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 ...

Group 1 - Tianli Lithium Energy announced the termination of its acquisition of Jiangsu Damo Semiconductor Technology Co., Ltd. due to changes in objective circumstances, with both parties agreeing to handle post-termination matters amicably [1] - The termination reflects a more cautious approach to strategic investments in the current market environment, indicating good business reputation and risk management capabilities [1] - The impact of this event on Tianli Lithium Energy's operational performance and financial status is limited, with a focus on the company's future strategic layout and core business development [1] Group 2 - Zijin Mining plans to restructure its overseas gold mining assets under its wholly-owned subsidiary, Zijin Gold International, and apply for a separate listing on the Hong Kong Stock Exchange [2] - This strategic move aims to accelerate the internationalization of its gold segment and enhance overall company and shareholder value, although it is still in the preliminary planning stage and requires relevant approvals [2] - Successful implementation of this plan could broaden financing channels and strengthen the company's competitiveness in the international gold market [2] Group 3 - Tian Tie Technology announced the termination of the share transfer agreement with private equity funds, resulting in the continuation of its current controlling shareholders and actual controllers [3] - This event indicates increased uncertainty in equity transactions in the current market environment, with the company maintaining its internal stability [3] - The company needs to enhance communication with investors to maintain market confidence following the termination of the control change plan [3]

紫金矿业表示，分拆所涉资产全部为境外黄金矿山资产，在黄金定价逻辑发生重大变化以及价格大幅上涨的背景下，本次分拆上市预计将为公司与股东创造 更大价值。 4月30日，紫金矿业（601899）（SH601899，股价17.46元，市值4640亿元）公告称，其拟将下属境外黄金矿山资产重组至全资子公司紫金黄金国际有限公 司（以下简称"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。 紫金矿业的黄金资源量及产量位居全球前六，近五年矿产金产量年复合增长率达12%。 在南美洲，紫金矿业拥有哥伦比亚武里蒂卡金矿、苏里南罗斯贝尔金矿、圭亚那奥罗拉金矿及新并购的秘鲁阿瑞那铜金矿。 分拆可提升公司市值管理水平 紫金矿业称，本次拟重组整合至紫金黄金国际旗下的公司下属境外黄金矿山资产由多座世界级大型矿山组成，主要包括位于南美洲、中亚地区、非洲和大洋 洲的黄金矿山。 "相关重组工作目前尚在推进过程中。"紫金矿业表示。 本次分拆上市完成后，紫金矿业与紫金黄金国际将在资产、财务、机构、人员、业务等方面按法律法规要求致力保持独立。 紫金矿业称，目前公司董事会同意授权启动本次分拆上市的前期筹备工作，并在本次分拆上市方案制定完成 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （九）发售原则：香港公开发售部分将根据接获认购者的有效申请数目决定配发给认购者的股份数目。 配发基准可能根据认购者在香港公开发售部分有效申请的股份数目而有所不同，但应严格按照《香港联 合交易所有限公司证券上市规则》指定（或获豁免）的比例分摊。在适当的情况下，配发股份亦可通过 抽签方式进行，即部分认购者可能获配发比其他申请认购相同股份数目的认购者较多的股份，而未获抽 中的认购者可能不会获配发任何股份。公开发售部分与国际配售的部分的比例将按照《香港联合交易所 有限公司证券上市规则》规定的超额认购倍数以及香港联交所可能授予的有关豁免而设定"回拨"机制。 国际配售部分占本次发行的比例将根据香港公开发售部分比例（经回拨后）来决定。国际配售部分的配 售对象和配售额度将根据累计订单，充分考虑各种因素决定，包括但不限于：总体超额认购倍数、投资 者的质量、投资者的重要性和在过去交易中的表现、投资者下单的时间、订单的大小、价格的敏感度、 预路演的参与程度、对该投资者后市行为的预计等。在本次国际配售分配中，将依照与基石投资者签署 的相关协议优先考虑基石投资者（如有）。 在不允许就安 ...

紫金矿业（601899）公告，为加快黄金板块国际化进程，公司拟将下属境外黄金矿山资产重组至紫金黄 金国际，并申请分拆至香港联交所主板上市。本次分拆上市有利于黄金资产价值重估和公司整体利益， 不会影响紫金矿业对境外黄金资产的控制权。紫金黄金国际仍为紫金矿业合并报表范围内的控股子公 司。分拆所涉资产全部为境外黄金矿山资产，主要包括位于南美、中亚、非洲和大洋洲的黄金矿山。本 次分拆上市尚处于前期筹划阶段，需取得有关部门的相关审批许可后方可实施。 ...

Core Viewpoint - Kangzheng Pharmaceutical is planning to spin off its subsidiary, Demai Pharmaceutical, which focuses on skin health, for independent listing on the Hong Kong Stock Exchange. This move raises questions about whether it is a strategic decision or an attempt to offload a loss-making entity [1][4]. Group 1: Spin-off Details - The spin-off will involve a distribution of 90.8% of Demai's shares to existing shareholders, with no new stock issuance for financing. This allows shareholders to directly hold shares of Demai and benefit from independent valuation premiums [1][2]. - Demai Pharmaceutical has shown revenue growth from 384 million yuan in 2022 to 618 million yuan in 2024, but its losses have also increased from 55.17 million yuan to 106 million yuan during the same period [2][3]. Group 2: Financial Performance - Demai's gross margin for prescription drugs is projected to decline from 76.6% in 2023 to 61.7% in 2024, contributing to an overall gross margin drop from 76.9% to 63.5% [2][3]. - The company's sales expense ratio has risen from 57.7% to 62.9%, with sales expenses reaching 388 million yuan in 2024, nearly matching its gross profit [2][3]. Group 3: Strategic Context - Kangzheng Pharmaceutical is facing significant performance pressure, with a revenue decline of 6.8% to 7.469 billion yuan and a net profit drop of 32.3% to 1.613 billion yuan in 2024. The decline is attributed to the impact of national procurement policies on key products [4][5]. - The spin-off aims to achieve three objectives: shedding the loss-making skin business, allowing Demai to raise capital independently, and enhancing the overall market valuation of the group by focusing on higher-margin areas [4][5]. Group 4: Market Landscape - The skin health market is projected to grow significantly, with an estimated market size of 254.9 billion yuan by 2035 and a compound annual growth rate exceeding 15% [4]. - However, Demai faces intense competition from stronger players in the skin health sector, and its reliance on generic products and high sales expenses raises concerns about sustainability [5].

Core Viewpoint - 康哲药业's subsidiary 德镁医药 is planning to spin off and independently list on the Hong Kong Stock Exchange, despite facing losses in recent years [1][2] Group 1: Company Overview - 德镁医药 is primarily responsible for 康哲药业's skin health business in China, focusing on innovative pharmaceutical solutions for skin conditions [1] - The company has developed a diverse product portfolio addressing significant unmet clinical needs in major skin disease areas, including three marketed prescription products for conditions like psoriasis [1] Group 2: Financial Performance - 德镁医药 has reported losses for the past three years, with revenues of 383 million yuan, 473 million yuan, and 618 million yuan from 2022 to 2024, while net profits were -55.17 million yuan, -4.703 million yuan, and -106 million yuan respectively [2] - The revenue growth is attributed to increased sales of prescription drugs and dermatological skincare products, while losses are mainly due to high marketing and R&D expenses related to new product launches [2] Group 3: Spin-off Purpose - The spin-off aims to allow 德镁医药 to raise capital directly from the market, providing financial support for its existing operations and future expansion [2] - After the spin-off, 康哲药业 will no longer hold any equity in 德镁医药, which will cease to be a subsidiary [2]

Core Viewpoint - 康哲药业 plans to spin off its skin health subsidiary, 德镁医药, for independent listing on the Hong Kong Stock Exchange, allowing shareholders to receive shares through a distribution method without new stock issuance [1][5] Company Overview - 德镁医药 focuses on skin health, offering comprehensive solutions for skin diseases such as psoriasis, vitiligo, atopic dermatitis, and acne, with a strong competitive edge in addressing unmet clinical needs [2][3] - 康哲药业 will concentrate on its core areas, including cardiovascular, central nervous system, digestive, and ophthalmic specialties, optimizing its asset structure post-spin-off [4][5] Market Potential - The skin disease treatment and care market in China is projected to reach RMB 764 billion in 2023, with a compound annual growth rate of 10.6% from 2023 to 2035, indicating significant growth potential for 德镁医药 [3] - 德镁医药's product pipeline includes competitive offerings such as JAK1/2 topical cream and IL-23 monoclonal antibody injection, supported by a commercial team of over 650 professionals [3] Strategic Benefits - The spin-off is expected to enhance both 康哲药业 and 德镁医药's market positions, allowing for independent fundraising and improved operational efficiency [1][4] - The separation will enable 德镁医药 to establish its own valuation system, potentially unlocking greater growth opportunities and attracting investors [5]

Core Viewpoint - 德镁医药's parent company, 康哲药业, experienced a revenue decline of 6.8% last year and is attempting to reshape its growth momentum through a spin-off listing in Hong Kong [1] Group 1: Company Overview - 德镁医药 is an innovative pharmaceutical company focused on skin health, providing comprehensive solutions for skin disease patients from prevention to long-term care [1] - The company has achieved a significant position in the industry, ranking first in the number of skin disease indications covered by its products among Chinese innovative pharmaceutical companies in 2024 [2] Group 2: Financial Performance - 德镁医药's revenue has shown an upward trend, increasing from 384 million yuan in 2022 to 473 million yuan in 2023, and further to 618 million yuan in 2024 [3] - Despite revenue growth, the company recorded net losses of 55.17 million yuan, 4.7 million yuan, and 106 million yuan from 2022 to 2024, primarily due to high sales expenses for new product promotions and significant R&D investments [4] Group 3: Product and R&D Strategy - The company has a rich and differentiated product portfolio, with its main product pipeline covering various major skin diseases, including both marketed and clinical-stage candidates [5][6] - 德镁医药 employs a dual approach to R&D, collaborating with global pharmaceutical companies while also developing innovative drugs independently, such as CMS-D001, which is currently in Phase I clinical trials [7] Group 4: Commercialization and Market Presence - The company has strong commercialization capabilities, supported by a self-built team of over 650 professionals and a sales network that covers numerous hospitals, retail pharmacies, and major e-commerce platforms [8] Group 5: Market Challenges - The company faces potential risks in its IPO, including the lengthy and costly nature of innovative drug development, with uncertainties regarding regulatory approvals for its candidates [9] - The pharmaceutical industry is highly competitive, and 德镁医药 must timely launch competitive new products to avoid pricing pressures that could impact profits and market share [10] - Regulatory policies, such as centralized procurement and reimbursement policies, may affect product demand and commercialization success if products are not included in the medical insurance directory or if reimbursement levels are limited [11]

"水至清则无鱼，人至察则无徒。"古语有云，过于精细未必成事。但在资本市场的疆场上，越是精细，越能洞见价值裂隙。尤其在估值逻辑趋于复杂、市场 博弈愈发激烈的当下，分拆上市，正成为上市公司打破估值"天花板"的利器。 2025年，A股市场已进入"价值回归"的深水区。无论是千亿级国企，还是身披多标签的独角兽公司，都面临同一个拷问：你的估值，真的配得上你的业务结 构吗？ 这一拷问背后，其实是资本对"纯粹性"越来越敏感的态度。混业叠加、板块交错的"杂糅型公司"，往往会被贴上估值折价的标签。而分拆上市，恰 似一次精准外科手术，把高成长、高溢价的"优质器官"从母体中分离，重新赋值。 美国更好并购集团（Goheal）在为一家新能源龙头设计分拆路径时，曾创造性地引入"估值识别模型"。这一模型打破传统市盈率、市净率等单一指标评估方 法，融入了子公司产业独立性评分、创新溢价系数、未来政策趋势敏感度等十余项因子，最终帮助客户厘清"拆谁不拆谁""先拆哪一个"的优先级。这种精算 思维，已不再是投行内部的"小道术"，而逐渐成为资本市场认知层的"新常识"。 当然，分拆不仅是资本操作，更是一场品牌重构。在Goheal看来，一家母公司若希望分拆成 ...