Core Viewpoint - Huafeng Chemical plans to acquire 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. for a total transaction price of 6 billion yuan, aiming to enhance its product line and integrate its industrial chain in the polyurethane sector [1][3]. Group 1: Transaction Details - The transaction involves issuing shares and cash payments to Huafeng Group and its related parties for the acquisition of two companies [1][2]. - The transaction price for Huafeng Synthetic Resin is set at 4.04 billion yuan, while Huafeng Thermoplastic is priced at 1.96 billion yuan [1][2]. - The assessed value of Huafeng Synthetic Resin's equity is 4.044 billion yuan, reflecting a valuation increase of 506.96% compared to its book value [1][2]. - The assessed value of Huafeng Thermoplastic's equity is 1.963 billion yuan, with a valuation increase of 478.49% compared to its book value [1][2]. Group 2: Financial Performance - Huafeng Synthetic Resin is projected to generate revenues of 2.896 billion yuan in 2023 and 3.234 billion yuan in 2024, with net profits of 289.56 million yuan and 341.54 million yuan respectively [3][4]. - Huafeng Thermoplastic is expected to achieve revenues of 2.857 billion yuan in 2023 and 3.181 billion yuan in 2024, with net profits of 139.83 million yuan and 162.82 million yuan respectively [3][4]. - The financial advisor for this transaction is Guotai Junan Securities Co., Ltd., with specific project leaders assigned [4].

Core Viewpoint - Huafeng Chemical plans to acquire 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. for a total transaction amount of 6 billion yuan, marking a significant step in the company's integration within the polyurethane industry [2][3]. Group 1: Transaction Details - The acquisition involves issuing shares and cash payments, with 4.04 billion yuan allocated for Huafeng Synthetic Resin and 1.96 billion yuan for Huafeng Thermoplastic [2]. - The transaction constitutes a related party transaction as Huafeng Group is the controlling shareholder of Huafeng Chemical [2]. Group 2: Business Implications - The acquisition will allow Huafeng Chemical to enter the polyurethane resin and thermoplastic polyurethane elastomer sectors, thereby enriching its product line and expanding its asset scale [3]. - The expected revenue for Huafeng Synthetic Resin in 2024 is 3.234 billion yuan, with a net profit of 342 million yuan, while Huafeng Thermoplastic is projected to achieve 3.181 billion yuan in revenue and 163 million yuan in net profit [3]. Group 3: Performance Commitments - The parties involved have made performance commitments for the years 2025 to 2027, with Huafeng Synthetic Resin expected to achieve a total net profit of no less than 967 million yuan, and Huafeng Thermoplastic expected to achieve a total net profit of no less than 604 million yuan during the same period [3]. Group 4: Market Impact - The acquisition is anticipated to enhance Huafeng Chemical's market share in the polyurethane industry and solidify its leadership position [3][4]. - The clear performance commitments are expected to boost market confidence in the transaction and stabilize stock price expectations [4]. Group 5: Strategic Significance - This merger is seen as a potential catalyst for accelerating consolidation within the polyurethane industry in China, which may increase industry concentration [5]. - The combined scale and technological advantages post-merger could improve the competitive position of Huafeng Chemical in the global market [5].

Investment Rating - The report maintains a "Buy" rating for several key companies in the industry, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, among others [6]. Core Insights - The report emphasizes the acceleration of domestic substitution in new materials, particularly in semiconductor quartz sand and glass materials, driven by the ongoing trade conflicts and tariff policies [8][10]. - It highlights the importance of stable market measures being implemented to support the chemical industry, including increased investment in key sectors and support for state-owned enterprises [8][10]. - The report identifies potential investment opportunities in various segments, including AI materials, electronic gases, and nylon, suggesting a focus on companies like Lianrui New Materials and Saint Quan Group [8][10]. Summary by Sections Market Overview - The total number of listed companies in the industry is 428, with a total market value of 32,783.26 billion and a circulating market value of 29,223.51 billion [3]. - The report notes a significant decline in the indices for basic chemicals and petrochemicals, with respective decreases of 5.1% and 5.8% as of April 11, 2025 [16]. Key Industry Trends - The report discusses the impact of tariff policies on domestic demand, particularly in the mining and construction sectors, which are expected to see increased investment [8]. - It also mentions the stabilization of oil prices, which is anticipated to create cost reduction opportunities for chemical products [8]. Company Recommendations - Specific companies are recommended based on their performance and market positioning, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, which are expected to benefit from favorable market conditions [6][8]. - The report suggests monitoring companies involved in the production of high-purity quartz sand and AI materials, as these sectors are poised for growth [8][10]. Price Trends - The report indicates that as of April 11, 2025, the average price of domestic industrial silicon is 10,507.0 yuan/ton, reflecting a week-on-week decrease of 1.3% and a year-on-year decrease of 21.3% [9]. - It also notes fluctuations in the prices of various chemical products, with some experiencing significant price increases while others have seen declines [22][23].

Core Viewpoint - Huafeng Chemical announced a related acquisition plan totaling 6 billion yuan to acquire 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. [1][2] Group 1: Acquisition Details - The acquisition involves issuing shares and cash payments to Huafeng Group, the controlling shareholder, and related parties [2] - The total estimated value of the two target companies is approximately 50 billion yuan above their book value [1][4] Group 2: Financial Performance of Target Companies - As of the end of 2024, Huafeng Synthetic Resin is expected to have total equity of approximately 666 million yuan, with projected revenue of about 3.23 billion yuan and net profit of around 340 million yuan [2] - Huafeng Thermoplastic is expected to have total equity of approximately 340 million yuan, with projected revenue of about 3.18 billion yuan and net profit of around 160 million yuan [2] Group 3: Profit Commitment and Valuation - If the acquisition is completed by 2025, the parties commit to a combined net profit of no less than 967 million yuan for Huafeng Synthetic Resin and 604 million yuan for Huafeng Thermoplastic from 2025 to 2027 [3] - The valuation of Huafeng Synthetic Resin is approximately 4.04 billion yuan, while Huafeng Thermoplastic is valued at approximately 1.96 billion yuan, reflecting significant increases in value [6] Group 4: Valuation Methodology - The valuation for Huafeng Synthetic Resin was conducted using both asset-based and income approaches, with the income approach being selected for the final valuation [6] - The valuation for Huafeng Thermoplastic also utilized both methods, ultimately selecting the income approach for the final assessment [6]

国泰海通证券股份有限公司 华峰化学股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股 份及支付现金的方式购买华峰集团有限公司（以下简称"华峰集团"）、尤小平、 尤金焕、尤小华持有的浙江华峰合成树脂有限公司合计 100.00%的股权；拟通过 发行股份及支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限公 司合计 100.00%的股权（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"本公司"、"独立财务顾问"或"国 泰海通"）受上市公司委托，担任本次交易的独立财务顾问。根据中国证监会《关 于加强证券公司在投资银行类业务中聘请第三方等廉洁从业风险防控的意见》 （【2018】22 号）的规定，就独立财务顾问及上市公司在本次交易中有偿聘请第 三方机构或个人（以下简称"第三方"）等相关行为进行了充分必要的核查，并 发表如下意见： 一、本次交易中独立财务顾问直接或间接有偿聘请第三方的核查 本次交易中，本独立财务顾问不存在直接或间接有偿聘请其他第三方的行为。 二、本次交易中上市公司有偿聘请第三方的核查 经核查，上市公司在本次交易中聘请的中介机构情况如下： 1、上市公司聘请国泰海通证券股份有限公司作 ...

本次交易完成后，上市公司控股股东仍为华峰集团，实际控制人仍为尤小 平，本次交易不会导致上市公司控股股东、实际控制人变更。 国泰海通证券股份有限公司 关于本次交易不构成《上市公司重大资产重组管理办法》第十三条 规定的重组上市情形的核查意见 华峰化学股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股 份及支付现金的方式购买华峰集团有限公司（以下简称"华峰集团"）、尤小平、 尤金焕、尤小华持有的浙江华峰合成树脂有限公司合计 100.00%的股权；拟通过 发行股份及支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限公 司合计 100.00%的股权（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"本公司"或"独立财务顾问"）受 上市公司委托，担任本次交易的独立财务顾问。经核查，本独立财务顾问认为： 最近 36 个月内，上市公司控股股东为华峰集团，实际控制人为尤小平，控 制权未发生变动。 因此，本次交易不构成《上市公司重大资产重组管理办法》第十三条规定的 重组上市情形。 （本页无正文，为《国泰海通证券股份有限公司关于本次交易不构成＜上市公司 重大资产重组管理办法＞第十三条规定的重组上市情形的核 ...

本资产评估报告依据中国资产评估准则编制 华峰化学股份有限公司拟发行股份及支付现金购买资产涉及的 浙江华峰热塑性聚氨酯有限公司股东全部权益价值评估项目 资产评估报告 声 明 华峰化学股份有限公司拟发行股份 及支付现金购买资产涉及的 浙江华峰热塑性聚氨酯有限公司 股东全部权益价值评估项目 资 产 评 估 报 告 坤元评报〔2025〕200 号 （共一册 第一册） 坤元资产评估有限公司 2025 年 4 月 11 日 | 声 明 1 | | | --- | --- | | 资产评估报告·摘要 2 | | | 资产评估报告·正文 145 | | | 一、委托人、被评估单位及其他资产评估报告使用人 145 | | | 二、评估目的 148 | | | 三、评估对象和评估范围 149 | | | 四、价值类型 154 | | | 五、评估基准日 154 | | | 六、评估依据 154 | | | 七、评估方法 156 | | | 八、评估程序实施过程和情况 167 | | | 九、评估假设 168 | | | 十、评估结论 169 | | | 十一、特别事项说明 172 | | | 十二、资产评估报告使用限制说明 | ...

北京海润天睿律师事务所 关于华峰化学股份有限公司 发行股份及支付现金购买资产 暨关联交易的 法 律 意 见 书 [2025]海字第 025 号 中国·北京 朝阳区建外大街甲 14 号广播大厦 5 层、9 层、10 层、13 层、17 层 邮编：100022 电话：（010）65219696 传真：（010）88381869 二○二五年四月 | 释 义 1 | | --- | | 一、交易方案 5 | | （一）本次交易方案概述 5 | | （二）标的资产的评估状况 5 | | （三）本次交易的支付方式 6 | | （四）发行股份购买资产的情况 6 | | （五）业绩承诺及补偿安排 10 | | （六）本次交易不构成重大资产重组 10 | | （七）本次交易不构成重组上市 10 | | 二、本次交易各方的主体资格 11 | | （一）华峰化学的主体资格 11 | | （二）交易对方的主体资格 14 | | （三）交易对方与上市公司的关联关系 22 | | 三、本次交易涉及的重大协议 22 | | （一）《发行股份及支付现金购买资产协议》及其补充协议 22 | | （二）《业绩补偿协议》 23 | | 四、本次交 ...

国泰海通证券股份有限公司 关于华峰化学股份有限公司 内幕信息知情人登记制度的制定和执行情况的核查意见 华峰化学股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股 份及支付现金的方式购买华峰集团有限公司（以下简称"华峰集团"）、尤小平、 尤金焕、尤小华持有的浙江华峰合成树脂有限公司合计 100.00%的股权；拟通过 发行股份及支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限公 司合计 100.00%的股权（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"本公司"或"独立财务顾问"）受 上市公司委托，担任本次交易的独立财务顾问，对上市公司内幕信息知情人登记 制度的制定和执行情况进行了核查，核查意见如下： 一、上市公司内幕信息知情人登记制度的制定情况 上市公司已根据《中华人民共和国证券法》《上市公司信息披露管理办法》 《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》等法 律、法规、规范性文件的要求，制定了《华峰化学股份有限公司内幕信息知情人 管理制度》。 二、上市公司内幕信息知情人管理制度的执行情况 （一）本次交易筹划之初，上市公司已及时向深圳证券交易所申请股票停 ...

关于华峰化学股份有限公司发行股份及支付现金购买资产 暨关联交易项目在充分尽调和内核基础上出具的承诺函 国泰海通证券股份有限公司 （本页无正文，为《国泰海通证券股份有限公司关于华峰化学股份有限公司发 行股份及支付现金购买资产暨关联交易项目在充分尽调和内核基础上出具的承 诺函》之签章页） 独立财务顾问主办人： 华峰化学股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股 份及支付现金的方式购买华峰集团有限公司（以下简称"华峰集团"）、尤小平、 尤金焕、尤小华持有的浙江华峰合成树脂有限公司合计 100.00%的股权；拟通过 发行股份及支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限公 司合计 100.00%的股权（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"本公司"或"独立财务顾问"）受 上市公司委托，担任本次交易的独立财务顾问，在充分尽职调查和内核的基础上 作出以下承诺： 1、本独立财务顾问已按照相关法律法规履行尽职调查义务，有充分理由确 信所发表的专业意见与上市公司和信息披露义务人披露的文件内容不存在实质 性差异； 2、本独立财务顾问已对上市公司和信息披露义务人披露的文件进行充分 ...