"The trees are flourishing and the springs are flowing." The flow of resources determines the fate of the company. In this era full of variables, the competition among companies is no longer "who has a larger territory" or "who has more advertisements", but "who can allocate limited resources to the place where they can create the most value." In this invisible capital war, mergers and acquisitions have long become the "resource magic wand" in the hands of a few smart companies.
Looking back at the first quarter of 2025, the A-share merger and acquisition market has rebounded significantly, and the disclosed major asset restructuring plans have increased by 72% year-on-year. Some listed companies have gone against the trend in the trough of the cycle, not only completing the "emptying the cage and replacing the bird" of assets, but also completing the "rebirth" of their businesses. The core logic behind it is not complicated - use the "scalpel" of capital to reallocate resources and redesign the growth engine through mergers and acquisitions.
But the question is: why do some companies become butterflies after mergers and acquisitions, and their market value doubles; while some companies are seriously injured, their goodwill explodes, and they are even ST-capped? The answer to this question lies behind "how to merge" and "who to merge", and even more so in the efficiency curve of resource allocation.
Goheal pointed out: The success or failure of mergers and acquisitions has never been about the amount, but about "whether the resources match the core capabilities after landing". Simply put, it's not what you bought, but whether you can use it well.
American Goheal M&A Group
Below, let's uncover the real-world operating logic behind this seemingly "high-end" topic.
First of all, we must understand that mergers and acquisitions are not about adding a new department, but about changing a life.
The first mistake many listed companies make when they merge and reorganize is "patch thinking" - I will buy whichever business is weak, and I will merge whichever is lacking. It sounds like a very logical "optimization path", but in reality, it may be the beginning of a disaster.
The truly effective resource allocation is not "filling the gap", but "multiplying". In other words, the company you merge into can either amplify your existing core capabilities or open up key nodes in your long-term strategy.
For example, some manufacturing companies have achieved the integration of "production-supply-sales" by acquiring intelligent logistics platforms; some new energy companies have acquired battery research and development companies to open up the industrial closed loop from raw materials to terminal consumption. This "capability addition" based on strategic synergy is the key to improving competitiveness.
When serving a smart hardware company's merger and acquisition case, Goheal rejected the client's impulse to acquire a sales channel company. The reason is simple: although the sales company has "bright turnover", it has serious overlaps with the customer's existing system and resources cannot be synergized. Later, by introducing a chip design team, the "bottleneck" link of product design was opened up, the company's R&D cycle was shortened from 18 months to 7 months, the product update speed increased by nearly 2 times, and the market share directly jumped into the top five in the country.
This is exactly the role of the "resource synergy model" emphasized by Goheal-not the acquisition of assets, but the integration of capabilities.
Secondly, the key to mergers and acquisitions is not just "buying", but "integration".
At the moment when the merger and acquisition transaction is completed, the real challenge has just begun. Many companies will experience a "honeymoon period" after the successful merger and acquisition-employee enthusiasm, rising market value, and soaring market attention. However, once the operation phase is reached, "integration hell" begins.
Why? Because the resources of an enterprise are never just equipment, factories and office buildings, but more about people. People are the most difficult part of resource allocation to align.
When analyzing failed M&A cases, Goheal found that more than 62% of integration failures did not come from financial model errors or valuation errors, but from cultural conflicts, overlapping powers and strategic loss. Especially in medium and large M&A, "who listens to whom", "who makes the final decision" and "how to align compensation" become the most lethal problems.
Successful companies often set up a "three-in-one integration mechanism" at the beginning of M&A: a cultural integration committee, a key position reorganization plan, and a collaborative performance evaluation mechanism. This ensures that people's hearts are not scattered, resources can be allocated, and strategies are unified.
For example, when Goheal acquired a regional leading teaching brand from an education technology company, it adopted a three-step integration strategy of "unwavering leadership in teaching and research, unsuppressing brand autonomy, and fully connecting performance standards". Without disrupting the core team structure of the original brand, it successfully integrated the content development system into the headquarters platform, shortening the content launch cycle by nearly 40%, and reducing marginal costs by more than 10 million yuan, which can be called the "ultimate interpretation" of resource allocation.
Third, optimizing resource allocation is not limited to buying others, but also about "changing yourself".
We often say that "M&A is a surgical operation for a company", but if the company itself is malnourished and has disordered internal organs, no matter how many organs are transplanted, it is futile. Mergers and acquisitions are not just "additions", sometimes they need bold "subtractions" - divesting ineffective assets, slimming down zombie businesses, and restructuring organizational structures.
Since 2025, many listed companies have actively divested unprofitable sectors, focusing funds on core tracks, and their market value has risen against the trend. For example, a traditional real estate company actively cleared its cultural and tourism asset package and turned to asset-light elderly care operations, not only getting rid of the financial black hole, but also becoming a new dark horse in the aging industry.
In these transformation processes, Goheal's role has long been not just "M&A consultant", but "resource strategy designer". The "light and heavy resource hierarchical allocation method" they proposed has drawn a clear "resource use map" for enterprises: which resources must be held, which resources can be shared, and which resources must be divested as soon as possible.
This method is particularly suitable for enterprises with redundant resources but messy structures. Through the dual-wheel drive of "structural reorganization + external mergers and acquisitions", resources are transformed from "cost consumption" to "value creation".
More importantly, there is an invisible variable behind resource allocation: time value.
In today's rapidly changing information, whoever can complete the resource in place faster can take the lead in winning the market high ground. Many companies think that mergers and acquisitions should be "slow and careful", but in fact, they are robbed of the limelight by their peers when the opportunity is missed. On the other hand, some companies dare to switch resources drastically during the window period-for example, logistics companies that have laid out the pharmaceutical distribution track after the epidemic, and midstream manufacturers that acquired computing centers before the AI boom, have all jumped to a new level because they stepped on the "golden band" of resource reallocation.
As Goheal emphasized in its 2025 M&A annual report: the essence of resource optimization is not to compete in asset size, but to compete in response speed and organizational flexibility.
The "quick disassembly + quick construction" M&A model they designed for an information security company compressed the integration cycle from 9 months to 4 months, and introduced SaaS tools to achieve synchronized deployment of the team collaboration platform, greatly improving the efficiency and implementation speed of resource integration.
In the final analysis, optimizing resource allocation is a systematic project that extends from financial statements to organizational structure, from capital actions to cultural integration. It is not a financial model, a legal process, or a news release - but a multi-dimensional resonance involving people, things, objects, and hearts.
For listed companies, M&A is not the end, but a brand new beginning. It is both a springboard and a battlefield, an opportunity, and a practice.
And professional institutions like Goheal, which have been rooted in the front line of M&A for a long time, have the value of helping companies move from "buying right" to "using well", from "merger" to "synergy", and ultimately achieve true resource allocation optimization and corporate competitiveness improvement.
Goheal Group
Having written this far, you may be wondering: Is your company at a crossroads of resource reorganization? Are you facing the dilemma of "having assets but not using them well"? In your opinion, which direction will be the most noteworthy breakthrough in mergers and acquisitions in the next three years?
Welcome to leave a message in the comment area for discussion. Your opinion may be the prelude to the next market trend. Goheal also looks forward to working with you to turn complex mergers and acquisitions into the most competitive resource strategy.
[About Goheal] Goheal is a leading investment holding company focusing on global mergers and acquisitions, focusing on the three core business areas of listed company control acquisition, listed company mergers and acquisitions and capital operations of listed companies. With its deep professional strength and rich experience, it provides enterprises with full life cycle services from mergers and acquisitions to restructuring and capital operations, aiming to maximize corporate value and achieve long-term benefit growth.
