Emakethe yemali, izinkampani ezisohlwini zithemba ukukhiqiza umphumela we-1+1>2 ngokuthola izimpahla zekhwalithi ephezulu.

Muva nje, umholi wemboni yokukhiqiza amathini e-aluminium wenze isinyathelo esikhulu sokuthenga ukuthenga ukulawulwa kokupakishwa kwe-COFCO okungama-yuan ayizigidi eziyizinkulungwane ezingu-5.5. Odabeni luka-China Baowu, inkampani engumzali we-Baosteel Packaging, eqhudelana naye, lezi zinhlangothi zombili zenze isidumo. Ubani ongenza kangcono? Imiphumela ayikaziwa okwamanje.

Esethulweni semiphumela yaminyaka yonke yango-2023, u-org uphendule abatshalizimali mayelana nezinzuzo zebhidi, wathi, "Inkampani inolwazi olucebile emkhakheni wokuhlanganisa ukupakishwa kwensimbi nokuhlanganiswa kokutholwayo, selokhu yaba umnikazi wamasheya we-CoFCO Packaging, lezi zinhlangothi zombili ziqhubekile nokuqhubeka. ukubambisana okuhle kwezamabhizinisi.”

Kuyaphawuleka ukuthi ngemuva kwempi ye-takeover ye-org , kungakhathaliseki ukuthi kukhona ukwesekwa kwezezimali nokuthi ngabe kukhona ikhono eliphezulu lokubuyisela izikweletu kuphinde kukhathazwe yizwe langaphandle.

Kusukela kuvalwa ukuhweba ngoJuni 11, inani lentengo le-Aoruijin lalingu-4.5 yuan, futhi inani eliphelele lemakethe lalingama-yuan ayizigidi eziyizinkulungwane eziyi-11.58.

Kungani kunempi yokuthatha?

Ibhizinisi lethu eliyinhloko ukuhlinzeka ngezixazululo ezibanzi zokupakisha zazo zonke izinhlobo zamakhasimende e-FMCG. Ekupheleni kuka-2023, imikhiqizo nezinsizakalo zokupakishwa kwensimbi zibalelwa ku-86.97% wemali engenayo yenkampani.

Ukuze kuqiniswe ibhizinisi eliyinhloko, kwandiswe amakhasimende anamasu, njll., ngoJuni 7 kulo nyaka, u-Ao Ruijin ukhiphe uhlelo olukhulu lokuthenga impahla, inkampani ihlose ukunikeza amasheya ngentengo ngayinye ye-7.21 Hong Kong dollar, kubo bonke abanikazi bamasheya be-CoFCO. ukupakisha umnikelo ophelele onemibandela wokuzithandela.

Umsebenzi ufinyelela ku-6.06 bhiliyoni wamadola ase-Hong Kong (cishe ama-yuan ayizigidi eziyizinkulungwane ezingu-5.57 ngenani lokushintshanisa lakamuva). Uma umsebenzi uqedwa ngempumelelo, i-Oregin izolawula ukupakishwa kwe-CofCO.

Kuyaqondakala ukuthi okwenziwa ngenhla kuyisipho sethenda yemakethe, kukhona abahlinzeki abaqhudelanayo. Ngomhla ziyisi-6 kuZibandlela wezi-2023, i-China Baowu, inkampani engumzali ye-Baosteel Packaging, yethula isithembiso esiphelele sokuthenga i-CoFCO Packaging ngokutshala okusha kwe-United Nations. Manje, yizimpisi ezimbili ezijaha ucezu lwenyama.
Kungani ukupakishwa kwe-COFCO kufunwa kangaka? Isizathu esiyisisekelo ukuthi noma ubani ozuza ukulawula uzoba nenzuzo yesabelo semakethe ngaphezu kolunye uhlangothi.

Ngokwemininingwane edalulwe yiProspective Industry Research Institute, emakethe yamathangi ezingxenye ezimbili, isabelo semakethe se-ORG Baosteel packaging, CoFCO packaging kanye neSheng Xing Holding singama-20%, 18%, 17% no-12% ngokulandelana. Enye isethi yedatha ibonisa ukuthi isikali semali engenayo ye-org , CoFCO Packaging kanye ne-Baosteel packaging ngo-2023 singama-yuan ayizigidi eziyizinkulungwane ezingu-13.84, ama-yuan ayizigidi eziyizinkulungwane ezingu-10.27 kanye nama-yuan ayizigidi eziyizinkulungwane ezingu-7.76 ngokulandelanayo.

Abahlaziyi be-China Galaxy Securities bashilo embikweni wocwaningo ukuthi uma i-org izuze ngempumelelo ukuthengwa, isabelo semakethe samakani amabili kulindeleke ukuthi sisondele ku-40%, kanti isabelo semakethe samakani amathathu kulindeleke ukuthi sithuthukiswe kakhulu, kanye nesilinganiso. umphumela wenkampani uzoqiniswa nakakhulu.

Njengamanje, isilinganiso samasheya sabanikazi bamasheya bokufaka be-COFCO sihlakazekile uma kuqhathaniswa, futhi asikho isilawuli sangempela. Ukuze kugcinwe izinzuzo zesabelo semakethe futhi kugwenywe ukudlulwa yizimbangi, i-org yakhetha ukulwa ngqo futhi yaphikelela ekubhideleni ukulawulwa kokupakishwa kwe-CoFCO.

Okulandelayo, ungachithi "impi yokuthatha imali" ishubile.

Amaphuzu engcuphe ngemuva kokutholwa

Esimemezelweni, i-org ixwayise "ngengozi yokuqedwa ngenxa yokwehluleka ukuthola imvume", "ingozi yokuncintisana", "ingozi yokukhuphuka kwezinga lezikweletu zezinkampani ezisohlwini" nokunye.

Phakathi kwazo, amazwe angaphandle akhathazeke kakhulu “ngezinsiza zezimali” kanye “nokukhokha” kwe-Org.

Ekupheleni kwekota yokuqala yalo nyaka, imali ye-Org yayingama-yuan ayizigidi eziyizinkulungwane eziyi-1.427. I-cap yokuhweba imayelana ne-5.57 billion yuan, kungabonakala ukuthi inani lemali u-Orj adinga ukukhuphula akuyona inani elincane.

I-Org ikhethe ukutholwa kwemali futhi ihlose ukukhokha inani lomsebenzi ngemali yayo kanye nezimali ezizikhulisele yona (okuhlanganisa nokufaka isicelo semalimboleko emabhange).

Ngokombono wesilinganiso sesikweletu sempahla, kusukela ngo-2021 kuya ku-2023, isilinganiso sesikweletu sempahla singu-53.47%, 50.47 kanye no-45.66%, ngokulandelana, sehle ngamaphesenti angu-7.81 eminyakeni emithathu edlule. Ngekota yokuqala ka-2024, isilinganiso sesikweletu sempahla sasingu-44.48%, sehle ngamaphesenti angu-4.34 samaphuzu unyaka nonyaka.
Ngokombono wezinkomba zokukhokhwa kwezikweletu zesikhashana, kusukela ngo-2021 kuya ku-2023, isilinganiso samanje se-Oregold singu-1.069, 1.160 no-1.109, kanye nesilinganiso esisheshayo singu-0.740, 0.839 kanye no-0.835, ngokulandelana, okubonisa ukwehla kokukhula kokuqala kanye nokukhuphuka kokuqala. . Ngekota yokuqala ka-2024, isilinganiso samanje se-org kanye nesilinganiso esisheshayo sasingu-1.137 no-0.896, futhi amanani ekota yokuqala ka-2023 ayengu-1.227 kanye no-0.876, ngokulandelana.

Ulwazi olusesidlangalaleni lubonisa ukuthi isilinganiso samanje sivame ukubhekwa njengesingu-2:1, futhi isilinganiso esisheshayo ngokuvamile sibhekwa njengo-1:1.

Ngaphezu kwalokho, ekupheleni kwekota yokuqala yalo nyaka, inani eliphelele lezikweletu zesikhathi esifushane + ezingezona ezamanje okufanele zikhokhelwe phakathi nonyaka owodwa we-org lalicishe libe ngama-yuan ayizigidi eziyizinkulungwane ezingu-3.087, cishe ama-yuan ayizigidi eziyizinkulungwane ezingu-1.66 ngaphezu kwezimali zemali.

Ngaphambilini, i-org yaxwayisa ngengozi yokuthi "indlela yenkampani yokuzixhasa ngezimali yokukhulisa izimali zokwenziwa izonyusa izindleko zezimali, futhi isikali sesikweletu senkampani kanye nesilinganiso sesikweletu sempahla sizokwenyuka." Uma okwenziwayo kungakwazi ukuzuza ama-synergies kanye nokuthuthukisa isakhiwo semali esikhathini esiseduze, kunobungozi bokuthi ukukhokhelwa kweNkampani yesikhashana kanye nekhono lokuxhasa ngezimali izikweletu kuzothinteka kabi.”

Sizoqhubeka nokubuka ukuthi lo msebenzi we-org ungenziwa ngempumelelo yini.

Erjin Packagingibilokhu igcina ukubambisana nezimboni ezintathu ezinkulu zamathini ensimbi eChina iminyaka eyi-15, ihlinzeka amakhasimende emhlabeni wonke ngensimbi yokupakisha nezinsizakalo zokukhiqiza, izinqubo zokuphrinta ezahlukahlukene, kanye nezinsizakalo zesampula ezisekelayo.