界面新闻记者 | 张艺

chongciipoweiguohou，shanghaixinnuotongxinjishugufenyouxiangongsi（xiachengxinnuotongxin）chengweishangshigongsigaolingxinxi（688175.sh）debinggoumubiao。

tongxinqiyegaolingxinxi12yue6rigonggao，gongsizhengzaichouhuayifaxinggufenjizhifuxianjindefangshigoumaixinnuotongxin71.98%guquan，tongshimujipeitaozijin。gongsihaijiangzaitingpaiqijianmouqiugoumaixinnuotongxinling28.02%guquan，yishixianduiqi100%guquandeshougou。gongsigupiaodangriqitingpai，tingpaishijianbuchaoguo5gejiaoyiri。

gongkaiziliaoxianshi，xinnuotongxin2023nian6yuecengtijiaozhaogushuomingshu（shenbaogao）nikechuangbanshangshi，jinnian6yue，gongsichehuiiposhenqing。

界面新闻对比两家公司发现，高凌信息与欣诺通信两家公司在2021年和2022年营收规模基本相当，均为5亿元上下；盈利能力则欣诺通信稍逊一筹。

不过，两家公司趋势不同。高凌信息当时业绩已处于下行趋势，而欣诺通信的净利润在翻倍式增长。直至今年前者已难以为继，出现亏损，后者业绩如何尚不得而知，标的公司董事长谢虎称“取得了还算不错的成绩”。

gaolingxinxizaigongsizuijiannandeshikezhankaibinggou，jiangtizhenyejideqidaifangzailexinnuotongxinshenshang，erhouzheyejiangyinciquxianshangshi。

danweihexinnuotongxinchehuiduliipo，erxuanzebeibinggou，daijiaoyiyuanpiluhuojiexiaodaan。zhidezhuyideshi，gaolingxinxigujiazaitingpaiqianzuihouyigejiaoyiriwupanturandafulasheng，panzhongyiduzhangchao10%。gongsiquanridazhang7.59%，shouyu21.11yuan/gu，zuixinshizhi27yiyuan。

那么，两家公司的合并能否达到一加一大于二的效果呢？

欣诺通信为何“曲线上市”？

gaolingxinxicicizhuyaojiaoyiduifangweixinnuotongxinshijikongzhiren，jixiehu、lilinfufu，yiji4jiayuangongchigupingtai。xinnuotongxinqiyugudongdejiaoyiyixiangshangweizuizhongqueding。tongshi，jiaoyijiageweiding。

gongkaixinxixianshi，xinnuotongxinqitafarengudongbaokuocaitongchuangxintouziyouxiangongsi、shanghailinsonggongyehulianwangchuangyetouzijijinhehuoqiye（youxianhehuo），chigubilifenbiewei6.07%、3.12%。qianzheshicaitongzhengquandequanzizigongsi，houzheshishanghaidifangguoziqixiatouzipingtai。

jingchubucesuan，bencijiaoyiyujigouchengzhongdazichanzhongzu，danbuhuidaozhigongsishijikongzhirenfashengbiangeng，bugouchengzhongzushangshi。

业务协同、业绩提振、刺激股价，高凌信息对欣诺通信的并购或会带来这三方面的效果。

首先看主营业务。虽侧重点有所不同，但两家公司均处于信息通信领域，二者协同效应强。

gaolingxinxishiyijiacongshitezhongtongxinshebei、huanbaowulianwangyingyongchanpinyijiwangluoyuxinxianquanchanpinyewudeqiye。

biaodexinnuotongxinshishanghaishideyijiayiwangluotongxinyuwangluoanquanwei“shuangyinqing”deyanfaxingkejigongsi。qichengliyu2006nian，zhuceziben5450wanyuan。guanwangxianshi，gongsixianyouyuangong500yuren。

xinnuotongxinzhuyaokehubaokuozhongguodianxin、zhongguoyidong、zhongguoliantongdengyunyingshang，haibaokuoguangdian、dianli、tieludengzhuanwangkehuqun。

2023nian6yue，xinnuotongxintijiaodeiposhenqinghuoshangjiaosuoshouli，gongsinimuzi6.09yiyuan，zhuyaoyongyuwangluotongxinjiwangluoanquanchanpinshengchanjidijianshexiangmuheyanfazhongxinjianshexiangmu，bingbuchongliudongzijin。baojianrenweiguotaijunanzhengquan。

站在欣诺通信的角度，公司为何要止步IPO直接上市，选择“曲线上市”呢？

congtijiaozhaogushuzhishenqingchehui，xinnuotongxinzhijinglilejiaoyisuoyilundewenxun。

dangshijiaoyisuoguanzhudewentibaokuo，gongsidechanpin、hexinjishu、qianzaidezhishichanquanjiufen、gudongguquan、shikongrendengfangmiandewenti。

qizhongzhidezhuyideshi，xinnuotongxinyuhuaweizhijiandezhuanlijiufen。zhaotoushushenbaogaoxianshi，2022nian3yuezhi2023nian1yue，huaweixianhouliangcifasongyoujiantichu，xinnuotongxindeotnchanpinjiponchanpinshexianqinquanhuaweide80jianzhuanli。

zaibeiwenxunhou，xinnuotongxinhuifu，tongguogoutong，gongsiyijingyuhuaweibucunzaizhishichanquanjiufenhuoqianzaijiufen。

如今选择“曲线上市”或与当下政策方向有关。

ruoxinnuotongxinxuanzeiposhangshi，yilai，iposhenheliuchengjishangshishijiancunzaibuquedingxing，gudongmenhaixuyaojiaozhangshijiandedengdai。

erbinggouzhongzuzhengbeizhengcesuozhichiheguli。9yue24ri，‌zhengjianhuifabu《guanyushenhuashangshigongsibinggouzhongzushichanggaigedeyijian》（“binggouliutiao”），cujinshangshigongsibinggouzhongzushichangdejiankangfazhan。

bujiuqiandetouzizhejiaoliuhuishang，gaolingxinxidongmijiangxiaohuicheng，waiyanbinggouqueshishigongsikuozhanjingyingguimo、tishengjingyingyejijikangfengxiannenglideyouxiaotujingzhiyi，jianguanzhengceyezhichishangshigongsitongguobinggouzhongzudengshouduantishengshangshitouzijiazhi。“gongsijiangjijiguanzhuhegenjin。”

erlai，ruoiposhangshichenggong，xinnuotongxinshikongren、yuangongchigujihuajiqitagudongxuyaomianlinduanzeyinian，zhangzesannianshenzhigengjiudeshijiancainenghuanmantuichu。

“maishen”gaolingxinxi，duixinnuotongxingudongmenlaishuo，zhongzuyidanwancheng，zhifuxianjindejiaoyifangshibiankerangbufengufenjishitaoxiantuichu，qiehaichiyoudingzengfaxingdegaolingxinxigufen。

只是，如此方式，欣诺通信的估值或许要较IPO打个折扣。当时，欣诺通信选择的上市标准是预计“市值不低于10亿元”。

gaolingxinximouqiudeshixinnuotongxin100%degufen，erqizishendangqianshizhiwei27yiyuan。ipomuzihou，gaolingxinxizaishouzijinchongzu，jiezhi2024niansanjidumo，gongsihuobizijinhejiaoyixingjinrongzichanwei12.12yiyuan。

能拯救下滑的业绩吗？

其次，从可比财务数据来看，一升一降，欣诺通信或可增厚高凌信息利润。

gaolingxinxi2022nian3yueshangshi，shangshiqianlianxuliangnianjinglirunyipo1yiyuan，jinsannian，yejiquedaburuqian。

shangshihou，gaolingxinxiyigaishangshiqiandegaosuzengzhang，yingyeshourushang，gongsi2022nianyingshouzengsujiangzhibudao5%，2023nianxiajiangchaoguo30%；guimujinglirun2022nianxiahua25.66%，wei8,841.74wanyuan，2023nianjijin”yaozhan”zhi4,605.17wanyuan。

2024nianqiansanjidu，gaolingxinxiyingyeshouruzaijiangyue38%zhizhiyou1.18yiyuan；guimujinglirunweikuisun3,307.93wanyuan。

duiyujinnianyejidexiahua，jiangxiaohuibiaoshi，jinniangongsidejungongtongxinyewuxiahua，zhuyaoshoujunduitizhigaigedeyingxiang，caigouxuqiuluodizhihuan。“qiansanjiduyejixiahuazhuyaoyuanyinzaiyu2023nianduxinzenghetongejianshao，daozhi2024nianzhengtikeyanshouyejichengya；disanjiduyuanbenqidaidebufenweixiuqicaidinghuorenwuyeweinengzaijiduchuxiada，congerdaozhikejinrudisanjiduyanshoujieduandexiangmugengshao，yincichengxianedudexiahua。”

jiangxiaohuibiaoshi，weilainiukuifangxiangyishijungongtongxin，gongsitongguotuijinyuanyoujunyongdianxinwangluodingdanluodi；ershineironganquanyewu。“jutiniukuishijianbuhaoyuce”。yinci，gaolingxinxijixuyaojiezhuwaiyanshidebinggoulaigaibianxianzhuang。

lingyifangmian，xinnuotongxinjinliangnianyejibiaoxianweizhi，danqizhaogushupiludexinxixianshi2021nianhe2022nianyinglinenglizengzhangqiangjing。

xinnuotongxinzheiliangniandeyingyeshourufenbiewei4.13yiyuanhe5.76yiyuan，tongbizengsuwei87.79%he39.39%；tongqijinglirunwei2,682.11wanyuanhe6,396.85wanyuan，tongbizengsuwei202.42%he138.50%。

kejian，liangjiagongsikebinianfenzhong，yingshouguimobuxiangshangxia，danjinglirunfangmian，xinnuotongxinzhengzaijiasuzhuigan。

jiemianxinwenlejiedao，jinliangnianxinnuotongxinye“qudelehaisuanbucuodechengji”。

在2024年初的年度总结会上，欣诺通信董事长谢虎总结道，去年网络通信行业面临着严峻挑战，但公司取得了还算不错的成绩。“2023年，我们新增了两个破亿的细分产品，多个办事处年收入创下历史新高，特别是2023年第四季度，公司订单增长迅速，为公司2024年的业务增长奠定了良好的基础。”

ruoxinnuotongxinzaijinliangniannengbaochizhengzengzhang，neimeyishengyijiang，henrongyibianhoulaijushang。daibinggouyuanpiludeshujufangzhijieguo。

能刺激破发的股价吗？

再次，从股价走势来看，高凌信息股价从未站上IPO发行价，急需刺激。

gaolingxinxifaxingjia51.68yuan/gu，danyinwujibenmianzhicheng，gongsigujiashangshishourijipofa。shangshiyilai，zuigaogujiabianshishouri，wei51yuan/gu，gujiazuididiepoguo15yuan/gu（houfuquan）。

jinqigaolingxinxigujiasuiaguzoushierzouchuyiboxingqing，gongsizuixinshoupanjiawei30.55yuan/gu（houfuquan），rengjiaofaxingjiadaleliuzhe。

buguo，zaitingpaiqiandexiawu，gongsigujiaturanfanglianglasheng，youshangwudepingpanfujinzuigaolazhangchaoguo10%。panhou，gongsibianpilulezhongdazhongzubinggouxinxi。

jiezhigonggaopiluri，gaolingxinxibencijiaoyirengchuyuchouhuajieduan，zuizhongnengfoushishishangcunzaijiaodabuquedingxing。

danzhongzubihuiduigujiaxingchengyidingdeciji，gaolingxinxigujiafupaihouhuoyouyidingbiaoxian。danxuyaozhuyideshi，gaolingxinxiyijiejindeyuanshigudongmenzhengjihuajianchigongsigufen。

zi2023nian3yuegaolingxinxiyinianqishoufaxianshougujiejinhou，qiyuanshigudongbianzaichixutaoxian。

2024nianxiabannian，gaolingxinxigongpilulesanfenjianchijihuagonggao。jihuajianchidegudongbaokuozhuhaihanhunalandeguquantouzijijinhehuoqiye（youxianhehuo）（xiachenghanhunalande）、hefeizhongdiankeguoyuanzhitouyihaoguquantouzihehuoqiye（youxianhehuo）、shenzhenkeweirongfaqiyeguanlihehuoqiye（youxianhehuo）hejiaxingzhanxingaolingguquantouzihehuoqiye（youxianhehuo）。

其中，汉虎纳兰德的持股比例已由高凌信息上市之初的8.97%降至最新的3.60%。

2025nian3yuehe9yue，gaolingxinxisannianqishoufaxianshougujijiangjiejin，gujiazaitianyali。

在问及管理层是否考虑减持时，高凌信息回应称，“公司员工持股平台解禁后，不同人员面临的减持限制有所不同，公司不鼓励解禁后管理层快速减持。”