券商中国·2026-02-12 23:36Core Viewpoint - The A-share merger and acquisition market is currently active, with over 20 companies announcing significant asset restructuring since February 1, including Huapei Power and Zhongnan Culture [1][2]. Group 1: Huapei Power - On February 12, Huapei Power announced plans to acquire 100% equity of Meichuang Zhiguan through convertible bonds and cash, which is expected to constitute a major asset restructuring [1][3]. - The acquisition involves issuing shares to no more than 35 specific investors to raise matching funds, and the transaction is classified as a related party transaction but will not result in a change of control [3]. - Huapei Power's recent performance forecast indicates a projected net loss of 27 million to 47 million yuan for 2025, a significant decline from a profit of 65.61 million yuan in the previous year, primarily due to changes in customer production plans and goodwill impairment losses [4]. Group 2: Zhongnan Culture - On February 12, Zhongnan Culture announced plans to acquire controlling interest in Jiangyin Sulong Thermal Power through share issuance and cash payment, which is also expected to constitute a major asset restructuring [1][5]. - The acquisition agreement with Jiangyin Electric Power Investment Co., Ltd. is in the preliminary stages, and the final price will be determined based on an evaluation report from a qualified agency [5][6]. - Zhongnan Culture reported a revenue of 910 million yuan for the first three quarters of 2025, a year-on-year increase of 40.10%, with a net profit of 82.23 million yuan, up 130.97% from the previous year [6]. Group 3: Jiangyin Sulong Thermal Power - Jiangyin Sulong Thermal Power, established in December 1993, has a registered capital of 2.4 billion yuan and is engaged in power generation and thermal energy supply [6][7]. - The company operates six coal-fired generating units with a total installed capacity of 1.215 million kilowatts and an annual power generation capacity of 7 billion kilowatt-hours [6][7]. - The ongoing expansion project at Jiangyin Sulong, with a total investment of approximately 5.6 billion yuan, aims to replace older units and is expected to generate an annual revenue of nearly 3 billion yuan upon completion in 2027 [7].