花费近3亿元，收购一个营收和门店规模尚属"小而美"的鲜啤品牌"鲜啤福鹿家"——蜜雪集团这笔买卖，在过去一 周里引发关注和讨论。 事情缘起于10月1日的一纸公告：蜜雪集团（02097.HK）于9月30日与鲜啤福鹿家达成投资及股权转让协议，以约 2.97亿元（人民币，下同）收购鲜啤福鹿家53%的股权。 市场和消费者一面乐见"雪王"把鲜啤的价格打下来，一面又在好奇蜜雪集团此举背后是在下一盘怎样的棋。有人 认为这是为未来的蓝海赛道进行前瞻性卡位；也有人讨论收购价的合理性。 业务上拓宽边界、供应链协同降本增效，是蜜雪集团最想从这笔收购中得到的两大收益 文 | 李莹 编辑| 杨立赟 舆论喧嚣过后，蜜雪集团收购鲜啤品牌、进军啤酒领域这件事本身或许更加值得关注：于茶饮企业而言，这是一 次拓宽边界的新尝试；于啤酒行业而言，一个饮品供应链的头部玩家正在对原有模式进行调整和重塑；于蜜雪集 团而言，则需要回归商业本质分析其收购逻辑。 尽管成立时间不长，鲜啤福鹿家发展却很快。自2023年5月开放全国加盟后，该品牌便走上了快速扩张的道路。截 至8月，鲜啤福鹿家拥有约1200家门店，覆盖中国28个省、自治区和直辖市。根据尚普咨询，按截至2 ...

中信证券发布研报称，福鹿家作为鲜啤行业新兴头部玩家，其产品价格、门店选址等与蜜雪集团基因契 合，有望实现较好的供应链、消费者运营、加盟商资源协同效应。若交易顺利完成，从短期看，福鹿家 业务的绝对规模对蜜雪集团财务影响较为有限；但从长期视角，国内鲜啤行业前景广阔，公司前瞻性布 局"茶饮+咖啡+鲜啤"版图，有望打开业务远期增长的想象空间。该行认为，公司在品牌IP、供应链、运 营能力等方面的护城河深厚，未来增长确定性强、竞争格局清晰，维持"买入"评级。 消息面上，蜜雪集团近期发布公告称，已斥资2.97亿元获得鲜啤福鹿家53%股权。从持股比例看，股权 转让完成后，蜜雪集团将成为福鹿家第一大股东。这一举措标志着蜜雪集团正式进军现打鲜啤市场，为 消费者提供单价约人民币6至10元的现打鲜啤产品。 蜜雪集团(02097)再涨超6%，截至发稿，涨6.08%，报425.6港元，成交额3.59亿港元。 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 10 月 09 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 五新隧装收购案获批,创远信科拟以 9 亿元内收购微宇天导 证券分析师 ——北交所收并购周跟踪第五期 （20250930） 投资要点： 联系人 科创板+创业板+北证并购跟踪：本期新披露 59 起股权交易事件，其中北交所 4 起。 本周期（指 2025.9.15-9.30）科创板+创业板+北证共发生 59 起新披露并购交易事件 （含收购股权、出售股权及增资事件等），交易总额为 94.5 亿元；25 项为收购事件， 其中 4 项是北交所公司发起；21 项为出售事件，13 项为增资事件。其中规模较大项 目包括：富临精工及宁德时代拟增资江西升华获其部分股权、新诺威拟收购巨石生物 29%股权、雅创电子拟收购欧创芯 40%股权及怡海能达 45%股权等等。从收购标的 业务领域来看，聚焦在新能源、生物医药、半导体、科学仪器等新兴产 ...

智通财经APP获悉，京东物流(02618)涨超4%，截至发稿，涨4.06%，报13.06港元，成交额9001.15万港 元。 消息面上，京东物流公布，10月8日，公司(作为买方)与JD.com(作为卖方)订立业务转让协议，据此，集 团同意收购而京东集团同意转让目标业务，总对价为约2.70亿美元。目标业务包括JD.com从事本地即时 配送服务业务的全资子公司，即达疆及达盛。公告指，随着京东集团本地即时配送服务业务的新发展， 集团已招募全职骑手参与该等配送服务。鉴于目标业务过去数月的表现，公司认为目标业务具备商业潜 力及进一步拓展业务的机会。 因此，董事会经审慎考虑以下因素后，决议向京东集团收购目标业务：收购事项将拓展集团的解决方案 及服务组合，补充其现有产品矩阵及业务版图。同时，收购事项将助力集团巩固产品竞争力、开拓新商 机、推动业务增长；预期收购事项亦将加强集团的"最后一公里"配送能力；收购事项符合集团追求可持 续增长和盈利能力的整体策略。 （原标题：港股异动 | 京东物流(02618)涨超4% 拟2.7亿美元收购京东集团本地即时配送服务业务） ...

证券日报网讯金龙羽（002882）9月30日在互动平台回答投资者提问时表示，公司持续关注行业动态， 结合项目进展和市场需求，制定并推进业务拓展计划。 ...

Group 1 - The company, Doli Technology (001311), is progressing its related business according to plan and is actively communicating with customers to expand new products and new business opportunities [1]

Core Viewpoint - The company plans to acquire 100% equity of Qingdao Lufthansa Tianchu Food Co., Ltd. for 16 million yuan to enhance its presence in the aviation food sector and expand its supply chain capabilities [1] Group 1: Acquisition Details - The acquisition involves Beijing Xinhua Airport Catering Co., Ltd., a wholly-owned subsidiary of the company, purchasing Qingdao Lufthansa, which specializes in standardized production and distribution of airline meals and frozen foods [1] - Qingdao Lufthansa's factory is located in Laixi City, covering an area of 33,333 square meters with a production space of 12,381 square meters and 8 production lines, capable of producing approximately 25 million meals annually, or about 100,000 meals daily [1] Group 2: Business Challenges - Qingdao Lufthansa has faced continuous losses due to a decrease in orders from major foreign airline clients and important chain restaurant customers, leading to its planned shutdown on September 30, 2024 [1] Group 3: Strategic Importance - The acquisition is a key strategic move for the company to deepen its expertise in the aviation food sector, upgrade its supply chain, and expand into the mass catering market [1] - Qingdao Lufthansa's location in the core region of East China complements the company's existing aviation food operations in North China, Northwest China, and Hainan, allowing for rapid capacity enhancement and the establishment of a nationwide service network [1]

Group 1 - The core viewpoint of the news is that *ST Yazhen (sh603389) reached its daily limit with a price of 28.82 yuan, reflecting a 4.96% increase and a total market capitalization of 7.948 billion yuan [1] - The stock's surge is attributed to several factors, including the company's established brand in the mid-to-high-end Haipai furniture market, which has a certain customer base despite fierce competition [2] - The acquisition of a 51% stake in Guangxi Zirconium Industry by the company expands its business into the zircon-titanium mining sector, which is expected to provide new profit growth opportunities [2] - The recent inflow of funds into the non-ferrous metals sector has positively impacted related stocks, including *ST Yazhen, aligning with market trends [2] - Technical indicators such as the MACD forming a golden cross and a bullish short-term moving average suggest a potential upward trend for the stock [2] Group 2 - The total trading volume for *ST Yazhen on the day of the price surge was 68.426 million yuan, indicating significant market activity [1] - The stock's performance is part of a broader trend in the non-ferrous metals sector, which has seen increased investor interest and activity [2]

Group 1 - The core viewpoint of the news is that Changrun Co., Ltd. (stock code: sh603201) experienced a significant stock price increase, reaching a limit up of 10.01% due to strong financial performance and strategic business expansion [1] Group 2 - Changrun Co., Ltd. reported a net profit growth of 23.98% year-on-year for the first half of 2025, with a non-recurring net profit increase of 23.57%, indicating sustained improvement in its main business profitability [1] - The company's operating cash flow improved by 40.61%, reflecting a significant enhancement in cash flow conditions and operational efficiency, which contributed to the stock price surge [1] - The company has made strategic moves, including the commencement of production at its Thailand facility and the acquisition of a 60% stake in Kejun New Materials, which expands its business into new areas such as inflatable pumps and tire repair fluids, enhancing long-term growth potential [1] - Although specific funding data for the day was not found, the company has demonstrated solid financial management through low-risk investment strategies, achieving a total of 5.4484 million yuan in investment income over the past 12 months, which may have attracted market attention [1]

Core Viewpoint - Zhongji United (sh605305) experienced a limit-up on September 18, 2025, with a price of 42.1 yuan, a rise of 9.72%, and a total market capitalization of 8.924 billion yuan, indicating strong investor interest driven by performance growth, cash dividends, and business expansion [1][2]. Group 1: Financial Performance - Zhongji United reported a net profit growth of 78%-113% year-on-year for the first half of 2025, with a non-recurring net profit increase of 86%-127%, reflecting a significant improvement in operational performance and profitability [2]. - The company declared a cash dividend of 0.37 yuan per share (before tax), totaling 78.63 million yuan, which has attracted investor attention and boosted market confidence [2]. Group 2: Business Development - The company focuses on the research, production, and sales of specialized high-altitude safety operation equipment, including wind turbine tower elevators, anti-climbing devices, and fall protection systems, aligning with the rapid growth in the renewable energy sector, particularly in wind power [2]. - Zhongji United maintained R&D expenses of 35.93 million yuan in the first half of 2025, ensuring technological competitiveness and enhancing solutions based on customer needs, leading to a continuous increase in order volume [2]. Group 3: Market Dynamics - Although specific capital flow data for the day was not obtained, the company's strong performance is likely to attract capital inflow. The technical pattern suggests that if the stock price was stable or on an upward trend before the limit-up, this could be a result of both technical and fundamental resonance [2]. - Related stocks in the same industry may also benefit from the sector's development, creating a board linkage effect [2].