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贵宠娇女第一次肉:纪录片爱好者的天堂
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贵宠娇女第一次肉:纪录片爱好者的天堂

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2025年4月,海信集团控股股份有限公司的董事会调整引发市场关注。原董事会中8名成员退出,新增鼎晖投资董事总经理焦树阁、私募基金背景的王新宇及青岛啤酒前董事长金志国三位外部董事。

业内人士认为,这场人事变动背后,既是中国家电行业集体向多元化转型的缩影,也折射出传统制造企业在技术、资本与战略协同间的复杂博弈。与早已明确战略路径的美的、海尔相比,海信的此次调整被外界视为其寻求突破的关键尝试。

1

资本系入局

此次董事会调整呈现出鲜明的“去制造化”特征。原独立董事张亚勤(前百度总裁)、董事陈彩霞(海信集团元老)等8人退出后,鼎晖投资董事总经理焦树阁、私募基金背景的王新宇、青岛啤酒前董事长金志国三位新晋董事的履历图谱,清晰勾勒出海信战略转型的底层逻辑——从技术驱动转向资本赋能。

公开消息显示焦树阁主导的鼎晖投资曾深度参与美的资产整合;金志国在青岛啤酒品牌资源整合经验,以及王新宇在TMT领域的投资履历,均指向海信亟待突破的两大困局:C端业务协同不足与B端生态整合乏力‌。

这种治理结构的“基因突变”具有深刻现实背景。海信视像(黑电)与海信家电(白电)虽同属消费电子板块,但分属两家上市公司的体制壁垒导致供应链协同长期低效。而B端业务的散点式布局——从汽车电子到智慧医疗,从半导体到地产金融——更暴露了海信在非家电领域资源整合能力的短板。

此时引入资本系董事,既是对既有组织架构无法支撑多元化战略的修正‌,也是对青岛国资委股权稀释后新股东诉求的回应‌。

业内人士认为,海信未来的多元化路径,注定要在美的的“工业科技”与海尔的“高端生态”之间寻找第三条道路。在C端整合上,其可能借鉴美的2013年整体上市经验,通过股权置换实现海信视像与海信家电的深度协同。若能将黑电与白电的研发投入集中,有望在AIoT领域形成突破性创新‌。

而在B端布局上,鼎晖投资、王新宇在医疗健康、新能源领域的资源,或推动智慧医疗、汽车电子等业务分拆上市,复制韦尔股份的资本化路径‌。

2

巨头竞速

中国家电产业转型升级的二十年,本质是美的、海尔、海信等巨头探索不同多元化路径的二十年。

美的选择“工业科技”路线,通过收购库卡机器人、合康新能等企业,将制造优势延伸至工业自动化、新能源领域,形成消费电器与B端业务协同。

海尔则走出一条“高端化+全球化”的差异化道路。三翼鸟智慧家居平台绑定500余家生态伙伴,通过场景化体验重构产品价值‌。海外市场过半的收入占比,以及开利商用制冷、南非Kwikot等并购品牌的本地化运营,使其成功避开国内价格战泥潭‌。

相较之下,海信的多元化呈现出明显的“中间路线”特征。既有类似美的的技术并购(如收购东芝电视、三电控股),又效仿海尔的品牌出海策略,但始终缺乏清晰的战略主轴。此次董事会改组,可视作其试图建立“资本纽带”破局的关键尝试。

这种资本驱动模式与海尔、美的形成鲜明对比。美的依靠制造根基实现技术迁移,海尔凭借品牌溢价打通生态闭环,而海信则需要通过资本筛选高潜力赛道。其风险在于:资本短期逐利性可能削弱技术沉淀。

从产业规律看,海信的实验具有现实意义。当前家电行业面临共性挑战:国内市场增长放缓、全球供应链重构压力加剧、技术跨界需求上升。在此背景下,单纯依赖内生增长或并购扩张均难破局。海信引入产业投资背景的董事,或意在探索“战略投资+业务协同”的新模式。

从国际经验看,资本驱动型转型既有成功范例也有失败教训。通用电气(GE)通过金融资本整合航空、医疗、能源业务,一度成为产融结合典范,但过度依赖资本运作最终导致核心能力空心化;三星集团则以半导体业务为支点,利用资本优势打通显示面板、消费电子、生物制药等产业链,实现技术-资本的正向循环。这两种路径的分野,在于资本是否服务于核心技术能力的构建。

海信董事会改组的真正价值,在于为中国制造企业提供了一个多元化转型的观察窗口。在美的证明技术纵深的重要性、海尔验证生态化运营的可行性后,海信正在测试第三种可能性:通过资本纽带破解资源错配难题,在动态调整中寻找战略支点。

这种探索注定伴随不确定性。资本介入可能带来治理结构复杂化,外部董事的产业资源整合效果尚待验证,技术投入与财务回报的平衡点仍需摸索。

家电网主编李韬认为,对于置身红海市场的中国制造企业而言,或许更需要包容不同转型路径的试错。毕竟,当行业变革进入无人区,没有企业能宣称掌握唯一正确的答案。海信的实验能否成功,时间会给出评判;但其敢于重构治理体系、探索新模式的选择,已然为行业进化注入新的变量。

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