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财经早报:上市公司扎堆跨界热门赛道 深圳楼市新房、二手房网签量同比大涨丨2025年10月10日
Xin Lang Zheng Quan· 2025-10-10 00:13
【跟踪牛人动态】超3000名"专业选手"如何调仓?最牛选手单只标的浮盈超300% 【头条要闻】 触及300倍静态市盈率红线!中芯国际两融折算率调降至零 影响有多大? 科创板牛股中芯国际遇到突发情况。9日,记者查询中信证券、国泰海通、华泰证券等多家头部券商官 网发现,这些券商系统中的中芯国际A股两融折算率均调降为零。据了解,沪深交易所2023年修订的 《融资融券交易实施细则》明确,静态市盈率在300倍以上或者为负数的A股股票两融折算率为零。截 至9月30日收盘,中芯国际的静态市盈率刚好超过300倍。 另据业内人士介绍,港股市场个股融资折算率通常由券商自己决定,各家券商会进行动态调整。有投资 者查询几家港股市场券商发现,目前中芯国际港股的融资折算率为50%左右,一些静态市盈率超过300 倍或为负值的个股仍然能作为担保品进行融资。 外媒关注中方新规:中国展示影响力,进一步扩大对稀土供应链的控制 10月9日,中国商务部发布两项关于加强稀土相关物项出口管制的公告,引发外媒热议。英国《金融时 报》指出,中国的新限制措施类似于美国的"外国直接产品规则"(FDPR)出口管制体系,这正是美国 用来阻止第三国向中国出口半导体相关 ...
蜜雪集团逆市涨超7% 跨界投资鲜啤福鹿家 前瞻性布局“茶饮+咖啡+鲜啤”版图
Zhi Tong Cai Jing· 2025-10-09 02:20
中信证券指出,福鹿家作为鲜啤行业新兴头部玩家,其产品价格、门店选址等与蜜雪集团基因契合,有 望实现较好的供应链、消费者运营、加盟商资源协同效应。若交易顺利完成,从短期看,福鹿家业务的 绝对规模对蜜雪集团财务影响较为有限;但从长期视角,国内鲜啤行业前景广阔,公司前瞻性布局"茶 饮+咖啡+鲜啤"版图,有望打开业务远期增长的想象空间。该行认为,公司在品牌IP、供应链、运营能 力等方面的护城河深厚,未来增长确定性强、竞争格局清晰。 消息面上,近日,蜜雪集团发布公告,公司已与鲜啤福鹿家及其股东签订投资协议,拟向鲜啤福鹿家增 资2.856亿元,认购其经扩大注册资本的51%股权;同日,蜜雪集团与独立第三方股东签订股权转让协 议,受让其持有的鲜啤福鹿家经扩大注册资本的2%股权。公告称,标的公司主要为消费者提供每 500mL单价约人民币6至10元的现打鲜啤产品。对标的公司的投资是本集团开拓现打鲜啤品类的重要举 措,该投资后,本集团将进一步赋能标的公司,以充分发挥其竞争优势,进而把握现打鲜啤行业的发展 机遇。 蜜雪集团(02097)逆市涨超7%,截至发稿,涨6.51%,报399.4港元,成交额1.93亿港元。 ...
六个核桃16亿押注半导体,金字火腿3亿投营收50万芯片企业,跨界“豪赌”第二增长曲线?
Sou Hu Cai Jing· 2025-09-29 10:29
Core Viewpoint - Two food companies, Jinzi Ham and Yangyuan Beverage, are diversifying into the semiconductor industry due to stagnation in their core business growth, seeking new growth opportunities [1][8]. Group 1: Jinzi Ham's Investment - Jinzi Ham announced plans to invest up to 300 million to acquire no more than 20% of Zhongsheng Microelectronics [3]. - Zhongsheng Microelectronics focuses on the development of high-speed optical communication chips and has not yet turned a profit, reporting revenue of 511,100 and a net loss of 20.37 million from January to July this year [3]. - Jinzi Ham has previously attempted cross-industry investments, including acquiring stakes in coal resources and healthcare, but these efforts have had limited success in boosting performance [5][11]. Group 2: Yangyuan Beverage's Investment - Yangyuan Beverage invested 1.6 billion to acquire 0.99% of Changjiang Storage Technology, a company involved in chip design and manufacturing [5]. - The company has also diversified its investments into artificial intelligence and new energy sectors, indicating a broader strategy to mitigate risks from its core beverage business [6]. - Yangyuan Beverage's revenue and net profit have declined significantly, with a 16.19% drop in revenue and a 27.76% drop in net profit in the first half of 2025 [8][10]. Group 3: Industry Challenges - Both companies face challenges in their core markets, with Jinzi Ham reporting a 14.73% decline in revenue and a 25.11% decline in net profit in the first half of 2025 [10][11]. - Yangyuan Beverage's core product, walnut milk, still accounts for 88.7% of its total revenue, highlighting its reliance on a single product line [10]. - The significant differences in technology, talent, and operational models between the food and semiconductor industries raise questions about the potential success of these investments [11].
棒杰股份跨界光伏失败负债率98% 两年半亏9.1亿子公司面临破产重整
Chang Jiang Shang Bao· 2025-09-24 19:15
Core Viewpoint - Bangjie Co., Ltd. is facing significant financial difficulties due to failed investments in the photovoltaic sector, leading to a substantial arbitration ruling requiring the company to pay 326 million yuan in compensation to its investor, Huanzhi Lake Zhuguang [1][2][3] Financial Challenges - As of June 30, 2025, the company's debt-to-asset ratio reached 98.48%, indicating severe financial strain [1][7] - The company has reported cumulative losses of approximately 910 million yuan over the past two and a half years, with net losses of 88 million yuan in 2023, 672 million yuan in 2024, and 150 million yuan in the first half of 2025 [1][7] Investment and Operational Issues - In 2023, Huanzhi Lake Zhuguang invested 300 million yuan in Bangjie New Energy for photovoltaic projects, but the expected operational performance was not met, leading to a breach of contract [4][5] - The main business revenue of Bangjie New Energy was only 473 million yuan by November 30, 2024, significantly below the agreed revenue targets [4] Legal and Arbitration Developments - The company has received a final arbitration ruling mandating the payment of 326 million yuan to Huanzhi Lake Zhuguang, which has created additional financial pressure [2][3] - The company's subsidiary, Yangzhou Bangjie New Energy, is facing judicial freezing of its equity, with claims amounting to 820 million yuan due to a loan dispute with Industrial Bank [5][6] Strategic Missteps - Bangjie Co., Ltd. aggressively expanded into the photovoltaic sector, announcing investments totaling 10.6 billion yuan within a short period, raising concerns from the market given its limited financial resources [6][7] - The company originally focused on seamless clothing, which provided stable but modest profits, but the shift to the photovoltaic industry has resulted in increased financial pressure and operational challenges [7][8]
金字火腿“跨界”造芯背后,隐现福建富商郑庆昇的资本阳谋
金字火腿跨界芯片有了新进展。 9月22日晚间,金字火腿公告,公司拟以自有或自筹资金不超过3亿元,通过增资扩股的方式取得中晟微 电子(杭州)有限公司(简称"中晟微")不超过20%的股权。 资料显示,中晟微主营400G/800G/1.6T及以上高速光模块核心电芯片的研发设计,而金字火腿主营中式 火腿、欧式发酵火腿,公司此次投资属于跨界光通信芯片领域。受跨界造芯刺激,9月23日,金字火腿 开盘快速拉升涨停,报7.85元/股,最新市值95.03亿元。 需要注意的是,今年4月,福建富商郑庆昇刚出资8.7亿元拿下金字火腿控制权。郑庆昇正式入主一个 月,金字火腿便成立了两家半导体相关的公司,彼时资本市场对金字火腿跨界半导体已经有了预期。 而郑庆昇本人本就是"跨界狂魔",八十年代从榨蔗糖起家,产业涉及房地产、教育、汽车等多个领域。 不过,此前郑庆昇在资本市场上鲜有露面,金字火腿是他旗下首家上市公司。 金字火腿跨界芯片 9月23日,金字火腿开盘涨停,报7.85元/股,公司总市值增至95亿元,逼近百亿大关。 消息面上,9月22日晚间,金字火腿发布公告称,公司全资子公司福建金字半导体有限公司(简称"福建 金字公司")看好AI产业趋 ...
宝利国际:拟跨界投资半导体产业 不超4743万元收购宏泰科技部分股权
Sou Hu Cai Jing· 2025-09-19 16:21
Group 1 - The company, Baoli International, announced an investment in Nanjing Hongtai Semiconductor Technology Co., Ltd., acquiring 1%-3% equity based on a positive outlook for the semiconductor testing equipment industry [1] - As of June 30, 2025, the company's net assets were 949 million yuan, allowing for an investment amount of approximately 47.43 million yuan [2] - Nanjing Hongtai is recognized as a high-tech enterprise engaged in the R&D, production, and sales of semiconductor testing equipment, holding multiple honors and qualifications [2] Group 2 - Baoli International has no direct involvement in the semiconductor industry, focusing instead on asphalt material R&D and solutions for road surfaces, as well as general aviation operations since 2015 [2] - In the first half of 2025, the company reported a decline in both revenue and net profit, with total revenue of 519 million yuan, a year-on-year decrease of 54.61%, and a net loss of 6.88 million yuan compared to a profit of 9.79 million yuan in the same period last year [2] - The actual controller of the company changed to the Chizhou State-owned Assets Supervision and Administration Commission, making it a state-controlled listed company [3]
六个核桃卖不动了,前衡水首富转身搞起半导体
Core Insights - The company Yango Beverage, known for its "Six Walnuts" product, is experiencing a significant decline in both revenue and profit, with a revenue of 2.465 billion yuan, down 16.19% year-on-year, and a net profit of 744 million yuan, down 27.76% year-on-year [1][2] - The once-popular walnut milk product is losing its appeal, leading to a search for new growth opportunities in sectors like semiconductors and AI [1][5] Revenue and Profit Decline - In the first half of 2025, the company reported a rare revenue decline of 19.7% in the first quarter, totaling 1.86 billion yuan, and a net profit drop of 26.95% to 642 million yuan, marking a five-year low [2][3] - Sales revenue across major regions, including Northeast, Northwest, East, and North China, saw significant declines, with drops of 40.64%, 36.62%, 22.35%, and 19.63% respectively [2] Marketing and R&D Strategy - The company increased its marketing expenses by 3.73% to 330 million yuan in the first half of 2025, but this led to a rise in the sales expense ratio from 10.81% to 13.37%, indicating diminishing returns on marketing investments [2][3] - In contrast, R&D expenses decreased by 11.2% to 18.36 million yuan, highlighting a strategic imbalance where marketing spending far exceeds R&D investment, with a ratio exceeding 20:1 from 2021 to 2024 [3] Diversification and Investment Strategy - To counteract declining sales, the company has diversified its investments into sectors like AI, new energy, and semiconductors, with significant cash reserves allocated to these areas [5][6] - The company has faced challenges with its investment returns, with a notable decline in investment income from 4.64 billion yuan in 2019 to just 219.61 million yuan in 2021, followed by consecutive losses in 2023 and 2024 [6][7] Market Reactions and Future Outlook - The company's cross-industry investment strategy has sparked discussions about the balance between core business development and diversification, especially as the beverage market faces shrinking demand [7] - The effectiveness of the company's approach to navigate its current challenges remains uncertain, as it seeks to balance traditional beverage operations with high-risk investments in unrelated sectors [7]
宝馨科技半年内两度跨界:机器人、半导体能否拯救光伏“失意者”?|并购一线
Tai Mei Ti A P P· 2025-09-05 14:09
Core Viewpoint - Baoxin Technology is diversifying into the robotics and semiconductor sectors, aiming to mitigate losses from its previous investments in the photovoltaic industry, which have resulted in significant financial setbacks [2][7][10]. Investment in Robotics - Baoxin Technology plans to invest 18 million yuan in Suzhou Jicui Intelligent Manufacturing Co., acquiring an 81.82% stake, marking its entry into the robotics sector [2][3]. - This investment is part of a broader strategy to pivot towards high-growth industries, following a previous investment in a semiconductor company that remains unresolved [6] . Financial Performance and Challenges - Baoxin Technology reported a projected loss of 700 million yuan for 2024 due to asset impairment in its photovoltaic projects, with ongoing losses expected in the first half of 2025 [2][8]. - The company’s revenue for the first half of 2025 is expected to decline by 42% year-on-year, amounting to 100 million yuan, with a loss of 44.82 million yuan [8]. Legal and Operational Issues - The company faces legal disputes with local governments, totaling 470 million yuan, related to its photovoltaic investments, with one case already resulting in a court ruling against Baoxin Technology [10]. - Internal control and personnel issues have also emerged, with multiple high-level resignations and regulatory warnings impacting the company's operational stability [11]. Background of Suzhou Jicui - Suzhou Jicui, the target of Baoxin's investment, is a subsidiary of Jiangsu Jicui Intelligent Manufacturing Technology Research Co., which has a strong technological foundation but relies heavily on its parent company for expertise [5]. - The effectiveness of Baoxin's investment in Suzhou Jicui will depend on the latter's ability to develop independent research capabilities post-acquisition [5]. Previous Investments in Photovoltaics - Baoxin Technology initially entered the photovoltaic sector in 2022, planning significant projects in Anhui and Inner Mongolia, but faced industry headwinds leading to substantial financial losses [7][8]. - The company’s previous investments have resulted in a total impairment of 36.9 million yuan, contributing to its largest loss since going public [8].
柯利明1287万股权被冻结,但万达电影净利大涨了372.55%
Guan Cha Zhe Wang· 2025-09-03 03:07
Core Viewpoint - The recent freezing of shares in two companies owned by capital mogul Ke Liming raises questions about the financial stability and future prospects of the "Ruyi System" companies and their connection to Wanda Film [1][3]. Group 1: Company Information - Ke Liming is the legal representative of Shanghai Ruyi Film Production Co., Ltd. and Shanghai Ruyi Investment Management Co., Ltd., holding 99% of the shares in both companies [3]. - The total amount of frozen shares is 12.87 million RMB, with a freezing period of three years, initiated by the Jinan Intermediate People's Court [1][2]. - Ruyi Film and Ruyi Investment jointly hold approximately 20.64% of Wanda Film Co., Ltd. (stock code: 002739.SZ), making them significant shareholders [3]. Group 2: Financial Performance - Wanda Film reported a revenue of 6.689 billion RMB in the first half of the year, a year-on-year increase of 7.57%, and a net profit of 536 million RMB, up 372.55% [5]. - The company has maintained its position as the box office champion for 16 consecutive years, increasing its presence in the top cinema rankings [6]. - Wanda Film's revenue fluctuated significantly from 2019 to 2023, with total revenues of 15.435 billion RMB in 2019, dropping to 6.295 billion RMB in 2020, and recovering to 14.62 billion RMB in 2023 [6]. Group 3: Strategic Developments - Wanda Film is transitioning from a cinema operator to a "super entertainment space" creator, with a new strategic framework called "1+2+5" [6]. - The company aims to expand its business into various sectors, including film production, strategic investments, and gaming, following a period of financial struggles due to the pandemic [6][7]. - The acquisition of Kuaiqian Financial by China Ruyi for 240 million RMB indicates a strategic move into the financial technology sector, although the asset's valuation has significantly decreased [10][11].
3.9亿债务违约!董事长总经理集体走人!知名针织企业跨界投资大败局
Sou Hu Cai Jing· 2025-09-01 06:36
Core Viewpoint - The company, Bangjie Co., has decided to terminate its solar photovoltaic projects due to increased investment risks and uncertainties stemming from changes in the market environment, leading to significant financial losses [1][3]. Company Summary - Bangjie Co. announced the termination of its 10GW high-efficiency photovoltaic module and R&D center project, citing commercial risks and potential economic losses as the reasons for this decision [1]. - The company's stock price has dropped over 60% since the announcement of the photovoltaic project in December 2022, reflecting investor concerns [1]. - In addition to the terminated project, Bangjie Co. also ended another photovoltaic project in Jiangshan, incurring a compensation payment of 15 million yuan due to contract termination [3]. - The company is facing a debt crisis, with 390 million yuan in loan defaults and a total overdue debt of 986 million yuan, which is 329% of its net assets [3][5]. - The company expects a net loss of 120 to 180 million yuan for the first half of 2025, primarily due to high fixed costs associated with its photovoltaic segment [5]. Management Changes - The company has undergone significant management changes, including the replacement of its controlling shareholder and actual controller, with the new management team having backgrounds in finance and investment [7][10]. - A temporary shareholders' meeting was held to elect new board members and appoint a new chairman and general manager, indicating a shift in strategic direction [8][9]. Industry Context - The photovoltaic industry is experiencing severe overcapacity, with China's production capacity exceeding global demand by twofold, leading to price declines across the sector [11]. - Many companies, including leading firms in the photovoltaic sector, have reported substantial losses, highlighting the intense competition and challenges within the industry [11]. - The trend of cross-industry expansion, particularly from textiles to photovoltaics, has raised concerns about the sustainability of such strategies in the current investment climate [14].