在此背景下，公司立足主业，利用国际化布局优势应对"对等关税"政策的影响，利用电机技术、电机及 工具整机规模化制造、国际布局等优势，积极拓展相关客户，业务稳健发展。 同时，为进一步整合产业链，公司拟以现金方式收购苏州市凌臣采集计算机有限公司(以下简称"凌臣采 集")控股权(最终收购比例将以正式协议为准)。根据公告，凌臣采集深耕智能装备控制单元的核心零部 件领域多年，为下游智能装备和工业机器人客户提供各种运动控制、精密传动等核心零部件和机器人模 组。此次收购将会增强公司的智能化控制能力，和公司的电机技术能力形成协同效应，产业链整合程度 将进一步深化。 康平科技（300907）8月22日晚间发布的2025年半年报显示，公司营业收入为5.74亿元，同比增加 1.77%；归母净利润为4431.42万元，同比减少2.24%；扣非后的归母净利润为4349.32万元，同比增加 3.68%。上半年，公司持续推进电机转整机战略并成功拓展整机客户LIDL并实现出货，至此电动工具整 机营收占比已达43%以上。 康平科技是电机、电动工具整机制造商，同时从事相关产品的研发、设计、生产和销售。半年报提到， 电动工具相关产品的终端市场主要为 ...

据证券之星公开数据整理，近期新相微（688593）发布2025年中报。截至本报告期末，公司营业总收入 2.85亿元，同比上升23.48%，归母净利润544.73万元，同比上升261.78%。按单季度数据看，第二季度 营业总收入1.35亿元，同比上升3.21%，第二季度归母净利润326.22万元，同比下降59.71%。本报告期 新相微存货明显上升，存货同比增幅达88.68%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率14.64%，同比减7.9%，净利率1.28%，同比增 179.74%，销售费用、管理费用、财务费用总计1680.55万元，三费占营收比5.89%，同比增96.38%，每 股净资产3.36元，同比减1.72%，每股经营性现金流0.07元，同比增169.46%，每股收益0.01元，同比增 271.43% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.31亿 | 2.85 Z | - 23.48% | | 归母净利润(元) | -336.71万 | 544.73万 | 261.78% | | ...

中证报中证网讯(王珞)8月22日晚，焦作万方（000612）披露了发行股份购买资产暨关联交易报告书(草 案)，公司拟通过发行股份的方式购买杭州锦江集团有限公司("锦江集团")等交易对方合计持有的开曼铝 业(三门峡)有限公司("三门峡铝业")99.4375%股权。本次交易构成重大资产重组并构成重组上市，亦构 成公司关联交易，但不会导致上市公司实际控制人发生变更。 今年3月3日，焦作万方公告称，正在筹划发行股份购买资产并募集配套资金暨关联交易事项，交易标的 为三门峡铝业。 《资产评估报告》显示，三门峡铝业100%股权最终评估值为321.36亿元，经协商，最终确定各方所持 标的资产交易金额为319.49亿元，由上市公司以发行股份的方式向交易对方进行支付，本次发行股份购 买资产的发行价格为5.39元/股。 目前，三门峡铝业拥有四家核心氧化铝企业，分布于我国铝土矿资源最丰富的省份河南、山西和广西， 铝土矿资源禀赋优势突出。由于国内电解铝产能集中分布内蒙古、新疆、云南等地区，三门峡铝业旗下 氧化铝产能距离电解铝主产区较近，可较大幅节省运输费用。在下游电解铝板块，三门峡铝业目前已控 股中瑞铝业，并参股锦联铝材和华仁新材，打 ...

焦作万方铝业股份有限公司 上市公司名称： 焦作万方铝业股份有限公司 上市地点： 深圳证券交易所 股票简称： 焦作万方 股票代码： 000612 收购人 住所 通讯地址 浙江省杭州市拱墅区湖墅南路 浙江省杭州市拱墅区湖南路 杭州锦江集团有限公司 一致行动人 住所 通讯地址 杭州正才控股集团有限 杭州市拱墅区湖墅南路 111 号 杭州市拱墅区湖墅南路 111 号 公司 2001-1 室 2001-1 室 浙江省杭州市临安区青山湖街 浙江省杭州市拱墅区湖墅南 浙江恒嘉控股有限公司 道锦科大楼 AB 幢 B402 室-1 路 111 号 20 楼 杭州市拱墅区湖墅南路 111 号 杭州延德实业有限公司 拱墅区仓基新村 6 号 2 层 201 室 宁波中曼科技管理有限 浙江省宁波市北仑区梅山盐场 1 浙江省杭州市拱墅区湖墅南 公司 号办公楼二十一号 173 室 路 111 号锦江大厦 20 楼 浙江省杭州市余杭区仓前街道 浙江省杭州市拱墅区湖墅南 浙江安晟控股有限公司 时尚万通城 3 幢 1310C 室 路 111 号锦江大厦 20-22F 签署日期：二〇二五年八月 收购人及其一致行动人声明 一、本报告书摘要依据《中华 ...

Core Viewpoint - China Shenhua is planning to acquire assets from its controlling shareholder, China Energy Investment Corporation, involving 13 target companies across coal, pit coal power, coal chemical, and logistics sectors, which will enhance the asset scale and profitability of the listed company [1] Group 1: Transaction Details - The acquisition will be executed through the issuance of A-shares and cash payments, with a share price set at 30.38 yuan per share [1] - The total assets of the target companies are projected to reach 258.36 billion yuan, with a net asset value of 93.89 billion yuan by the end of 2024 [1] - The target companies are expected to generate a total operating revenue of 125.99 billion yuan and a net profit of 8.01 billion yuan in 2024 [1] Group 2: Financial Performance of Target Companies - Among the 13 companies, Guoyuan Power is expected to achieve a net profit of 2.79 billion yuan in 2024, leading in profitability [2] - Other notable profits include Shenyan Coal at 2.55 billion yuan, Wuhai Energy at 1.52 billion yuan, Xinjiang Energy at 0.76 billion yuan, and the Chemical Company at 0.67 billion yuan [2] Group 3: Resource Strategy and Integration - The acquisition will create geographical complementarity in coal resources and enhance the logistics assets to strengthen the "West Coal East Transport" channel [3] - The integration of coal mining, pit coal power, coal chemical, and logistics services will significantly increase resource reserves and core business capacity, optimizing the entire industry chain layout [3] - This strategic move aims to improve the company's ability to respond to seasonal and structural supply-demand fluctuations in key energy consumption areas, thereby reinforcing energy security [3]

作者：Sogear 成也光伏，败也光伏。"产品销售单价不能覆盖单位成本"，三超新材公告中这句表述，道尽行业寒冬的残酷。金刚线毛利率从2022年的28%骤降至2024年 17.89%，核心产品硅切片线订单量价齐跌。 进入2025年，三超新材颓势未止，一季度营收仅5039.90万元，同比"腰斩"54.78%，续亏625.58万元。 | | 2024 年末 | 2023 年末 | 本年末比上年末增减 | 2022 年末 | | --- | --- | --- | --- | --- | | 总资产 | 971. 742. 672. 39 | 1, 184, 613, 927, 77 | -17.97% | 997, 662, 601. 47 | | 归属于上市公司股东的 | 658. 243. 006. 55 | 810, 515, 496, 99 | -18. 79% | 663, 101, 040, 31 | | 净资产 | | | | | | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | 营业收入 | 348. 828. 326. 12 | 481. 047. 822. 2 ...

Core Viewpoint - China Shenhua (601088.SH) announced a significant acquisition plan involving the purchase of assets from its controlling shareholder, China Energy Investment Corporation, which includes 13 target companies across coal, coal power, coal chemical, and logistics sectors [1][2] Group 1: Acquisition Details - The acquisition involves the purchase of 100% stakes in several companies, including Guoyuan Power, Xinjiang Energy, and others, with a total of 13 companies targeted [2] - The transaction will be financed through the issuance of A-shares at a price of 30.38 CNY per share, while the stock was suspended at 37.56 CNY per share [1] - The total assets of the targeted companies are estimated to be 258.36 billion CNY, with a net profit of 8.01 billion CNY projected for 2024 [3] Group 2: Strategic Value - The acquisition is expected to enhance China Shenhua's asset scale and profitability, addressing overlaps in coal, coal power, and logistics operations [2][4] - The targeted companies include significant coal resources, such as the Xinjiang Zhungdong open-pit coal mine, which has a production capacity of 35 million tons per year [4] - The transaction aims to create a more integrated coal supply chain, improving operational efficiency and reducing costs, thereby achieving a "1+1>2" strategic value [4] Group 3: Financial Outlook - China Shenhua anticipates a net profit of 23.6 billion to 25.6 billion CNY for the first half of 2025 [7] - The company plans to distribute at least 65% of its annual net profit as cash dividends from 2025 to 2027, with a minimum of 75% for the mid-year distribution in 2025 [7]

近日，A股最大煤炭企业中国神华（601088.SH）发布公告称，拟由上市公司发行股份及支付现金购买 控股股东国家能源集团持有的煤炭、坑口煤电以及煤制油煤制气煤化工等相关资产并募集配套资金。 "中国神华此次大规模资产重组的背景是基于国家能源结构调整和环境保护的要求，以及公司自身发展 的需要。目的是整合资源，优化产业结构，提高运营效率，实现规模经济效益。重组完成后，中国神华 将在煤炭资源储备、生产技术、市场竞争力等方面实现显著提升，特别是在环保压力下，通过煤制油、 煤制气等清洁能源项目的推进，进一步巩固其在清洁能源领域的地位。"港股100强研究中心顾问、经济 学家余丰慧对《华夏时报》记者表示。 拟一次性整合13家企业 具体来看，中国神华本次拟收购的标的公司多达13家。分别是国家能源集团国源电力、中国神华煤制油 化工、新疆能源、乌海能源、包头矿业、神延煤炭、晋神能源、平庄煤业、内蒙建投、煤炭运销公司、 港口公司、航运公司以及国家能源集团电子商务公司。这13家企业精心设计的产业链拼图，旨在打 造"煤炭开采－运输－转化－销售"全链条一体化运营体系。 上述资产中，产能最大的是新疆能源。截至2024年底，新疆能源资产总额4 ...

Core Viewpoint - A significant consolidation wave is occurring in the energy sector, with China Shenhua (601088.SH) planning a large-scale asset restructuring to acquire coal-related assets from its controlling shareholder, State Energy Group, to optimize its industrial structure and enhance operational efficiency [2][3][4] Group 1: Asset Acquisition Details - China Shenhua intends to acquire 13 companies, including Xinjiang Energy and Uhuai Energy, to create an integrated operation system covering the entire coal industry chain from mining to sales [3][4] - Xinjiang Energy has total assets of 40 billion yuan, with coal reserves of 3.56 billion tons and an annual coal production capacity of 10.15 million tons [3] - Uhuai Energy focuses on coking coal, with coal reserves of 1.592 billion tons and an annual production capacity of 15 million tons [3] Group 2: Strategic Implications - The restructuring aims to resolve long-standing issues of intra-industry competition and enhance integrated operational capabilities, ensuring efficient resource utilization and supply chain stability [4][5] - The transaction is expected to significantly improve China Shenhua's coal resource reserves and operational capabilities, aligning with national energy reform strategies [5][7] Group 3: Market Position and Financial Outlook - China Shenhua's total market capitalization is 731.7 billion yuan, with a projected cash dividend of nearly 45 billion yuan in 2024, ranking it among the top in A-shares [4] - Despite a forecasted 13.2% to 20% decrease in net profit in the first half of 2025 due to falling coal prices, the synergies from the restructuring are anticipated to unlock future profit potential [4][6] Group 4: Industry Context and Policy Support - Recent regulatory changes, including the "Six Merger Rules" from the CSRC, encourage mergers and acquisitions across industries, supporting the integration of quality assets in key industrial chains [7] - The restructuring is seen as a benchmark case for state-owned enterprises responding to national strategies, enhancing profitability and value creation through capital market engagement [7][8] Group 5: Long-term Investment Opportunities - The restructuring is expected to enhance cost control and efficiency, boosting profitability through resource integration and industry chain synergies [8] - Development of clean energy projects, such as coal-to-oil and coal-to-gas, will expand market opportunities and provide stable returns for investors [8]

企业出海提速，科技制造频现大额交易 证券分析师 ——北交所收并购周跟踪第一期（20250805） 投资要点： 证券研究报告 北交所定期报告 hyzqdatemark 2025 年 08 月 06 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 风险提示：并购政策大幅变动、项目审批进度风险、交易宏观环境变化 请务必仔细阅读正文之后的评级说明和重要声明 联系人 写在前面：北交所作为服务创新型中小企业的主阵地，其并购重组活动已成为观 测产业升级与资本流向的窗口。2024 年"并购六条"及 2025 年北交所重组新 规的密集落地，标志着政策红利驱动北交所并购从"量"到"质"转向。在此背 景下，我们希望通过该系列周报系统追踪市场动态：一是结合数据汇总来跟进政 策推动下的北证并购生态，二是梳理先进制造等产业资源整合的脉络；三是通过 稀缺性大额案例的分析来洞察并购事件对公司自身的影响。 政策回顾：提质增效与合规监管并重，监管框架持续优化。证监会"并购六条" （2024.9）鼓励产业 ...