沧州明珠股权转让告吹，国资入主计划落空

Core Viewpoint - Cangzhou Mingzhu Plastic Co., Ltd. announced the termination of a control rights transaction with a state-owned enterprise due to a lack of consensus on the transaction plan [1][2]. Transaction Background - The transaction involved the transfer of 11% of Cangzhou Mingzhu's shares and the delegation of 7.77% voting rights from its controlling shareholder, Dongsu Group, to Jiaokong Group, which would have made Jiaokong the new controlling shareholder [2]. - The transaction process lasted over a year, from initial disclosure to termination [2]. Financial Context - In December 2023, Cangzhou Mingzhu disclosed plans to transfer 184 million shares for an estimated transaction amount of approximately 500 million yuan [5]. - The lack of substantial progress in the transaction over 10 months raised market concerns about its feasibility [5]. - Dongsu Group's share pledge ratio reached 67% before the transfer plan was disclosed, increasing to 77.09% by February 2025, indicating significant financial pressure [6]. Company Performance - Cangzhou Mingzhu's revenue and net profit showed a decline from 2022 to 2023, with revenues of 2.835 billion yuan and 2.619 billion yuan, representing year-on-year decreases of 1.89% and 7.60%, respectively [8]. - The net profit also decreased from 281 million yuan to 273 million yuan, with declines of 23.22% and 2.99% year-on-year [8]. - The company attributed the profit decline to fluctuations in raw material prices and increased market competition [9]. Industry Position - Cangzhou Mingzhu, established in 1995 and listed in 2007, focuses on the production and sales of PE pipes, BOPA films, and lithium-ion battery separators, with the latter being a core development area [7]. - The company has made significant advancements in lithium battery separator technology, which is crucial for the growing demand in the new energy sector [7]. - Despite its potential in the new energy industry, Cangzhou Mingzhu has faced challenges, including a decline in profitability since 2022 [8].