Group 1 - The core point of the article is that Degute (300950.SZ) has decided to terminate its major asset restructuring transaction with Haowei Technology due to disagreements on valuation and performance commitments among key stakeholders [1] - Degute's Q3 total revenue was 132 million yuan, a year-on-year decrease of 10.46%, while the net profit attributable to shareholders was 23.23 million yuan, down 22.2% year-on-year [1] - The company's gross margin improved by 1.57 percentage points to 40.39%, but the proportion of operating expenses (selling, administrative, and financial expenses) to revenue increased significantly to 12.07%, up 73.82% from 6.95% in the same period last year [1] Group 2 - Degute's interest-bearing debt surged from 4.46 million yuan in the same period last year to 94.74 million yuan, an increase of 2025.49%, indicating a sharp rise in debt burden [1] - Accounts receivable reached 122 million yuan, reflecting a year-on-year growth of 6.69% [1] - The company reported a significant improvement in cash flow, with operating cash flow per share reaching 0.4 yuan, a year-on-year increase of 1429.55% [2]

Core Viewpoint - The company, Degute (300950.SZ), is planning to terminate its major asset restructuring transaction due to difficulties in forming a satisfactory plan for all parties involved [1] Group 1: Asset Restructuring Progress - Since the announcement of the major asset restructuring, the company has been steadily advancing the necessary work, including auditing and evaluation, in accordance with relevant laws and regulations [1] - The company received feedback from the target company, Haowei Cloud Computing Technology Co., Ltd., regarding the transaction on November 6, 2025 [1] Group 2: Termination of Transaction - The company intends to negotiate with the transaction parties to terminate the major asset restructuring transaction due to the challenges in meeting the demands of all parties within the effective time window [1] - Further discussions and negotiations are required to reach a final agreement on the termination, and the transaction parties must complete their internal review processes before signing a termination agreement [1] - The timeline for the completion of the internal review processes by the transaction parties remains uncertain [1]

德固特（300950）(300950.SZ)公告，公司此前拟通过发行股份及支付现金的方式购买浩鲸科技100%股 权并募集配套资金。公司于2025年11月6日收到浩鲸云计算科技股份有限公司("浩鲸科技")发出的《关 于交易事项的反馈》。考虑到在有效时间窗口内难以形成满足各方诉求的方案，公司拟与交易相关方商 议终止本次重大资产重组交易。 ...

智通财经APP讯，德固特(300950.SZ)公告，公司此前拟通过发行股份及支付现金的方式购买浩鲸科技 100%股权并募集配套资金。公司于2025年11月6日收到浩鲸云计算科技股份有限公司("浩鲸科技")发出 的《关于交易事项的反馈》。考虑到在有效时间窗口内难以形成满足各方诉求的方案，公司拟与交易相 关方商议终止本次重大资产重组交易。 ...

德固特公告，公司拟通过发行股份及支付现金的方式购买浩鲸科技100%股权并募集配套资金。由于在 有效时间窗口内难以形成满足各方诉求的方案，公司拟与交易相关方商议终止本次重大资产重组交易。 ...

证券代码：300950 证券简称：德固特 公告编号：2025-070 青岛德固特节能装备股份有限公司 关于拟终止重大资产重组的提示性公告 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个别及连带责任。 重大内容提示： 自筹划重大资产重组事项以来，青岛德固特节能装备股份有限公司（以下简称 "公司"或"上市公司"）按照相关法律法规要求，稳步推进本次重大资产重组包 括审计和评估在内的各项工作。2025 年 11 月 6 日，公司收到浩鲸云计算科技股份 有限公司（以下简称"标的公司"或"浩鲸科技"）发出的《关于交易事项的反馈》。 考虑到在有效时间窗口内难以形成满足各方诉求的方案，公司拟与交易相关方商议 终止本次重大资产重组交易。公司与交易相关方尚需就上述终止事项在进一步洽谈 协商的基础上达成最终一致，且需交易相关方履行内部审议程序并最终签订终止协 议，交易相关方最终完成内部审议程序以及所需时间具有不确定性。同时，上述终 止事项最终需经公司董事会履行相应审批手续。 一、本次重大资产重组的基本情况 公司拟通过发行股份及支付现金的方式购买浩鲸科技 1 ...

Core Points - The company, Degute (300950), reported that as of October 31, 2025, the number of shareholders is 15,738 [1] Summary by Category - **Company Information** - As of October 31, 2025, the total number of shareholders for Degute is 15,738 [1]

Core Viewpoint - The company, DeGute, is experiencing a decline in stock price and trading volume, while also engaging in strategic acquisitions and innovations in energy efficiency and AI technology [1][4]. Group 1: Company Performance - On October 30, DeGute's stock fell by 3.75%, with a trading volume of 178 million yuan and a market capitalization of 4.969 billion yuan [1]. - For the period from January to September 2025, DeGute reported a revenue of 382 million yuan, a year-on-year decrease of 9.29%, and a net profit attributable to shareholders of 72.26 million yuan, down 26.39% year-on-year [8]. Group 2: Strategic Initiatives - The company is developing high-temperature air preheaters for gasification, which can increase production by 45% and save fuel by 9.3% to 13.2%, contributing to carbon emission reduction [2]. - DeGute plans to acquire 100% of Whale Cloud Computing Technology Co., Ltd. through a combination of issuing ordinary shares and cash, making it a wholly-owned subsidiary [3]. - Whale Cloud is focused on AI and cloud computing, aiming to create a comprehensive AI-driven architecture for enterprises [3]. Group 3: Industry Positioning - DeGute has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2]. - The company has entered the hydrogen energy production sector, providing energy-saving heat exchange and storage equipment, and possesses the design qualifications for pressure vessels [2].

Group 1 - The core viewpoint of the article is that Degute (SZ 300950) held its 11th meeting of the 5th Board of Directors on October 22, 2025, to review the proposal for the Q3 2025 report [1] - For the first half of 2025, Degute's revenue composition is as follows: 50.31% from the petrochemical industry, 40.32% from the coal chemical industry, 8.59% from other industries, and 0.78% from other businesses [1] - As of the report date, Degute's market capitalization is 5.1 billion yuan [1]

Core Viewpoint - 德固特 reported a decline in both revenue and net profit for the third quarter, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 380 million yuan, a year-on-year decrease of 9.29% [1] - The net profit attributable to shareholders was 72.26 million yuan, down 26.39% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 65.24 million yuan, reflecting a year-on-year decline of 31.86% [1]