Project investment guidelines
Project investment guidelines
实控权
Control Rights
总体要求
General Requirements
（1）上市公司或者非上市公司均可，壳股及尚未盈利的早期企业不考虑
（2）标的优质成熟，具备独立运营能力，净利润0.5 亿元以上为佳
细分方向：（一）新型能源（水风光氢储等）
细分要求：（1）风电、光伏等以下游运营端及运维端标的为主，上游材料、设备等除非是行业龙头标的，否则暂不考虑；
（2）与电力系统相关，涉及综合能源服务（或虚拟电厂、智能微电网）等具有先发优势的企业；
（3）一些尚未盈利的战略新兴领域（比如固态电池、氢能等）的材料及设备端标的，如果标的公司技术领先且处
于相应细分行业龙头，未来3-5 年具备大规模商业化前景的，也可以考虑并可接受一定程度的亏损（1 亿内）
General Requirements:(1) Both listed and non-listed companies are acceptable, but shell companies and early-stage unprofitable enterprises are excluded
(2) Targets must be high-quality, mature, and capable of independent operations, preferably with a net profit exceeding RMB 50 million
Subsectors: (1) New Energy (Hydropower, Wind, Solar, Hydrogen,Energy Storage, etc.)
Requirements:(1) Prioritize downstream operational and maintenance targets in wind and solar sectors; upstream material and equipment companies are considered only if they are industry leaders(2) Companies related to power systems, especially those with first-mover advantages in integrated energy services (e.g., virtual power plants, smart microgrids) (3) Strategic emerging sectors (e.g., solid-state batteries, hydrogen energy) in material and equipment fields may be considered if they are technologically leading, sector leaders, and have large-scale commercialization potential within 3–5 years, even with losses(up to RMB 100 million)
Project investment guidelines
实控权
Control Rights
总体要求
General Requirements
细分要求：与有色金属冶炼、磷化工为主存在上下游关系，即金铜、磷、钾等金属的下游应用领域标的，下游行业属于
新质生产力或者战略新兴行业（比如铜揽高速连接、磷系阻燃剂等）为佳；标的公司团队稳定，治理规范，经营成熟，
业绩相对稳定
高端装备制造、气体投资运营、新交通等与LNG 液化设备、液体空分设备、低温液体储运设备、轨道交通高端装备、公路建设运营等存在上下游关系；标的公司团队稳定，经营成熟，业绩优良
大金融细分要求：（1）业务上类似于东方财富、同花顺、指南针、财富趋势、大智慧等相关标的；
（2）与信托、证券、银行、租赁、保险、小贷、保理、保险经纪等牌照业务能产生一定协同的为佳；
（3）如果价格合适，可以接受标的存在一定程度亏损（3 亿内）
Requirements:Targets must be linked to upstream/downstream industries such as non-ferrous metal smelting and phosphorus chemical engineering (e.g., gold, copper, phosphorus, potassium). Priority is given to downstream applications aligned with new productive forces or strategic emerging industries (e.g., high-speed copper cable connections, phosphorus-based flame retardants). Companies must have stable teams, standardized governance,
mature operations, and relatively stable performance. High-End Equipment Manufacturing, Gas Investment & Operations, New Transportation Targets must be related to LNG liquefaction equipment, liquid air separation equipment, cryogenic liquid storage/transportation equipment, high-end rail transit equipment, and highway construction/operations. Companies must have stable teams, mature operations, and strong financial performance. Requirements:(1) Companies with business models similar to Oriental Wealth, Tonghuashun, Guidepoint, Wealth Trends, or DZH;
(2) Priority is given to targets that can synergize with licensed businesses such as trust, securities, banking, leasing, insurance,microfinance, factoring, and insurance brokerage. (3) Loss-making targets (up to RMB 300 million) are acceptable if pricedreasonably
Project investment guidelines
实控权
Control Rights
战略投资
Strategic Investments
分为战略性控股投资及战略性财务投资。战略性控股投资是指以最终并表为目的，短期以参股为主，未来通过增资或者
老股受让等方式逐步成为控股股东战略性财务投资，是指以业务培育或者战略合作为主要目的，短期以参股为主，不谋求控制权，未来通过减持退出
总体要求：（1）上市公司或者非上市公司均可，行业包括大金融、新型能源、高端装备制造、新材料、新交通等；
（2）能够取得董事会席位；（3）前期持股比例不低于5%；（4）战略性财务投资的，要有明确的退出渠道或方式，
持有期内股息率不低于最新5 年期LPR；（5）战略性控股投资的，有明确的后续控股权变更时间及方案
Divided into Strategic Controlling Investments and Strategic Financial Investments:Strategic Controlling Investments: Aim to achieve consolidation in the long term. Start with minority stakes
and gradually increase ownership via capital injections or share transfers to become controlling shareholders.Strategic Financial Investments: Focus on business cultivation or strategic
collaboration. Start with minority stakes without seeking control with eventual exit via share reduction General Requirements:(1) Targets may be listed or non-listed, covering sectors such as financial services, new energy, high-end equipment manufacturing, new materials, and new transportation(2) Board seats must be secured(3) Initial shareholding must be ≥5%(4) Strategic financial investments require clear exit channels/methods, with dividend yields during the holding
period ≥ the latest 5-year Loan Prime Rate (LPR)(5) Strategic controlling investments require defined timelinesand plans for control transfer.
Project investment guidelines
实控权
Control Rights
财务投资
Financial Investments
总体要求：
（1）行业主业及培育主业能够有一定业务协同可能（比如在工程施工、能源、智慧交通、新材料、
物流等领域）的最佳；
（2）业务类型以IPO 战略配售、国企子公司引战、上市公司市场化债转股为主
General Requirements:(1) Priority is given to sectors where core businesses and incubated businesses can achieve synergistic opportunities (e.g., engineering construction, energy, smart
transportation, new materials, logistics);
(2) Key business types include IPO strategic placements, introduction
of strategic investors to state-owned enterprise subsidiaries,
and market-oriented debt-to-equity swaps for listed companies.