在资本市场的广阔天地中，分拆上市作为一种重要的资本运作方式，正日益受到企业和投资者的关注。它不仅为企业提供了新的 发展机遇，也为投资者带来了更多的投资选择。今天，利多星就带大家深入了解一下分拆上市。 分拆上市是指一家母公司（通常为上市公司）将其部分业务或资产剥离出来，单独成立一家新的子公司，然后将子公司在证券市 场上公开上市的过程。其核心是通过资产分割和股权重组，使子公司成为独立的上市主体，实现业务聚焦和价值重估。 二、分拆上市的主要形式 不同市场的上市规则差异较大，以下为中国证监会对境内分拆上市的核心要求（简化版）： 母公司资质- 上市满 3 年；- 最近 3 年连续盈利；- 对子公司持股比例不低于 50%（分拆后）。 子公司资质- 业务独立，与母公司不存在同业竞争；- 资产、财务、人员独立，内控健全。 财务指标- 子公司最近 1 年净利润占母公司比重不超过 50%；- 资产占比不超过 30%。 这些条件旨在确保分拆上市的企业具备良好的基本面和规范的运作，保护投资者的合法权益。 （一）境内分拆上市 母公司将子公司分拆后，在境内证券交易所（如 A 股主板、科创板、创业板等）上市。例如，2023 年，某科技集团 ...

Group 1 - The core viewpoint of the news is that Kangzheng Pharmaceutical plans to spin off its subsidiary, Demai Pharmaceutical, which focuses on skin health, for independent listing on the Hong Kong Stock Exchange, allowing shareholders to directly hold shares in Demai and benefit from its independent valuation and business growth [1][3] Group 2 - Demai Pharmaceutical operates primarily in the skin health sector in mainland China, with a product portfolio covering major skin diseases such as psoriasis, vitiligo, and atopic dermatitis. The market for skin disease treatment and care in China is projected to reach RMB 169.4 billion by 2030, indicating significant market potential [2] - Demai's product strategy combines prescription drugs and skincare products, creating a comprehensive solution that spans various skin diseases and the entire disease management cycle, positioning the company favorably to seize growth opportunities [2] - The company has a differentiated product mix, a professional marketing team, and extensive academic resources, which may enhance its valuation growth. Demai is expected to lead the industry in prescription drug revenue in 2024, supported by a strong sales network covering over 10,000 hospitals and 100,000 retail pharmacies [2] Group 3 - The spin-off is expected to benefit both shareholders and the company, as it will not involve new share issuance, thus preventing dilution of shareholder equity. This will clarify the business positioning of both Kangzheng and Demai, potentially attracting niche investors and driving value re-evaluation [3] - After the listing, Demai will be able to raise funds directly from the capital market, supporting its business and future expansion. The requirement for regular disclosure of operational and financial status will enhance transparency, allowing investors to make informed decisions [3] - The spin-off is anticipated to create structural benefits for shareholders and open specialized development paths for both companies, serving as a potential benchmark for value re-evaluation in the pharmaceutical industry [3]

诺力股份（603611）(603611.SH)推进子公司分拆上市取得新进展。 5月12日晚间，诺力股份公告称，公司控股子公司中鼎智能(无锡)科技股份有限公司(以下简称"中鼎智能")已向香 港联交所递交首次公开发行境外上市外资股(H股)并在香港联交所主板上市的申请。 长江商报记者注意到，2024年12月，诺力股份开始筹划分拆中鼎智能赴港IPO。这意味着，当前中鼎智能的独立 上市之路又迈出实质性一步。 深化在智慧物流系统业务的布局，拓宽中鼎智能的融资渠道，进而提升企业持续盈利能力及核心竞争力，是诺力 股份分拆中鼎智能独立上市的主要原因。 目前，诺力股份的主要业务分为智能智造装备业务板块、智慧物流系统业务板块。其中，中鼎智能为诺力股份智 慧物流系统业务板块的控股子公司。本次发行前，诺力股份持有中鼎智能99.6%股份。 2024年，诺力股份实现营业收入69.79亿元、净利润4.62亿元。其中，中鼎智能实现净利润8862.6万元。 一直以来，欧美等海外市场是诺力股份的主要市场。2024年，诺力股份在海外市场的销售收入占营业收入的 61.79%。 推进子公司分拆上市 资料显示，中鼎智能成立于2009年，是诺力股份的全资子 ...

诺力股份（603611.SH）的资本版图，或将迎来重大变化。日前，诺力股份的控股子公司中鼎智能（无 锡）科技股份有限公司（以下简称"中鼎智能"）正式向港交所递交了上市申请。根据此前的相关公告， 此次分拆上市完成后，诺力股份仍将维持对中鼎智能的控制权。 以2024年的收入计算，中鼎智能在中国新能源锂离子电池领域智能场内物流解决方案提供商中排名第 一；而若将范围适当扩大，其在国内智能场内物流解决方案行业里亦占据第四的位置。 从栖身A股上市公司，到如今独立赴港融资，中鼎智能的"转身"背后有哪些考量？后续中鼎智能若能圆 梦港交所，对于这家行业领先的智能场内物流和仓储自动化解决方案提供商来说，又会意味着什么呢？ 主业收入加快放量，盈利能力有待加强 中鼎智能成立于2009年，2016年时，诺力股份"相中"了中鼎智能并收购了其90%的股权。经历多年发展 后，中鼎智能已成为细分领域里的头部企业。据介绍，公司的核心产品为智能场内物流解决方案，通过 集成智能场内物流管理软件与堆垛机、穿梭车、输送线、分拣机及机器人等场内物流设备，在广大行业 垂直领域的仓库、工厂及生产线内协调货品的搬运和存放。 2022-2024年，中鼎智能的总营 ...

佛山首富家族旗下的美的集团，正加速推进其IPO矩阵的扩张计划。近日，这家市值超过5800亿的家电巨头宣布，将旗下的智慧物流板块安得智联调整上市 路径，目标直指港交所主板，而此前美的曾计划在深交所主板推动安得智联的IPO。 美的集团，自1968年从一个小型塑料生产组起步，历经数十年风雨，已发展成为涵盖智能家居、楼宇科技、工业技术、机器人与自动化以及创新型业务的全 球化科技集团。安得智联，作为美的在商业模式变革中的创新之作，承载着集团对智慧物流领域的深度布局。 美的集团的创始人何享健家族，凭借集团的迅猛发展，早已稳坐佛山首富的宝座。根据胡润研究院发布的最新《全球富豪榜》，何享健家族以2550亿元人民 币的财富，不仅蝉联佛山首富，更在全球排名中跃升至第41位，稳居中国富豪榜前列。 近年来，美的集团在资本市场上的动作频频。2024年，美的成功实现港交所二次上市，其独子何剑锋也成功拿下家具巨头顾家家居。至此，包括美的系直属 产业、收购的上市公司以及子女控股的企业在内，何享健家族控制的"美的系"上市公司已达到9家。 安得智联，作为美的ToB业务中的核心板块，此次冲刺港交所，标志着美的ToB业务资本化进程的新阶段。实际上， ...

Core Viewpoint - Despite facing fundamental challenges, stagnant revenue growth, and significant profit fluctuations, the market capitalization of WH Group (万洲国际) has risen, primarily due to its low valuation levels and institutional support [1][2][7]. Financial Performance - WH Group reported a revenue of $6.554 billion for the recent quarter, a 6% year-on-year increase, while net profit attributable to shareholders fell by 18.3% to $380 million [1]. - Over the past three years (2022-2024), the company has experienced weak performance, with revenue declining and net profit showing significant volatility, with a profit margin of 5.8% in Q1 2025 [1][3]. - The company's market capitalization increased by 48.7% from 2022 to 2024, and by an additional 23% in the first two quarters of 2025, totaling an increase of HKD 41.83 billion [1]. Market Dynamics - WH Group's primary products, meat and pork products, contribute over 90% of its revenue, with significant reliance on the Chinese and U.S. markets [3]. - In 2024, revenue from meat products and pork was $13.655 billion and $10.343 billion, respectively, reflecting declines of 6.2% and 12.3% compared to 2022 [3]. - The European market showed strong growth, with meat product revenue increasing by 24.7% in 2024, maintaining double-digit growth over the past three years [3]. Capacity and Utilization - WH Group's total production capacity is 3.05 million tons, with 68.2% located in China, where the utilization rate is below 79% due to weak market consumption [4][5]. - The pork production capacity is 60.79 million heads, with utilization rates below 50% in China, although North America has shown better performance [4][5]. Risk Factors - The company faces uncertainties in both volume and price, particularly in the Chinese market, where production and prices are expected to decline in 2024 [5]. - U.S.-China trade tensions pose significant risks, potentially impacting growth in both core markets [6]. Financial Resilience - WH Group has a strong cash position, with cash equivalents of $2.055 billion and a low debt ratio of 16.7%, providing a solid financial foundation [6]. - The company has maintained a stable dividend policy, with a cumulative payout ratio exceeding 41% since 2011, attracting conservative investors [6]. Market Outlook - Analysts remain optimistic about WH Group's prospects, with target prices set at HKD 8.56 per share by CICC and HKD 8.2 by Bank of America, reflecting confidence in the company's ability to navigate current challenges [7]. - The company is viewed as being in a valuation recovery phase, with a price-to-book ratio of 1 and a price-to-earnings ratio of 7, indicating it is still undervalued [7].

Group 1 - The company Midea Group will hold its annual shareholders' meeting on May 30, 2025, with online voting on the same day [1] - The record date for shareholders to participate in the voting is May 23, 2025 [1] - The meeting will take place at Midea's headquarters in Shunde, Guangdong Province [1] Group 2 - A total of 41 proposals will be audited at the shareholders' meeting, including the 2024 annual financial statements and profit distribution plan [2] - Proposals include a three-year shareholder return plan for 2025-2027 and a plan for repurchasing A-shares [2] - The meeting will also address the spin-off of the subsidiary, Ande Intelligent Supply Chain Technology Co., Ltd., for a public listing in Hong Kong [3][4]

作者 | 贝塔商业 阿莹 中国资本市场的故事，绕不开美的何享健家族。一边是几千亿身家却没让自家人接班，一边是家族即将迎来第十家上市公司，手上产业连成一片。 五一前，美的集团宣布子公司安得智联"改道"香港上市，外界议论纷纷。 虽然家里人不在公司，但安得智联和何剑锋实控的一批上市公司仍然有关联交易。 去年，美的集团有一个重磅的人事变动：美的集团董事会换届选举，何享健的独子何剑锋不再是美的董事，告别了自己12年的董事生涯。按照外界的解 读，这个人事调整对外界释放了一个强烈信号： 美的不搞家族化，职业经理人，大概率还是美的集团的接班人选。 不过这一次安得智联上市，通过它披露的资料，围观群众还是看出了很多门道： 看看何剑锋实际控制的上市企业：美的置业、盈峰环境、百纳千成、顾家家居。其中，美的置业和何享健、何剑锋、何剑锋妻子卢德燕三人共同控制；其 余三家则完全由何剑锋一人掌控。 如果再加上何享健的长女何倩嫦实控的会通股份，以及美的集团近年来收购的合康新能、万东医疗、科陆电子，这个家族已经控制了9家上市公司。 如果安得智联成功在港上市，何享健家族的"上市十杰"将全部到位。 安得智联与何剑锋实控的顾家家居、百纳千成有着明确的 ...

（原标题：上市公司动态 | 紫金矿业筹划境外子公司分拆上市，海天味业H股发行获备案，寒武纪拟定增募资不超过49.8亿元） IPO发行动态 紫金矿业筹划境外子公司分拆上市 紫金矿业(601899.SH)公告称，为加快黄金板块的国际化进程，公司拟将下属境外黄金矿山资产重组至中国香港的全资子公司紫金黄金国际旗下， 并申请将紫金黄金国际分拆至香港联交所主板上市。此次分拆上市预计将为公司与股东创造更大价值，提升紫金矿业的整体价值与股东价值。目 前该分拆上市方案尚处于前期筹划阶段，需取得相关审批许可后方可实施，存在不确定性。 海天味业公司H股发行上市已获中国证监会备案 海天味业(603288.SH)公告称，公司已收到中国证监会出具的《关于佛山市海天调味食品股份有限公司境外发行上市备案通知书》，公司拟发行不 超过7.1052亿股境外上市普通股并在香港联合交易所主板挂牌上市。但该事项仍存在不确定性，公司将依法及时履行信息披露义务。 再融资动态 寒武纪拟定增募资不超过49.8亿元 寒武纪(688256.SH)公告称，公司拟向特定对象发行A股股票募资不超过49.8亿元，用于面向大模型的芯片平台项目、面向大模型的软件平台项 目、补 ...