2026 年 3 月 4 日 公司点评报告 · 农林牧渔行业 产业链并购开启，协同优势凸显 核心观点 | 中牧股份（股票代码：600195.SH） | | | --- | --- | | 推荐 | 维持评级 | | 分析师 | | | 谢芝优 | | | ：021-68597609 | | | ：xiezhiyou_yj@chinastock.com.cn | | | 分析师登记编码：S0130519020001 | | | 市场数据 | 2026-3-3 | | --- | --- | | 股票代码 | 600195.SH | | A 股收盘价(元) | 7.89 | | 上证指数 | 4122.68 | | 总股本(万股) | 102115 | | 实际流通 A 股(万股) | 102115 | | 流通 A 股市值(亿元) | 81 | 相对沪深 300 表现图 2026-3-3 资料来源：Wind，中国银河证券研究院 -10% 0% 10% 20% 30% 40% 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 2025-07 2025-08 202 ...

公司点评报告 · 农林牧渔行业 产业链并购开启，协同优势凸显 2026 年 3 月 4 日 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 资料来源：中国银河证券研究院 核心观点 | 中牧股份（股票代码：600195.SH） | | | --- | --- | | 推荐 | 维持评级 | | 分析师 | | | 谢芝优 | | | ：021-68597609 | | | ：xiezhiyou_yj@chinastock.com.cn | | | 分析师登记编码：S0130519020001 | | | 市场数据 | 2026-3-3 | | --- | --- | | 股票代码 | 600195.SH | | A 股收盘价(元) | 7.89 | | 上证指数 | 4122.68 | | 总股本(万股) | 102115 | | 实际流通 A 股(万股) | 102115 | | 流通 A 股市值(亿元) | 81 | 相对沪深 300 表现图 2026-3-3 资料来源：Wind，中国银河证券研究院 -10% 0% 10% 20% 30% ...

Core Viewpoint - The company has actively implemented share buybacks in 2025 to enhance its investment value and will provide specific operational performance details in its upcoming annual report [2] Group 1: Company Strategy - The company plans to increase innovation and R&D efforts focused on new materials and new processes [2] - The company aims to enhance its industrial chain through mergers and acquisitions in key areas such as protective technology and intelligent equipment [2] - The company is committed to improving the quality and efficiency of its operations to continuously create value for shareholders [2]

Core Viewpoint - The article discusses the strategic acquisition by Shengxin Lithium Energy of the remaining 30% stake in Qicheng Mining, emphasizing the importance of resource control in the lithium industry and the potential financial implications of this acquisition for the company [2][3]. Group 1: Acquisition Details - Shengxin Lithium Energy announced the acquisition of the remaining 30% stake in Qicheng Mining for 2.08 billion yuan, bringing its total investment in Qicheng Mining to approximately 3.5 billion yuan for 2025 [2]. - The acquisition is driven by the interest in the Muzhong Lithium Mine, which has confirmed reserves of about 990,000 tons with an average grade of 1.62% lithium oxide, making it one of the highest-grade lithium mines in the Sichuan region [2]. - The Muzhong Lithium Mine is expected to generate approximately 4 billion yuan in annual sales revenue once fully operational, significantly improving the self-sufficiency of Shengxin Lithium Energy's ore supply [2]. Group 2: Financial Implications - Shengxin Lithium Energy is facing financial pressure as Qicheng Mining has not yet generated revenue due to the lack of mining operations, necessitating significant upfront expenditures for development [3]. - The company reported a revenue of approximately 3.1 billion yuan for the first three quarters of 2025, a year-on-year decline of about 11.5%, and a loss of 752 million yuan [3]. - To address funding challenges, Shengxin Lithium Energy is seeking bank loans and has announced plans to raise approximately 3.2 billion yuan through share issuance [3]. Group 3: Strategic Partnerships - Following the acquisition news, Shengxin Lithium Energy secured agreements with Huayou and Zhongchuang for the procurement of lithium salt products, with Huayou committing to purchase 221,400 tons and Zhongchuang 200,000 tons by 2030 [4]. - This strategy of binding partnerships is seen as a more effective way to secure cash flow compared to pursuing a Hong Kong IPO, which the company has paused [4]. Group 4: Industry Trends - The article highlights a trend in the lithium industry where major companies are focusing on acquiring confirmed production capacities and core technology projects, moving away from speculative ventures [6]. - The integration of resources and the pursuit of majority control (over 51%) in acquisitions are becoming increasingly common among leading firms in the lithium sector [6].

Core Viewpoint - Rhine Biotech is undergoing a change in control, with Guangzhou Defu Nutrition becoming the new controlling shareholder, effective from December 24, following a series of agreements signed on December 22 [2][3]. Shareholder Changes - The controlling shareholder Qin Benjun will transfer 8.09% of his shares to Guangzhou Defu Nutrition and will relinquish 25.50% of his shares while retaining 3% voting rights [2][4]. - After the transaction, Qin Benjun will hold 28.50% of Rhine Biotech's shares and 4.14% of the voting rights [3][4]. Transaction Details - The total transaction price for the share transfer is 646 million yuan (including tax), with a transfer price of 10.76 yuan per share, representing a premium of 23.68% over the closing price of 8.70 yuan on December 9 [2][4]. Company Background - Guangzhou Defu Nutrition was established on December 2, 2025, by Defu Capital and currently has not engaged in any actual business activities [5]. - Defu Capital focuses on the healthcare and consumer sectors, aiming to leverage its resources to enhance Rhine Biotech's operational efficiency and governance structure [5]. Strategic Expansion - Rhine Biotech plans to expand its industry chain through acquisitions, specifically by purchasing 80% of Beijing Jinkangpu Food Technology Co., Ltd. [6]. - The company aims to create a closed-loop industry chain from raw materials to formulation solutions, enhancing business synergy with Beijing Jinkangpu, a leading supplier of nutritional fortifiers [6][8]. Financial Overview - As of September 30, 2025, Rhine Biotech reported total assets of 4.985 billion yuan and net assets of 3.162 billion yuan, with a net profit of 163 million yuan for 2024 and 70.4 million yuan for the first three quarters of 2025 [8][9]. - Beijing Jinkangpu's total assets were reported at 593 million yuan, with a net profit of 70.3 million yuan for 2024 and 40.3 million yuan for the first three quarters of 2025 [7][8].

Core Viewpoint - Zhongneng Electric (300062.SZ) plans to acquire 65% equity and related debts of three companies in the same industry chain, aiming to enhance its product offerings and market share in the high-voltage sector [1][2][3]. Group 1: Acquisition Details - The acquisition involves purchasing 65% equity and debts of Shandong Dacheng Electric Co., Ltd., Shandong Dacheng High Voltage Switch Co., Ltd., and Shandong Shifang Electric Co., Ltd. for a total base price of 8.57 billion yuan [2][3]. - The transaction is still in the preliminary planning stage, and the final transaction details will depend on the bidding results at the Shandong Property Rights Exchange [2][3]. Group 2: Financial Performance - As of October 2025, the total assets of the three target companies amount to 1.4 billion yuan [7]. - Zhongneng Electric reported a revenue of 9.57 billion yuan for the first three quarters of 2025, a decrease of 4.30% year-on-year, but achieved a net profit of 5.11 million yuan, reversing a loss from the previous year [9][10]. - The financial performance of the target companies shows mixed results, with two of them reporting losses [4][5][6]. Group 3: Strategic Rationale - The acquisition is intended to fill the product gap in the high-voltage sector and leverage synergies to enhance the company's competitive position and business scale [1][3]. - Zhongneng Electric aims to align this acquisition with its development strategy, focusing on expanding its product categories and market presence [1][3].

Core Viewpoint - The company is planning to acquire 65% equity and associated debts of three subsidiaries in the high-voltage electrical equipment sector, which may constitute a significant asset restructuring according to regulations [1] Group 1: Acquisition Details - The company intends to purchase 65% equity of Shandong Dacheng Electric Co., Ltd. along with debts amounting to 96.3169 million yuan, 65% equity of Shandong Dacheng High Voltage Switch Co., Ltd. with debts of 113.9618 million yuan, and 65% equity of Shandong Water Development Chixiang Electric Co., Ltd. with debts of 81.6871 million yuan [1] - The transaction will not involve the issuance of new shares, will not be classified as a related party transaction, and will not lead to a change in the control of the listed company [1] Group 2: Strategic Rationale - The target companies are engaged in the research, production, and sales of high-voltage transformers and switches, primarily serving major clients such as the State Grid [1] - This acquisition is aimed at enhancing the company's product offerings in the high-voltage sector, filling existing gaps, and leveraging synergies to improve market share and business scale [1]

Core Viewpoint - The company is planning to acquire 65% equity and associated debts of three subsidiaries in the high-voltage electrical equipment sector, which will enhance its market position and product offerings in the power industry [1][2]. Group 1: Acquisition Details - The company intends to purchase 65% equity of Shandong Dachai Electric Co., Ltd., Shandong Dachai High Voltage Switch Co., Ltd., and Shandong Waterfa Chixiang Electric Co., Ltd., along with associated debts totaling approximately 9.63 million yuan, 11.40 million yuan, and 8.17 million yuan respectively [1]. - The acquisition will be conducted through a public bidding process, introducing uncertainty regarding the success of the bid due to market competition and external factors [1]. Group 2: Financial Performance of Target Companies - Shandong Dachai Electric Co., Ltd. reported a net loss of 30.83 million yuan for the period from January to October 2025, while Shandong Dachai High Voltage Switch Co., Ltd. reported a net loss of 14.14 million yuan for the same period [2]. - The target companies primarily engage in the research, production, and sales of high-voltage transformers and switches, serving major clients such as the State Grid [2]. Group 3: Strategic Rationale - The acquisition aligns with the company's strategic goal of expanding its product range and filling gaps in the high-voltage sector, thereby enhancing market share and overall competitiveness [2]. - The company aims to leverage synergies from the acquisition to improve the performance of the target companies, although uncertainties remain regarding the actual integration and market conditions post-acquisition [2].

Core Viewpoint - The company, Beijite, is planning to acquire a controlling stake in Yunnan Wenye Nonferrous Metals Co., Ltd. through a share acquisition framework agreement, aiming to enhance its strategic position in the heavy metal wastewater resource utilization sector [1] Group 1: Acquisition Details - Beijite's wholly-owned subsidiary, Beijite New Materials, signed a share acquisition framework agreement on December 4 with individuals Liang Dakun, Liang Dajuan, and Liang Dafang [1] - The acquisition is part of a strategy to secure upstream key raw material supplies by also acquiring a controlling stake in Wenshan Dahao Mining Development Co., Ltd. [1] Group 2: Strategic Objectives - The core objective of the acquisition is to extend the company's industrial chain from the "recycling" end to increase the volume and layout of "raw materials" at the front end, while also enhancing the "smelting" segment in the middle [1] - This move aims to complete the entire industrial chain of antimony, including antimony mining, smelting, product production, recycling, and resource assurance [1]

Core Viewpoint - The company Beijiete (300774) announced plans to acquire a 55% stake in Wenshan Dahao Mining Development Co., Ltd. for approximately 225 million yuan, aiming to enhance its operations in the mining sector and integrate its supply chain [1] Group 1: Acquisition Details - Beijiete's wholly-owned subsidiary, Beijiete (Beijing) New Materials Technology Co., Ltd., will use self-raised funds for the acquisition [1] - The acquisition does not constitute a related party transaction or a major asset restructuring [1] - Following the acquisition, Dahao Mining will be included in Beijiete's consolidated financial statements [1] Group 2: Business Focus - Prior to the acquisition, Beijiete's main business focused on industrial water treatment, high-salinity wastewater resource recycling, and lithium extraction from salt lakes [1] - Post-acquisition, the company will expand into mineral exploration and processing through Dahao Mining [1] Group 3: Financial Performance of Dahao Mining - Dahao Mining holds nine mining rights, including two mining rights and seven exploration rights [1] - Financial data indicates Dahao Mining reported zero revenue for 2024 and the first seven months of 2025, with net losses of approximately 16.52 million yuan and 12.86 million yuan, respectively [1] - The lack of profitability is attributed to the incomplete construction and development of its mining sites [1] Group 4: Strategic Intent - The acquisition is characterized as a vertical integration strategy aimed at enhancing the efficiency and risk resilience of the entire supply chain [1]