3年亏损逾11亿元后拟“腾笼换鸟” 渤海化学筹划收购泰达新材控制权 转型精细化工与新材料

Core Viewpoint - Bohai Chemical is initiating a major asset restructuring after three consecutive years of losses, aiming to divest its struggling PDH business and acquire control of Anhui Taida New Materials, marking a strategic shift towards fine chemicals and new materials [2][3][4]. Financial Performance - Bohai Chemical reported a net profit loss of 0.38 billion in 2022, 5.21 billion in 2023, and an increased loss of 6.32 billion in 2024, totaling over 11 billion in cumulative losses over three years [4]. - For the first three quarters of 2025, the company achieved a revenue of 28.09 billion, a year-on-year decline of 16.82%, with a net profit loss of 5.79 billion [4]. - The company's weighted average return on net assets has dropped to -16.68% [4]. Asset Restructuring - The restructuring involves selling 100% of Bohai Petrochemical to its controlling shareholder, Bohai Chemical Group, to alleviate future losses and improve the asset-liability structure [3][5]. - Bohai Petrochemical, once a core asset, is now a burden due to structural overcapacity and rising costs, leading to its operational suspension until February 2026 [4][5]. Strategic Shift - The acquisition of Taida New Materials is intended to pivot from basic petrochemicals to fine chemicals, aligning with the company's strategic goal of transitioning to new materials and renewable energy [6][7]. - Taida New Materials, established in 1999, operates in the fine chemicals sector, which has higher technical barriers and potential added value compared to Bohai Chemical's traditional business [6]. Uncertainties in Acquisition - The financial status of Taida New Materials remains undisclosed, raising questions about its ability to fill the performance gap for Bohai Chemical [7]. - The restructuring plan is complex, requiring both the asset sale and acquisition to be approved, creating potential risks for the entire transaction [7]. - The transition from basic chemicals to fine chemicals presents challenges in technology integration, talent acquisition, and market access for Bohai Chemical [7].