证券代码：300950 证券简称：德固特 公告编号：2025-071 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进展公告 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。 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 100%股权并募集配套资 金（以下简称"本次交易"或"本次重大资产重组"）。经初步测算，本次交易预计 构成《上市公司重大资产重组管理办法》规定的重大资产重组，预计构成关联交易， 但不会导致公司实际控制人发生变更，不构成重组上市。 公司股票于 2025 年 7 月 14 日开市起复牌。 2025 年 8 月 13 日，公司发布第一次月度进展公告《德固特关于发行股份及支 付现金购买资产并募集配套资金暨关联交易事项的进展公告》（公告编号：2025-051）。 2025 年 9 月 12 日，公司发布第二次月度进展公告《德固特关于发行股份及支 付现金购买资产并募集配套资金事项的进展公告》（公告编号：2025-062）。 2025 年 10 月 12 日，公司发布第三次月 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [48]. Core Insights - The mechanical industry is experiencing steady growth, with significant developments in the low-altitude economy and manufacturing mid-test platforms, which are expected to enhance investment vitality and safety regulation [3][4]. - The report highlights a recent decline in the mechanical equipment sector, with a drop of 2.22% from November 9 to November 14, 2025, underperforming the broader market indices [10][12]. - Key sectors such as low-altitude economy and engineering machinery are projected to maintain a stable growth trajectory, supported by government initiatives and infrastructure investments [4][5]. Weekly Market Review - From November 9 to November 14, 2025, the Shanghai Composite Index fell by 0.18%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.40% and 3.01%, respectively [10]. - The sub-sectors within the mechanical equipment industry, including general equipment, specialized equipment, and engineering machinery, experienced declines of 1.17%, 0.88%, and 5.07%, respectively [10][13]. Key Sector Tracking - The low-altitude economy sector has seen important progress, with the State Council issuing measures to encourage private investment in infrastructure, which is expected to bolster the industry's development [3]. - The Ministry of Industry and Information Technology has initiated plans to accelerate the systematic layout and high-level construction of manufacturing mid-test platforms, aiming for a robust service network by the end of 2027 [4][20]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng Aowei [5]. - In the mechanical equipment sector, companies such as Sany Heavy Industry, XCMG, and Huazhong CNC are highlighted as potential investment opportunities [5].

Group 1 - A total of 18 stocks experienced a price increase of over 40% during the week of November 10 to November 14, with 11 stocks rising over 50% [1] - Huasheng Lithium Battery topped the weekly gainers with a remarkable increase of 79.61% [1] - Other notable gainers included Haike Xinyuan, Jindike, and Furui Shares, with weekly increases of 71.38%, 61.65%, and 61.23% respectively [1] Group 2 - On the downside, 5 stocks recorded a decline of over 20% during the same week, with *ST Changyao leading the losses at 33.62% [1] - Haitan Shares and Degute experienced declines of 29.01% and 24.65% respectively [1]

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [50]. Core Insights - The mechanical equipment industry has experienced a decline of 1.75% in the past two weeks, underperforming the CSI 300 index by 1.58 percentage points, ranking 27th among 31 industries [2][13]. - Year-to-date, the mechanical equipment sector has increased by 33.14%, outperforming the CSI 300 index by 13.65 percentage points, ranking 7th among 31 industries [13][27]. - The report highlights the ongoing technological innovations leading to industry upgrades, particularly in the electrification and dexterous hand segments of engineering machinery [4][46]. Summary by Sections Market Review - As of November 13, 2025, the mechanical equipment sector has seen a 1.75% decline in the last two weeks, with the general equipment sector showing the highest increase of 0.40% among its sub-sectors [2][21]. - The top three performing stocks in the mechanical equipment sector over the past two weeks are Huafeng Co., World Co., and Jikai Co., with increases of 46.59%, 40.02%, and 36.22% respectively [20][22]. Valuation - The current PE TTM for the mechanical equipment sector is 31.51 times, with sub-sectors showing varied valuations: General Equipment at 43.79 times, Specialized Equipment at 31.81 times, and Automation Equipment at 49.06 times [3][25]. Industry News - The report notes that the demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [5][46]. - Exports of engineering machinery products have shown significant growth, with a year-on-year increase of 29.78% in September [5][46]. Company Announcements - The report suggests focusing on companies like Huichuan Technology and Green Harmonic, which are positioned well in the market due to their strong competitive advantages and growth potential [44][47].

Core Viewpoint - Qingdao Deguote Energy Saving Equipment Co., Ltd. announced the intention to terminate its major asset restructuring due to a lack of consensus with the main shareholders of the target company, Haowei Cloud Computing Technology Co., Ltd. [1] Group 1 - The company has been steadily advancing the major asset restructuring, including auditing and evaluation, since the planning phase began [1] - The restructuring involved issuing A-shares to specific investors, including Nanjing Xiru, ZTE Corporation, and others [2] - The company aimed to acquire 100% equity of Haowei Technology through a combination of share issuance and cash payment, which led to a significant stock price increase of 20% on October 14 [2] Group 2 - The acquisition, referred to as a "snake swallowing an elephant," was terminated within five months of its planning [3] - The company will need to negotiate further with the transaction parties regarding the termination and complete internal review procedures, which introduces uncertainty [1]

Core Insights - The company, Degute, reported that as of November 10, 2025, the number of shareholders is 17,431 [2] Company Information - Degute has provided an update on its shareholder count, indicating a specific figure that reflects its investor base [2]

Core Viewpoint - The proposed "elephant swallowing snake" acquisition by Degute (300950.SZ) is likely to be terminated due to the inability to reach an agreement on key terms with the target company, Haowei Cloud Computing Technology Co., Ltd. [2][6] Group 1: Acquisition Details - Degute plans to terminate the acquisition of 100% equity in Haowei Technology and the associated fundraising due to challenges in meeting the demands of all parties involved [2][6] - The revenue difference between Degute and Haowei Technology is over 6 times, and the net asset difference is over 3 times for the year 2024 [3][4] - Degute's current main business is energy-saving and environmental protection equipment manufacturing, while Haowei Technology provides digital and intelligent solutions to global telecom operators and enterprise clients [3][4] Group 2: Strategic Intentions - Degute aims to build a "second growth curve" through this acquisition, seeking strategic synergy and effective integration with Haowei Technology [2][3] - The company has expressed that horizontal integration has been challenging due to market competition and fragmentation, thus it is looking to acquire quality assets that align with national industrial policies and have strong growth prospects [3][4] Group 3: Negotiation Challenges - The termination of the acquisition is attributed to a lack of consensus on the valuation and performance commitments between Degute and Haowei Technology's major shareholders [6][7] - Despite multiple rounds of discussions, key terms such as transaction price and scheme have not been agreed upon, leading to the decision to terminate the deal [6][7] Group 4: Future Outlook - Following the termination of the acquisition, Degute's main business remains stable, although there has been a downward trend in performance since 2025, attributed to revenue recognition and rising management costs [7] - The company maintains an open attitude towards constructing a "second growth curve" despite the current challenges [7]

Core Viewpoint - Qingdao Degute Energy Equipment Co., Ltd. announced the termination of its major asset restructuring plan to acquire 100% equity of Haowei Cloud Computing Technology Co., Ltd. due to disagreements on key commercial terms [1][4]. Group 1: Restructuring Details - The restructuring process began on June 29, 2025, and was terminated less than five months later due to a lack of consensus on valuation, performance commitments, and compensation terms [4]. - Degute stated that no formal substantial agreements were signed, thus the termination does not incur any breach of contract liabilities [4]. - The company committed to not planning any major asset restructuring for at least one month following the termination announcement [4]. Group 2: Financial Context - Degute's revenue for 2024 was just over 500 million yuan, while Haowei's revenue for the same period was 3.6 billion yuan, highlighting a significant disparity in company sizes [5]. - As of March 2025, Degute's total assets were 1.156 billion yuan compared to Haowei's 5.617 billion yuan [5]. - Degute's financial performance showed a decline, with a 9.29% year-on-year decrease in revenue to 382 million yuan and a 26.39% drop in net profit to 72.26 million yuan for the first three quarters of 2025 [6]. Group 3: Market Reaction - Following the termination announcement, Degute's stock price fell by 19.99% to 26.13 yuan on November 10, 2025, after previously experiencing a 20% increase on October 14, 2025, due to initial optimism about the acquisition [6]. - The company currently has orders worth 558 million yuan, with 41.22% of these being overseas orders, and a gross margin increase of 0.62 percentage points to 40.39% [6].

Group 1: Company Developments - DeguTech (300950) experienced its first "limit down" since its listing, closing with a drop of 7.14 million shares, primarily due to the potential termination of a significant asset restructuring plan [1][3] - On November 6, DeguTech announced it would discuss terminating the major asset restructuring transaction after receiving feedback from Haowei Cloud Computing Technology Co., Ltd., indicating difficulties in meeting the demands of all parties involved [3] Group 2: Market Performance - On November 10, the Shanghai Composite Index closed up 0.53%, surpassing the 4000-point mark, with the consumer sector showing strong performance across various sub-industries, including beauty care, food and beverage, retail, and tourism [4] - The beauty care sector leader, Aimeike, saw an intraday increase of over 8%, closing with a gain of 4.92%. The food and beverage sector also had notable performers, with Huanlejia hitting a "limit up" [4] Group 3: Consumer Sector Analysis - As of November 10, the food and beverage, beauty care, and retail sectors have shown underperformance, with year-to-date index gains of less than 10%, lagging behind the Shanghai Composite Index [6] - The food and beverage industry has been particularly weak, with its index ranking at the bottom among all industry indices, indicating a potential opportunity for investment as the sector approaches a recovery phase [6] Group 4: Low PE Stocks - A total of 123 consumer stocks with rolling P/E ratios below 30 and year-to-date performance lagging behind the Shanghai Composite Index have been identified, including major companies like Kweichow Moutai and Gree Electric [7][8] - Among these, 43 stocks are projected to have over 20% upside potential based on institutional forecasts, with companies like Perla and Xueda Education showing significant expected growth [9][10]

Core Points - The stock of Degute fell by 20% today, leading to a trading halt with a turnover rate of 3.18% and a transaction amount of 75.0036 million yuan [2] - The net selling amount from brokerage seats reached 13.892 million yuan, with the top buying and selling brokerage seats showing significant disparity in transaction amounts [2][3] - Over the past six months, the stock has appeared on the trading list seven times, with an average price increase of 2.61% the day after being listed and an average decline of 5.34% over the following five days [3] Trading Data - The top buying brokerage was Xinda Securities with a purchase amount of 2.9893 million yuan, while the top selling brokerage was China Merchants Securities with a selling amount of 7.8390 million yuan [3] - The stock experienced a net outflow of 44.7555 million yuan in principal funds today, with large orders contributing to a significant portion of this outflow [3] - In the last five days, the total net outflow of principal funds reached 63.8807 million yuan [3]