近日，武商集团股份有限公司（以下简称"武商集团"）发布公告称，其全资子公司武汉江豚数智科技有限公司（以下简称"江豚数科"）与杭州小电科技股份 有限公司（以下简称"小电科技"）的创始人唐永波签署意向协议，拟收购小电科技70%-100%股权，这一跨界并购旨在推动传统零售企业向商业科技公司转 型，也让曾经站在共享经济风口的小电科技再次成为市场焦点。 本次并购交易分为两步，第一步，武商集团受让标的公司小电科技70%股份，剩余30%由唐永波和员工持股平台等持有；第二步，盈利承诺期届满后，武商 集团按照届时协商确定条件收购剩余30%股份。 作为"中国商业第一股"，武商集团的发展轨迹近年略显波折。自1992年上市以来，该公司虽在湖北本地市场积累了深厚基础，但数十年间未能有效突破地域 限制，超九成收入仍依赖本地市场，核心业态集中于10家购物中心和超市。 在电商冲击与消费需求迭代的双重影响下，武商集团业绩呈现波动态势。2022年至2024年该公司营收从63.37亿元波动至71.78亿元后回落至67.04亿元；归母 净利润连续3年维持在2亿-3亿元区间，未能实现实质性增长。2025年前三季度武商集团营收同比下滑11.64%，第三 ...

丨证券研究报告丨 行业研究丨点评报告丨零售业 [Table_Title] 行业点评：从武商集团看零售企业加速数字化转 型 报告要点 [Table_Summary] 2025 年 11 月 29 日武商集团发布公告，其下属全资子公司武汉江豚数智科技有限公司于 2025 年 11 月 28 日与出让方代表唐永波先生签署了《武汉江豚数智科技有限公司关于收购杭州小电 科技股份有限公司的意向协议书》，双方拟进行产业整合和资本合作，拟交易的标的公司股份比 例为 70%-100%区间，最终交易价格以正式交易文件的约定为准。 分析师及联系人 [Table_Author] 李锦 罗祎 张彦淳 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490525080008 SFC：BUV258 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 行业点评：2] 从武商集团看零售企业加速数字化 转型 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 丨证券研究报告丨 零售业 cjzqdt11111 202 ...

Core Insights - The article discusses the acquisition intention of Wuhan Jiangtun Digital Technology Co., Ltd., a wholly-owned subsidiary of Wushang Group, to acquire Hangzhou Xiaodian Technology Co., Ltd. to facilitate the company's transformation from traditional retail to a commercial technology company [1][2] Group 1: Acquisition Details - The acquisition agreement was signed on November 28, 2025, with the intention to acquire between 70% to 100% of Xiaodian Technology's shares, pending legal and financial compliance [1] - The final transaction price has not yet been determined as of the announcement date [1] Group 2: Strategic Objectives - The acquisition aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities to support Wushang Group's strategic shift towards becoming a commercial technology company [2] - The core investment goal is to acquire key digital assets to address challenges in traffic conversion and intelligent management, thereby reconstructing the "people-goods-scene" ecosystem and extending consumption scenarios [2] Group 3: Market Performance - On November 28, Wushang Group's stock closed at 10.17 CNY per share, reflecting a 5.72% increase [3]

Group 1 - The core point of the article is that Wushang Group's subsidiary, Wuhan Jiangtun Digital Technology Co., Ltd., has signed a letter of intent to acquire Hangzhou Xiaodian Technology Co., Ltd. to facilitate a strategic transformation from traditional retail to a commercial technology company [1][2] - The acquisition aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities, addressing pain points in traffic conversion and intelligent management, while enhancing local market dominance [2] - The target company has strong commercial IoT technology capabilities, providing services such as shared charging, shared lockers, smart travel, and smart energy, creating a digital closed-loop that connects people, goods, and venues [1][2] Group 2 - The transaction is expected to allow the company to obtain key digital assets, extend consumption scenarios, and achieve data-driven operations [2] - Upon successful completion of the acquisition, the target company will be included in the company's consolidated financial statements, contributing to the establishment of a comprehensive smart business infrastructure [2] - The ultimate goal is to build long-term core competitiveness through the integration of online and offline operations [2]

Group 1 - The core point of the article is that Wushang Group's subsidiary, Wuhan Jiangtun Digital Technology Co., Ltd., has signed a letter of intent to acquire Hangzhou Xiaodian Technology Co., Ltd. to facilitate a strategic transformation from traditional retail to a commercial technology company [1][2] - The acquisition aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities, addressing pain points in traffic conversion and intelligent management, while enhancing local market dominance [2] - The target company has strong commercial IoT technology capabilities, providing services such as shared charging, shared lockers, smart travel, and smart energy, creating a digital closed-loop that connects people, goods, and venues [1][2] Group 2 - The transaction is expected to allow Wushang Group to build a comprehensive smart commercial infrastructure covering all channels, thereby establishing long-term core competitiveness [2] - The shareholding ratio for the acquisition is proposed to be between 70% and 100%, subject to negotiation between the parties after due diligence [1]