随着4月24日又一家A股公司——和辉光电递表港交所，2025年以来已有17家A股公司正式递表，开启赴港上市 之旅。 证券时报记者通过梳理这些赴港上市的A股公司招股书以及各家公司情况，发现它们目前呈现出三大特征：行 业集中度高，消费与科技企业主导；"国际大行+国内大行"成标配；国际化需求迫在眉睫。 行业集中度高：消费与科技企业主导 2024年以来，随着内地和香港两地监管部门不断推出利好"A+H"新政策，尤其是在2024年4月，中国证监会发布 五项资本市场对港合作措施，其中一项便是"支持内地行业龙头企业赴香港上市"。当年10月，香港证监会和港 交所发布联合声明，其中一条即是针对A股公司赴港上市——针对符合资格的A股公司推出快速审批时间表。 在这一背景下，A股公司赴港上市的热情被彻底点燃，2025年更是迎来"井喷"。Wind数据显示，2022年至2024 年，赴港上市的A股公司分别仅有4家、1家和3家，但在2025年，已正式递表港交所的A股公司就已达到17家， 同时还有超过10家A股公司已宣布正在筹划赴港上市。 而从2025年已递表的17家公司来看，一个明显的特征是，消费品公司以及科技企业是主导。如海天味业、东鹏 ...

"很多东西，我认为其他国家是没有办法替代的。"斯贝乐电器（浙江）股份有限公司CEO王鑫对第一财 经记者表示。 斯贝乐总部位于浙江省台州市，主要产品包括商用冰淇淋机，冰沙机，奶茶机，泡茶机，制冰机等商用 茶饮设备等，美国是其海外第一大市场。美国政府滥施关税，给中国制造业带来困扰，过高的关税影响 出口，但王鑫认为中国企业的竞争力不会消失。 台州地理环境"七山一水二分田"，并没有发展制造业的优质条件，但这里有不少企业已经走向全球。台 州企业家极能适应和改造环境，如果土地不够，他们填海造地，并在上面建造起厂房；如果市场不够 大，他们愿意飞到欧洲小国去开拓边缘市场。近期，第一财经采访了部分台州企业，了解他们如何应对 这场骤然而来的关税战。 "不会停，继续生产" 王鑫是斯贝乐的二代接班人。 斯贝乐的产品主打海外市场，美国又是重中之重。斯贝乐在美国的四个城市新泽西、亚特兰大、休斯 敦、洛杉矶都租用了仓储设施，基本上做到辐射全美市场。 据王鑫介绍，斯贝乐目前海外收入占比约70%，海外收入中美国占比60%，欧洲占比25%。美国毫无合 理性的关税政策之后，斯贝乐向美国出口的产品被加征了高达170%的关税。 在关税落地之前，斯贝乐 ...

Core Points - Zhang Lei, the Vice President and Secretary of the Board of Dongpeng Beverage, received a pre-tax salary of 5.4655 million yuan in 2024, marking a 16-fold increase from his previous salary of 343,900 yuan at Yiyaton [1][2] - Dongpeng Beverage reported a revenue of 15.839 billion yuan in 2024, a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% year-on-year [1][3] - The company is planning to list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image, aiming for global expansion [5][6] Salary Structure - Zhang Lei's salary is the highest among 85 A-share listed companies that have disclosed their secretary's salary [2] - Other executives at Dongpeng Beverage also received substantial salaries, with two vice presidents earning 7.2139 million yuan each, and the chairman earning 5.5273 million yuan [2] - The total salary expenditure for the board of directors and supervisors in 2024 was 46.0382 million yuan [2] Market Expansion - Dongpeng Beverage is focusing on overseas market expansion, particularly in Southeast Asia, where competition is intense [5][6] - The company plans to establish a production base in Hainan with an investment of 1.2 billion yuan to meet sales demands in Hainan and Southeast Asia [6] - The company aims to enhance its international competitiveness and brand recognition through its listing in Hong Kong and investments in local operations [5][6] Shareholder Actions - Shareholders have engaged in stock reduction activities, with the third-largest shareholder planning to reduce their stake by up to 1.3786% of the total share capital [3][4] - The company has maintained a consistent dividend payout since its IPO, distributing a total of 1.2 billion yuan in 2021, 800 million yuan in 2022, 1 billion yuan in 2023, and 1.3 billion yuan in 2024 [2]

Goheal：上市公司资本运作如何推动企业国际化？全球视角解析！ "登泰山而小天下。"——要想在全球市场站稳脚跟，企业必须跳出本土市场的局限，登上资本运作的高地，才能俯瞰更广阔的商业版图。近年来，越来越多 的企业通过资本运作加速国际化进程，从收购海外企业、跨境并购到资本市场融资，资本手段成为企业出海的关键引擎。 美国更好并购集团 美国更好并购集团（Goheal）长期关注全球资本运作的趋势，为企业提供专业并购与国际化布局的策略支持。在当前全球竞争格局下，资本运作如何成为企 业国际化的助推器？有哪些成功经验可以借鉴？让我们从全球市场的角度，深入剖析资本如何塑造企业的全球化未来。 资本运作：打开国际市场的金钥匙 国际化并非简单的"走出去"，而是资本、资源、人才、技术等多维度的全球配置。资本运作在其中扮演着重要角色，帮助企业突破本土市场的限制，快速占 领全球市场份额。企业若仅靠内生增长实现全球扩张，往往步履蹒跚，而借助资本市场的力量，则能事半功倍。美国更好并购集团（Goheal）观察到，在全 球市场上，许多企业通过收购兼并、股权投资、海外上市等方式，实现了业务国际化和品牌的全球影响力。 资本市场的全球化，也为企业的国 ...

Core Viewpoint - Dongpeng Beverage is actively pursuing a secondary listing in Hong Kong to enhance its capital strength and international brand image, despite having sufficient funds and strong financial performance [2][8]. Financial Performance - In 2024, Dongpeng Beverage reported a revenue of 15.839 billion yuan, a year-on-year increase of 40.63%, and a net profit of 3.327 billion yuan, up 63.09% [2]. - The company maintained a quarterly revenue growth rate of over 25%, with significant growth in the second and third quarters exceeding 47% [2]. - The company announced a total dividend of 1.3 billion yuan, with a payout ratio increasing from 49% to 78% [7]. Product Diversification - Dongpeng Beverage's flagship energy drink accounted for 47.9% of sales volume and 34.9% of sales revenue, maintaining its position as the top-selling energy drink in China for four consecutive years [3]. - The company has diversified its product offerings, with electrolyte drink revenue surging by 280.4%, increasing its share from 3.49% to 9.45% [4]. - Non-energy drink categories, including coffee and sugar-free tea, have seen revenue double, raising their contribution to 15% of total revenue [5][6]. International Expansion - Dongpeng Beverage is accelerating its overseas market strategy, with investments in an Indonesian production base and a smart production facility in Hainan [9]. - The company has entered 25 countries and regions, with Southeast Asia being a key market, utilizing localized marketing strategies to gain traction [9][11]. Market Sentiment and Stock Performance - Despite strong financials, the company has faced scrutiny over frequent shareholder sell-offs, which have impacted stock prices [7]. - The recent announcement of a secondary listing has generated mixed market reactions, with concerns about potential short-term dilution of earnings per share [10].