2025年9月22日，四川长虹发布公告，其控股子公司长虹佳华将被控股股东四川长虹电子控股集团全资 子公司虹图投资以7.09亿港元私有化退市。这场交易，不仅揭开传统家电巨头资本运作的新篇章，更折 射出港股市场流动性困局下企业的生存抉择。 财务状况：股价长期低于净资产困局 从财务数据看，长虹佳华2025年上半年实现营收211.69亿港元，同比增长9.76%；净利润1.81亿港元， 同比增长10.16%。然而，其3.07%的毛利率较2024年同期下降0.39个百分点。更关键的是，截至2025年6 月30日，公司总市值仅12亿港元，而净资产却超过30亿港元，股价长期低于净资产的特征。 流动性困局：港股市场的"僵尸股"样本 长虹佳华的困境并非个例。2025年以来，已有20家港股公司通过私有化退市，数量较2024年全年的15家 增长33%。长虹佳华在公告中直言：其自2013年重组上市以来，股份流通量、交投量、股价持续低迷， 虽转至港股主板上市仍无实质改善。 根据公告，虹图投资将以每股1.223港元的价格收购长虹佳华其他股东持有的5.8亿股普通股，占其总股 本的39.87%。交易完成后，长虹佳华将撤销香港联交所上市地位，四 ...

Financial Performance - The company reported a revenue of 457.67 million yuan for the first half of 2025, representing a year-on-year increase of 69.27% compared to 270.38 million yuan in the same period last year [1] - The net profit attributable to shareholders was 5.08 million yuan, up 20.05% from 4.23 million yuan year-on-year [1] - The net profit after deducting non-recurring items was 4.51 million yuan, reflecting a 19.46% increase from 3.78 million yuan in the previous year [1] - The basic earnings per share increased by 28.57% to 0.09 yuan from 0.07 yuan [1] Profitability Metrics - The gross margin for the first half of 2025 was 23.26%, a decrease of 10.80 percentage points compared to the previous year [2] - The net profit margin was 1.20%, down 0.28 percentage points from the same period last year [2] Expense Analysis - The company's operating expenses for the first half of 2025 totaled 92.31 million yuan, an increase of 5.41 million yuan year-on-year [2] - The expense ratio was 20.17%, which decreased by 11.97 percentage points compared to the previous year [2] - Sales expenses decreased by 14.08%, while management expenses increased by 10.61%, R&D expenses grew by 14.17%, and financial expenses surged by 165.37% [2] Company Background - Beijing Parallel Technology Co., Ltd. was established on February 15, 2007, and is located in Haidian District, Beijing [6] - The company specializes in data center operations and supercomputing cloud services [6] Leadership Information - The chairman and general manager, Chen Jian, received a salary of 1.035 million yuan in 2024, while the vice general manager, He Ling, earned 820,000 yuan [4] - Chen Jian has a strong educational background with a Ph.D. in fluid mechanics from Tsinghua University and has held various technical and managerial positions in notable companies [5]