2024 年 ， 中 国 国 际 科 技 促 进 会 母 基 金 分 会 和 母 基 金 研 究 中 心 （ china -fof. com ， 下 同 ） 在 深 圳、上海、武汉、广州、成都、杭州、合肥连续举办七场研讨会。为加强私募股权行业内各机 构的合作交流，促进母基金行业健康发展，中国国际科技促进会母基金分会和母基金研究中心 于2025年继续在全国各地举办多场LP&GP研讨会。 2025年的首场深圳站研讨会已于3月26日成功举办，探讨"国办1号文后母基金行业的未来趋 势 " 。 第 二 场 研 讨 会 来 到 了 上 海 ——2025 年 4 月 24 日 ， 2025" 新 时 代 的 母 基 金 " 全 国 研 讨 会 （上海站）在上海市闵行区成功举办 。本次研讨会，由中国国际科技促进会母基金分会主办， 母基金研究中心承办，银河证券上海分公司、南虹桥集团协办。本场研讨会的主题为探讨" 母 基金在并购领域的机遇 "，来自政府机构、行业协会、政府引导基金、市场化母基金、一流投 资机构代表等120余人齐聚一堂，为中国股权投资行业建言献策，会议由知名财经主持人李文 苧主持。上海市金融局资本市场处彭士煜处长出 ...

英特尔(INTC.O)CFO：公司近期没有并购计划。 ...

Financial Data and Key Metrics Changes - In Q1 2025, Integer Holdings Corporation reported sales of $437 million, reflecting a 7% year-over-year increase on a reported basis and a 6% increase on an organic basis [20][13] - Adjusted operating income grew by 14%, with adjusted net income reaching $46 million, up 19% year-over-year, and adjusted earnings per share totaled $1.31, up 15% from the same period last year [22][25] - The company reiterated its sales outlook for 2025, expecting reported growth of 8% to 10% and organic growth of 6% to 8% [14][32] Business Line Data and Key Metrics Changes - Cardiovascular sales increased by 17% in Q1 2025, driven by new product ramps in electrophysiology and contributions from recent acquisitions [22] - Cardiac rhythm management and neuromodulation sales grew by 2% in Q1 2025, with expectations of low to mid-single-digit growth for the full year [23][24] Market Data and Key Metrics Changes - The company expects CNV sales to grow in the mid-teens compared to 2024, while CRM and N sales are projected to grow low to mid-single digits [23][24] - The order book increased to approximately $800 million, reflecting strong demand and new product introductions [82] Company Strategy and Development Direction - Integer Holdings Corporation is focused on building differentiated capabilities and collaborating closely with customers to deliver innovative medical device technologies [12] - The company completed two tuck-in acquisitions, enhancing its service offerings and expanding its capabilities in proprietary coating technologies [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong sales growth, citing high visibility to customer demand and ramping programs in high-growth markets [14][40] - The company is managing its debt leverage within a target range of 2.5% to 3.5% times EBITDA, with a strategic refinancing completed to reduce interest expenses [29][30] Other Important Information - The company raised its adjusted net income outlook by $10 million, reflecting the impact of interest expense savings [34] - Cash flow from operations increased by 35% year-over-year to $31 million, with free cash flow improving by $12 million from the prior year [28][37] Q&A Session Summary Question: Impact of tariffs on adjusted operating income - Management confirmed the estimated impact of tariffs for 2025 remains between $1 to $5 million, with efforts to minimize this impact [44][49] Question: Deceleration in CRM segment growth - Management noted fewer selling days as a headwind and expects mid-single-digit growth in the CRM segment moving forward [50][56] Question: Growth in electrophysiology - Management stated that electrophysiology continues to outgrow the market, contributing significantly to overall cardiovascular growth [60][62] Question: Customer inventory levels and potential impacts - Management indicated no significant changes in customer ordering patterns related to tariffs, viewing any potential changes as timing issues [128][130] Question: Resilience in a recessionary environment - Management expressed confidence in the company's resilience during economic downturns, noting that most therapies supported are not elective [142][145]

Financial Data and Key Metrics Changes - The company reported record earnings of $115.2 million, translating to $0.58 per share, marking a significant increase from previous quarters [13] - Core earnings were reported at $111.9 million, or $0.56 per share, with a non-recurring expense of $2 million related to a Texas lawsuit impacting this quarter [14] - Revenue reached $260.1 million, surpassing both the fourth quarter of 2024 and the first quarter of 2024 [16] - The net interest margin improved to 4.44%, up from 4.39% in the previous quarter [25] - Non-performing loans improved to 0.6% from 0.67%, and non-performing assets decreased to 0.56% from 0.63% [19][20] - Capital ratios showed strong growth, with CET1 at 15.4% and tangible book value increasing to $13.15 from $11.79 a year ago [21] Business Line Data and Key Metrics Changes - The community bank segment saw strong loan growth of $291.5 million, while the Centennial Commercial Finance Group (CCFG) experienced a decline of $103 million [17] - The total loan portfolio reached a record level of $14.95 billion, with deposits increasing by over $395 million to $17.5 billion [17][18] - The commercial real estate book remained stable, with a 5% increase over the past year [34] Market Data and Key Metrics Changes - The company noted strong deposit growth across all Florida regions, contributing to the overall increase in deposits [26] - The interest rate on interest-bearing deposits decreased to 2.67% from 2.8% at year-end [18] Company Strategy and Development Direction - The management emphasized a conservative approach with strong capital reserves, excellent liquidity, and good asset quality as key to their performance [10] - The company is open to M&A opportunities but remains cautious, focusing on finding the right deals that align with their performance metrics [120][122] - The management plans to continue stock buybacks while also paying down debt, indicating a balanced approach to capital management [86][87] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance despite uncertain economic conditions, highlighting a strong quarter as a potential breakout [10][11] - There is a focus on maintaining strong margins and managing expenses effectively, with expectations of continued loan growth [12][68] - The management is closely monitoring the economic environment and potential impacts from tariffs and interest rate changes [60][72] Other Important Information - The company celebrated the tenth anniversary of CCFG, which has funded over $15 billion in loans [31] - The management highlighted the importance of maintaining a conservative reserve strategy, aiming for a 2% reserve ratio in the future [102][104] Q&A Session Summary Question: Insights on borrower demand and boat lending - Management noted elevated volume in boat lending due to manufacturer subsidies, but acknowledged some uncertainty in the market [49][50] Question: Update on margin and loan yields - New loan production yields were reported at over 7%, with expectations of maintaining margins despite competitive pressures [55][70] Question: Credit cleanup and industry concerns - Management indicated that credit cleanup is nearing completion, with no significant new concerns noted in core markets [58][60] Question: Thoughts on M&A environment - Management expressed readiness to pursue M&A opportunities, particularly smaller deals, while emphasizing the need for sensible pricing [120][122] Question: Future loan growth and market conditions - Management highlighted strong activity in Southeast Florida and Dallas metro areas, with some headwinds from higher payoffs expected [91]

美国联邦贸易委员会（FTC）主席：并购对美国经济有利。 ...

Core Insights - In Q1 2025, the total M&A transaction value involving mainland China reached $124.9 billion, marking a 111.6% increase year-over-year and a 15.9% increase quarter-over-quarter [1] - The number of announced transactions was 935, which represents a decline of 11.3% from the previous quarter and a 43.7% decrease from the same period last year [1][3] Summary by Category M&A Activity - Chinese companies' outbound acquisition value reached $4 billion, a 62% increase compared to the same period last year [3] - Foreign companies' acquisitions of mainland Chinese companies totaled $1.9 billion, down 32.8% year-over-year [3] - Domestic M&A activity in mainland China was robust, totaling $116.8 billion, up 131.3% year-over-year [3] Industry Performance - The financial sector dominated M&A activities involving mainland China, accounting for 57.97% of the market share with a total transaction value of $72.4 billion, a staggering 977.3% increase year-over-year [5] - The high-tech sector followed with an 11.83% market share, growing 43.2% year-over-year [5] - The energy and power sector ranked third, with a market share of 9.56% and a transaction value of $11.9 billion, reflecting a 319.3% increase year-over-year [5] Leading Financial Advisors - Goldman Sachs led the M&A transaction rankings for Q1 2025 with a market share of 14.78% and a total transaction value of $18.5 billion [8] - JPMorgan Chase ranked second with a market share of 14.22%, while Cailin Capital secured third place with a 13.33% market share [8] Legal Advisors - Sullivan & Cromwell, White & Case LLP, and JY Law Firm were the top three legal advisors in Q1 2025 for M&A transactions involving mainland China [10] - Sullivan & Cromwell had a transaction value of $95.5 million, representing a market share of 7.6% [11]

Group 1 - The core viewpoint of the article highlights a significant increase in China's M&A market activity in Q1 2025, with a total of 1,647 disclosed M&A events, representing a year-on-year increase of 0.98%, and a transaction scale of approximately 7,779 billion RMB, up about 115.30% year-on-year [1][3][6]. Group 2 - In terms of regional distribution, Beijing led the M&A market with a transaction scale of 5,467 billion RMB, a year-on-year increase of 629.29%. Shanghai followed with 1,638 billion RMB, up 92.30%, while Guangdong experienced a decline of 22.97% with a transaction scale of 619 billion RMB [6]. - The banking sector dominated the industry distribution, with a transaction scale of 5,048 billion RMB, reflecting a staggering year-on-year increase of 3,725.95%. The materials industry and capital goods sector followed with 495 billion RMB and 308 billion RMB, increasing by 64.48% and 67.32% respectively [9]. - The method of acquisition showed that new stock issuance acquisitions led with a scale of 5,073 billion RMB, accounting for 64.33% of the total. Agreement acquisitions and capital increase acquisitions followed with 1,449 billion RMB and 409 billion RMB, representing 18.38% and 5.19% of the total respectively [11][13]. Group 3 - The top three purposes of M&A transactions were horizontal integration, asset adjustment, and diversification strategy, with transaction scales of 456 billion RMB, 439 billion RMB, and 116 billion RMB respectively [15][17]. - M&A transactions exceeding 100 billion RMB accounted for the highest proportion, making up 71.27% of the total transaction amount, while those between 10 billion and 100 billion RMB accounted for 16.05% [18]. Group 4 - The top three M&A transactions by scale in Q1 2025 were: 1. China Bank's 8.48% equity change with a transaction amount of 1,650 billion RMB 2. Postal Savings Bank's 15.54% equity change at 1,175.80 billion RMB 3. Bank of Communications' 10.92% equity change at 1,124.20 billion RMB [20][24]. Group 5 - In terms of financial advisory rankings, Guotai Junan led with a transaction scale of 1,124.20 billion RMB, followed by Guotou Securities and Shenwan Hongyuan with 162.47 billion RMB and 158.96 billion RMB respectively [26][28]. - For completed M&A transactions, Dongfang Securities ranked first with 980.31 billion RMB, while Jialin Capital and Zhongyin Securities both had 976.15 billion RMB [29]. Group 6 - The leading law firm in M&A transactions was King & Wood Mallesons with a transaction scale of 1,186.32 billion RMB, followed by JY Law Firm and Zhong Lun Law Firm with 115.62 billion RMB and 55.36 billion RMB respectively [32][34]. - In accounting firms, Ernst & Young ranked first with 169.94 billion RMB, followed by Rongcheng with 132.76 billion RMB and Xinyong Zhonghe with 42.66 billion RMB [35][37]. Group 7 - The top asset appraisal institution was Zhonglian Asset Appraisal with 207.29 billion RMB, followed by Guozhonglian and Zhuoxin Dahua with 133.57 billion RMB and 108.33 billion RMB respectively [38][40].

Financial Data and Key Metrics Changes - Worthington Enterprises reported GAAP earnings from continuing operations of $0.79 per share, up from $0.44 in the prior year quarter, reflecting strong earnings growth [15] - Adjusted EBITDA for the quarter was $74 million, an increase from $67 million in Q3 of the previous year, with an adjusted EBITDA margin of over 24% compared to 21% last year [17][19] - Consolidated net sales for the quarter were $305 million, a 3.9% decrease from $317 million in the prior year quarter, primarily due to the deconsolidation of the former Sustainable Energy Solutions segment [16][19] Business Line Data and Key Metrics Changes - Consumer products net sales grew 5% year over year to $140 million, with adjusted EBITDA of $29 million and a 20.5% margin [20] - Building products net sales increased 11% year over year to $165 million, with adjusted EBITDA of $53 million and a 32% margin [21] - Excluding the Sustainable Energy Solutions segment, sales grew over 8%, driven by the Regasco acquisition and improved demand [16][19] Market Data and Key Metrics Changes - The consumer products segment benefited from higher volumes despite ongoing macroeconomic uncertainty, while the building products segment saw strong performance in heating, cooling, and water businesses [20][21] - Joint ventures contributed $35 million in dividends during the quarter, with a 110% cash conversion rate on net equity income [18] Company Strategy and Development Direction - The company continues to leverage its business system focusing on innovation, transformation, and M&A to maximize near and long-term success [7][13] - Worthington is investing in automation and facility modernization to enhance operational efficiency and is embracing AI across its facilities [12][13] - The company aims to maintain a strong balance sheet and liquidity to pursue growth through acquisitions, focusing on market-leading businesses that can enhance margins and free cash flows [13][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current operating environment, emphasizing the company's domestic manufacturing strength and diversified sourcing capabilities [28] - The company anticipates continued growth driven by strong market positions and innovative product offerings, despite potential macroeconomic challenges [14][23] - Management highlighted the importance of maintaining a disciplined approach to capital allocation while pursuing growth opportunities [18][55] Other Important Information - The company declared a quarterly dividend of $0.17 per share payable in June 2025 [19] - Free cash flow totaled $144 million on a trailing twelve-month basis, representing a 104% free cash flow conversion rate relative to adjusted net earnings [18] Q&A Session Summary Question: How are tariffs being navigated in today's market? - Management indicated that they are well-positioned as a domestic manufacturer and have diversified sourcing capabilities to manage cost pressures, including potential price increases [28][30] Question: What are the contributing factors for progress in core products' EBITDA margin? - The building products business saw an EBITDA margin increase from 6% to 11% year over year, driven by positive mix shifts and seasonal demand recovery [36] Question: Can you provide an update on the M&A pipeline? - The M&A pipeline remains healthy, with ongoing assessments of opportunities despite current market uncertainties [68] Question: What is the outlook for free cash flow conversion? - Management aims to sustain free cash flow conversion above 100%, even with ongoing capital expenditures for facility modernization [55] Question: How is the company addressing the challenges in the consumer segment? - Management noted that they are proactively working with retail partners to manage inventory levels and ensure product availability, which has led to healthy demand [99]

将投中网设为"星标⭐"，第一时间收获最新推送 VC的饕餮盛宴。 作者丨蒲凡 来源丨投中网 富豪高傲地递上一份价值230亿美元的收购合同，年轻人毫不客气地大吼，"这点钱完全就是在侮辱 我！滚吧，我迟早要证明自己的价值"。顺手，将合同撕了个粉碎。 半年后，富豪回到了年轻人的办公室里，恭恭敬敬地递上了一份新的合同，诚恳地说，"上次是我欠 考虑了，这次新的报价320亿美元，您看还满意吗？" 抓马的短剧反转剧情，真的在现实世界发生了。 2024年7月，谷歌开出了创造当年交易纪录的230亿美元（约合人民币1670亿），试图收购网络安全 公司Wiz，但惨遭Wiz的管理团队拒绝。Wiz的创始人Assaf Rappaport在员工备忘录里说，谷歌的报 价"such humbling"。 2025年3月19日，谷歌宣布他们和Wiz达成了新的收购协议，而这次的报价已经飙升到了320亿美元 （约合人民币2375亿），基本已经锁定本年度最大并购之一。 2013年，Adallom因为发现并报告了微软旗舰产品Office 365中的令牌劫持漏洞 (CVE-2013-5054)一 炮而红，他们独特的洞察也收获了资本市场的认可，先后拿到了来自 ...

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