亚星化学终止收购山东天一化学，重组落幕业绩承压

Group 1 - The core point of the article is that Yaxing Chemical (600319) has announced the termination of its significant asset restructuring plan, which involved the acquisition of 100% equity of Shandong Tianyi Chemical through a combination of share issuance and cash payment [1] - The main reason for the termination of the transaction is attributed to changes in the market environment and a lack of consensus among the parties involved regarding key issues such as core demands and the estimated value of the target assets [1] - Despite the termination of the restructuring, Yaxing Chemical's stock performance in 2025 was notable, with an annual increase of 93.3%, contrasting sharply with the company's declining financial performance [1] Group 2 - Yaxing Chemical reported a net loss attributable to shareholders of 144 million yuan in the first three quarters of 2025, exceeding the total loss of 97 million yuan for the entire year of 2024 [1] - The valuation work for the target assets was not completed, and there were disagreements between the parties regarding the direction of the valuation assessment [1]