LTH(SZ:000912) Zheng Quan Shi Bao Wang·2025-05-27 14:31Core Viewpoint - Luzhou Tianhua plans to acquire 100% equity of Luzhou Hongsheng Chemical Park Operation Service Co., Ltd. from its affiliate, Luzhou Jintianhong Development Co., Ltd., to secure land assets for the implementation of chemical projects [1][2]. Group 1: Acquisition Details - The acquisition aims to obtain land assets to facilitate both short-term and long-term chemical projects [1]. - Luzhou Hongsheng was established in November 2022 with a registered capital of 360 million yuan, focusing on park management services, heat production and supply, and wastewater treatment [1]. - As of the end of 2024, Luzhou Hongsheng's total assets are valued at 336 million yuan, with net assets of 335.8 million yuan, and the assessed value of shareholders' equity is 676 million yuan, reflecting a 101.29% appreciation [1]. Group 2: Financial Aspects - Luzhou Jintianhong will acquire related equipment for a boiler and coal supply system, estimated at 79.7251 million yuan, which will be paid before the remaining 40% transfer payment of 270 million yuan is made by Luzhou Tianhua [2]. - The 10,000-ton/year green fine chemical project is located within the Luzhou Tianhua Chemical Park, covering approximately 325 acres, and aims to expedite project construction and reduce initial investment [2]. - The project is expected to yield a post-tax internal rate of return of 9.41%, with average annual sales revenue of 999.3 million yuan and average annual profit of 104 million yuan [2]. Group 3: Future Development Plans - Luzhou Tianhua plans to utilize Luzhou Hongsheng's land for developing green fine chemical and new fertilizer industries, as well as establishing a research and development base [3]. - The strategy aims to create a synergistic effect by integrating research, experimentation, and production, thereby establishing new profit growth points [3]. - This initiative supports a resource foundation for a cyclical industry model involving new efficient fertilizers, crop processing, fine chemical production, potassium mining, and new efficient fertilizers [3].