本报记者 陈红 2025年上半年，并购在A股市场持续升温，不仅成为上市公司拉动业绩增长的"强引擎"，更成为优化战 略布局、实现产业升级的核心路径。从行业分布到交易形式，从协同整合到政策支撑，A股并购市场呈 现出"聚焦产业、注重实效、风险与机遇并存"的鲜明特征，多行业头部企业通过精准并购实 现"1+1>2"的发展突破。 睿兽分析（大数据分析平台）数据显示，今年上半年国内并购交易1113起，涉及交易金额5092.14亿 元，交易金额较去年同期增长62.75%。在已完成的并购交易中，传统行业、智能制造、能源电力为排 名前三的热门行业。 并购聚焦产业： 选领域、优整合、定形式 《证券日报》记者注意到，上半年并购市场的细分亮点集中在先进制造业与新兴产业的核心赛道，如计 算机、汽车制造、生物医药、半导体及高端材料等领域案例频发。这背后是企业借并购补位技术、抢占 细分市场的战略需求。 承珞（上海）投资管理中心合伙人徐泯穗在接受《证券日报》记者采访时表示："在技术迭代加速、市 场竞争加剧的背景下，单纯依靠内生发展难以快速填补技术短板或抢占高增长细分赛道，并购成为高效 获取核心资源的关键路径。这些细分赛道大多隶属于'智能制造' ...

Summary of Knowles Corporation FY Conference Call Company Overview - **Company**: Knowles Corporation (NYSE: KN) - **Revenue**: $554 million in the previous year, with expectations of approximately $585 million for the current year [3][13] - **Gross Margin**: Expected to be around 45% [3] - **EBITDA Margin**: Projected in the mid-20s percentage range [3] Strategic Transformation - **Business Segments**: - Precision Device Segment: Includes electrolytic, film, and ceramic capacitors, and RF filters - MEVSA Segment: Focuses on med tech and specialty audio, primarily microphones and speakers [4] - **Shift from Consumer Electronics**: Previously reliant on consumer electronics, particularly Apple, which accounted for 40-50% of revenue. The company has divested from this market [5] - **Focus on Higher Margin Products**: Since 2017, the company has shifted focus to higher margin products and markets, reducing investment in lower-margin consumer business [9][10] Financial Performance - **Historical Performance**: - 4% organic growth and 4% growth through acquisitions from 2017 to 2024 [12] - EBITDA has more than doubled during this period [13] - **Future Projections**: - Expected revenue CAGR of 8-10% over the next five years [16] - Anticipated EBITDA growth to outpace revenue growth, with an expected 400 basis points improvement in EBITDA margins [17][28] Market Insights - **Hearing Health Market**: - Steady growth of approximately 3% annually, with high gross margins (over 50%) for Knowles and 80% for customers in this market [20][19] - Potential for increased growth due to rising awareness of hearing loss linked to dementia [23] - **Precision Device Segment**: - Expected organic growth of 6-8%, driven by applications in medical, defense, and industrial sectors [23] Acquisition Strategy - **Acquisitions**: - Completed four acquisitions since 2017, with the largest being Cornell DuBlier for $260 million [11][26] - Future acquisitions will focus on consolidation, extensions, and adjacencies to expand total addressable market (TAM) [38][40] - **Divestitures**: - Divested approximately $600 million in revenue from lower-margin businesses, including consumer MEMS microphones and crystal oscillators [36][47] Capital Allocation and Financial Health - **Balance Sheet**: - Improved significantly, with a leverage ratio below 1 [8][44] - Generated $36 million in free cash flow in the last quarter, with $30 million allocated for stock repurchases [45] - **Capital Expenditure**: - CapEx is expected to trend towards the higher end of the 8-10% range, focusing on new product development [42] Competitive Advantages - **Differentiated Technology**: Strong expertise in audio products and customer intimacy, allowing for customized solutions [32][34] - **Resilience and Reliability**: Proven ability to deliver products consistently, even during supply chain disruptions like COVID-19 [34] Conclusion - Knowles Corporation has successfully transformed its business model, focusing on higher-margin products and markets, while maintaining a strong financial position and growth outlook. The company is well-positioned for future growth through strategic acquisitions and a disciplined capital allocation strategy [47][48]

以下文章来源于超募研究所 ，作者FOFWEEKLY 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 导读： 7月，机构LP的出资回调，这是政策周期、行业整合的阶段性结果，但其背后的结构性调整正孕 育新机遇。 作者丨 FOFWEEKLY 7月，机构LP出资活跃度有所回落，但市场并未陷入沉寂 —— 产业型LP活跃度重回第一，政策型 LP 的策略调整、金融机构的工具迭代与外资的结构性回流，正在重塑市场格局。 基金备案方面，7月新备案的私募股权、创投基金总计375只，环比下降8.31%，同比上升7.14%， 反映出市场在短期调整中仍保持增长韧性。其中私募股权投资基金130只，创业投资基金245只， 凸显市场对早期创新项目、新兴产业的持续关注。 时隔多个月后，产业型 LP 再次成为机构 LP 中最活跃的群体，叠加 "并购六条" 等政策持续发 力、国资与市场化 GP 合作模式迭代，一级市场正酝酿新一轮并购热潮。无论是行业整合需求推动 的横向并购，还是产业链协同驱动的纵向并购，都将成为未来市场的核心看点，为机构 LP 提供更 多围绕产业价值挖掘的 ...

Core Viewpoint - The appointment of Ivan Martinez as Chief Strategy Officer at GE HealthCare signals a strategic shift towards enhancing the company's execution capabilities in mergers, collaborations, and digital transformation [2][12]. Group 1: Background of Ivan Martinez - Ivan Martinez has a diverse background, starting his career in consulting at PwC and Accenture, which provided him with strategic and business architecture skills [4]. - His nine years at McKinsey involved leading revenue growth and digital transformation projects in the healthcare sector, giving him a deep understanding of the industry's complexities [4]. - At Abbott, he held various strategic roles, gaining practical experience in mergers, acquisitions, and innovation, marking his transition from consultant to operator [5]. Group 2: Current Context of GE HealthCare - GE HealthCare has been independent for two years, focusing on establishing its strategic direction in AI and imaging while building an ecosystem through acquisitions [6]. - The acquisition of MIM Software in 2024 exemplifies GE's strategy to enhance its imaging capabilities by integrating algorithms and workflows, moving from hardware sales to comprehensive solutions [6][7]. - The company has ranked first in FDA AI authorizations for four consecutive years, indicating its strong technological foundation in digital healthcare and smart diagnostics [6]. Group 3: Expectations from Martinez's Appointment - The company may pursue more precise acquisitions, focusing on specific clinical pathways rather than broad targets, leveraging Martinez's experience in licensing and collaboration [8]. - Strategic communication is expected to become more scenario-based, emphasizing practical applications in clinical settings rather than broad platform statements [9]. - Cross-departmental collaboration is likely to improve, with Martinez potentially establishing a metrics system to track the commercialization of AI functions and workflow activation rates [10]. Group 4: Industry Context - GE HealthCare's strategic adjustments reflect a broader trend among major medical device companies like Siemens and Philips, which are also hiring executives with backgrounds in business development and digitalization to adapt to slowing hardware growth [11]. - The evolving landscape necessitates leaders who understand transactions, clinical scenarios, and digitalization, indicating a shift in the profile of executives in the medical device industry [11].

Core Insights - The article highlights how Changhong Energy, despite lacking mineral resources and terminal market advantages, has carved a niche in the competitive renewable energy sector through a dual strategy of mergers and acquisitions combined with intelligent manufacturing [6][9]. - The company has successfully acquired Changhong Sanjie in Jiangsu and Changhong Polymer in Shenzhen, establishing a diversified business model that includes alkaline batteries, high-rate lithium batteries, and polymer lithium batteries [6][11]. Production Capacity and Market Demand - Changhong Sanjie’s production facility in Mianyang has a designed capacity of 800,000 batteries per day, with actual production exceeding this figure due to high demand for high-rate lithium batteries in both domestic and international markets [7]. - The demand for high-rate lithium batteries is driven by the necessity for cleaning tools and garden equipment in Europe and the U.S., as well as the increasing safety and performance requirements for power banks following new regulations [7]. Intelligent Manufacturing and Efficiency - Changhong Energy has integrated "smart manufacturing" throughout its production processes, utilizing technologies such as digital twins and 5G to enhance operational efficiency [9][10]. - The alkaline battery factory has seen a 10% increase in labor efficiency, a 15% reduction in defect rates, and a 10% decrease in maintenance costs due to digital upgrades [10]. Research and Development Focus - The company has established a robust R&D framework that emphasizes the development of new materials and battery technologies, supported by Changhong Group's resources [11]. - Changhong Energy is focusing on three strategic product lines: alkaline batteries, high-rate lithium batteries, and polymer lithium batteries, with the latter being positioned as a promising future product due to its high energy density and safety features [11][12]. Future Outlook and Market Positioning - The company is actively tracking emerging technologies and aims to capture opportunities in the evolving market landscape, particularly in sectors like IoT and low-altitude economy [12]. - Changhong Energy's strategic acquisitions and technological advancements position it well to compete in the rapidly changing battery market, especially with the rise of new applications such as eVTOLs and AI devices [12].

资产交易市场，信息瞬息万变，消息真假难辨，即使买卖双方花费大量的时间、精力，推动成交往往困 难重重。为了能够帮助买卖双方更快速链接市场信息和潜在交易对手，避免不必要的投入与浪费，我们 特地打造了这样一档栏目。 本文是这个栏目的第168期。如果你对本文提到的相关的交易线索感兴趣，希望接触这些潜在的交易对 手，或者如果你手中直接握有希望交易的资金或者资产，欢迎与我们联系。（邮箱：zcjy@36kr.com） 一、本月新增 1、转让持有头部人形机器人公司股份的基金LP份额（预期估值约 390亿） 卖家性质：直接卖家 交易价格：预期估值约390亿 资产规模：约6000万份额 交易方式：LP份额，有管理费和carry 2、转让持有智元机器人公司股份的基金LP份额（预期估值约250 亿） 卖家性质：直接卖家 交易价格：预期估值约250亿 资产规模：约5000万份额 交易方式：LP份额，有管理费和carry 3、求购OpenAI老股份额（预期估值面议） 交易价格：预期估值面议 资产规模：约600-1000万美元 交易方式：可以接受进结构，价格具体看是否承担管理费和carry 联系方式：zcjy@36kr.com 4、求购小 ...

MannKind Corporation (NASDAQ:MNKD) Mergers and Acquisition Conference Call August 25, 2025 8:30 AM ET Company Participants Christopher B. Prentiss - Chief Financial Officer Michael E. Castagna - CEO & Director Conference Call Participants Brandon Richard Folkes - H.C. Wainwright & Co, LLC, Research Division Olivia Simone Brayer - Cantor Fitzgerald & Co., Research Division Tiago Felipe Fauth - Wells Fargo Securities, LLC, Research Division Yun Zhong - Wedbush Securities Inc., Research Division Operator Good ...

在时代赋予的深刻命题--新质生产力投资的大趋势下，各地发展"耐心资本""大胆资本"，国资投资基金成为当仁不让的主力军，并且呈现出规模渐增、领 域聚焦且多元协同的显著特点与趋势，在发展新兴产业、优化资源配置、吸引优质项目落地、锻造产业优势长板方面持续发力，体系化构建"创新要素一 产业生态一区域能力"的良性循环。与此同时，诸如市场化FOF、上市公司、保险资金等也加入到资本助力产业发展的行列。 2025年7月23日，由融中财经、上海天使会主办的"2025中国科创夏季投资峰会——有限合伙人峰会"在上海盛大举行。 在本届"2025中国科创夏季投资峰会——有限合伙人峰会"，各级引导基金、国有资本、市场化母基金、投资机构、保险资金等金融行业领袖，对行业趋势 进行全面解读，共探LP投资布局。 会上，一村资本总经理于彤，上海科创基金行政总裁康鸣，华义创投合伙人任文泽，联融志道总经理、合伙人王一然，上海国投孚腾资本S基金投资部总 经理徐炳晖，广州新兴基金总经理严静，国寿资产创投投资事业部高级副总裁庄思亮参与讨论，聚焦"S基金并购收益让渡，LP退出新路径"进行了精彩的 讨论与分享。 以下内容由融中财经整理。 于彤（圆桌主持）：非常 ...

Summary of the Conference Call on Air Liquide's Acquisition of DIG IAS Company and Industry - **Company**: Air Liquide - **Acquisition Target**: DIG IAS, a leading industrial gas company in South Korea - **Industry**: Industrial gases, with a focus on manufacturing sectors such as electronics, chemicals, and healthcare Core Points and Arguments 1. **Strategic Growth Acquisition**: Air Liquide announced the acquisition of DIG IAS to strengthen its position in growth markets, particularly in South Korea, which is the fourth largest industrial gas market globally and expected to double by 2035 [2][4][11] 2. **Complementarity**: The acquisition will double Air Liquide's size in Korea, enhancing its local density by adding 60 plants and over 220 kilometers of pipeline, which will service key customers across 10 major industry basins [5][12] 3. **Earnings Accretion**: The acquisition is expected to be earnings accretive within one year, with a return on capital employed (ROCE) remaining above 10% [5][25] 4. **Investment Backlog**: DIG has secured €240 million in investments through long-term contracts, with 19 projects in its diversified backlog, projected to generate over €50 million in additional EBITDA by 2030 [6][21] 5. **Market Position**: South Korea's manufacturing sector contributes over 25% to its GDP, with significant presence in industries such as refining, chemicals, and steel, making it an attractive market for industrial gases [8][10] 6. **Electronics Sector**: DIG holds a strong position in the electronics market, which accounts for 60% of the Korean industrial gas market, particularly in carrier gases for semiconductors and flat panel displays [13][9] 7. **Healthcare Supply**: DIG supplies medical gases to hospitals across Korea, complementing Air Liquide's existing healthcare operations [14][16] 8. **Regulatory Considerations**: The acquisition is subject to Korean regulatory clearance, but the companies do not anticipate significant competition issues due to the complementarity of their operations [42][46] Additional Important Content 1. **Historical Context**: Air Liquide previously exited the South Korean market in 2014 due to limited impact as a minority partner in a joint venture. The current acquisition is seen as a strategic return to a transformed and more promising market [78][86] 2. **Financial Structure**: The acquisition will be financed through a structured bridge loan, with plans for refinancing through bond issues to maintain an A category credit rating [24][25] 3. **Long-term Vision**: The acquisition aligns with Air Liquide's growth-oriented strategy, focusing on both organic growth and strategic acquisitions to enhance its market position [43][60] 4. **Risk Management**: Concerns regarding trade wars and their impact on the Korean market were addressed, with confidence in the quality of DIG's customer base mitigating potential risks [55][58] 5. **Project Diversity**: The 19 projects in DIG's backlog are diverse, not solely focused on electronics, indicating a balanced approach to growth across various sectors [73][74] This summary encapsulates the key points discussed during the conference call regarding Air Liquide's strategic acquisition of DIG IAS, highlighting the rationale, expected benefits, and market context.

先问大家一个问题： 假如有一个公众号，任正非、马云、雷军、段永平等都追着看，并且还转发给自己的高管让大家都看，自己还很愿意接受这个公众号作者的深度采访，你 会不会对这个公众号及它的作者有点好奇？ 中国有没有这样的公众号，我不知道。但美国是真有这样的一个播客。 有一天，黄仁勋听了这个播客，从此就期期不落，还转发给NVIDIA的高管团队，让他们都去听。不仅如此，黄仁勋还亲自上这个博客，跟主持人畅聊了 几个小时。 不仅黄仁勋喜欢听，查理·芒格没去世之前，也听这个节目，并且在99岁时，人生第一次上播客接受专访。那也是他百岁人生中唯一的一次上播客（三个 月之后芒格去世了）。 不仅六十多岁的黄仁勋和接近百岁的芒格喜欢听，四十出头的扎克伯格也喜欢听，并且也专门跑来接受这个播客的专访。 《华尔街日报》报道这个播客时，用的标题是：《The Smartest People in the Room Are All Listening to the Same Podcast》，意思是：屋子里最聪明的人全 都在听同一个播客。 全球顶级的商业媒体《快公司》报道的标题是：《The No.1 Tech Podcast Sensation》， ...