Core Viewpoint - Spring Medical (01858) announced an investment in the Nanchang Defu Phase IV Equity Investment Fund Partnership, focusing on growth and mature companies/projects in the healthcare industry, aligning with the company's strategic development direction [1] Investment Details - The company, as a limited partner, invested 50 million RMB, representing 9.2105% of the fund's total shares [1] - The investment aims to leverage the experience and resource advantages of the partners to enhance the company's operational and capital integration [1] Strategic Implications - The investment is expected to promote a virtuous cycle of collaborative development, enhancing the company's core competitiveness and overall profitability [1] - This move is aligned with the company's goal of achieving sustainable, safe, healthy, and stable high-quality development [1]

【导读】片仔癀斥资 2 亿元参与设立投资基金，已与关联方多次联手 中国基金报记者 赵刚 千亿元市值 " 药茅 " 片仔癀又出手，再与关联方设立基金。 近一年多次进行基金布局 8 月 6 日晚间，片仔癀公告，其全资子公司片仔癀投资拟投资漳州高鑫润信大健康产业投资 合伙企业（有限合伙），投资金额为 2 亿元，占高鑫润信基金目标募集规模的 20% 。 公告显示，该基金投向覆盖药品、医疗器械、合成生物等大健康领域，医疗健康以外的投资 不超过 10% 。此次投资与关联方漳州片仔癀资产经营有限公司、漳州旅投共同进行。 同年 11 月，片仔癀投资参与发起设立 " 片仔癀盈科基金 " 。其中，片仔癀投资作为有限合 伙人以自有资金认缴出资 2.9 亿元，占该基金的比例为 29% 。 这不是片仔癀第一次与关联方联手设立基金。 2024 年 9 月，片仔癀宣布，全资子公司片仔癀投资与多方合作，共同投资设立漳州圆山大 健康产业投资基金合伙企业（以下简称圆山基金）。片仔癀投资以自有资金认缴出资人民币 2 亿元，占圆山基金比例为 20% 。 彼时，该公司表示，在保证主营业务稳健发展的前提下，以基金投资为抓手，充分借助专业 投资机构的资源 ...

Core Viewpoint - Pianzaihuang has invested 200 million yuan to establish an investment fund, marking its continued collaboration with related parties in the health industry [2][4][6]. Investment Activities - Pianzaihuang's wholly-owned subsidiary, Pianzaihuang Investment, plans to invest in the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership, contributing 200 million yuan, which represents 20% of the fund's target size [2]. - This is not the first time Pianzaihuang has partnered with related parties to set up funds; in September 2024, it announced a similar investment in the Zhangzhou Yuanshan Health Industry Investment Fund, also contributing 200 million yuan for a 20% stake [4]. - In November of the same year, Pianzaihuang Investment participated in the establishment of the "Pianzaihuang Yingke Fund," investing 290 million yuan for a 29% share [6]. - In March of this year, Pianzaihuang announced another investment of 200 million yuan in the Zhaoying Fund, which has a planned scale of 1 billion yuan, focusing on biomedicine and medical services [8]. Strategic Goals - The company aims to leverage fund investments to enhance its integration capabilities across the industry chain, promote resource sharing, and stimulate innovation, all while ensuring the stability of its core business [8]. - Pianzaihuang's major shareholder, Jiulongjiang Group, has been a key contributor in the funds established by Pianzaihuang, indicating a strong alignment in strategic interests [10][12]. Financial Performance - In the first quarter of this year, Pianzaihuang reported revenue of 3.142 billion yuan, a year-on-year decline of 0.92%, marking its first quarterly negative growth in nearly a decade [15]. - The company's net profit attributable to shareholders was 1 billion yuan, reflecting a year-on-year increase of 2.59% [15]. - The gross margin has been under pressure, particularly in the liver disease medication segment, which saw a decrease of 12.39 percentage points [15][16]. Raw Material Costs - The increase in raw material costs has significantly impacted profit margins, with the price of natural cow bile remaining high at 1.6 million yuan per kilogram [17]. - Pianzaihuang plans to closely monitor changes in raw material prices and industry policies to improve risk management and enhance profitability [17].

关于投资参与高鑫润信基金暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 拟投资标的名称：漳州高鑫润信大健康产业投资合伙企业（有 限合伙）（暂定名，以工商注册为准；以下简称"高鑫润信基金"）。 ? 拟投资领域：本基金的主要投资领域为医疗健康领域，包含药 品、医疗器械、医疗健康上游供应链及零部件、食品保健品、合成生 物、化工材料、消费医疗等大健康相关领域，医疗健康以外的其他领 域投资占比不超过本基金认缴出资规模的 10%。 证券代码：600436 证券简称：片仔癀 公告编号：2025-022 漳州片仔癀药业股份有限公司 ? 拟投资金额：漳州片仔癀药业股份有限公司（以下简称"公司" 全资子公司漳州片仔癀投资管理有限公司（以下简称"片仔癀投资"） 拟作为有限合伙人以自有或自筹资金认缴出资人民币 20,000 万元， 占高鑫润信基金目标募集规模的比例为 20%。 ? 本次对外投资系与关联方漳州片仔癀资产经营有限公司（以下 简称"资产经营"）、漳州市旅游投资集团有限公司（以下简称"旅 投集团"）共同投 ...

Group 1 - The establishment of Anhui Gaotou Modern Industry Investment Partnership (Limited Partnership) has been announced, with a total investment of 300 million RMB [1][2] - The executive partner is Anhui Wantou Industrial Investment Co., Ltd., and the partnership is co-funded by Anhui High-tech Industry Investment Co., Ltd. and Anhui Wantou Industrial Investment Co., Ltd. [1][2] - The business scope includes technology services, development, consulting, exchange, transfer, promotion, and investment activities using its own funds [1][2] Group 2 - The partnership was registered on July 22, 2025, and will operate until July 22, 2035 [2] - The partnership is classified as a limited partnership and falls under the capital market services industry [2] - The registration authority is the Hefei Economic Development Zone Market Supervision Administration [2]

Core Viewpoint - The establishment of the Yunnan Dianzhong New District Industrial Guidance Fund, with a scale of 5 billion yuan, aims to promote high-quality economic development in the region by investing in non-listed enterprises and leveraging various types of capital [1]. Group 1 - The Yunnan Dianzhong New District Industrial Guidance Fund has successfully completed registration with the Asset Management Association of China, marking its official establishment [1]. - This fund is the first comprehensive guiding mother fund within the Yunnan Dianzhong New District industrial investment fund system, focusing on equity investments in growth and mature stage non-listed enterprises [1]. - The fund will primarily adopt a sub-fund investment approach to attract quality industrial capital and resources, while also addressing some direct investment needs [1]. Group 2 - The industrial guidance fund will align with the economic and social development plans of the Yunnan Dianzhong New District, focusing on key industries and resource endowments [1]. - It aims to act as a value link and mechanism converter for industrial cultivation, leveraging fiscal funds to attract social, financial, industrial, and human capital [1]. - The fund will concentrate on building, extending, supplementing, and strengthening industrial chains in advantageous sectors, promoting a virtuous cycle among technology, industry, and finance [1].

Core Perspective - Wudao Group outlines a strategic vision of "industry-finance symbiosis and enduring value" as a comprehensive industrial investment institution, emphasizing its capital operation capabilities and deep industry engagement [1] Group 1: Cemetery Industry - Wudao Group focuses on the cemetery industry, which is characterized by its anti-cyclical nature, ensuring stable cash flow growth despite economic fluctuations. The value of its cemetery assets has reached nearly 9.5 billion yuan, with a net profit reserve of nearly 3.6 billion yuan [1] Group 2: Building Asset Management - In the core city office management sector, Wudao Group demonstrates keen industry insight, managing a total signed office area of 31,481 square meters. The occupancy rates for various projects, such as the Zhejiang University Alumni Enterprise Headquarters and Alibaba's Cainiao Industrial Park, are reported at 100% and 82% respectively [1] Group 3: Vehicle Rental Industry - In the business vehicle rental sector, Wudao Group has established an efficient and flexible operational system, achieving a monthly rental rate of over 95% and an annual profit margin exceeding 43%, reflecting its robust growth potential [2] Group 4: Consumer Experience - The "Little Elephant Experience Park" fills a gap in shopping mall consumption scenarios, creating high-frequency traffic through immersive interactions. Additionally, the group has innovated in the restaurant sector with the launch of a unique beef bone hot pot brand, establishing eight locations in Beijing and Shandong [3] Group 5: Self-Storage Market - The self-storage market in China has seen rapid growth, with an annual growth rate exceeding 30%. Wudao Group addresses modern storage needs through self-storage solutions, catering to urban residents facing space constraints [4][5] Group 6: Investment and Operation Philosophy - Wudao Group's core competitiveness lies in its dual-driven model of "industrial investment" and "industrial operation," distinguishing itself from traditional asset management institutions. The group emphasizes the importance of operational empowerment for asset appreciation, creating a warm and human-centered investment experience [6]

Core Viewpoint - Greenway Technology's subsidiary, Greenway Industrial Fund, has made a strategic investment of 15 million yuan for a 2.1866% stake in Shenzhen Hengqu Motor Co., Ltd, a leading player in the brushless motor sector [2][3]. Group 1: Company Overview - Shenzhen Hengqu Motor, established in 2010, specializes in brushless motors and has developed a product matrix comprising 36 standard models and over 500 customized drive solutions [3]. - The company is recognized as a national-level "little giant" enterprise, excelling in ultra-quiet and high-torque servo control technologies, which positions it as an industry leader [2][3]. Group 2: Market Potential - Hengqu Motor's products are widely applicable in advanced manufacturing sectors, including components for new energy vehicles, consumer electronics, medical devices, industrial robots, and low-altitude aircraft [3]. - The Chinese market for DC brushless motors exceeds 50 billion yuan and has maintained an annual growth rate of over 20% in recent years [3]. Group 3: Investment Strategy - The Greenway Industrial Fund aims to build a diversified and synergistic investment portfolio, focusing on new energy, new materials, and advanced manufacturing sectors, driven by both policy support and internal demand [5]. - The fund has previously made strategic investments in leading companies in logistics materials and superhard materials, enhancing its presence in the precision manufacturing sector [6].

Group 1 - Shenzhen Haimingrun Superhard Materials Co., Ltd. has disclosed its public transfer prospectus and its application for listing on the New Third Board has been officially accepted, with plans to list in the innovation layer [1][4] - Greenway Technology (301322) is a notable shareholder in Haimingrun, indicating its strategic investment in the industry [1][4] - The listing on the New Third Board is expected to enhance Haimingrun's market visibility and financing capabilities, supporting its R&D, market expansion, and capacity enhancement [4] Group 2 - Greenway Technology has been deeply involved in the field of electric vehicles for venues, with products widely used in various scenarios such as scenic spots and factories, gaining market recognition for high cost-effectiveness and quality [3] - To further expand its business boundaries and enhance core competitiveness, Greenway Technology has actively invested in the industry, establishing the Guangdong Greenway Technology Industry Investment Fund in partnership with Guangzhou Chuangyu Investment Management Co., Ltd. [3] - Haimingrun specializes in the R&D, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and is recognized as a national high-tech enterprise, with products applied in critical sectors like oil and gas drilling and mining [3]

Core Viewpoint - Hefei is intensifying its efforts in the semiconductor sector with the establishment of the "Hefei Jinghui Chuangxin Investment Fund," which has a scale of 300 million RMB, backed by three publicly listed companies in the semiconductor industry [4][10]. Group 1: Fund Establishment and Structure - The "Hefei Jinghui Chuangxin Investment Fund" was jointly established by three companies: Jinghe Integrated Circuit, Huicheng Co., and Guanggang Gas, with a total market capitalization of approximately 60 billion RMB [4][5]. - Jinghe Integrated Circuit contributed 200 million RMB, while Huicheng Co. and Guanggang Gas each contributed 50 million RMB [5]. - The fund is managed by "Hefei Jinghe Huixin," a private equity investment institution formed by a partnership between Jinghe Integrated Circuit and Huicheng Co. [4][8]. Group 2: Industry Context and Trends - The establishment of this fund reflects a growing trend of corporate venture capital (CVC) in the primary market, indicating that industry giants are increasingly participating in equity investment [6][11]. - Hefei's industrial ecosystem is evolving, with local industry leaders like Changxin Storage and Chery Automobile becoming key players in the investment landscape [4][12]. - The fund's creation is part of a broader initiative by Anhui province to promote investment in emerging industries, including artificial intelligence, new energy vehicles, and semiconductors [12][13]. Group 3: Company Profiles - Jinghe Integrated Circuit is the third-largest wafer foundry in China and the largest in Hefei, achieving a revenue increase from 230 million RMB in 2018 to over 10 billion RMB in 2022, culminating in a 40 billion RMB valuation upon its IPO in 2023 [7][8]. - Huicheng Co. specializes in advanced packaging for display driver chips and became the first domestic company to achieve mass production of 12-inch wafer gold bump packaging [8][10]. - Guanggang Gas is the largest supplier of high-purity electronic gases in China, holding a 15.3% market share in the electronic gas sector as of 2024 [10][11]. Group 4: Investment Strategy and Impact - The fund aims to leverage the expertise and resources of its founding companies to identify and invest in promising startups within the semiconductor industry [10][12]. - The establishment of this fund is indicative of a strategic shift in Anhui's investment landscape, where local industry leaders are expected to play a significant role in nurturing and supporting the growth of the regional startup ecosystem [12][14].