证券代码：603266 证券简称：天龙股份 公告编号：2026-011 宁波天龙电子股份有限公司 2026 年 3 月 28 日 一、交易概述 宁波天龙电子股份有限公司（以下简称"公司"）于 2026 年 3 月 12 日召开 第五届董事会第十一次会议，审议通过了《关于与昆山开发区国投控股有限公司 签署股权挂牌转让意向协议书的议案》，同意公司签署意向协议书，参与竞买昆 山开发区国投控股有限公司（以下简称"昆山国投"）持有的苏州豪米波技术有 限公司 1.012%股权，并授权董事长签署本次交易相关文件及办理与本次交易有关 的其他事项。具体内容详见公司于 2026 年 3 月 13 日披露的《关于与昆山开发区 国投控股有限公司签署股权挂牌转让意向协议书的公告》（公告编号 2026-010）。 二、交易进展情况 根据苏州产权交易中心有限公司出具的《"苏州豪米波技术有限公司 1.012% 股权第二次公开转让"成交确认书》，确认公司为本次股权公开转让的受让方，成 交价为 642.0165 万元。本次交易后续公司需与昆山国投签署相关股权转让协议， 公司将根据交易进程推进股权转让相关事宜。 三、风险提示 本次交易可能存在未能 ...

证券代码：603266 证券简称：天龙股份 公告编号：2026-010 宁波天龙电子股份有限公司 关于与昆山开发区国投控股有限公司签署股权挂牌 转让意向协议书的公告 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： 本次宁波天龙电子股份有限公司（以下简称"公司"）与昆山开发区国 投控股有限公司（以下简称"昆山国投"）签署的《股权挂牌转让意向协议书》 （以下简称"意向协议书"），属于双方合作意愿、意向性约定，能否摘牌成 功存在不确定性。 后续经双方有权审批的机构批准后，以最终签署的正式协议为准。公司 将根据后续进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 一、交易概述 （一）本次交易的基本情况 （二）公司于 2026 年 3 月 12 日召开第五届董事会第十一次会议，以 7 票同 意、0 票反对、0 票弃权的表决结果，审议通过《关于与昆山开发区国投控股有 限公司签署股权挂牌转让意向协议书的议案》，同意公司签署意向协议书，拟以 642.0165 万元参与竞买昆山国投持有的苏州豪米波 1.012%股权，并 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 特别提示： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、本次股东会无否决提案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 楚天龙股份有限公司（以下简称"公司"）于2026年2月26日通过现场投票和网络投票相结合的方式在指 定会议地点召开了2026年第一次临时股东会。出席本次股东会的股东情况为： ■ 本次会议由公司董事会召集，董事长陈丽英女士主持，公司全体董事出席了本次会议，高级管理人员、 北京市高朋律师事务所律师等列席了本次会议。本次会议的召开符合《中华人民共和国公司法》（以下 简称"《公司法》"）和《公司章程》的有关规定。 二、提案审议表决情况 ■ 楚天龙股份有限公司2026年第一次临时股东会决议公告 本次股东会采用现场投票和网络投票相结合的方式，审议通过了以下议案： 1.会议审议通过了《关于公司符合向特定对象发行A股股票条件的议案》 ■ 该议案为特别决议事项，已经出席会议的股东（包括股东代理人）所持有效 表决权股份总数的三分之 二以上通过。 该议案中小投资者表决 ...

Recent Events - Tianlong Co., Ltd. plans to acquire 54.87% equity of Suzhou Haomibo Technology Co., Ltd. for 232 million yuan, which has received two inquiries from the Shanghai Stock Exchange [2] - The static payback period for this investment is approximately 7.9 years, but the target company is expected to remain in a loss state in 2026 and 2027, potentially impacting the listed company's performance in the next 2 to 3 years [2] - After the transaction, the company anticipates an increase in goodwill of about 180 million yuan [2] Company Valuation - The Shanghai Stock Exchange has focused on the reasonableness of the target company's valuation and revenue forecasts [3] - Tianlong Co., Ltd. predicts that the average annual compound growth rate of Suzhou Haomibo's operating revenue from 2026 to 2030 will exceed 40%, which is significantly higher than the sales figures projected based on existing fixed-point projects [3] - The company and the evaluation agency stated that the revenue forecast considers industry development trends and capacity release schedules, denying that the assessment is overly optimistic [3] Company Status - In response to abnormal stock price fluctuations during the transaction planning period, Tianlong Co., Ltd. conducted a self-examination and reported that only the director and general manager, Shen Zhaohui, legally reduced his holdings by 20,000 shares, while a staff member bought 500 shares, confirming that these transactions were unrelated to insider information [4] Strategic Advancement - Through this acquisition, Tianlong Co., Ltd. aims to rapidly enter the intelligent sensing field, such as 4D millimeter-wave radar, from precision molds and injection functional components, achieving a strategic transformation driven by "precision manufacturing + intelligent sensing" [5]

Core Viewpoint - Tianlong Co., Ltd. is facing regulatory scrutiny regarding its acquisition of Suzhou Haomibo Technology Co., Ltd. for over 230 million yuan, raising concerns about the transaction's rationale, valuation, and potential impact on future earnings [2][6]. Group 1: Transaction Details - The acquisition consists of two parts: a cash purchase of 132 million yuan for 32.30% equity and a capital increase of 100 million yuan to acquire an additional 33.33% equity [5]. - Upon completion, Tianlong will hold 54.87% of Suzhou Haomibo, which will become a subsidiary included in the consolidated financial statements [6]. Group 2: Financial Projections and Valuation - The static payback period for the investment is approximately 7.9 years, with expectations of continued losses for Suzhou Haomibo in 2026 and 2027, which may negatively affect Tianlong's performance in the next 2 to 3 years [6][8]. - Tianlong anticipates that Suzhou Haomibo's net profit will reach 98 million yuan annually once it stabilizes, translating to a 23.15% return on the investment of 232 million yuan, exceeding the company's projected return on equity of 7.56% for 2024 [6][8]. Group 3: Regulatory Concerns and Responses - The high valuation of Suzhou Haomibo, estimated at 354.7 million yuan, has drawn regulatory inquiries, with Tianlong asserting that the income approach better reflects the company's true value [8]. - Tianlong's revenue projections for Suzhou Haomibo suggest a compound annual growth rate of 41.29% from 2026 to 2030, with expected revenues of 438 million yuan and 500 million yuan in 2029 and 2030, respectively [8][9]. Group 4: Production Capacity and Market Outlook - Suzhou Haomibo's existing production capacity is designed for 1 million units annually, with plans to expand to 5.5 million units by 2032 through the establishment of new production lines [9]. - The company projects that its revenue will remain robust, with significant contributions from existing vehicle models and potential projects, despite a gradual decrease in growth rates [9][10]. Group 5: Risk Management and Sensitivity Analysis - The discount rate used for valuation is set at 11.75%, which is higher than the industry average, indicating a conservative approach to risk assessment [10]. - Sensitivity analysis shows that lowering the discount rate to 10.25% would increase the valuation by 31.27%, suggesting that the current valuation adequately covers potential risks [10].

Group 1 - The company received a second inquiry letter from the Shanghai Stock Exchange regarding its asset acquisition, indicating that the target company is expected to remain in a loss state for the next 2-3 years, which may lead to a decline in the company's performance [1][3] - The acquisition price of 354.7 million yuan is considered high compared to the target company's net asset value of -19.57 million yuan as of September 30, 2025, raising concerns about goodwill impairment and the ability to meet performance commitments [1][3] - The company plans to acquire a 54.8666% stake in Suzhou Haomibow Technology Co., Ltd., which is expected to enhance its industrial upgrade strategy and improve its core product line [3][4] Group 2 - The target company has strong technological capabilities, being one of the few in the market capable of single-chip 4D imaging, which is expected to provide a competitive edge in the intelligent driving sector [4] - The company has conducted thorough due diligence, hiring professional firms for legal, auditing, and evaluation services to ensure a prudent decision-making process [5][9] - The expected return on investment from the acquisition is estimated to be approximately 7.9 years, with projected annual net profit of 54 million yuan, which is 23.15% of the investment amount [4][5] Group 3 - The revenue forecast for the target company is based on existing projects and potential future projects, with an expected compound annual growth rate of over 40% from 2026 to 2030 [11][20] - The company anticipates that the market for automotive 4D millimeter-wave radar will grow significantly, with the market size expected to reach 10.7 billion yuan by 2029, indicating substantial growth potential [25] - The revenue growth forecast is aligned with the company's production capacity planning, ensuring that projected revenue increases are supported by actual production capabilities [27][28]

坤元资产评估有限公司 Canwin Appraisal Co., Ltd. 关于对宁波天龙电子股份有限公司资产收购事项的二次问询 函中有关评估事项的回复 上海证券交易所: 由宁波天龙电子股份有限公司(以下简称"天龙股份")转来的贵所《关于对 宁波天龙电子股份有限公司资产收购事项的二次问询函》(上证公函【2026】0369 号,以下简称"函件")奉悉。根据函件要求,现就所涉及的资产评估方面问题回 复如下: 函件问题二:关于收入预测。回函显示,本次收入预测以标的公司已定点项目、 意向储备项目为基础,结合赢单率、订单完成率、行业发展形势等因素,预测 2026- 2030 年标的公司收入实现快速增长,年均复合增长率超 40%;其中 2029年及以后 预测收入规模显著高于基于在手订单及储备项目的推算数据,且未明确后续新增收 入的核心支撑来源。 请公司进一步补充解释:（1）收入测算的具体逻辑,包括但不限于赢单率、订 单完成率、产能规划、年降比例等关键参数的确定依据及合理性;(2)量化分析核 心客户车型放量不及预期、意向储备项目落地率下降、产能释放滞后等风险因素对 公司收入测算及评估作价的影响,说明是否存在预测过于乐观的情 ...

宁波天龙电子股份有限公司 关于上海证券交易所对公司资产收购事项的二次问 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。 证券代码：603266 证券简称：天龙股份 公告编号：2026-009 宁波天龙电子股份有限公司（以下简称"公司"、"上市公司"、"天龙 股份"）于近期收到上海证券交易所《关于宁波天龙电子股份有限公司资产收 购事项的二次问询函》（上证公函【2026】0369 号，以下简称"问询函"）， 公司高度重视并及时组织相关人员，针对监管工作函的问题进行了认真地核查 和落实，现将有关问题回复如下： 一、关于交易目的及交易方案 回函显示，本次交易完成后，标的公司短期内仍处于亏损状态，将导致上 市公司未来 2-3 年业绩下滑；同时，本次交易采用收益法评估结果 35,470 万元 作为定价依据，与标的公司截至 2025 年 9 月 30 日-1,957.23 万元的净资产相比 估值溢价较高，且存在商誉减值、业绩承诺无法实现、业绩补偿不足等多项风 险。 请公司进一步补充解释：在本次收购未来 2-3 年将对上市公司 ...

宁波天龙电子股份有限公司 第五届董事会独立董事专门会议第三次会议决议 宁波天龙电子股份有限公司（以下简称"公司"）第五届董事会独立董事专 门会议第三次会议于 2026 年 2 月 11 日（星期三）以通讯的方式召开。会议通知 已于 2026 年 2 月 8 日通过邮件或电话等方式送达各位独立董事。本次会议应出 席独立董事 3 人，实际出席独立董事 3 人。 会议由杨隽萍主持，会议召开符合有关法律、法规、规章和《公司章程》 的规定。经各位独立董事认真审议，会议形成了如下决议： 一、审议通过《关于公司资产收购事项相关意见的议案》 独立董事认为：本次公司收购苏州豪米波的交易符合公司经营发展需要，有 利于公司产业升级，推动公司高质量发展，符合上市公司及全体股东的利益；本 次交易聘请了专业中介机构进行尽职调查，且收购价格以评估值为依据，价格公 允合理；尽管法律法规无强制要求，本次现金交易方案仍设置了标的公司创始股 东的业绩承诺和补偿条款，且要求创始股东将其持有的标的公司全部股权质押给 上市公司以担保其履行业绩承诺和补偿约定及增加了1,000万现金优先补偿条款， 从而进一步保障了中小股东的利益。本次交易相关风险公司已充分 ...

Core Viewpoint - Tianlong Co., Ltd. is facing scrutiny from the Shanghai Stock Exchange regarding its acquisition and capital increase of Suzhou Millimeter Wave, particularly concerning the quality of the target company's business and the potential for profit transfer [2][10]. Financial Performance - Suzhou Millimeter Wave has reported continuous losses, with net profits of -59.21 million yuan in 2024 and -43.59 million yuan in the first three quarters of 2025, leading to a negative net asset value of -19.57 million yuan by Q3 2025 [3][7]. - The company's gross margins were notably poor, at -20.75% in 2024 and -20.82% in the first three quarters of 2025, indicating high costs and low profitability [6]. Market Position and Competition - The millimeter wave radar industry is characterized by a monopoly of foreign giants, with the top five global suppliers holding 69% of the market share, leaving limited space for domestic players like Suzhou Millimeter Wave [6]. - The company's business growth heavily relies on its relationship with a single major client, Chery Automobile, which poses risks if the partnership does not yield expected results [5][7]. Acquisition Details - The acquisition involves a complex pricing structure, with external financial investors selling shares at a valuation of 446 million yuan, while the controlling shareholder's transfer and capital increase were valued at only 200 million yuan, raising concerns about the fairness of the pricing [8][9]. - The transaction structure includes a significant portion of the initial capital increase being directed towards repaying debts to the controlling shareholder, which may prioritize their interests over those of minority shareholders [12][13]. Performance Commitments - The performance commitments set for Suzhou Millimeter Wave appear lenient, requiring cumulative revenues of 1.2 billion yuan and net profits of 48 million yuan over four years, which is only one-fifth of the acquisition cost [12]. - The conditions for performance compensation are complex and may not provide adequate protection for minority shareholders, as the maximum cash compensation is capped at 10 million yuan, equivalent to the price paid for the controlling shareholder's shares [12].