亚星化学拟收购天一化学：股价走出“过山车”行情

Core Viewpoint - The recent major asset restructuring plan of Yaxing Chemical has led to significant stock price fluctuations, raising concerns about the stability of the target company Tianyi Chemical and the potential for Yaxing Chemical to recover from its ongoing losses [1][2]. Group 1: Stock Performance - Yaxing Chemical resumed trading on November 18 after a suspension, experiencing two consecutive trading limits before a decline, resulting in a total drop of 20.89% over three trading days [1]. - As of November 24, the company's stock price returned to the pre-announcement level, closing at 8.52 yuan per share [1]. Group 2: Acquisition Details - The restructuring involves Yaxing Chemical acquiring 100% of Tianyi Chemical through a combination of "issuing shares + cash payment," with a non-public offering price set at 5.83 yuan per share [1]. - As of the signing date of the proposal, the audit and evaluation of the target assets had not been completed, leaving the final transaction price undecided [1]. Group 3: Financial Performance of Tianyi Chemical - Tianyi Chemical's performance has deteriorated in recent years, with a net profit of 240 million yuan in 2021, over 200 million yuan in the first seven months of 2022, but only 54 million yuan in 2023 (unaudited) [1]. - The company's net profit for the first half of 2025 is not expected to return to previous levels, with only 34 million yuan (unaudited) reported [1]. Group 4: Financial Performance of Yaxing Chemical - Yaxing Chemical has faced continuous financial pressure, reporting a cumulative net loss of 144 million yuan in the first three quarters of the year, with quarterly losses of 46.05 million yuan, 50.49 million yuan, and 47.39 million yuan respectively [1]. - The ability of the acquisition to help Yaxing Chemical escape its loss-making situation remains uncertain, with market focus on the stability of the target's performance and the details of the transaction [1].