Seahawk Recycling 成立于2013年，在截至2025年9月30日的12个月内，公司营收为8300万美元。目前公 司员工总数17人。该公司计划在纳斯达克上市，股票代码为SEAH。国泰证券是此次交易的唯一簿记管 理人。 值得一提的是Seahawk 的商业模式，其上游并非传统回收公司那种"谁便宜收谁、量越大越好"的模式， 而是如同高端房产中介，只与日本及东亚的企业级废料源、社区回收网络合作，通过长期协议锁定可预 测、可追溯的原料入口，控制入口以掌握定价权。 中游则像工业原料质检中心，废料进入后需经过分类、提纯、分级等流程，为原料"验明身份""去风 险""贴标签"，以稳定的等级和可复制的规格为制造业提供确定性，而非单纯考虑成本。下游则开展跨 境原料调度，利用原料在不同国家的"位置错配"，从"过剩区"拿货向"紧缺区"交付，将跨境从成本中心 转变为利润中心。 智通财经APP获悉，周三，总部位于日本的纸张及废金属回收服务提供商Seahawk Recycling Holdings(SEAH.US)提高了其即将进行的首次公开募股(IPO)的拟议交易规模。该公司目前计划通过发行 380万股股票筹集1900万美元， ...

导语：资本市场仍习惯用并购重组叙事寻找确定性拐点，用"资本运作"看待行业困境。但白酒没有救世主。 在增长放缓的行业中，任何一丝火花，都可能被迅速放大为有落地可能的希望。 针对市场盛传的 " 剑南春拟收购水井坊 " 的传闻，剑南春相关人士向媒体表示传闻不实。水井坊则于 12 月 26 日发布澄清公告，明确否认相关事项。 图源：水井坊公告 澄清公告发布之前，当日水井坊股价迅速拉升并触及涨停。 为何一则明显缺乏现实基础的消息，仍能迅速点燃市场情绪、并给水井坊进行了一次乐观的"情绪定价"？ 2025四川民营企业100强（部分），图源：公众号双流发布 剑南春的资本化之路可谓一波三折。 2023 年初，白酒行业传被列入 IPO" 禁止类 " 、注册制改革更强调服务实体经济与硬科技导向，叠加历史遗留的股 权改制问题，几乎堵死了剑南春通过常规 IPO 通道实现资本化的路径。 剑南春不仅无法通过股权融资获得扩张资金，也无法为现有股东提供有效的退出机制，更无法享受到上市公司在品牌曝光、市场估值和并购重组方面的 天然优势。 在融资能力、并购空间和资本叙事上的结构性劣势，在行业下行期被进一步放大。 当其他头部酒企能够通过定向增发、发 ...

在同多位行业人士闲聊时，《酒管财经》多次听到了类似的表述。 "2025年是投入和产出非常不匹配的一年。" 本期内容，《酒管财经》将梳理2025年的十大热词，回顾酒店业重大的事件、变化和趋势。 热词一：冷热不均 从宏观的行业角度来说，出行人群基数上涨，但消费意愿和欲望疲软；酒店业供给火热，但市场需求疲 软。 也就是说，整个市场蛋糕没变大，分蛋糕的人在变多。同时，还有"帐篷热"、自驾等多形态的住宿形式 与传统酒店争市场。 从中观的酒店结构和市场来看，全服务酒店日子难过，出清仍在延续。但生活方式酒店品牌、中高端旅 居品牌受到推崇。 下沉市场继续保持增长潜力，高线城市在高供给和疲软需求的挤压下承受压力。 热词二：资本化 市场变革愈剧烈，资本就愈蠢蠢欲动。 整个酒店业的收并购动作在2025年终于蔓延至头部酒店集团。既有酒管集团的强强联合，又有平台企业 对旗下住宿板块的补充，还有大型文旅企业的资源整合。 忙，是2025年的主基调。但受限于外部环境和自身战略调整影响，每个人的收获并不一致。 《酒管财经》推出"舞向新大陆"跨年专题策划，复盘2025年，瞻望2026年。 与此同时，今年年末推出的"将四星级及以上酒店项目纳入RE ...

Core Viewpoint - The management transition at Dayao Beverage Co., Ltd. marks a significant structural change, with founder Wang Qingdong stepping down and handing over control to KKR's representative, Dai Cheng, indicating a shift towards capitalization and potential IPO plans [3][5][6]. Group 1: Management Changes - On December 16, Dai Cheng was appointed as the legal representative and chairman of Dayao, replacing Wang Qingdong, who has been at the helm for decades [5][19]. - Wang Qingdong may retain a minority stake but has transferred absolute control to the investors, signaling a major shift in governance [5][19]. - The board of directors has been significantly reduced from seven members to two, with Dai Cheng and a new supervisor, Jiang Yaqi, indicating a consolidation of power [7][22]. Group 2: Capitalization and IPO Plans - Dayao is reportedly preparing for an IPO, with plans to raise up to $500 million (approximately 3.657 billion RMB), which would support market expansion and brand nationalization [6][20]. - KKR's acquisition of an 85% stake in Dayao is seen as a pivotal event in the beverage industry, reflecting a strategic partnership rather than mere foreign investment [7][22]. - The involvement of KKR suggests that Dayao is entering a critical phase aimed at enhancing its operational efficiency and preparing for public listing [7][22]. Group 3: Market Position and Challenges - Dayao's sales predominantly come from fragmented channels like barbecue stalls and hot pot restaurants, which KKR views as a valuable asset [8][22]. - Despite its stronghold in certain markets, Dayao faces challenges in national expansion, particularly in southern regions where it has struggled to penetrate [10][24]. - The company is also experiencing product challenges, as its attempts to diversify into tea and energy drinks have not met market expectations, and it continues to rely on traditional flavoring methods that may not align with current health trends [10][24][26]. Group 4: Historical Context - Dayao's origins trace back to the 1980s, with significant developments occurring under Wang Qingdong's leadership, including the establishment of the Dayao brand in 2006 [12][26]. - The current transition represents a critical juncture in Dayao's history, as it seeks to evolve from a traditional beverage company to a more diversified brand management entity [13][26].

中国城市信用建设高峰论坛于12月12日至14日在浙江省台州市举行。在"中国式现代化信用治理实践"主题论坛上，首都师范大学信用 立法研究中心研究员、国家市场监督管理总局中国企业信用指数专家薛方提出"制度化、资本化、人的现代化"三重维度治理框架，为 新时代城市信用体系建设提供了新视角。 薛方表示，作为市场经济基础制度，我国社会信用体系建设已走过26 年历程，从最初的信息化建设起步，逐步形成以全国信用信息 共享平台为总枢纽的"信用大动脉"，并在党的二十大报告中被确立为市场经济基础制度的战略定位。"十五五"规划将诚信建设与法治 建设置于同等重要的战略定位，聚焦于发展新质生产力和构建全国统一大市场两大核心场景，强调通过优化增量和激活存量，推动社 会信用体系高质量发展，赋能中国式现代化。 薛方表示，作为社会韧性治理的重要机制，城市信用建设将通过治理枢纽、资本枢纽、发展枢纽的三重角色，为城市高质量发展注入 持久动力，助力人的全面发展、共同富裕目标实现，在新时代的征程中彰显其独特使命与价值。 中国城市信用建设高峰论坛是我国社会信用体系建设领域的高层次交流平台，旨在围绕信用建设的前沿议题开展对话、凝聚共识、推 动实践，此前已成 ...

Core Viewpoint - Siemens AG announced a direct spinoff of approximately 30% of its shares in Siemens Healthineers AG to existing shareholders, reducing its ownership from about 67% to 37%, marking a significant step towards the independent operation of the healthcare technology giant after its IPO eight years ago [1] Company Overview - Siemens Healthineers AG is a leading global medical technology company, covering various sectors including medical imaging, in vitro diagnostics, radiation therapy, and interventional treatment [3] - The company was established from Siemens Group's internal medical technology department, with a history dating back to the late 19th century when it manufactured Germany's first X-ray machine [3] Historical Development and Financial Performance - Siemens Healthineers was independently listed in 2018, marking a key step in the group's internal "technology and industry separation" strategy. The company has since maintained rapid growth, including a significant acquisition of Varian for €13.9 billion in 2020 [5] - As of Q1 2025, Siemens Healthineers reported revenues of approximately €5.5 billion, a year-on-year increase of 5.7%. However, total debt stood at approximately €13.9 billion, with €9.4 billion sourced from internal loans [8] Implications of the Spinoff - The spinoff is expected to enhance Siemens Healthineers' capital efficiency and allow for independent financing, with the free float of shares increasing from about 30% to over 60%, aligning with international investors' liquidity requirements [15] - Strategically, the independence will enable the company to respond more swiftly to market changes, particularly in local markets like China, where it is accelerating domestic production and AI-driven innovations [16] - The global medical technology landscape is shifting towards specialization, with the separation of major industrial players indicating a move away from group resources to a focus on specialized technology and clinical integration [17] Conclusion - The spinoff represents not just a strategic adjustment for Siemens Group but also a pivotal moment in the development of the medical technology industry, signaling a transition towards capitalization, specialization, and global competition [19]

Core Insights - Hainan's unique natural resources and cultural characteristics create favorable conditions for the integration of agriculture, culture, and tourism, especially with the upcoming closure of the Hainan Free Trade Port [1][3] - The development of leisure agriculture is seen as a significant measure to promote modern agriculture, increase farmers' income, and build a new socialist countryside [1][2] Policy Support - The central and local governments have issued multiple supportive documents to promote Hainan's development in tropical efficient agriculture and establish an international tourism consumption center [1][2] - Recent policies include guidelines for developing shared farms and a three-year action plan for rural tourism development from 2024 to 2026 [1][2] Economic Impact - Hainan's leisure agriculture (including leisure fisheries) generates an annual revenue of 7.7 billion yuan and receives 37.71 million visitors each year [2] - The province has established 69 provincial-level shared farms and 12 beautiful fishing villages, along with various tourism routes [2] Future Opportunities - The full closure of the Hainan Free Trade Port on December 18 is expected to bring significant benefits to leisure agriculture, including zero tariffs on imported agricultural facilities and materials [3] - The integration of agriculture, ecology, and culture is emphasized, with a focus on creating high-value leisure agricultural ecosystems [3] Market Activity - A recent investment promotion event in Hainan saw numerous shared farms engaging in investment discussions, resulting in seven projects being signed on-site [4][6] - Companies are actively planning large-scale leisure agriculture projects, leveraging the favorable policies of the free trade port [6]

Core Viewpoint - The recent IPO wave among traditional automakers signifies a strategic shift towards capitalizing on the electric vehicle (EV) market, aiming to break free from the constraints of the internal combustion engine era and reshape industry dynamics [1][5]. Group 1: IPO Trends and Market Dynamics - Traditional automakers are launching IPOs as a means to leverage capital for their electric transformation, marking a significant departure from their reliance on gasoline vehicles [1][5]. - The IPOs are not merely financing activities but represent a strategic maneuver to redefine competitive advantages in the EV sector [1][5]. - The timing of these IPOs reflects a deep understanding of the evolving industry cycle, with a focus on technological advancements and market expansion [3][5]. Group 2: Performance Metrics and Financial Outcomes - Zeekr brand is projected to achieve total revenue of 75.9 billion yuan in 2024, a 47% year-on-year increase, with a gross margin of 15.6% for the fiscal year [2]. - Lantu has achieved profitability prior to its IPO, challenging the notion that traditional automakers must incur losses in the EV market, with sales exceeding 10,000 units for seven consecutive months [2][4]. - Chery's market capitalization reached 197.2 billion HKD on its first day of trading, indicating strong investor confidence and market potential [3][4]. Group 3: Strategic Innovations and Models - Lantu's introduction to the market through a unique listing method provides a new model for traditional automakers to transition, allowing them to separate their EV ventures from legacy gasoline operations [4]. - The approach taken by Lantu demonstrates a method to avoid the pitfalls of low valuations associated with parent companies, thereby enhancing the potential for valuation premiums post-IPO [4]. - This model serves as a blueprint for other traditional automakers facing similar challenges in balancing old and new business lines [4]. Group 4: Industry Implications and Future Outlook - The IPO wave is expected to elevate the Chinese automotive industry from rapid growth to a phase of high-quality competition, emphasizing technology and profitability over mere scale [5]. - The focus will shift towards breakthroughs in core technologies such as 800V high-voltage platforms and urban NOA, alongside global market expansion capabilities [5]. - The collective movement of traditional automakers into the EV space marks a new beginning, potentially reshaping the competitive landscape of the Chinese automotive industry and enhancing its global standing [5].

Core Viewpoint - The recent incidents involving Yunhaiyao and Xibei highlight the challenges faced by mid-range dining chains in China, indicating that these brands are at a critical crossroads in their business trajectories [2][30]. Group 1: Company Challenges - Both Yunhaiyao and Xibei have faced significant public relations crises, with Xibei's founder struggling to respond effectively to criticism and Yunhaiyao involved in a serious food safety incident in Singapore [2][3]. - The dining industry has seen a decline in customer traffic, with Xibei experiencing reduced footfall despite remaining open [2][9]. - The profitability of the restaurant sector has sharply declined, with Beijing's large-scale dining industry reporting a profit drop of 88.8% in the first half of 2024, leading to a profit margin of only 0.37% [11][12]. Group 2: Economic Context - The dining sector, particularly mid-range brands, thrived during economic upturns but is now facing a downturn, with consumers tightening their spending [8][30]. - The average consumer now perceives 100 yuan as more valuable than before, leading to higher expectations for value and experience from dining establishments [20][30]. Group 3: Standardization and Central Kitchen - Standardization in Chinese cuisine is challenging, and while central kitchens were initially seen as burdensome, they have become necessary for cost reduction and efficiency as brands scale [4][13]. - Both Yunhaiyao and Xibei have invested in central kitchens to maintain consistency and reduce operational costs, but this has led to a compromise in food quality and customer satisfaction [15][16]. Group 4: Market Position and Future Prospects - The number of operational stores for Yunhaiyao has stagnated, remaining at around 150 over several years, indicating a lack of growth [22][24]. - There are discussions about international expansion as a potential solution for these brands, but past experiences, such as Yunhaiyao's challenges in Singapore, suggest that the risks may outweigh the benefits [25][26][27].

Core Viewpoint - Guizhou Data Exchange (贵数所) is at the forefront of data element market reform in China, having established itself as the first comprehensive big data pilot zone and data trading venue in the country, aiming to create a robust data trading ecosystem and enhance data resource utilization [1][3]. Group 1: Service Positioning and Market Coverage - Guizhou Data Exchange aims to serve a unified national market, focusing on building a national-level data trading platform and core hub for data circulation, with an emphasis on compliance and self-regulation [3]. - The exchange provides services to various market entities, including enterprises, social organizations, and government institutions, covering 20 sectors of the national economy such as agriculture, manufacturing, and transportation [3]. Group 2: High-Quality Data Sets and Partnerships - The high-quality data set area of Guizhou Data Exchange has aggregated nearly a thousand high-quality data sets from over 50 data providers, covering various modalities including text, images, and audio [4]. - Major clients include prominent companies like Huawei, Ant Group, and Tencent, indicating the exchange's significant role in the data service market [4]. Group 3: Innovations and Solutions - Guizhou Data Exchange has implemented several innovative measures to address challenges in the data market, including the establishment of 25 data zones to enhance supply and trust in data transactions [7]. - The exchange has developed the first national data product transaction price calculator, providing a credible pricing reference for data products, which is a significant advancement in the data asset pricing mechanism [8]. - It has also created a comprehensive set of data trading rules to enhance mutual trust among market participants, including guidelines for compliance and security assessments [8]. Group 4: Case Study and Economic Impact - A notable example of the exchange's impact is the successful data asset registration and trading by Benxi Steel Group, which utilized its supply chain financial data product to facilitate financing for small and medium enterprises, thereby promoting inclusive finance [6].