2025年11月28日，立景创新科技股份有限公司正式向港交所递交主板上市申请，中信证券与中金公司担 任联席保荐人。这家由立讯精密创始人王来春家族控制的精密光学解决方案提供商，凭借年收入近280 亿元、全球消费电子摄像头模组市场份额第二的亮眼成绩冲击资本市场。 然而，在其高增长叙事背后，客户依赖症、资本开支高企、地缘政治风险等多重隐忧，为其IPO征程蒙 上了阴影。 家族化商业版图与资本扩张路径 立景创新的崛起深深烙刻着"立讯基因"。公司创始人王来喜作为立讯精密实控人王来春的胞弟，曾担任 立讯精密总经理长达14年，而王来春本人则出任立景创新董事长，形成"姐掌舵、弟冲锋"的家族协同模 式。 股权结构显示，王氏四兄妹通过立景有限公司共同控制公司48.06%的股权，资本运作手法与立讯精密 如出一辙——通过并购实现垂直整合：2021年收购苹果摄像头模组供应商高伟电子，切入苹果供应链； 2022年收购光宝集团影像事业部；2023年并购柯尼卡美能达上海工厂，拓展至上游光学镜头领域。 这种"资本+并购"的扩张模式吸引了红杉、高瓴、IDG等顶级机构加持，上市前估值已达225亿元。但激 进的资本运作也推高了财务风险：截至2025年 ...

人民财讯11月15日电，近期的消费赛道格外热闹：CPE源峰宣布与美国餐饮品牌汉堡王达成战略合作之 后，大钲资本又被传正在评估对英国连锁咖啡品牌Costa Coffee提出的潜在收购要约。而在一周前，博 裕资本刚拿下星巴克中国60%股权；上个月，KKR收购国民汽水品牌大窑汽水的交易也正式落地。上述 并购交易案中，买家都是国内外顶级资本，而卖方则多为知名消费品牌，其中不乏国际消费巨头。然 而，巨资活跃在消费赛道且频频出手，与当前稍显疲软的消费市场形成鲜明对比。 ...

Core Viewpoint - The sudden stock price drop of Jinlihua Electric is attributed to the termination of its major asset restructuring plan, which has raised concerns about the company's future transformation and growth prospects [2][3][4]. Group 1: Stock Performance - On August 11, Jinlihua Electric's stock hit the daily limit down, falling by 20%, and on August 12, it closed at 22.66 yuan, down 5.11%. Compared to its historical peak, the stock price has decreased by 64% [2]. - The company's revenue for 2024 is reported at 273 million yuan, a year-on-year increase of 48.89%, while net profit reached 32.07 million yuan, soaring by 318.6% [4]. Group 2: Asset Restructuring - Jinlihua Electric announced on August 8 that it would terminate its plan to acquire 100% of Beijing Haide Lisen Technology, which was aimed at enhancing its capabilities in high-pressure fluid equipment [3]. - The acquisition was expected to provide Jinlihua Electric with core technologies, quality customer resources, and mature sales channels in the high-pressure fluid equipment sector [3]. Group 3: Company Background - Jinlihua Electric, established in 2003 and listed in 2010, is a leading company in the domestic power transmission and transformation industry, focusing on the research, production, and sales of insulators [4]. - The company has undergone significant leadership changes, with the original chairman banned from the securities market for stock price manipulation, and the current control now lies with Han Zeshua, a post-90s entrepreneur [4]. Group 4: Han Chang'an's Capital Strategy - Han Chang'an, a prominent figure in Shanxi, is the chairman of Lu Bao Group, which has diversified interests across various sectors, including fine chemicals and new energy, with total assets exceeding 30 billion yuan and annual revenue over 40 billion yuan [6][7]. - Han has been involved in numerous acquisitions and partnerships, but has also faced challenges, including failed attempts to list subsidiaries and regulatory scrutiny following the termination of the Jinlihua Electric acquisition [9][10]. Group 5: Legal and Environmental Issues - Lu Bao Group, under Han's leadership, has faced significant legal challenges, with 168 lawsuits amounting to 7.251 billion yuan, and has been subject to multiple environmental penalties totaling 730,000 yuan [13][14]. - The group has been criticized for its environmental compliance, with reports of wastewater and emissions exceeding regulatory limits [14][15]. Group 6: Industry Context - The coal industry in Shanxi has undergone significant changes due to market reforms and environmental policies, leading to a reduction in the number of coal mining entities and impacting the profitability of companies like Lu Bao Group [18][19]. - The shift in energy policies poses a challenge for Han Chang'an and Lu Bao Group, necessitating strategic adjustments to navigate the evolving market landscape [19].