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  日前,威领股份发布公告,控股孙公司郴州领武矿业有限公司以自有资金合计1.77亿元收购控股孙公司天津长领矿业合伙企业(有限合伙)(以下称“长领矿业”)合伙人长城资产持有的69.965%合伙份额。收购后,威领股份持有长领矿业99.95%合伙份额,长城资产按照年化7%回报率计算退出时收益。

  公司表示,本次交易有助于优化资源的统一调配,增强内部协同,降低管理成本,提升管理效率,促进业务发展。

  值得注意的是,截至2024年三季度末,威领股份账面全部现金仅1.35亿,尚不足以支付此次接盘长领矿业部分股权的对价。

  不仅如此,威领股份现金债务比仅为0.32倍,货币资金无法覆盖有息负债,偿债能力堪忧。2024年三季度末,公司资产负债率达50.63%,较2023年继续攀升,流动负债占比高企,短期偿债压力突出。

  同时,公司现金流为经营、投资活动净流出,筹资活动净流入,依赖融资“输血”维持运转,财务风险进一步放大。

  2023年,威领股份实现营业收入11.41亿元,同比下降3.76%,归母净利润-2.23亿元,同比由盈转亏。2024年前三季度,公司营收4.62亿,同比下降55.48%,归母净利润-1.13亿,营收降幅和亏损双双扩大。

  威领股份近年频繁通过收购及设立合伙企业加码锂资源布局,但资金链压力日益凸显。

  2024年,碳酸锂价格持续低位运行,叠加产能利用率不足,导致公司前三季度毛利率下滑至仅7.03%,显著低于行业平均水平。

  截至2024年9月,威领股份合并报表内担保余额达7.21亿元,占最近一期净资产的106.71%,其中为全资孙公司郴州领能科技提供1.5亿元担保,而后者2023年净利润为-1494万元,资产质量存疑。

  2024年,公司以1.65亿元收购领辉科技30%股权,但标的方熊晟持有的股权已被司法冻结,交易存在法律风险。

  为筹集资金,公司计划发行股份募集1.14亿元配套资金;同时,2025年1月对全资子公司广东友锂减资1.94亿元,将注册资本从2亿元降至572万元,以规避新《公司法》限期实缴压力,或暴露出前期注册资本虚高问题。

  截至2024年三季度末,公司商誉占净资产比例达16.97%,若收购标的业绩不达预期,可能触发减值,进一步侵蚀利润。

  频繁收购消耗现金储备,叠加经营性现金流持续恶化,公司面临流动性枯竭风险。若锂价反弹不及预期,投资回报周期延长,债务违约概率将大幅上升。高比例担保、减资操作及关联交易缺乏透明度,也可能引发监管关注。

  威领股份的“锂电转型”看似迎合新能源风口,实则陷入“扩张-亏损-再融资”的恶性循环。其资本运作表面是战略调整,实质掩盖了主业盈利能力薄弱与财务结构失衡的深层危机。

  在行业周期下行、政策监管趋严的背景下,若威领股份无法快速实现新业务盈利闭环,或将面临资金链断裂与市值崩盘的双重打击。

  注:本文创作借助AI工具收集整理市场数据和行业信息,结合辅助观点分析和撰写成文。

  来源:财联社

  金融业数据跨境流动合规指南来了。近期央行等六部门联合印发《促进和规范金融业数据跨境流动合规指南》(简称“《指南》”),围绕个人信息和重要数据出境,明晰金融业数据跨境流动规则指引。

  业内人士对财联社记者表示,随着金融领域对外开放的深入,“引进来”和“走出去”并举,外资金融从业机构不断在华展业兴业,中资金融从业机构加速拓展海外市场,数据跨境需求日益迫切。统筹发展与安全,给予金融从业机构明晰的跨境流动规则,将进一步促进金融业数据跨境流动更加安全、有序、高效。

  便利流动,降低合规成本

  数据跨境流动已经成为全球资金、信息、技术、人才、货物等资源要素交换、共享的基础。而数据跨境流动工作一直以来备受重视。

  党的二十届三中全会决定指出“建立高效便利安全的数据跨境流动机制”。2024年国家网信办出台的《促进和规范数据跨境流动规定》(简称“《规定》”),为中央金融管理部门进一步优化金融业数据跨境流动管理要求打开空间。2025年《政府工作报告》再次提出,“加快完善数据基础制度,深化数据资源开发利用,促进和规范数据跨境流动”。

  具体来看,《指南》针对跨境支付、跨境汇款、跨境开户、跨境购物等活动情形,结合金融业务实际,扩展形成47项具体的可免予申报数据出境安全评估、订立个人信息出境标准合同、通过个人信息保护认证的金融业务场景。

  财联社记者了解到,上述内容衔接了《规定》第五条相关要求。《规定》第五条显示,数据处理者向境外提供个人信息,符合相关条件之一的,免予申报数据出境安全评估、订立个人信息出境标准合同、通过个人信息保护认证,其中,包括为订立、履行个人作为一方当事人的合同,如跨境购物、跨境寄递等,确需向境外提供个人信息的。

  例如,针对银行为客户办理跨境交易业务、境内个人在境内电商平台购买境外商品/服务所涉及的跨境付款服务等诸多实际场景,均在《指南》中予以明确可以免于数据出境安全评估等合规义务,为正常的跨境金融业务开展降低合规成本,提高企业运营效率。

  《指南》还针对《规定》中无法免于相关合规义务,但基于实际情况又存在数据出境需求的,梳理形成常见金融业务场景61项,例如办公管理、财务管理等业务场景。连同可免于相关合规义务的活动情形,作为中央金融管理部门认可的具有出境必要性的108项金融业务场景,可以视为一次行业级数据出境安全预评估工作,力求提前完成中央金融管理部门在出境安全评估中所涉工作,以期后续配合国家网信部门进一步提升评估效率。

  规范行为,防范安全风险

  此外,《指南》还明确金融从业机构需充分评估并确保相关业务与数据处理活动符合法律、行政法规和中央金融管理部门管理要求。

  “《指南》充分衔接现行法律法规、金融管理部门要求,规范行为,防范数据安全风险。”业内人士称。

  具体来看,《指南》梳理提出金融业务场景类别、描述及对应个人信息数据项清单,避免金融机构因自由裁量权过大造成数据违规出境,从源头治理潜在风险隐患,并要求金融机构采取必要的数据安全保护管理和技术措施,切实保障金融业数据安全。

  近期,关税扰动下全球股市剧烈波动,A股则在稳市组合拳呵护下逐渐企稳,科创板更是显现出“急先锋”的特征。Wind数据显示,截至4月14日,科创100指数自4月8日以来反弹上涨12.79%,同期沪深300涨幅仅4.73%。

  在国家大力支持科技创新的战略背景下,科创板投资潜力正在加大释放。正在发行中的长城上证科创板100指数增强型证券投资基金(A类:023446;C类:023447),或为投资者布局科技板块提供了优质工具。

  科创100:硬科技中盘成长股的典型代表

  科创板自诞生之初便肩负着“科技自立自强”的战略使命,而科创100指数则是科创板的中坚力量代表,从科创板中筛选市值中等、流动性优异的100家企业,汇聚了一批成长潜力足的“科创黑马”企业。

  从产业分布看,Wind数据显示,科创100指数高度聚焦半导体、IT服务、生物医药、新能源等前沿领域,成分股中超50%为“专精特新”企业,研发费用占比高达20%,技术人员比例超38%,专利数量达5万余项。这些数据远超远超科创综指、创业板指等主流宽基指数,印证了其“硬核科技”底色。

  在“高研发投入-技术突破-业绩兑现”正向逻辑循环下,科创100指数成份股公司也展现出较好的盈利能力。从去年三季度财报数据看,指数成份股企业的营收增速、净利率增速达7.21%、11.40%,增长前景广阔。(数据来源:WIND,截至2024.9.30。)

  指数增强:捕捉科创100超额的强力抓手

  “展望后市,以DeepSeek为代表的国产创新科技不断崛起,中国资产再定价将经历一个长期过程,科技板块或将成为市场中长期投资主线,科创100指数有望持续受益。”在长城上证科创板100指数增强拟任基金经理雷俊看来,当前时点或是布局科创100指数的合适时机,具备三重逻辑支撑:

  首先,政策红利释放。关税风波倒逼国产替代提速,半导体设备、工业软件、生物医药等领域迎来政策密集支持。科创100成分股作为细分赛道龙头,有望直接受益于财税优惠、研发补贴、市场准入等政策倾斜。其次,产业周期反转。全球半导体库存周期见底、AI算力需求爆发、创新药出海加速,科创100覆盖的硬科技赛道正处于新一轮周期启动的前夜。再次,估值性价比凸显。Wind数据显示,截至2025年2月,科创100指数平均市值208亿元,中位数仅156亿元,相较于科创50指数745亿元的平均市值,成长空间更具想象力,且当前成分股动态市盈率处于相对较低水平。

  在投资策略上,雷俊认为,对于科创100这类成长型指数,指增策略的协同效应可能会更强。原因在于,主动增强策略通过量化工具优化投资组合,既能保留成长股的贝塔收益,又能动态捕捉市场变化,有望实现较好的投资收益作用。

  长城上证科创板100指数增强便是以科创100指数为跟踪标的,在帮助投资者紧跟指数beta行情的基础上,还利用多因子模型、人工智能模型等进行增强投资,通过筛选优质上市公司,优化投资组合的构成及权重,力争获得超越标的指数的alpha收益。

  风险提示:基金有风险,投资须谨慎。请投资者全面认识本基金的风险特征,听取销售机构的适当性意见,根据自身风险承受能力,在详细阅读《基金合同》、《招募说明书》等信息披露文件的基础上,谨慎投资。本基金经管理人评估风险等级R4-中高风险,适合偏好C4-积极型及以上客户,具体风险等级以代销机构为准。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证本基金一定盈利,也不保证最低收益。我国基金运作时间较短,不能反映股市、债市发展的所有阶段,基金的过往业绩及净值高低并不预示其未来业绩表现,基金管理人管理的其他基金的业绩并不构成本基金业绩表现的保证。在做出投资决策后,基金运营状况与基金净值变化引致的投资风险,由投资人自行负担。投资者进行投资时,应严格遵守反洗钱相关法规的规定,切实履行反洗钱义务。本投资观点仅代表当时观点,今后可能发生改变,仅供参考,并不构成对投资者实质性的投资建议或长城基金最终的投资观点。本公司不就任何依赖本文观点作出的投资行为承担责任。本基金可投资于境外证券,除了需要承担与境内证券投资基金类似的市场波动风险等一般投资风险之外,本基金还面临汇率风险等境外证券市场投资所面临的特别投资风险。本资料仅为宣传用品,不作为任何法律文件。

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