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德创环保关联交易诸多疑惑待解,东江环保、宁波能源身涉其中
Xin Lang Cai Jing· 2025-09-23 05:43
Core Viewpoint - The transaction involving Dechuang Environmental Protection (603177.SH) has raised market concerns due to the unstable performance of the target company, unclear details regarding soil pollution, and various doubts surrounding the historical pricing of equity and the involvement of related parties [1]. Company Performance - Huaxin Environmental Technology Co., Ltd. (华鑫环保), established in 2005, has shown unstable operational performance, with a net profit of 158,500 yuan in 2024, a loss of 3.15 million yuan in 2023, and a profit of 3.06 million yuan in 2022 [4]. - The company primarily handles medical and industrial hazardous waste, with an annual processing capacity of 30,000 tons of industrial hazardous waste and 9,800 tons of medical waste [4]. Industry Background - The hazardous waste disposal industry in Zhejiang Province has faced challenges, with disposal prices dropping significantly from 4,559.9 yuan per ton in 2022 to 1,752.54 yuan per ton in the first half of 2025, impacting Huaxin Environmental's revenue [5]. Transaction Details - The acquisition of 40% equity in Huaxin Environmental by Dechuang's subsidiary Ningbo Yongde Environmental Development Co., Ltd. from Zhejiang Mingyan Asset Management Co., Ltd. is valued at 67.64 million yuan, but lacks performance commitment clauses [6]. - The funding for this transaction will come from Dechuang's own funds and bank loans, despite the company having 246 million yuan in cash, of which 211 million yuan is not classified as cash and cash equivalents [6]. Potential Costs and Liabilities - Huaxin Environmental owns two industrial land parcels, with a total area of 50,569 square meters, but one parcel is currently idle due to soil pollution, and the costs for future soil remediation are uncertain [8]. - There are concerns that Dechuang may incur additional costs for soil remediation after acquiring the equity [9]. Related Party Transactions - The transaction is classified as a related party transaction due to previous financial interactions between Mingyan Asset and Dechuang's controlling shareholder [9]. - Mingyan Asset, which has no significant business operations and is in debt to Dechuang's controlling shareholder, may be selling the equity to repay its debts [12]. Historical Pricing and Valuation - The historical transaction price for the 40% equity in Huaxin Environmental is unclear, with the current transaction price suggesting a decline in the company's valuation over two years [13]. - Discrepancies exist between the book value of Huaxin Environmental reported by East Jiang Environmental and the valuation provided by the appraisal company [18].
研判2025!中国废盐资源化行业政策汇总、产业链、市场规模、竞争格局及发展趋势分析:“无废城市”建设推动,废盐资源化行业市场规模不断上涨[图]
Chan Ye Xin Xi Wang· 2025-09-18 01:21
Core Viewpoint - The concept of "zero waste cities" is gaining traction in urban development, focusing on reducing solid waste and promoting resource utilization, particularly in the context of industrial waste salt [1][8]. Industry Overview - Waste salt resource utilization refers to the process of converting waste salt into valuable resources through specific technologies, aiming for reduction, resource recovery, and harmless treatment [3]. - The main sources of industrial waste salt include the chemical, pesticide, pharmaceutical, and dyeing industries, with a significant increase in waste salt production expected due to ongoing industrialization [7]. Market Size and Growth - The market size of China's waste salt resource utilization industry is projected to grow from 52.731 billion yuan in 2017 to 86.108 billion yuan by 2024, indicating a robust growth trajectory [1][8]. - The production of waste salt in China is expected to reach 26 million tons by 2024, reflecting a year-on-year increase of 23% [7]. Treatment Technologies - Current waste salt treatment technologies are categorized into two main types: harmless treatment (such as landfilling and incineration) and resource utilization [4]. - Resource utilization technologies include dry thermal treatment, washing separation, and advanced oxidation, with dry thermal treatment being the most industrialized [4][5]. Policy Support - The Chinese government has implemented various policies to promote waste salt resource utilization, including guidelines for high-quality development in the petrochemical industry and initiatives for "zero waste cities" [5][6]. - Recent policies emphasize the importance of resource recovery and harmless disposal of industrial waste salt, indicating a supportive regulatory environment for the industry [5][12]. Competitive Landscape - The waste salt resource utilization industry in China is characterized by a predominance of small to medium-sized enterprises, with increasing competition and varying levels of technological capability [9]. - Leading companies in the industry, such as Beijete Group and Zhejiang Dechuang Environmental Protection Technology Co., are leveraging technological advantages and industry chain integration to expand their market presence [9][10]. Future Trends - Technological innovation is a key driver for the development of the waste salt resource utilization industry, with new techniques continuously emerging to enhance efficiency and environmental performance [11]. - The integration of the waste salt resource utilization industry chain is expected to improve resource utilization efficiency and reduce environmental pollution [11]. - Strengthened policy support and regulatory oversight are anticipated to further propel the industry's growth, ensuring compliance with environmental standards [12][13].
德创环保(603177) - 603177:德创环保2025年第一次临时股东大会决议公告
2025-09-12 09:30
证券代码:603177 证券简称:德创环保 公告编号:2025-044 浙江德创环保科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 本次会议是否有否决议案:无 一、 会议召开和出席情况 (一)股东大会召开的时间:2025 年 9 月 12 日 (二)股东大会召开的地点:浙江省绍兴市袍江新区三江路以南 浙江德创环保科 技股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况: | 1、出席会议的股东和代理人人数 | 369 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数(股) | 10,362,650 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例(%) | 11.9357 | (四)表决方式是否符合《公司法》及《公司章程》的规定,大会主持情况等。 本次会议由董事会负责召集,董事长金猛先生主持,会议采用现场投票和网 络投票相结合的方式表决。本次会议的召集、召 ...
德创环保(603177) - 603177:浙江天册律师事务所关于浙江德创环保科技股份有限公司2025年第一次临时股东大会的法律意见书
2025-09-12 09:30
浙江天册律师事务所 关于 浙江德创环保科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话:0571-87901111 传真:0571-87901500 法律意见书 浙江天册律师事务所 关于 浙江德创环保科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 编号:TCYJS2025H1467 致:浙江德创环保科技股份有限公司 浙江天册律师事务所(以下简称"本所")接受浙江德创环保科技股份有限 公司(以下简称"德创环保"或"公司")的委托,指派本所律师参加贵公司 2025 年第一次临时股东大会,并根据《中华人民共和国证券法》(以下简称"《证 券法》")、《中华人民共和国公司法》(以下简称"《公司法》")、中国证 券监督管理委员会《上市公司股东会规则》(以下简称"《股东会规则》")等 法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中,本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见,不对会议 所审议的议案内容和该等议案中 ...
德创环保并购危废焚烧业务公司股权 构建产业链延伸型联盟
Core Viewpoint - The acquisition of a 40% stake in Huaxin Environmental Technology Co., Ltd. by Ningbo Yongde, a subsidiary of Dechuang Environmental Protection, aims to vertically extend the hazardous waste disposal industry chain and enhance the synergy with existing operations [1][2]. Group 1: Acquisition Details - Dechuang Environmental Protection plans to acquire the stake for 67.64 million yuan, which aligns with the company's long-term strategic development [1]. - The acquisition is part of a broader strategy to build a comprehensive hazardous waste disposal system, covering collection, storage, resource utilization, incineration, and landfill [2][3]. Group 2: Strategic Rationale - The acquisition is driven by the need for strategic collaboration, as Huaxin Environmental complements the operations of Ningbo Yongde and other subsidiaries [2]. - The hazardous waste industry is facing challenges such as overcapacity and homogenized competition, prompting the need for industry consolidation and capacity reduction [2]. Group 3: Market Positioning - By leveraging a complete industrial chain, the company aims to provide comprehensive hazardous waste disposal solutions, enhancing customer loyalty and competitive positioning in a challenging market [3]. - The acquisition is seen as a significant step in expanding the company's hazardous waste disposal business and responding to national "dual carbon" goals, thereby increasing market influence and share in the local environmental sector [3].
股权收购款最终将流向控股股东?德创环保回应:资金用途由交易对方自主决定
Xin Lang Cai Jing· 2025-09-10 09:07
Core Viewpoint - Dechang Environmental (603177.SH) disclosed its response to the Shanghai Stock Exchange's inquiry regarding its acquisition of Shaoxing Huaxin for 67.64 million yuan, highlighting concerns about the transaction's background, asset quality, and payment arrangements [1][2][3]. Financial Summary - As of June 30, 2025, Dechang Environmental reported a total cash balance of 34.97 million yuan after excluding restricted funds and time deposits [1]. - The acquisition price of 67.64 million yuan is closely aligned with the 75.87 million yuan loan provided by its controlling shareholder, Zhejiang Deneng Industrial Holding Group, to Mingyan Asset Management [2][3]. - Mingyan Asset has repaid 10.21 million yuan to Deneng Industrial, including 6.82 million yuan in interest and 3.39 million yuan in principal, leaving a remaining debt of 72.72 million yuan [5]. Asset Performance - Mingyan Asset has not generated any revenue in 2024 and the first half of 2025, reporting net profits of 60.89 thousand yuan and -148.71 thousand yuan respectively [9]. - Huaxin Environmental, the core asset of Mingyan Asset, has seen a decline in revenue from 88.23 million yuan in 2022 to 59.17 million yuan in 2024, with corresponding net profits of 306.85 thousand yuan, -315.15 thousand yuan, and -59.63 thousand yuan [9][11]. Transaction Justification - Dechang Environmental stated that the acquisition is aimed at extending its hazardous waste disposal industry chain, which is essential for its business strategy [11].
德创环保回复收购华鑫环保40%股权问询:交易具必要性 无流动性风险
Xin Lang Cai Jing· 2025-09-09 12:32
Transaction Background and Relationship - In 2023, the controlling shareholder of Dechuang Environmental, Deneng Industrial Holdings Group, provided a loan of 75.87 million yuan to Mingyan Assets for the acquisition of a 40% stake in Huaxin Environmental [2] - As of the announcement date, Mingyan Assets has repaid 10.21 million yuan in principal and interest, with an outstanding debt of 72.72 million yuan [2] - Mingyan Assets is operating normally, has no current revenue, but holds equity in Huaxin Environmental, with its main shareholder committed to joint repayment responsibility [2] Quality of Target Assets and Necessity of Transaction - Huaxin Environmental specializes in the incineration and disposal of industrial and medical hazardous waste, covering the Shaoxing area and serving nearly 1,000 clients [3] - The company has multiple operational qualifications and various rotary kiln equipment, with an annual processing capacity of 30,000 tons of industrial hazardous waste and 9,800 tons of medical hazardous waste [3] - Financial performance shows Huaxin Environmental achieved revenues of 59.17 million yuan in 2024 and 26.61 million yuan in the first half of 2025, with net profits of 158,500 yuan and a loss of 596,300 yuan respectively [3] - The decline in revenue is attributed to competitive pressures leading to lower disposal prices for industrial hazardous waste, while medical waste disposal has seen growth due to price adjustments and stable disposal volumes [3] - The acquisition aligns with Dechuang Environmental's strategy to extend into the hazardous waste sector, enhancing its industrial layout and competitiveness [3] - The business of Huaxin Environmental complements Dechuang Environmental's existing hazardous waste operations, creating a complete industrial chain and shared customer resources [3] Monetary Funds and Payment Arrangements - As of June 30, 2025, Dechuang Environmental reported monetary funds of 245.83 million yuan, with restricted funds of 210.86 million yuan, leaving 34.97 million yuan in available funds [4] - The transaction amount is 67.64 million yuan, with 60% to be paid by the company, initially planned as 20 million yuan from self-funds and 20 million yuan from bank loans, while 40% will be covered by minority shareholders of Ningbo Yongde [4] - Following the transaction, the company's debt-to-asset ratio is expected to decrease from 79.22% to 78.37% [4] - The payment arrangement for this transaction is not expected to impact the company's normal operations and investment activities, indicating no liquidity risk [4]
德创环保:关于股东大会开设网络投票提示服务的公告
Zheng Quan Ri Bao· 2025-09-09 12:12
Group 1 - The company, Dechuan Environmental Protection, announced on the evening of September 9 that it plans to use the shareholder meeting reminder service provided by Shanghai Stock Exchange Information Network Co., Ltd. [2] - The company will entrust Shanghai Stock Exchange Information to actively remind shareholders to attend and vote at the meeting through smart SMS and other means, based on the shareholder register on the record date [2] - Each investor will receive proactive notifications regarding the shareholder meeting invitation and agenda details [2]
德创环保(603177) - 603177:德创环保关于上海证券交易所《关于对浙江德创环保科技股份有限公司控股子公司购买华鑫环保40%股权暨关联交易的问询函》的回复公告
2025-09-09 10:16
证券代码:603177 证券简称:德创环保 公告编号:2025-041 公告显示,公司控股股东浙江德能产业控股集团有限公司于 2023 年向交易 卖方浙江明崟资产管理有限公司(以下简称"明崟资产")提供借款共计 7,587 万 元,可能会造成公司对其利益倾斜,按照实质重于形式原则,公司将其认定为 关联法人。关注到,本次交易金额与控股股东借款金额相当。 请公司补充披露:(1)控股股东向明崟资产借款的主要背景、利率安排、 借款期限、还款安排、借款主要用途、目前还款进度、是否已违约或存在潜在 违约可能;(2)结合明崟资产经营情况、财务数据说明是否具有还款能力,后 续还款资金来源是否主要为本次股权转让交易所得,以及控股股东与明崟资产 是否存在其他潜在利益安排。 公司回复: 浙江德创环保科技股份有限公司 关于上海证券交易所《关于对浙江德创环保科技股份 有限公司控股子公司购买华鑫环保 40%股权暨关联 交易的问询函》的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 浙江德创环保科技股份有限公司(以下简称"公司")于 2025 年 ...
德创环保(603177) - 603177:德创环保关于控股子公司宁波甬德购买华鑫环保40%股权暨关联交易的投资者说明会的公告
2025-09-09 10:16
证券代码:603177 证券简称:德创环保 公告编号:2025-043 浙江德创环保科技股份有限公司 关于控股子公司宁波甬德购买华鑫环保 40%股权 暨关联交易的投资者说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: (二)会议召开地点:上证路演中心 浙江德创环保科技股份有限公司(以下简称"公司")已于 2025 年 8 月 26 日 召开第五届董事会第五次会议和第五届监事会第五次会议审议通过了《关于控股 子公司宁波甬德购买华鑫环保 40%股权暨关联交易的议案》,同意公司控股子公 司宁波甬德环境发展有限公司向浙江明崟资产管理有限公司以人民币 67,640,000.00 元的价格收购其持有的绍兴华鑫环保科技有限公司 40%股权。具体 内容详见上海证券交易所网站(www.sse.com.cn)及公司指定法定信息披露媒体 刊登的《关于控股子公司宁波甬德购买华鑫环保 40%股权暨关联交易的公告》(公 告编号:2025-030)。 为便于广大投资者更全面深入地了解本次购买股权暨关联交易事项,公司计 划于 20 ...