截至发稿，森鹰窗业市值为41亿元。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 每经AI快讯，森鹰窗业（SZ 301227，收盘价：42.74元）11月24日晚间发布公告称，公司第九届第二十 八次董事会会议于2025年11月24日在公司会议室以通讯结合现场方式召开。会议审议了《关于拟注销控 股子公司的议案》等文件。 2025年1至6月份，森鹰窗业的营业收入构成为：木门窗制造占比73.53%，金属门窗制造占比21.79%， 其他业务占比2.79%，塑料门窗制造占比1.9%。 ...

格隆汇11月24日丨森鹰窗业(301227.SZ)公布，公司于2024年6月14日召开第九届董事会第九次会议，审 议通过了《关于公司对外投资的议案》，同意公司与秦皇岛圣标门窗有限公司（简称"合作方"）共同出 资设立森鹰窗业（秦皇岛）有限公司（简称"目标公司"或"控股子公司"），并共同签署了《出资协议 书》。基于市场环境变化、行业发展趋势及项目进展等因素多方面影响，目标公司合作项目继续实施的 不确定性增加，公司后续将结合内外部经营发展需要，另行调整新塑窗产业布局。该控股子公司自成立 后未开展实质业务，为进一步优化资源配置，提高资产运营效率，经与合作方友好协商一致，拟注销目 标公司。 ...

答案写在青岛企业家的行程表与生产线上。他们化身"空中飞人"，不是为了紧急救单，而是为了与客户 共同规划明年蓝图；他们的定制化柔性产线，正为一份高价值的亲密合作订单高速运转。 这种变化，揭示出"拓市场、抢订单"的新内涵正加速取代传统"性价比"逻辑。竞争已从年终的价格火 拼，升维为围绕"不可替代性"的系统性能力竞赛。从面对面赢得信任，到以技术方案深度绑定，再到城 市的精准护航，一场从"抢订单"到"共生长"的深层次变革，正在胶州湾畔生动上演。 用"面对面"赢得信任 "上周刚去了新加坡，这周又要飞美国，现在抢订单，必须面对面。"青岛一家铝合金门窗企业的负责人 刘磊，在机场候机间隙通过电话告诉记者。尽管他的公司规模不大，年出口额约千万元，国内团队仅10 人，但打法已完全不同。 "以前客户开口就问'能不能再便宜点'，现在，我们主动展示'为什么值得更贵'。"刘磊的底气，来自公 司向差异化产品的转型。他们主攻适合北美市场的节能型铝合金门窗，产品单价虽高于行业平均，但凭 借更优的保温性能和稳定性赢得了关注。 工人在巴巴多斯施工 "客户现在主要看价值交付，具体的就是前看供应链稳定性，后看交付效率和售后服务。"为此，刘磊的 公司进 ...

Core Viewpoint - The article discusses the emergence of a new paradigm in globalization, characterized by "entrepreneurs going abroad" rather than traditional "enterprises going abroad," highlighting the shift in how Chinese entrepreneurs are establishing local businesses in foreign markets while leveraging Chinese resources and expertise [5][20][24]. Group 1: Case Studies of Successful Companies - "Leshu Shi" became the first Middle Eastern company to list in Hong Kong, achieving a remarkable 2358 times oversubscription and a first-day stock price surge of 35.8%, reaching a market capitalization of over 21.5 billion HKD [5][22]. - The company has a 20.3% market share in Africa's diaper market, producing 6.3 billion pieces annually, and operates eight factories across Africa [5][22]. - "Yalla," a voice social app founded by Yang Tao, has become a leading platform in the Arab world, successfully integrating local cultural preferences with Chinese internet models [12][15]. - "DOORWIN," founded by Chinese entrepreneur Lei Lili in North America, has successfully penetrated the high-end window and door market, selling to 68 countries and achieving 90% of its sales from North America [17][19]. Group 2: Factors Driving the New Paradigm - The rise of "entrepreneurs going abroad" is driven by structural opportunities in emerging markets, where local supply capabilities are limited, allowing Chinese entrepreneurs to fill market gaps [22][24]. - The outflow of Chinese advantages, including a complete manufacturing system and internet operational experience, enables entrepreneurs to leverage these strengths in global markets [23][24]. - Geopolitical factors, such as the U.S.-China rivalry, have made it beneficial for entrepreneurs to establish local entities abroad to avoid regulatory burdens associated with being identified as Chinese companies [23][24]. Group 3: The Role of Hong Kong - Hong Kong serves as a unique and critical platform for these globally-oriented companies, offering a mature regulatory framework for overseas income and facilitating access to both international and mainland investors [26][29]. - The capital market in Hong Kong is recognized for its openness, making it an ideal listing location for companies with complex identities [26][29]. - The success of companies like "Leshu Shi" in Hong Kong may signal a trend where both Chinese-founded companies abroad and foreign companies focusing on the Chinese market increasingly choose Hong Kong for their listings [29]. Group 4: Broader Implications - The new wave of "entrepreneurs going abroad" signifies a shift in the narrative of China's global presence from merely being the "world's factory" to exporting entrepreneurial spirit and operational capabilities [31][32]. - This trend is expected to reshape global business dynamics, introducing a new category of competition that includes localized enterprises with Chinese backgrounds [33]. - The article emphasizes that while challenges exist, the direction of this entrepreneurial movement is significant, indicating a more decentralized and flexible approach to globalization [35].

Core Insights - A new individual business named Zizhong County Zhongchuang Operating Department has been established, with a registered capital of 150,000 RMB [1] - The legal representative of the business is Song Xiujun [1] - The business scope includes various activities such as window and door manufacturing, retail and wholesale of hardware products, sales of building materials, metal structure manufacturing, machinery equipment leasing, sales of insulation materials, and manufacturing and sales of waterproof building materials [1]

天眼查App显示，近日，银川市风之翼铝塑门窗有限公司成立，法定代表人为李向兵，注册资本10万人 民币，经营范围为一般项目：门窗销售；门窗制造加工；建筑装饰材料销售；建筑材料销售；建筑装 饰、水暖管道零件及其他建筑用金属制品制造；园林绿化工程施工；金属门窗工程施工；五金产品零 售；木材加工；建筑用木料及木材组件加工；住宅水电安装维护服务；日用木制品制造；日用木制品销 售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：住宅室内装饰装修； 建设工程施工。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部 门批准文件或许可证件为准）。 ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $809 million, with core revenue down 10% year-over-year, primarily due to lower volumes in North America and Europe [10][11] - Adjusted EBITDA was $44 million, or 5.5% of sales, reflecting a decline of about $38 million from the prior year, driven by price-cost pressures and unfavorable volume [12][13] - Negative free cash flow was reported for the quarter, with net debt leverage increasing to 7.4 times due to lower year-over-year EBITDA [11][12] Business Line Data and Key Metrics Changes - North America revenue declined 19% year-over-year, with adjusted EBITDA dropping to $38 million from $75 million in the same quarter last year, primarily due to lower volumes and operational inefficiencies [14][15] - Europe saw a 2% increase in revenue year-over-year, with adjusted EBITDA remaining roughly flat at $16 million, as productivity improvements offset lower volumes [15] Market Data and Key Metrics Changes - The market environment has deteriorated, with new construction and repair and remodel activity weakening further, particularly in Canada where housing starts are down more than 40% year-over-year [18] - Full-year demand for windows and doors in North America is now expected to decline in the high single digits, while demand for doors in Europe is anticipated to decrease in mid-single digits [19] Company Strategy and Development Direction - The company is undergoing a strategic review of its European business to strengthen its balance sheet and sharpen its strategic focus [6][8] - A headcount reduction of approximately 11% in North America is planned to align the cost structure with current market demand [6][27] - The company is simplifying its product portfolio by reducing approximately 30% of its SKUs to improve service levels and operational efficiency [36][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing price-cost headwinds and inflation in labor and materials, which have created short-term margin pressure [5][10] - The outlook for Q4 2025 has been adjusted to reflect a more typical seasonal pattern, with expectations of continued negative price-cost dynamics and soft market conditions [20][21] - Management remains focused on improving execution and strengthening operations to capture growth as market conditions improve [8][28] Other Important Information - The company maintains a strong liquidity position with approximately $100 million in cash and $400 million of revolver availability, with no debt maturities until December 2027 [8] - The annualized impact of tariffs on the business is estimated to be around $45 million, with some pushback on tariff-related pricing actions from larger customers [16][17] Q&A Session Summary Question: Share losses and recovery path - Management noted significant share loss last year with a Midwest retailer, which impacted Q3 results, and highlighted ongoing pricing challenges in North America [35] Question: Update on productivity and cost-saving efforts - Management expects about $150 million in savings from transformation initiatives, with roughly half rolling forward into 2026 [39][40] Question: Drivers of EBITDA expectations drop - The decline in EBITDA expectations is attributed to softer market conditions, operational challenges, and a failure to capture expected market share gains [51][52] Question: Contribution of Europe to full-year EBITDA guide - Approximately half of the consolidated EBITDA is expected to come from Europe, with improvements noted despite challenges in North America [55] Question: Liquidity and potential actions - Management confirmed no plans to draw on the revolver in Q4 and is exploring selective sale leaseback actions to enhance liquidity [64][65] Question: Sales trends and market dynamics - Management indicated that recent interest rate relief has not significantly impacted sales, with cautious consumer behavior continuing to affect demand [81]

Group 1 - The core transaction on October 31 involved a block trade of 65,900 shares of Senying Windows, with a transaction value of 3.2627 million yuan, at a price of 49.51 yuan, representing a premium of 17.82% over the closing price of the day [2][3] - The closing price of Senying Windows on the same day was 42.02 yuan, reflecting an increase of 1.84%, with a turnover rate of 5.98% and a total trading volume of 85.4822 million yuan, indicating a net inflow of 4.6201 million yuan in main funds [2][3] - Over the past five days, the stock has accumulated a rise of 1.47%, but there has been a total net outflow of 26.201 million yuan in funds [2][3] Group 2 - The latest margin financing balance for Senying Windows is 116 million yuan, which has decreased by 32.7235 million yuan over the past five days, representing a decline of 22.03% [3] - Harbin Senying Windows Co., Ltd. was established on December 22, 1999, with a registered capital of 95.2305 million yuan [3]

Group 1 - The core transaction involved 65,900 shares of Senking Windows, with a total transaction value of 3.2627 million yuan, accounting for 3.68% of the total trading volume on that day [1][2] - The transaction price was 49.51 yuan per share, which represents a premium of 17.82% compared to the market closing price of 42.02 yuan [1][2] - The transaction was executed by CITIC Securities, with both the buyer and seller being from the same brokerage firm [2]

Core Viewpoint - Jiangshan Oupai Door Industry Co., Ltd. has revised its internal control system for share repurchase, aiming to ensure compliance and protect the rights of the company and its shareholders [1] Summary by Sections Share Repurchase Conditions - The revised system specifies four conditions under which the company can repurchase shares: reducing registered capital, employee stock ownership plans or equity incentives, conversion of convertible bonds, and necessary actions to maintain company value and shareholder rights [2] Repurchase Methods and Funding Sources - Jiangshan Oupai can utilize methods such as centralized bidding, tender offers, or other methods recognized by the China Securities Regulatory Commission. Funding sources include self-owned funds, funds raised from issuing preferred shares, and other legal funds [3] Implementation Procedures and Information Disclosure - The system outlines strict decision-making processes and disclosure requirements for share repurchase, including the need for board approval and timely updates on repurchase progress [4] Insider Trading Prevention and Responsibility Mechanism - The revised system emphasizes the prohibition of insider trading and market manipulation during the repurchase period, establishing accountability for board members and major shareholders [5][6] Overall Impact - The revision enhances Jiangshan Oupai's internal control framework for share repurchase, facilitating future compliance and governance improvements, ultimately benefiting company value and shareholder rights [6]