11月4日，全球最大咖啡连锁品牌星巴克宣布与博裕投资达成战略合作，双方将成立合资企业，共同运 营星巴克在中国市场的零售业务；6天后，RBI集团宣布将与CPE源峰成立合资公司，意在提振汉堡王中 国的业绩。 洋品牌引入本土资本，进行中国业务分拆的模式并不陌生，8年前的"金拱门"已成为类似调整的受益 者。眼下具有高度确定性与成长性的中国超大规模市场既是各国经营主体的发展机遇，跨国企业的积极 调整也是应对激烈竞争的务实之举。 业务分拆实现可持续发展 记者了解到，目前星巴克与博裕投资初步宣布达成战略合作，具体业务调整、策略规划等后续将再逐步 商讨。 无论星巴克还是汉堡王，此番调整都意在更深入地参与中国市场。星巴克咖啡公司董事长兼首席执行官 倪睿安在2025财年三季度财报电话会议上就回应表示，在中国市场寻求战略合作伙伴的核心并非资本运 作，而是在于通过与星巴克共享使命、价值观的合作伙伴，提升中国本土市场运营效率，确保星巴克在 中国获得长足发展。倪睿安表示，合作协议达成后，博裕投资在本地市场的经验与专长，将有力加速星 巴克在中国市场、特别是中小城市及新兴区域的拓展。 根据协议，双方目标是将星巴克在中国的门店规模逐步拓展至2 ...

证券时报记者 秦燕玲 11月4日，全球最大咖啡连锁品牌星巴克宣布与博裕投资达成战略合作，双方将成立合资企业，共同运营星巴克在 中国市场的零售业务；6天后，RBI集团宣布将与CPE源峰成立合资公司，意在提振汉堡王中国的业绩。 洋品牌引入本土资本，进行中国业务分拆的模式并不陌生，8年前的"金拱门"已成为类似调整的受益者。眼下具有 高度确定性与成长性的中国超大规模市场既是各国经营主体的发展机遇，跨国企业的积极调整也是应对激烈竞争 的务实之举。 业务分拆实现可持续发展 记者了解到，目前星巴克与博裕投资初步宣布达成战略合作，具体业务调整、策略规划等后续将再逐步商讨。 无论星巴克还是汉堡王，此番调整都意在更深入地参与中国市场。星巴克咖啡公司董事长兼首席执行官倪睿安在 2025财年三季度财报电话会议上就回应表示，在中国市场寻求战略合作伙伴的核心并非资本运作，而是在于通过 与星巴克共享使命、价值观的合作伙伴，提升中国本土市场运营效率，确保星巴克在中国获得长足发展。倪睿安 表示，合作协议达成后，博裕投资在本地市场的经验与专长，将有力加速星巴克在中国市场、特别是中小城市及 新兴区域的拓展。 根据协议，双方目标是将星巴克在中国的门 ...

Core Viewpoint - Topgolf Callaway is reportedly in talks to sell its Topgolf unit, which has led to a rally in its stock price, indicating potential value unlocking for the company [1][4]. Company Overview - Callaway Brands, known for golf equipment and lifestyle apparel, expanded its business by acquiring Topgolf in 2021, which operates over 100 locations in the U.S. [2][3]. - The stock has underperformed, down approximately 48% since the acquisition, compared to competitors like Titleist, which has seen stock price increases [4]. Financial Performance - In Q4 of the previous year, the company recorded a $1.4 billion accounting charge due to an asset valuation writedown of the Topgolf business, indicating prior expectations of declining value [5][12]. - The current market capitalization is around $2 billion, with an estimated debt of $4.5 billion, suggesting that the potential sale of Topgolf may occur at a significant discount [6][14]. Market Conditions - The leisure and restaurant sectors are currently weak, with decreased discretionary spending impacting Topgolf's business, particularly in corporate outings [8][9]. - The initial strategy to attract younger consumers to golf through Topgolf has not met expectations, contributing to the challenges faced by the business [11]. Strategic Implications - A potential spin-off or sale of the unprofitable Topgolf unit could be beneficial for Callaway, allowing it to focus on its core business and possibly use the proceeds for debt reduction or share buybacks [13][14]. - The company currently holds $865 million in cash, which could be bolstered by the anticipated $1 billion from the sale of Topgolf [13][14].

Core Viewpoint - Ananym Capital Management has disclosed a significant stake in Baker Hughes and is advocating for a tax-free spin-off of its Oilfield Services & Equipment (OFSE) business to unlock shareholder value, potentially increasing the stock price by over 60% [2][4] Deal Overview - The proposed spin-off would create two distinct publicly-traded entities: RemainCo, focused on the Industrial & Energy Technology (IET) segment, and SpinCo, which would consist of the OFSE business [3][12] - The IET segment is positioned to capitalize on the global energy transition, while the OFSE segment represents the legacy business of Baker Hughes [3][11] Performance and Market Position - Baker Hughes has been outperforming competitors SLB and Halliburton, but the conglomerate structure is seen as obscuring the growth potential of the IET segment [4] - The management has acknowledged the proposal and is engaging with Ananym Capital, indicating a willingness to consider strategic actions [4] Valuation and Growth Potential - Ananym argues that the current conglomerate structure leads to a valuation discount, with Baker Hughes trading at an EV/EBITDA of 9.0x, while a more appropriate multiple for the IET segment would be closer to 13.0x [7] - The IET segment is projected to grow over 20% in FY24, compared to just 2% growth in the OFSE segment, highlighting the divergent growth profiles [8] Strategic Rationale - The spin-off aligns with a trend in the industrial sector focused on value unlocking, with the successful separation of GE Vernova serving as a precedent [10] - A standalone IET would be able to reinvest aggressively and use its premium stock for acquisitions, while the OFSE segment could focus on cost optimization and free cash flow generation [8][9]

Core Viewpoint - Honeywell is restructuring its business segments in preparation for the planned spin-offs of its Solstice Advanced Materials and Aerospace Technology businesses, with the latter expected to be completed in the second half of 2026 [1][6]. Business Segment Updates - The Solstice Advanced Materials business was successfully spun off on October 30, 2025, while the Aerospace Technology business will be reported as a separate entity starting from the first quarter of 2026 [1][6]. - Following the spin-off, Honeywell will report its performance across four main business segments: Aerospace Technology, Smart Building Technology, Smart Industrial Technology, and Process Automation and Technology, effective January 1, 2026 [1][3]. Aerospace Business Spin-off - The Aerospace business, once spun off, will become one of the largest independent publicly traded aerospace suppliers, leveraging its technological and systems advantages to enhance flight electrification and autonomy [1][2]. - Honeywell's aerospace technologies are integrated into nearly every commercial aircraft globally, including propulsion systems, cockpit and navigation systems, and auxiliary power systems [1]. Strategic Focus Post Spin-off - Post spin-off, Honeywell aims to lead the industrial sector's transition from automation to autonomy, utilizing a comprehensive portfolio of technology, solutions, and software to enhance customer productivity [3]. - The company emphasizes the importance of data utilization from its extensive global customer base to address complex challenges across various sectors, including building and industrial facilities [3]. Leadership Structure - The leadership for the new business segments will include Billal Hammoud as President and CEO of Smart Building Technology, Peter Lau as President and CEO of Smart Industrial Technology, and Jim Masso as President and CEO of Process Automation [5].

Core Insights - Honeywell reported strong Q3 2025 financial performance, with sales reaching $10.4 billion, a 7% year-over-year increase, driven by double-digit growth in the commercial aftermarket [1] - The company raised its full-year organic growth and adjusted EPS guidance, reflecting confidence in ongoing business transformation and market demand for innovative solutions [1] Financial Performance - Q3 sales were $10.4 billion, up 7% year-over-year, with organic sales growth of 6% [1] - Operating income decreased by 6% year-over-year, while segment profit increased by 5% to $2.4 billion [1] - Q3 adjusted EPS was $2.82, a 9% increase year-over-year, while operating cash flow was $3.3 billion, up 65% [1] Business Transformation - Honeywell is progressing with the spin-off of its Solstice Advanced Materials business, expected to complete on October 30, 2025, which will impact full-year sales by $700 million and adjusted EPS by $0.21 [1] - The company plans to split into three publicly traded entities by the second half of 2026, focusing on automation and aerospace businesses [1] - Recent restructuring efforts aim to streamline operations and enhance value creation, with a new reporting structure set to begin in Q1 2026 [1] Future Outlook - Honeywell expects full-year sales guidance of $40.7 billion to $40.9 billion, with organic sales growth of approximately 6% [1] - Adjusted EPS guidance has been raised to $10.60 to $10.70, reflecting a 10-cent increase from previous estimates [1] - The company remains optimistic about maintaining growth momentum into Q4 2025, supported by a strong order backlog and recurring revenue growth from connected products and services [1]

Revenue Performance - Group revenue for Q3 2025 totaled 630 million euros, down 24% at constant scope and exchange rates compared to Q3 2024, and down 22% on a reported basis [1][2] - Revenue for the first nine months of 2025 was 2,178 million euros, down 10% at constant scope and exchange rates, and down 7% on a reported basis [2] Revenue by Activity - Bolloré Energy reported revenue of 530 million euros in Q3 2025, a decrease of 25%, impacted by falling petroleum product prices and decreased volumes sold [4] - Industry revenue for Q3 2025 was 73 million euros, down 21%, primarily due to a decline in BlueBus business activity [4] - For the first nine months of 2025, Bolloré Energy's revenue was 1,867 million euros, down 10%, while Industry revenue was 229 million euros, down 17% [5] Recent Corporate Actions - In the first half of 2025, Bolloré SE repurchased 35.4 million shares for 196.5 million euros, canceling a total of 44.1 million shares, reducing treasury shares to 3.2 million [7] - A public buyout offer for Vivendi SE shares is pending, following a court ruling that overturned previous decisions regarding control over Vivendi [8]

Core Viewpoint - Honeywell (HON.US) is actively pursuing a plan to spin off its aerospace technology business, aiming to establish an independent publicly traded aerospace company by the second half of 2026. This move is seen as a significant step towards simplifying operations and focusing on industrial automation and digital transformation [1]. Company Summary - Honeywell's stock price increased by 1.36% to $209.43 in pre-market trading [1]. - The aerospace technology business spinoff will provide propulsion systems, cockpit systems, navigation systems, and auxiliary power systems for both commercial and military aircraft [1]. - The company reported a closing price of $206.61, down 1.18%, with a market capitalization of $131.18 billion [1]. Financial Metrics - The stock's highest price was $210.185, with a trading volume of 4.27 million shares [1]. - The price-to-earnings (P/E) ratio is reported at 23.50, while the price-to-book (P/B) ratio stands at 8.149 [1]. - The stock has a 52-week high of $240.468 and a low of $177.524, indicating a significant range in its trading performance [1].

霍尼韦尔表示，此次航空航天技术业务分拆是简化运营、聚焦工业自动化与数字化转型的重要一步。分 拆后的航空航天公司将为商用及军用飞机提供推进系统、驾驶舱系统、导航系统及辅助动力系统。 分拆完成后，霍尼韦尔剩余业务将重点发力工业、楼宇及过程领域的自动化技术。具体管理分工如下： Billal Hammoud将负责楼宇自动化业务，Peter Lau将主管工业自动化业务，Jim Masso将负责过程自动化 业务，Ken West将领导过程技术业务。四位高管均向继续担任霍尼韦尔董事长兼首席执行官的Vimal Kapur汇报。 据了解，霍尼韦尔最初于2月6日宣布分拆航空航天技术业务的意向。该公司表示，预计此项交易对股东 而言，在美國联邦所得税层面将属于免税范畴。 此次航空航天业务分拆将在Solstice部门剥离之后进行，标志着霍尼韦尔自2024年启动的两阶段业务组 合重塑计划将全面完成。 智通财经APP获悉，霍尼韦尔(HON.US)周三宣布，正积极推进在2026年下半年剥离其航空航天技术业 务的计划，届时将成立一家独立上市的航空航天公司。此前，霍尼韦尔已启动更广泛的业务组合重组， 重组后公司将聚焦三大核心业务板块：楼宇自动化 ...

10月12日，香港中旅国际投资有限公司(下称香港中旅)发布公告，提议向股东实物分派其旅游地产 业务，并配套现金替代方案和股本削减计划。这一交易旨在将资源集中到高增长潜力的旅游景区业务 上，顺应市场趋势并优化资本结构。 股东可选择持股或现金 实物分派是一种公司通过分发实物，如子公司股份，为分红来回报股东的行为。根据公告，香港中 旅将首先进行内部重组，使旅游地产业务由新成立的公司持有。随后，香港中旅将以每股上市公司股份 对应一股新成立公司股份的比例，向记录日期（预计为2025年11月21日）登记在册的股东分派新成立公 司股份。考虑到分派后，新成立的公司将为非上市实体，流通性不足，可能股东退出渠道有限，因而公 司给予了股东灵活选择权，可选择收取新成立公司股份或每股0.336港元现金。 为保障交易顺利进行，控股股东中国旅游集团已承诺全额接受实物分派，并收购其他股东未接纳的 新成立公司股份，支付等价现金。 现金替代方案下，每股股份的定价成为本次交易的核心关注点。公告披露，每股0.336港元的定 价，是参考同行业上市公司估值以及可比交易定价方法进行评估的结果。考虑因素具体包括：其他主营 地产和酒店业务的香港上市公司的市净 ...