(E 李鹏堂 ◎记者 王玉晴 11月21日，大鹏工业于北交所上市。从工业精密清洗装备的行业领军者，到布局机器视觉领域，大鹏工 业正在其细分领域探索一条世界领先之路。 近日，大鹏工业董事长李鹏堂接受上海证券报记者专访，讲述了大鹏工业如何在二十余年的发展中锻造 核心竞争力。李鹏堂表示，公司"清洗机+清洗剂+机器视觉"的产品组合在业内独树一帜，具备全方位 服务能力。随着中国汽车工业的发展，工业精密清洗行业还将在全球迎来更广阔的发展空间。 深耕精密清洗，构筑独特护城河 工业精密清洗渗透进汽车制造的大量环节，对产品最终质量至关重要。谈及公司如何在工业精密清洗方 面积累核心优势，李鹏堂并未急于罗列技术参数，而是首先强调了"学习"的力量。 "我们的优势之一在于研发，而研发的源头活水来自持续向客户学习、向供应商学习。"李鹏堂介绍，公 司的客户群覆盖了自主品牌、欧美系、日韩系等各大主流汽车厂商及其零部件供应商，这些客户规模 大、管理科学、要求严苛。"与他们合作的过程，就是我们不断提升、吸收先进经验的过程。" 除了研发，卓越的项目管理能力是确保定制化产品顺利交付的关键。"合同签订后，执行过程中的变化 是常态。如何及时捕捉、快速响 ...

Core Viewpoint - The company is accelerating its offline store openings, reflecting the successful implementation of the 6th generation standardized store model, which features smaller store sizes, streamlined SKUs, differentiated products, and transparent sales mechanisms. This has led to increased online revenue and sustained growth in overall income [1][2]. Group 1: Financial Performance - In Q3, the company's revenue increased by 15% year-on-year, with improvements in both online and offline channels. The revenue for Q3 was 889 million, representing a 15.1% increase, while the net profit attributable to the parent company was 6 million, up by 2.4%. The net profit excluding non-recurring items was 2 million, showing a significant increase of 121.8% [1]. - The offline channel saw a net increase of 29 stores quarter-on-quarter and 53 stores year-on-year, which is crucial for driving offline growth. Online self-operated sales improved significantly, while agency operations continued to grow rapidly. However, revenue from supplier services decreased [1]. - The company's net profit margin was 0.6%, a decrease of 0.1 percentage points year-on-year, while the net profit margin excluding non-recurring items was 0.2%, an increase of 1.1 percentage points year-on-year, indicating stable profitability [1]. Group 2: Strategic Initiatives - The company is successfully opening new Gundam bases, which are expected to create a second growth curve. The first Gundam base opened in Suzhou last year, and new stores in Changsha and Shenyang are set to open soon, benefiting from high consumer traffic in these cities [2]. - The collaboration with Bandai Namco is anticipated to strengthen the company's market position and contribute to long-term growth, especially considering the rising trend of the "Guzi economy" in China [2]. - The company is expected to return to an expansion phase in 2025, achieving steady growth, with projected net profits of 140 million and 180 million for 2025 and 2026, respectively. The corresponding price-to-earnings ratios for 2025 and 2026 are estimated to be 18x and 14x [2].

Core Insights - Trina Solar has recently announced significant overseas energy storage contracts, totaling 2.66 GWh, marking a substantial move into the energy storage sector for a leading photovoltaic module manufacturer [1] Group 1: Company Developments - Trina Solar's subsidiary, Trina Energy Storage, has signed contracts with clients across North America, Europe, and Latin America, indicating a strong demand for energy storage solutions [1] - The company aims to achieve sales revenue exceeding 100 billion yuan in the next 5-8 years, aligning its energy storage ambitions with its photovoltaic business scale [12] - Trina Energy Storage has established three major production bases in Jiangsu and Anhui, with a total planned capacity of 24 GWh and cumulative shipments exceeding 12 GWh [12] Group 2: Industry Trends - The energy storage market is becoming increasingly competitive, with major photovoltaic companies like LONGi Green Energy and Canadian Solar also entering the sector [6][12] - Canadian Solar has reported significant revenue from its energy storage business, with expectations to ship 7-9 GWh in 2023, highlighting the profitability of this segment [12] - The industry is witnessing a strategic shift from single energy generation to integrated energy solutions, as companies seek to address the intermittency of solar power and enhance their global competitiveness [16]

近日，积极调仓的小周逛着各家银行的App忽然发现，有家互联网银行的基金代销开始"卷"出了新花 样：除了代销费率0折，还开始"卷"清算时间，500万额度内赎回最快可以T+0.5日到账，FOF和QDII等 基金则最快T+1.5日到账（T为交易日）。 对比之下，行业多数基金产品赎回普遍需T+3，而QDII等则需要T+5的情况看，确实为投资者节约了不 少交易时间，最大程度避免了基金闲置。 但，这是怎么做到的呢？答案是，垫付。而目前采用这一做法的互联网银行，是微众。而这一动作背 后，有哪些信号与看点？ 具体怎么操作 "一般情况下，这类'快赎'业务都是垫付，有可能是自有资金垫付，也可能是找合作行做资金拆借。"一 家总部位于广东地区的公募基金相关业务负责人表示。 那么，具体如何操作的呢？ 比如，基金赎回要实现"T+0.5"，可以通过隔夜资金拆借实现，是常见的同业业务，操作起来也简单， 主要是看银行愿不愿意去为提升投资者体验付出这个成本。 周观察从多家基金公司了解到，目前能实现"快赎"操作的销售合作渠道，一般都是自己找垫资行出资， 再自行向垫资行支付该项成本。 比如，支付宝、天天基金也是如此，而与前面二者相比，微众并不是强势 ...

美的集团B+C模式驱动业务相对均衡，出海策略则多依托并购扩张，自主品牌建设度则相对不足。公司一号方洪波管理风格果断铁腕，为了变革敢于刀刃 向内，甚至趋于不近人情，由此也引发了不少争议。 海尔智家的家电门类较广，品牌扩散度较大，国内+海外双轮驱动营收，海外拓张有先发优势，是海尔集团营收基石，可难免稳定压倒一切。这些年低调 接棒的李华刚，遵从着张瑞敏时代的商业方针，这也让海尔智家表现得四平八稳，有些平平无奇。 不过，三家中引发最多争议与讨论的，或许归属格力空调和与之牢牢捆绑的董明珠。 缠斗多年的白电御三家，发展策略与掌舵者行事风格都有着鲜明特性。 "空调=格力=董明珠"的连带标签深入人心，与之相对的，是格力电器整体营收对空调为首的主营业务近8成的强依赖。急需二次成长格力电器需要更多时 间，更大空间。 只是摆在这家企业面前的，是一个ego越来越大的强势掌舵者。 一、长板与短板 企业战略选择本无对错。 类似"锥子效应"的企业战略是，在一定力量下，力量作用点越集中，聚焦效应越明显，企业往往可以集中资源办大事，在某一特定领域实现局部突破，刺 穿壁垒，从而对整体发展产生强大的带动作用。 这也是董明珠统领的格力电器坚守的战略 ...

本报（chinatimes.net.cn）记者胡金华 上海报道 A股并购浪潮之下，越来越多的国际资本将目光投向中国资本市场。 据了解，在上海证券交易所举行的国际投资者大会上，首设并购论坛，齐聚了包括高盛、淡马锡、 KKR等一众全球投资巨头，寻求在"并购六条"政策红利推动之下，如何加速引入境外资本赋能我国产业 发展的新路径。 "上海证券交易所每年都会举办国际投资者大会，但并购论坛是第一次办。自去年以来，A股上市公司 并购重组进入了一个新的活跃周期，折射出中国经济稳中求进、向新求质的整体风貌。A股并购市场已 成为技术创新与产业创新相融合、推动制造业高质量发展的试验场，反映出中国经济增长核心动能由要 素驱动向创新驱动的加速转变。"上交所副总经理王泊在论坛上指出。 淡马锡中国区主席吴亦兵则表示，国际投资者通过整合全球资源，推动被并购企业的运营提效，为企业 在治理创新和国际化方面提供长期价值。中国独特的需求供给迭代生态，形成了强大的创新飞轮效应， 正在孕育出快速成长的世界级领军企业，带来成长型投资机会。 A股并购潮孕育新机遇 上交所国际投资者大会发布数据显示，自去年9月"并购六条"发布以来，沪市公司披露各类并购交易超 ...

智通财经记者 | 李科文 智通财经编辑 | 谢欣 11月13日晚间，国内第三大独立医学实验室（ICL）服务商艾迪康公告，公司全资子公司拟从JSR生命 科学收购冠科生物（Crown Bioscience International）。本次交易基础对价为2.04亿美元（折合人民币 14.47亿元），最终金额将根据交割后常规调整情况作相应调整。交易预计将于2026年年中完成。 这也意味着，艾迪康将跨界合同研究代工（CRO）行业。需要注意的是，本次交易完成后，冠科生物 仍保持独立运营。其中，异种移植（PDX）模型库、肿瘤类器官平台、免疫肿瘤学检测及生物信息学解 决方案等资产将整合到艾迪康；全球生物样本业务（总部位于德国汉堡，在美国马里兰州弗雷德里克设 有研发中心）资产则保留在JSR生命科学。 就在同日，同在体外诊断行业的利德曼也公告了其跨界生物制品行业的新进展。利德曼拟以支付现金的 方式购买北京先声祥瑞生物制品股份有限公司（简称"先声祥瑞"）70%的股份，交易价格为17.33亿元。 11月14日，智通财经联系艾迪康，截至发稿未获回复。同日，智通财经联系冠科生物，截至发稿未获回 复。同日，智通财经也联系利德曼，截至发稿 ...

Core Viewpoint - Despite having a wealth of star and influencer resources, the company, Yaowang Technology, continues to struggle with significant losses, reporting a net loss of 4.15 billion yuan in the first three quarters of the year [2][5]. Group 1: Business Performance - Yaowang Technology has signed over 70 star influencers and more than 150 other influencers, yet it has faced continuous net profit losses since 2021, totaling over 3 billion yuan [4][5]. - The company's revenue from new media advertising, self-owned brands, and social e-commerce has declined by 52.69%, 55.47%, and 19.83% respectively, with overall revenue down 34.65% year-on-year to 26.13 billion yuan [5][6]. - The net profit loss for the third quarter was 1.62 billion yuan, showing a slight improvement compared to the previous year, but overall performance remains weak [6]. Group 2: Strategic Initiatives - The company is attempting to pivot towards new business models, including a partnership with celebrity Huang Zitao to launch the "Duo Wei" sanitary napkin brand, which achieved sales of approximately 1.25 billion yuan within a few months [15]. - Yaowang Technology is also exploring the transformation of a large shopping mall into a new consumption complex, "Yaowang X27 PARK," which has become another source of losses [14][15]. - The company has implemented a "shutdown and transfer" strategy to optimize performance and is expected to complete these reforms by the third quarter of this year [6]. Group 3: Market Challenges - The social e-commerce sector, which is the company's primary revenue source, is facing challenges as platforms like Douyin are increasingly supporting smaller influencers, which may not favor Yaowang Technology [7]. - The company's live-streaming e-commerce business has seen a drastic decline in gross profit margin, dropping from 21.80% to -0.38% due to increased competition and rising costs [14].

事项： 公牛集团发布2025 年三季报。公司25Q3 实现收入40.3 亿元，YoY-4.4%；实现归母净利润9.2 亿元， YoY-10.3%；实现扣非归母净利润8.6 亿元，同比-8.3%。 评论： 传统业务有所承压，新能源业务保持较快增长。公牛集团25Q3 营收YoY-4.4%，营收有所下滑，主要因 为传统业务受行业景气度影响有所承压，公司在传统业务领域积极研发和推出新品以及往智能生态发 展，以抵消地产行业低景气度的影响。公司积极推进新能源业务，目前在产品创新、渠道和供应链布局 方面持续推进，未来有望形成第二增长曲线。 风险提示：原材料价格波动，行业竞争加剧，下游行业需求不及预期。 毛利率下滑，盈利能力有所承压。公司25Q3 毛利率41.7%，YoY-1.8pct，毛利率有所下滑，我们认为主 要因为毛利率相对较低的新能源业务收入占比提升。 新能源业务当前处于发展初期，未形成规模效应，毛利率未来将随着规模增加而有望提升。费用率方 面，25Q3 销售/管理/研发/财务费用率同比分别为7.4%/4.6%/3.9%/-0.5%，YoY-1.8/+0.3/+0.3/+0.2pct。投 资收益占收入比YoY-1.2 ...

Group 1: Transaction Necessity and Benefits - The acquisition is aimed at enhancing the company's core business and creating a second growth curve by integrating quality assets into the company, which will strengthen its position in the electric vehicle components sector [3][4] - Jiangsu Keda, the target company, has established qualifications as a first-tier supplier to multiple automotive manufacturers, providing a solid foundation for rapid market entry into the automotive parts industry [3][4] Group 2: Product Matrix and Industry Upgrade - Prior to the transaction, the company was already active in the new energy vehicle battery structural components sector, producing various battery-related products [4] - The acquisition will expand the company's product matrix in the automotive sector, enhancing its capabilities in designing, manufacturing, and selling automotive decorative parts [4] Group 3: Synergy and Risk Management - The transaction will deepen the company's presence in the automotive industry while diversifying its revenue structure, thus mitigating risks associated with fluctuations in its main business [6] - Jiangsu Keda will benefit from the company's management and financial resources, facilitating its growth and operational efficiency [6] Group 4: Customer and Global Expansion Synergy - The company has a significant advantage in AI terminal hardware manufacturing, and the acquisition will allow it to leverage Jiangsu Keda's established customer relationships in the automotive decorative parts sector [6] - The trend of "industry chain going abroad" is becoming prominent, and the company can utilize its global operational experience to assist Jiangsu Keda in localizing production for overseas markets [6]