Group 1 - The core viewpoint of the report indicates that the total disclosed transaction value of China's M&A market in the first half of 2025 exceeded $170 billion, representing a significant increase of 45% compared to the same period last year [1] - The number of transactions continued a steady recovery trend observed over the past two and a half years [1] - Domestic strategic investors showed a notable increase in M&A activities, with transaction value surpassing $100 billion, reflecting a year-on-year growth of over 100% [1] Group 2 - A total of 20 mega M&A transactions (each exceeding $1 billion) were completed during this period, significantly higher than the same period last year [1] - Key sectors for these mega M&A transactions included high technology, particularly semiconductors, health care, and industrial sectors, aligning with national strategic directions [1] - The report highlights that the launch of DeepSeek AI at the beginning of 2025 injected new vitality into the high-tech industry and positively influenced the overall economic environment [1] Group 3 - Although overseas M&A activities by Chinese companies remained sluggish in the first half of 2025, signs of recovery were observed, with three mega overseas M&A transactions completed in major European markets [1] - The transaction value for these overseas deals showed an increase compared to the same period last year, with Europe remaining the most important overseas investment destination for Chinese companies [1] Group 4 - There is a noticeable backlog in both M&A demand and planned exit projects, coupled with a recovery in capital market sentiment, leading to expectations of a more active M&A market in the second half of 2025 [2] - The report forecasts that the total transaction value for 2025 may achieve a high double-digit growth compared to 2024 [2]

本报讯(记者张文湘见习记者占健宇)8月25日，普华永道发布《2025年中国企业并购市场年中回顾及展 望》(以下简称"报告")，报告指出，在境内战略投资强劲带动下，2025年上半年中国企业并购市场披露 交易总额超过1700亿美元，较去年同期大幅增长45%；同期交易数量延续过去两年半的稳步回升态势。 普华永道中国企业并购服务主管合伙人乔来智表示："境内战略投资者并购的持续升温，是多重积极因 素共同作用的结果。特别是2025年初DeepSeek AI的爆发式发展，不仅为高科技行业注入了新的活力， 也带动了整体经济环境的积极变化。此外，中国香港资本市场的估值回升和IPO市场的恢复，为并购活 动提供了良好的金融环境。同时，部分核心行业A股上市国企的价值链整合，也进一步提升了并购市场 的活跃度。" 报告显示，2025年上半年，境内战略投资者并购活动显著增强，交易额规模突破千亿美元大关，同比增 长逾一倍。值得一提的是，期间共达成20宗超大型并购交易(单宗交易金额超过10亿美元)，同比增幅显 著。从行业分布看，高科技、大健康和工业领域成为超大型并购的主要赛道。 普华永道预计，在国企改革、跨国公司资产优化、私募股权基金集中退出 ...