【导读】杠杆！激进？揭底350亿"国城系" 长袖善舞的"国城系"正面临关键一跃。 2024年12月18日，"国城系"旗下核心上市平台国城矿业披露重组预案，拟购买国城实业不低于60%股权。 国城实业旗下的大苏计钼矿等资源，使得此次交易对"国城系"颇为重要，不仅集团资产得以证券化，国城矿业也有望提升市值，化解控股股东高质押率问 题。 然而，半年多时间过去了，国城矿业重组依然停留在"预案"阶段。 作为A股近年来异军突起的一支"资本系"，"国城系"及其当家人吴城在短短数年间积累起巨额财富——国城矿业与众和股份合计市值超过300亿元，筹划装 入国城矿业的国城实业估值超过50亿元。即便不考虑其他资产，"国城系"旗下资产已超过350亿元。 "这是一家激进的公司，胆子大。"一位接近"国城系"的知情人士告诉记者。 记者调查发现，"国城系"发家过程中，擅长运用杠杆资金，发家初期与兰州银行等往来甚密。 杠杆扩张的另一面是资金紧张。"国城系"对国城矿业的持股悉数质押，而收购国城实业也因此成为化解风险的"关键一招"。一旦市场预期落空，国城矿业 股价或再度承压，超高的质押率恐引发连锁反应。 高杠杆入局A股 在A股初露锋芒，"国城系"就展 ...

Core Viewpoint - The "Guocheng System" is facing a critical leap as it navigates high leverage and aggressive capital strategies, with significant implications for its future operations and market position [2][5][7]. Group 1: Restructuring and Valuation - On December 18, 2024, Guocheng Mining announced a restructuring plan to acquire at least 60% of Guocheng Industrial, which holds valuable resources like the Dasu Molybdenum Mine, indicating the importance of this transaction for the "Guocheng System" [3]. - Despite the announcement, the restructuring has remained at the "proposal" stage for over six months, raising concerns about execution [4]. - The combined market value of Guocheng Mining and Zhonghe Co. exceeds 300 billion RMB, with Guocheng Industrial valued at over 50 billion RMB, leading to a total asset valuation of over 350 billion RMB for the "Guocheng System" [5]. Group 2: Leverage and Financial Maneuvering - The "Guocheng System" has effectively utilized leveraged financing, initially collaborating closely with banks like Lanzhou Bank, which has led to a high pledge rate of shares in Guocheng Mining [7][9]. - In 2017, Guocheng Holdings injected 5 billion RMB to take control of Guocheng Mining, acquiring a 40.99% stake through a bankruptcy restructuring process [9]. - The funding for this acquisition was largely sourced from external parties, with significant loans from institutions like Zhejiang Merchants Investment [12][13]. Group 3: Strategic Acquisitions and Market Position - The "Guocheng System" has ambitions beyond Guocheng Mining, as evidenced by its acquisition of a controlling stake in Zhonghe Co. and plans for further market consolidation [32][33]. - The acquisition of Jin Xin Mining, which holds significant lithium resources, positions the "Guocheng System" strategically within the high-demand lithium market [36]. - The company has engaged in multiple transactions involving its own subsidiaries, indicating a complex internal asset management strategy [40]. Group 4: Risks and Concerns - The high pledge rates of shares, with Guocheng Holdings and Guocheng Holdings pledging nearly all their stakes in Guocheng Mining, pose significant risks if market conditions deteriorate [44]. - The reliance on external financing and the aggressive use of leverage raise concerns about the sustainability of the "Guocheng System's" growth strategy [42][43].

文|新消费财研社 一碗起源于重庆街头的小面，正以惊人的加速度叩击港交所大门。 近日，广州遇见小面餐饮股份有限公司（下文简称"遇见小面"）正式递交招股书，拟登陆港股主板。若成功上市，这家成立仅11年的川渝风味面馆连锁品 牌，或将成为"中式面馆第一股"。 遇见小面此时冲击IPO，恰逢中式面馆市场的爆发临界点。弗若斯特沙利文数据显示，2024年该赛道规模达2962亿元，预计2029年将突破5100亿元，其中川 渝风味以13.2%的年增速领跑地域细分市场。不过，这片蓝海仍高度分散，前五大品牌市占率不足3%，传统夫妻店依然占据市场主导地位。 在遇见小面的招股书中，同样暴露出一些挑战，包括单店日均销售额下降、客单价三年连降、翻台率下滑、毛利率缩水，流动负债高企，且在报告期内还出 现了食品安全问题，而这些问题正在拷问其增长逻辑的可持续性。 超65%门店集中于广州大本营 客单价三连降，单店销售数据走低 公开资料显示，遇见小面成立于2014年，由宋奇、苏旭翔、罗燕灵三人在广州创立，是一家以重庆小面系列为主打的中式餐饮连锁品牌，目前单品涵盖面 条、米饭、川渝特色小吃和饮料等品类。 历经十余年发展，遇见小面在餐饮市场不断拓展版图。 ...