北交所并购重组专题报告第十七期：北交所并购重组：胜业电气布局“基膜：金属化：电容器”产业链一体化

Group 1: Core Insights - The report highlights the integration of the "base film-metalized film-capacitor" industry chain by Shengye Electric through the acquisition of Huajia New Materials, aiming to enhance supply chain security and accelerate the development of new high-end products [2][25][32] - The Beijing Stock Exchange (BSE) has become a preferred venue for mergers and acquisitions (M&A) for small and medium-sized enterprises, with 50 significant M&A events reported as of February 8, 2026 [1][20] - The new policies, including the "New National Nine Articles" and "M&A Six Articles," are expected to stimulate the M&A market starting in 2024, focusing on industrial integration and cross-industry mergers [1][9][14] Group 2: Policy and Market Dynamics - The report outlines six core directions from the Beijing Municipal Financial Committee aimed at supporting M&A to promote high-quality development of listed companies, emphasizing market-driven approaches and government guidance [14][15] - The M&A landscape is evolving with increased flexibility in payment methods, financing channels, and pricing mechanisms, encouraging diverse transaction designs and cross-border M&A [9][10] - The BSE is positioned to support innovative small and medium enterprises, particularly in advanced manufacturing and modern services, facilitating traditional industry upgrades and fostering new economic growth drivers [17][18] Group 3: Company-Specific Developments - Shengye Electric plans to acquire a 51.02% stake in Huajia New Materials for approximately 112.24 million yuan, which is expected to significantly enhance its control over the supply of metalized polypropylene films, a key component in capacitor production [2][25][34] - Huajia New Materials, a high-tech enterprise, reported revenues of 200 million yuan and a net profit of 20.89 million yuan in 2024, indicating strong financial performance and market position [34][32] - The acquisition is anticipated to create synergies by integrating upstream resources and enhancing the technological capabilities of Shengye Electric in the capacitor manufacturing sector [32][33]