证券研究报告 | 投资策略研究*周报 2025 年 09 月 05 日 投资策略研究 并购重组周报（2025/08/29-2025/09/04） 2025/08/29-2025/09/04 期间，新增并购重组的上市公司有 1家，为汇 金股份，涉及的并购重组事件有 1个，涉及的上市公司为竞买方，本期间并 购重组上市公司涉及的行业为计算机行业。 汇金股份：公司的核心业务是智能制造和信息化综合解决方案。其中，智能 制造业务主要包括智慧金融设备、智能办公设备、自助终端设备、高端钣金 产品、零部件加工及捆扎带等，重点服务于银行、政企政务、司法等领域， 提供安全、高效的现金处理及智能化办公设备。信息化综合解决方案业务则 涵盖信息系统集成、数据中心建设及运营等，为客户提供定制化的软硬件一 体化服务。2024 年 8 月，公司完成了对全资子公司石家庄汇金供应链管理有 限公司 100%股权的转让，自此，公司主营业务调整为智能制造业务和信息 化综合解决方案业务，不再包含供应链业务。本次交易中，公司于 2025 年 8 月 29 日与库珀新能源股份有限公司（以下简称"库珀新能"）的股东于春生 签署了《支付现金购买资产意向协议》，拟 ...

Financial Performance - The company achieved a revenue of 1.28 billion CNY in the first half of 2025, representing a year-on-year growth of 24% [3] - Net profit attributable to shareholders reached 37 million CNY, with a significant increase of 115% compared to the previous year [3] Business Segment Performance - Printing and scanning business generated 270 million CNY, up 34%, accounting for 21% of total revenue [3] - Smart self-service terminals brought in 340 million CNY, a 62% increase, making up 27% of total revenue [3] - Smart financial devices saw a revenue of 170 million CNY, down 23%, representing 13% of total revenue [4] - Intelligent logistics equipment revenue surged to 120 million CNY, a 130% increase, contributing 9% to total revenue [4] - Service operation business earned 190 million CNY, growing 13%, and accounted for 15% of total revenue [4] - Key components maintained stable revenue of 130 million CNY, representing 11% of total revenue [4] Market Performance - Domestic market revenue was 750 million CNY, a 15% increase from 650 million CNY, accounting for 58% of total revenue [4] - Overseas market revenue reached 530 million CNY, a nearly 40% increase from 380 million CNY, making up 42% of total revenue [4] Strategic Insights - The company focuses on "unmanned and less manpower" strategies to achieve quality growth [3] - The overseas business has a gross margin of nearly 40%, which is 10%-15% higher than similar domestic businesses [7] - The company is actively expanding its presence in emerging markets and enhancing its global supply capabilities [7] Future Outlook - The company is exploring new demands in digital currencies and stablecoins, aligning with its strategic planning [9] - The Thai factory is set to produce specialized printing and scanning products, with an annual capacity of hundreds of thousands of units [9]

Group 1: Company Strategy and Growth - The company initiated a second entrepreneurship in 2015, focusing on "unmanned and less manpower" in specific sectors such as finance, logistics, and healthcare, forming a strategic layout of "one body, two wings, and eight major businesses" [5] - The three strategic growth curves include: 1. First curve: stable growth in printing, scanning, and smart terminal products, expected to support revenue and profit growth in the next 2-3 years 2. Second curve: new retail operations and logistics automation, aimed at rapid growth in the next 3-5 years 3. Third curve: key component business, focusing on long-term competitive advantages over the next 5-7 years [5] Group 2: Financial Performance - In 2024, the company achieved revenue of CNY 2.376 billion, a year-on-year increase of 8.52%, and a net profit of CNY 48.54 million, up 152% [6] - The revenue composition includes: - Printing and scanning products: CNY 446 million (18.78%) - Smart self-service terminals: CNY 513 million (21.61%) - Smart financial devices: CNY 502 million (21.11%) - Smart logistics equipment: CNY 164 million (6.91%) - New retail operations: CNY 355 million (14.93%) - Key components: CNY 290 million (12.21%) [7] Group 3: Market Expansion and Product Development - The company has established long-term partnerships with leading logistics firms in Europe, expanding its market share in countries like Germany and Greece, with overseas revenue reaching CNY 999.2 million, a 24% increase, accounting for 42% of total revenue [7][10] - The logistics automation segment focuses on providing comprehensive solutions, including core components and integrated services, maintaining a leading market share in products like single-item separation and linear sorting machines [8] Group 4: Future Growth Areas - The smart financial devices segment is expected to grow due to domestic market trends, including the need for cash management solutions and the replacement of aging equipment, with an estimated market of 500,000 to 600,000 units [11][12] - The new retail operations are characterized by technological innovation and a focus on both public and commercial points, aiming to create a differentiated competitive advantage through a dense network of service points [13][14]