2023年2月，好电科技曾完成超1.5亿元A轮融资，由蜂云资本领投，宁德新能源科技有限公司、东方富海、安信证券、浙能集团、创东方投资、合江投资、 国海投资、基石资本、铸美投资等跟投。 来源：猎云网 近日，锂电池材料生产研发商好电科技完成超亿元B轮融资，投资方为尚颀资本、东方富海、深圳西博投资、弘德投资。 深圳好电科技有限公司成立于2011年3月，董事长兼CTO王键博士是锂电粘结剂行业资深专家，发表国际论文7篇，申请超10项国际专利，在技术研发与市场 两方面均具有丰富经验，其核心团队成员均为硕博学历。 好电科技是一家以技术创新为驱动，面向新能源、半导体、增材制造等行业需求，专注于功能性材料定制化开发、生产、销售的国家级高新技术企业、国家 级专精特新重点"小巨人"企业。公司坚持自主创新，多个产品性能达到国际领先水平，实现了我国在该领域高端产品"零的突破"。公司聚焦新能源行业，注 重技术创新与技术领先，拥有完备的材料研发平台和高水平研发团队，在锂电池功能性材料领域积累了丰富的研发、应用及生产经验，为客户高质高效发展 提供有力支撑。 粘结剂是锂离子电池极片的重要组成材料，作为将电极片中活性物质和导电剂粘附在电极集流体 ...

根据公告，日播时尚拟以14.2亿元通过发行股份及支付现金的方式收购四川茵地乐材料科技集团有限公 司（以下简称"茵地乐"）71%股权，同步募集配套资金1.558亿元。 本报讯 （记者张文湘见习记者占健宇）12月11日，日播时尚集团股份有限公司（以下简称"日播时 尚"）发布公告称，公司发行股份及支付现金购买资产并募集配套资金暨关联交易事项已获得上海证券 交易所并购重组审核委员会审核通过。 （文章来源：证券日报） 公告显示，本次交易前，日播时尚主营业务为精品服装的创意设计、材料及工艺技术研发及生产销售， 专注于中高端时尚女装领域。茵地乐主营业务为锂电池粘结剂的研发、生产与销售。本次交易完成后， 日播时尚将进一步丰富业务类型，形成"服装+锂电池粘结剂"的双主业经营格局，有助于拓宽盈利来 源，提高公司的核心竞争力，实现业务拓展和利润增长。 ...

女装卖不动了，就花14.2亿买锂电材料公司，日播时尚的跨界并购于12月10日过会。 两次重组目标均为实控人梁丰持股的资产，但策略明显不同。前次计划完全置出原有业务，实现彻底转 型；此次则保留女装业务，采取渐进式转型路径。 日播时尚的跨界豪赌面临多重风险。首先便是商誉减值风险，6.4亿元的商誉相当于公司2025年一季度 末净资产的几乎全部。 这家以中高端女装为主营业务的公司，计划斥资14.2亿元收购锂电池粘结剂企业茵地乐71%股权，将业 务版图扩展至新能源材料领域。 主业不振推动跨界转型。日播时尚作为传统女装企业，近年来面临增长困境。2024年公司归母净利润亏 损高达1.59亿元，一举吞噬了过往三年累计利润。 标的资产茵地乐全部权益评估值为20.05亿元，较其账面净资产增值103.40%。根据最新调整后的方案， 若交割在2025年底前完成，茵地乐2025——2027年承诺净利润分别不低于2.16亿元、2.25亿元、2.33亿 元。2023年、2024年及2025年1—9月，茵地乐分别实现净利润1.81亿元、2.04亿元和2.47亿元。 本次交易总价14.2亿元，其中股份支付11.61亿元，现金支付2.59亿元。 ...

1.请上市公司代表结合梁丰及其控制的主体与本次交易其他交易对方及相关主体之间存在的共同投资关系、标的公司股权变动情况及 入股资金来源、梁丰在标的公司治理及经营管理中发挥的作用等，说明认定标的公司无实际控制人的理由及合理性。请独立财务顾问代 表、律师代表发表明确意见。 2.请上市公司代表结合标的公司所处行业发展趋势、技术演变、市场空间以及报告期产品收入和销量变化等，说明销售收入和毛利率 预测的合理性、谨慎性。请独立财务顾问代表、评估师代表发表明确意见。 需进一步落实事项： 无。 中国经济网北京12月11日讯 上海证券交易所并购重组审核委员会2025年第21次审议会议于2025年12月10日召开，审议结果显示，日 播时尚集团股份有限公司（股票简称：日播时尚，603196.SH）发行股份购买资产符合重组条件和信息披露要求。 重组委会议现场问询的主要问题： 日播时尚本次拟募集配套资金15,580.00万元，不超过发行股份购买资产交易价格的100%。本次拟募集配套资金发行股票的数量为 20,000,000股，不超过本次发行股份及支付现金购买资产完成后上市公司总股本的30%。本次募集配套资金的发行价格为7.79元/股，不 ...

Core Viewpoint - The A-share M&A market is experiencing significant growth driven by policy catalysts, with over 70 listed companies announcing major M&A activities since November, particularly in the TMT sector, as companies seek to enhance their value through strategic acquisitions [1] Group 1: TMT Sector Focus - The TMT sector, especially semiconductor companies, is at the forefront of M&A activities, with firms like Xidi Micro and Hu Silicon Industry making significant acquisitions to strengthen their positions in the semiconductor supply chain [2] - Notable transactions include Xidi Micro's acquisition of Chengxin Micro and Hu Silicon's acquisition of three semiconductor material companies, indicating a trend of companies seeking to consolidate and enhance their technological capabilities [2] - Companies like SIRUI and Puran are also involved in significant M&A activities, with SIRUI planning to acquire a stake in Aola Semiconductor, which complements its existing product offerings [2][3] Group 2: Acquisition Methods - Issuing shares for asset purchases has become the predominant method for M&A, accounting for nearly 40% of recent announcements, while cash acquisitions represent about 25% [5] - Traditional industries are increasingly looking to enter the tech sector through cross-industry acquisitions, often utilizing share issuance due to limited cash reserves [5] Group 3: Cross-Industry Acquisitions - Companies like Ribo Fashion and Hason are attempting to diversify into new sectors, such as lithium battery materials and precision metal components, respectively, to counter declining profitability in their core businesses [6][7] - Ribo Fashion's acquisition of a majority stake in a special chemical materials company is part of its strategic transformation, while Hason's multiple acquisitions aim to expand its product offerings amid ongoing financial struggles [6][7]

Core Viewpoint - Ribo Fashion Group plans to acquire 71% of Sichuan Yindile Material Technology Group for a transaction price of 1.42 billion yuan, aiming to diversify its business into lithium battery binder production, which is experiencing high demand due to the growth of the new energy industry [2][4]. Group 1: Transaction Details - The acquisition will be executed through a combination of issuing shares and cash payments, with the company also raising supporting funds [2]. - The performance commitment period has been adjusted to cover the fiscal years 2025, 2026, and 2027, with minimum audited net profit targets set at 216 million yuan, 225 million yuan, and 233 million yuan respectively [2]. - If the transaction closes after December 31, 2025, the performance commitment period will be extended to 2026, 2027, and 2028, with corresponding adjustments to the profit targets [2]. Group 2: Share Lock-up and Release Rules - The revised plan has stricter unlocking rules, removing previous provisions that allowed for share release based on cumulative performance achievements [3]. - The lock-up period for shares acquired through this transaction has been extended to 24 months if the underlying equity has been held for over 12 months, and 36 months if held for less [3]. - The actual controller of the company and related parties have committed not to reduce their holdings before the transaction is completed and for 36 months thereafter [3]. Group 3: Industry Context and Strategic Rationale - Yindile is a leading company in the research, production, and sales of lithium battery binders, specifically PAA-based water-based binders, holding a 49% market share in the domestic market for this product [4]. - The acquisition aligns with the growing demand for lithium battery binders driven by the rapid expansion of the new energy sector, providing Ribo Fashion with new growth opportunities and risk diversification [5]. - The move is seen as a strategic response to the competitive pressures in the apparel industry, allowing the company to leverage Yindile's market position and technological advantages [5].

Core Viewpoint - The company, Ribo Fashion, is pursuing a significant cross-industry acquisition of 71% equity in Sichuan Yindile Material Technology Group for a transaction value exceeding 1.42 billion yuan, aiming to diversify into the lithium battery adhesive sector amid declining performance in its core fashion business [1][3]. Group 1: Acquisition Details - The acquisition involves a payment structure of both shares and cash, with a total consideration of 1.42 billion yuan [1]. - The target company, Yindile, specializes in lithium battery adhesives and has a strong patent portfolio, having achieved revenues of approximately 503.47 million yuan in 2023 and 637.55 million yuan in 2024 [4]. - The acquisition is expected to create a dual business model for Ribo Fashion, combining fashion and lithium battery adhesives, leveraging the controlling shareholder's experience in the lithium industry [4]. Group 2: Financial Performance - Ribo Fashion reported a net loss of 159 million yuan in 2024, marking its largest loss since going public, with a revenue decline of 15.68% due to various external factors [2]. - The valuation of the acquisition is based on a price-to-earnings ratio of 9.84 and a price-to-book ratio of 2.03, with an assessed value increase of 103.4% for the target company [5][6]. Group 3: Market Context - The company aims to address the challenges faced in the fashion industry, including increased competition and rising costs, by entering the lithium battery adhesive market, which has significant growth potential [3]. - The adhesive products are critical for lithium battery performance, indicating a strategic move to tap into a growing market with substantial demand from battery manufacturers [3].

Core Viewpoint - The company 日播时尚 is pursuing a strategic acquisition of 71% equity in 茵地乐 for 1.42 billion yuan, aiming to diversify its business into the lithium battery adhesive sector, reflecting a shift from its traditional apparel focus [2][4][5]. Acquisition Details - The acquisition price for 茵地乐 is set at 1.42 billion yuan, with an estimated total equity value of 2.005 billion yuan based on the income approach [4]. - The projected net profit for 茵地乐 in 2024 is 204 million yuan, with a net asset value of 986 million yuan, resulting in a price-to-earnings ratio of 9.84 and a price-to-book ratio of 2.03 [4]. - The expected revenue growth for 茵地乐 is from 692 million yuan in 2025 to 903 million yuan by 2030, indicating a compound annual growth rate (CAGR) of 5.47% [4]. - The sales volume is projected to increase from 655,000 tons in 2025 to 957,000 tons by 2030, with a CAGR of 7.88% [4]. Market Context - The growth rates for 茵地乐's products are aligned with the expanding markets for new energy, power batteries, and energy storage, suggesting a robust demand outlook [4]. - The concentration of sales revenue from the top five customers is high, accounting for 61.11%, 63.75%, and 62.9% in recent years, indicating a stable customer structure [4]. Company Background - 日播时尚, established in 1995, has faced challenges in its core apparel business, with a notable decline in revenue and profitability in recent years [8]. - The company reported a revenue of 378 million yuan in the first half of the year, a year-on-year decrease of 7.92%, but achieved a net profit of 38.29 million yuan, marking a return to profitability [8][9]. - The decline in revenue is attributed to a reduction in the number of stores, with a total of 556 stores as of June, down by 75 from the previous year [8][9]. Strategic Shift - The change in control to 梁丰 aims to optimize the shareholder structure and facilitate a transition towards strategic emerging industries, as the original apparel business has shown limited growth potential [5]. - The company is seeking to establish a dual business model combining apparel and lithium battery adhesives to create a new growth trajectory [5].

Core Insights - The event "2025 Shanghai Listed Companies Collective Reception Day and Mid-Year Performance Briefing" was successfully held on September 19 [1] - The company reported a net profit attributable to shareholders of 38.2876 million yuan for the first half of 2025, marking a turnaround from losses [1] - The company is in the process of acquiring 71% of Sichuan Yindile Material Technology Group Co., Ltd. through a combination of issuing shares and cash payment, which constitutes a major asset restructuring [1] - Yindile is the first enterprise in the industry to focus on water-based binders for lithium batteries, specifically PAA-type binders [1] - Post-acquisition, the company aims to develop a dual business model of "apparel + lithium battery binders" [1]

Group 1 - The core viewpoint of the article is that Shanghai fashion giant Ribo Fashion plans to acquire a 71% stake in Sichuan Indele Material Technology Group and raise matching funds, which will make Indele a subsidiary of Ribo Fashion [1][5] - Ribo Fashion's main business has been struggling due to economic downturns, increased competition, and rising costs, prompting the company to seek a second growth curve by entering the lithium battery adhesive industry [5][6] - Ribo Fashion's performance in 2024 showed a decline, with revenue of 866 million yuan, a year-on-year decrease of 15.68%, and a net profit loss of 159 million yuan, but it is expected to turn profitable in the first half of 2025 with a projected net profit of 35 million to 42 million yuan [6] Group 2 - Indele is a leading company in the lithium battery materials sector, focusing on the research, production, and sales of lithium battery adhesives, and is the first in the industry to specialize in PAA-type water-based adhesives [8] - According to GGII statistics, Indele holds a market share of 49% in the domestic PAA lithium battery adhesive market in 2024, with strong customer resources including major lithium battery manufacturers like BYD and CATL [8] - Indele's financial performance shows revenues of 503 million yuan, 638 million yuan, and 317 million yuan for 2023, 2024, and the first five months of 2025 respectively, with net profits of 181 million yuan, 204 million yuan, and 130 million yuan for the same periods [8]