2025年12月9日，美国医疗器械公司泰利福 Teleflex 公布了一笔引人关注的资产出售： 合计20.3亿美元（约合人民币 143亿 ）的对价 ，将旗下 急症护理、介入泌尿 和OEM 三项业务分别转让给不同收购方。 扣除税费后预计净现金收入约18亿美元，交易预计在2026年下半年完成。这笔交易的背后，不仅是财务动作，更是战略 路径的调整。 公司同时宣布最高10亿美元的股票回购计划——在当前资本环境下，"出售资产+回购股票"是一种鲜明的资本叙事。 短期市场反应已经体现心态变化：公告当天股价上涨超过10%。但相比股价波动，更值得讨论的是这家跨国公司选择"在现在"做减法背后的逻辑。 # 从"新公司分拆 "到 "直 接卖 掉" 这不是Teleflex第一次试图把这三项业务从主体公司中"拿出来"。 2025年初，管理层曾宣布筹备分拆一家公司 "NewCo" ，承载泌尿、急症护理及OEM业务，目标2026年上市。 与此同时，剩余的介入、血管通路和外科器械业务留 在"RemainCo"中，更聚焦医院端的高复杂度场景。 那次分拆计划，是在"运营逻辑已经足够独立"这个前提下提出的：它反映的并不是"甩包袱"，而是希望让资产回 ...

Core Viewpoint - The report from China Merchants Securities International indicates that Uni-President China faces ongoing challenges, with a net profit growth of 8% year-on-year to 726 million yuan, which is below market expectations for double-digit growth [1] Financial Performance - Revenue remained flat year-on-year, with the food segment achieving low to mid-single-digit growth, offset by a low to mid-single-digit decline in the beverage segment [1] - The OEM business continued to show strong performance with triple-digit growth [1] Management Guidance - Management reiterated the annual sales growth target of 6% to 8%, but achieving this target is considered challenging due to ongoing inventory destocking in beverages, sluggish consumer demand, and increased promotional efforts [1] - A strong rebound in the fourth quarter is deemed necessary to meet the sales growth target [1] Analyst Rating - The firm maintains a "neutral" rating on the company, lowering the target price from 9.9 HKD to 8.4 HKD [1]

Group 1: Acquisition and Development Strategy - The acquisition of assets from Wenta aligns with the company's philosophy of "internal growth and external mergers" [2] - The company aims to leverage its strengths in management, smart manufacturing, and vertical integration to enhance the acquired assets' performance [2][3] - The goal is to achieve operational efficiency and profitability in both ODM and OEM businesses within the current fiscal year [3] Group 2: Financial Performance and Projections - The transitional losses from the acquisition will be deducted from the final transaction price [3] - The company expects to balance the profits and losses of ODM and OEM businesses within the current year and reach existing operational standards within three years [3][6] - The anticipated return on equity (ROE) for the ODM business is expected to exceed the current ROE of the company within 2-3 years [6] Group 3: Challenges and Solutions - The profitability issues in Wenta's ODM business stem from both external market pressures and internal coordination inefficiencies [4] - The company plans to optimize supply chain and operational processes to enhance overall efficiency and profitability [4] - The competitive landscape poses challenges for new entrants, making mergers a more effective strategy for resource consolidation [9] Group 4: Customer Engagement and Market Response - Customers have positively responded to the acquisition, expressing strong expectations for improved service and product offerings [5][7] - The company is committed to maintaining effective communication with clients to ensure a smooth transition and integration of resources [5][10] - The strategy includes exploring new business models to better meet diverse customer needs while enhancing market competitiveness [10]