一场历时6年多的并购对赌纠纷终迎终审胜诉，上市公司 英威腾 却难言轻松。2025年12月31日，广东高 院判决瀚瑞德公司需向英威腾支付6499.88万元及利息。但瀚瑞德公司早在2019年就已注销，英威腾赢 了判决却很难拿到钱，因为"赔款要看瀚瑞德公司股东是否还有可执行资产"。 防注销方面，应明确约定防注销条款和无限追偿责任，要求标的公司原股东在公司注销后，仍需对业绩 承诺等义务承担连带责任，且追偿时效不受公司注销影响。同时可设定"反向担保"条款，要求原股东以 个人资产或关联公司资产为业绩承诺提供担保。 上述事情要追溯到2017年。当年英威腾计划以2.5亿元收购 新能源 汽车电机企业普林亿威100%股权， 后者原股东瀚瑞德公司（持股53.25%）等承诺普林亿威2017~2019年净利润分别不低于1500万元、3000 万元和5500万元。2018年，因市场变化，收购价下调至1.5亿元，业绩承诺变更为2017~2020年净利润总 额不低于5500万元。此时，瀚瑞德公司已背负或有负债——只要普林亿威未达成承诺利润，其补偿义务 即会转化为确定债务。 但到了2019年5月，英威腾发现瀚瑞德公司已在当年1月注销且未履行告 ...

1月5日晚间，英威腾公告称，公司于2025年12月31日收到广东省高级人民法院出具的《民事判决书》。根据《民事判决书》，深圳市瀚瑞德创新投资有限 公司（以下简称"瀚瑞德公司"）应在判决发生法律效力之日起十日内，向英威腾支付6499.88万元及相应期限内利息。 每经记者｜孔泽思 每经编辑｜许绍航 魏文艺 历经数年，英威腾（SZ002334，股价9.03元，市值74.29亿元）追偿业绩补偿款维权案迎来终审胜诉。 图片来源：英威腾公告 不过，《每日经济新闻》记者（以下简称"每经记者"）注意到，瀚瑞德公司早在2019年1月已完成注销。1月6日上午，英威腾相关工作人员回复每经记者 称，赔款要看瀚瑞德公司股东是否还有可执行资产等，公司一直在努力推动（追款）。 到了2019年5月，英威腾公告称，发现瀚瑞德公司当年1月就在工商管理部门完成注销，且瀚瑞德公司股东在注销前、注销后均未履行告知义务。若普林亿 威业绩承诺期净利润未达到考核目标，英威腾向瀚瑞德公司追索业绩补偿款将受到影响。同年，英威腾在深圳对瀚瑞德公司提起诉讼。 标的公司原股东注销"跑路" 英威腾这起维权案件，源于数年前的收购事项。 2017年，英威腾主要产品涵盖工业 ...

更让美国焦虑的是，中国对美出口依赖度已大幅下降。 八年贸易战期间，中国对美出口占比从21.2%降至14%，同时通过东盟、墨西哥等第三方市场重构贸 易网络。 2024年，中国对东盟出口占比升至16.4%，墨西哥对美汽车出口占比从28%涨至41%。 产业链不再是"中国—美国"单线模式，而是"中国—全球"的 多节点网络。 美国封堵的是一张桌子，中国早已铺开十张桌子。 美国企业界最先感受到压力。 原材料涨价、中间品短缺、订单周期打乱，指望关税保护的企业没等来复苏，只等来更高的运营成本。 特斯拉、苹果等巨头 不仅没撤离中国市场，反而加码投资，因为离开中国供应链意味着成本激增。 美国农民更惨，大豆出口受挫后，政府只能发放300亿美元补贴填坑，而这些 钱又来自新增国债。 左手收关税，右手撒补贴，财政窟窿越捅越大。 2025年10月，中国对稀土开采、冶炼及磁材制造实施出口管制，首次引入"最小占比规则"：只要产品含0.1%中国稀土成分，就必须申请许可。 稀土是F-35 战机、新能源汽车电机的核心材料，美国85%的稀土精炼产品依赖中国。 管制令一出，美国国防承包商78%的生产线面临停摆风险，第六代战机量产可能推 迟5年。 202 ...

Core Viewpoint - The company is well-positioned to capitalize on the market opportunities presented by integrated die-casting technology, particularly as major automotive manufacturers like Tesla, NIO, and Xpeng adopt aluminum alloy high-pressure die-casting processes [2]. Group 1: Company Positioning - The company is one of the earliest in China to focus on large magnesium-aluminum alloy die-casting equipment, indicating a strong market presence [2]. - It possesses large vacuum die-casting equipment with capacities of 6100T and 4200T, showcasing its capability to handle various production needs [2]. - The company offers a comprehensive service capability that includes mold development, die-casting forming, precision machining, and inspection [2]. Group 2: Market Strategy - The company has established die-casting bases in East, Central, and South China, which contributes to its scale effect in production [2]. - Its products are integral components for new energy vehicles, including electric motors, electronic controls, and battery packs, indicating a strategic alignment with industry trends [2]. - The company has successfully entered the supply chains of notable clients such as Tesla, BYD, Thyssenkrupp, and Harman, reflecting its competitive positioning in the market [2].

Core Viewpoint - The company is well-positioned to capitalize on the market opportunities presented by integrated die-casting technology, particularly as major automotive manufacturers like Tesla, NIO, and Xpeng adopt aluminum alloy high-pressure die-casting processes [1] Group 1: Company Positioning - The company is one of the earliest players in China to focus on large magnesium-aluminum alloy die-casting equipment [1] - It possesses large vacuum die-casting equipment with capacities of 6100T and 4200T, enabling a comprehensive service capability from mold development to die-casting forming, precision machining, and testing [1] - The company has established die-casting bases in East, Central, and South China, creating a certain scale effect [1] Group 2: Product Offerings - The products manufactured by the company include core components for new energy vehicles such as electric motors, electronic controls, and battery packs [1] - The company has successfully entered the supply chains of notable clients including Tesla, BYD, Thyssenkrupp, and Harman [1]

Core Viewpoint - The stock of Xing Shuai Er has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 38.39%, indicating volatility in its market performance [1][2]. Company Overview - Xing Shuai Er Electric Co., Ltd. is located in Fuyang District, Hangzhou, Zhejiang Province, and was established on May 15, 2002, with its listing date on April 12, 2017. The company specializes in the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminal blocks, temperature controllers for small appliances, and small to medium-sized motors [2]. - The main business revenue composition includes: 48.44% from solar photovoltaic components, 34.62% from compressors and small appliance components, 9.78% from motors for food waste disposers, new energy vehicles, and clean water pumps, 5.69% from other sources, and 1.47% from optical communication and sensor components [2]. Financial Performance - As of June 30, 2025, Xing Shuai Er reported a revenue of 1.132 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to shareholders of 122 million yuan, reflecting a year-on-year increase of 31.79% [3]. - The company has distributed a total of 225 million yuan in dividends since its A-share listing, with 96.91 million yuan distributed over the past three years [4]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xing Shuai Er was 18,800, a decrease of 7.51% from the previous period, with an average of 18,561 circulating shares per person, an increase of 10.20% [3]. - New institutional shareholders include Guotai Junan Eagle Growth Flexible Allocation Mixed Fund, Huafu Technology Momentum Mixed A, and Caitong Asset Management Advanced Manufacturing Mixed Fund, among others [4].

Core Insights - The Weifang Comprehensive Bonded Zone has achieved significant growth in import and export volumes, surpassing 200 billion to 800 billion yuan, and has ranked in the top 10 nationally for three consecutive years from 2022 to 2024, leading the province [1] - The foreign trade sector has seen a doubling in the number of active enterprises, with over 400 companies now engaged, and high-tech products making up over 70% of exports [1] - The virtual reality industry, led by GoerTek, has reached a cumulative output value of over 100 billion yuan, capturing 80% of the global mid-to-high-end market share for VR products [3] Group 1: Trade Performance - The total import and export volume of the Weifang Comprehensive Bonded Zone is projected to reach 856.9 billion yuan in 2024, contributing to 25% of the city's total trade despite occupying less than 0.1% of the land area [1] - The number of enterprises with import and export volumes exceeding 100 million yuan has exceeded 120 [1] Group 2: Industry Development - The automotive equipment and intelligent manufacturing sector, represented by companies like Dana and Petrel, has seen significant growth, with domestic market shares exceeding 80% for key products [3] - The high-tech industry now accounts for over 90% of the total output value in the region, with a focus on green and low-carbon development [3] Group 3: New Business Models - The establishment of platforms for incubation, rapid customs clearance, and exhibition has facilitated cross-border trade, with eBay and Amazon setting up operations in the region [4] - Cross-border e-commerce import and export volumes are expected to exceed 18 billion yuan in 2024, making it the largest in the province [4] Group 4: Business Environment - The introduction of a "one-stop" integrated service for foreign trade has significantly reduced processing times for enterprise access and export tax refunds [5] - Weifang has been recognized as one of the best cases for innovative practices in streamlining administrative processes in the province [5]

Core Insights - The Weifang Comprehensive Bonded Zone has achieved significant growth in import and export volumes, surpassing 200 billion to 800 billion yuan, and has been ranked among the top 10 in national performance evaluations for three consecutive years from 2022 to 2024, leading the province [1] - The foreign trade sector has seen a doubling in the number of active enterprises, with over 400 companies now engaged, and more than 120 enterprises achieving import and export volumes exceeding 100 million yuan, with high-tech products accounting for over 70% of exports [1][3] - The virtual reality industry, led by GoerTek, has reached a cumulative output value exceeding 100 billion yuan, capturing over 80% of the global mid-to-high-end market share for VR products [3] Group 1 - The Weifang Comprehensive Bonded Zone's import and export volume is projected to reach 856.9 billion yuan by 2024, contributing to 25% of the total import and export volume of the city while occupying less than 0.1% of its land area [1] - The automotive equipment and intelligent manufacturing industry is expanding rapidly, with major products like generators and starters holding over 80% market share in domestic commercial vehicles, and over 80% of new energy vehicle motors exported to Europe and the United States [3] - The high-tech industry in the region accounts for over 90% of the total output value, with a focus on green and low-carbon development, recognized as a provincial green industrial park [3] Group 2 - New business models are emerging, with the establishment of platforms for incubation, rapid customs clearance, and exhibitions, alongside partnerships with leading companies like eBay and Amazon, facilitating cross-border trade [5] - The cross-border e-commerce sector is expected to exceed 18 billion yuan in import and export volume by 2024, with the "cross-border e-commerce + industrial belt" export scale ranking first in the province [5] - The government has implemented a "one-stop" integrated service for foreign trade, significantly reducing processing times for enterprise access and export tax refunds, and has launched pilot projects for cross-border e-commerce tax guarantees and international road transport [7][8]

Core Insights - On August 16, 2023, Seres Group announced that its subsidiary, Seres Automotive, acquired a 48.54% stake in its subsidiary, Jinkang Power, from the minority shareholder, Science City Urban Operation Group, for 663 million yuan [2] - Following this transaction, Seres Automotive's ownership in Jinkang Power increased from 51.46% to 100% [2] - Jinkang Power, established on January 5, 2018, has a registered capital of 1.03 billion yuan and specializes in providing solutions for electric vehicle power systems, focusing on electric motors and electronic control systems [2] Company Overview - Jinkang Power has significant technological expertise and research capabilities in the core components of electric vehicles, with leading self-developed motor and electronic control technologies [2] - The company has established 22 production lines for motor manufacturing and 6 production lines for electronic control manufacturing, with an annual production capacity of 1 million complete vehicle powertrains [2] - For the fiscal year 2024, Jinkang Power's revenue is primarily expected to come from its subsidiary, Chongqing Wanjie Automotive Sales Co., Ltd., with projected sales of 40.871 billion yuan from complete vehicles and auto parts [2] Strategic Implications - The acquisition is expected to enhance the overall operational decision-making efficiency of the company and improve synergies between subsidiaries, maximizing operational effectiveness and shareholder value [2] - This transaction will strengthen the company's research and development capabilities in the electric vehicle sector, enhancing its competitive advantages and helping achieve overall business objectives [2]

Core Viewpoint - The company announced the acquisition of a 48.54% stake in its subsidiary, Chongqing Jinkang Power New Energy Co., Ltd., from a minority shareholder, which will increase its ownership from 51.46% to 100% [1] Group 1: Acquisition Details - The transaction price for the acquisition is 66.345 million yuan [1] - The acquisition is aimed at enhancing overall operational decision-making efficiency and maximizing operational benefits through improved synergy among subsidiaries [1] Group 2: Business Operations - Jinkang Power's main products include electric motors and electronic control systems for new energy vehicles [1] - In 2024, Jinkang Power's revenue is expected to primarily come from the sales of complete vehicles and auto parts, amounting to 40.871 billion yuan [1]