2025年，美国商业世界上演了一场前所未有的"至暗时刻"。 据华盛顿邮报报道，截至2025年11月，717家大型企业申请破产保护，这一数字不仅超过了去年同期的 687件，更创下了自2010年金融危机余波以来的最高年度纪录。在这场席卷各行各业的倒闭潮中，有曾 经辉煌的Sonder酒店管理公司、Spirit航空、Del Monte Foods食品巨头、Claire's零售连锁店以及医疗保 健巨头Omnicare，每一家企业在提交破产申请时的负债都超过了10亿美元。 更令人震惊的是，这场危机并非集中在某个特定行业。与2022年加密货币寒冬时行业集中性倒闭不同， 2025年的破产潮横跨工业、消费、医疗等多个板块，就连拥有30年从业经验的破产重组律师Robert Stark都直言："这在我的职业生涯中极为罕见，且令人震惊。"小型企业和个人的破产申请数量也在激 增，小企业破产同比增长近10%，个人破产申请增长8%，危机正从大型企业渗透到整个经济生态的毛 细血管。 破产潮席卷：15年最高纪录背后的残酷数字 2025年，美国企业破产的"多米诺骨牌"倒得比任何人预想的都要快。 根据标普全球市场情报公司的最新数据，截至2025年 ...

Core Insights - BP is undergoing a significant strategic shift, focusing on core upstream oil and gas operations while divesting non-core assets [1][2][4] Group 1: Strategic Refocus - BP has announced the sale of a majority stake in its iconic lubricants brand Castrol, valued at over $10 billion, marking one of its largest asset divestitures in recent years [2] - The sale aims to streamline non-core operations and concentrate on more profitable upstream oil and gas sectors, as Castrol's growth and returns diverge from BP's focus on exploration and production [2] - This transaction will provide BP with substantial cash inflow to strengthen its balance sheet and fund core oil and gas projects, addressing investor pressure for improved performance and valuation [2] Group 2: Leadership Changes - BP is set to undergo a leadership transition with the upcoming departure of its CEO, who will be succeeded by a new leader to guide the company into its next development phase [3] - This leadership change coincides with a critical reflection on BP's strategic direction, emphasizing capital discipline, operational excellence, and cash flow generation [3] - The board's focus on resetting strategy comes after previous ambitious investments in low-carbon energy that underperformed, impacting overall financial results [3] Group 3: Upstream Project Execution - Despite the strategic shift, BP continues to demonstrate strong project execution in upstream production, successfully launching the Atlantis Phase 1 drilling center in the Gulf of Mexico ahead of schedule [4] - This project utilizes existing infrastructure efficiently and is expected to significantly contribute to oil production, reinforcing BP's long-term growth potential in this high-margin offshore region [4] - The successful launch of this project showcases BP's capability to deliver complex deepwater projects while focusing on its core oil and gas business [4] Group 4: Future Outlook - BP's bold initiatives, including the sale of Castrol, leadership changes, and efficient project execution, aim to improve its relative performance in the industry [5] - The company's strategic transformation will be closely monitored as it may set a precedent for the broader traditional energy sector's strategic adjustments [5]

出售事项有利本集团聚焦核心业务，将管理资源和经营重心投向港口装卸物流等核心领域，进一步提升 主营业务的核心竞争力和持续运营品质，助力本集团加快建设世界一流绿色智慧枢纽港口，提升长期核 心竞争力与盈利质量，符合本集团整体发展规划，以及本公司及股东的整体利益。 天津港（600717）发展(03382)发布公告，于2025年12月29日，物资公司(本公司的附属公司)与东疆国贸 公司订立股权转让合同。物资公司同意出售及东疆国贸公司同意收购进口公司的100%股权，代价约为 人民币535.16万元。 出售事项完成后，本公司将不再间接持有进口公司的任何股权，进口公司亦将不再为本公司的附属公 司。 ...

出售事项有利集团聚焦核心业务，将管理资源和经营重心投向港口装卸物流等核心领域，进一步提升主 营业务的核心竞争力和持续运营品质，助力集团加快建设世界一流绿色智慧枢纽港口，提升长期核心竞 争力与盈利质量，符合集团整体发展规划，以及公司及股东的整体利益。 智通财经APP讯，天津港发展(03382)发布公告，于2025年12月23日，物流发展(公司的附属公司)与聚泰 工贸订立产权交易合同。据此，物流发展同意出售及聚泰工贸同意收购中铁储运的60%股权，代价为人 民币2252.43万元。出售事项完成后，公司将不再间接持有中铁储运的任何股权，因而中铁储运将不再 为公司的附属公司。中铁储运主要从事各品种煤炭的销售业务。 ...

格隆汇12月19日丨隆平高科(000998.SZ)公布，基于公司战略发展规划，为进一步优化公司资源配置， 聚焦产业发展与科研创新，集中优势资源发展核心主营业务，不断增强竞争力，提高公司可持续经营能 力，袁隆平农业高科技股份有限公司及全资子公司广西恒茂农业科技有限公司（简称"广西恒茂"）拟分 别与中信农业科技股份有限公司（简称"中信农业"）签订《股权转让协议》《股权转让协议之补充协 议》，转让合计持有的华智生物技术有限公司（简称"华智生物""目标公司"）25.3797%股权，对应注册 资本12,030万元，转让价格合计14,698.2540万元。本次交易完成后，公司与广西恒茂合计持有华智生物 5.0001%股权。 ...

Core Viewpoint - The company aims to focus on its core business by advancing both export and import operations while enhancing its own brand development and supporting brand establishment on third-party platforms [2] Group 1 - The company will continue to adhere to a prudent business strategy and optimize its services [2] - The company is committed to exploring new marketing channels and models [2]

今年，食品饮料行业的收并购事件频频发生，星巴克中国易主博裕，可口可乐在评估剥离Costa咖啡业务，雀巢也传出想出售蓝瓶咖啡（Blue Bottle Coffee）。 其中，不少资产出售价格远低于买入价，出现明显的价格缩水： 雀巢2017年以约7亿美元估值收购蓝瓶咖啡68%股权，如今传出以低于7亿美元的价格出售（只卖门店、保留品牌）。 可口可乐2018年以39亿英镑（约合51亿美元）收购Costa咖啡，如今也被曝考虑大幅折价出售，交易价格相较购入价已明显缩水。 这些曾经代表了精品、高端化的生活方式品牌，如今却成为了"包袱"，在资产负债表上成为累赘。 这篇内容，我们尝试讨论三个问题： 一、为什么剥离的往往都是实体门店业务 相比快消行业，线下实体零售生意更非标、不容易复制，也面临更高的管理难度。 先回答一个问题，快消品行业和实体门店业务有什么不同？ 更重要的是，在快消品巨头的业务结构下，实体门店业务很难成为战略级业务，很难获得足够多的资金和资源投入到门店扩张中，所以逐渐在市场竞争中 缺失竞争力，进而成为边缘化业务，到了被甩卖的境地。 快消行业提供的是产品，实体门店提供的是产品+服务+空间，不同的行业需要的能力不同。 ...

Group 1 - The core transaction involves the transfer of 20% equity in Shanghai Rijing Instrument Co., Ltd. for 104 million yuan, expected to yield an investment return of approximately 8.9 million yuan [3][9] - The transfer was executed by Shanghai Yidian Automotive Electronics Co., Ltd., a wholly-owned subsidiary of Shanghai Feilo Acoustics, and the buyer is Japan Precision Co., Ltd. [3][9] - The transaction is seen as a significant step for the company to optimize its asset structure and focus on core business areas [1][7] Group 2 - Shanghai Rijing has been operating at a loss, with a reported revenue of 311 million yuan in 2024 but a net loss of 44.43 million yuan, further increasing to a net loss of 53.50 million yuan after excluding non-recurring items [4][11] - The business of Shanghai Rijing, which includes developing and producing motorcycle and automotive instrument electronic remote controls, is not aligned with the core business of Shanghai Feilo Acoustics, which focuses on smart hardware and solutions [4][11] - The decision to divest from Shanghai Rijing is driven by the need to eliminate non-core, loss-making assets and improve overall profitability [6][12] Group 3 - Shanghai Feilo Acoustics has faced significant performance pressure, with non-recurring net profits being negative for eight consecutive years from 2017 to 2024 [5][11] - In the first three quarters of 2025, the company reported total revenue of 1.343 billion yuan, a year-on-year decrease of 3.74%, but a net profit of 35.49 million yuan, reflecting a 40.16% increase year-on-year [6][12] - The divestment of Shanghai Rijing is part of the company's strategy to streamline operations and enhance focus on its core areas, which include smart hardware and solutions [6][12]

智通财经APP讯，显盈科技(301067.SZ)公告，公司将所持有的江苏奥康银华科技有限公司(简称"奥康银 华")5%股权以2282.3万元转让给孙岩、王彩娣。江苏奥康银华科技有限公司为集成电路企业，主要细分 领域包括通信芯片和导航芯片，提供芯片、模块和终端产品的一体化解决方案。受市场培育周期及资源 投入节奏等因素影响，截至目前，公司与奥康银华暂未开展实质性业务协同。 据悉，本次出售事项旨在优化资源配置并聚焦核心业务发展。 ...

据悉，本次出售事项旨在优化资源配置并聚焦核心业务发展。 显盈科技（301067）(301067.SZ)公告，公司将所持有的江苏奥康银华科技有限公司(简称"奥康银华")5% 股权以2282.3万元转让给孙岩、王彩娣。江苏奥康银华科技有限公司为集成电路企业，主要细分领域包 括通信芯片和导航芯片，提供芯片、模块和终端产品的一体化解决方案。受市场培育周期及资源投入节 奏等因素影响，截至目前，公司与奥康银华暂未开展实质性业务协同。 ...