µ¼Ó2020Äê12Ô£¬±¦ÔËÀ³×ÊÔ´ÒÔÁìͶ·½Éí·Ý¼ÓÈëÀûÈʿƼ¼£¨¡°¹«Ë¾¡±£©µÄPre-IPO¹ÉȨÈÚ×Ê¡£±¦ÔËÀ³×ÊÔ´ºã¾Ã¿´ºÃ¼Òµç°å¿éÊг¡£¬Æð¾¢¼ÓÈ빤ҵÁ´ÓÅÖʱêµÄͶ×Êʱ»ú¡£2011Ä꣬±¦ÔËÀ³×ÊÔ´ÒÔ71ÒÚԪͶ×ÊÃÀµÄ¼¯ÍÅ£¬×îÏÈÒ»Á¬¹Ø×¢¼Òµç°å¿éÁìÓò¡£2020Äê4Ô£¬±¦ÔËÀ³×ÊÔ´ÓëÃÀµÄ×ÊÔ´ÅäºÏ¼ÓÈë³ø·¿Ð¡¼ÒµçODM³§ÉÌÌìϲ³øµçµÄ¹ÉȨÈÚ×Ê¡£¼ÌÃÀµÄ¼¯ÍÅ¡¢Ììϲ³øµçÖ®ºó£¬±¦ÔËÀ³×ÊÔ´±¾´Î¶ÔÀûÈʿƼ¼µÄͶ×ʽøÒ»²½À©´óÁËÆäÔÚ¼ÒµçÁìÓòµÄͶ×ʹú½ç¡£
ÀûÈʿƼ¼½¨ÉèÓÚ1998Ä꣬Ö÷Òª²úÆ·°üÀ¨µç±ýîõ¡¢¿ÕÆøÕ¨¹ø¡¢µçѹÁ¦¹ø¡¢µçů¹ø¡¢µçÉÕ¿¾ÅÌ¡¢¼ÓÈÈÆƱڻú¡¢Õ¥Ö»ú¡¢²ËÏÚ»úµÈС¼Òµç¡£¹«Ë¾²úÆ·Ö÷ÒªÏúÊÛÇþµÀº¸Ç¾©¶«¡¢ÌìèÌÔ±¦¡¢ËÕÄþÒ×¹º¡¢¹úÃÀÔÚÏßµÈÖ÷Á÷ÏßÉÏÇþµÀ£¬¼°¹úÃÀ¡¢ËÕÄþ¡¢´óÖС¢ÎïÃÀ¡¢ÃÀÁ®ÃÀ¡¢ÎÖ¶ûÂêµÈÏßÏÂÇþµÀ¡£
ÀûÈʿƼ¼ÊǺ£ÄÚµç±ýîõÀÏÅÆÁúÍ·ÆóÒµ£¬ÆìÏÂÖи߶˿ÕÆøÕ¨¹øÒàÅÅÃûÊг¡Ç°Ïß¡£µç±ýîõ×î³õÖ÷ÒªÃæÏò±±·½ÀÓ±ýµÄÒûʳϰ¹ßÐèÇ󣬽üÄê»ùÓÚÐü¸¡½á¹¹¡¢»ðÁ¦µ÷ÀíµÈ¹¦Ð§Éý¼¶£¬ÒÑ´Ó¼òµ¥µÄÀÓ±ý»úµ½¿ÉÎÞа¾ÙÐм塢¿¾¡¢ÀÓµÈÅëâ¿ÒªÁìµÄ¶à¹¦Ð§³ø·¿µçÆ÷¡£³öÓÚ²Ù×÷¼òÆÓ¡¢Ã»ÓÐÃ÷úÓÍÑ̵ȿ¼Á¿£¬µç±ýîõÊܵ½ÏûºÄÕßÇàíù£¬ÒÑѸËÙ³ÉΪ³ø·¿µçÆ÷µÄºóÆðÖ®Ðã¡£¿ÕÆøÕ¨¹øÔò¿ÉʵÏÖÎÞÓÍÅëâ¿£¬ÓºÏÄêÇáÒ»´úÏûºÄÕßÆÕ±é×·Çó¿µ½¡µÄÇ÷ÊÆ£¬³ÉΪ½üÄêС¼ÒµçÖÐÔöÌíÐÔ×îÍ»³öµÄÆ·ÀࣻËæ׎üÄêÀ´µÄÊг¡ÅàÓýÒÔ¼°ÏûºÄÏ°¹ß´ÓÅµØÇøÏòº£ÄÚת´ï£¬ÖйúÊг¡¶Ô¿ÕÆøÕ¨¹øµÄÐèÇó·ºÆ𱬷¢ÐÔÔöÌí
Ñз¢Á¢ÒìÄÜÁ¦ÊÇÀûÈʿƼ¼µÄ½¹µã¾ºÕùÁ¦Ö®Ò»¡£¹«Ë¾Ñз¢¼°²úÆ·Éè¼ÆÍŶӹØÓÚÊг¡ÐèÇóÐá¾õÃôÈñ£¬³ý¶Ôµç±ýîõ¼°¿ÕÆøÕ¨¹øÒ»Á¬¾ÙÐй¦Ð§µü´úÉý¼¶Í⣬ΧÈƽ¹µã²úÆ·£¬¿ª·¢²ËÏÚ»ú¡¢±¡±ýîõ¡¢µçÉÕ¿¾ÅÌ¡¢×Ô¶¯Ðýת¿¾´®»ú¡¢ÕôÆûÍϰѵȳø·¿Ð¡¼Òµç¡£ÒÔ²ËÏÚ»úΪÀý£¬»ùÓÚº£ÄÚ±±·½Òûʳϰ¹ß£¬¹«Ë¾ÓÚ2020ÄêÍ·ÍƳöÄ£ÄâÊÖ¹¤¶ç²Ë¡¢ÍŽá½ÊÈ⹦ЧµÄ²ËÏÚ»ú£¬Êܵ½ÏûºÄÕßÇàíù¡£
ÀûÈʿƼ¼ÔÚº£ÄÚ³ø·¿Ð¡¼ÒµçÐÐÒµ¾ß±¸Áè¼Ý20ÄêµÄı»®ÂÄÀú£¬Îªº£ÄÚµç±ýîõϸ·ÖÁìÓòµÄÀÏÅÆÁúÍ·ÆóÒµ¡£¹«Ë¾½üÄêÀ´Ë³Ó¦Êг¡Àå¸ï¡¢Æð¾¢Óµ±§ÐÂÇþµÀÐÂÓªÏú£¬²¢ÔÚά³Ö¾ÉÓÐÆ·ÅƽáʵÄÍÓõ÷ÐÔÏ£¬Í¨¹ý´òÔìȫС°KϵÁС±¡¢¡°ÂÌÖÞϵÁС±µÈϵÁвúÆ·´òÔìÇáÉÝÆ·ÅÆÐÎÏ󣬶ԼÈÓеÄÖÐÍíÄê¼°ÐÂÐ˵ÄÄêÇáÏûºÄ×åȺ¾ÙÐÐÇø¸ô£¬ÌåÏÖ¹«Ë¾ÄÚ²¿Á¢Òì¼°Éú³¤»îÁ¦¡£
±¦ÔËÀ³×ÊÔ´ÓÐÐÒ¼ÓÈë±¾´ÎÀûÈʿƼ¼µÄ¹ÉȨÈÚ×ÊÏîÄ¿£¬Îª¹«Ë¾½øÒ»²½Éú³¤¸³ÄÜ¡£Î´À´£¬±¦ÔËÀ³×ÊÔ´½«¼ÌÐøÓëÆóÒµ³ä·ÖÏàÖú£¬Ð¯ÊÖ¹²½ø£¬²¢½«Î§ÈƼÈÓÐͶ×Ê×éºÏ£¬Ò»Á¬¹Ø×¢²¢ÍÚ¾òÐµĹ¤ÒµÁ´ÓÅÖʱêµÄ¡£
Ö麣±¦ÔËÀ³×ʲúÖÎÀíÓÐÏÞ¹«Ë¾¡¢Æä¿Ø¹É¹«Ë¾¼°£¯»ò¸ÃµÈ¿Ø¹É¹«Ë¾µÄÈκÎÁ¥Êô¹«Ë¾¼°/»òÆäµÚÈý·½Êý¾Ý¹©»õÉ̾ùÃãÁ¦È·±£ËùÌṩÐÅÏ¢µÄ׼ȷºÍ¿É¿¿¶È£¬µ«²»¿É°ü¹ÜÆä¾øÃé׼ȷºÍ¿É¿¿£¬ÇÒÒ಻»á¼ç¸ºÒòÈκνû¾øÈ·»òÒÅ©¶øÒýÆðµÄÈκÎËðʧ»òË𺦵ÄÔðÈΣ¨²»¹ÜÊÇ·ñÇÖȨ·¨ÏµÄÔðÈλòºÏÔ¼ÔðÈÎÓÖ»òÆäËûÔðÈΣ©¡£
Ò»¡¢Ê¹ÓÃÌõ¼þ
×óÓÒµÇÈë±¾ÍøÕ¾¼°ÆäÖÐËùÔØÃ÷»ò˵Ã÷µÄ²úÆ·¡¢Ð§ÀÍ¡¢Êý¾Ý¡¢¹¤¾ß¼°ÖÊÁÏ (ÒÔϳÆΪ¡¸±¾ÍøÕ¾¡¹)£¬¼´ÌåÏÖÈÏ¿É×óÓÒÃ÷È·²¢½ÓÊÜÒÔÏÂʹÓÃÌõ¼þ¡£
¶þ¡¢Ò»Ñùƽ³£Ìõ¿î
±¾ÍøÕ¾ÓÉÖ麣±¦ÔËÀ³×ʲúÖÎÀíÓÐÏÞ¹«Ë¾»òÆä¹ØÁª»ú¹¹ (ÒÔϳÆΪ¡°Ö麣±¦ÔËÀ³¡±) ÓµÓм°ÖÎÀí¡£Ö麣±¦ÔËÀ³ÎªRT CAPITAL INVESTMENT MANAGEMENT LIMITED³ÖÓеÄÈ«×ÊÁ¥Êô¹«Ë¾¡£ RT CAPITAL INVESTMENT MANAGEMENT LIMITED (ÖÐÑë±àºÅ BDR584) ΪÏã¸Û֤ȯ¼°ÆÚ»õÊÂÎñ¼à²ìίԱ»á·¢ÅÆ×¼Óè´ÓʵÚ9Àà (×ʲúÖÎÀí) Êܹæ¹ÜÔ˶¯µÄ³ÖÅÆ·¨ÍÅ¡£±¾ÍøÕ¾µÄÄÚÈݲ¢Î´¾Ö¤È¯¼°ÆÚ»õÊÂÎñ¼à²ìίԱ»á»òÏã¸ÛÈκÎî¿Ïµ»ú¹¹ÉóÔÄ¡£×óÓÒÒËÉóÉ÷ÐÐÊ£¬Èç¶Ô±¾ÍøÕ¾ÈκÎÄÚÈÝÓÐÒÉÎÊ£¬Ó¦×Éѯ×ÔÁ¦µÄרҵÒâ¼û¡£
¹ØÓÚ±¾ÍøÕ¾Ëù¿¯ÔصÄËùÓÐ×ÊÁÏ£¬Ö麣±¦ÔËÀ³±£´æÓÚÈκÎʱ¼ä±ä»»¡¢Ð޸ġ¢ÔöÌí»òÒƳý²¿·Ý¸ÃµÈÄÚÈÝÖ®ËùÓÐ×ÃÇéȨ£¬¶ø²¢²»ÏòÍøվʹÓÃÕß×÷ÁíÐÐ֪ͨ¡£ÈκζԸõÈÄÚÈÝÖ®±ä»»¡¢Ð޸ġ¢ÔöÌí»òɾ³ý£¬¾ùÒÔÓÚ±¾ÍøÕ¾Ðû²¼Ö®·½·¨Í¨Öª×óÓÒ£¬²¢×ÔÆäʱÉúЧ¡£×óÓÒÔ޳ɣ¬¾Í±¾Ìõ¶øÑÔ£¬ÒÔ´Ë·½·¨×÷³ö±ä»»Í¨ÖªÊô³ä·Ö֪ͨ¡£Èô×óÓÒÓÚÎÒÃÇÐû²¼¸ÃµÈÄÚÈÝÖ®±ä»»ºó½øÈë¼°£¯»òʹÓñ¾ÍøÕ¾£¬¼´×óÓÒ±»ÊÓ×÷Ô޳ɽÓÊܸõÈÒѱ任¡£Èô×óÓÒ²î±ðÒâÊܸõȱ任ԼÊø£¬Ôò×óÓÒÐëʵʱ×èÖ¹½øÈë¼°£¯»òʹÓñ¾ÍøÕ¾¡£Ö麣±¦ÔËÀ³±£´æ½~¶Ô×ÃÇéȨÒÔÊÚÓè»ò×÷·ÏÈκÎÈËʿʹÓñ¾Íøվ֮ȨÁ¦¡£
Èý¡¢×óÓÒÔ޳ɣº
(I)×ñÊØÖ麣±¦ÔËÀ³Ê±Ê±¿¯·¢¼°£¯»ò¿¯µÇÓÚ±¾ÍøÕ¾¹ØÓÚʹÓñ¾ÍøÕ¾Ö®ËùÓÐ֪ͨ¡¢Ö¸Òý¡¢¹æÔò¼°Ö¸Ê¾£¬°üÀ¨Èκθ½¼ÓÌõ¿î¼°Ï¸ÔòËùÔعæ¹ÜʹÓñ¾ÍøÕ¾Ìض¨²¿·ÝÖ®ËùÓÐÌض¨Ìõ¿î¼°Ï¸Ôò
(II)ʹÓñ¾Íøվʱ×ñÊØÒ»ÇÐÊÊÓÃÖ´·¨¼°¹æÔò£»
(III)²»Ã°ÈÏÈκÎÈËÊ¿»òʵÌå»ò×÷Ðéα³ÂÊö»òÆäËûʧʵ³ÂÊöÉù³ÆÓëÈκÎÈËÊ¿»òʵÌåÓйØÁª£»
(IV)²»ÒÔÈκη½·¨ÉÏÔØ»òÉ¢²¼Èκκ¬Óв¡¶¾Ö®µµ°¸¡¢ÊÜËðµµ°¸»òÈκοÉÄÜË𺦻òËð»µÁíÒ»ÅÌËã»ú»òÊÖÌá×°ÖÃÔË×÷Ö®ÆäËûÀàËÆÈí¼þ¡¢³ÌÐò¡¢ºê»òµµ°¸£»
(V)²»¾±¾ÍøÕ¾Ðû²¼¡¢Íƹã»ò´«ËÍÈκÎÎ¥·¨¡¢×ÌÈÅ¡¢Àë¼ä¡¢Óк¦¡¢µÍËס¢ÒùÙô»òÆäËûÁîÈË·´¸ÐÖ®Êý¾Ý£¬ÆñÂÛÆäÊôÈκÎÖÖÀà»òÐÔ×Ó¡£
ËÄ¡¢µÇÈëÍøÕ¾
Èô±¾ÍøÕ¾ÔÚÈκÎ˾·¨Í³ÁìÇøÏòÈκÎÈËÊ¿Ðû²¼¼°£¯»òÌṩÊDZ»Õ¥È¡µÄ(ÓÉÓÚ¸ÃÈËÊ¿µÄ¾Ó¼®¡¢ÆÜÉíµØ¡¢¹ú¼®»òÆäËûÔµ¹ÊÔÓÉ)£¬Ôò¸ÃÈËÊ¿²»¿ÉµÇÈë±¾ÍøÕ¾¡£ÉÏÊö±»Õ¥È¡µÄÈËÊ¿»ò·ÇÉÏÎÄÖ¸¶¨µÄÈËÊ¿¾ù²»µÃµÇÈë±¾ÍøÕ¾¡£×óÓÒÓÐÔðÈÎ֪Ϥ¼°×ñÊØÈκÎÏà¹Ø˾·¨Í³ÁìÇøµÄËùÓÐÊÊÓÃÖ´·¨¼°»®¶¨¡£
Îå¡¢²»×é³ÉÒªÔ¼
±¾ÍøÕ¾ËùÔØÊý¾Ý²¢²»×é³ÉÖ´ÐÐÈκÎͶ×Ê»ò½«Í¶×ʱäÏÖ»ò¾ÙÐÐÈκÎÆäËûÉúÒâµÄÒªÔ¼»ò½¨Òé¡£¸Ã×ÊÁϲ»Ó¦×÷ΪÈκÎͶ×ʾöÒé»òÆäËû¾öÒéµÄÒÀ¾Ý¡£ÈκÎͶ×ʾöÒéÓ¦µ±Æ¾Ö¤Êʵ±µÄ²¢ÇÒÅäºÏͶ×ÊÕßÐèÒªµÄרҵÒâ¼û×÷³ö¡£
Áù¡¢Í¶×ÊÌåÏÖ
Ͷ×ÊÉ漰Σº¦¡£Í¶×ʵļÛÖµ¼°Ëù±¬·¢µÄÊÕÈë¿ÉÉýÒà¿Éµø£¬Í¶×ÊÕßÔÚ³öÊÛͶ×ʺóδ±ØÄÜÈ¡»ØÆäÈ«ÊýͶ×ʶ²¢Ó¦Îª¿ÉÄÜÔâÊÜͨÅÌͶ×ÊËðʧ×öºÃ×¼±¸¡£²»¿É°ü¹ÜÈκÎͶ×ʲúÆ·µÄͶ×ÊÄ¿µÄÒ»¶¨ÄÜʵÏÖ£¬Òಢδ¾ÍͶ×ʲúÆ·µÄÌåÏÖ»òͶ×ʻر¨×÷³öÈκγÂÊö»òÔÊÐí¡£¹ýÍùµÄÌåÏÖ²¢·ÇδÀ´ÌåÏÖµÄÖ¸±ê¡£»ãÂʵı任¿ÉÄܶÔͶ×ʼÛÖµÔì³Éµ¹Ô˵ÄÓ°Ï졣Ͷ×ʻر¨¿ÉÄÜÒÔÍâ±ÒÅÌËã²¢¿ÉÄÜÊܵ½Ïà¹ØÍâ±ÒµÄ»ãÂʲ¨¶¯Ó°Ïì¡£ÓйؽøÒ»²½µÄÏêÇ飬ÓÈÆäÊÇΣº¦ÒòËØ£¬Çë²ÎÔÄͶ×ÊÏà¹ØÎļþ¼°ÐÅÏ¢¡£×óÓÒÒËÉóÉ÷ÐÐÊ£¬²¢Ó¦×Éѯ×ÔÁ¦µÄרҵÒâ¼û¡£
Æß¡¢²»×÷³ö°ü¹Ü
Ö麣±¦ÔËÀ³ÔÚ±¾ÍøÕ¾ÌṩµÄÊý¾Ý¼°Òâ¼û½öΪһÑùƽ³£²Î¿¼¶øÉ裬²¢²»×é³É¹ã¸æ¡£Ö麣±¦ÔËÀ³¼°ÆäÊý¾ÝÌṩÕß½«¾¡Ò»ÇÐÆð¾¢È·±£±¾ÍøÕ¾µÄÊý¾ÝÓÚÄÉÈë֮ʱ¾ùÊô׼ȷ¼°ÍêÕû¡£Ö麣±¦ÔËÀ³ËäÈ»±¾×ųÏÐÅÒÔΪÆä´ÓÊý¾ÝÌṩÕß¼°ÆäËûȪԴËùÈ¡µÃµÄÊý¾Ý¾ùÊô¿É¿¿£¬µ«¸Å²»¾Í¸ÃµÈ×ÊÁÏÊÇ·ñ׼ȷ¡¢×îлòÖÜÈ«×÷³öÈκÎÕÑʾ»òÒþº¬µÄ°ü¹Ü¡£±ðµÄ£¬ÔÚ±¾ÍøÕ¾Ëù±í´ïµÄ¿´·¨»òÒâ¼û¿ÉÓèÒÔ¸ü¸Ä¶øÎÞÐë֪ͨ¡£Ö麣±¦ÔËÀ³×ʲúÖÎÀíÓÐÏÞ¹«Ë¾²¢²»°ü¹Ü±¾ÍøÕ¾µÄÊý¾Ý²»»áÒò·¢ÍâÐÐÒÕ¹ÊÕÏ (ÖÐÖ¹¡¢µÚÈý·½×ÌÈÅ¡¢ÅÌËã»ú²¡¶¾µÈ) ¶ø¸ü¸Ä¡£
°Ë¡¢·ÇÒÀÀµ¼°Î£º¦Åû¶
±¾ÍøÕ¾ÖеÄÐÅÏ¢¡¢Òâ¼û¾ù½ö¹©Í¶×ÊÕ߲ο¼Ö®Ó㬲¢Î´Ë¼Á¿µ½»ñȡʵÖÊÁÏÖ°Ô±µÄÏêϸͶ×ÊÄ¿µÄ¡¢²ÆÎñ״̬ÒÔ¼°Ìض¨ÐèÇó¡£ÔÚÈκÎÇéÐÎ֮ϣ¬±¾ÍøÕ¾ÖеÄÐÅÏ¢¡¢Òâ¼û¾ù²»×é³É¶ÔÈκÎÈ˵ÄСÎÒ˽¼ÒÍƼö¡£Í¶×ÊÕßÓ¦µ±¶Ô±¾ÍøÕ¾ÖеÄÐÅÏ¢ºÍÒâ¼û¾ÙÐÐ×ÔÁ¦ÆÀ¹À£¬²¢Ó¦Í¬Ê±Ë¼Á¿¸÷×ÔµÄͶ×ÊÄ¿µÄ¡¢²ÆÎñ״̬ºÍÌض¨ÐèÇó¡£Ö麣±¦ÔËÀ³²»Ïò¿Í»§Ìṩ˰Îñ¡¢»á¼Æ»òÖ´·¨Òâ¼û¡£Ö麣±¦ÔËÀ³½¨ÒéËùÓÐͶ×ÊÕß¾ùÓ¦¾ÍÈκÎDZÔÚͶ×ÊÏòÆäË°Îñ¡¢»á¼Æ»òÖ´·¨ÕÕÁÏ×Éѯ¡£¶ÔÒÀ¾Ý»òÕßʹÓñ¾Êý¾ÝËùÔì³ÉµÄÈκÎËðʧ¡¢Ë𺦡¢ÓöȻòÆÆ·Ñ£¬Ö麣±¦ÔËÀ³¼°/»òÆä¹ØÁªÖ°Ô±¾ù²»¼ç¸ºÈκÎÖ´·¨ÔðÈΡ£
¾Å¡¢ÔðÈÎÏÞÖÆ
Ö麣±¦ÔËÀ³¼°ÆäÊý¾ÝÌṩÕßÎÞÐë¶ÔÓÉÓÚµÇÈ롢ʹÓá¢×Éѯ»òä¯ÀÀ±¾ÍøÕ¾»òÆäËûÁ¬½áÍøÕ¾ËùÒýÆðµÄÈκÎÐÔ×ÓµÄËðʧ»òËðº¦ÈÏÕ棬ÆñÂ۸õÈËðʧ»òËðº¦ÊÇÖ±½ÓµÄ¡¢¼ä½ÓµÄ»òÒ»Á¬µÄ¡£
Ê®¡¢Á¬½áÖÁÆäËûÍøÕ¾
±¾ÍøÕ¾¿ÉÄÜ×Ô¶¯Á¬½áÖÁÆäËûÍøÕ¾¡£×óÓÒʹÓÃÁ¬½áµÇÈë¸ÃµÈÍøÕ¾Ðë×ÔÐм縺ËùÓÐΣº¦¡£Ö麣±¦ÔËÀ³²¢Î´ÉóºË±¾ÍøÕ¾ËùÊöÆäËûÍøÕ¾ËùÌṩµÄÐÅÏ¢ÊÇ·ñ׼ȷ£¬Òò´ËÖ麣±¦ÔËÀ³Ò಻»á¾ÍÆäÄÚÈÝ»ò¾ÓɸõÈÍøÕ¾ÌṩµÄ²úÆ·¡¢Ð§ÀÍ»òÆäËûÓŻݼ縺ÈκÎÔðÈΡ£ÔÚ¿Í»§ÒªÇóÈ¡µÃÓë¸ÃµÈÍøÕ¾ËùÊöͶ×ʲúÆ·ÓйصÄÊý¾Ýʱ£¬ÐëÊÊÍâµØÉóÉ÷È·±£×ñÊØËùÓÐÏà¹ØµÄÍâµØ¹æÔò¼°»®¶¨¡£×óÓÒÒËÉóÉ÷ÐÐÊ£¬Èç¶Ô¸ÃµÈÍøÕ¾µÄÄÚÈÝÓÐÈκÎÒÉÎÊ£¬Ó¦×Éѯ×ÔÁ¦µÄרҵÒâ¼û¡£