炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 近日，天亿马发布收购草案，拟以发行股份及支付现金的方式收购星云开物（或称"标的公司"）98.5632%的股权，交易对价为 118850.53万元，收购增值率高达649.77%。 天亿马溢价6.5倍斥资近12亿元收购的星云开物，最近一年多遭到十余家专业投资机构的四轮减资，与天亿马的看好形成强烈反 差。天亿马向交易对手发行股份的价格却明显低于市价，交易对手尤其是原始股东、管理层可以获得更多上市公司股份、更大的 套利空间，以及巨额现金对价。同样，天亿马计划向实控人募集配套资金，发行价格同样显著低于市价。天亿马一系列的资本运 作对公司实控人及交易对手颇为有利，但上市公司现金及中小股东未见受益，天亿马为此次收购需要支付现金6.06亿元，将"掏 空"上市公司账面现金。 天亿马溢价6.5倍斥资近12亿元收购的标的公司，2024年盈利虽然大增，但一定程度上靠压缩费用。尤其是，标的公司研发费用及 研发费用皆大幅下降。与同行公司相比，天亿马的毛利率偏高，但销售费用率也远超同行，说明公司十分依赖营销。 ...

Core Viewpoint - Vanke is focusing on improving operations and management while planning to divest non-core assets to enhance cash flow and debt structure [1][2] Group 1: Business Strategy - Vanke's chairman, Huang Liping, outlined three main areas for future work: stabilizing residential development, optimizing business layout, and structural adjustments [1] - The company aims to implement comprehensive strategies across five aspects: urban focus, business combination, development model, product positioning, and technology empowerment [1] Group 2: Governance and Management - Vanke is committed to standardized operations and enhancing governance mechanisms, ensuring effective internal controls and transparency [1] - The company plans to combine "strengthening control" with "maintaining vitality" by optimizing organizational structure, reducing management levels, and integrating resources [1] Group 3: Technological Empowerment - Vanke will leverage new information technologies, green low-carbon technologies, and innovative construction techniques to create competitive products and services [1] - The company aims to collaborate with partners to accelerate the cultivation of new scenarios and promote large-scale application of diverse scenarios [1] Group 4: Financial Arrangements - A framework agreement was approved for a loan of up to 22 billion yuan from Shenzhen Metro Group to Vanke, aimed at repaying public debt and specified loan interest [2] - As of now, Shenzhen Metro Group has provided a total of 21.376 billion yuan in unsecured loans, with Vanke required to provide collateral for future borrowings [2] - The chairman emphasized that the support from the major shareholder is crucial for Vanke to mitigate risks and continue healthy development [2]

人民财讯11月20日电，在11月20日万科举行的2025年第一次临时股东会上，针对投资者关注的股价和资 本运作相关问题，万科管理层表示，当前公司在各方支持下，正在全力以赴做好经营、改善管理，后续 会进一步通过资本运作，剥离部分与公司战略关联度不高的业务和资产，改善现金流和资债结构。 ...

责任编辑：郭栩彤 在11月20日万科举行的2025年第一次临时股东会上，针对投资者关注的股价和资本运作相关问题，万科 管理层表示，当前公司在各方支持下，正在全力以赴做好经营、改善管理，后续会进一步通过资本运 作，剥离部分与公司战略关联度不高的业务和资产，改善现金流和资债结构。 ...

图源：公司官网 这意味着，兜兜转转近十年，公司发展史上的"老面孔"李红星终获实控权，公司此前前两大股东长期博弈的局面即将终结。 11月19日，汇源通信（000586.SZ）复牌并揭晓易主方案：公司拟向董事长李红星旗下企业定向增发，募资不超过6亿元补充流动资金。 这场看似一步到位的入主，背后有着资本老手李红星近十年的资本铺垫。此次上位获得两轮"金主"接连助力，2021年李红星引入家家悦（603708.SH）和万 通发展（600246.SH）的控股股东入股其旗下企业，形成与原第一大股东持股比例胶着、长期分庭抗礼的局面；如今再获合肥国资资金加持，其通过一致行 动关系合计控制的持股比例远超其他股东，而这场资本合作背后早已埋下投资伏笔。 值得关注的是，公司今日复牌高开后快速下探，最终跌停收盘，反映市场对后续发展仍存分歧。 资本老手十年"逆袭"实控人 自2009年被第三代控股股东明君集团接手，汇源通信的坎坷重组史已历经16年，期间控制权几经更迭，而李红星是始终为外界熟悉的老面孔。此次入主前， 其围绕控制权的资本运作铺垫已长达十年，本次亦展现一贯的操盘功力。 来源：定增预案 控制权变更方案并不复杂，核心动作是向董事长李红星 ...

近期，A股上市公司涛涛车业被传出正考虑港股上市计划。而作为早在2007年就登陆纳斯达克的"老大哥"康迪科技也被媒体们反复提及一个关键性问题，那 就是是否应该探索美股之外的港股上市可能性？ 媒体的舆论反应实际是中国智能电动车出海企业的资本策略正在发生微妙变化。 对康迪科技而言，"N+H"的双重上市结构能有效规避单一市场（尤其是美股）的监管不确定性，为其全球资产配置的机构投资者提供更灵活的进入和退出 通道 。 在这一点上，涛涛车业显然看得更加透彻，其早早地就布局了"A+H"的通路。其核心思路就是通过港股融资，吸引国际资本（如主权基金、长线投资者）， 构建多元化融资体系，强化北美市场与亚洲供应链产能通路的风险。 与涛涛车业相比，康迪科技并不存在国际化的问题。只是需要让华尔街清晰地认识到其自2025年以来的智能化战略，破除对康迪科技的认知和定价逻辑仍停 留在"传统制造"的旧范式中的旧印象。 若康迪科技未来选择港股上市，将获得多重优势。 在全球化格局重构的当下，这不仅是一个简单的上市地点选择，更关乎中国制造业出海企业未来的资本运作空间和战略灵活性。 作为后来者，涛涛车业在2023年于深交所创业板上市，比康迪科技上市晚了 ...

Core Viewpoint - The recent ownership change of Changling Hydraulic has progressed, with the completion of the share transfer process, leading to a new control structure involving significant players in the semiconductor industry and state-owned enterprises [1][3][6]. Group 1: Ownership Change Details - On November 15, Changling Hydraulic announced the completion of the share transfer, with Hu Kangqiao and state-owned enterprises acquiring a combined 41.99% stake [1][3]. - The total transaction amount for the ownership change is approximately 20.88 billion yuan, with Hu Kangqiao's group contributing around 14.68 billion yuan for 29.99% of the shares [2][5][6]. - Following the transaction, the actual controllers of the company will include the Jiangyin High-tech Zone State-owned Assets Office, Hu Kangqiao, and Xu Lantao [2][6]. Group 2: Background of New Controllers - Hu Kangqiao, the new key figure, has a strong background in semiconductor design, having founded Corelink Interconnect and raised over 600 million yuan in funding from top investment firms [2][8][9]. - Corelink Interconnect specializes in mixed-signal chip design and has been recognized as a national-level "little giant" enterprise, indicating its significant role in the semiconductor industry [9][10]. Group 3: Financial Performance of Changling Hydraulic - Changling Hydraulic has faced declining financial performance since its IPO in 2021, with revenue fluctuating between 806 million yuan and 907 million yuan and net profit decreasing from 202 million yuan to 95 million yuan [12][13]. - Despite the financial struggles, the company has maintained a high dividend payout ratio, distributing 94 million yuan and 61 million yuan in cash dividends for 2024 and 2025, respectively [14].

Core Viewpoint - Liu Yiqian's capital operations, particularly regarding Changjiang Securities, reflect a significant shift in his investment strategy and highlight the challenges faced by his investment group, New Liyi Group, in maintaining control and achieving expected returns [1][10][29]. Group 1: Stock Pledge Transactions - New Liyi Group, a major shareholder of Changjiang Securities, announced a stock pledge transaction involving approximately 411.67 million shares, representing 49.99% of its holdings and 7.44% of Changjiang Securities' total share capital, with a market value of approximately 3.68 billion yuan [1][2][10]. - The stock pledge is intended for "investment cooperation," with two separate transactions involving different pledgees [1][2]. Group 2: Historical Context and Investment Journey - Liu Yiqian founded New Liyi Group in 2000, which has diversified investments across various sectors, including finance, pharmaceuticals, and real estate [4][25]. - Liu's initial investment in Changjiang Securities occurred in 2015 when New Liyi Group acquired a 14.72% stake for 10 billion yuan, becoming the largest shareholder [4][10]. - Following the acquisition, Liu faced significant challenges, including dilution of his stake due to a 12 billion yuan private placement initiated by Changjiang Securities' management [5][10]. Group 3: Recent Developments and Financial Performance - As of November 14, 2023, Changjiang Securities' stock price has decreased over 40% from its peak in 2015, indicating a substantial loss on Liu's investment [10][11]. - Liu's family has also engaged in stock pledges with other companies, including Hendi Pharmaceutical, totaling approximately 4.83 billion yuan in recent transactions [12][13]. - Hendi Pharmaceutical has reported declining financial performance, with a 4.52% drop in revenue and a 71.96% decrease in net profit year-over-year for the first three quarters of 2025 [16][18]. Group 4: Broader Implications and Market Position - The recent stock pledge activities and the decline in stock values suggest a potential restructuring of Liu Yiqian's capital portfolio, as he navigates a challenging market environment [29][30]. - The delisting of Tianmao Group, another company under Liu's control, further illustrates the contraction of his capital empire and raises questions about the future direction of his investments [18][20][30].

Core Viewpoint - The article highlights Guangdong's leading position in China's economy, showcasing its dominance in the A-share market through key metrics such as the number of listed companies, total market capitalization, and revenue and profit figures, which collectively underline its economic vitality and future potential [1][2]. Group 1: Key Metrics - Guangdong ranks first in the number of A-share listed companies, with 887 companies as of November 4, surpassing Zhejiang (728) and Jiangsu (713) [4][5]. - In terms of total market capitalization, Guangdong holds a significant advantage with a total of 19.42 trillion yuan, nearly double that of Zhejiang (9.05 trillion) and Jiangsu (8.56 trillion), and over four times that of Shandong (4.66 trillion) [6][7]. - For the first three quarters of 2025, Guangdong's 887 companies achieved a total revenue of 8.03 trillion yuan and a net profit of 635.82 billion yuan, exceeding the combined figures of Jiangsu and Zhejiang [8]. Group 2: Competitive Advantages - Guangdong's listed companies are primarily concentrated in high-tech sectors such as electronics, computers, and communications, representing a shift towards "new quality productivity" compared to the traditional industries prevalent in other provinces [9][11]. - The province boasts 29 companies with a market capitalization exceeding 100 billion yuan, significantly more than Jiangsu (12) and Zhejiang (8) [12][13]. - Guangdong's top five companies by market capitalization are all platform-type giants, indicating a focus on "finance + technology + advanced manufacturing," which contrasts with the industry-specific leaders in other provinces [14][15]. Group 3: Economic Environment - Guangdong's success is attributed to a market-oriented structure dominated by private enterprises and a strong emphasis on technological innovation and capital operation [17]. - The province has established a favorable business environment characterized by the principles of "responsive to needs, non-interference," which has fostered a vibrant entrepreneurial ecosystem [18][20]. - As of September 2025, Guangdong has over 20 million business entities, with Shenzhen and Guangzhou leading in the number of operating entities, reflecting a high density of entrepreneurship [20].

Core Viewpoint - Chahua Co., Ltd. is undergoing significant changes, transitioning from traditional plastic household products to semiconductor distribution, amidst financial struggles and family shareholder sell-offs [3][5][8]. Traditional Business Challenges - Chahua's traditional business, focused on daily plastic products, is facing severe operational difficulties, with total revenue of only 560 million in 2024 and a low capacity utilization rate of around 30% [6][7]. - The company has reported continuous profit declines, with cumulative net profits of approximately 200 million since its IPO in 2017, while distributing 330 million in dividends, resulting in an average payout ratio of 164% [6]. - The company is shifting its marketing strategy from reliance on traditional supermarkets to a multi-channel approach, including the development of "Chahua Living Halls" and expansion into Southeast Asian markets [6]. Shareholder Sell-offs - The controlling Chen family has been actively reducing their stake in the company, with their ownership dropping from 68.81% at the time of the IPO to 38.18% recently [10]. - The family has sold approximately 7% of their shares between 2020 and 2022, raising 145 million, and has planned significant share transfers to private equity firms, totaling 10.76% of shares for 353 million in November 2023 [12][13]. Transition to Semiconductor Distribution - The company is entering the semiconductor distribution sector by acquiring 100% of Shenzhen Dama Technology Intelligent Co., Ltd., which had minimal net assets and profits prior to the acquisition [15]. - The new business model focuses on electronic component distribution, acting as a bridge between IC manufacturers and end customers, with applications in various electronic fields [15]. Financial Performance and Cash Flow Issues - In the first half of 2025, the company reported a revenue increase of 41.55% to 374 million, but still faced a net loss of 3.67 million [17]. - The new semiconductor distribution business generated 136 million in revenue but could not offset the losses from the traditional business [17]. - By the third quarter of 2025, revenue surged to 514 million, a 240.50% increase, with the new business contributing significantly to this growth, yet cash flow remained negative due to high operational costs [19][22]. Market Reactions and Stock Price Movements - Following the announcement of share transfers and the transition to a new business model, the company's stock price saw a dramatic increase from 9.5 to 28.4 per share, marking a nearly 200% rise [22]. - The number of shareholders has decreased significantly, indicating a concentration of shares among fewer investors [22].