计算机行业动态报告 RWA 的资产上链新拼图：AI 算力租赁 2025 年 06 月 20 日 ➢ RWA 作为架构真实世界资产和 web3.0 的沟通桥梁，承担了 web2.0 向 web3.0 的融资通道功能。RWA 通过区块链技术，将现实中的有形或无形资产 转化为链上数字通证，在 web3.0 世界创造了 web2.0 现实资产的映射，使加密 货币的持有者能够完成对固定收益产品的投资，实现资产多元化和风险分担。 ➢ 从传统金融资产到不动产再到实体经济资产，RWA 链上资产路径持续延伸。 2014 年，USDT 等锚定法定货币的稳定币诞生，成为最早的 RWA 形式，解决了 加密市场的波动性问题。此后，RWA 资产范畴不断向证券、不动产、现实资产 扩展，贝莱德、花旗、摩根大通等国际金融巨头也积极参与 RWA 项目，推动多 元资产上链。以蚂蚁数科和朗新集团的新能源实体资产 RWA 项目为代表，中国 内地 RWA 聚焦实体资产，通过"区块链+物联网"的创新路径，实现链上交易。 ➢ 从充电桩到光伏电站，算力租赁或将成为 RWA 资产链条的下一站。无论是 海外如 Ondo 锚定美国国债，亦或是国内蚂蚁数科和协鑫能科 ...

Core Viewpoint - The article discusses the rapid divestment of shares by the You family from their listed company, Hongbo Co., which resulted in over 2 billion yuan in cashing out within three years, raising questions about their commitment to the company and the implications for minority shareholders [1][20][30]. Group 1: Company History and Development - The You family, led by patriarch You Laoye, transitioned their foreign trade business to their daughter, You Yuxian, in 1995, despite societal norms favoring male leadership [2][4]. - You Yuxian and her sister, You Lijuan, pivoted the business towards the printing industry, investing heavily in advanced printing technology from Japan in 1999, which was a significant financial commitment at the time [7][9]. - The company, Hongbo Printing, gained a competitive edge by securing a large order for the national population census in 2000, leading to substantial market share growth, particularly in lottery printing, where it reached over 65% market share at its peak [11][13]. Group 2: Financial Performance and Challenges - After going public in May 2008 and raising 1.2 billion yuan, the You family held a 70% stake in Hongbo, solidifying its status as a family-run enterprise [15]. - However, by 2014, the company faced declining profitability, with revenue increasing to 860 million yuan but net profit plummeting to 23 million yuan, indicating a net profit margin of only 2.7% [17]. - The company attempted to diversify through acquisitions in the gaming and telecommunications sectors, but these efforts failed, leading to significant financial losses and a decline in revenue by 23.49% in 2018 [19]. Group 3: Shareholder Actions and Market Impact - The You family initiated a series of share sell-offs starting in 2014, with You Lijuan cashing out over 700 million yuan by 2021, and the family collectively selling off shares worth 2 billion yuan in total [20][21]. - The family strategically timed their sell-offs around financial disclosures, exploiting information asymmetry to maximize their returns while leaving minority shareholders at a disadvantage [23][28]. - Following the family's exit, Hongbo Co. has struggled with financial performance, reporting losses for two consecutive years and a significant increase in retail investor participation, which has led to concerns about the company's future viability [26][30].