TUNA(SH:603177) Xin Lang Cai Jing·2025-09-10 09:07Core Viewpoint - Dechang Environmental (603177.SH) disclosed its response to the Shanghai Stock Exchange's inquiry regarding its acquisition of Shaoxing Huaxin for 67.64 million yuan, highlighting concerns about the transaction's background, asset quality, and payment arrangements [1][2][3]. Financial Summary - As of June 30, 2025, Dechang Environmental reported a total cash balance of 34.97 million yuan after excluding restricted funds and time deposits [1]. - The acquisition price of 67.64 million yuan is closely aligned with the 75.87 million yuan loan provided by its controlling shareholder, Zhejiang Deneng Industrial Holding Group, to Mingyan Asset Management [2][3]. - Mingyan Asset has repaid 10.21 million yuan to Deneng Industrial, including 6.82 million yuan in interest and 3.39 million yuan in principal, leaving a remaining debt of 72.72 million yuan [5]. Asset Performance - Mingyan Asset has not generated any revenue in 2024 and the first half of 2025, reporting net profits of 60.89 thousand yuan and -148.71 thousand yuan respectively [9]. - Huaxin Environmental, the core asset of Mingyan Asset, has seen a decline in revenue from 88.23 million yuan in 2022 to 59.17 million yuan in 2024, with corresponding net profits of 306.85 thousand yuan, -315.15 thousand yuan, and -59.63 thousand yuan [9][11]. Transaction Justification - Dechang Environmental stated that the acquisition is aimed at extending its hazardous waste disposal industry chain, which is essential for its business strategy [11].