文 | 创业最前线

zaizhengjianhuifabubeiyejiechengwei“binggouliutiao”de《guanyushenhuashangshigongsibinggouzhongzushichanggaigedeyijian》hou，nvzhuangqiyeriboshishangbianjinluomigudipaochulekuajiezhongzubinggoudefangan。

zaizhuyingyewunvxingfuzhuangjingyingjiaoweicandandebeijingxia，“nvzhuangdawang”riboshishangxiwangtongguobinggourangqiyewanchengzhuanxing，ergongsizhuanxingdefangxiangshilidianchixingye。

ciciriboshishangbinggoudeyindile，shiyijiacongshililizidianchizhuanyongzhanjiejishengchanxiaoshoudelilizidianchicailiaoqiye。zhidezhuyideshi，zheibingfeiriboshishangshoucibinggoulidianchixiangguanqiye，zaozai2023nianriboshishangbianjihuashougoulidianchixiangguanzichan，danzuihouyishibaigaozhong。

zai“binggouliutiao”fabuhou，zhuyingyewuweimibuzhenderiboshishangnengfoushunliwanchengbinggou，chenggongzhuanxinglidianchixingye？

1 并购实控人关联资产，“女装大王”跨界追锂

11yue1ri，riboshishangpilulezichanzhongzugonggao，gongsijihuayifaxinggufenjizhifuxianjindefangshigoumaiyindile71%guquan。

juxi，yindileshiyijia2007nianchenglidecongshililizidianchizhuanyongzhanjiejiyanfa、shengchanjixiaoshoudelilizidianchicailiaoqiye。gongsizhanjiejichanpinzhuyaoyingyongyulidianchizhengjicailiao、fujicailiao、gemodenglingyu，zhongduanzeyingyongyudonglidianchi、chunengdianchi、3cxiaofeidianchideng。

guoqujinian，youyudonglidianchi、chunengdianchichuhuoliangdafuzengzhang，yindileshouruyezaizengzhang。2022nianzhi2024nianshangbannian，yindileshourufenbiewei4.15yiyuan、4.99yiyuan、2.10yiyuan，tongqigongsiguimujinglirunfenbiewei1.6yiyuan、1.6yiyuan、7629.81wanyuan。

gailirunyeyuanhaoyuyejichixuxiahuaderiboshishang。tongqi，riboshishangguimujinglirunzefenbiewei1657wanyuan、1708wanyuan、-2748wanyuan。

ruonengchenggongshougouyindile71%guquan，zaicaiwushangduiyuyinglinenglichixuxiahuaderiboshishangwuyishijudadelihao。

duiyugaishougoufangan，touzizheyejiyulejiweizhengmiandefankui。zairiboshishangfangangongbuqianhou，gongsigujialianshou6gezhangting。

zhidezhuyideshi，cicijiaoyibeihoulibukaiyuanzhongxinxidalao、putailaishikongrenliangfeng。2023nian，riboshishangyuanshikongrenwangweidongjiangheji7100wangu（zhanzonggubende29.75%）xieyizhuanrangjiputailaideshikongrenliangfengjiqikongzhideshanghaikuoyuan，zhuanrangjiakuanheji7.7yiyuan。

lidiandalaoliangfengshunshichengweiriboshishangshikongren，ciciriboshishangbinggoudeyindilediyidagudongbianshiliangfengkongzhideputailai，qichigubiliwei26%。

图 / 茵地乐主要股东

juxi，putailai2021nianyi1.365yiyuanduijia，congjiangsuyuanyudianzishouzhonghuodeyindile39.00%guquan，zaiqitatouzizhezengzihou，putailaiguquanxishizhi26%。

chuchiyouyindileguquanwai，putailaiyuyindilezairichangguanli、jingyingwanglaiyeshifenmiqie。putailaixianrenfuzongjingliliuyongbiao，xiyindiledongshizhang。

ciwai，2022nianzhi2024nianshangbannian，putailaiduiyindilecaigoujinefenbiewei5540.29wanyuan、4437.81wanyuanhe2072.09wanyuan。

jianyuyindiledeguquanjiegouyijirichangyuputailaideyewuwanglai，riboshishangbinggouyindilebeihoudagailvshigongsijiputailaishikongrenliangfengzaiyunchouweiwo，erlidiandalaoyouweihezhiyijianglidianyewuzhuangruriboshishang？

2 重组前股价连续大涨，实控人梁丰浮盈5.7亿元

cicizhongzu，bingfeiriboshishangshouci“zhuili”。zaozai2023nian5yue16ri，riboshishangbianfabulezhongdazichanzhongzufangan，gongsijihuashougouxinnengyuandianchizhengjiqianquticailiaogongsijinyuansheng100%guquan，erjinyuanshengdeshikongrenzhengshiliangfeng。

zhongzufanganxuanbuhou，riboshishangyuanshikongrenjiangqixiaguquanzhuanrangjiliangfeng，liangfengshunshichengweiriboshishangdeshikongren。

zaichengweiriboshishangshikongrenhou，liangfengjijituijinriboshishangshougoujinyuanshengguquanshixiang。ruoriboshishangwanchengduijinyuansheng100%guquanshougou，gongsizhuyingjiangcongfuzhuangzhuanbianchenglidiancailiaoqiye。

2023nian9yue，riboshishangdongshihuihuanjiexuanjuwancheng，liangfengshunlichengweiriboshishangdongshizhang。danbujiuhouriboshishangzhongzhilejinyuanshengshougoujihua。

duiyushougoujinyuanshengshibai，riboshishangjichudejieshishi，youyujinyuanshengweiyugangguo（jin）jiyinnidejinshukuangchanziyuankaifaheyelianjiagongzichandejindiao、shenjihepinggugongzuoshejijiaoduodeyuxiangmuhezuofangjidangdixiangguanzhengfujigoudegoutongxiediao，zhengtijindiaohechagongzuoliangjiaoda，fuzachengdujiaogao，zanshiwufamingquejutiwanchengshijian。

suiranshougoushixiangjiaranerzhi，danriboshishanggujiaquebei“baochao”。zairiboshishangshougoujinyuanshengxiaoxichuanchuyiqian，gongsigujiayizhizai8yuan/guzuoyoupaihuai。xiaoxigongbuhou，riboshishanggujiayidushangzhangzhi28.61yuan/gu，duanqizhangfuchao250%。cihouyouyushougoushixiangluokong，riboshishanggujiayidudiehuiyuandian。

zaishougoujinyuanshengshibaihou，shichangduiyuriboshishangjixuzhongzubaochigaoduguanzhu。zaihudongpingtai，touzizhebuzhiyicixunwengongsishifourengzaituijinzhongzu。

zhengjianhuifabu“binggouliutiao”hou，zai“zhongxinxi”xiridalaodeliangfengdailingxia，10yue18ri，riboshishangfabulezhongdazichanzhongzudegonggao，11yue1ri，riboshishangjinluomigudituichulebinggoulidianchicailiaoqiyeyindiledeshougoujihua。

zhidezhuyideshi，zairiboshishangxuanbuzhongzudeqianyigejiaoyiriji10yue17ri，gongsigujiabiantiqianzhangting，tingpaiqian4gejiaoyirigongsigujiagengshidazhangchao25%。

duiyuruciqiyidexianxiang，「chuangyezuiqianxian」yiyoujianfangshixiangriboshishangzixun，gongsizhongdazichanzhongzuqianjiri，gujiaweihehuichuxianrucijudazhangfu，shifouyourentiqianzhidaoneimuxiaoxi，jiezhifagaori，bingweishoudaoriboshishanghuifu。

congrujudaopinfantuidongriboshishangzhongzulidianchixincailiaoqiyelaikan，zuoweizibenyijilidiandedalao，liangfenghenyouyiyuanjiangyuzishenxiangguandelidianzichanzhururiboshishang，dancicizhongzushifouchenggonghaishiweizhizhishu。

danwulunchenggongyufou，jincongmuqianlaikan，liangfengruguriboshishangyirandazhuan。2023nian，liangfengjiqikongzhideshanghaikuoyuanyi10.85yuan/gudejiagehuodeleriboshishang7100wangu。jiezhi11yue30ri，riboshishanggujiabaoshou18.88yuan/gu，culvejisuanliangfengfuyingchao5.7yiyuan。

yuliangfengyiqiruguriboshishangdehaiyoujingyuziguanhedaixitouziliangjiasimujigouyijiziranrengudonghubojun。ciqian，zaidingzengrugujiejinhougaisandagudongbianpaochulejianchijihua。cici，zaidafufuyingdebeijingxia，gaisandagudongshifounengdidangzhujianchideyouhuo？

3 莫高股份跨界并购失败，“女装大王”跨界并购路难行

zuoweilidiandalao，liangfengyouweihehuidingshangrijianmeiluoderiboshishang？congzhuyingyewushourulaikan，riboshishang98%yishangshourulaiyuanyufuzhuangxiaoshou。

jinjinian，youyufuzhuangxiaoshoubujingqi，xingyejingzhengjiada，riboshishangzishenjingyingyejibingbulixiang。2022nianzhi2024nianqiansanjidu，gongsikoufeihoujinglirunfenbiewei585.8wanyuan、665.9wanyuan、-4729wanyuan。

yejichixuxiahua，riboshishangmianlinzhuanxingdexuyao。zuoweicanyuzhongxinjijinzujiandezibendalao，liangfengyizhishenanbinggoujizichanzhongzuzhidao，jiazhiyuqiyouguanliandelidianzichanbingbushao，erhenduolidianzichandouweishangshi，yinci，zaihuoderiboshishangkongzhiquanhou，liangfengbianzhangluojiangxiangguanlidianzichanzhururiboshishangdangzhong。

buguoliangfengnengfoubayindilechenggongzhuangruriboshishangdangzhonghaicunzaijiaodadebuquedingxing。zai“binggouliutiao”fabuyiqian，jiaoyisuoyangezhixingyankongshangshigongsikuajiebinggouzhengce，jibianzai“xinguojiutiao”zhong，yeqiangdiaoshangshigongsijujiaozhuye，zongheyunyongbinggouzhongzu、guquanjilidengfangshitigaofazhanzhiliang。

9yue24ri，zhengjianhuifabulebeiyejiechengwei“binggouliutiao”de《guanyushenhuashangshigongsibinggouzhongzushichanggaigedeyijian》，gaiyijianmingquetichujijizhichishangshiqiyekaizhanjiyuzhuanxingshengjidengmubiaodekuaxingyebinggou。

buguozi“binggouliutiao”fabuyilairengyouduojiashangshigongsizhongzushibai，qizhongyuriboshishangjiaoweixiangsidebianshiputaojiushengchanshangmogaogufen。

yuriboshishangleisi，mogaogufenguoqujinianyejijiweidimi，2022nianzhi2024nianqiansanjidu，gongsiguimujinglirunjunchuxiankuisun。

zaicibeijingxia，mogaogufenjiangbinggoumuguangtouxianglecongshicdmohecroyewuqielirunxiangduijiaogaodehaotiankeji。2024nian10yue26ri，mogaogufenfabule《guanyuzhongzhizhongdazichanzhongzudetishixinggonggao》，zhongzhiliyoushizhifufangshi、jiaoyiduijia、yejichengnuodenghexinshixiangweidachengyizhiyijian。

muqian，riboshishangshougouyindilejutifanganbingmeiyoujichu。youyuriboshishangshougouzichanshuyukuajiebinggou，qieshuyushikongrenguanlianfangzichan，anzhaoxiangguanguiding，shenhebiyibandezichanzhongzuyaoyange，zheiyehuijiriboshishangshougoudailaijiaodadebuquedingxing。

erjieqiaoshangshideshenchalidubiqizichanzhongzuyaoyangexuduo，jibianyou“binggouliutiao”dejiachi，riboshishangxiangyaowanchengshougouyindile71%guquanbingburongyi。

ciwai，zaiqigongbuzhongdazhongzuzhiqian，gongsigujialianxu、dafushangzhang，shifoucunzaineimujiaoyihaixuyaojianguancengjinyibuchaming。

duiyuriboshishangeryan，ruonengchenggongjiangyindilenaruhuixia，gongsiyenengniuzhuanbuduanxiahuadeyeji。duiyuyindileeryan，zaizhuangrushangshiqiyehou，qirihourongziyehuibianjiexuduo。zhiyugaixiangshougounengfoushunliwancheng，「chuangyezuiqianxian」jiangchixubaochiguanzhu。