3冲IPO折戟，毛利率高达73%的化工新材料龙头，将被收购！

Core Viewpoint - The news highlights a significant restructuring move by Bohai Chemical, which plans to sell its subsidiary Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials, aiming to shift its focus from a struggling core business to a more profitable venture in the TMA market [1][4]. Group 1: Company Restructuring - Bohai Chemical is planning to sell 100% of Tianjin Bohai Petrochemical and acquire Anhui Taida New Materials through a combination of stock issuance and cash payment [1]. - The stock of Bohai Chemical will be suspended from trading starting December 8, with an expected suspension period of no more than 10 trading days [1]. - The core business of Bohai Petrochemical, which includes a PDH unit with an annual capacity of 600,000 tons, has been a financial burden due to structural overcapacity and continuous losses [2][3]. Group 2: Financial Performance - Bohai Chemical reported net losses for the first three quarters of 2022 to 2025, with figures of -0.38 billion, -5.21 billion, -6.32 billion, and -5.79 billion respectively [3]. - The PDH unit has faced challenges such as rising propane import costs due to U.S.-China tariff policies, further squeezing profit margins [2]. Group 3: Anhui Taida New Materials - Anhui Taida New Materials specializes in TMA, which is crucial for producing PVC plasticizers and has a high gross margin of 73.87% in the first half of 2025 [5]. - The company has seen significant revenue growth, with a 53.58% increase in operating income from approximately 344.55 million to 529.17 million [5]. - Taida New Materials has attempted to go public multiple times but faced rejections, with its latest application for listing on the Beijing Stock Exchange being accepted for guidance [6][8]. Group 4: Market Dynamics - The TMA market is experiencing price increases due to the anticipated permanent closure of a major production facility by a competitor, which has positively impacted the stock prices of Taida New Materials and its peers [4][5]. - Bohai Chemical's strategy to divest from its struggling PDH business and invest in Taida New Materials is seen as a critical move to improve its financial health and mitigate the risk of delisting [9].