并购重组跟踪（十八） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年5月6日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 证券研究报告 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本期并购动态回顾 注：本期为4.28-5.5，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 湖北省委书记调研武汉市省属国企改革发展工作时强调，各省属国企要坚定推动传统产业转型、产业层 次提升、未来产业培育，加大并购重组力度，积极扩大有效投资 日 期 主 体 文件 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 收购计划披露半年后，北交所公司五新隧装（835174.BJ）重大资产重组进度更新。 据该公司最新公告，拟收购湖南中铁五新重工有限公司（下称"五新重工"）、怀化市兴中科技股份有限 公司（下称"兴中科技"）各100%股权，交易价格合计约26.5亿元，同时募集配套资金不超过1亿元。 两家被并购企业均为专精特新"小巨人"企业。其中，五新重工与五新隧装同为湖南五新投资有限公司 （下称"五新投资"）旗下企业，五新投资对五新隧装、五新重工的持股比例分别为35.12%和83.81%。 另一并购标的兴中科技，其控股子公司湖南五新智能科技股份有限公司（下称"五新科技"）曾冲刺沪市 主板未果，去年6月底因撤材料终止了IPO之路。 值得一提的是，该宗收购案是"并购六条"发布以来，北交所上市公司启动发行股份收购资产的首单项 目。对此，有业内人士分析称，五新隧装重组体现了当前的政策导向，交易体现出的特点、交易条款的 设计为其他中小市值上市公司实施并购提供了借鉴。 拟26亿收购两家专精特新"小巨人"股权 去年下半年以来，受"并购六条"政策利好等多因素驱动，并购重组愈加活跃，北交所公司也快速 ...

Core Insights - In 2024, Hubei state-owned assets acquired four listed companies, with companies listed on the Beijing Stock Exchange showing the best stock performance [2] Group 1: Investment Performance - As of April 27, 2025, the cumulative market value of holdings reached 3.38 billion yuan, with a floating profit of 45 million yuan compared to the investment cost of 3.335 billion yuan [3] - Among the acquired companies, Runong Irrigation and Micro-Innovation Optoelectronics showed significant stock price increases, with Runong Irrigation achieving a floating profit of 190 million yuan (56% increase) and Micro-Innovation Optoelectronics a floating profit of 310 million yuan (185% increase) [3] Group 2: Company Specifics - Aotegia's control change announcement on March 29, 2024, involved a 2.1 billion yuan acquisition, representing a 20% premium over the closing price, leading to a high PE ratio of 126 times based on 2023 net profit of 73 million yuan [3][4] - Aotegia's revenue for 2023 was 6.85 billion yuan, with a projected revenue of 8.13 billion yuan in 2024, reflecting an 18.78% year-on-year growth [3] - Micro-Innovation Optoelectronics, acquired at a low price of 4.27 yuan per share, generated over 300 million yuan in floating profit by April 27, 2025, after gaining control through a voting rights design [5][6] - Shanghai Yashi underwent a significant transformation in 2024, with Hubei Guotai becoming the controlling shareholder for 728 million yuan, and the company achieved a revenue of 5.032 billion yuan, a 99.7% increase year-on-year [7][9] Group 3: Strategic Insights - Hubei state-owned assets focus on local industry chain needs, employing a "fill the gap" strategy in acquisitions, which enhances the effectiveness of mergers and acquisitions [13] - The acquisitions of Runong Irrigation and Micro-Innovation Optoelectronics benefited from low initial valuations and favorable policy conditions, leading to substantial floating profits [13]

截至4月30日，今年以来已有约70家上市公司首次披露并购重组事件，远高于去年同期水平。市场人士认为，政策效果持续显现，并购重组将成为贯穿2025 年资本市场的"重头戏"，更多优质企业有望通过并购重组补链强链、做强做优。 近期，上市公司积极开展并购重组，4月共有23家上市公司首次披露并购重组事件。从行业看，科技创新领域并购重组代表性案例不断涌现，如阳光诺和拟 购买朗研生命100%股权、呈和科技拟收购映日科技不低于51%股权等。 4月上市公司首次披露并购重组事件情况 | 序号 | 股票代码 | 股票名称 | ↓ 首次披露日期 | 童组事件 | | --- | --- | --- | --- | --- | | 1 | 000695.SZ | 滨海能源 | 2025-04-30 | 滨海能源定增收购沧州 | | 2 | 300078.SZ | 思创医惠 | 2025-04-29 | 思创医惠出售医惠科技 | | 3 | 002868.SZ | *ST绿康 | 2025-04-26 | 绿康生化筹划重大资产 | | 4 | 688621.SH | 阳光诺和 | 2025-04-25 | 阳光诺和定增收购朗研 | | ...

Group 1 - Mergers and acquisitions (M&A) are important market tools supporting economic transformation and high-quality development, with a significant focus on technological innovation [1] - The current round of M&A respects market rules and has fully mobilized the enthusiasm of listed companies to participate [1] - Cross-industry mergers and vertical integration of industrial chains are becoming new opportunities for listed companies to break through [1] Group 2 - A total of 86 A-share listed companies have disclosed M&A progress since April, excluding ST and failed restructurings [2] - Notable companies involved in M&A include Shenyang Machine Tool, Binhai Energy, and China Shipbuilding, among others [2] - The disclosed M&A activities include various types of transactions such as capital increases, asset acquisitions, and mergers [4][5][6] Group 3 - Xunjie Technology plans to acquire 100% equity of Shenzhen Jiahong Electronics through share issuance and cash payment, enhancing its position in the flexible printed circuit board sector [6] - Chenghe Technology intends to acquire at least 51% of Yuhua Yingri Technology, with an estimated valuation of 1.8 billion RMB, aiming to strengthen its presence in the display materials market [8] - Sunshine Nuohe plans to acquire 100% of Jiangsu Langyan Life Science Technology through share issuance and convertible bonds, focusing on drug research and development [10]

Group 1: Hanbell Precise Machinery - The company expects a revenue of 3.674 billion yuan in 2024, a decrease of 4.62% year-on-year, and a net profit of 863 million yuan, down 0.28% [1] - In Q1 2025, revenue is projected to be 606 million yuan, a decline of 19.09%, with a net profit of 118 million yuan, down 19.58% [1] - The main business includes compressors and vacuum pumps, with applications in various fields such as commercial air conditioning and food cold chain [1] Group 2: Zhongke Lanyun - In Q1 2025, net profit decreased by 18.21% due to a 53.59% increase in R&D investment [2] - The company is expanding its product lines to ten categories, including Bluetooth headset chips and smart speaker chips [2] - The impact of U.S. tariff policies on the company's overall business is minimal [2] Group 3: Jinhaitong - In Q1 2025, the company achieved a revenue of 129 million yuan, a year-on-year increase of 45.21%, and a net profit of 25.66 million yuan, up 72.29% [3] - The growth is attributed to the recovery in demand for semiconductor packaging and testing equipment [3] - The company plans to enhance operational efficiency and focus on testing machines with more applications [3] Group 4: Huaxiang Co., Ltd. - In 2024, the company reported a core business sales volume of 451,000 tons, a year-on-year increase of 23.7%, and an overall revenue of 3.83 billion yuan, up 17.3% [4] - The net profit margin was 11.8%, with a net profit of 470 million yuan, an increase of 20.9% [4] - In Q1 2025, revenue continued to grow to 980 million yuan, a 3.5% increase, with a net profit margin of 13.2% [4]

Group 1 - The core viewpoint of the article highlights a significant increase in merger and acquisition (M&A) activities in the A-share market, with a 68% rise in major restructuring proposals for 2024 and over 30% of listed companies engaging in "curve-saving" strategies to bypass traditional shell acquisition regulations [1] - The article notes that the M&A activity is driven by supportive policies such as the "Six M&A Guidelines" and the "New National Nine Articles," which are expected to sustain the momentum of "class shell" transactions into 2025 [1] Group 2 - The article discusses four classic methods of "class shell" transactions, including scenarios where the actual controller does not change, acquisitions after 36 months, asset purchases from third parties, and acquisitions of less than 100% [5][15][25] - Specific case studies are provided, such as the acquisition of Keke Electronics by Silin Jie, which showcases a transaction where the actual controller remains unchanged, and the acquisition of Xian Dao Electric Science by Guangzhi Technology, which involves a 36-month post-acquisition strategy [5][9] - Financial data from these transactions illustrate the significant revenue and profit figures, indicating the potential for growth and strategic alignment in the M&A landscape [14][17][21][29]

2025年一季度，上市券商交出一份不错的"成绩单"。整体来看，上市券商在一季度实现开门红，绝大多 数券商迎来营收和净利润的双增长，仅华创云信、锦龙股份两家在2025年一季度出现了亏损。 然而，在业绩同比快速增长之际，券商股价却出现了"背离"。今年以来，仅湘财股份、中国银河等暗含 并购重组概念的多家券商股价实现正向增长，逾八成券商股价出现了下滑，国联民生跌幅超过20%。 券商一季报"开门红" "一哥"难敌重组"巨无霸"？ 券商个股一季度表现不佳，市值管理成投资者热议话题 截至2025年4月底，A股上市券商一季报业绩均已披露完毕。 从营收来看，申万行业分类显示的49家券商概念股中，中信证券和国泰海通两家券商保持领先地位，也 是唯二的两家一季度营收超百亿的券商，前者一季度营收为177.61亿元，后者一季度实现营收117.73亿 元。 从营收排名来看，东方证券、国信证券跻身前十，分别位列第八、第九；招商证券、浙商证券退出前 十，与此同时，中信建投证券营收从上年排名第八降至第十；申万宏源从第五降至第七；华泰证券前进 一名至第三，广发证券前进一名至第五，中金公司则前进四名至第六。 从营收增长幅度来看，逾七成券商一季度营收 ...

Core Viewpoint - The establishment of the "Shenzhen Listed Company M&A Service Zone" aims to enhance the role of the capital market in mergers and acquisitions, supporting listed companies in Shenzhen to improve quality and efficiency through restructuring [2][3]. Group 1: M&A Service Zone Overview - The M&A Service Zone is a collaborative initiative involving the Shenzhen Securities Regulatory Bureau, Shenzhen Listed Company Association, and other institutions, designed to provide diversified investment and M&A services [2]. - The service zone integrates key resources such as M&A data, project targets, and M&A demands to assist listed companies and investors in Shenzhen [2]. - The M&A Service Zone consists of four sections: 1. Data Overview: Visual representation of investment and M&A trends and industry distribution over the past year 2. M&A Trends of Listed Companies: Displays investment and M&A dynamics and popular industries over different years 3. M&A Targets: Showcases financing intentions of innovative enterprises and quality projects 4. M&A Demands: Primarily focuses on showcasing the M&A needs of non-listed companies [2]. Group 2: Future Development and Participation - Moving forward, the Shenzhen Listed Company Association will guide local listed companies and investors to actively participate in the M&A Service Zone's development based on the principles of "consultation, sharing, and co-construction" [3]. - The platform will continuously collect feedback to optimize its functions and services, aiming to deepen and solidify its role in supporting M&A activities [3]. - The online service zone will also facilitate offline matching activities across different industry tracks to assist Shenzhen listed companies in resource integration and high-quality development [3].

A股年报披露收官 近七成公司拟现金分红 并购重组业务成大型券商收入主要增量 自去年"并购六条"发布以来，并购重组业务成为券商寻求收入新增量的主要路径之一。截至4月29日， 已有42家上市券商披露了2024年年报。从42份年报对比来看，这一业务行业分化较大。并购重组业务收 入通常体现在财务顾问业务中。数据显示，以财务顾问业务净收入为口径，上述42家券商财务顾问业务 净收入总额为44.42亿元。具体到各家券商，有17家实现正增长，增幅最高的券商同比增长75%；有25 家则出现了下滑，最大降幅达79%。广发证券、中金公司、国信证券、华泰证券等券商该项业务增速较 高。（上证报） 电子通信行业全面拥抱AI 开启新一轮增长周期 随着披露收官，A股电子及通信行业2024年全年及2025年一季度业绩"冷暖"浮出水面：行业全面拥抱人 工智能（AI）浪潮，业绩稳健向好，迎来新一轮增长周期。据IDC统计，2024年全球智能手机出货量达 12.4亿部，同比增长约6.4%，智能手机市场回暖。IDC预计2025年生成式AI手机出货量将近4.2亿部，同 比增长82.7%，将占据智能手机市场份额三分之一，市场潜力巨大。行业龙头立讯精密202 ...