炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：财闻 在喊出2026年底旗下业务要批量IPO的口号不久，追觅科技（后简称"追觅"）创始人俞浩火速在A股落 下"首子"。12月17日，嘉美包装（002969.SZ）如市场意料拿下涨停，当日报收5.02元/股。前一日，嘉 美包装宣布控制权转让消息并复牌，俞浩拟通过股份转让、邀约收购系列安排拿下嘉美包装控制权，交 易总对价约22.82亿元。 从交易安排看，嘉美包装原控股股东及第二大股东几乎将彻底退出前十大股东之列，但上市公司原包装 容器制造业务将继续运转。此时，正逢追觅业务版图大面积扩张之际。前不久，俞浩在朋友圈发 声："从明年底开始，追觅生态旗下多个业务将会在全球各交易所'下饺子'般批量IPO"。 01 在股份转让及放弃表决权基础上，逐越鸿智还"预定"了部分股权的收购，进一步巩固控制权。 据披露，以上述股份转让为前提，逐越鸿智或其指定的关联方拟通过部分要约收购的方式进一步增持嘉 美包装的股份，拟要约收购股份数量为2.33亿股，占公司总股本的25.00%。要约收购所需资金总额预计 不超过10.39亿元，每股同样为4.45元。 中包香港将 ...

Core Viewpoint - The company is attempting to transition from a cleaning appliance manufacturer to a diversified technology group, aiming for a global IPO by the end of 2026, while facing significant challenges in high-end manufacturing and market positioning [1][2][13]. Expansion Strategy - The company joined Xiaomi's ecosystem in 2017 and quickly rose in the cleaning appliance sector, achieving a revenue of 15 billion yuan in 2024 and serving over 30 million households globally [1]. - The cleaning appliance market is showing signs of saturation, with a 7.7% decline in retail volume and a 12% drop in average price in 2024 compared to 2021 [1]. - The company is diversifying into automotive, mobile, and space mining sectors to create a multi-faceted valuation model, inspired by Xiaomi's success in the market [2][3]. Automotive Ambitions - The company plans to launch a luxury electric vehicle that competes with high-end brands like Bugatti, with impressive specifications such as a 0-100 km/h acceleration in 1.8 seconds [3]. - The strategy includes leveraging brand prestige to enhance valuation, as the narrative of "competing with Bugatti" is more appealing than producing mid-range electric vehicles [3]. Challenges in Execution - There are significant gaps in technology transfer from cleaning appliances to automotive manufacturing, with the company's core technologies not meeting automotive standards [5]. - The company has filed 6,379 patents, but only 5% pertain to critical automotive systems, indicating a potential overestimation of its technological capabilities [5]. - The decision to build a factory in Germany poses risks due to the competitive landscape and stringent carbon regulations, which could increase manufacturing costs [6][7]. Financial Considerations - The company faces substantial funding challenges, needing 30-40 billion yuan to support automotive development, factory construction, and marketing [8]. - The reliance on an IPO for funding raises concerns, especially if the automotive business does not demonstrate tangible progress before the planned public offering [9]. Market Dynamics - The company announced over 15 billion yuan in orders, primarily from Middle Eastern and Central Asian dealers, but these orders may not translate into actual sales [9][12]. - The mismatch between the company's target market for luxury vehicles and its existing customer base in cleaning appliances could hinder effective market penetration [10]. - The low conversion rate for luxury vehicle orders raises questions about the sustainability of the company's projected sales figures [11]. Industry Reflection - The company's foray into high-end manufacturing reflects a broader anxiety among Chinese tech firms seeking growth beyond their core businesses, often leading to a focus on narrative over substance [13]. - Long-term success in high-end markets requires building brand equity and technological capabilities over time, rather than relying on short-term valuation strategies [14].

Core Viewpoint - The article discusses the ambitious plans of Chasing Technology to pursue multiple IPOs for its various business units, highlighting the potential benefits and risks associated with this strategy [2][3]. Business Expansion - Chasing Technology is rapidly expanding into diverse sectors, including smartphones, astronomy, and electric vehicles, with plans to launch its first smartphone and a luxury electric vehicle by 2027 [3]. - The company aims to leverage the valuation differences across various sectors by splitting its businesses for independent IPOs, which could maximize overall company value [2]. Market Evaluation - Experts caution that while Chasing Technology has experience in hardware development, the new sectors it is entering require significant capital and technical expertise, raising questions about the feasibility of its expansion strategy [4]. - The company’s primary revenue still relies heavily on its cleaning devices, with other ventures in early investment stages, indicating a need for careful evaluation of resource allocation [3]. Risks of Expansion - There are concerns that if the core business does not establish a stable profit model, the company's aggressive expansion into high-investment areas could lead to financial risks and resource dilution [4]. - The long-term nature of some of its new ventures, such as asteroid mining, poses challenges for immediate commercialization, necessitating caution against overextending investor expectations [4]. Employee Investment Controversy - Allegations have surfaced regarding Chasing Technology's requirement for employees to invest in private equity funds, potentially linking this to job security, which raises ethical and legal concerns [6][8]. - The company has publicly denied any mandatory investment policies, asserting that participation in investment schemes is voluntary and aimed at fostering a long-term incentive structure [7][8].