文 | 野马财经 耿长宝 编辑 | 刘钦文 当你给手机插上快充线，享受半小时回血50%的便捷时；当你驾驶着比亚迪新能源汽车穿梭在城市街道，享受着电池带来的稳定续航与快速充电体验时；当柔性屏手机随意折叠，屏幕却始终清晰 而将微纳粉体变为高性能材料、把精密配方转化为稳定产品的关键装备，许多正出自深圳市尚水智能股份有限公司（简称"尚水智能"）之手。 如今，作为比亚迪等行业头部企业的核心供应商，这家深耕材料制备核心工艺领域的企业，正式叩响创业板IPO的大门。但值得注意的是，这是尚水智能二次冲刺IPO，前次冲刺科创板被拒后， 尚水智能以长达303页的文件对深交所的审核问询函进行了回复，尚水智能能否成功登录创业板？诸多谜题待解。 01 比亚迪既当股东又是大客户，存货余额超10亿 公司在《招股书》的特别风险提示中明确指出，随着公司业务规模的不断扩大，预计未来存货规模仍将进一步增长。 值得关注的是，尚水智能《招股书》中明确，报告期各期末，应收账款3年以上账龄的款项占比为12.66%。这意味着不仅公司的利润都压在货上，压在仓库里，回款周期还长。对此，尚水智能的 不过，在大客户们的加持下，尚水智能的营收一路走高。2022年—20 ...

每经编辑｜张锦河 9月30日下午，特斯拉通过官微宣布，特斯拉正在努力扩大人形机器人的规模，计划2025年底推出第三代，并在2026年开始 量产。 | 35311992 | | 交付100万台 | | | | --- | --- | --- | --- | --- | | | 3万亿 | 人形机器人 | 任一运营目标 | | | 35311992 | | 100万辆Robotaxi | 市值目标 + | 17.30% | | | 3.5 元 | 投入商业运营 | 任一运营目标 | | | 35311992 | | 调整后EBITDA | 市值目标 + | | | | 4万亿 | 达500亿美元 | 任一运营目标 | | | | | | 市值目标 | | | 35311992 | 4.5万亿 | 调整后EBITDA 达800亿美元 | 任一运营目标 | | | | | | 市值目标 | | | 35311992 | 5万亿 | 调整后EBITDA达 | + | | | | | 1300亿美元 | 任一运营目标 | | | 35311992 | | 调整后EBITDA | 市值目标 | 21.10% | | | 5 ...

权威精选 在业绩承压、筹划控制权变更的背景下，主营生态修复的冠中生态（300948.SZ，股价11.20元，市值 15.68亿元）抛出了一份"跨界"收购计划。 9月28日晚间，冠中生态公告称，拟以不超过5.6亿元的整体估值，现金收购杭州精算家人工智能技术有 限公司（以下简称"杭州精算家"）51%的股权。 根据杭州精算家2024年未经审计的净利润792.02万元计算，此次收购的市盈率（P/E）高达近71倍。而 发起收购的冠中生态，2025年上半年营业收入同比锐减52.33%，归母净利润更是由盈转亏，亏损318.61 万元。 冠中生态表示，业绩增长承压的主要原因在于政府财政偏紧，导致原有订单落地缓慢、回款困难以及获 取新订单难度增大等问题。 尽管冠中生态在7月10日的投资者交流中曾预计2025年全年营收将实现2亿至3亿元，较上年度增长40% 至110%，但8月底发布的上半年业绩实际表现显然与该预期相去甚远。 在这样的背景下，寻求新的利润增长点、开辟"第二增长曲线"成为冠中生态的当务之急，公司也明确表 示将适时通过外延并购等方式拓展新业务。 此次收购的目标——杭州精算家，则处在一个完全不同的赛道。该公司主营业务聚焦 ...

Core Viewpoint - The company is undergoing a significant acquisition and restructuring process, which is expected to enhance its revenue and profitability, despite facing regulatory uncertainties regarding the acquisition approval. Group 1: Company Performance - As of September 26, 2025, the company's stock price is 22.67 yuan, down 2.28% from the previous week, with a market capitalization of 5.373 billion yuan, ranking 19th in the apparel and home textile sector [1] - In the first half of 2025, the company achieved a net profit attributable to shareholders of 38.29 million yuan, primarily due to a gain from the sale of Shanghai Ribos to Sheng, amounting to 35.04 million yuan [5][6] - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of 17.07 million yuan, up 2,137.67% year-on-year, attributed to improved inventory management and reduced expenses [5][6] Group 2: Acquisition Details - The company plans to acquire a 71% stake in Sichuan Yindile, with a cash consideration of 5.9 billion yuan, and has arranged funding through a combination of self-raised funds and a capital increase of 155.8 million yuan [3][6] - The acquisition is expected to significantly boost the company's revenue, with projected combined revenues increasing from 1.027 billion yuan to 1.530 billion yuan for 2023, and from 866 million yuan to 1.503 billion yuan for 2024 [3][6] - The acquisition is still pending approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, introducing uncertainty regarding the timeline and outcome [3][6] Group 3: Market Position and Strategy - Yindile holds a market share of approximately 50% in the P negative electrode binder sector, indicating a strong competitive position and established partnerships with leading companies [4][6] - The company is adopting a "full-channel, light asset, intelligent, and precise operation" model to enhance user experience and increase repurchase rates [7] - The integration of the apparel and lithium battery binder businesses aims to create a dual-core business structure, without venturing into resource extraction [4]

Core Viewpoint - The control of Yijing Photovoltaic (亿晶光电) has changed due to the complete auction and transfer of shares held by its former major shareholder, Weizhi Energy (唯之能源), resulting in the company having no controlling shareholder or actual controller [1] Group 1: Shareholder and Control Changes - Weizhi Energy has completely divested its 150 million shares in Yijing Photovoltaic, which were auctioned in three batches, each consisting of 50 million shares, and acquired by three individual investors [1] - The company currently lacks a controlling shareholder or actual controller, as the board of directors does not have a majority controlled by any single shareholder [1] - The change in equity structure is expected to have a significant impact on the company's governance [1] Group 2: Financial Performance and Challenges - In 2024, Yijing Photovoltaic reported a revenue of 3.478 billion yuan, a year-on-year decrease of 57.07%, and a net loss attributable to shareholders of 2.09 billion yuan, a staggering decline of 3192.48% [3] - For the first half of 2025, the company achieved a revenue of 1.181 billion yuan, down 46.05% year-on-year, with a net loss of 153 million yuan, although this was an improvement compared to a loss of 470 million yuan in the same period last year [3] - The company plans to implement cost reduction and efficiency improvement measures across various operational aspects to enhance competitiveness and address ongoing financial challenges [3]

Core Viewpoint - New Zhisoft (688590.SH) plans to acquire 49% of Qianhai Hengdao Zhiyuan Information Technology Co., Ltd. for 48.24 million yuan, aiming to enhance its competitive position in the South China region [1][3]. Group 1: Acquisition Details - The acquisition will increase New Zhisoft's stake in Shenzhen Hengdao from 51% to 100%, achieving full control [3]. - The transaction is based on a high valuation with an assessment premium of 186.34%, indicating a significant increase in the company's value [1][6]. - The payment will be made in installments using the company's own funds, and the deal does not require shareholder approval [3][4]. Group 2: Financial Performance and Risks - Shenzhen Hengdao reported a loss of 281,000 yuan in the first half of 2025, despite a revenue target of over 30 million yuan over the next three years [6][7]. - The performance targets set for Shenzhen Hengdao include achieving revenues of 118.5 million yuan, 133.5 million yuan, and 153.5 million yuan for 2025, 2026, and 2027, respectively [6][7]. - New Zhisoft's goodwill is expected to increase significantly post-acquisition, raising concerns about potential impairment if performance targets are not met [7].

Core Viewpoint - New Zhi Software plans to acquire 49% of Shenzhen Qianhai Hengdao Zhihong Information Technology Co., Ltd. for 48.24 million yuan, aiming to enhance its competitive position in the South China region [1][2][3] Group 1: Transaction Details - The acquisition will be funded by the company's own capital and will be paid in installments [3] - After the acquisition, New Zhi Software's ownership in Shenzhen Hengdao will increase from 51% to 100%, achieving full control [2] - The transaction does not constitute a related party transaction or a major asset restructuring, thus no shareholder meeting is required for approval [2] Group 2: Financial Aspects - The acquisition is based on a high valuation with an assessment showing a 186.34% increase in value compared to the book net assets [4] - Shenzhen Hengdao reported a loss of 280.89 thousand yuan in the first half of 2025, despite having a revenue of 5,966.53 million yuan and a profit of 645.62 thousand yuan in 2024 [4][5] - The performance targets set for Shenzhen Hengdao include achieving revenues of 118.5 million yuan, 133.5 million yuan, and 153.5 million yuan for the years 2025, 2026, and 2027, respectively, along with corresponding profit targets [5] Group 3: Strategic Intent - The strategic intent behind the acquisition is to strengthen the company's competitive capabilities in the financial sector of South China, thereby gaining more regional clients and business opportunities [3] - Shenzhen Hengdao has established long-term partnerships with several financial institutions in the region, which will be beneficial for New Zhi Software post-acquisition [3]

Core Viewpoint - Dongcheng Pharmaceutical's decision to spin off its subsidiary, Lanacheng, for a Hong Kong listing is interpreted as a "passive self-rescue" amid ongoing performance pressure and significant financial liabilities [2][14]. Financial Performance - The company has experienced a continuous decline in revenue from 2022 to 2024, with decreases of 8.41%, 8.58%, and 12.42% respectively; net profit attributable to shareholders also fell by 31.75% and 12.35% in 2023 and 2024 [4]. - In the first half of 2025, the company reported revenue of 1.384 billion yuan, a year-on-year decrease of 2.60%, and a net profit of 88.65 million yuan, down 20.70% [7]. Business Segmentation - The traditional raw material drug business remains the largest revenue source but has seen its proportion drop below 50% for the first time in 2024; in the first half of 2025, revenue from raw material drugs fell by 7.02% [4][5]. - The nuclear medicine segment, while showing a slight revenue increase of 0.78% to 503 million yuan in the first half of 2025, has experienced a decline in gross margin from 72.95% to 67.27% [5]. Subsidiary Overview - Lanacheng, the subsidiary being spun off, focuses on innovative radioactive diagnostic and therapeutic drugs but has not generated any revenue since its establishment; it recorded net losses of 38 million yuan, 99 million yuan, and 180 million yuan from 2022 to 2024 [11]. - The company has a significant R&D expenditure, reaching 431 million yuan in 2024, with 86.62% allocated to nuclear medicine research [11]. Goodwill and Risks - Dongcheng Pharmaceutical faces substantial goodwill risks, with a goodwill balance of 2.499 billion yuan, accounting for 55.7% of net assets; this goodwill primarily stems from previous acquisitions in the nuclear medicine sector [15]. - The company has a history of goodwill impairment related to past acquisitions, indicating ongoing risks associated with its growth strategy [16].

每日经济新闻消息，近日，扬杰科技（300373.SZ）发布关于现金收购贝特电子100%股权暨关联交易的公 告。 扬杰科技拟支付现金购买东莞市贝特电子科技股份有限公司（以下简称"贝特电子"或"标的公司"）100%股 权（以下简称"本次交易"），本次交易以符合《中华人民共和国证券法》规定的评估机构出具的权益评估 价值为定价参考，最终确定整体转让价格为人民币221,800万元。本次交易完成后，贝特电子将成为上市公 司的全资子公司。 本次交易未构成重大资产重组。本次交易构成关联交易。本次交易事项尚需提交股东大会审议通过后实 施，关联股东在股东大会上对相关议案回避表决。 本次交易标的公司股东全部权益在评估基准日的评估价值为222,000.00万元，与母公司报表口径中股东全 部权益账面价值59,924.80万元相比，评估增值162,075.20万元，增值率为270.46%；与合并报表口径归属于 母公司的股东权益账面价值57,980.33万元相比，评估增值164,019.67万元，增值率为282.89%。 值得注意的是，本次交易设立了高额的业绩对赌条款。业绩承诺方承诺2025年~2027年贝特电子应实现的 合并报表口径下扣 ...

近日，扬杰科技（300373.SZ）发布关于现金收购贝特电子100%股权暨关联交易的公告。 扬杰科技拟支付现金购买东莞市贝特电子科技股份有限公司（以下简称"贝特电子"或"标的公司"）100%股权（以下简称"本次交易"），本次交易以符合 《证券法》规定的评估机构出具的权益评估价值为定价参考，最终确定整体转让价格为人民币221,800万元。本次交易完成后，贝特电子将成为上市公司 的全资子公司。 本次交易未构成重大资产重组。本次交易构成关联交易。本次交易事项尚须提交股东大会审议通过后实施，关联股东在股东大会上对相关议案回避表决。 本次交易标的公司股东全部权益在评估基准日的评估价值222,000.00万元，与母公司报表口径中股东全部权益账面价值59,924.80万元相比，评估增值 162,075.20万元，增值率为270.46%；与合并报表口径归属于母公司的股东权益账面价值57,980.33万元相比，评估增值164,019.67万元，增值率为 282.89%。 值得注意的是，本次交易设立了高额的业绩对赌条款。业绩承诺方承诺2025年~2027年贝特电子应实现的合并报表口径下扣非归母净利润合计不低于5.55 亿元。 业 ...