Core Viewpoint - The company, 嘉戎技术, is planning to acquire 杭州蓝然技术股份有限公司 through a share issuance and is in the process of raising matching funds, which may constitute a significant asset restructuring according to regulations [1][2] Group 1: Acquisition Details - 嘉戎技术 has signed a letter of intent with major shareholders of 杭州蓝然 to purchase all shares held by them through share issuance [2] - The transaction is still in the planning stage, and the final details regarding the transaction counterparties and shareholding ratios will depend on further negotiations and disclosures [2] - The acquisition is expected to result in a significant increase in the shareholding of the main transaction counterparties in 嘉戎技术, exceeding 5% [1] Group 2: Business Focus and Operations - 嘉戎技术 specializes in membrane technology research and its applications in various sectors, including waste treatment and resource recycling [2] - The company has provided membrane separation equipment for over 600 high-concentration wastewater treatment projects across 27 provinces and 4 municipalities in China [2] - 杭州蓝然 focuses on providing comprehensive solutions for salt resource utilization, with applications in multiple industries, including clean production and wastewater resource recovery [1] Group 3: Financial Performance - In the first three quarters of 2025, 嘉戎技术 reported a revenue of 362 million yuan, a year-on-year decrease of 7.53% [3] - The net profit for the same period was 59.3 million yuan, reflecting a year-on-year increase of 12.95% [3] - The company's non-recurring net profit reached 40.6 million yuan, showing a year-on-year growth of 15.04% [3]

Investment Rating - The investment rating for the company is maintained as "Outperform" [5]. Core Insights - The company reported a total revenue of 590 million yuan for the first three quarters of 2025, reflecting a year-over-year growth of 4%. The net profit attributable to the parent company was 73 million yuan, up 20% year-over-year [5]. - The second phase of the Thailand Jianlong project is gradually ramping up production, enhancing the company's overseas capacity coordination. The overseas sales revenue reached 155 million yuan, accounting for 26.21% of total revenue, with significant growth in the Thailand operations [5]. - The company is focusing on its core molecular sieve business and increasing R&D investments to expand application scenarios, aiming to improve market share and profitability [5]. Financial Data and Profit Forecast - The company forecasts total revenue of 819 million yuan for 2025, with a year-over-year growth rate of 5.2%. The net profit attributable to the parent company is projected to be 98 million yuan, representing a 31.3% increase [4]. - The gross profit margin is expected to be 29.5% in 2025, with a return on equity (ROE) of 5.5% [4]. - The average price of formed molecular sieve products is revised down from 26,700 yuan/ton to 17,500 yuan/ton for 2025, leading to a downward adjustment of the net profit forecast for 2025 to 98 million yuan [5].

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The company has shown improvement in its operational efficiency, particularly with the gradual ramp-up of its Thailand project, which has enhanced its overseas production capabilities [6]. - The financial performance for the first three quarters of 2025 met expectations, with total revenue of 590 million yuan, a year-on-year increase of 4%, and a net profit of 73 million yuan, reflecting a year-on-year growth of 20% [6]. - The company is focusing on its core business of molecular sieves, increasing R&D investments, and expanding application scenarios to enhance market share and profitability [6]. Financial Data and Profit Forecast - Total revenue is projected to be 819 million yuan in 2025, with a year-on-year growth rate of 5.2% [5]. - The net profit attributable to the parent company is expected to reach 98 million yuan in 2025, representing a year-on-year increase of 31.3% [5]. - The company’s gross margin is forecasted to be 29.5% in 2025, with a return on equity (ROE) of 5.5% [5]. - The average price of formed molecular sieve products is expected to decrease from 26,700 yuan/ton to 17,500 yuan/ton in 2025 [6].

杭州蓝然官网显示，公司是一家以离子交换膜生产和电渗析技术应用为核心的国家级高新技术企业。一 直专注于为客户提供以双极膜/电渗析技术为核心的盐资源化综合解决方案。 北京商报讯（记者 马换换 李佳雪）11月17日午间，嘉戎技术（301148）披露公告称，因筹划重大资产 重组，公司证券自11月17日起开始停牌，公司预计在不超过10个交易日的时间内披露本次交易方案。 公告显示，11月16日，嘉戎技术与标的公司杭州蓝然技术股份有限公司（以下简称"杭州蓝然"）主要股 东厦门溥玉投资合伙企业（有限合伙）、楼永通、卿波、柴志国、邓德涛、杭州蓝盈投资管理合伙企业 （有限合伙）及杭州蓝合企业管理合伙企业（有限合伙）签署了发行股份购买资产意向协议，约定拟以 发行股份等方式购买上述股东持有的标的公司全部股份。预计本次交易可能构成重大资产重组，本次交 易完成后，预计主要交易对方在公司持股比例将超过5%，本次交易预计构成关联交易。 嘉戎技术表示，公司就本次发行股份等方式购买杭州蓝然控制权事项已签署意向协议，本次交易目前仍 存在不确定性，最终交易对方范围、交易标的的股权比例以公司与标的公司各股东洽谈的情况及后续公 告披露的信息为准。 ...

格隆汇11月17日丨嘉戎技术(301148.SZ)公布，公司正在筹划发行股份等方式购买资产事项，同时拟募 集配套资金，预计本次交易可能构成《上市公司重大资产重组管理办法》规定的重大资产重组，本次交 易完成后，预计主要交易对方在上市公司持股比例将超过 5%，本次交易预计构成关联交易。 因有关事项尚存不确定性，为了维护投资者利益，避免对公司证券交易造成重大影响，根据深圳证券交 易所的相关规定，经公司申请，公司证券(证券简称：嘉戎技术，证券代码：301148)自 2025 年 11 月 17 日开市时起开始停牌。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别风险提示： 1、公司分别于2025年9月8日、2025年10月9日、2025年11月12日在巨潮资讯网上 （www.cninfo.com.cn）披露了《关于筹划出售资产涉及重大资产重组的提示性公告》（公告编号： 2025-058）、《关于筹划重大资产重组的进展公告》（公告编号：2025-060）、《关于筹划重大资产重 组的进展公告》（公告编号：2025-066）。截至本公告披露日，本次交易尚处于筹划阶段，公司正就有 关事项同各相关方持续沟通协商中，交易各方尚未签署正式交易文件。本次交易相关事项尚存在重大不 确定性，可能出现因外部环境变化导致交易条件发生变化或公司与交易各方未能就相关事项达成一致等 情形，进而导致交易终止的情况。敬请广大投资者充分注意相关风险！ 2、公司2024年度审计机构北京国府嘉盈会计师事务所（特殊普通合伙）对公司出具了2024年度审计报 告，公司触及《深圳证券交易所股票上市规则》第9.3.1条（一）的规定：上市公司出现"最近一个会计 年度经 ...

Core Viewpoint - Binhai Energy has terminated its major asset restructuring plan after over six months of negotiations due to failure to reach consensus on commercial terms with the involved parties [1][3][6] Group 1: Termination of Restructuring - The decision to terminate the acquisition of 100% equity in Cangzhou Xuyang Chemical Co., Ltd. was made after thorough communication and analysis, with no breach of contract or adverse impact on the company's operations [3][6] - As of November 16, 59 A-share listed companies have announced the termination of major asset restructurings this year [3] Group 2: Background of the Acquisition - The acquisition plan aimed to support Binhai Energy's strategic transformation initiated in 2022, focusing on shifting from packaging printing to lithium battery anode materials [4] - Cangzhou Xuyang, established in 2011, has a registered capital of 4.453 billion and is the second-largest producer of caprolactam globally, with an annual production capacity of 750,000 tons [4] Group 3: Financial Data and Future Plans - Binhai Energy projected a dual business model of "anode materials + nylon new materials" post-acquisition, which was expected to create new profit growth points [5] - The company reported its financials, with total assets expected to reach 1.458 billion by March 31, 2025, and net profit projected at 2.111 billion for the first quarter of 2025 [5] Group 4: Market Conditions and Challenges - The termination was influenced by changes in market conditions since the initial planning of the transaction, with significant fluctuations in the caprolactam market affecting pricing and profitability [6] - The complexity of the transaction, involving large asset volumes and regulatory procedures, also contributed to the challenges faced during negotiations [6]

Core Viewpoint - The State Power Investment Corporation's subsidiary, Datang Energy, plans to acquire 100% equity of Baiyinhu Coal Power for 11.149 billion yuan through a combination of share issuance and cash payment, marking a significant asset restructuring move aimed at enhancing operational efficiency and financial performance [1][7]. Group 1: Transaction Details - Datang Energy intends to purchase Baiyinhu Coal Power's 100% equity for a total transaction price of 11.149 billion yuan [1][2]. - The company will issue shares to raise up to 4.5 billion yuan from no more than 35 qualified investors to support the acquisition and related expenses [1]. - The share issuance price is set at 14.77 yuan per share, with approximately 649.17 million shares to be issued, representing 22.46% of the total share capital post-transaction [1][3]. Group 2: Financial Performance of Baiyinhu Coal Power - Baiyinhu Coal Power, established in 2003, has a coal production capacity of 15 million tons per year and generates 192 MW of electricity, alongside producing 40,000 tons of electrolytic aluminum annually [4]. - The company's revenue increased from 7.316 billion yuan in 2023 to 11.399 billion yuan in 2024, with net profit rising from 485 million yuan to 1.448 billion yuan in the same period [4]. - In the first half of 2025, Baiyinhu Coal Power reported a revenue of 5.552 billion yuan and a net profit of 762 million yuan [4]. Group 3: Strategic Implications - The acquisition aligns with the State Power Investment Corporation's strategy to integrate coal, electricity, and aluminum assets, enhancing operational synergy and promoting high-quality development [7]. - This restructuring addresses previous regulatory concerns regarding industry competition and aims to strengthen the company's financial resilience and operational capabilities [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000695证券简称：滨海能源公告编号：2025-078 天津滨海能源发展股份有限公司 第十一届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 天津滨海能源发展股份有限公司（以下简称"公司"）第十一届董事会第二十五次会议通知于2025年11月 10日以电子邮件方式发出，会议于2025年11月14日以通讯表决方式召开。公司共有董事9名，实际参加 会议董事9名。会议由董事长张英伟主持，公司高级管理人员列席了会议。此次会议的召集、召开与表 决程序符合《中华人民共和国公司法》等法律法规和《天津滨海能源发展股份有限公司章程》的规定。 二、董事会会议审议情况 （一）审议《关于终止公司发行股份购买资产并募集配套资金暨关联交易的议案》 会议以5票同意、0票反对、0票弃权，审议通过。 同意终止公司通过发行股份方式购买旭阳集团有限公司、邢台旭阳煤化工有限公司、深创投制造业转型 升级新材料基金（有限合伙）、农银金融资产投资有限公司合计持有的沧州旭阳化工有限公司100%股 ...

Core Viewpoint - Binhai Energy (000695) announced the termination of its plan to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd. through a share issuance and to raise matching funds from specific investors due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1][3]. Group 1: Termination of Acquisition - The company held its 25th meeting of the 11th Board of Directors on November 14, where it approved the termination of the acquisition of Cangzhou Xuyang Chemical Co., Ltd. [1][3]. - The initial plan for the acquisition was announced on April 30, 2025, with a subsequent board meeting on May 16, 2025, approving the related proposals [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 374.5 million yuan, a year-on-year increase of 2.03%, while the net profit attributable to shareholders was a loss of 49.4 million yuan [4][5]. - In the third quarter of 2025, the revenue was 139 million yuan, reflecting a 14% year-on-year increase, but the net profit attributable to shareholders was a loss of 12.3 million yuan [4][5]. Group 3: Market Position and Stock Performance - Binhai Energy is actively engaged in the research, production, and sales of lithium battery anode materials, with ongoing projects aimed at enhancing operational performance [4]. - The company's stock has shown strong performance recently, with an increase of nearly 30% in the week leading up to November 14, closing at 14.51 yuan per share, resulting in a total market capitalization of 3.22 billion yuan [6].