - The CEO of Robinhood, Vlad Tenev, is actively seeking acquisition opportunities [1] - The company sees growth opportunities for its business on a global scale [1] - Robinhood plans to launch banking products in the third quarter [1]

Core Insights - The article emphasizes the critical importance of exit strategies in the investment landscape, highlighting that "exit is king" for investors, as it reflects their professional capabilities and performance levels [1] - The recent IPO of Arm by SoftBank is presented as a significant case, showcasing how successful exits can provide substantial returns to limited partners, especially after a period of significant losses [1] - The article discusses the challenges faced by companies like Chime, which saw its valuation drop from $25 billion to $11.6 billion due to tightening IPO markets, illustrating the volatility of exit opportunities [2] EQT's Exit Strategy - EQT achieved a remarkable exit of $15.1 billion in the first half of 2025, doubling its performance compared to the same period last year and surpassing the total exits of the previous year [2][4] - The majority of EQT's exits were driven by mergers and acquisitions, with notable transactions including the sale of Nord Anglia Education for $5.4 billion, which significantly contributed to their exit total [5][4] - EQT's strategy involved internal stock sales among its limited partners, creating a unique "internal IPO" model to enhance liquidity for its investors [8][12] Market Conditions and Challenges - The article notes that the IPO market has been underperforming, with EQT executives expressing concerns about the limited number of active buyers and the dysfunctionality of the IPO market [7][10] - The overall market for public transactions has seen a significant decline, with the number of completed deals in the U.S. reaching a low not seen since 2015, indicating a challenging environment for exits [10] Leadership Changes and Future Outlook - EQT announced a leadership change, with Per Franzen taking over as CEO, coinciding with the launch of a new fundraising cycle aimed at raising €100 billion, reflecting a strategic shift in their investment approach [12] - The article concludes with a note of optimism regarding upcoming IPOs, such as Figma, which could revitalize market confidence and liquidity, benefiting the broader investment landscape [13]