笑不川
01-07
。。
“恒大式”疯狂扩张，俞浩的追觅将成小米最大对手？
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
1
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":519154626232872,"tweetId":"519154626232872","gmtCreate":1767717881393,"gmtModify":1767717883571,"author":{"id":3496319247829394,"idStr":"3496319247829394","authorId":3496319247829394,"authorIdStr":"3496319247829394","name":"笑不川","avatar":"https://static.tigerbbs.com/0101e0164994580cb4a9bd50b573832b","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":7,"crmLevelSwitch":1,"currentWearingBadge":{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.05.14","exceedPercentage":"93.12%","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":18,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>。。</p></body></html>","htmlText":"<html><head></head><body><p>。。</p></body></html>","text":"。。","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/519154626232872","repostId":2601816566,"repostType":2,"repost":{"id":"2601816566","kind":"news","pubTimestamp":1767709172,"share":"https://www.laohu8.com/m/news/2601816566?lang=zh_CN&edition=full","pubTime":"2026-01-06 22:19","market":"hk","language":"zh","title":"“恒大式”疯狂扩张，俞浩的追觅将成小米最大对手？","url":"https://stock-news.laohu8.com/highlight/detail?id=2601816566","media":"一视财经","summary":"交易完成后，俞浩将成为这家A股上市包装公司的实控人。与恒大曾经在房地产、足球、汽车、冰泉等多领域疯狂扩张相似，追觅的战线拉得惊人地长。造车是公认的“吞金兽”，小米汽车首期投入即达百亿。然而，威胁的成立建立在巨大的不确定性之上。这场“恒大式”的多线豪赌，最终会将追觅带向与小米分庭抗礼的科技帝国，还是因资源过于分散、管理失控而陷入泥潭？","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260106223345989v206ggfhl2wybo3\"/><p>撰文丨一视财经 东阳</p><p>编辑 | 高山</p><p>野心勃勃的追觅，正试图用一场豪赌，在巨头林立的智能生态战场上，杀出一条血路。</p><p>近期，<a href=\"https://laohu8.com/S/002969\">嘉美包装</a>的控股股东及实控人，拟将持有的上市公司约2.08亿股股份协议转让给追觅科技。转让价格确定为每股10.95元，总价款约22.82亿元。交易完成后，俞浩将成为这家A股上市包装公司的实控人。</p><p>一家靠“高速马达”起家的扫地机器人新贵，正将触角伸向汽车、机器人、手机乃至资本运作的更深处。俞浩试图用“心脏和大脑”理论，为这场跨界扩张寻找合理逻辑。</p><p><strong>0</strong><strong>1</strong></p><p><strong>买壳上市</strong></p><p>一家以扫地机器人闻名的智能家居公司，意图控股一家金属包装制造商，这笔交易在资本市场激起了巨大波澜。</p><p>市场普遍将此解读为俞浩为追觅科技核心<span>资产</span>上市铺路的“借壳”之举。通过“协议转让+主动要约”的方式斥资近23亿元入主一家上市公司，其资本运作的手笔与野心已然显现。</p><p>俞浩在朋友圈的高调言论似乎印证了外界的猜想。他声称，从2026年底开始，追觅生态旗下多个业务将如同“下饺子”般在全球各交易所批量IPO。嘉美包装，很可能就是他用来煮开这锅“饺子”的沸水。</p><p>对俞浩和追觅而言，拥有一个上市平台不仅是打通融资渠道、缓解多线作战资金压力的燃眉之急，更是一种战略必需。在智能家居这片“红海”中，仅靠主业的利润，已无法支撑其造车、造手机、造机器人的宏大蓝图。</p><p><strong>0</strong><strong>2</strong></p><p><strong>复制成功</strong></p><p>俞浩的自信，源于他个人成长经历中一次次“自证的飞轮”。</p><p>从村镇到县城再到清华，他自述的经验是：起初或许落后，但只要身处同一环境，通过努力复制此前的成功经验，最终就能成为第一。 这种“换地图、夺第一”的思维方式，深刻地塑造了他的商业逻辑。</p><p>追觅以自研高速马达技术为基石，在扫地机器人领域撕开市场缺口。在俞浩的规划中，高速马达是“心脏”，基于视觉的感知与控制算法是“大脑”。他坚信，掌握了这套“心脑”组合，便能将其复制到任何一个需要动力与智能的领域。</p><p>“未来追觅会是一家广义机器人公司。” 俞浩的这番论述，为其进军新能源汽车、人形机器人、手机乃至运动相机提供了理论注脚。在他看来，扫地机器人是地面移动机器人，汽车是轮式机器人，人形机器人是仿生机器人，内核并无本质不同。</p><p>这套高度抽象、充满工程师理想主义色彩的理论，成为追觅全面出击的“思想武器”。</p><p><strong>0</strong><strong>3</strong></p><p><strong>多线豪赌</strong></p><p>然而，从商业现实审视，俞浩的蓝图堪称一场“<a href=\"https://laohu8.com/S/03333\">恒大</a>式”的豪赌。与<a href=\"https://laohu8.com/S/06666\">恒大</a>曾经在房地产、足球、汽车、冰泉等多领域疯狂扩张相似，追觅的战线拉得惊人地长。</p><p>这背后是海量的资源消耗。造车是公认的“吞金兽”，<a href=\"https://laohu8.com/S/XIACY\">小米</a>汽车首期投入即达百亿。人形机器人需要顶尖的AI模型与精密的运动控制，手机则是供应链与品牌运营的终极修罗场。每一个领域，都需要持续的天量投入和截然不同的核心能力。</p><p>俞浩试图用“心脑”理论简化这些复杂工业领域间的巨大鸿沟，但商业竞争远比考场复杂。先行者的规模、技术、品牌和生态壁垒，让“坐在同一间教室”的机会变得渺茫。</p><p>资本市场用脚投票。<a href=\"https://laohu8.com/S/002835\">同为</a>“扫地机器人四小龙”，<a href=\"https://laohu8.com/S/603486\">科沃斯</a>、<a href=\"https://laohu8.com/S/688169\">石头科技</a>早已上市，云鲸也获得了<a href=\"https://laohu8.com/S/00700\">腾讯</a>的巨额融资。而追觅自2021年完成36亿元C轮融资后，再无公开融资消息，与同期竞争对手的资本运作节奏形成对比。</p><p>尽管追觅营收增长迅猛，2024年达150亿元，2025年上半年即超去年全年，但在多线烧钱的战略下，资金压力可想而知。控股嘉美包装，正是为这场豪赌寻找一个稳定的“弹药输送平台”。</p><p>追觅的全面出击，既是创始人的自信使然，某种程度上也是智能家居行业内卷困局下的被迫突围。</p><p>智能清洁赛道已从蓝海杀成红海。“扫地茅”科沃斯<span>净利润</span>从2021年20.1亿元的高峰回落。石头科技2025年前三季度净利润下滑近三成。行业面临着 “<a href=\"https://laohu8.com/S/01810\">小米</a>式”极致性价比的持续挤压，硬件利润空间被不断压缩。</p><p>在此背景下，拓展边界成为头部玩家的共同选择。科沃斯分拆机器人业务冲刺上市，石头科技创始人昌敬下场造车（极石汽车），<a href=\"https://laohu8.com/S/81810\">小米</a>的生态链更是无远弗届。追觅的多元化，是在存量市场中寻找新增量的必然尝试，也是应对巨头竞争的一种防御性进攻。</p><p><strong>0</strong><strong>4</strong></p><p><strong>雷军的最大威胁？</strong></p><p>于是，一个更有意思的问题浮现：以如此激进姿态扩张的追觅，会成为小米生态模式的最大威胁吗？</p><p>从模式上看，追觅似乎在走一条与小米早期相似但更为激进的“生态链”道路。小米通过投资孵化，构建庞大生态；而俞浩则试图将核心技术与资本控制更深地绑定，在集团内部直接孵化多个重磅业务，掌控力更强，但风险也更为集中。</p><p>俞浩的终极对手，或许正是雷军。两者都信奉“硬件+软件+生态”的铁人三项，都具备极强的技术背景与产品思维，都怀有打造泛机器人<a href=\"https://laohu8.com/S/00776\">帝国</a>的雄心。追觅在清洁、造车、机器人、手机等领域的布局，与小米的核心生态位形成了近乎“像素级”的重叠与对抗。</p><p>然而，威胁的成立建立在巨大的不确定性之上。小米拥有万亿美元市值的集团支撑、成熟的生态链协同、庞大的用户基础和品牌号召力。而追觅，目前仍是一家未上市的<a href=\"https://laohu8.com/S/V03.SI\">创业公司</a>，主业虽强但并非绝对统治，新业务则处于巨大投入的早期阶段。</p><p>俞浩的“复制成功”理论，在从百亿营收向千亿、万亿市值跃迁的残酷商业长征中，是否依然有效？ 这场“恒大式”的多线豪赌，最终会将追觅带向与小米分庭抗礼的科技帝国，还是因资源过于分散、管理失控而陷入泥潭？</p><p>答案，或许就藏在俞浩能否为这场疯狂的扩张，持续找到“煮饺子”所需的足够沸水——不仅是资本，更是时间、人才、技术突破与一丝不可或缺的运气。商业世界的考场，从不给答卷者“重考”的机会。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260106223347866v2065djqazkxbx3\"/><p><strong><a href=\"https://laohu8.com/S/BABA\">阿里</a>左手外卖、右手AI，400亿补贴难挡第二春？</strong></p><p><strong>2200亿小红书再败本地生活，没有\"钞能力\"干不赢<a href=\"https://laohu8.com/S/MPNGY\">美团</a>抖音？</strong></p><p><strong>深耕养老金融新赛道 <a href=\"https://laohu8.com/S/601998\">中信银行</a>“幸福+”品牌全面升级</strong></p><p><strong><a href=\"https://laohu8.com/S/601169\">北京银行</a>中关村分行作为独家战略合作伙伴支持2025北京PE论坛举办</strong></p><p><strong>以隐私之名的万亿博弈 谁在妖魔化豆包AI手机？</strong></p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“恒大式”疯狂扩张，俞浩的追觅将成小米最大对手？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“恒大式”疯狂扩张，俞浩的追觅将成小米最大对手？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-06 22:19 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260106230354a6fae6d1&s=b><strong>一视财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>撰文丨一视财经 东阳编辑 | 高山野心勃勃的追觅，正试图用一场豪赌，在巨头林立的智能生态战场上，杀出一条血路。近期，嘉美包装的控股股东及实控人，拟将持有的上市公司约2.08亿股股份协议转让给追觅科技。转让价格确定为每股10.95元，总价款约22.82亿元。交易完成后，俞浩将成为这家A股上市包装公司的实控人。一家靠“高速马达”起家的扫地机器人新贵，正将触角伸向汽车、机器人、手机乃至资本运作的更深处...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260106230354a6fae6d1&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0650527681.SGD":"Fidelity China Consumer A-SGD","BK1193":"电脑硬件、储存设备及电脑周边","BK1618":"Manus概念股","BK1240":"房地产开发","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","BK1615":"港股-互联网","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0675040207.SGD":"JPM ASIA PACIFIC EQUITY \"A\" (SGD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","01810":"小米集团-W","LU0823426308.USD":"法巴中国股票基金","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0051755006.USD":"摩根大通中国A (dist)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","002969":"嘉美包装","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","BK1523":"武汉本地概念股","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","BK1521":"挪威政府全球养老基金持仓","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","HXXD.SI":"Xiaomi HK SDR 2to1","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","BK1555":"内房股","BK1502":"双十一","LU0052750758.USD":"富兰克林中国基金A Acc","BK1610":"ETF&股票定投概念","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","HK0000165453.HKD":"华夏精选大中华科技基金 A类港币","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","BK1575":"同股不同权","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","BK1598":"恒大概念","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","BK1507":"粤港澳大湾区","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0359201612.USD":"贝莱德中国基金A2","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","XIACY":"小米集团ADR","LU1720050803.USD":"安联全方位中国股票基金","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","BK1607":"新IT概念","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1506":"5G概念","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","BK1589":"北水核心资产","LU0594300419.USD":"富达中国消费基金A"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260106230354a6fae6d1&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2601816566","content_text":"撰文丨一视财经 东阳编辑 | 高山野心勃勃的追觅，正试图用一场豪赌，在巨头林立的智能生态战场上，杀出一条血路。近期，嘉美包装的控股股东及实控人，拟将持有的上市公司约2.08亿股股份协议转让给追觅科技。转让价格确定为每股10.95元，总价款约22.82亿元。交易完成后，俞浩将成为这家A股上市包装公司的实控人。一家靠“高速马达”起家的扫地机器人新贵，正将触角伸向汽车、机器人、手机乃至资本运作的更深处。俞浩试图用“心脏和大脑”理论，为这场跨界扩张寻找合理逻辑。01买壳上市一家以扫地机器人闻名的智能家居公司，意图控股一家金属包装制造商，这笔交易在资本市场激起了巨大波澜。市场普遍将此解读为俞浩为追觅科技核心资产上市铺路的“借壳”之举。通过“协议转让+主动要约”的方式斥资近23亿元入主一家上市公司，其资本运作的手笔与野心已然显现。俞浩在朋友圈的高调言论似乎印证了外界的猜想。他声称，从2026年底开始，追觅生态旗下多个业务将如同“下饺子”般在全球各交易所批量IPO。嘉美包装，很可能就是他用来煮开这锅“饺子”的沸水。对俞浩和追觅而言，拥有一个上市平台不仅是打通融资渠道、缓解多线作战资金压力的燃眉之急，更是一种战略必需。在智能家居这片“红海”中，仅靠主业的利润，已无法支撑其造车、造手机、造机器人的宏大蓝图。02复制成功俞浩的自信，源于他个人成长经历中一次次“自证的飞轮”。从村镇到县城再到清华，他自述的经验是：起初或许落后，但只要身处同一环境，通过努力复制此前的成功经验，最终就能成为第一。 这种“换地图、夺第一”的思维方式，深刻地塑造了他的商业逻辑。追觅以自研高速马达技术为基石，在扫地机器人领域撕开市场缺口。在俞浩的规划中，高速马达是“心脏”，基于视觉的感知与控制算法是“大脑”。他坚信，掌握了这套“心脑”组合，便能将其复制到任何一个需要动力与智能的领域。“未来追觅会是一家广义机器人公司。” 俞浩的这番论述，为其进军新能源汽车、人形机器人、手机乃至运动相机提供了理论注脚。在他看来，扫地机器人是地面移动机器人，汽车是轮式机器人，人形机器人是仿生机器人，内核并无本质不同。这套高度抽象、充满工程师理想主义色彩的理论，成为追觅全面出击的“思想武器”。03多线豪赌然而，从商业现实审视，俞浩的蓝图堪称一场“恒大式”的豪赌。与恒大曾经在房地产、足球、汽车、冰泉等多领域疯狂扩张相似，追觅的战线拉得惊人地长。这背后是海量的资源消耗。造车是公认的“吞金兽”，小米汽车首期投入即达百亿。人形机器人需要顶尖的AI模型与精密的运动控制，手机则是供应链与品牌运营的终极修罗场。每一个领域，都需要持续的天量投入和截然不同的核心能力。俞浩试图用“心脑”理论简化这些复杂工业领域间的巨大鸿沟，但商业竞争远比考场复杂。先行者的规模、技术、品牌和生态壁垒，让“坐在同一间教室”的机会变得渺茫。资本市场用脚投票。同为“扫地机器人四小龙”，科沃斯、石头科技早已上市，云鲸也获得了腾讯的巨额融资。而追觅自2021年完成36亿元C轮融资后，再无公开融资消息，与同期竞争对手的资本运作节奏形成对比。尽管追觅营收增长迅猛，2024年达150亿元，2025年上半年即超去年全年，但在多线烧钱的战略下，资金压力可想而知。控股嘉美包装，正是为这场豪赌寻找一个稳定的“弹药输送平台”。追觅的全面出击，既是创始人的自信使然，某种程度上也是智能家居行业内卷困局下的被迫突围。智能清洁赛道已从蓝海杀成红海。“扫地茅”科沃斯净利润从2021年20.1亿元的高峰回落。石头科技2025年前三季度净利润下滑近三成。行业面临着 “小米式”极致性价比的持续挤压，硬件利润空间被不断压缩。在此背景下，拓展边界成为头部玩家的共同选择。科沃斯分拆机器人业务冲刺上市，石头科技创始人昌敬下场造车（极石汽车），小米的生态链更是无远弗届。追觅的多元化，是在存量市场中寻找新增量的必然尝试，也是应对巨头竞争的一种防御性进攻。04雷军的最大威胁？于是，一个更有意思的问题浮现：以如此激进姿态扩张的追觅，会成为小米生态模式的最大威胁吗？从模式上看，追觅似乎在走一条与小米早期相似但更为激进的“生态链”道路。小米通过投资孵化，构建庞大生态；而俞浩则试图将核心技术与资本控制更深地绑定，在集团内部直接孵化多个重磅业务，掌控力更强，但风险也更为集中。俞浩的终极对手，或许正是雷军。两者都信奉“硬件+软件+生态”的铁人三项，都具备极强的技术背景与产品思维，都怀有打造泛机器人帝国的雄心。追觅在清洁、造车、机器人、手机等领域的布局，与小米的核心生态位形成了近乎“像素级”的重叠与对抗。然而，威胁的成立建立在巨大的不确定性之上。小米拥有万亿美元市值的集团支撑、成熟的生态链协同、庞大的用户基础和品牌号召力。而追觅，目前仍是一家未上市的创业公司，主业虽强但并非绝对统治，新业务则处于巨大投入的早期阶段。俞浩的“复制成功”理论，在从百亿营收向千亿、万亿市值跃迁的残酷商业长征中，是否依然有效？ 这场“恒大式”的多线豪赌，最终会将追觅带向与小米分庭抗礼的科技帝国，还是因资源过于分散、管理失控而陷入泥潭？答案，或许就藏在俞浩能否为这场疯狂的扩张，持续找到“煮饺子”所需的足够沸水——不仅是资本，更是时间、人才、技术突破与一丝不可或缺的运气。商业世界的考场，从不给答卷者“重考”的机会。阿里左手外卖、右手AI，400亿补贴难挡第二春？2200亿小红书再败本地生活，没有\"钞能力\"干不赢美团抖音？深耕养老金融新赛道 中信银行“幸福+”品牌全面升级北京银行中关村分行作为独家战略合作伙伴支持2025北京PE论坛举办以隐私之名的万亿博弈 谁在妖魔化豆包AI手机？","news_type":1,"symbols_score_info":{"81810":0.6,"HXXD.SI":0.6,"MIUmain":0.6,"002969":1.91,"XIACY":1.87,"01810":1.87}},"isVote":1,"tweetType":1,"viewCount":740,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/519154626232872"}
精彩评论