Core Viewpoint - Binhai Energy (000695) announced the termination of its plan to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd. through a share issuance and to raise matching funds from specific investors due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1][3]. Group 1: Termination of Acquisition - The company held its 25th meeting of the 11th Board of Directors on November 14, where it approved the termination of the acquisition of Cangzhou Xuyang Chemical Co., Ltd. [1][3]. - The initial plan for the acquisition was announced on April 30, 2025, with a subsequent board meeting on May 16, 2025, approving the related proposals [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 374.5 million yuan, a year-on-year increase of 2.03%, while the net profit attributable to shareholders was a loss of 49.4 million yuan [4][5]. - In the third quarter of 2025, the revenue was 139 million yuan, reflecting a 14% year-on-year increase, but the net profit attributable to shareholders was a loss of 12.3 million yuan [4][5]. Group 3: Market Position and Stock Performance - Binhai Energy is actively engaged in the research, production, and sales of lithium battery anode materials, with ongoing projects aimed at enhancing operational performance [4]. - The company's stock has shown strong performance recently, with an increase of nearly 30% in the week leading up to November 14, closing at 14.51 yuan per share, resulting in a total market capitalization of 3.22 billion yuan [6].

Core Viewpoint - Binhai Energy has announced the termination of its plan to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd. through a share issuance and related fundraising due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1][4]. Group 1: Termination of Acquisition - The company held a board meeting on November 14, where it approved the termination of the asset acquisition and fundraising plan [1]. - The initial announcement regarding the acquisition was made on April 30, 2025, with subsequent meetings and disclosures leading up to the termination [4]. - The decision to terminate was made after careful consideration and negotiations, aiming to protect the interests of the company and its shareholders [4]. Group 2: Business Operations and Financial Performance - Binhai Energy's main business focuses on the research, production, and sales of lithium battery anode materials, with ongoing efforts to expand market reach and develop new materials [5]. - The company reported a revenue of 374.75 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.03%, while the net profit attributable to shareholders was a loss of 49.44 million yuan [5][6]. - In Q3 2025, the revenue was 139 million yuan, showing a 14% increase year-on-year, but the net profit attributable to shareholders was still a loss of 12.33 million yuan [5][6]. - The termination of the acquisition is not expected to significantly impact the company's existing operations or strategic development [5].

Core Viewpoint - Binhai Energy has terminated its major restructuring plan aimed at acquiring 100% of Cangzhou Xuyang Chemical Co., which was intended to alleviate profitability pressures in its lithium battery anode materials business and establish a dual business model of "anode materials + nylon new materials" [4][12][14]. Group 1: Restructuring Plan Overview - The restructuring plan was initiated on April 30, 2025, with the intention to issue shares to acquire Cangzhou Xuyang and raise supporting funds [9]. - The board of Binhai Energy approved the termination of the asset purchase and fundraising plan on November 14, 2025, after six months of progress updates [6][10]. - The termination of the transaction also halts the planned change in the controlling shareholder from Xuyang Holdings to Xuyang Group [4][10]. Group 2: Reasons for Termination - The termination was attributed to changes in the market environment since the initial planning phase, leading to a lack of consensus on commercial terms among the parties involved [12][14]. - Binhai Energy emphasized that the decision to terminate was made after thorough communication and analysis, ensuring no party would incur breach of contract liabilities [14]. Group 3: Business Context and Future Outlook - Binhai Energy's main business, focused on lithium battery anode materials, has faced increasing competition, resulting in sustained pressure on profitability despite rising revenue [13][14]. - The acquisition of Cangzhou Xuyang was seen as a potential solution to enhance the company's product offerings and create a second growth curve through the integration of high-quality chemical new materials [14]. - Following the termination, Binhai Energy reassured that its current operations remain stable and that it will continue to pursue market expansion and development projects in anode materials [15].

Core Viewpoint - Binhai Energy's major restructuring plan has been terminated after six months of efforts, impacting its strategy to alleviate profitability pressures in its main business of lithium battery anode materials and to establish a dual business model of "anode materials + nylon new materials" [2][8]. Group 1: Restructuring Plan Details - On November 14, Binhai Energy's board approved the termination of the plan to issue shares for the acquisition of 100% equity in Cangzhou Xuyang Chemical Co., which would have changed its controlling shareholder from Xuyang Holdings to Xuyang Group [2][3]. - The restructuring process began with a suspension announcement on April 30, 2025, followed by a series of board meetings and disclosures, culminating in the termination announcement after six months without substantial progress [5][6]. Group 2: Reasons for Termination - The termination was attributed to changes in the market environment since the initial planning phase, leading to a failure to reach consensus on commercial terms among the parties involved [7]. - Binhai Energy's motivation for the acquisition was to address profitability pressures in its core business, which has been facing increased competition despite rising revenue [7][8]. Group 3: Future Outlook - Following the termination, Binhai Energy stated that its current operations remain normal and that the decision will not significantly impact its existing production and strategic development [9]. - The company is focusing on expanding its market for anode materials and advancing projects related to integrated anode material production and new material research [9].

Core Viewpoint - Binhai Energy has officially terminated its major restructuring plan aimed at acquiring 100% of Cangzhou Xuyang Chemical Co., which was intended to alleviate profitability pressures in its lithium battery anode materials business and establish a dual business model of "anode materials + nylon new materials" [2][10]. Group 1: Restructuring Plan Details - On November 14, Binhai Energy's board approved the termination of the proposal to issue shares for asset acquisition and related fundraising [2][3]. - The restructuring process began on April 30, 2025, with the company announcing plans to acquire Cangzhou Xuyang and raise funds through a private placement [7]. - The acquisition was expected to significantly alter Binhai Energy's shareholder structure, changing the controlling shareholder from Xuyang Holdings to Xuyang Group, although the actual controller would remain the same [8]. Group 2: Reasons for Termination - The termination was attributed to changes in the market environment and the inability of the parties involved to reach an agreement on commercial terms [9]. - Binhai Energy's motivation for the acquisition stemmed from ongoing profitability pressures in its main business of lithium battery anode materials, which has faced increased competition [9][10]. Group 3: Future Outlook - Despite the termination of the restructuring, Binhai Energy stated that its current operations remain normal and will not be significantly adversely affected [11]. - The company is focusing on expanding its anode materials market, developing a 200,000-ton integrated anode materials project, and researching new anode materials [11].

Core Viewpoint - Binhai Energy (000695.SZ) announced the termination of its planned acquisition of 100% equity in Cangzhou Xuyang Chemical Co., Ltd. due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1] Group 1 - The company intended to acquire the equity from Xuyang Group Co., Ltd., Xingtai Xuyang Coal Chemical Co., Ltd., Shenzhen Chuangtou Manufacturing Transformation and Upgrading New Materials Fund (Limited Partnership), and Agricultural Bank Financial Asset Investment Co., Ltd. [1] - The company planned to raise matching funds through a private placement of shares to no more than 35 qualified investors [1] - Following the announcement of the transaction plan, the company and related parties actively advanced the transaction work but ultimately decided to terminate it after thorough consideration and negotiations [1]

Core Viewpoint - Binhai Energy (000695.SZ) announced the termination of its planned acquisition of 100% equity in Cangzhou Xuyang Chemical Co., Ltd. due to failure to reach consensus on commercial terms with transaction parties after changes in market conditions [1] Group 1 - The company intended to acquire the equity from Xuyang Group Co., Ltd., Xingtai Xuyang Coal Chemical Co., Ltd., Shenzhen Venture Capital Manufacturing Transformation and Upgrading New Materials Fund (Limited Partnership), and Agricultural Bank Financial Asset Investment Co., Ltd. [1] - The company planned to raise matching funds through a private placement of shares to no more than 35 qualified specific investors [1] - The management has been authorized to handle the termination of the transaction-related matters after thorough research and friendly negotiations with transaction parties [1]

Core Viewpoint - Binhai Energy has decided to terminate the planned acquisition of 100% equity in Cangzhou Xuyang Chemical Co., Ltd. due to changes in the market environment and failure to reach an agreement on commercial terms with the transaction parties [1] Group 1 - The company initially intended to acquire the equity through a share issuance and raise matching funds from no more than 35 qualified specific investors [1] - Since the disclosure of the transaction plan, the company and related parties have actively promoted the transaction work [1] - After thorough research and friendly negotiations with transaction parties, the company agreed to terminate the transaction to protect the interests of the company and all shareholders [1]

证券代码：000695 证券简称：滨海能源 公告编号：2025-078 天津滨海能源发展股份有限公司 第十一届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 天津滨海能源发展股份有限公司（以下简称"公司"）第十一届董事会第二 十五次会议通知于 2025 年 11 月 10 日以电子邮件方式发出，会议于 2025 年 11 月 14 日以通讯表决方式召开。公司共有董事 9 名，实际参加会议董事 9 名。会 议由董事长张英伟主持，公司高级管理人员列席了会议。此次会议的召集、召开 与表决程序符合《中华人民共和国公司法》等法律法规和《天津滨海能源发展股 份有限公司章程》的规定。 二、董事会会议审议情况 （一）审议《关于终止公司发行股份购买资产并募集配套资金暨关联交易 的议案》 会议以 5 票同意、0 票反对、0 票弃权，审议通过。 1 （二）审议《关于公司与交易各方签署<发行股份购买资产协议之终止协议> 的议案》 会议以 5 票同意、0 票反对、0 票弃权，审议通过。 同意公司就终止发行股份购买资产并募集配套资金暨 ...

Group 1 - Binhai Energy announced the termination of its plan to issue shares for asset acquisition and related fundraising during its board meeting held on November 14, 2025 [1] - For the first half of 2025, Binhai Energy's revenue composition was heavily weighted towards its anode material business, which accounted for 99.27% of total revenue, while other businesses contributed only 0.73% [1] - As of the report date, Binhai Energy's market capitalization stood at 3.2 billion yuan [1]