10月9日，东鹏饮料（集团）股份有限公司再次提交H股上市申请。 这是该公司第二次冲击港股，自2025年4月3日冲击港股至今，东鹏饮料的招股书已于10月3日自动失 效。而作为中国功能饮料的头部企业，东鹏饮料显然对赴港上市志在必得，在招股书失效6天后，便迅 速二次递表。 身为市值高达1600亿元的A股上市公司，东鹏特饮在竞争激烈的饮料市场占据着头部市场地位。财报数 据显示，2024年公司实现营业收入158.3亿元，同比增长40.6%；归母净利润33.3亿元，同比大增 63.1%。 2025年的业绩也同步飙升，上半年公司营收107.37亿元，同比增长36.37%；净利润23.75亿元，同比提 升37.22%，双双创下历史新高。券商预计东鹏2025年全年营收将首次突破200亿元关口。 即便收入高达百亿，但东鹏饮料进军港股的进程，却一波三折。证监会官网披露的境外发行上市备案补 充材料要求（2025年4月25日—2025年5月9日）显示，要求东鹏饮料补充说明公司及子公司的经营范围 是否涉及《外商投资准入特别管理措施（负面清单）（2024年版）》所涵盖的领域，以及本次发行上市 前后是否持续符合外资准入政策要求；公司及下属公 ...

刚刚，东鹏饮料再次向港交所递交主板上市申请，冲击"A+H"两地上市。已在A股上市、账上躺着百亿现金的功能饮料龙头缘如此何执？首次申请折戟 后，二次递表能否为这位"功能饮料之王"注入新的能量？ 再次递表 刚刚，港交所信息披露东鹏饮料（集团）股份有限公司再次提交H股上市申请，联席保荐人仍为华泰国际、摩根士丹利、瑞银集团。这与其首次递表时的 阵容完全一致。 公开信息显示，2025年4月3日，东鹏饮料正式向港交所递交招股书，拟登陆主板上市。"东鹏特饮"母公司由此计划成为继安德利之后第二家"A+H"两地上 市的中国饮料企业。然而，6个月后的10月3日，由于未能在有效期内完成上市流程，这份招股书自动失效。 对此，一位分析人士认为，港股IPO申请失效在技术上属常见现象，但东鹏饮料仅相隔6天便火速二次递表，也足见其对赴港上市志在必得。 作为中国功能饮料的头部企业，东鹏饮料并非资本市场新兵。公司创立于1994年，主打产品"东鹏特饮"风靡全国，并于2021年5月成功登陆上交所主板。 上市后，公司股价一路高歌猛进，从发行价46.27元飙涨至2021年7月的207元。2024年全年股价累计增涨近80%，被投资者称为"饮料之王"。20 ...

增加借款却不能带来业务利润的增长。近几年来，国恩股份收入虽有增长，但净利润徘徊不前，包括公 司实控人在内的一众高管，并没有因为国恩股份利润徘徊而放弃加薪。与此同时，公司员工的人均收入 却不增反降。 2025年6月底递交港股上市招股书后，9月初国恩股份（002768）收到证监会反馈意见，就公司股本变 化、实控人债务和控制权以及业务经营等问题提出问询。 国恩股份不只存在实控人偿债能力问题，近些年来，国恩股份的资产负债率一年高比一年，有息债务不 断增长。尤其是短期债务方面，公司短期债务的增长尤为明显，由之而来的利息费用不断膨胀。 利润徘徊短债攀升 国恩股份已经在A股上市，此次港股上市成功后，公司将成为实现"A+H"两地上市公司中新的一员。 国恩股份横跨化工和健康两大领域，化工是公司核心收入来源。公司以有机高分子材料改性业务为基 石，向上游延伸至苯乙烯、聚苯乙烯、可发性聚苯乙烯及聚丙烯等绿色石化材料业务。 公司援引弗若斯特沙利文资料，按2024年中国高分子材料改性相关板块营收计算，国恩股份是中国第二 大的有机高分子材料改性生产企业。按2024年中国聚苯乙烯相关产能计，公司是中国最大的聚苯乙烯生 产企业。 2022年， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：食品内参 本文为食品内参原创 作者丨佑木 编审丨橘子 刚刚，东鹏饮料再次向港交所递交主板上市申请，冲击"A+H"两地上市。已在A股上市、账上躺着百亿现金的功能饮料龙头缘如此何执？首次申请折戟后，二次递表能否为这位"功能饮料之王"注 再次递表 刚刚，港交所信息披露东鹏饮料（集团）股份有限公司再次提交H股上市申请，联席保荐人仍为华泰国际、摩根士丹利、瑞银集团。这与其首次递表时的阵容完全一致。 公开信息显示，2025年4月3日，东鹏饮料正式向港交所递交招股书，拟登陆主板上市。"东鹏特饮"母公司由此计划成为继安德利之后第二家"A+H"两地上市的中国饮料企业。然而，6个月后的 对此，一位分析人士认为，港股IPO申请失效在技术上属常见现象，但东鹏饮料仅相隔6天便火速二次递表，也足见其对赴港上市志在必得。 作为中国功能饮料的头部企业，东鹏饮料并非资本市场新兵。公司创立于1994年，主打产品"东鹏特饮"风靡全国，并于2021年5月成功登陆上交所主板。 上市后，公司股价一路高歌猛进，从发行价46.27元飙涨至2021年7月的207元。2024年全年股价累计增涨近80%，被 ...

Core Viewpoint -潮宏基 is seeking to expand its international market presence through an "A+H" dual listing on the Hong Kong Stock Exchange, with a current market capitalization of approximately 13.505 billion and a stock price increase of over 160% this year [1] Company Overview -潮宏基 was established in 1997 and is headquartered in Shantou, Guangdong, focusing on fashion and personalized jewelry targeting young consumers, primarily featuring 18K gold products [3] -潮宏基 became the first fashion jewelry company to be listed on the A-share market in 2010 and acquired the well-known women's bag brand "FION" in 2014, diversifying its product offerings [3] Financial Performance -From 2022 to 2024, the revenue from classic gold jewelry is projected to grow from 1.42 billion to 2.92 billion, with a compound annual growth rate (CAGR) of 43.4%, while fashion jewelry revenue is expected to grow from 2.45 billion to 2.94 billion, with a CAGR of 9.5% [3] -For the first half of 2025, the growth rate for classic gold jewelry is 24.0%, while fashion jewelry shows a growth rate of 20.4% [3] Profitability Concerns -The overall gross margin for jewelry products decreased from 24.6% in 2022 to 19.6% in the first half of 2025, with fashion jewelry gross margin dropping from 34.5% to 26.8% and classic gold jewelry gross margin increasing from 7.9% to 11.8% [4] -The stability of fashion jewelry gross margins and the potential for further increases in classic gold jewelry margins are critical factors for the company's overall profitability [4] Challenges in Handbag Business -The handbag segment reported a revenue of 120 million in the first half of 2025, a year-on-year decline of 16.9%, with its revenue share dropping from 7.5% in 2022 to 3.0% [4] -This indicates that the strategy of expanding product categories through the acquisition of FION has not yet yielded significant results [4] Channel Strategy -潮宏基 employs a combination of self-operated and franchised stores, with a total of 1,542 jewelry stores as of June 30, 2025, including 201 self-operated and 1,337 franchised stores [4] -The revenue share from self-operated stores decreased from 37.4% to 27.3%, while the share from franchised stores increased from 32.5% to 54.6% during the same period [4] Same-Store Performance -In the first half of 2025, same-store GMV growth was 26.5% for 199 self-operated stores and 32.0% for 968 franchised stores [5] -The rapid growth in performance is attributed to an increased proportion of ancient gold products and a strategic shift towards expanding franchised stores [5] International Expansion -潮宏基 has made significant strides in international markets, opening its first overseas store in Malaysia in 2024, followed by a second store in Thailand, and two additional stores in Cambodia in 2025 [5] IPO Fund Utilization -The funds raised from the IPO will primarily be used for overseas expansion, establishing new production bases, opening three flagship stores in mainland China, marketing and brand building, and general corporate purposes [6]

Core Viewpoint - The lithium battery companies listed in A-shares have shown revenue growth in the first half of the year, but there is a significant divergence in net profit performance among them [1]. Group 1: Financial Performance - A majority of companies reported revenue growth, with CATL achieving revenue of 1,788.9 billion yuan, a year-on-year increase of 7.3%, and a net profit of 304.9 billion yuan, up 33.3% [3]. - In contrast, companies like EVE Energy and Xinwangda experienced declines in net profit, with EVE's net profit down 24.9% and Xinwangda's down 28.0% [3][4]. - Xinwangda's revenue reached 269.9 billion yuan, a 12.8% increase, but its net profit was only 8.6 billion yuan, reflecting a modest growth of 3.9% [3]. Group 2: Profitability Challenges - Xinwangda's non-recurring net profit fell by 28.0% year-on-year, indicating a significant decline in core business profitability [4]. - The company's gross margin decreased to 15.79%, down 4.77 percentage points, and its net margin dropped to 0.91%, a substantial decline of 46.81% [4]. - The decline in profitability is attributed to the drop in revenue from energy storage batteries, which generated 76 billion yuan with a gross margin of only 9.8% [4]. Group 3: Cash Flow and Debt Situation - Xinwangda's operating cash flow decreased by 39.8% to 10.4 billion yuan, with a negative cash flow of 4.9 billion yuan in the second quarter [4]. - The company's accounts receivable reached 164 billion yuan, a 20.6% increase, with a collection period of 107 days, indicating significant cash flow pressure [5][8]. - The asset-liability ratio rose to 65.46%, up 5.18 percentage points, with interest-bearing debt increasing by 26.25% to 258.1 billion yuan [8]. Group 4: Strategic Moves and Market Position - Xinwangda has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to become the third lithium battery company to achieve dual listing [8]. - The company faced challenges with its previous plans to spin off its power battery segment due to significant losses exceeding 50 billion yuan [8]. - The overall capacity utilization rate for Xinwangda has declined, with consumer battery utilization dropping from 94.2% in 2022 to 84.3% in the first quarter of 2025 [8].

Core Viewpoint - The company, Zhejiang Huhangyong Expressway Co., Ltd. (referred to as "Zhejiang Huhangyong"), is planning a share swap merger with Zhenyang Development Co., Ltd. (referred to as "Zhenyang Development"), which will result in Zhenyang Development being delisted and dissolved, while Zhejiang Huhangyong will continue to operate and list its shares on both A-share and H-share markets [1][2][5]. Group 1: Merger Details - The merger involves Zhejiang Huhangyong issuing A-shares to Zhenyang Development's shareholders in exchange for their shares, with a swap price set at 14.58 CNY per share, reflecting a 29.83% premium over Zhenyang Development's average price of 11.23 CNY over the past 120 trading days [4]. - Following the merger, Zhejiang Huhangyong will inherit all assets, liabilities, and rights of Zhenyang Development, and will apply for the listing of the newly issued A-shares on the Shanghai Stock Exchange [2][4]. Group 2: Financial Metrics - As of the signing date of the merger proposal, Zhenyang Development has a total share capital of 441,895,215 shares, and Zhejiang Huhangyong will issue a total of 477,246,833 A-shares for the merger [4]. - The merger is classified as a major asset restructuring for Zhenyang Development, as Zhejiang Huhangyong's total assets, revenue, and net assets exceed 50% of Zhenyang Development's corresponding figures as of the end of 2024 [4]. Group 3: Strategic Implications - The merger aims to enhance the role of state-owned enterprises and broaden funding sources for highway construction, contributing to the development of a modern, efficient, and green transportation system [5]. - This transaction will enable Zhejiang Huhangyong to achieve dual listing in both A-share and H-share markets, facilitating capital operations in both markets [5].

浙江沪杭甬(00576)涨近4%，截至发稿，涨3.85%，报7.02港元，成交额2862.02万港元。 消息面上，浙江沪杭甬公布，建议以发行A股方式换股吸收合并镇洋发展（603213），实现"A+H"两地 上市。公司A股发行价13.5元人民币，镇洋发展换股价14.58元人民币，基准每持有1股镇洋发展获1.08股 公司A股。按人民币汇率中间价1港元对0.91183元人民币，发行价较9月2日收报溢价119.01%。 本次交易涉及发行2.16亿股A股，连同原内资股转换的A股，共计44.92亿股A股将申请于上交所上市流 通。公告指出，浙江沪杭甬本次通过换股吸收合并的方式实现"A+H"两地上市，有利于拓宽资金来源， 为高速公路建设提供资金支持，进一步承接长三角的发展机遇。 ...

本次交易涉及发行2.16亿股A股，连同原内资股转换的A股，共计44.92亿股A股将申请于上交所上市流 通。公告指出，浙江沪杭甬本次通过换股吸收合并的方式实现"A+H"两地上市，有利于拓宽资金来源， 为高速公路建设提供资金支持，进一步承接长三角的发展机遇。 智通财经APP获悉，浙江沪杭甬(00576)涨近4%，截至发稿，涨3.85%，报7.02港元，成交额2862.02万港 元。 消息面上，浙江沪杭甬公布，建议以发行A股方式换股吸收合并镇洋发展，实现"A+H"两地上市。公司 A股发行价13.5元人民币，镇洋发展换股价14.58元人民币，基准每持有1股镇洋发展获1.08股公司A股。 按人民币汇率中间价1港元对0.91183元人民币，发行价较9月2日收报溢价119.01%。 ...

Core Viewpoint - Shantui Construction Machinery Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and competitiveness, with a significant portion of its revenue coming from overseas markets [1][4][10]. Company Overview - Shantui has a 73-year history, originally established in 1952, and has evolved into a leading bulldozer manufacturer [4][6]. - The company has undergone several mergers and acquisitions, including the acquisition of Shandong DeGong and the sale of part of its stake in Komatsu Shantui [5][6]. - Shantui is backed by Shandong Heavy Industry Group, which holds approximately 40.07% of the company's shares [7]. Financial Performance - Shantui's revenue for the years 2022 to 2025 shows a compound annual growth rate (CAGR) of 11.8%, with 2024 revenue expected to grow by 25.1% year-on-year [9][10]. - The net profit for the same period has a remarkable CAGR of 111.94%, indicating strong profitability growth [9][11]. Market Position - Shantui is the third-largest bulldozer manufacturer globally and the largest in China, maintaining over 60% market share in the domestic market since 2010 [7][9]. - The company has established a significant presence in overseas markets, with international sales contributing over 52.1% of total revenue by 2024 [10]. Product and Service Expansion - Shantui has diversified its product offerings to include a full range of construction machinery, such as excavators, loaders, and concrete equipment [6][12]. - The company has established 10 overseas subsidiaries and a sales network covering over 160 countries, participating in major infrastructure projects both domestically and internationally [12]. Market Trends - The global construction machinery market is projected to grow from $213.5 billion in 2024 to $296.1 billion by 2030, with a CAGR of 5.6% [9]. - Factors driving this growth include infrastructure recovery, ongoing mining investments, and the acceleration of electrification and automation in the industry [9].