机构数据显示，2025年一季度，五大电力央企已启动超千亿元规模的重组项目，涉及核电、新能源、煤 电等核心资产优化配置。 "两船"合并迎来重要进展。中国船舶5月8日晚间公告，对于公司拟向中国重工全体换股股东发行A股股 票的方式换股吸收合并中国重工，上交所决定予以受理并依法进行审核。 ● 本报记者 刘丽靓 随着国企改革深化提升行动的深入实施，国有经济布局优化和结构调整持续向纵深推进。近期，船舶、 能源以及资源等领域央企并购重组迎来新进展，新兴领域央企新军加速组建；多省市陆续出台举措，加 大对辖区内国有企业并购重组的支持力度。业内人士认为，在国企改革政策支持、产业转型升级、集团 资产证券化与市值管理考核等多重因素的驱动下，央国企有望成为新一轮并购重组浪潮的主导力量。 央企重组整合纵深推进 从传统领域的存量优化到新兴赛道的增量开拓，一场深层次的国有资本布局调整正在上演。 资源、能源等板块重组动作频频。5月14日，中国稀土发布投资者关系活动记录表。中国稀土表示，现 阶段，公司正积极配合中国稀土集团开展解决同业竞争问题的相关工作，择机开展并购重组。 近期，国家电投旗下电投能源拟收购内蒙古白音华煤电100%股权，电投产融、 ...

Mergers and Acquisitions - Kaineng Health plans to acquire 7 million shares of Yuaneng Group for 22.89 million yuan, increasing its ownership from 42.4136% to 43.6956% [1] - Binhai Energy intends to purchase 100% equity of Cangzhou Xuyang Chemical through a share issuance, which is expected to constitute a major asset restructuring and related party transaction [2] - ShenNan Electric A plans to acquire 75% equity of Sichuan Ruinan by assuming and repaying a debt of 18.3375 million yuan owed by Kelu Electronics [3] Share Buybacks and Increases - Jianghan New Materials announces a share buyback plan with an amount ranging from 200 million to 400 million yuan, with a maximum price of 30 yuan per share [4] - Guizhou Moutai has repurchased a total of 2.6421 million shares, amounting to 4.05 billion yuan, representing 0.2103% of its total share capital [5] - Tunnel Holdings' controlling shareholder plans to increase its stake in the company with an investment between 250 million and 500 million yuan, not exceeding 2% of the total share capital [6] Risk Matters - Tailing Microelectronics reports that the National Integrated Circuit Industry Investment Fund has reduced its shareholding to 6.95% after selling 4.8 million shares [7] - Dianguang Media received an administrative regulatory measure decision from Hunan Securities Regulatory Bureau due to undisclosed related party transactions and inadequate inventory impairment preparation [9] - Huitian Thermal Power received a warning letter from Liaoning Securities Regulatory Bureau for failing to timely disclose a significant lawsuit amounting to 35 million yuan [10]

新华社北京5月16日电 题：并购重组迎重磅新规 助力上市公司高质量发展 新华社"新华视点"记者刘慧 中国证监会16日公布实施修订后的《上市公司重大资产重组管理办法》，在简化审核程序、创新交易工 具、提升监管包容度等方面作出优化。新规将进一步提升上市公司并购重组积极性，充分激发并购重组 市场活力，助力上市公司高质量发展。 ——首次建立分期支付机制。新规建立了重组股份对价分期支付机制，以满足上市公司视后续标的经营 状况灵活调整支付股份数量的需求。创新性的制度设计能够在科技型企业估值波动较大的情况下，充分 保障上市公司利益。 多个"首次"进一步激发市场活力 修订后的重组办法积极回应市场关切，多个"首次"进一步激发并购重组市场活力。 ——首次调整发行股份购买资产的监管要求。新规提高了并购重组对上市公司财务状况变化、同业竞争 和关联交易监管的包容度，解决市场交易痛点。在尊重市场规律和产业发展需求的基础上，降低了上市 公司并购的制度性成本，增强了对科技创新行业并购、国有资产整合等的监管适应性。 ——首次引入私募基金"反向挂钩"安排。新规对私募基金投资期限与重组取得股份的锁定期实施"反向 挂钩"，明确私募基金投资期限满48 ...

Core Insights - The article emphasizes that many companies misunderstand the rules and strategies of mergers and acquisitions (M&A), leading to failures and significant losses in market value [1][11] - It highlights common pitfalls in M&A practices, suggesting that companies often treat M&A as a last resort rather than a strategic tool [4][5] Group 1: Common Misconceptions in M&A - The first misconception is treating M&A as a "lifeline" during times of financial distress, which often leads to hasty and poorly planned transactions [4][6] - The second misconception involves focusing solely on financial metrics without considering structural risks, such as control rights and potential legal issues [6][7] - The third misconception is prioritizing storytelling over actual integration capabilities, resulting in failed mergers where the combined entity performs worse than expected [8][9] Group 2: Strategic Approaches to M&A - Goheal advocates for a gradual approach to M&A, emphasizing the importance of integrating operations and aligning business strategies before finalizing deals [5][9] - The company stresses the need for thorough regulatory compliance and transparency in disclosures to avoid pitfalls during the M&A process [10][11] - Successful M&A requires a deep understanding of financial, human, and regulatory factors, positioning companies to navigate the complexities of the capital markets effectively [11][13]

Core Viewpoint - The company held a successful online performance briefing for the fiscal year 2024, achieving a 100% response rate to investor questions, indicating strong engagement with stakeholders [1] Group 1: Business Strategy - The company aims to achieve synergistic development between its two main businesses: integrated circuits and environmental resource services, with future mergers and acquisitions considered based on strategic planning and market conditions [2] - The company will focus on enhancing its core competitiveness through internal growth and external development strategies, including investments and acquisitions [5] Group 2: Financial Performance - For the fiscal year 2024, the company reported a net profit of approximately 23.63 million yuan and a net profit of approximately 15.63 million yuan for the first quarter of 2025 [6] - The company has not distributed dividends due to negative retained earnings but plans to concentrate resources on its dual main business strategy to improve performance and shareholder returns [8] Group 3: Market Position and Future Outlook - The company is committed to strengthening its dual main business model and optimizing its operational management to ensure steady progress in its business plans for 2025 [11] - The company is actively monitoring its stock market performance and is focused on enhancing corporate governance and investor relations to create more value for shareholders [7]

证券代码： 301281 证券简称：科源制药 山东科源制药股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | | | --- | --- | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | | | □ 新闻发布会 □ 路演活动 | | | | | □ 现场参观 | | | | | □ 其他 （请文字说明其他活动内容） | | | | 参与单位名称及 | 投资者网上提问 | | | | 人员姓名 | | | | | 时间 | 年 月 日 2025 5 15 (周四) 下午 15:00~16:30 | | | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | | 采用网络远程的方式召开业绩说明会 | | | | 上市公司接待人 | 1、副总经理、董事会秘书、财务负责人 李春桦 | | | | 员姓名 | 2、财务总监 王伯峰 | | | | | 3、证券事务代表 常公元 | | | | 投资者关系活动 | 投资者提出的问题及公司回复情况 是什么？ | | | | | 公司就投资者 ...

每经记者｜陈晴 每经编辑｜张海妮 并购重组 哈药股份：三精制药拟以2344.6万元收购三精千鹤42.82%股权 湖北宜化：控股股东宜化集团拟以2亿元~4亿元增持 新疆火炬公告称，公司拟以1.25亿元收购江西中久天然气集团有限公司持有的玉山县利泰天然气有限公 司100%股权。本次交易构成关联交易，未构成重大资产重组。 回购增持 荣信文化：拟以2000万元~2200万元回购股份 荣信文化公告称，公司拟使用自有资金及回购专项贷款资金，以集中竞价交易的方式进行股份回购，回 购金额不低于2000万元（含）且不超过2200万元（含），回购价格不超过37元/股。 湖北宜化公告，控股股东宜化集团计划自2025年5月19日起的6个月内，通过深交所交易系统增持公司股 份，增持金额不低于2亿元且不超过4亿元。本次增持不设置价格区间。 风险事项 富创精密：两股东拟合计减持不超4%股份 哈药股份公告，公司全资子公司哈药集团三精制药有限公司拟收购三名自然人所持有的哈药集团三精千 鹤制药有限公司42.82%的股权，收购金额为2344.6万元。 新疆火炬：拟1.25亿元收购玉山利泰100%股权 威孚高科：拟以1亿元~1.5亿元回购股份 威孚 ...

DJvanbao.com 洞见研报 出品 : 海看股份分析师会议 调研日期：2025年05月15日 调研行业： 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | ...

Core Viewpoint - The current capital market is experiencing a "growth silence" era, with many once-prominent sectors facing stagnation and companies struggling to find new growth paths [1][4]. Group 1: Industries Facing Stagnation - Several industries have hit a "ceiling," including a leading photovoltaic company announcing no capacity expansion for the next three years due to global oversupply and fierce price competition [4]. - New energy vehicle companies are shifting focus to "technology going abroad," while gaming and internet companies are struggling to find new growth narratives beyond AI [4]. Group 2: Mergers and Acquisitions as a Growth Strategy - A number of companies are successfully navigating this stagnation through mergers and acquisitions (M&A), such as a coal chemical company acquiring a smart logistics firm to become a "coal + smart logistics" platform [5][6]. - High-quality M&A involves deep strategic thinking and structural reorganization, rather than merely financial transactions [7][8]. Group 3: M&A Directions in a Stagnant Market - Goheal identifies four key M&A directions for companies facing industry ceilings: 1. Acquiring high-tech capabilities to enhance digital transformation and improve valuation [11]. 2. Expanding into overseas markets by acquiring established foreign agents with existing sales channels [12]. 3. Approaching consumer brands to increase pricing power and direct-to-consumer channels [13]. 4. Integrating the supply chain through vertical and horizontal acquisitions to mitigate cyclical fluctuations [14]. Group 4: Opportunities in Downturns - The downturn in the market presents a unique opportunity for acquisitions, as asset valuations become more reasonable and negotiation power increases [15]. - Goheal's experience shows that 64% of their M&A projects in 2024 occurred during "reverse cycle" windows, often at low premiums or with performance guarantees [15]. Group 5: Importance of Post-M&A Integration - The success of M&A largely depends on post-acquisition integration, with 70% of outcomes determined by how well companies manage integration processes [16]. - Key integration focuses include team integration mechanisms, financial performance metrics, and management authorization systems [16]. Group 6: The Need for Proactive Growth Strategies - Companies must actively seek growth opportunities rather than waiting for favorable market conditions, as true market leaders are those who dare to restructure and invest during slow growth periods [18].

"人生到处知何似，应似飞鸿踏雪泥。"这句诗形容生命的印迹无从捕捉。而在2025年的中国资本市场上，有些上市公司的"足迹"却异常清晰：他们在财报中 按下杠杆加速键，在资本运作上快进又快退，有人称之为"精准出击"，也有人说这是"上头式运作"。 在过去半年时间里，多起高溢价收购、超预期跨界并购、甚至不设盈利承诺的"并表冲动"事件频现。而真正值得我们警惕的，不是激进，而是越来越多上市 公司在资本操作中开始"不计代价"地孤注一掷，仿佛将并购重组视为一场必须押注的豪赌。 这种操作，你熟吗？ Goheal团队称之为"风险偏好上头症"：本质上，是在高度不确定的大环境中，一些上市公司失去了原有的估值锚点，转而追逐短期股价激励、市场情绪反 应，乃至自我幻觉的"未来故事"，而忽视了并购应有的财务合理性、战略逻辑与整合成本。 美国更好并购集团 但资本市场不是赌场，愿赌未必服输。站在风口之上的企业家、投资人、并购中介、甚至监管者，都应重新思考：在情绪冲高的周期里，风险偏好是加速 器，还是地雷？ 美国更好并购集团（Goheal）在近年大量项目实操中，已观察到这一趋势的蔓延——有些企业的资本运作策略，正从"价值理性"变成"情绪狂飙"。 今 ...