一则溢价收购亏损公司的计划，让得邦照明（603303）走进监管部门的视线。 1月下旬，得邦照明发布公告称，公司拟以约14.54亿元现金收购新三板挂牌公司嘉利股份67.48%的股 权。因交易溢价以及标的公司亏损，该笔交易旋即引来上交所"五连问"，直指标的定价公允性、资产状 况及盈利能力等核心环节。 《每日经济新闻》记者注意到，2月12日，得邦照明回复交易所问询。针对交易作价高于嘉利股份新三 板市值的质疑，得邦照明称，主要因标的公司股票流动性不足，市场价不具代表性，交易定价系参考资 产评估并经协商确定；对于嘉利股份2025年由盈转亏，公司则将其归结为客户年度降价及偶发性资产减 值等因素影响。 上市公司回应溢价收购 本次交易方案显示，得邦照明拟支付约14.54亿元，通过受让老股和认购定向增发新股的方式，合计获 得嘉利股份67.48%的股权。其中，根据老股转让部分的交易作价，对应的整体估值约14.62亿元，而资 产基础法给出的评估值为14.01亿元，两者均显著高于嘉利股份在新三板的市值水平，这成为上交所关 注的重点问题之一。 对此，得邦照明在回复公告中指出，采用资产基础法估值而非参考公开市场价，主要是因为嘉利股份股 ...

Group 1 - The core point of the news is that Debang Lighting plans to acquire 67.48% of Jia Li Co., a company listed on the New Third Board, for approximately 1.454 billion yuan, which has raised regulatory concerns due to the transaction premium and the target company's losses [1] - On February 12, the company responded to the Shanghai Stock Exchange's inquiry, explaining the fairness of the pricing, stating that Jia Li Co. has insufficient liquidity on the New Third Board (average turnover rate of 0.28%), and the transaction pricing is based on an asset-based valuation of 1.401 billion yuan [1] - The company announced on the same day that it received a decision from the State Administration for Market Regulation indicating that no further antitrust review will be conducted, marking a key progress in the transaction [1] Group 2 - In the recent stock performance from February 6 to February 12, 2026, Debang Lighting's stock price fluctuated by 4.34%, with an amplitude of 7.52%. On February 10, the stock price significantly increased, closing at 15.24 yuan, with a single-day change of 3.25% and a trading volume of 3.6015 million shares (turnover rate of 0.76%) [2] - On February 12, the latest closing price was 15.13 yuan, with a single-day change of 0.73%. The capital flow indicated a negative net inflow of 1.0539 million yuan on February 10, which turned positive with an inflow of 0.7052 million yuan on February 11, showing that market trading activity is closely related to the progress of the acquisition [2] Group 3 - As of February 12, 2026, institutional views on Debang Lighting show general market attention, with neutral sentiment dominating at 100% in institutional ratings. Profit forecasts indicate a projected net profit decline of 17.36% for 2025, but a rebound is expected in 2026 with an 18.12% year-on-year growth [3] - There have been no new research reports recently, and institutions are observing the potential synergistic effects post-acquisition [3]

Core Viewpoint - The acquisition plan by Debang Lighting to purchase a loss-making company has attracted regulatory scrutiny due to the premium price and the financial status of the target company [1] Group 1: Acquisition Details - Debang Lighting announced plans to acquire 67.48% of Jiali Co., a company listed on the New Third Board, for approximately 1.454 billion yuan [1] - The transaction price is significantly higher than Jiali Co.'s market value, raising concerns about the fairness of the pricing and the asset condition [1][2] - Debang Lighting justified the premium by stating that the stock's low liquidity made market prices unrepresentative, and the valuation was based on asset assessment [2] Group 2: Financial Performance and Concerns - Jiali Co. has faced declining performance, with a net loss of 13.24 million yuan from January to August 2025, and a drop in gross margin from 15.38% in 2024 to 9.71% [3][4] - The decline in profitability is attributed to increased competition in the automotive industry, significant price reductions from clients, and unexpected asset impairment losses [4][5] - Debang Lighting plans to position Jiali Co. as the sole platform for automotive lighting business post-acquisition, aiming for synergies in product development and cost management [5]

Core Viewpoint - The company has responded to the Shanghai Stock Exchange's inquiry regarding its major asset restructuring plan, emphasizing the fairness of the transaction pricing, the asset status, profit prospects, and integration plans for the target company, Jiali Co., Ltd [1] Pricing Rationality - The transaction uses the asset-based valuation method, with Jiali Co., Ltd's total equity value assessed at 1.401 billion yuan, representing an increase of 441 million yuan, or 45.92% over the book net asset value. The company will pay 654 million yuan for a 44.72% stake, corresponding to a valuation of 1.462 billion yuan [2] - The company explained that the pricing is justified despite being higher than Jiali Co., Ltd's market value on the New Third Board, as trading was infrequent and did not reflect the company's true value. The assessment considered liquidity discounts, making the asset-based method a more objective reflection of the company's overall value [2] - After the transaction, the company will hold 67.48% of Jiali Co., Ltd, with a total payment of 1.454 billion yuan, leading to an overall valuation of 2.219 billion yuan, which is at a 2.98% discount to the assessed value, indicating fair pricing [2] Financial Investor Buyback Agreement - The company disclosed details of buyback agreements between financial investors and Jiali Co., Ltd's actual controllers, stating that the buyback obligations rest solely with the controllers, not with Jiali Co., Ltd, complying with regulatory requirements [3] - For instance, a buyback agreement with a green fund stipulates that if Jiali Co., Ltd does not submit a listing application by December 31, 2025, the actual controller must repurchase shares at "investment cost + 6%-8% annual interest" [3] Fixed Assets and Construction Projects - Jiali Co., Ltd reported fixed assets of approximately 1 billion yuan and construction projects of about 219 million yuan, with a capacity utilization rate maintained between 70%-80% in 2025, indicating no impairment risk [4] - The valuation agency noted that the increase in fixed assets is due to the aging of buildings and rising construction costs, with no impairment observed in equipment assets [4] Accounts Receivable and Inventory - As of August 2025, Jiali Co., Ltd had accounts receivable of 1.136 billion yuan, with a bad debt provision ratio of 6.58%, and inventory of 461 million yuan, with a write-down provision ratio of 10.72%, higher than industry averages [5] - The overdue accounts receivable ratio decreased from 53.92% in 2023 to 28.98% by August 2025, with a post-period collection rate of 94.57%, indicating good credit status with major clients [5] Integration Planning - The company plans to enhance profitability through five integration strategies: procurement synergy to reduce raw material costs, shared customer resources to expand markets, technology integration for smart lighting products, financial synergy to optimize financing structures, and management output to improve operational efficiency [6][7] - The goal is to establish Jiali Co., Ltd as the sole platform for automotive lighting assembly, achieving a full-chain layout from components to end products [7] Independent Verification - Independent financial advisors, accountants, and valuation agencies have confirmed the fairness of the transaction pricing, adequacy of asset impairment provisions, and significant synergy effects post-acquisition, ensuring no harm to the interests of the listed company and minority shareholders [7]

横店集团得邦照明股份有限公司（以下简称"公司"）拟以支付现金的方式 向黄玉琦、黄璜、丽水市绿色产业发展基金有限公司、广州工控国发三号产业投 资合伙企业（有限合伙）等 15 名交易对方协议受让其所持有的浙江嘉利（丽水） 工业股份有限公司（以下简称"目标公司"或"嘉利股份"）6,091.71 万股股份， 转让对价合计为 65,375.10 万元；同时公司拟以现金认购嘉利股份新增股份 10,000 万股，认购新增股份部分金额为 80,000.00 万元（以下合称"本次交易"）。 本次交易完成后，公司将持有嘉利股份 16,091.71 万股股份，占本次交易完成后 嘉利股份总股本的 67.48%，嘉利股份将成为公司的控股子公司。 近日，公司收到国家市场监督管理总局出具的《经营者集中反垄断审查不实 施进一步审查决定书》（反执二审查决定〔2026〕98 号）。具体内容如下： "根据《中华人民共和国反垄断法》第三十条规定，经初步审查，现决定， 对横店集团得邦照明股份有限公司收购浙江嘉利（丽水）工业股份有限公司部分 股权案不实施进一步审查。你公司从即日起可以实施集中。该案涉及经营者集中 反垄断审查之外的其他事项，依据相关法律办 ...

证券代码：603303 证券简称：得邦照明 公告编号：2026-011 横店集团得邦照明股份有限公司 关于本次重组相关主体买卖股票情况的自查报告的 公告 横店集团得邦照明股份有限公司（以下简称"得邦照明"、"上市公司"或 "公司"）拟以现金受让部分老股及现金认购部分新增股份的方式收购浙江嘉利 （丽水）工业股份有限公司（以下简称"标的公司"或"嘉利股份"）67.48% 的股份（以下简称"本次交易"）。根据中国证监会《监管规则适用指引—上市 类第1号》和上海证券交易所相关规定及要求，公司对本次交易相关内幕信息知 情人二级市场买卖上市公司股票的情况进行了核查，具体如下： 一、本次交易的内幕信息知情人自查期间 本次交易的内幕信息知情人买卖上市公司股票的自查期间为上市公司首次 披露重组事项（2025年8月28日）前六个月至《横店集团得邦照明股份有限公司 重大资产购买报告书（草案）》披露前一日，即自2025年2月28日起至2026年1 月12日的期间（以下简称"自查期间"）。 二、本次交易的内幕信息知情人自查范围 （一）上市公司及其董事、时任监事、高级管理人员及相关知情人员； （二）交易对方及其控股股东、实际控制人、董事 ...

证券代码：603303 证券简称：得邦照明 上市地点：上海证券交易所 横店集团得邦照明股份有限公司 重大资产购买报告书（草案） 修订稿 | 项目 | 老股转让交易对方 | 嘉利股份 定向发行共同认购方 | | --- | --- | --- | | | 黄玉琦、黄璜、丽水市绿色产业发展基金有限公司、广州工 | | | | 控国发三号产业投资合伙企业（有限合伙）、杭州金浛投资 | | | | 合伙企业（有限合伙）、广东广祺瑞高股权投资合伙企业 | 丽水光合企业管理合 | | 重大 | （有限合伙）、苏州卓璞永赢创业投资合伙企业（有限合 | 伙企业 （ 有限合 | | 资产 | 伙）、舟山浙科东港创业投资合伙企业（有限合伙）、杭州 | 伙）、丽水嘉融企业 | | 购买 | 萧山新兴股权投资合伙企业（有限合伙）、东莞嘉泰共赢创 | 管理合伙企业（有限 | | | 业投资合伙企业（有限合伙）、新余瑞裕股权投资中心（有 | 合伙） | | | 限合伙）、丽水丽湖企业管理有限公司、深圳洲宇投资合伙 | | | | 企业（有限合伙）、丽水市南平革基布有限公司、张笑雪 | | 独立财务顾问 二〇二六年二月 横店集团得邦照明股 ...

证券代码：603303 证券简称：得邦照明 上市地点：上海证券交易所 横店集团得邦照明股份有限公司 重大资产购买报告书（草案）摘要 （修订稿） | 项目 | 老股转让交易对方 | 嘉利股份 定向发行共同认购方 | | --- | --- | --- | | | 黄玉琦、黄璜、丽水市绿色产业发展基金有限公司、广州工 | | | | 控国发三号产业投资合伙企业（有限合伙）、杭州金浛投资 | | | | 合伙企业（有限合伙）、广东广祺瑞高股权投资合伙企业 | 丽水光合企业管理合 | | 重大 | （有限合伙）、苏州卓璞永赢创业投资合伙企业（有限合 | 伙企业 （ 有限合 | | 资产 | 伙）、舟山浙科东港创业投资合伙企业（有限合伙）、杭州 | 伙）、丽水嘉融企业 | | 购买 | 萧山新兴股权投资合伙企业（有限合伙）、东莞嘉泰共赢创 | 管理合伙企业（有限 | | | 业投资合伙企业（有限合伙）、新余瑞裕股权投资中心（有 | 合伙） | | | 限合伙）、丽水丽湖企业管理有限公司、深圳洲宇投资合伙 | | | | 企业（有限合伙）、丽水市南平革基布有限公司、张笑雪 | | 独立财务顾问 二〇二六年二月 横店集团得 ...

证券代码：603303 证券简称：得邦照明 公告编号：2026-009 横店集团得邦照明股份有限公司 关于对上海证券交易所《关于对横店集团得邦照明股 份有限公司重大资产重组草案的信息披露的问询函》 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。 横店集团得邦照明股份有限公司（以下简称"得邦照明"、"上市公司"或 "公司"）收到上海证券交易所《关于对横店集团得邦照明股份有限公司重大资 产重组草案的信息披露的问询函》（上证公函【2026】0085 号）（以下简称"《问 询函》"）。公司已按上海证券交易所的要求对问询函进行了回复，现将对问询 函的回复公告如下： 截至本问询函回复之日，财务投资人与标的公司、黄玉琦、黄璜签订的投资 协议、补充协议等相关回购协议的主要条款情况如下： 问题 1 关于定价公允性。本次交易采用资产基础法与市场法对标的公司股东的全部 权益价值进行评估，并采用资产基础法评估结果作为评估结论。评估基准日，嘉 利股份全部权益价值为 140,051.98 万元，与嘉利股份合并报表口径的归属于母公 司股东权益账 ...

| 重组报告书章节 | | 修订情况 | | --- | --- | --- | | 重大事项提示 | | 更新本次交易已履行的及尚需履行的决策程序及审批程序 | | 第三章 | 交易对方基本情况 | 补充披露交易对方各财务投资人前期约定的回购协议整体情况 | | 第四章 | 交易标的基本情况 明 | 补充披露瑕疵资产对本次交易的影响情况；补充披露存在产能过剩的说 | | 第五章 | 标的资产的评估情况 | 补充披露了库存商品与发出商品的评估增值的说明；补充披露了未考虑 | | | | 从新三板公开市场收购股份且未参考新三板公开市场交易形成的估值作 | | | | 为本次交易作价的合理性、公允性 | 1 | 重组报告书章节 | | 修订情况 | | --- | --- | --- | | 重大事项提示 | | 更新本次交易已履行的及尚需履行的决策程序及审批程序 | | 第六章 | 本次交易合同的主要内 | 补充披露了与黄玉琦、黄璜签署的《股份转让协议之补充协议》以及与 | | 容 | | 黄玉琦签署的《股份质押协议》的主要内容 | | 第七章 | 本次交易的合规性分析 | 更新经营者集中审查的进展情况 | | ...