21世纪经济报道记者李览青 8月25日， 普华永道发布《2025年中国企业并购市场年中回顾及展望》（以下简称"报告"）指出，在境 内战略投资强劲带动下，2025年上半年中国企业并购市场披露交易总额超过1700亿美元，较去年同期大 幅增长45%；同期交易数量延续过去两年半的稳步回升态势。 对于私募股权基金而言，"退出"依然是今年上半年的关键词。特别是"并购-交易退出"模式在私募股权 基金退出方式中占比最高。相关数据显示，在2025年上半年共计1270宗私募股权基金退出事件中，有 1003宗都采用了"并购-交易退出"模式，占比高达78.98%。此外，通过港交所上市退出也呈现出积极态 势，有望迎来过去十年中表现最佳的一年。 值得一提的是，就在8月20日，国家金融监管总局发布《商业银行并购贷款管理办法（征求意见稿）》 （以下简称"并购贷款新规"），不仅打破了"控制性并购"的单一框架，允许并购贷款支持参股型交易， 还进一步提高了贷款比例上限、延长了贷款期限。 对此，乔来智向记者表示，商业银行并购贷款是中企并购市场上重要的资金来源，不仅是境内并购市 场，也是中企海外并购中的重要选择。与海外并购基金相比，银行并购贷款资金成 ...

财务投资者方面，实现3802宗并购交易，同比增加20%，但较去年下半年少4.64%；交易金额522亿美 元，同比及较去年下半年跌3%及23.46%。其中，风险投资(VC)的交易额"双升"，同比及较去年下半年 增长30%及8.33%，至13亿美元，私募股权的交易额同比及较去年下半年少4%及23.91%，至509亿美 元。 他表示，随着中国经济向好、市场情绪改善，投资者积极寻求退出机会，而并购交易是私募股权基金最 主要的退出方式，另外，寻求香港上市退出也呈现积极趋势，有望出现过去10年最佳一年。 Thomas Cras指出，今年上半年，中国境内战略投资者并购活动达1688宗，涉资1092亿美元，同比及较 去年下半年分别增长1倍及35.31%，为自2023年下半年以来再度实现逾千亿美元规模。当中，有20宗规 模逾10亿美元的超大型并购交易。 智通财经APP获悉，普华永道的报告显示，2025年上半年，中国企业并购市场披露交易总额达1715亿美 元，同比大幅增长45%，较去年下半年增加9.58%，交易数量5,664宗，同比增加19%，但较去年下半年 减少3.59%，终止连续3个半年度升势。普华永道并购咨询合伙人Thom ...

Core Insights - Danaher Corporation has successfully completed nearly 400 acquisitions over 40 years, spending approximately $90 billion, resulting in a market capitalization of about $200 billion and creating around $250 billion in shareholder value [2][4] - The company achieved an average annual return of 22% over the past 40 years, outperforming the S&P 500's 12% and Berkshire Hathaway's 16% during the same period [2] Acquisition Characteristics - High Frequency: Danaher averages over 10 acquisitions per year, with a peak of 19 in one year, never recording a year without acquisitions [4] - High Success Rate: While 70% to 90% of acquisitions in the market fail, Danaher's major acquisitions, such as those of Fluke and Beckman Coulter, have been largely successful [4] - Cross-Industry: The company has successfully operated across various industries, from low-end manufacturing to advanced life sciences and diagnostics [4] Evolution of Acquisition Style - In the 1980s, Danaher focused on high leverage and asset restructuring, later shifting to a strategy of seeking innovative, low-cost products and decentralized management [6] - Under CEO Kalp, a world-class core team was established, leading to a more scientific and structured acquisition process, integrating the Danaher Business System (DBS) into acquisition management [7][8] Recent Trends in Acquisitions - Post-2016, Danaher has focused on divesting non-core businesses and concentrating on life sciences and diagnostics, with over 95% of acquisition funds directed towards these sectors [11][12] - The average number of acquisitions per year decreased to 7.4, but the size of individual transactions increased significantly, with an average deal size of $910 million [12] - Danaher has also begun early-stage technology investments, establishing a venture capital arm to identify disruptive technologies in the life sciences sector [14] Platform Strategy - Danaher employs a platform strategy, starting with a cornerstone asset to build a strategic business platform, followed by acquisitions of independent companies to enter adjacent markets [16] - The water quality platform, established in the late 1990s, exemplifies this strategy, with significant acquisitions leading to substantial revenue growth [21][20] Performance Metrics - The water quality platform generated approximately $5 billion in revenue by 2022, with a return on invested capital (ROIC) exceeding 20% [21] - The testing and measurement platform, which included notable acquisitions like Tektronix, achieved significant revenue growth and profitability during its tenure [23] - The life sciences platform has become a key area of focus, with substantial investments and successful acquisitions contributing to its growth [41][42]

开普云表示，现金收购和发行股份购买资产交易完成后，南宁泰克将成为公司的控股子公司，在保留原 上市公司业务的基础上，公司将新增存储产品相关业务并将从事存储产品相关业务，公司业务范围将有 所拓展。公司股票将于2025年8月25日开市起复牌。 编辑 杨娟娟 新京报贝壳财经讯 8月24日，开普云发布公告称，公司拟通过支付现金的方式购买深圳市金泰克半导体 有限公司（简称"深圳金泰克"）持有的南宁泰克半导体有限公司（简称"南宁泰克"）70%股权（简 称"本次现金收购"），深圳金泰克将其存储产品业务的经营性资产转移至南宁泰克。本次现金收购交易 完成后，公司将取得南宁泰克暨深圳金泰克存储产品业务全部资产的控股权。同时，公司拟以发行股份 的方式购买深圳金泰克持有的南宁泰克30%股权并募集配套资金，该交易以本次现金收购交易完成为前 提。 ...

近日，证监会官网发布关于同意 国信证券股份有限公司发行股份购买资产注册、核准万和证券股份有 限公司变更主要股东及实际控制人的批复。 在证券行业集中度加速提升的背景下，国信证券股份有限公司（以下简称"国信证券"）收购万和证券股 份有限公司（以下简称"万和证券"）控制权事项迎来关键性进展。 根据批复内容，证监会同意国信证券向深圳市资本运营集团有限公司 发行约3.48亿股股份、向深圳市鲲 鹏股权投资有限公司 发行约1.57亿股股份、向深业集团有限公司 发行约4963.58万股股份、向深圳市创 新投资集团有限公司 发行约2252.28万股股份、向深圳远致富海十号投资企业（有限合伙） 发行约 2164.2万股股份、向成都交子金融控股集团有限公司 发行约2109.98万股股份、向海口市金融控股集团 有限公司 发行约948.31万股股份购买相关资产的注册申请。 监制：曹红艳审核：杜秀萍 编辑：王俊杰 校对：桑铭 值得关注的是，证监会在批复中明确了多项整合要求，以确保过程规范有序。具体来看，国信证券本次 发行股份购买资产应当严格按照报送深圳证券交易所的有关申请文件进行，按照有关规定办理本次发行 股份的相关手续并及时履行信息披 ...

Core Insights - In July 2025, China's primary market saw 802 financing events, a 14% increase from the previous month and stable compared to the same period last year [2][6] - The total disclosed financing amount reached 35.279 billion RMB, up 6% month-over-month but down 2% year-over-year [2][6] - Key sectors for financing included intelligent manufacturing, artificial intelligence, and healthcare, with artificial intelligence experiencing a significant month-over-month increase of 26% [2][8] Financing Events Overview - The distribution of financing events by stage included 630 early-stage events (78.55%), 136 growth-stage events (16.96%), and 36 late-stage events (4.49%) [3][20] - The disclosed financing amounts were 18.283 billion RMB for early-stage (51.82%), 10.308 billion RMB for growth-stage (29.22%), and 6.689 billion RMB for late-stage (18.96%) [20] Industry Distribution - The top five industries accounted for 68% of all financing events, totaling 548 events, with intelligent manufacturing leading at 188 events [8] - The disclosed amounts for these top five industries reached 23.896 billion RMB, also representing 68% of the total [8][10] Geographic Distribution - The leading regions for financing events were Jiangsu (124), Zhejiang (117), Guangdong (117), Shanghai (115), and Beijing (107) [16] - The top cities included Shanghai (115), Beijing (107), Shenzhen (80), Hangzhou (70), and Suzhou (56) [18] IPO Market Analysis - In July 2025, 26 Chinese companies completed IPOs, maintaining the same number as the previous month but up 44% year-over-year [4][46] - The total amount raised through these IPOs was 37.921 billion RMB, a 5% increase from the previous month and a staggering 487% increase from the same month last year [4][46] - The majority of IPOs were supported by VC/PE, with 14 out of 26 companies, indicating a 54% penetration rate [4][46] M&A Market Analysis - There were 11 M&A events in July 2025, a significant decrease of 69% from the previous month and 87% year-over-year [4][55] - The total disclosed amount for these M&A events was 863 million RMB, down 87% month-over-month and 96% year-over-year [4][55] Global Financing and Unicorns - Globally, there were 41 new large financing events in July 2025, with China contributing 9 events, accounting for 22% of the total [24] - China saw the addition of 1 new unicorn in July, bringing the total to 504 unicorns, which is 27% of the global total [32]

Group 1 - The company Wanlong Magnetic Plastic (603150) announced on August 22 that it plans to acquire 100% equity of Taizhou Tian'en Electronics Co., Ltd. from HAYOUNG for an initial cash consideration of 236 million yuan [1] - Taizhou Tian'en's core products include refrigerator glass doors, refrigerator glass shelves, and washing machine glass doors, with LG as a key customer [1] - This investment is expected to create synergies in technology research and development, supply chain integration, and market resource sharing with the company's existing glass-related business [1]

人民财讯8月22日电，歌尔股份（002241）8月22日晚间公告，公司于近日与交易相关方签署了谅解备忘 录，拟由公司子公司歌尔光学以向交易对方增发股份的方式，取得交易对方持有的舜宇奥来微纳光学 (上海)有限公司与舜宇奥来微纳光电信息技术(上海)有限公司(合称"上海奥来")100%股权。预计本次交 易完成后，上海奥来将成为歌尔光学全资子公司，上海奥来原股东将持有歌尔光学约1/3的股权，歌尔 光学原股东将持有歌尔光学约2/3的股权，公司仍将是歌尔光学第一大股东。上海奥来为舜宇光学科技 (集团)有限公司下属的从事光波导、超表面器件、衍射光学器件等晶圆级微纳光学器件产品业务的主体 公司，通过本次交易，可以促成歌尔光学和上海奥来实现优势互补，显著增强歌尔光学的核心竞争力， 进一步巩固其在光波导等晶圆级微纳光学器件领域内的竞争优势。 ...

2023年年底，看到日本制铁（日铁―NIPPON STEEL CORPORATION）准备用4000亿日元（约27.5亿美 元）并购美国钢铁公司（美钢―United States Steel Corporation）时，眼前浮现出东芝并购美国核电技术 企业西屋电子公司（Westinghouse Electric Company LLC.）的往事，有种不祥的感觉。 现在再看到日铁用3.6万亿日元（日元汇率在进行日铁并购的两年时间里有所变化，3.6万亿日元约为250 亿美元）最终拿下美钢，却只是想到了软银公司的孙正义总裁准备对美投资5000亿美元的项目，觉得 250亿美元对日本企业来说也许算不上什么，即便是竹篮打水，也是肉烂在了日美（军事）同盟的锅里 ——"值得"。 这些日子，将日本报道日铁并购美钢的新闻报道读遍，也没有找到日铁投资将近250亿美元的项目需要 用多少时间回收投资的内容。 财经媒体《日本经济新闻》独家专访日铁总裁桥本英二时没有提这方面的问题，综合报纸《朝日新闻》 同样在专访时也忘记了提这个问题。日本媒体关心的焦点在于是否能够重振日本钢铁产业的国际影响、 并购是否对美国有利？顺便问到的是准备如何与中国 ...

中山华利实业集团股份有限公司 2025 年半年度 让合同》，越南威霖鞋业有限公司以自有资金 99,000,000,000 越南盾（折合人民币约 2,824.95 万元） 收购中山国际投资 中山华利实业集团股份有限公司 2025 年半年度报告摘要 有限公司 100%股权。中山国际投资有限公司自 2025 年 2 月 28 日起纳入公司合并报表范围，作为 鞋面车间由越南威霖鞋 业有限公司进行运营和管理。 司-股份公司签署了《股份转让合同》，越南永正鞋业有限公司以自有资金 56,568,750,000 越南盾（折 合人民币约 为鞋面车间由越南永正鞋业有限公司进行运营和管理。 | 报告摘要 | | | | | | | --- | --- | --- | --- | --- | --- | | 证券代码：300979 证券简称：华利集团 | | | | | 公告编号：2025- | | 049 | | | | | | | 中山华利实业集团股份有限公司 | | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | ...