来源：新浪证券 出品：新浪财经上市公司研究院 作者：昊 2025年12月25日，吉利控股集团旗下极氪体系内的核心零部件企业威睿电动汽车技术（宁波）有限公司 （以下称"威睿电动"）正式起诉动力电池供应商欣旺达的子公司欣旺达动力科技股份有限公司（以下 称"欣旺达动力"），索赔23.14亿元损失，以及相关利息、鉴定费、律师费等。 2025年12月22日，极氪刚刚完成美股私有化并退市。三天后的12月25日，威睿电动便火速发起诉讼，间 隔仅3天。 值得注意的是，极氪从美股上市到黯然退市前后仅19个月，并给吉利留下高达至少35亿元的账面损失。 退市尘埃落定后，极氪又立即对动力电池原主要供应商之一发起高额索赔。 2023年，越来越多的极氪001 WE86车主在社交平台反映充电速度明显变慢，实际续航与宣传差距大， 部分车辆出现系统限制电池充电量和功率的"锁电"现象。 2023年底，威睿电动开始减少对欣旺达的采购，转向宁德时代和吉利自家电池公司产品。 "退市即起诉"，究竟是极氪对供应商质量问题的正常追责，还是大股东吉利出于规避美股监管、降低私 有化成本等目的的策略性操作，这起重大商业纠纷背后的诸多疑问，值得高度关注。 疑问一、 ...

据港交所官网，2025年6月首次递表，时隔半年失效后，A股燃气巨头新奥股份（600803） （SH600803，股价21.53元，市值666.80亿元）近日再度向港交所递表，中金公司（601995）为其独家 保荐人。公司拟通过全资子公司私有化新奥能源（HK02688，股价70.500港元，市值797.95亿港元）， 并同步以介绍上市方式在港交所主板IPO（首次公开募股）。 《每日经济新闻》记者注意到，2022年至2025年上半年，新奥股份核心的天然气销售业务毛利率维持在 9.7%~11%区间波动，显著低于其他包括智家业务等非核心业务的毛利率。同时，公司2025年上半年还 出现营收和净利"双降"的局面，且2025年上半年流动负债净额较2024年末激增近78%。 此外，新奥股份A股IPO以来已累计直接融资超354亿元，且公司2024年股利支付率超过70%，这些分红 大都进了实控人王玉锁的口袋。新奥股份2024年的短期借款达92.4亿元，分红与偿债的资金分配合理性 引发市场关注。 天然气销售业绩贡献大 新奥股份业务覆盖天然气全产业链，拥有超过30年的运营实践经验。公司在清洁能源行业拥有上中下游 一体化的业务组合，主 ...

Core Viewpoint - Dalian Wanda Commercial Properties will officially delist from the Hong Kong Stock Exchange after 12 years of listing, as part of a strategic move to optimize its corporate governance and ownership structure [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties, a subsidiary of COFCO Group, focuses on the development, operation, and management of urban complexes branded as "Wanda Plaza" [2]. - The company plans to repurchase shares at a total cost of approximately HKD 29.32 billion and apply for the delisting from the Hong Kong Stock Exchange [2]. Group 2: Financial Performance - In 2024, Dalian Wanda Commercial Properties reported a revenue of CNY 19.831 billion and a net profit attributable to shareholders of CNY 0.779 billion, with total assets of CNY 106.771 billion and total liabilities of CNY 73.578 billion [2]. Group 3: Strategic Implications - The transaction aims to address market fluctuations and liquidity pressures, enhancing the company's equity in Dalian Wanda Commercial Properties and improving net profit attributable to shareholders [2]. - Following the privatization, COFCO Group will retain only the A-share listed Dalian Wanda, consolidating its real estate platform [3].

Core Viewpoint - The company Dalian City Real Estate has received approval for privatization and delisting from the Hong Kong Stock Exchange, aiming to streamline its governance structure and improve operational efficiency [2][5]. Group 1: Privatization and Delisting - On November 17, Dalian City Real Estate announced that its privatization and delisting proposal has been approved [2]. - The company plans to repurchase approximately 4.729 billion shares at a cash cancellation price of HKD 0.62 per share, totaling a maximum cash payment of about HKD 29.32 billion [5]. - After the transaction, the controlling shareholder will hold approximately 96.13% of the shares, and the company will apply for the cancellation of its listing status [5]. Group 2: Reasons for Delisting - The company cited complex governance structures and decision-making inefficiencies due to control by A-share listed company shareholders as reasons for the privatization [5]. - The aim is to simplify governance and corporate structure, allowing for more efficient management and reduced decision-making time [5]. Group 3: Financial Performance - Dalian City Real Estate reported a revenue of approximately HKD 81.24 billion for the first half of the year, a decrease of 5.8% year-on-year, with net profit declining by 26.6% to HKD 1.05 billion [5][11]. - The property development segment contributed HKD 54.81 billion in revenue, down 8.3% year-on-year, while rental income from investment properties was approximately HKD 20.38 billion, down 2.5% [11]. - The company’s operating cash flow decreased by nearly 53% to HKD 8.44 billion, and cash and cash equivalents fell by 15.24% to HKD 167.78 billion [11]. Group 4: Market Conditions - The company has faced challenges in the market, with its stock price consistently below net asset value and low liquidity affecting its ability to raise funds from capital markets [6][10]. - The average daily trading volume over the past five years was only about 0.045% of the total shares issued, indicating limited market activity [10].

Group 1 - The core point of the article is the succession of Xu Yangyang as the new president of Dali Foods Group, marking the transition to the second generation of leadership after over 30 years of establishment [1] - Xu Shihui's family wealth is reported to be 53 billion yuan, making them the richest family in Fujian for four consecutive years, with Xu Yangyang and her mother holding a combined wealth of approximately 26 billion yuan, positioning Xu Yangyang as the richest woman in Fujian [1] - Dali Foods, founded by Xu Shihui in 1989, owns several well-known brands such as Dali Garden, Haochidian, and Kebi Ke, and operates in multiple sectors including cakes, biscuits, chips, herbal tea, and functional beverages [1] Group 2 - In recent years, Dali Foods has faced declining performance, with revenue and profit both decreasing from 2022 to 2024, falling below 20 billion yuan [3] - In 2022, the company's revenue was 19.957 billion yuan, a decline of 10.5%, and net profit was 2.990 billion yuan, down 19.7%, with a simultaneous contraction in gross margin [3] - The company announced plans for privatization due to long-term stock price underperformance, with shares dropping nearly 50% from the initial listing price, leading to its delisting from the Hong Kong Stock Exchange in September 2023 [3]

Core Insights - Dali Food Group has completed a smooth generational transition with Xu Yangyang, daughter of founder Xu Shihui, officially taking over as president [1][6] - The company, which generates nearly 20 billion yuan in annual revenue, is facing challenges with declining performance in recent years [6][8] Company Overview - Founded in 1989 by Xu Shihui in Quanzhou, Fujian, Dali Food started with a second-hand biscuit production line and a factory rented for 300 yuan per month [2][4] - Dali Food has established several well-known brands, including Dali Garden, Haochidian, and Kabi, and operates in multiple sectors such as cakes, biscuits, chips, and beverages [4] Financial Performance - From 2016 to 2019, Dali Food's revenue grew from 17.84 billion yuan to 21.38 billion yuan [4] - However, revenue figures for 2020 to 2022 show a decline, with revenues of 20.96 billion yuan, 22.29 billion yuan, and 19.96 billion yuan respectively, alongside decreasing net profits [6][8] Leadership Transition - Xu Yangyang has been with the company for 17 years, progressing through various roles before becoming executive director and vice president in 2014 [6] - She played a key role in Dali Food's IPO in Hong Kong, which was the largest in the global consumer goods sector that year [6] Market Position and Challenges - Dali Food's stock price has significantly declined since its IPO, leading to its privatization in 2023 [8] - The company is still a prominent player in various rankings, with projected revenues of 18.86 billion yuan and 18.07 billion yuan for 2023 and 2024 respectively [8] - The new leadership under Xu Yangyang is expected to focus on digitalization, youth engagement, and international expansion to address market changes [8]

Core Viewpoint - Dali Food Group has successfully completed its generational transition with Xu Yangyang, daughter of founder Xu Shihui, taking over as president, amidst a backdrop of declining performance and market challenges [1][7]. Group 1: Company Overview - Dali Food Group, founded in 1989 by Xu Shihui in Quanzhou, Fujian, has grown from a small factory with a monthly rent of 300 yuan to a major player in the food industry, achieving nearly 20 billion yuan in annual revenue [2][4]. - The company owns several well-known brands, including Dali Garden, Haochidian, and Kebi, and operates in multiple sectors such as cakes, biscuits, chips, and beverages [4]. Group 2: Financial Performance - From 2016 to 2019, Dali Food's revenue increased from 17.84 billion yuan to 21.375 billion yuan, while the Xu family was recognized as the richest in Fujian during this period [4]. - However, the company's revenue showed a decline from 2020 to 2022, with figures of 20.962 billion yuan, 22.294 billion yuan, and 19.957 billion yuan, respectively, alongside decreasing net profits [7]. Group 3: Leadership Transition - Xu Yangyang has been with Dali Food for 17 years, progressing through various roles before becoming executive director and vice president in 2014, where she was involved in key decisions [6][7]. - She led the company to its Hong Kong IPO in 2015, which was the largest in the global consumer goods sector that year, and introduced the "Douben Dou" plant-based milk product, which quickly became a significant revenue driver [7]. Group 4: Market Challenges - Following a period of strong growth, Dali Food's stock price has struggled, leading to its privatization in 2023 after a significant drop from its IPO price of 5.25 HKD to 2.72 HKD [10]. - The company is now facing increased pressure to adapt to market changes and maintain its competitive edge through digitalization, youth engagement, and international expansion under Xu Yangyang's leadership [10].

Core Insights - Dali Food Group has completed a smooth generational transition with Xu Yangyang officially taking over as president from her father Xu Shihui, who remains as chairman [1][5] Group 1: Company Overview - Dali Food Group, founded in 1989 by Xu Shihui in Quanzhou, Fujian, has grown from a small factory to a major player in the food industry with nearly 20 billion yuan in annual revenue [1][2] - The company owns several well-known brands including Dali Garden, Haochidian, and Kebi Ke, and operates in multiple sectors such as egg yolk pies, biscuits, potato chips, herbal tea, and functional beverages [1] Group 2: Financial Performance - From 2016 to 2019, Dali Food's revenue increased from 17.84 billion yuan to 21.375 billion yuan, while the Xu family maintained their status as the richest in Fujian [2] - The family's wealth reached 53 billion yuan according to the 2025 Hurun list [2][4] - Dali Food's revenue for 2023 and 2024 is projected to be 18.86 billion yuan and 18.07 billion yuan, respectively, indicating ongoing growth challenges [9] Group 3: Leadership Transition - Xu Yangyang, born in 1983, has been with Dali for 17 years, progressing through various roles before becoming executive director and vice president in 2014 [5][7] - She played a key role in Dali's successful IPO in Hong Kong in 2015, which was the largest in the global consumer goods sector that year [7] - Despite her achievements, she faces significant challenges as the company has experienced a decline in overall performance, with revenues dropping from 22.294 billion yuan in 2021 to 19.957 billion yuan in 2022 [7][9] Group 4: Market Position and Future Outlook - Dali Food's stock price has significantly declined since its IPO, leading to its privatization in 2023, with shares dropping nearly 50% from the initial offering price [9] - The company is expected to enter a new development phase under Xu Yangyang's leadership, focusing on digitalization, youth engagement, and international expansion to adapt to market changes [9]

Core Viewpoint - The unconditional offer from Indigo Glamour Company Limited for Shenzhou Car Rental has been confirmed, with a deadline for acceptance set for March 4, indicating a clear opportunity for rational investors to accept the offer promptly [1][8]. Group 1: Offer Details - The offer became unconditional on February 18, 2020, and must remain open for acceptance for at least 14 days, leading to a closing date of March 4, 2020 [1]. - The offer price is set at 4 HKD per share, representing a premium of approximately 17.99% over the last trading day's closing price of 3.39 HKD and a premium of about 52.17% over the average closing price of 2.63 HKD over the last 30 trading days [3]. Group 2: Investor Options - Small and medium investors face three main choices: accept the offer, sell shares in the secondary market, or retain some shares [2][3]. - Given the low liquidity of Shenzhou Car Rental's shares, with an average trading volume of only 11,513,872 shares, or about 0.54% of the total issued shares, selling in the secondary market is not a viable option [3]. Group 3: Company Performance - Shenzhou Car Rental has faced significant challenges, including intensified competition in the car rental industry and adverse impacts from events like the Luckin Coffee scandal and the COVID-19 pandemic, leading to a substantial decline in stock price [5][6]. - In the first half of 2020, the company reported total revenue of 1.8068 billion CNY, a year-on-year decrease of 37.2%, with a net loss of 4.338 billion CNY compared to a net profit of 279 million CNY in the same period of 2019 [5][6]. Group 4: Market Outlook - The current market conditions and expectations suggest that accepting and facilitating the offer is the optimal solution for small and medium investors [8]. - The privatization process is nearing completion, and investors are encouraged to seize this opportunity to maximize their interests [8].

这图片是靠人工智能制造出来的。 作者是史大郎和猫哥。 出自史大郎和猫哥的财经Pro。 潘石屹夫妇再次成为主要负责人。 潘石屹和张欣领衔的Closer Properties透露，他们在纽约上东区用7600万美元现金，买了六套房子。 这六套房的总估价大约在1.3亿美元左右，原本的卖家是一家破产的投资公司，由于贷款没还清，潘氏夫妇以接近五折的价格买了下来， 算是捡了个便宜。 不过，要说重点，其实他们看中的不是房子，而是那块十万平方呎的地皮。 他们打算在2026年把房子拆掉，算是"充分发挥30年房地产开发经验"的结果，原地重新建一座大楼，底层搞商业，楼上弄豪华公寓，有 点像美国的SOHO那样的感觉。 这对夫妇一直在这行，专门低价买地，然后盖楼，再把房子卖给美国客户。 不仅如此，这还只是个开头，除了上东区，还准备在纽约的西村、切尔西这些老城区找地开发。 这算不算新的热潮啊？ 张欣指出，这里房子比较陈旧，服务和配套设施也跟不上，但"精品公寓的需求还是挺火爆的"。 带头出手的Closer，是潘氏夫妇在美国的家族办公室，现在手上管理的资产超过50亿美元，折合大概356亿人民币。 不过，张欣曾提过，她不太在意规模的大小，更看重 ...