Core Viewpoint - The article discusses the acquisition of 100% of Jinyi Co., Ltd. by Foshan Technology, highlighting the strategic importance of this merger in the lithium battery separator industry and its potential to enhance market position and operational efficiency for both companies [3][8][9]. Group 1: Acquisition Details - Foshan Technology announced the acquisition of Jinyi Co., Ltd. for a total consideration of 5.08 billion yuan, with 400 million yuan paid in cash and 4.68 billion yuan through share issuance [3]. - Jinyi Co., Ltd. is recognized as a leading enterprise in the domestic lithium battery wet separator sector, with a significant market presence [3][6]. Group 2: Market Position and Performance - In the first half of 2025, China's lithium battery separator shipment volume is estimated to be approximately 13.3 billion square meters, representing a year-on-year growth of 47.6% [3]. - Jinyi Co., Ltd. ranks among the top three in terms of shipment volume in the wet separator market, which accounted for 82.3% of total shipments [3][6]. Group 3: Strategic Benefits of the Merger - The merger allows Foshan Technology to enter the lithium battery separator market, complementing its existing polymer materials business and enhancing its position in the new energy supply chain [8][9]. - Jinyi Co., Ltd. will benefit from Foshan Technology's capital platform, which will provide a more stable funding source to support capacity expansion and technological development [9]. Group 4: Financial Projections - Jinyi Co., Ltd. has committed to achieving net profits of no less than 230 million yuan, 360 million yuan, and 610 million yuan for the years 2025, 2026, and 2027, respectively [8][9]. - For the first ten months of 2025, Jinyi Co., Ltd. reported revenues of approximately 3.26 billion yuan and a net profit of about 255 million yuan, indicating strong growth potential [6].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1][7]. Core Insights - The acquisition of 100% equity in Jinli Co., a leading player in the wet diaphragm sector, has been approved by the Shenzhen Stock Exchange, which is expected to significantly enhance the company's performance in the lithium battery diaphragm market [1][7]. - The company has been focusing on high-end materials and traditional films since its entry into the lithium battery diaphragm sector in 2011, and the acquisition is seen as a strategic move to strengthen its position in the wet diaphragm market [1][11]. - The demand for lithium batteries has been growing, leading to a recovery in the supply-demand dynamics of diaphragms, which is expected to result in industry-wide profitability improvements [1][7]. Financial Data and Valuation - Total revenue is projected to be 2,215 million yuan in 2023, with a year-on-year decline of 16%, followed by a slight increase of 1% in 2024 [2]. - Operating profit is expected to be 224 million yuan in 2023, with a significant year-on-year growth of 23%, but a decline of 26% is anticipated in 2024 [2]. - Net profit attributable to shareholders is forecasted at 214 million yuan in 2023, reflecting a substantial year-on-year increase of 57%, but a decrease of 44% is expected in 2024 [2]. - The company’s price-to-earnings (PE) ratio is projected to be 55.2 in 2023, increasing to 98.6 in 2024 [2]. Acquisition Details - The acquisition of Jinli Co. is valued at 5.08 billion yuan, with 4.0 billion yuan paid in cash and 4.68 billion yuan in shares at an issue price of 3.81 yuan per share [11][12]. - The acquisition is expected to create synergies in technology, business, finance, and procurement, enhancing the company's competitive edge in the diaphragm market [31][7]. Market Position and Product Development - Jinli Co. is positioned as a major player in the wet diaphragm market, with a market share of 18% in China and 15.6% globally, ranking second in both markets [17]. - The company has successfully introduced a 5μm ultra-thin high-strength diaphragm into the product systems of major clients like CATL, achieving a domestic market share of 63% in this segment [28][17]. - The demand for 5μm ultra-thin high-strength diaphragms is expected to grow significantly, with projections indicating a market penetration of over 20% by 2025 [47][28]. Industry Outlook - The wet diaphragm industry is anticipated to experience a recovery in profitability, driven by increasing demand for lithium batteries and limited capacity expansion among major players [32][33]. - The industry is witnessing a trend towards thinner and stronger diaphragms, with the 5μm product expected to replace the 7μm and 9μm products in the market [47][28].

Group 1 - The core point of the article is that Foshan Plastics Technology has received approval from the Shenzhen Stock Exchange for its acquisition of 100% of Jinyi Co., Ltd. through a combination of issuing shares and cash payment, which is expected to enhance its competitiveness in the lithium battery separator market [1] - Jinyi Co., Ltd. specializes in the research, production, and sales of lithium battery separators, holding an 18% market share in China's wet-process separator sector, ranking second in the industry according to GGII [1] - Foshan Plastics Technology, as an important platform under Guangdong Guangxin Holdings Group, focuses on the development and production of polymer functional films and composite materials for various industries, including new energy and electrical engineering [1] Group 2 - The global trend towards energy conservation and emission reduction is driving continuous growth in the lithium-ion battery market, leading to an increase in separator shipments [2] - GGII data indicates that by the first half of 2025, China's lithium battery separator shipments are expected to reach 13.6 billion square meters, a 49% year-on-year increase, with wet-process separators accounting for over 80% of total shipments [2] - Jinyi Co., Ltd. reported an operating income of 326.08 million yuan and a net profit of 25.51 million yuan for the period from January to October 2025, indicating strong financial performance [2] - The implementation of this acquisition is anticipated to enhance the company's core competitiveness and expand its product offerings in the new energy sector, positioning it as a leading enterprise in the polymer functional film materials industry [2]

Core Viewpoint - The Shenzhen Stock Exchange's M&A Review Committee approved Foshan Fospower Technology Group Co., Ltd.'s asset purchase through share issuance, meeting restructuring conditions and disclosure requirements [1] Group 1: Transaction Details - The transaction involves issuing shares and cash to acquire 100% of Jinyi Co., Ltd. from 102 counterparties, including Yuan Haichao and Huahao Century [5] - The total transaction price for the acquired assets is set at RMB 508 million, with RMB 40 million paid in cash and RMB 468 million through share issuance [6] - The share issuance price is determined at RMB 3.84 per share, which is not less than 80% of the average trading price over the last 20 trading days [8] Group 2: Financial Assessment - The valuation report indicates that the equity value of the target company is RMB 508.37 million, representing a 20.78% increase over the book value [6][7] - The transaction price reflects a premium based on the assessed value, with the increase in value calculated at RMB 87.48 million [6][7] Group 3: Market Context - The target company specializes in the research, production, and sales of lithium battery separators, with recent market conditions showing a tightening supply-demand balance due to increased production capacity and reduced demand growth [10] - The company experienced a decline in performance due to price fluctuations in the lithium battery separator market, prompting a withdrawal of its IPO application [10] Group 4: Strategic Implications - The transaction is expected to enable the company to enter the lithium battery separator sector, enhancing its growth potential in the renewable energy space and improving shareholder returns [11]

Group 1 - Jinggong Technology signed a sales contract with Hubei Yuchuang worth 729 million yuan, accounting for 42.16% of the company's audited revenue for 2024 [1] - Heshun Electric is expected to win a bid for a State Grid procurement project worth 107 million yuan, representing 24.97% of the company's 2024 revenue [2] - Yongmaotai plans to invest approximately 400 million yuan in a new intelligent manufacturing project for magnesium-aluminum alloy materials [3] Group 2 - Longi Green Energy announced the termination of its plan to issue global depositary receipts abroad, stating it will not significantly impact its operations [4] - Bai Ao Intelligent is expected to win bids for projects totaling 27.5 million yuan [5] - Lian Biological is planning a change of control and asset purchase, leading to a temporary suspension of its stock [6] Group 3 - Bo Rui Communication intends to acquire 51% of Meijing Technology for 66.49 million yuan [7] - Huitai Medical plans to repurchase shares worth 200 to 250 million yuan for employee stock ownership plans [8] - Yifang Biological is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] Group 4 - Jiuqiang Biological's shareholders signed an agreement for the transfer of 5% of the company's shares to China National Pharmaceutical Investment [11] - Songcheng Performing Arts plans to repurchase shares worth 100 to 200 million yuan for capital reduction [12] - Zhonghong Medical's subsidiary is expected to be selected for a centralized procurement project in Jiangxi Province [13] Group 5 - Xingfu Electronics plans to invest 480 million yuan in a new electronic-grade phosphoric acid project [14] - Jiaao Environmental Protection's stock will be subject to risk warnings due to an administrative penalty [15] - ST Nuotai received a drug registration certificate for a new injection [16] Group 6 - Haimo Technology plans to sell its controlling subsidiary, Xian Sitian Instrument, for 370 million yuan [17] - Jingce Electronics signed multiple sales contracts with a single customer totaling 433 million yuan [18] - Donghua Testing's controlling shareholder plans to reduce its stake by up to 1.99% [19][20] Group 7 - Xingqi Eye Medicine completed the first subject enrollment for a Phase II clinical trial of its eye drop product [21] - Kute Intelligent's controlling shareholder plans to reduce its stake by up to 2% [22] - Dongcheng Pharmaceutical's subsidiary received approval for a new specification of a heparin sodium injection [23] Group 8 - Zhaoyi Innovation is in the process of issuing H-shares and has received regulatory approval [24] - Aokang International's shareholder plans to reduce its stake by up to 3% [25] - Jiamei Packaging's controlling shareholder is planning a change of control, leading to a temporary stock suspension [26] Group 9 - ST Kevin's stock will have its risk warning lifted and will resume trading [27] - Zaiseng Technology's controlling shareholder plans to transfer 6.04% of the company's shares [28] - Lide New Energy's shareholder plans to reduce its stake by up to 1% [29] Group 10 - Srypu terminated its plan to acquire shares and will resume trading [30] - Longjiang Transportation's subsidiary plans to invest 2.679 billion yuan in a graphite mining project [31] - Haowei Group's controlling shareholder has not reduced its stake and has terminated the reduction plan [32] Group 11 - Huilun Crystal received an administrative penalty notice for information disclosure violations [33] - Haiguang Information terminated a major asset restructuring plan [34] - Zhongke Shuguang announced a cash dividend plan [35] Group 12 - Fushuo Technology's share purchase plan was approved by the Shenzhen Stock Exchange [36] - Dongbai Group's shareholder reduced its stake by 25.95 million shares [38]

智通财经APP讯，佛塑科技(000973.SZ)公告，公司拟通过发行股份及支付现金的方式向袁海朝、北京华 浩世纪投资有限公司等102名交易对方购买其合计所持有的河北金力新能源科技股份有限公司100%股 份，并向公司控股股东广东省广新控股集团有限公司发行股份募集配套资金。 深圳证券交易所并购重组审核委员会于2025年12月9日召开2025年第13次并购重组审核委员会审议会 议，对本次交易的申请进行了审议。根据深圳证券交易所并购重组审核委员会发布的《深圳证券交易所 并购重组审核委员会2025年第13次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组条 件和信息披露要求。 ...

深圳证券交易所并购重组审核委员会于2025年12月9日召开2025年第13次并购重组审核委员会审议会 议，对本次交易的申请进行了审议。根据深圳证券交易所并购重组审核委员会发布的《深圳证券交易所 并购重组审核委员会2025年第13次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组条 件和信息披露要求。 智通财经APP讯，佛塑科技(000973.SZ)公告，公司拟通过发行股份及支付现金的方式向袁海朝、北京华 浩世纪投资有限公司等102名交易对方购买其合计所持有的河北金力新能源科技股份有限公司100%股 份，并向公司控股股东广东省广新控股集团有限公司发行股份募集配套资金。 ...

人民财讯12月9日电，佛塑科技（000973）12月9日公告，公司拟通过发行股份及支付现金的方式向袁海 朝等102名交易对方购买其合计所持有的河北金力新能源科技股份有限公司100%股份，并向控股股东广 东省广新控股集团有限公司发行股份募集配套资金。深交所并购重组审核委员会于2025年12月9日召开 2025年第13次并购重组审核委员会审议会议，本次会议的审议结果为，本次交易符合重组条件和信息披 露要求。 ...

佛塑科技公告，深圳证券交易所并购重组审核委员会于2025年12月9日召开2025年第13次审议会议，对 公司拟通过发行股份及支付现金购买河北金力新能源科技股份有限公司100%股份并募集配套资金的交 易申请进行了审议。审议结果为本次交易符合重组条件和信息披露要求。该交易尚需取得中国证券监督 管理委员会同意注册的批复后方可实施，相关事项能否取得批复及最终取得时间存在不确定性。 ...

证券代码：000973 证券简称：佛塑科技 公告编号：2025-83 佛山佛塑科技集团股份有限公司 本次交易尚需取得中国证券监督管理委员会同意注册的批复后方可实施。本次 交易相关事项能否取得同意注册的批复以及最终取得的时间均存在不确定性。公司 将继续推进本次交易的相关工作，并严格按照有关法律法规的要求履行信息披露义 务。《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）为公司指定 的信息披露媒体，所有信息均以在公司指定信息披露媒体刊登的公告为准。敬请广 大投资者关注后续公告，注意投资风险。 1 特此公告。 佛山佛塑科技集团股份有限公司 董 事 会 二〇二五年十二月十日 2 关于公司发行股份及支付现金购买资产并募集配套资金 暨关联交易事项获深圳证券交易所并购重组审核委员会 审核通过的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 佛山佛塑科技集团股份有限公司（以下简称公司）拟通过发行股份及支付现金 的方式向袁海朝、北京华浩世纪投资有限公司等 102 名交易对方购买其合计所持有 的河北金力新能源科技股份有限公司 100%股份，并向 ...