<p><em>阿里巴巴支持的电子商务公司将支付 9.94 亿元人民币收购金通灵 25% 的股份，金通灵是一家正在进行法院主导重组的工业设备制造商</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>汇通达将支付近 10 亿元人民币收购陷入困境的金通灵 25% 的股份，这一价格相较于深圳上市公司的近期股价有着显著折扣</li>
<li>汇通达相信金通灵在快速的法院主导重组后将迅速恢复盈利，并可能成为其电子商务业务的重要供应商</li>
</ul>
<p>当你坐拥一大笔来自一家规模庞大但盈利能力不强的电子商务公司的现金时，你该怎么办？如果你是 <strong>汇通达网络有限公司</strong>（9878.HK），你会花一部分钱以大幅折扣收购一家陷入困境但可能在重组后迅速恢复健康的供应商的可观股份。</p>
<p>这个故事对汇通达来说似乎相当积极，汇通达在周五宣布将以 9.94 亿元人民币（约合 1.39 亿美元）收购深圳上市的 <strong>金通灵科技集团有限公司</strong>（300091.SZ）25% 的股份。该交易的财务条款对汇通达来说相当不错，汇通达提议以每股 1.3996 元的价格购买 711 万股金通灵的股份，这一价格相较于过去 120 个交易日的平均股价有 50% 的折扣。</p>
<p>这项投资对汇通达来说似乎也具有战略意义，汇通达以批量采购工业和其他商品，并通过其电子商务平台向中国较小城市和乡镇的企业销售，通常被称为 “下沉市场”。作为一家相对大型的工业鼓风机、压缩机、蒸汽涡轮机和工业锅炉制造商，金通灵的产品应该与汇通达的客户需求相匹配。</p>
<p>但两家公司投资者似乎对这笔交易并不太看好。汇通达的投资者最不满意，交易宣布后，汇通达的股价在周一早盘下跌了 12.4%，最终在午盘时下跌了 10.1%。金通灵的投资者最初对这笔交易表示赞赏，开盘时股价上涨，但在交易日中段又改变了主意，股价下跌了约 2.2%。</p>
<p>这笔交易对汇通达来说看起来相对合理，因为它将为公司提供更多的产品，预计以金通灵的优惠价格采购。当然，最大的风险在于金通灵能否在持续重组后恢复到早期强劲的增长和盈利水平。在中国当前的经济环境下，这可能并不容易，许多企业在疲软的需求中苦苦挣扎。</p>
<p>从金通灵的角度来看，这笔交易也看起来相当合理，尽管一些投资者可能对汇通达以大幅折扣获得股份感到不满。但一家陷入困境的公司不能在这方面过于挑剔，而这项新投资不仅将为金通灵带来超过 1 亿美元的急需现金，还可能为其产品提供一个重要的新销售渠道。</p>
<p>&#34;（金通灵）在高端制造行业运营，其核心业务在国内排名一流，拥有强大的行业地位和竞争力。由于历史原因，（它）目前面临暂时的运营困难，旨在通过此次破产重组克服困境，恢复运营能力，&#34;汇通达在公告中写道。&#34;预计重组完成后，将迅速实现盈利，并进入快速发展阶段，得益于资本和资产的双重注入。&#34;</p>
<h4><strong>稳定的业务，低利润率</strong></h4>
<p>汇通达当然可以利用金通灵的投资作为催化剂来振兴自身业务，该业务相对稳定，但由于公司作为电子商务中介的地位，利润率极低。汇通达在 2022 年以每股 43 港元的 IPO 价格上市，背靠电子商务巨头阿里巴巴，试图通过其针对中国下沉市场的电子商务故事吸引投资者。但自那以来，股价已损失约三分之二，现交易价格约为 15 港元。</p>
<p>尽管如此，汇通达仍然盈利，并在投资和分析界拥有强大的支持。即使在过去三年的股价下跌后，其股票仍以 20 的前瞻市盈率（P/E）交易，几乎是 <strong>PDD Holdings</strong>（PDD.US）针对中国下沉市场消费者的 11 的两倍。它的前瞻市盈率也几乎是另一家针对折扣购物者的电子商务公司 <strong>唯品会</strong>（VIPS.US）6 的近三倍。雅虎财经调查的五位分析师均将汇通达评级为 “买入” 或 “强烈买入”。</p>
<p>汇通达的高市盈率和强大的分析师支持对其来说略显意外，因为其自身的财务状况最近并不那么令人兴奋。该公司在 2023 年时增长强劲，收入同比增长 24%。但去年情况发生逆转，收入下降了 29%。今年上半年，收入同比再次下降 26%，从去年同期的 329 亿元降至 243 亿元。</p>
<p>该公司表示，收入下降部分是由于其剥离了低效业务并建立了自己的品牌。这或许可以解释为什么尽管收入下降，该公司在今年上半年利润仍增长了 11%，从去年同期的 1.25 亿元增至 1.39 亿元。其毛利率也从去年的 3.5% 提高至今年上半年的 4.6%。这两个数字由于汇通达的中介商业模式而相对较低，但它们的改善表明公司正在努力保持盈利。</p>
<p>截至 6 月底，汇通达拥有 67.4 亿元的现金及现金等价物，显示其可以轻松利用自身财务资源购买金通灵的股份。</p>
<p>金通林的情况看起来有些不确定。自四月以来，该公司因一位债权人的申请而进行重组。负责此事的南通市法院已接受公司的预重组申请，显示案件进展相对较快。金通林目前的财务状况有些不稳，2025 年上半年其收入同比下降 48%，降至 3.7 亿元，亏损从一年前的 7600 万元增至 2.02 亿元，增幅超过一倍。</p>
<p>法院迅速解决金通林案件似乎表明该公司的困难并不太严重，这可能是汇通达对其新合作伙伴能够迅速恢复盈利充满信心的原因。如果真是如此，这笔收购可能为汇通达未来的发展提供强有力的模板，该公司将利用其强大的现金流和稳健的盈利能力收购潜在供应商的战略股份。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

阿里巴巴

阿里巴巴-W

<p>汇通达网络有限公司在阿里巴巴的支持下，将投资 9.94 亿元人民币以获得正在进行法院主导重组的供应商金通灵 25% 的股份。此次投资以金通灵近期股价的 50% 折扣进行，旨在增强汇通达在其电子商务平台上的产品供应。尽管有战略上的考虑，汇通达的股票在公告后下跌了 10.1%，而金通灵的股票最初上涨后又回落。分析师对汇通达持乐观态度，尽管其近期股价下跌和利润率较低，仍将其评级为 “买入” 或 “强力买入”</p>

<p><em>The Alibaba-backed e-commerce company will pay 994 million yuan for 25% of Jin Tong Ling, a maker of industrial equipment now undergoing a court-led restructuring</em></p>
<div class="lb-trans"><p><em>阿里巴巴支持的电子商务公司将支付 9.94 亿元人民币收购金通灵 25% 的股份，金通灵是一家正在进行法院主导重组的工业设备制造商</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Huitongda will pay nearly 1 billion yuan for 25% of the struggling Jin Tong Ling, representing a steep discount to the Shenzhen-listed company's recent stock price</li>
<li>Huitongda believes Jin Tong Ling will quickly return to profitability following a quick court-led restructuring, and could become an important supplier for its e-commerce business</li>
</ul>
<div class="lb-trans"><ul>
<li>汇通达将支付近 10 亿元人民币收购陷入困境的金通灵 25% 的股份，这一价格相较于深圳上市公司的近期股价有着显著折扣</li>
<li>汇通达相信金通灵在快速的法院主导重组后将迅速恢复盈利，并可能成为其电子商务业务的重要供应商</li>
</ul>
</div><p>What do you do when you're sitting on a large pile of cash from an e-commerce business that's big but not extremely profitable? If you're <strong>Huitongda Network Co. Ltd.</strong> (9878.HK), you spend a chunk of that money to buy a sizable stake at a big discount in a supplier that's fallen on hard times but could soon return to health following a reorganization.</p>
<div class="lb-trans"><p>当你坐拥一大笔来自一家规模庞大但盈利能力不强的电子商务公司的现金时，你该怎么办？如果你是 <strong>汇通达网络有限公司</strong>（9878.HK），你会花一部分钱以大幅折扣收购一家陷入困境但可能在重组后迅速恢复健康的供应商的可观股份。</p>
</div><p>The story seems positive enough for Huitongda, which <strong>announced</strong> on Friday it would acquire 25% of Shenzhen-listed <strong>Jin Tong Ling Technology Group Co. Ltd.</strong> (300091.SZ) for 994 million yuan ($139 million). The deal's financial terms look quite good for Huitongda, whose proposed purchase of 711 million Jin Tong Ling shares at a price of 1.3996 yuan per share represents a 50% discount to the stock's average price over the last 120 trading days.</p>
<div class="lb-trans"><p>这个故事对汇通达来说似乎相当积极，汇通达在周五宣布将以 9.94 亿元人民币（约合 1.39 亿美元）收购深圳上市的 <strong>金通灵科技集团有限公司</strong>（300091.SZ）25% 的股份。该交易的财务条款对汇通达来说相当不错，汇通达提议以每股 1.3996 元的价格购买 711 万股金通灵的股份，这一价格相较于过去 120 个交易日的平均股价有 50% 的折扣。</p>
</div><p>The investment also seems to make strategic sense for Huitongda, which buys industrial and other goods in bulk and sells them over its e-commerce platform to businesses in smaller Chinese cities and towns, locally referred to as &#34;sunken markets.&#34; As a relatively large maker of industrial blowers, compressors, steam turbines and industrial boilers, Jin Tong Ling's products should be a good match for Huitongda's customers.</p>
<div class="lb-trans"><p>这项投资对汇通达来说似乎也具有战略意义，汇通达以批量采购工业和其他商品，并通过其电子商务平台向中国较小城市和乡镇的企业销售，通常被称为 “下沉市场”。作为一家相对大型的工业鼓风机、压缩机、蒸汽涡轮机和工业锅炉制造商，金通灵的产品应该与汇通达的客户需求相匹配。</p>
</div><p>But investors in both companies didn't seem to think too highly of the deal. Huitongda's investors were the least satisfied, with the stock falling as much 12.4% in Monday morning trade after the deal was announced before closing down 10.1% at the midday break. Jin Tong Ling investors initially applauded the deal, sending the stock up when trading began, only to change their minds and bid the shares down by about 2.2% at the middle of the trading day.</p>
<div class="lb-trans"><p>但两家公司投资者似乎对这笔交易并不太看好。汇通达的投资者最不满意，交易宣布后，汇通达的股价在周一早盘下跌了 12.4%，最终在午盘时下跌了 10.1%。金通灵的投资者最初对这笔交易表示赞赏，开盘时股价上涨，但在交易日中段又改变了主意，股价下跌了约 2.2%。</p>
</div><p>The deal looks relatively sound for Huitongda, as it will provide the company with more products for its platform, presumably at nice discounts from Jin Tong Ling. The big risk, of course, is whether Jin Tong Ling can return to its earlier days of strong growth and profits following its ongoing restructuring. That could be easier said than done in China's current economic climate, where many businesses are struggling amid sluggish demand.</p>
<div class="lb-trans"><p>这笔交易对汇通达来说看起来相对合理，因为它将为公司提供更多的产品，预计以金通灵的优惠价格采购。当然，最大的风险在于金通灵能否在持续重组后恢复到早期强劲的增长和盈利水平。在中国当前的经济环境下，这可能并不容易，许多企业在疲软的需求中苦苦挣扎。</p>
</div><p>From Jin Tong Ling's perspective, the deal also looks reasonably sound, though some investors might not be happy about the big discount Huitongda got for its stake. But a struggling company can't afford to be too selective about such matters, and the new investment will not only bring Jin Tong Ling more than $100 million in much-needed cash, but could also provide a major new sales outlet for its products.</p>
<div class="lb-trans"><p>从金通灵的角度来看，这笔交易也看起来相当合理，尽管一些投资者可能对汇通达以大幅折扣获得股份感到不满。但一家陷入困境的公司不能在这方面过于挑剔，而这项新投资不仅将为金通灵带来超过 1 亿美元的急需现金，还可能为其产品提供一个重要的新销售渠道。</p>
</div><p>&#34;(Jin Tong Ling) operates in the high-end manufacturing sector, with its core business ranking among the first tier domestically, possessing strong industry standing and competitiveness. Due to historical circumstances, (it) currently faces temporary operational difficulties and aims to overcome its predicament and regain operational capability through this bankruptcy restructuring,&#34; Huitongda wrote in its announcement. &#34;It is anticipated that upon the completion of the restructuring, it will swiftly achieve profitability and enter a phase of rapid development, bolstered by the dual injection of capital and assets.&#34;</p>
<div class="lb-trans"><p>&#34;（金通灵）在高端制造行业运营，其核心业务在国内排名一流，拥有强大的行业地位和竞争力。由于历史原因，（它）目前面临暂时的运营困难，旨在通过此次破产重组克服困境，恢复运营能力，&#34;汇通达在公告中写道。&#34;预计重组完成后，将迅速实现盈利，并进入快速发展阶段，得益于资本和资产的双重注入。&#34;</p>
</div><h4><strong>Steady business, low margins</strong></h4>
<div class="lb-trans"><h4><strong>稳定的业务，低利润率</strong></h4>
</div><p>Huitongda could certainly use a catalyst like the Jin Tong Ling investment to perk up its own business, which is relatively steady but also extremely low-margin due to the company's status as an e-commerce middleman. Huitongda, backed by e-commerce giant Alibaba, went public in 2022 at an IPO price of HK$43, hoping to entice investors with its story of e-commerce targeted at China's sunken markets. But since then the stock has lost about two-thirds of its value to trade around HK$15.</p>
<div class="lb-trans"><p>汇通达当然可以利用金通灵的投资作为催化剂来振兴自身业务，该业务相对稳定，但由于公司作为电子商务中介的地位，利润率极低。汇通达在 2022 年以每股 43 港元的 IPO 价格上市，背靠电子商务巨头阿里巴巴，试图通过其针对中国下沉市场的电子商务故事吸引投资者。但自那以来，股价已损失约三分之二，现交易价格约为 15 港元。</p>
</div><p>That said, Huitongda is profitable, and has strong support among both the investment and analyst communities. Even after its stock declines of the last three years, its shares still trade at a forward price-to-earnings (P/E) ratio of 20, nearly double the 11 for <strong>PDD Holdings</strong> (PDD.US), which targets consumers in China's sunken markets. It's also nearly triple the forward P/E ratio of 6 for <strong>Vipshop</strong> (VIPS.US), another e-commerce company that targets discount shoppers. All five of the analysts surveyed by Yahoo Finance rate Huitongda a &#34;buy&#34; or &#34;strong buy.&#34;</p>
<div class="lb-trans"><p>尽管如此，汇通达仍然盈利，并在投资和分析界拥有强大的支持。即使在过去三年的股价下跌后，其股票仍以 20 的前瞻市盈率（P/E）交易，几乎是 <strong>PDD Holdings</strong>（PDD.US）针对中国下沉市场消费者的 11 的两倍。它的前瞻市盈率也几乎是另一家针对折扣购物者的电子商务公司 <strong>唯品会</strong>（VIPS.US）6 的近三倍。雅虎财经调查的五位分析师均将汇通达评级为 “买入” 或 “强烈买入”。</p>
</div><p>The high P/E ratio and strong analyst support are slightly surprising for Huitongda, since its own financial picture isn't that exciting lately. The company was growing strongly as recently as 2023, with revenue up 24% that year. But things went into reverse last year with a 29% revenue decline. The situation continued to deteriorate in the first half of this year when the figure fell by another 26% year-on-year to 24.3 billion yuan from 32.9 billion yuan a year earlier.</p>
<div class="lb-trans"><p>汇通达的高市盈率和强大的分析师支持对其来说略显意外，因为其自身的财务状况最近并不那么令人兴奋。该公司在 2023 年时增长强劲，收入同比增长 24%。但去年情况发生逆转，收入下降了 29%。今年上半年，收入同比再次下降 26%，从去年同期的 329 亿元降至 243 亿元。</p>
</div><p>The company said the declines owed partly to its divestment of inefficient businesses and the establishment of its own brands. That may help to explain why, despite the revenue declines, the company's profit rose 11% in the first half of this year to 139 million yuan from 125 million yuan a year earlier. Its gross margin also improved to 4.6% in the first half of this year from 3.5% a year earlier. Both figures are quite low due to Huitongda's middleman business model, but their improvement shows the company is working to stay profitable.</p>
<div class="lb-trans"><p>该公司表示，收入下降部分是由于其剥离了低效业务并建立了自己的品牌。这或许可以解释为什么尽管收入下降，该公司在今年上半年利润仍增长了 11%，从去年同期的 1.25 亿元增至 1.39 亿元。其毛利率也从去年的 3.5% 提高至今年上半年的 4.6%。这两个数字由于汇通达的中介商业模式而相对较低，但它们的改善表明公司正在努力保持盈利。</p>
</div><p>Huitongda had 6.74 billion yuan in cash and cash equivalents at the end of June, showing it could easily purchase the Jin Tong Lin stake using its own financial resources.</p>
<div class="lb-trans"><p>截至 6 月底，汇通达拥有 67.4 亿元的现金及现金等价物，显示其可以轻松利用自身财务资源购买金通灵的股份。</p>
</div><p>Jin Tong Lin's situation looks a bit more uncertain. The company has been undergoing a restructuring since April following an application by one of its creditors. The court overseeing the matter in the city of Nantong has accepted the company's pre-reorganization application, showing the case is advancing relatively quickly. Jin Tong Lin's own finances look a bit shaky at the moment, with its revenue plunging 48% year-on-year in the first half of 2025 to 370 million yuan, as its loss more than doubled to 202 million yuan from 76 million yuan a year earlier.</p>
<div class="lb-trans"><p>金通林的情况看起来有些不确定。自四月以来，该公司因一位债权人的申请而进行重组。负责此事的南通市法院已接受公司的预重组申请，显示案件进展相对较快。金通林目前的财务状况有些不稳，2025 年上半年其收入同比下降 48%，降至 3.7 亿元，亏损从一年前的 7600 万元增至 2.02 亿元，增幅超过一倍。</p>
</div><p>The rapid resolution of Jin Tong Lin's case by the court appears to show the company's difficulties aren't too severe, which is probably why Huitongda is confident its new partner will quickly return to profitability. If that happens, the purchase could provide a strong template for Huitongda going forward, with the company using its strong cash position and solid profitability to acquire strategic stakes in potential supplier partners.</p>
<div class="lb-trans"><p>法院迅速解决金通林案件似乎表明该公司的困难并不太严重，这可能是汇通达对其新合作伙伴能够迅速恢复盈利充满信心的原因。如果真是如此，这笔收购可能为汇通达未来的发展提供强有力的模板，该公司将利用其强大的现金流和稳健的盈利能力收购潜在供应商的战略股份。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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Alibaba-backed E-Commerce Firm Invests In Struggling Supplier

- Huitongda 将以 994 百万人民币收购金通灵 25% 股份，价格大幅折扣。  
- 该交易预计将为 Huitongda 提供更多产品，助力其电商业务。  
- 金通灵正在进行重组，Huitongda 看好其未来盈利能力。  

阿里巴巴支持的电商公司对陷入困境的供应商进行投资