Core Viewpoint - Donghua Energy (002221) announced the sale of precious metal-containing waste catalysts to Haotong Technology (301026), with the assets originally valued at 527 million yuan and appraised at 1.11 billion yuan, reflecting an appreciation of over 110% [1][3] Group 1: Transaction Details - The waste catalysts, primarily sourced from the company's and its subsidiaries' main business operations, are essential for catalytic reactions in chemical product synthesis and purification [2] - The catalysts become waste due to decreased activity and performance over time, necessitating their replacement, which leads to the generation of these waste assets [2] - The total original value of the waste catalysts is 634 million yuan, with a net value of 527 million yuan as of November 30, 2025 [2] Group 2: Valuation and Pricing - The appraisal report from Zhonglian Asset Appraisal Consulting (Shanghai) Co., Ltd. indicates that the waste catalysts are valued at 1.11 billion yuan as of December 24, 2025, with a high appreciation rate of 110.50% [3] - The valuation method utilized includes market pricing based on catalyst weight, platinum content, and the closing price of platinum on the Shanghai Gold Exchange [3] - The pricing model in the contract includes three pricing methods: market price based on 97% of the Shanghai Gold Exchange closing price, target price set by the seller, and immediate order pricing confirmed via email [3] Group 3: Impact and Benefits - The transaction is part of the subsidiaries' routine operations, aimed at optimizing the asset-liability structure and enhancing the management efficiency of waste catalyst assets [4] - The sale is expected to improve cash flow and align with the overall interests of the company and its shareholders [4] - The actual impact on the company's performance will depend on the fulfillment of the framework contract and subsequent orders [4]