【导读】 卧龙电驱拟赴港上市，借力国际资本深化全球化布局 见习记者 杨晨 6月18日晚间，卧龙电驱（证券代码：600580）发布提示性公告，宣布拟 在 境外发行H股并 在香港联合交易所主板挂牌上市，旨在深化全球化战略布局、提升国际竞争力。作为全球电 机及驱动系统领域的领军企业，此次计划标志着其资本运作向 " 双资本平台 " 迈出关键一 步。 当前，内地企业到香港上市势头正旺。德勤数据显示，截至2025年5月31日，港交所年内已 迎来5只A+H新股，融资额达560亿港元，占同期总集资额 的 72%；在审的160余宗上市申 请中，26家A股公司拟以H股形式登陆，占比约16%。这一趋势与政策支持、上市机制灵活及 企业国际化需求形成共振。 此次 拟赴 港上市，正是其资本出海的 关键 举措，预计将为其海外产能扩张、研发投入提供 更充足的资金支持 。 根据 近日该公司披露的 投资者关系 活动 记录， 其深化全球化布局将聚焦三大重点区域：一 是东南亚，主要以日系和韩系客户为主，依托越南工厂和中国工厂联动赋能，推动东南亚市 场的增长；二是中东地区，响应当地能源升级需求，服务当地能源企业；三是北美地区，以 墨西哥工厂为枢纽，整 ...

随着安踏集团将德国户外品牌狼爪（Jack Wolfskin）纳入麾下，品牌高层的人事变动迅速引发业内广泛 关注。 6月18日，安踏集团向南都·湾财社记者确认，该公司管理层任命姚剑为狼爪品牌总裁，负责狼爪品牌全 球业务运营。这一任命将于2025年7月1日正式生效。安踏方面表示，此举"为了更好地匹配集团战略发 展规划"。 早在4月10日，安踏体育便宣布，其附属公司已与全球最大的高尔夫球杆生产商Topgolf达成协议，将以 2.9亿美元的价格收购德国户外品牌狼爪的母公司Callaway Germany Holdco GmbH 100%的股本权益。 6月2日，安踏体育发布公告，正式宣布完成对狼爪业务的收购。公告内容显示，公司已完成与目标公司 签署的买卖协议的交割，至此，Jack Wolfskin 业务已成为安踏的间接全资附属公司。 公开资料显示，狼爪创立于1981年，总部位于德国的伊德斯坦因，是一个集户外服饰、鞋履及装备的专 业品牌，凭借TEXAPORE防水透气技术、符合人体工学的户外装备设计，以及标志性的环保理念，位 列欧洲户外市场第一阵营。 截至今年1月，狼爪在全球拥有495家专卖店，其中226家分布在欧洲，26 ...

这10大企业巨头，从行业分布而言，他们构建了中国新经济的完整生态图谱。腾讯与阿里巴巴，作为数字经济的双子星座，分别占据着社交娱乐和电子商务 的制高点。据2024年财报，腾讯的金融科技、企业服务收入的比例，已经达到了34%；阿里巴巴的云计算业务，连续8个季度实现盈利。而比亚迪与小米则 构成了中国智造的双引擎。比亚迪新能源汽车的销量，去年就已经超越了特斯拉，成为了新能源汽车的世界冠军；而小米的智能手机，在全球的市场份额达 14.1%。 近期，美国高盛公司新遴选的"中国民营10巨头"名单，引发了市场的广泛关注。这10家龙头企业的名单是：腾讯、阿里巴巴、小米、比亚迪、美团、网易、 美的、恒瑞医药、携程和安踏。高盛认为，中国的这10家企业，不仅代表了中国最具活力的民营经济力量，还折射出中国产业发展的五大核心趋势，那就 是：技术创新、内需驱动、全球化布局、消费升级和公司治理优化。 在国家政策环境的方面，10大巨头企业恰逢多重利好。国家数字经济促进条例的出台，为平台经济指明了方向；新能源汽车购置税的减免，延续到2027年； 创新药械审批的绿色通道，也将继续持续扩容。于此同时，港股通的扩容与A股注册制的改革，改善了民营企业的 ...

Core Insights - Zeekr has achieved a significant milestone by producing its 500,000th vehicle in just 44 months, surpassing Tesla and other new entrants in the luxury electric vehicle market [1][5] - The brand's average transaction price is nearly 300,000 yuan, with 75% of Zeekr 009 users coming from traditional luxury brands [3] - Zeekr's rapid growth is attributed to its diverse model lineup and strong market performance, particularly in the high-end segment [5] Production and Sales Achievements - Zeekr 001 has delivered over 270,000 units, making it the best-selling electric vehicle brand in China for 2024 [5] - Zeekr 009 has set records in the luxury MPV segment, achieving 1,500 deliveries in just 159 days and capturing 50% of the ultra-luxury four-seat vehicle market in China [5] - Zeekr 7X has become the best-selling electric SUV in the 200,000 yuan category within two months of its launch [5] Research and Development Investment - The company has invested over 23.5 billion yuan in R&D, with a 16.14% year-on-year increase in 2024 [6] - Zeekr has developed 2,277 effective patents and achieved 167 technological breakthroughs in the core areas of new energy [6] - The SEA architecture, developed over four years with an investment of 18 billion yuan, has enabled significant improvements across multiple vehicle models [6] Technological Innovations - Zeekr has introduced the industry's first active AI model cockpit and advanced safety features, including L3-level intelligent driving technology [7] - The company has achieved dual five-star ratings from Euro NCAP and Green NCAP for its Zeekr 001 model, showcasing its commitment to safety [7] - The innovative "three 800" ecosystem includes an 800V high-voltage system and ultra-fast charging solutions, enhancing the overall user experience [6] Global Expansion Strategy - Zeekr has entered over 40 countries and regions, becoming the only Chinese luxury brand to deliver vehicles across all five continents [10] - The company plans to establish 1,000 ultra-fast charging stations in various countries by 2025 [12] - Zeekr's overseas sales reached 14,000 units last year, leading the new energy vehicle segment in international markets [13] Future Developments - The company is set to launch three new models in 2025, marking its entry into a multi-energy development phase [14] - Zeekr aims to enhance user engagement through a transparent communication mechanism and various purchase incentives [16] - The brand's focus on value innovation rather than price competition positions it as a leader in the high-end electric vehicle market [8][16]

Core Viewpoint - The home furnishing industry is undergoing profound changes amid a complex macroeconomic environment and ongoing trade frictions, with Minhua Holdings (01999.HK) demonstrating resilience and unique value despite fluctuations in revenue and profit [1][2]. Group 1: Financial Performance - For the fiscal year ending March 31, 2025, Minhua Holdings reported a revenue of HKD 16.903 billion, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of HKD 2.063 billion, down 10.4% [3]. - Excluding factors such as fair value losses on investment properties and goodwill impairment, the adjusted net profit was HKD 2.347 billion, reflecting a year-on-year increase of 1.3% [3]. - The company's gross profit margin improved to 40.5%, an increase of 1.1 percentage points year-on-year, indicating enhanced operational efficiency [4]. Group 2: Market Performance and Strategy - Minhua Holdings achieved a revenue of HKD 9.927 billion from the China region, accounting for 58.7% of total revenue, while North America generated HKD 4.420 billion, a year-on-year growth of 3.2%, and Europe and other regions saw a significant increase of 22.9% to HKD 1.469 billion [6]. - The company has effectively mitigated domestic market pressures through strong performance in overseas markets, particularly in Europe, which has fortified its overall performance [7]. - Minhua Holdings is focused on product research and development, creating a diversified product matrix, and enhancing supply chain management to ensure product availability and efficiency [7]. Group 3: Investment Appeal - The company is currently undervalued in the capital market, presenting investment opportunities due to its global layout and high dividend yield [8]. - Minhua Holdings has maintained its position as the world's leading functional sofa manufacturer for seven consecutive years, leveraging its global presence to achieve stable growth despite trade tensions [9]. - The company plans to distribute a dividend of HKD 0.27 per share, maintaining a payout ratio of 50.8%, resulting in a dividend yield exceeding 6% based on a share price of HKD 4.21 [12]. Group 4: Conclusion - Minhua Holdings has established a robust defensive barrier through its dual domestic and international market and production capacity strategy, showcasing unique value in the era of trade frictions [13]. - The company's strong financial indicators reflect its business resilience and vitality, providing a solid foundation for investor returns [13].

中国工程机械行业正在持续回暖。据中国工程机械工业协会对挖掘机主要制造企业最新统计，2025年4 月销售各类挖掘机22142台，同比增长17.6%。其中，国内销量12547台，同比增长16.4%；出口量9595 台，同比增长19.3%。1-4月，共销售挖掘机83514台，同比增长21.4%。其中，国内销量49109台，同比 增长31.9%；出口34405台，同比增长9.02%。 作为工程机械行业的"晴雨表"，挖掘机国内外市场的双向增长，既体现了国内基建投资与设备更新需求 的持续释放，也反映出中国工程机械企业全球化布局成效显著，行业复苏态势进一步巩固。 行业持续回暖的背景下，头部企业以差异化优势抢占市场先机，勾勒出行业向上的清晰脉络。 国内工程机械龙头企业三一重工（600031）在2025年一季度表现优异，营业收入达210.49亿元，同比增 长19.18%；净利润为24.71亿元，同比增长幅度高达56.40%。 徐工机械（000425）一季度实现营业收入268.15亿元，同比增长10.92%；净利润为20.22亿元，同比增 长26.37%，呈现出稳健增长的态势。 中联重科（000157）一季度实现营业收入121. ...

为寻求业绩新增长点，海外市场已经成为锂电企业竞相 "落子"的重心。 电解液龙头天赐材料 6 月 11 日晚间发布公告，公司及全资孙公司 Tinci Materials Jorf Lasfar SAS 与摩洛哥王国签署了投资协议，拟通 过项目公司在摩洛哥投资建设电解液与原材料一体化生产的综合基地。 据介绍，此次签约的项目位于 Jorf Lasfar 的工业园区内，规划年产 15 万吨电解液产品及其关键原材料， 总投资额预计为 25.76 亿摩洛 哥迪拉姆（约 20.3 亿人民币） 。 摩洛哥将根据适用条例为本项目提供必要支持及在本项目符合相关条件的情况下提供相应补贴。 天赐材料表示，此次投资协议的签署旨在通过与摩洛哥建立长期、稳定的战略合作关系，充分整合优势资源，进一步完善公司海外布局。 实际上，早在 2023 年 6 月 27 日，天赐材料公告，拟通过全资子公司新加坡天赐投资设立摩洛哥管理公司，并由其投资设立全资摩洛哥实 体公司，专注于锂离子电池材料的生产与销售。 今年 5 月 13 日，天赐材料在互动平台再次确认，正积极推进美国及摩洛哥的本土化产能建设，加速电解液及六氟磷酸锂的海外市场开拓。 天赐材料认为， ...

远程新能源商用车全新一代纯电VAN车全球首秀，或将颠覆行业标准。 6月12日-15日，以"新汽车·新征程"为主题的2025国际汽车及供应链博览会（香港）（下文 简称"香港车展"）在香港亚洲国际博览馆举办。此次展会，远程新能源商用车携其全新一代纯 电VAN车——星享V7E重磅亮相，并完成全球首秀。 7.5方大空间+375公里长续航 远程打造VAN全新力作 此次，远程新能源商用车全新一代纯电动VAN类车型选择在中国香港首秀，是其国际化战略布 局的体现，也是有意借力香港车展链接全球合作商机，从而辐射亚太地区，助力其新能源商用 车产品的推广和品牌的国际化。 第一商用车网了解到，作为中国新能源VAN家族的又一全新力作，远程全新一代纯电动VAN星 享V7E将凭借三大优势，重新定义中系VAN市场新标准。 其一，远程星享V7E拥有7.5立方米大空间，助力用户多拉多赚。在当前竞争激烈的物流市 场，车多货少已经成为行业现状。那么，对用户来说，单趟能多拉货物便成为他们高效运营的 一大秘诀。 此次，远程全新发布的星享V7E，整车尺寸为5000mm×1820mm×1985mm，货厢内长 2870mm，内高1475mm，货厢空间更是达到 ...

Core Viewpoint - The report highlights the strong growth potential of 富创精密 (Fuchuang Precision) in the semiconductor components sector, driven by its dual strategy in mechanical and electromechanical components and gas transmission systems, with a projected revenue increase of 47.14% in 2024 [2] Group 1: Business Strategy and Growth - The company has established a competitive advantage through its dual strategy in mechanical and electromechanical components and gas transmission systems, focusing on precision parts for semiconductor equipment [2] - In 2024, the company expects to achieve revenue of 3.04 billion yuan, with mechanical and electromechanical components and gas transmission systems contributing 2.08 billion yuan and 879 million yuan, respectively, reflecting year-on-year growth of 57.69% and 22.82% [2] - The company has developed over 70 gas cabinet design solutions for leading domestic clients, with most already in mass production, indicating a strong market position [2] Group 2: Market Expansion and Client Strategy - The company is focusing on a major client strategy, with revenue from mainland China accounting for 69.75% of total revenue, a year-on-year increase of 43.95% [3] - The company is implementing a "localization + regional collaboration" strategy to efficiently allocate resources and cover key global markets, with production bases established in Shenyang, Nantong, Beijing, and Singapore [3] - The Singapore subsidiary has completed client certification and is expected to enhance the company's competitiveness in the global market by reducing supply chain costs [3] Group 3: Mergers and Acquisitions - The company plans to acquire 100% of Beijing Yisheng Precision Semiconductor Co., Ltd. for up to 800 million yuan to enhance its semiconductor component service ecosystem [4] - A strategic investment in Zhejiang Poxin Electronic Technology Co., Ltd. aims to gain a 21.58% stake in the international gas transmission system manufacturer Compart, leveraging its technology and global supply chain [5] Group 4: Financial Projections - The company forecasts revenues of 4.03 billion yuan, 5.35 billion yuan, and 7.03 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 213 million yuan, 412 million yuan, and 646 million yuan [6] - The current stock price corresponds to a price-to-earnings ratio of 76x, 39x, and 25x for the years 2025 to 2027, maintaining a "buy" rating [6]

湖北京山轻工机械股份有限公司 投资者关系活动记录表 编号：2025-02 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 （2025年湖北辖区上市公司投资者集体接待日活动） | | 参与单位名称及 | 本次活动采用网络远程方式进行，面向全体投资者 | | 人员姓名 | | | 时间 | 2025年6月12日(星期四)14:00-16:40 | | 地点 | "全景路演"网站（http://rs.p5w.net） | | 上市公司接待人 | 公司董事、副总裁兼董事会秘书 周家敏先生 | | 员姓名 | 公司副总裁、财务负责人 曾涛女士 | | | 公司证券事务代表、IR负责人 陈文雯女士 | | | 主要问题及回复情况内容如下： | | | 1.请问董秘，公司的市值管理怎么控制 | | | 回复：尊敬的投资者您好，上市公司质量是公司投资价值的 | | | 基础和市值管理的重要抓手。公司将通过以下方面努力提高公司 | | | 质量：（一）聚焦主业，努力提升 ...