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 ...

出品：新浪财经上市公司研究院 作者：光心 2026年2月5日，天龙股份收购及增资苏州毫米波的事项再次收到上交所问询。 上次监管函主要关注标的公司的业务质量与作价合理性，而此次则对收购交易可能存在的利益输送发起拷问。 监管对此有所疑虑也是理所当然，苏州毫米波连年亏损、净资产为负，如此质地给出3.23亿元的投前估值，其溢价着实不小。 此外，在此次并购案中还出现一些疑点，比如标的公司外部财务投资人"折价"出售股权、业绩对赌条款设置复杂但实际效力却略显微弱、首期增资款一大半 将流向出资人控股股东等，这些看似有悖市场常理的事件是否具备合理性？还有待天龙股份给出回复。 标的公司净资产为负且持续亏损 业务放量依赖单一大客户 从财务角度来看，标的公司或许并不具备较大的投资吸引力，"负资产"、"持续亏损"等负面标签缠身。 苏州毫米波的利润表现与其所处行业的业务特征有关。 一方面，毫米波雷达行业具有国外巨头垄断、国内格局分散的特点，其业务放量极大程度上依赖与下游大客户的关系绑定。 据QYResearch调查，2024年Bosch、Continental、Denso、Hella、Veoneer全球前五大供应商占据69%的市场份额， ...

天龙股份于2月4日发布公告，详细回复了上海证券交易所就其收购苏州豪米波技术有限公司（以下简称"苏州豪米波"）资 产收购事项下发的监管工作函。 公告核心内容围绕交易目的、评估作价、业绩承诺、支付安排及潜在风险展开。公司拟以现金1.32亿元受让苏州豪米波 32.3%股权，并以1亿元对其进行增资，交易完成后将持有其54.87%股权并将其纳入合并报表范围。截至2025年9月30日，苏 州豪米波净资产为-1957.23万元，2025年1-9月净利润为-4358.69万元。 关于交易目的与合理性，公司表示，本次收购系其围绕汽车电子领域，寻求从零组件向核心部件产业升级的战略举措。苏 州豪米波专注于4D毫米波雷达等智能感知领域，拥有深厚的技术积累、完整的研发团队，并与奇瑞、广汽丰田等头部车厂 建立了定点合作关系，已进入规模化量产阶段。收购有助于公司快速切入智能驾驶赛道，形成"精密制造+智能感知"双轮驱 动。 响。 关于评估作价，本次交易以收益法评估结果35470万元作为定价参考，与资产基础法结果530.86万元差异显著。公司解释 称，差异主要源于评估方法不同，收益法基于标的公司未来在手订单、产能规划及行业增长前景进行预测。评 ...

Core Viewpoint - Tianlong Co., Ltd. (603266.SH) is acquiring Suzhou Haomibo Technology Co., Ltd., which has negative net assets and significant losses, raising concerns from the Shanghai Stock Exchange regarding the alignment with the interests of listed companies [1] Group 1: Acquisition Details - Suzhou Haomibo's net assets are reported at -19.57 million yuan, with a net profit of -43.59 million yuan for the first three quarters of 2025 [1] - Tianlong Co. emphasizes that the acquisition is a strategic move to expand into the automotive electronics sector, particularly in intelligent driving perception [1] Group 2: Technology and Market Position - Suzhou Haomibo is characterized as a growth-stage technology company with core technologies in 4D millimeter-wave radar and sensor fusion, holding 87 authorized patents, including 19 invention patents [1] - The company has secured project designations from major manufacturers such as Chery, GAC Toyota, and JAC, and has achieved large-scale production of 4D millimeter-wave radar for leading automotive manufacturers [1] Group 3: Financial Outlook - Despite current losses due to high R&D expenditures (34.06 million yuan in 2024), Tianlong Co. anticipates that performance will improve as production scales up and capacity utilization increases, with profitability expected by 2028 [1]