<p><em>這個多元化的集團正在處置一個虧損的遺留業務，因為它迅速進入了人工智能行業</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>該公司涉足教育到傳統中國酒類，已宣佈計劃剝離其負債累累的家電業務，儘管該子公司是其主要收入來源</li>
<li>奇點國峯最近收購了一家人工智能科技公司，並與製造人工智能計算圖形處理器的 Metax 達成了分銷協議</li>
</ul>
<p>對於許多公司而言，專業化是增長的關鍵。但一些多元化企業更像變色龍，隨着最新機會和熱門趨勢的變化而不斷轉變。</p>
<p>這些公司很難被投資者分類，並且在其各個業務中可能缺乏明顯的優勢。</p>
<p><strong>中國奇點國峯控股有限公司（1280.HK）</strong> 完美符合這一描述。它的足跡從教育擴展到酒類、人工智能技術、家電甚至區塊鏈代幣，顯然是在追逐下一個大商業創意。</p>
<p>對於變色龍公司來説，這也意味着定期脱去一層皮。本週，奇點國峯 透露 它將放棄其在一個虧損的家電部門的全部股份，此交易將該部門從其股權結構中剔除，同時將業務留在集團董事長的控制之下。</p>
<p>全資子公司中國銀瑞（香港）投資控股有限公司，負責家電業務，將以零對價被股東 Noble Trade International Holdings Ltd.收購，該公司由奇點國峯董事長袁立間接持有。該交易還涉及放棄約 15 億元人民幣（約合 2.2 億美元）的中國銀瑞所欠的集團內部債務。</p>
<h4><strong>高管教育</strong></h4>
<p>奇點國峯的曲折發展反映了其領導者的背景。袁立出生於 1982 年，是一位連續創業者，曾嘗試過在線團購和房地產經紀，之後通過物業科技賺取了財富。憑藉自我宣傳的才能，他後來轉向企業培訓，創辦了 <strong>盛商教育</strong>（430277.OC）來教授小企業主。他還將公司引入中國的全國股轉系統（NEEQ），使其成為商業培訓細分市場中較為知名的參與者。</p>
<p>盛商教育引發了不少爭議。它提供免費研討會以吸引客户，然後以逐步上漲的價格出售課程。參與者被鼓勵招募其他人以換取佣金——這種結構被批評者比作多層次營銷系統甚至龐氏騙局。</p>
<p>盛商教育於 2022 年通過反向收購進入香港市場，使用了一個名為奇點國際的上市殼公司。</p>
<p>袁立隨後將其在高管教育和講述引人入勝故事方面的經驗應用於合併後的公司。他在捕捉趨勢、包裝敍事和實現快速轉型方面表現出色，但這一策略對長期投資、技術壁壘和行業深度的耐心有限。</p>
<p>回到此次處置，中國銀瑞的家電銷售或交易業務在中國依賴於一個實體店網絡，具有高固定成本和對營運資金的巨大需求。隨着消費者需求減弱和競爭加劇，該業務持續虧損。</p>
<p>根據公告，中國銀瑞到 2025 年底已經資不抵債。以零售價和放棄內部債務的方式，此舉本質上是一次財務清理——剝離一個遺留業務及相關風險，以止住虧損並減輕資產負債表的負擔。</p>
<p>但家電部門也是該公司去年上半年最大的收入來源。在截至 6 月 30 日的六個月中，1.82 億元的整體收入中近 70% 來自家電。1.24 億元的家電收入遠超教育培訓的約 4100 萬元和酒類的 1700 萬元。在同一時期，該公司淨虧損 1929 萬元，較 2024 年上半年縮小了近 41%。</p>
<p>一旦處置完成，中國銀瑞的業績、資產和負債將不再合併入集團的財務報表。換句話説，儘管集團董事長將通過買方的所有權保留對家電業務的控制，但上市公司將放棄其主要收入來源之一。</p>
<h4><strong>押注人工智能？</strong></h4>
<p>在宣佈此舉約一週前，奇點國峯因另一條新聞引起了關注，報告稱其全資子公司上海匯流網絡科技與中國人工智能行業的一顆新星達成了分銷協議。與 <strong>Metax</strong>（688802.SH）的協議，標誌着該集團進入人工智能計算硬件市場。該合作伙伴被稱為中國版的芯片巨頭超微（AMD），於 12 月在上海的科創板上市。其股票在市場首日飆升 700%，目前仍在 IPO 價格的四倍左右交易。但該分銷合作關係既非獨佔且僅限於一年，這或許解釋了奇點國峯在發佈消息當天股價下滑的原因。</p>
<p>這還不是全部。去年，公司進入了加密貨幣和區塊鏈領域。在 2025 年下半年，它 收購 了一家人工智能技術公司的股份，然後推出了真實世界資產（RWA），這些數字代幣代表着有形或無形資產，由其中國酒類業務的庫存和股東權益支持。到目前為止，這些行動尚未轉化為明顯的結果。</p>
<p>這些多樣化的舉措並沒有真正贏得投資者的青睞。處置消息發佈後的第二天，股票僅上漲了 0.4%，在過去六個月中仍然下跌了大約 31%。隨着變色龍不斷改變顏色，跳入新領域，同時拋棄舊資產，投資者可能會想知道它想成為哪種類型的公司。在這個問題得到解答之前，奇點國峯可能仍然是一家永遠在路上卻從未真正到達的公司。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</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的編輯。</em></strong></p>

奇點國峯

國泰中證全指家用電器ETF

廣發中證全指家用電器ETF

<p>奇點國峯正在剝離其虧損的家用電器業務，以專注於人工智能技術。該公司在多個行業擁有投資，將以零成本將其電器部門轉讓給由其董事長控制的子公司，同時免除 15 億元的債務。此舉旨在簡化運營並減輕財務負擔，儘管電器部門是主要的收入來源。最近，奇點國峯還通過與圖形處理器製造商 Metax 的分銷協議進入了人工智能市場，標誌着其向人工智能計算的戰略轉變</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>這個多元化的集團正在處置一個虧損的遺留業務，因為它迅速進入了人工智能行業</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>該公司涉足教育到傳統中國酒類，已宣佈計劃剝離其負債累累的家電業務，儘管該子公司是其主要收入來源</li>
<li>奇點國峯最近收購了一家人工智能科技公司，並與製造人工智能計算圖形處理器的 Metax 達成了分銷協議</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>對於許多公司而言，專業化是增長的關鍵。但一些多元化企業更像變色龍，隨着最新機會和熱門趨勢的變化而不斷轉變。</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>這些公司很難被投資者分類，並且在其各個業務中可能缺乏明顯的優勢。</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>中國奇點國峯控股有限公司（1280.HK）</strong> 完美符合這一描述。它的足跡從教育擴展到酒類、人工智能技術、家電甚至區塊鏈代幣，顯然是在追逐下一個大商業創意。</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>對於變色龍公司來説，這也意味着定期脱去一層皮。本週，奇點國峯 透露 它將放棄其在一個虧損的家電部門的全部股份，此交易將該部門從其股權結構中剔除，同時將業務留在集團董事長的控制之下。</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>全資子公司中國銀瑞（香港）投資控股有限公司，負責家電業務，將以零對價被股東 Noble Trade International Holdings Ltd.收購，該公司由奇點國峯董事長袁立間接持有。該交易還涉及放棄約 15 億元人民幣（約合 2.2 億美元）的中國銀瑞所欠的集團內部債務。</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>奇點國峯的曲折發展反映了其領導者的背景。袁立出生於 1982 年，是一位連續創業者，曾嘗試過在線團購和房地產經紀，之後通過物業科技賺取了財富。憑藉自我宣傳的才能，他後來轉向企業培訓，創辦了 <strong>盛商教育</strong>（430277.OC）來教授小企業主。他還將公司引入中國的全國股轉系統（NEEQ），使其成為商業培訓細分市場中較為知名的參與者。</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>盛商教育引發了不少爭議。它提供免費研討會以吸引客户，然後以逐步上漲的價格出售課程。參與者被鼓勵招募其他人以換取佣金——這種結構被批評者比作多層次營銷系統甚至龐氏騙局。</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>盛商教育於 2022 年通過反向收購進入香港市場，使用了一個名為奇點國際的上市殼公司。</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>袁立隨後將其在高管教育和講述引人入勝故事方面的經驗應用於合併後的公司。他在捕捉趨勢、包裝敍事和實現快速轉型方面表現出色，但這一策略對長期投資、技術壁壘和行業深度的耐心有限。</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>回到此次處置，中國銀瑞的家電銷售或交易業務在中國依賴於一個實體店網絡，具有高固定成本和對營運資金的巨大需求。隨着消費者需求減弱和競爭加劇，該業務持續虧損。</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>根據公告，中國銀瑞到 2025 年底已經資不抵債。以零售價和放棄內部債務的方式，此舉本質上是一次財務清理——剝離一個遺留業務及相關風險，以止住虧損並減輕資產負債表的負擔。</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>但家電部門也是該公司去年上半年最大的收入來源。在截至 6 月 30 日的六個月中，1.82 億元的整體收入中近 70% 來自家電。1.24 億元的家電收入遠超教育培訓的約 4100 萬元和酒類的 1700 萬元。在同一時期，該公司淨虧損 1929 萬元，較 2024 年上半年縮小了近 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>一旦處置完成，中國銀瑞的業績、資產和負債將不再合併入集團的財務報表。換句話説，儘管集團董事長將通過買方的所有權保留對家電業務的控制，但上市公司將放棄其主要收入來源之一。</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>在宣佈此舉約一週前，奇點國峯因另一條新聞引起了關注，報告稱其全資子公司上海匯流網絡科技與中國人工智能行業的一顆新星達成了分銷協議。與 <strong>Metax</strong>（688802.SH）的協議，標誌着該集團進入人工智能計算硬件市場。該合作伙伴被稱為中國版的芯片巨頭超微（AMD），於 12 月在上海的科創板上市。其股票在市場首日飆升 700%，目前仍在 IPO 價格的四倍左右交易。但該分銷合作關係既非獨佔且僅限於一年，這或許解釋了奇點國峯在發佈消息當天股價下滑的原因。</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>這還不是全部。去年，公司進入了加密貨幣和區塊鏈領域。在 2025 年下半年，它 收購 了一家人工智能技術公司的股份，然後推出了真實世界資產（RWA），這些數字代幣代表着有形或無形資產，由其中國酒類業務的庫存和股東權益支持。到目前為止，這些行動尚未轉化為明顯的結果。</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>這些多樣化的舉措並沒有真正贏得投資者的青睞。處置消息發佈後的第二天，股票僅上漲了 0.4%，在過去六個月中仍然下跌了大約 31%。隨着變色龍不斷改變顏色，跳入新領域，同時拋棄舊資產，投資者可能會想知道它想成為哪種類型的公司。在這個問題得到解答之前，奇點國峯可能仍然是一家永遠在路上卻從未真正到達的公司。</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的編輯。</em></strong></p>
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舊的被出售，人工智能進入奇點國峯