Core Viewpoint - Huafeng Chemical is acquiring 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. for a total price of 6 billion yuan, aiming to extend its industrial chain and enhance its business scope in the polyurethane industry [1][2][3]. Group 1: Transaction Details - The acquisition involves Huafeng Chemical purchasing the stakes from its controlling shareholder and related parties, which will allow the company to enter the fields of leather polyurethane resin and thermoplastic polyurethane elastomers [2][3]. - The transaction is expected to increase Huafeng Chemical's revenue from 26.931 billion yuan to 32.154 billion yuan, and net profit from 2.22 billion yuan to 2.724 billion yuan, representing growth rates of 19.39% and 22.7% respectively [2][8]. - The total assets of Huafeng Chemical will rise from 35.966 billion yuan to 40.684 billion yuan, marking a 13.12% increase post-transaction [2][8]. Group 2: Business Expansion and Synergies - The acquisition will allow Huafeng Chemical to diversify its product offerings and enhance its profitability and sustainable development capabilities [2][4]. - The two acquired companies will become wholly-owned subsidiaries, enabling Huafeng Chemical to leverage synergies in supply chain, sales channels, and production management, thereby reducing costs and improving operational efficiency [4][5]. - The transaction is part of a broader strategy to integrate high-quality resources within the polyurethane industry, aiming for vertical and horizontal expansion [7][8]. Group 3: Financial Performance and Commitments - The acquired companies, Huafeng Synthetic Resin and Huafeng Thermoplastic, are projected to achieve combined net profits of no less than 1.571 billion yuan from 2025 to 2027 [5][7]. - In 2023 and 2024, Huafeng Synthetic Resin is expected to generate revenues of 2.897 billion yuan and 3.234 billion yuan, while Huafeng Thermoplastic is projected to achieve revenues of 2.857 billion yuan and 3.181 billion yuan [8][9]. - Both acquired companies have high debt ratios, with Huafeng Synthetic Resin at 60.48% and 75.75%, and Huafeng Thermoplastic at 71.44% and 85.21% for the years 2023 and 2024 respectively [8][9].

Core Viewpoint - Huafeng Chemical (002064.SZ) is advancing its related acquisition by planning to purchase 100% equity of two companies controlled by its actual controller, You Xiaoping, through a combination of share issuance and cash payment, despite concerns over high asset-liability ratios and related transactions [2][3][4]. Group 1: Acquisition Details - The acquisition involves 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd., with a total transaction price of 6 billion yuan, including 600 million yuan in cash and 5.4 billion yuan through share issuance [3][4]. - The valuation of the two target companies shows significant appreciation, with Huafeng Synthetic Resin valued at 4.04 billion yuan (an increase of 506.96%) and Huafeng Thermoplastic valued at 1.96 billion yuan (an increase of 478.49%) [4]. Group 2: Financial Performance and Concerns - Both target companies have seen their asset-liability ratios increase, with Huafeng Synthetic Resin's ratio rising from 60.48% to 75.75% and Huafeng Thermoplastic's from 71.44% to 85.21%, which is significantly higher than industry averages [4][5]. - In 2024, the two companies distributed a total of 2 billion yuan in dividends, primarily benefiting the family of the actual controller, raising concerns about the sustainability of the acquisition given the rising debt levels [4][7]. Group 3: Historical Context and Future Projections - This acquisition follows a previous related transaction in 2019, where Huafeng Chemical acquired 100% equity of Zhejiang Huafeng New Materials Co., Ltd. with a valuation increase of 222% [14]. - Huafeng Chemical's financial performance has been under pressure, with a reported revenue of 26.93 billion yuan in 2024, a year-on-year increase of 2.4%, but a net profit decline of 10.4%, marking three consecutive years of profit decline [15].

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].

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]

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 ...

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 | ...

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 ...

目 录 | 一、审计报告……………………………………………………… | 第 | 1—5 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 6—11 页 | | （一）合并及母公司资产负债表…………………………… | 第 | 6—7 页 | | （二）合并及母公司利润表…………………………………… | | 第 8 页 | | （三）合并及母公司现金流量表……………………………… | | 第 9 页 | | （四）合并及母公司所有者权益变动表……………………第 | | 10—11 页 | | | | 审 计 报 告 天健审〔2025〕3438 号 浙江华峰热塑性聚氨酯有限公司股东： 一、审计意见 我们审计了浙江华峰热塑性聚氨酯有限公司（以下简称华峰热塑性公司）财 务报表，包括 2023 年 12 月 31 日、2024 年 12 月 31 日的合并及母公司资产负债 表，2023 年度、2024 年度的合并及母公司利润表、合并及母公司现金流量表、 合并及母公司所有者权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业 ...