<p><em>这个多元化的集团正在处置一个亏损的遗留业务，因为它迅速进入了人工智能行业</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/06025659/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-2-2026_10449_thebambooworks.com_-1-1024x667.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/06025659/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-2-2026_10449_thebambooworks.com_-1-1024x667.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>该公司涉足教育到传统中国酒类，已宣布计划剥离其负债累累的家电业务，尽管该子公司是其主要收入来源</li>
<li>奇点国峰最近收购了一家人工智能科技公司，并与制造人工智能计算图形处理器的 Metax 达成了分销协议</li>
</ul>
<p>对于许多公司而言，专业化是增长的关键。但一些多元化企业更像变色龙，随着最新机会和热门趋势的变化而不断转变。</p>
<p>这些公司很难被投资者分类，并且在其各个业务中可能缺乏明显的优势。</p>
<p><strong>中国奇点国峰控股有限公司（1280.HK）</strong> 完美符合这一描述。它的足迹从教育扩展到酒类、人工智能技术、家电甚至区块链代币，显然是在追逐下一个大商业创意。</p>
<p>对于变色龙公司来说，这也意味着定期脱去一层皮。本周，奇点国峰 透露 它将放弃其在一个亏损的家电部门的全部股份，此交易将该部门从其股权结构中剔除，同时将业务留在集团董事长的控制之下。</p>
<p>全资子公司中国银瑞（香港）投资控股有限公司，负责家电业务，将以零对价被股东 Noble Trade International Holdings Ltd.收购，该公司由奇点国峰董事长袁立间接持有。该交易还涉及放弃约 15 亿元人民币（约合 2.2 亿美元）的中国银瑞所欠的集团内部债务。</p>
<h4><strong>高管教育</strong></h4>
<p>奇点国峰的曲折发展反映了其领导者的背景。袁立出生于 1982 年，是一位连续创业者，曾尝试过在线团购和房地产经纪，之后通过物业科技赚取了财富。凭借自我宣传的才能，他后来转向企业培训，创办了 <strong>盛商教育</strong>（430277.OC）来教授小企业主。他还将公司引入中国的全国股转系统（NEEQ），使其成为商业培训细分市场中较为知名的参与者。</p>
<p>盛商教育引发了不少争议。它提供免费研讨会以吸引客户，然后以逐步上涨的价格出售课程。参与者被鼓励招募其他人以换取佣金——这种结构被批评者比作多层次营销系统甚至庞氏骗局。</p>
<p>盛商教育于 2022 年通过反向收购进入香港市场，使用了一个名为奇点国际的上市壳公司。</p>
<p>袁立随后将其在高管教育和讲述引人入胜故事方面的经验应用于合并后的公司。他在捕捉趋势、包装叙事和实现快速转型方面表现出色，但这一策略对长期投资、技术壁垒和行业深度的耐心有限。</p>
<p>回到此次处置，中国银瑞的家电销售或交易业务在中国依赖于一个实体店网络，具有高固定成本和对营运资金的巨大需求。随着消费者需求减弱和竞争加剧，该业务持续亏损。</p>
<p>根据公告，中国银瑞到 2025 年底已经资不抵债。以零售价和放弃内部债务的方式，此举本质上是一次财务清理——剥离一个遗留业务及相关风险，以止住亏损并减轻资产负债表的负担。</p>
<p>但家电部门也是该公司去年上半年最大的收入来源。在截至 6 月 30 日的六个月中，1.82 亿元的整体收入中近 70% 来自家电。1.24 亿元的家电收入远超教育培训的约 4100 万元和酒类的 1700 万元。在同一时期，该公司净亏损 1929 万元，较 2024 年上半年缩小了近 41%。</p>
<p>一旦处置完成，中国银瑞的业绩、资产和负债将不再合并入集团的财务报表。换句话说，尽管集团董事长将通过买方的所有权保留对家电业务的控制，但上市公司将放弃其主要收入来源之一。</p>
<h4><strong>押注人工智能？</strong></h4>
<p>在宣布此举约一周前，奇点国峰因另一条新闻引起了关注，报告称其全资子公司上海汇流网络科技与中国人工智能行业的一颗新星达成了分销协议。与 <strong>Metax</strong>（688802.SH）的协议，标志着该集团进入人工智能计算硬件市场。该合作伙伴被称为中国版的芯片巨头超微（AMD），于 12 月在上海的科创板上市。其股票在市场首日飙升 700%，目前仍在 IPO 价格的四倍左右交易。但该分销合作关系既非独占且仅限于一年，这或许解释了奇点国峰在发布消息当天股价下滑的原因。</p>
<p>这还不是全部。去年，公司进入了加密货币和区块链领域。在 2025 年下半年，它 收购 了一家人工智能技术公司的股份，然后推出了真实世界资产（RWA），这些数字代币代表着有形或无形资产，由其中国酒类业务的库存和股东权益支持。到目前为止，这些行动尚未转化为明显的结果。</p>
<p>这些多样化的举措并没有真正赢得投资者的青睐。处置消息发布后的第二天，股票仅上涨了 0.4%，在过去六个月中仍然下跌了大约 31%。随着变色龙不断改变颜色，跳入新领域，同时抛弃旧资产，投资者可能会想知道它想成为哪种类型的公司。在这个问题得到解答之前，奇点国峰可能仍然是一家永远在路上却从未真正到达的公司。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</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的编辑。</em></strong></p>

奇点国峰

国泰中证全指家用电器ETF

广发中证全指家用电器ETF

<p>奇点国峰正在剥离其亏损的家用电器业务，以专注于人工智能技术。该公司在多个行业拥有投资，将以零成本将其电器部门转让给由其董事长控制的子公司，同时免除 15 亿元的债务。此举旨在简化运营并减轻财务负担，尽管电器部门是主要的收入来源。最近，奇点国峰还通过与图形处理器制造商 Metax 的分销协议进入了人工智能市场，标志着其向人工智能计算的战略转变</p>

<p><em>The jack-of-all-trades group is disposing of a loss-making legacy business after leaping onto the AI business bandwagon</em></p>
<div class="lb-trans"><p><em>这个多元化的集团正在处置一个亏损的遗留业务，因为它迅速进入了人工智能行业</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/06025659/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-2-2026_10449_thebambooworks.com_-1-1024x667.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/06025659/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-2-2026_10449_thebambooworks.com_-1-1024x667.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>The company, with interests from education to traditional Chinese liquor, has announced plans to divest its debt-laden home appliance business although the subsidiary was its main revenue earner</li>
<li>Qidian Guofeng recently acquired an AI tech firm and struck a distribution deal with Metax, which makes graphics processors for AI computing</li>
</ul>
<div class="lb-trans"><ul>
<li>该公司涉足教育到传统中国酒类，已宣布计划剥离其负债累累的家电业务，尽管该子公司是其主要收入来源</li>
<li>奇点国峰最近收购了一家人工智能科技公司，并与制造人工智能计算图形处理器的 Metax 达成了分销协议</li>
</ul>
</div><p>For many companies, specialization is the key to growth. But some diversified enterprises behave more like chameleons, morphing to reflect the latest opportunities and hot trends.</p>
<div class="lb-trans"><p>对于许多公司而言，专业化是增长的关键。但一些多元化企业更像变色龙，随着最新机会和热门趋势的变化而不断转变。</p>
</div><p>Those firms are hard for investors to categorize and may lack a clear edge in any of their various businesses.</p>
<div class="lb-trans"><p>这些公司很难被投资者分类，并且在其各个业务中可能缺乏明显的优势。</p>
</div><p><strong>China Qidian Guofeng Holdings Ltd. (1280.HK)</strong> fits that description perfectly. Its footprint has stretched from education to alcoholic drinks, AI technology, home appliances and even blockchain tokens, as it apparently chases the next big business idea.</p>
<div class="lb-trans"><p><strong>中国奇点国峰控股有限公司（1280.HK）</strong> 完美符合这一描述。它的足迹从教育扩展到酒类、人工智能技术、家电甚至区块链代币，显然是在追逐下一个大商业创意。</p>
</div><p>For chameleon companies, that also means periodically shedding a skin. This week, Qidian Guofeng revealed it was relinquishing its entire stake in a loss-making household appliance arm in a deal that removes the unit from its equity structure while leaving the business under the control of the group's chairman.</p>
<div class="lb-trans"><p>对于变色龙公司来说，这也意味着定期脱去一层皮。本周，奇点国峰 透露 它将放弃其在一个亏损的家电部门的全部股份，此交易将该部门从其股权结构中剔除，同时将业务留在集团董事长的控制之下。</p>
</div><p>Wholly owned subsidiary China Yinrui (HK) Investment Holding Co. Ltd., which operates the appliance business, is to be acquired by shareholder Noble Trade International Holdings Ltd., indirectly held by Qidian Guofeng Chairman Yuan Li, for a nil consideration. The deal also involves waiving about 1.5 billion yuan ($220 million) in intra-group debt owed by China Yinrui.</p>
<div class="lb-trans"><p>全资子公司中国银瑞（香港）投资控股有限公司，负责家电业务，将以零对价被股东 Noble Trade International Holdings Ltd.收购，该公司由奇点国峰董事长袁立间接持有。该交易还涉及放弃约 15 亿元人民币（约合 2.2 亿美元）的中国银瑞所欠的集团内部债务。</p>
</div><h4><strong>Executive education</strong></h4>
<div class="lb-trans"><h4><strong>高管教育</strong></h4>
</div><p>Qidian Guofeng's zigzagging path reflects the background of its leader. Born in 1982, Yuan is a serial entrepreneur who tried his hand at online group buying and real estate brokerage, before making money out of property technology. With a flair for self-promotion, he later pivoted into corporate training, founding <strong>Shengshang Education</strong> (430277.OC) to teach the owners of small businesses. He also steered the company onto China's National Equities Exchange and Quotations (NEEQ), turning it into one of the better known players in the niche market for business training.</p>
<div class="lb-trans"><p>奇点国峰的曲折发展反映了其领导者的背景。袁立出生于 1982 年，是一位连续创业者，曾尝试过在线团购和房地产经纪，之后通过物业科技赚取了财富。凭借自我宣传的才能，他后来转向企业培训，创办了 <strong>盛商教育</strong>（430277.OC）来教授小企业主。他还将公司引入中国的全国股转系统（NEEQ），使其成为商业培训细分市场中较为知名的参与者。</p>
</div><p>Shengshang Education has drawn plenty of controversy. It offered free seminars to attract customers then sold courses at escalating price points. Participants were encouraged to recruit others in exchange for commissions – a structure that critics have likened to a multi-level marketing system or even a Ponzi scheme.</p>
<div class="lb-trans"><p>盛商教育引发了不少争议。它提供免费研讨会以吸引客户，然后以逐步上涨的价格出售课程。参与者被鼓励招募其他人以换取佣金——这种结构被批评者比作多层次营销系统甚至庞氏骗局。</p>
</div><p>Shengshang Education entered the Hong Kong market in 2022 through a reverse takeover, using a listed shell known as Qidian International.</p>
<div class="lb-trans"><p>盛商教育于 2022 年通过反向收购进入香港市场，使用了一个名为奇点国际的上市壳公司。</p>
</div><p>Yuan then applied his experience in executive education and crafting compelling narratives to the combined company. He proved adept at capturing trends, packaging narratives and achieving rapid transformation, but the strategy demonstrated limited patience for long-term investment, technological barriers and industry depth.</p>
<div class="lb-trans"><p>袁立随后将其在高管教育和讲述引人入胜故事方面的经验应用于合并后的公司。他在捕捉趋势、包装叙事和实现快速转型方面表现出色，但这一策略对长期投资、技术壁垒和行业深度的耐心有限。</p>
</div><p>Turning back to this disposal, China Yinrui's business of selling or trading home appliances across China depends heavily on a network of physical stores, with high fixed costs and heavy demands on working capital. As consumer appetite cooled and competition intensified, the business has been posting persistent losses.</p>
<div class="lb-trans"><p>回到此次处置，中国银瑞的家电销售或交易业务在中国依赖于一个实体店网络，具有高固定成本和对营运资金的巨大需求。随着消费者需求减弱和竞争加剧，该业务持续亏损。</p>
</div><p>China Yinrui was already insolvent by the end of 2025, according to the announcement. With a zero sale price and an intra-group debt waiver, the move is essentially a financial cleanup – stripping a legacy business and related risks out of the listed company to staunch the red ink and lighten the load on the balance sheet.</p>
<div class="lb-trans"><p>根据公告，中国银瑞到 2025 年底已经资不抵债。以零售价和放弃内部债务的方式，此举本质上是一次财务清理——剥离一个遗留业务及相关风险，以止住亏损并减轻资产负债表的负担。</p>
</div><p>But the home appliance segment was also the company's biggest source of revenue in the first half of last year. For the six months ended June 30, nearly 70% of the overall revenue of 182 million yuan came from home appliances. The 124 million yuan of appliance income far exceeded the roughly 41 million yuan from education and training and 17 million yuan from liquor. Over the same period, the company posted a net loss of 19.29 million yuan, a narrowing of nearly 41% from the first half of 2024.</p>
<div class="lb-trans"><p>但家电部门也是该公司去年上半年最大的收入来源。在截至 6 月 30 日的六个月中，1.82 亿元的整体收入中近 70% 来自家电。1.24 亿元的家电收入远超教育培训的约 4100 万元和酒类的 1700 万元。在同一时期，该公司净亏损 1929 万元，较 2024 年上半年缩小了近 41%。</p>
</div><p>Once the disposal is completed, China Yinrui's results, assets and liabilities will no longer be consolidated into the group's financial statements. In other words, while the group chairman will retain control of the home appliance business through ownership of the buyer, the listed company will be giving up one of its main revenue engines.</p>
<div class="lb-trans"><p>一旦处置完成，中国银瑞的业绩、资产和负债将不再合并入集团的财务报表。换句话说，尽管集团董事长将通过买方的所有权保留对家电业务的控制，但上市公司将放弃其主要收入来源之一。</p>
</div><h4><strong>Betting on AI?</strong></h4>
<div class="lb-trans"><h4><strong>押注人工智能？</strong></h4>
</div><p>About a week before the move was announced, Qidian Guofeng made a splash with another piece of news, reporting that its wholly owned subsidiary Shanghai Huiliu Network Technology had clinched a distribution deal with a rising star of the Chinese AI sector. The agreement with <strong>Metax</strong>(688802.SH), a domestic maker of graphics processing units, marked the group's entry into the market for AI computing hardware. The partner, dubbed a mini Chinese version of chip giant Advanced Micro Devices (AMD), listed on Shanghai's STAR Market in December. Its stock surged 700% on the market debut and is still trading at around four times the IPO price. But the distribution partnership is both non-exclusive and limited to just one year, perhaps explaining why Qidian Guofeng's shares slipped on the day the news was released.</p>
<div class="lb-trans"><p>在宣布此举约一周前，奇点国峰因另一条新闻引起了关注，报告称其全资子公司上海汇流网络科技与中国人工智能行业的一颗新星达成了分销协议。与 <strong>Metax</strong>（688802.SH）的协议，标志着该集团进入人工智能计算硬件市场。该合作伙伴被称为中国版的芯片巨头超微（AMD），于 12 月在上海的科创板上市。其股票在市场首日飙升 700%，目前仍在 IPO 价格的四倍左右交易。但该分销合作关系既非独占且仅限于一年，这或许解释了奇点国峰在发布消息当天股价下滑的原因。</p>
</div><p>That wasn't all. Last year the company moved into the crypto and blockchain world. In the second half of 2025, it bought a stake in an AI technology firm, then rolled out Real-World Assets (RWA), digital tokens representing physical or intangible assets, backed by inventory from its Chinese liquor business and shareholder equity. So far, none of these actions has translated into visible results.</p>
<div class="lb-trans"><p>这还不是全部。去年，公司进入了加密货币和区块链领域。在 2025 年下半年，它 收购 了一家人工智能技术公司的股份，然后推出了真实世界资产（RWA），这些数字代币代表着有形或无形资产，由其中国酒类业务的库存和股东权益支持。到目前为止，这些行动尚未转化为明显的结果。</p>
</div><p>The multifarious moves have not exactly won over investors. The stock gained just 0.4% the day after the disposal news and is still down roughly 31% over the past six months. As the chameleon keeps changing its color, jumping into new sectors while dumping old assets, investors may wonder what type of business it wants to be. Until that question is answered, Qidian Guofeng may remain a company that is perpetually on its way while never quite arriving.</p>
<div class="lb-trans"><p>这些多样化的举措并没有真正赢得投资者的青睐。处置消息发布后的第二天，股票仅上涨了 0.4%，在过去六个月中仍然下跌了大约 31%。随着变色龙不断改变颜色，跳入新领域，同时抛弃旧资产，投资者可能会想知道它想成为哪种类型的公司。在这个问题得到解答之前，奇点国峰可能仍然是一家永远在路上却从未真正到达的公司。</p>
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</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的编辑。</em></strong></p>
</div>

旧的被出售，人工智能进入奇点国峰