<p><em>阿里巴巴支持的電子商務公司將支付 9.94 億元人民幣收購金通靈 25% 的股份，金通靈是一家正在進行法院主導重組的工業設備製造商</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>匯通達將支付近 10 億元人民幣收購陷入困境的金通靈 25% 的股份，這一價格相較於深圳上市公司的近期股價有着顯著折扣</li>
<li>匯通達相信金通靈在快速的法院主導重組後將迅速恢復盈利，並可能成為其電子商務業務的重要供應商</li>
</ul>
<p>當你坐擁一大筆來自一家規模龐大但盈利能力不強的電子商務公司的現金時，你該怎麼辦？如果你是 <strong>匯通達網絡有限公司</strong>（9878.HK），你會花一部分錢以大幅折扣收購一家陷入困境但可能在重組後迅速恢復健康的供應商的可觀股份。</p>
<p>這個故事對匯通達來説似乎相當積極，匯通達在週五宣佈將以 9.94 億元人民幣（約合 1.39 億美元）收購深圳上市的 <strong>金通靈科技集團有限公司</strong>（300091.SZ）25% 的股份。該交易的財務條款對匯通達來説相當不錯，匯通達提議以每股 1.3996 元的價格購買 711 萬股金通靈的股份，這一價格相較於過去 120 個交易日的平均股價有 50% 的折扣。</p>
<p>這項投資對匯通達來説似乎也具有戰略意義，匯通達以批量採購工業和其他商品，並通過其電子商務平台向中國較小城市和鄉鎮的企業銷售，通常被稱為 “下沉市場”。作為一家相對大型的工業鼓風機、壓縮機、蒸汽渦輪機和工業鍋爐製造商，金通靈的產品應該與匯通達的客户需求相匹配。</p>
<p>但兩家公司投資者似乎對這筆交易並不太看好。匯通達的投資者最不滿意，交易宣佈後，匯通達的股價在週一早盤下跌了 12.4%，最終在午盤時下跌了 10.1%。金通靈的投資者最初對這筆交易表示讚賞，開盤時股價上漲，但在交易日中段又改變了主意，股價下跌了約 2.2%。</p>
<p>這筆交易對匯通達來説看起來相對合理，因為它將為公司提供更多的產品，預計以金通靈的優惠價格採購。當然，最大的風險在於金通靈能否在持續重組後恢復到早期強勁的增長和盈利水平。在中國當前的經濟環境下，這可能並不容易，許多企業在疲軟的需求中苦苦掙扎。</p>
<p>從金通靈的角度來看，這筆交易也看起來相當合理，儘管一些投資者可能對匯通達以大幅折扣獲得股份感到不滿。但一家陷入困境的公司不能在這方面過於挑剔，而這項新投資不僅將為金通靈帶來超過 1 億美元的急需現金，還可能為其產品提供一個重要的新銷售渠道。</p>
<p>&#34;（金通靈）在高端製造行業運營，其核心業務在國內排名一流，擁有強大的行業地位和競爭力。由於歷史原因，（它）目前面臨暫時的運營困難，旨在通過此次破產重組克服困境，恢復運營能力，&#34;匯通達在公告中寫道。&#34;預計重組完成後，將迅速實現盈利，並進入快速發展階段，得益於資本和資產的雙重注入。&#34;</p>
<h4><strong>穩定的業務，低利潤率</strong></h4>
<p>匯通達當然可以利用金通靈的投資作為催化劑來振興自身業務，該業務相對穩定，但由於公司作為電子商務中介的地位，利潤率極低。匯通達在 2022 年以每股 43 港元的 IPO 價格上市，背靠電子商務巨頭阿里巴巴，試圖通過其針對中國下沉市場的電子商務故事吸引投資者。但自那以來，股價已損失約三分之二，現交易價格約為 15 港元。</p>
<p>儘管如此，匯通達仍然盈利，並在投資和分析界擁有強大的支持。即使在過去三年的股價下跌後，其股票仍以 20 的前瞻市盈率（P/E）交易，幾乎是 <strong>PDD Holdings</strong>（PDD.US）針對中國下沉市場消費者的 11 的兩倍。它的前瞻市盈率也幾乎是另一家針對折扣購物者的電子商務公司 <strong>唯品會</strong>（VIPS.US）6 的近三倍。雅虎財經調查的五位分析師均將匯通達評級為 “買入” 或 “強烈買入”。</p>
<p>匯通達的高市盈率和強大的分析師支持對其來説略顯意外，因為其自身的財務狀況最近並不那麼令人興奮。該公司在 2023 年時增長強勁，收入同比增長 24%。但去年情況發生逆轉，收入下降了 29%。今年上半年，收入同比再次下降 26%，從去年同期的 329 億元降至 243 億元。</p>
<p>該公司表示，收入下降部分是由於其剝離了低效業務並建立了自己的品牌。這或許可以解釋為什麼儘管收入下降，該公司在今年上半年利潤仍增長了 11%，從去年同期的 1.25 億元增至 1.39 億元。其毛利率也從去年的 3.5% 提高至今年上半年的 4.6%。這兩個數字由於匯通達的中介商業模式而相對較低，但它們的改善表明公司正在努力保持盈利。</p>
<p>截至 6 月底，匯通達擁有 67.4 億元的現金及現金等價物，顯示其可以輕鬆利用自身財務資源購買金通靈的股份。</p>
<p>金通林的情況看起來有些不確定。自四月以來，該公司因一位債權人的申請而進行重組。負責此事的南通市法院已接受公司的預重組申請，顯示案件進展相對較快。金通林目前的財務狀況有些不穩，2025 年上半年其收入同比下降 48%，降至 3.7 億元，虧損從一年前的 7600 萬元增至 2.02 億元，增幅超過一倍。</p>
<p>法院迅速解決金通林案件似乎表明該公司的困難並不太嚴重，這可能是匯通達對其新合作伙伴能夠迅速恢復盈利充滿信心的原因。如果真是如此，這筆收購可能為匯通達未來的發展提供強有力的模板，該公司將利用其強大的現金流和穩健的盈利能力收購潛在供應商的戰略股份。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

阿里巴巴

阿里巴巴-W

<p>匯通達網絡有限公司在阿里巴巴的支持下，將投資 9.94 億元人民幣以獲得正在進行法院主導重組的供應商金通靈 25% 的股份。此次投資以金通靈近期股價的 50% 折扣進行，旨在增強匯通達在其電子商務平台上的產品供應。儘管有戰略上的考慮，匯通達的股票在公告後下跌了 10.1%，而金通靈的股票最初上漲後又回落。分析師對匯通達持樂觀態度，儘管其近期股價下跌和利潤率較低，仍將其評級為 “買入” 或 “強力買入”</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>阿里巴巴支持的電子商務公司將支付 9.94 億元人民幣收購金通靈 25% 的股份，金通靈是一家正在進行法院主導重組的工業設備製造商</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>匯通達將支付近 10 億元人民幣收購陷入困境的金通靈 25% 的股份，這一價格相較於深圳上市公司的近期股價有着顯著折扣</li>
<li>匯通達相信金通靈在快速的法院主導重組後將迅速恢復盈利，並可能成為其電子商務業務的重要供應商</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>當你坐擁一大筆來自一家規模龐大但盈利能力不強的電子商務公司的現金時，你該怎麼辦？如果你是 <strong>匯通達網絡有限公司</strong>（9878.HK），你會花一部分錢以大幅折扣收購一家陷入困境但可能在重組後迅速恢復健康的供應商的可觀股份。</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>這個故事對匯通達來説似乎相當積極，匯通達在週五宣佈將以 9.94 億元人民幣（約合 1.39 億美元）收購深圳上市的 <strong>金通靈科技集團有限公司</strong>（300091.SZ）25% 的股份。該交易的財務條款對匯通達來説相當不錯，匯通達提議以每股 1.3996 元的價格購買 711 萬股金通靈的股份，這一價格相較於過去 120 個交易日的平均股價有 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>這項投資對匯通達來説似乎也具有戰略意義，匯通達以批量採購工業和其他商品，並通過其電子商務平台向中國較小城市和鄉鎮的企業銷售，通常被稱為 “下沉市場”。作為一家相對大型的工業鼓風機、壓縮機、蒸汽渦輪機和工業鍋爐製造商，金通靈的產品應該與匯通達的客户需求相匹配。</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>但兩家公司投資者似乎對這筆交易並不太看好。匯通達的投資者最不滿意，交易宣佈後，匯通達的股價在週一早盤下跌了 12.4%，最終在午盤時下跌了 10.1%。金通靈的投資者最初對這筆交易表示讚賞，開盤時股價上漲，但在交易日中段又改變了主意，股價下跌了約 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>這筆交易對匯通達來説看起來相對合理，因為它將為公司提供更多的產品，預計以金通靈的優惠價格採購。當然，最大的風險在於金通靈能否在持續重組後恢復到早期強勁的增長和盈利水平。在中國當前的經濟環境下，這可能並不容易，許多企業在疲軟的需求中苦苦掙扎。</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>從金通靈的角度來看，這筆交易也看起來相當合理，儘管一些投資者可能對匯通達以大幅折扣獲得股份感到不滿。但一家陷入困境的公司不能在這方面過於挑剔，而這項新投資不僅將為金通靈帶來超過 1 億美元的急需現金，還可能為其產品提供一個重要的新銷售渠道。</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;（金通靈）在高端製造行業運營，其核心業務在國內排名一流，擁有強大的行業地位和競爭力。由於歷史原因，（它）目前面臨暫時的運營困難，旨在通過此次破產重組克服困境，恢復運營能力，&#34;匯通達在公告中寫道。&#34;預計重組完成後，將迅速實現盈利，並進入快速發展階段，得益於資本和資產的雙重注入。&#34;</p>
</div><h4><strong>Steady business, low margins</strong></h4>
<div class="lb-trans"><h4><strong>穩定的業務，低利潤率</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>匯通達當然可以利用金通靈的投資作為催化劑來振興自身業務，該業務相對穩定，但由於公司作為電子商務中介的地位，利潤率極低。匯通達在 2022 年以每股 43 港元的 IPO 價格上市，背靠電子商務巨頭阿里巴巴，試圖通過其針對中國下沉市場的電子商務故事吸引投資者。但自那以來，股價已損失約三分之二，現交易價格約為 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>儘管如此，匯通達仍然盈利，並在投資和分析界擁有強大的支持。即使在過去三年的股價下跌後，其股票仍以 20 的前瞻市盈率（P/E）交易，幾乎是 <strong>PDD Holdings</strong>（PDD.US）針對中國下沉市場消費者的 11 的兩倍。它的前瞻市盈率也幾乎是另一家針對折扣購物者的電子商務公司 <strong>唯品會</strong>（VIPS.US）6 的近三倍。雅虎財經調查的五位分析師均將匯通達評級為 “買入” 或 “強烈買入”。</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>匯通達的高市盈率和強大的分析師支持對其來説略顯意外，因為其自身的財務狀況最近並不那麼令人興奮。該公司在 2023 年時增長強勁，收入同比增長 24%。但去年情況發生逆轉，收入下降了 29%。今年上半年，收入同比再次下降 26%，從去年同期的 329 億元降至 243 億元。</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>該公司表示，收入下降部分是由於其剝離了低效業務並建立了自己的品牌。這或許可以解釋為什麼儘管收入下降，該公司在今年上半年利潤仍增長了 11%，從去年同期的 1.25 億元增至 1.39 億元。其毛利率也從去年的 3.5% 提高至今年上半年的 4.6%。這兩個數字由於匯通達的中介商業模式而相對較低，但它們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，匯通達擁有 67.4 億元的現金及現金等價物，顯示其可以輕鬆利用自身財務資源購買金通靈的股份。</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>金通林的情況看起來有些不確定。自四月以來，該公司因一位債權人的申請而進行重組。負責此事的南通市法院已接受公司的預重組申請，顯示案件進展相對較快。金通林目前的財務狀況有些不穩，2025 年上半年其收入同比下降 48%，降至 3.7 億元，虧損從一年前的 7600 萬元增至 2.02 億元，增幅超過一倍。</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>法院迅速解決金通林案件似乎表明該公司的困難並不太嚴重，這可能是匯通達對其新合作伙伴能夠迅速恢復盈利充滿信心的原因。如果真是如此，這筆收購可能為匯通達未來的發展提供強有力的模板，該公司將利用其強大的現金流和穩健的盈利能力收購潛在供應商的戰略股份。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
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Alibaba-backed E-Commerce Firm Invests In Struggling Supplier

- Huitongda 將以 994 百萬人民幣收購金通靈 25% 股份，價格大幅折扣。  
- 該交易預計將為 Huitongda 提供更多產品，助力其電商業務。  
- 金通靈正在進行重組，Huitongda 看好其未來盈利能力。  

阿里巴巴支持的電商公司對陷入困境的供應商進行投資