近日，"火腿第一股"金字火腿（002515.SZ）管理层迭代正式落定。公司公告称，上任仅5个月的总裁郭 波因个人原因辞职，实控人郑庆昇之子、90后副总裁郑虎正式接棒总裁一职。这使得这场"闪电换帅"， 距离90后郑虎做副总裁一职仅半年时间。 在此之前，这家金华老字号已悄然跨界，以3亿元入股光通信芯片公司中晟微电子。那么，父子携手之 下，金字火腿完成二代权力交接的同时，新上任的90后二代能否将金字火腿带到新的高度？ 90后"少帅"火速上位 对于这位新上任的90后，外界或许有点陌生。履历显示，出生于1991年的郑虎，是典型的"企二代"，拥 有本科学历。但若是提起顶级豪车——阿斯顿・马丁，关注该领域的人可能会有点印象，这位90后已经 与该百年豪车品牌绑定了7年。 阿斯顿・马丁成立于1913年，是一家英国老牌豪车品牌，因007系列电影中詹姆斯·邦德的座驾而闻名全 球。自2018年起，郑虎便在上海阿斯顿马丁汽车销售有限公司担任董事一职，参与该品牌在国内的经销 业务。 作为父亲，郑庆昇也是这家公司绝对的实控人。2010年，郑庆昇牵头成立上海阿斯顿马丁汽车销售公 司，前者以900万元出资持有90%的股份，经营着该品牌在华东市 ...

年末将至，春晚的话题热度渐起。从节目植入到公益广告，从主持人口播到零点报时，白酒品牌依然是春晚中最有存在感的老朋友。 但白酒可不只是活跃在春晚。近几年，白酒企业纷纷开始开发非酒类产品，甚至主动设立基金，加强对外投资。 其中，"浓香型LP"泸州老窖集团有限责任公司（以下简称"泸州老窖"）今年以来在青岛成立了多家股权投资合伙企业。茅台集团、五粮液集团等酒企纷纷 化身"投资狂人"，活跃在各个热门产业领域。 这场声势浩大的跨界布局，究竟有何考量？ 聚焦青岛，这里更是成为泸州老窖投资布局的重要区域。 青岛，白酒投资的新"热土" 在众多跨界投资的白酒企业中，泸州老窖堪称"先锋"。 作为浓香型白酒的典型代表，泸州老窖在投资领域布局颇早，是最早涉足LP（有限合伙人）的白酒企业之一。2017年，泸州老窖便先后设立了两支基 金，即四川金舵投资有限责任公司（以下简称"金舵投资"）和泸州璞信股权投资基金合伙企业（有限合伙）（以下简称"璞信投资"）。 图片来源：泸州老窖 以璞信投资为例，其投资版图广泛且聚焦科技领域。据不完全统计，璞信投资先后对盈科资本、分享投资、鼎兴量子、高信资本等知名投资领域进行了投 资。 其中，高信资本成立于20 ...

Core Viewpoint - Company Jindalai (688057) is diversifying into the medical sector by investing in two companies focused on stem cell research and medical robotics, following a decline in its performance since its IPO. The market reacted positively to these announcements, with a stock price increase of over 11% on December 22 [1][4]. Investment Details - Jindalai plans to invest CNY 280 million in Yunnan Jici Medical Technology Co., acquiring a 34% stake, and CNY 30 million in Zhongke Hongtai Medical Technology Co., acquiring a 10% stake [3][4]. - Jici Medical specializes in autologous cell technology and has conducted safety and efficacy validations for over 30 clinical indications [3]. - Zhongke Hongtai focuses on medical robotics and has completed clinical trials for its vascular intervention surgery robot [3][4]. Financial Performance - Jindalai has faced declining revenues and profits since its IPO, with revenues dropping from CNY 9.71 billion in 2020 to CNY 4.09 billion in 2024, and net profits decreasing from CNY 3.87 billion to CNY 1.37 billion in the same period [9]. - For the first three quarters of 2024, Jindalai reported revenues of approximately CNY 236 million, a 23.5% year-on-year decline, and net profits of CNY 75 million, down 30.14% [9]. Risks and Concerns - Both target companies present financial risks: Zhongke Hongtai has not yet achieved profitability, while Jici Medical has negative net assets, indicating it is in a state of insolvency [6][7]. - The investments are made at a premium, with Jici Medical's valuation at CNY 544 million, raising concerns about the potential for future returns [8]. - The medical technology sector is characterized by high barriers to entry and significant R&D costs, which may pose challenges for Jindalai, a company primarily focused on environmental services [10].

Core Viewpoint - Xue Tian Salt Industry is seeking new growth points through cross-industry investments, recently acquiring a 41% stake in Hunan Meter New Material Technology Co., Ltd., increasing its ownership from 20% to 61% to gain control over the company [1][2]. Group 1: Acquisition Details - The acquisition of Meter New Material was formalized with a share transfer agreement, with a transaction value of 261 million yuan [2]. - Xue Tian Salt Industry aims to enhance its new energy industry chain, improve profitability, and increase market competitiveness through this acquisition [2][3]. - The company previously acquired a 20% stake in Meter New Material for 114 million yuan in November 2022, indicating a strategic long-term relationship [2]. Group 2: Financial Performance - Meter New Material's performance is closely tied to the price fluctuations of lithium cobalt oxide, which saw a rebound from approximately 140,000 yuan/ton in early 2025 to nearly 350,000 yuan/ton by November [3]. - Projected revenues for Meter New Material are 629 million yuan in 2024 and 640 million yuan in the first three quarters of 2025, with net profits of 3.6 million yuan and 35.6 million yuan respectively [3]. - The company is also developing sodium battery materials, having sold ton-level products in the first half of 2025, although this segment is still in the R&D phase and not yet mass-produced [3]. Group 3: Industry Context - Xue Tian Salt Industry's revenue has been declining, with reported revenues of 6.262 billion yuan and 5.392 billion yuan for 2023 and 2024, respectively, marking declines of 2.77% and 13.9% year-on-year [4]. - The company's net profit has also decreased significantly, with a drop of 90.37% in the first three quarters of 2025 compared to the previous year [4]. - The main products of Xue Tian Salt Industry include various types of salt and chemical products, with soda ash being a significant contributor to revenue, which has been adversely affected by falling prices [4][5]. Group 4: Challenges and Strategic Insights - The acquisition of Meter New Material aligns with Xue Tian Salt Industry's strategy to leverage its existing resources and chemical production technology to enter the new energy sector [5]. - However, the company faces challenges such as rapid technological changes in sodium battery technology, intense market competition, and the need for ongoing R&D investment [5].

Core Viewpoint - Jindalai, a water environment management company, is diversifying into the healthcare sector by investing in two medical technology firms, despite facing financial uncertainties in these target companies [1][5]. Group 1: Investment Details - Jindalai plans to invest CNY 280 million in Yunnan Jici Medical Technology Co., acquiring a 34% stake, focusing on autologous cell technology [2]. - The company will also invest CNY 30 million in Zhongke Hongtai Medical Technology Co., obtaining a 10% stake, which specializes in medical robotics [2]. - Both investments are seen as a strategic move to optimize Jindalai's industry structure and enhance its risk resilience [3]. Group 2: Financial Performance of Target Companies - Zhongke Hongtai reported revenues of approximately CNY 132,100 and CNY 102,600 for the last year and the first three quarters of this year, respectively, with net losses of CNY 11.4 million and CNY 5.5 million [5]. - Jici Medical's revenues were CNY 8.69 million and CNY 11.23 million for the same periods, with net profits of CNY 2.23 million and CNY 1.15 million [5]. - As of the end of Q3 this year, Jici Medical had negative net assets of CNY 31.53 million, indicating a state of insolvency [5]. Group 3: Valuation and Risks - The investments are made at a premium, with Jici Medical's assessed value at CNY 544 million, primarily due to the value of its patents and ongoing projects [6]. - The success of Jici Medical's business and financial outlook heavily relies on the successful clinical development and commercialization of its drug candidates [6].

Core Viewpoint - Company Jindalai (688057) is diversifying into the medical sector by investing in two companies focused on stem cell research and medical robotics, despite facing declining performance in its core water treatment business since its IPO [1][10]. Investment Details - Jindalai plans to invest CNY 280 million in Yunnan Jici Medical Technology Co., acquiring a 34% stake, which focuses on the development and application of autologous cell technology [4]. - The company also intends to invest CNY 30 million in Zhongke Hongtai Medical Technology Co., obtaining a 10% stake, which specializes in medical robotics [4]. - Both investments are seen as cross-industry moves for Jindalai, which has traditionally focused on water environment management [5]. Financial Performance - Jindalai has experienced a decline in revenue and net profit for four consecutive years since its IPO, with revenues dropping from CNY 9.71 billion in 2020 to CNY 4.09 billion in 2024 [11]. - In the first three quarters of 2024, Jindalai reported revenues of approximately CNY 236 million, a year-on-year decrease of 23.5%, and a net profit of CNY 75 million, down 30.14% [11]. Risks and Concerns - Both target companies present financial risks: Zhongke Hongtai has not yet achieved profitability, while Jici Medical has negative net assets, indicating a state of insolvency [7][8]. - The investments are made at a premium, with Jici Medical's assessed value at CNY 5.44 billion, raising concerns about the potential for future returns [9]. - The medical technology sector is characterized by high barriers to entry and significant R&D costs, which may pose challenges for Jindalai, a company lacking experience in this field [12].

年仅34岁、加入公司不足半年的郑虎，在父亲成为金字火腿（002515.SZ）实际控制人半年后，被迅速 推上了这家上市公司的总裁之位。 12月16日，被誉为"火腿第一股"的金字火腿发布了一则简短公告，宣布公司总裁郭波因"个人原因"辞 职。 短短几年，金字火腿经历数次实控人变化。近日，来公司仅半年的"90后"郑虎接任新总裁。郑虎是金字 火腿实控人郑庆昇之子。相比儿子火箭式当上总裁，郑庆昇今年上半年刚拿下金字火腿完成前人栽树。 父子控局速度之快，在金字火腿却并非先例。 金字火腿主业是火腿，强调要专注做强肉制品产业。但郑氏父子时代意欲进军半导体，今年7月，公司 成立福建金字半导体有限公司（简称"金字半导体"）。跨界是很多企业的选项，主业火腿跨界半导体， 这种"劈叉式"跨界，对公司发展利弊如何权衡？结合近几年金字火腿高层走马灯的情况，郑氏父子又将 会"逗留"多久？ 中国企业资本联盟副理事长、中国区首席经济学家柏文喜认为，大概率3年内见分晓。如果半导体投资 2026—2027年无法证券化，股价回调，质押盘承压，郑庆昇可能选择"逢高减持+引入战投"退出；若成 功上市，父子身价倍增，但仍需面对食品主业萎缩，可能把"壳"留给芯 ...

Group 1 - The acquisition involves two main entities: the parent company of Yuanlin Co. plans to acquire 3.3847% of Hualan Micro's shares, while its wholly-owned subsidiary, Yunhe Technology, aims to acquire 3.1122% of the same company, totaling 6.4969% ownership post-transaction [2][3] - The total transaction amount for the acquisition is approximately 112 million yuan, with a per-share valuation of 11.50 yuan based on an assessment report [2][3] - Yuanlin Co. emphasizes that this investment is a financial one and will not result in a controlling interest in Hualan Micro, thus not affecting the consolidation scope of the company's financial statements [3] Group 2 - The motivation behind this cross-industry investment is rooted in Yuanlin Co.'s strong confidence in the future development of the storage and semiconductor chip industries [3] - Hualan Micro is a significant provider of components in the domestic data storage sector, with strong technical barriers and a product range that includes solid-state storage control chips and array storage products [3][4] - The investment in the semiconductor storage sector represents an important step for Yuanlin Co. to explore a second growth curve amid increasing competition in the landscaping industry [4]

12月15日晚间，"火腿第一股"金字火腿（002515）公告，因个人原因，郭波申请辞去公司总裁职务。辞职后，郭波仍继续担任公司副董事 长、董事会战略委员会委员职务。公司于2025年12月15日召开第七届董事会第六次会议，审议通过了《关于聘任公司总裁的议案》，经公 司董事会提名委员会资格审核通过，公司董事会同意聘任郑虎为公司总裁。 读创财经注意到，这是金字火腿5个月内第二次更换总裁。今年7月董事会换届时，郑虎出任金字火腿副总裁，郭波则替代周国华成为公司 总裁，这意味着，郭波担任公司总裁时间仅5个月，而郑虎出任金字火腿的副总裁不满半年便升职了。 资料显示，1977年出生的郭波，硕士学历，2020年至2021年，任渤海证券投行总部SVP；2021年至今，任清禾私募基金管理（珠海）有限 公司董事长、总经理；2025年7月，任金字火腿副董事长、总裁。 值得一提的是，郑虎与公司控股股东、实际控制人、董事长郑庆昇为父子关系。郑庆昇是福建莆田仙游的企业家，1956年出生，如今已有 69岁。 资料显示，郑虎，男，1991年生，本科学历，中国国籍，无境外永久居留权。2018年至今任上海阿斯顿马丁汽车销售有限公司董事；2025 年 ...

Core Viewpoint - The company, Zhonghuan Environmental Protection, is undergoing a significant transformation following a change in its controlling shareholder and actual controller, with plans to raise up to 300 million yuan through a private placement and rebrand itself to reflect a strategic shift towards technology and biomedicine [1][4]. Group 1: Fundraising and Shareholder Changes - The company plans to issue shares to its new actual controller, Liu Yang, raising no more than 300 million yuan, which will be used to supplement working capital and repay bank loans [2][3]. - Following the change in control, Liu Yang will increase his stake in the company to approximately 22.68%, further solidifying his position as the actual controller [3]. Group 2: Strategic Transformation - The company intends to change its name from "Anhui Zhonghuan Environmental Protection Technology Co., Ltd." to "Anhui Zhongfu Yuanchuang Technology Group Co., Ltd." to better align with its evolving business strategy [4][5]. - The strategic shift includes maintaining its core environmental protection business while exploring investment opportunities in the biomedicine sector, leveraging the strengths of its new controlling shareholder [5]. Group 3: Business Outlook - The company has experienced fluctuations in its main business revenue, with 2022 revenue reaching 1.405 billion yuan, but projected declines in 2023 and 2024, indicating challenges in profitability [2]. - The company aims to enhance its core competitiveness and create new profit growth points by investing in high-quality projects in the biomedicine field while still focusing on its environmental protection operations [5].