一笔"看起来很美"的1元并购案出现在光伏赛道。 12月16日晚间，珈伟新能（300317.SZ，股价3.69元，市值30.63亿元）发布公告称，公司全资子公司珈伟（上海）光伏电力有限公司（以下简称上海珈 伟）拟以1元的价格收购张家口陆枫新能源科技有限公司（以下简称张家口陆枫）持有的蔚县陆枫新能源科技有限公司（以下简称蔚县陆枫或标的公司） 100%股权。 《每日经济新闻》记者注意到，表面上看，这是一笔极具诱惑力的"低价抄底"交易，但剥开1元对价的"糖衣"，包裹的却是一笔高达1.94亿元的沉重工程 欠款。 这场"以资抵债"式的并购，究竟是能够盘活资产的妙手，还是会拖累上市公司的烫手山芋？ 官网截图 1元"抄底"百兆瓦电站，"剑指"近2亿元EPC欠款 蔚县陆枫持有位于河北省张家口市蔚县的100兆瓦光伏发电项目。作为该项目的EPC总承包方，上海珈伟方面此前已完成了电站的建设工作。然而，项目 虽已建成，工程款的回收却成了"老大难"。 2023年3月，珈伟新能控股子公司深圳珈伟绿能建设有限公司（以下简称珈伟绿能）与蔚县陆枫签署了《蔚县恒昌平价上网100兆瓦光伏发电项目EPC合 同》，合同含税总价高达6.16亿元。 耕地税 ...

一笔"看起来很美"的1元并购案出现在光伏赛道。 12月16日晚间，珈伟新能7.SZ，股价3.69元，市值30.63亿元）发布公告称，公司全资子公司珈伟（上海）光伏电力有限公司（以下简称上海珈伟）拟以1 元的价格收购张家口陆枫新能源科技有限公司（以下简称张家口陆枫）持有的蔚县陆枫新能源科技有限公司（以下简称蔚县陆枫或标的公司）100%股 权。 《每日经济新闻》记者注意到，表面上看，这是一笔极具诱惑力的"低价抄底"交易，但剥开1元对价的"糖衣"，包裹的却是一笔高达1.94亿元的沉重工程 欠款。 这场"以资抵债"式的并购，究竟是能够盘活资产的妙手，还是会拖累上市公司的烫手山芋？ 1元"抄底"百兆瓦电站 公告显示，该项目已于2024年8月全部完工并达到验收标准，但截至公告披露日，蔚县陆枫仍拖欠珈伟绿能工程款约1.94亿元未支付。 "剑指"近2亿元EPC欠款 蔚县陆枫持有位于河北省张家口市蔚县的100兆瓦光伏发电项目。作为该项目的EPC总承包方，上海珈伟方面此前已完成了电站的建设工作。然而，项目 虽已建成，工程款的回收却成了"老大难"。 2023年3月，珈伟新能控股子公司深圳珈伟绿能建设有限公司（以下简称珈伟绿能）与蔚 ...

每经记者｜彭斐 每经编辑｜文多 一笔"看起来很美"的1元并购案出现在光伏赛道。 12月16日晚间，珈伟新能（300317.SZ，股价3.75元，市值31.13亿元）发布公告称，公司全资子公司珈 伟（上海）光伏电力有限公司（以下简称上海珈伟）拟以1元的价格收购张家口陆枫新能源科技有限公 司（以下简称张家口陆枫）持有的蔚县陆枫新能源科技有限公司（以下简称蔚县陆枫或标的公司） 100%股权。 《每日经济新闻》记者注意到，表面上看，这是一笔极具诱惑力的"低价抄底"交易，但剥开1元对价 的"糖衣"，包裹的却是一笔高达 1.94亿元的沉重工程欠款。 这场"以资抵债"式的并购，究竟是能够盘活资产的妙手，还是会拖累上市公司的烫手山芋？1元"抄 底"百兆瓦电站，"剑指"近2亿元EPC欠款 蔚县陆枫持有位于河北省张家口市蔚县的100兆瓦光伏发电项目。作为该项目的EPC总承包方，上海珈 伟方面此前已完成了电站的建设工作。然而，项目虽已建成，工程款的回收却成了"老大难"。 2023年3月，珈伟新能控股子公司深圳珈伟绿能建设有限公司（以下简称珈伟绿能）与蔚县陆枫签署了 《蔚县恒昌平价上网100兆瓦光伏发电项目EPC合同》，合同含税总价 ...

Core Viewpoint - The announcement details the completion of a debt transfer agreement between Beijing Baideli Group and Mongolian Merchants Bank, along with a debt settlement agreement involving the debtor and Ms. Yu Yao, which was finalized on August 4, 2025 [1] Group 1 - Following the completion of the agreements, Beijing Baideli Group has acquired the debt rights [1] - Aurora Real Estate has become an indirect wholly-owned subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1] - The properties involved in the agreements are legally owned by the group, and all target businesses are also legally owned by the group [1]

Core Viewpoint - The announcement details the completion of a debt transfer agreement between Beijing Baideli Group and Mongolian Merchants Bank, along with a debt settlement agreement involving the debtor and Ms. Yu Yao, finalized on August 4, 2025 [1] Group 1 - Following the completion of the agreements, Beijing Baideli Group has acquired the debt rights [1] - Aurora Real Estate has become an indirect wholly-owned subsidiary of the company, and its financial performance will be consolidated into the company's financial statements [1] - The properties involved in the agreements are legally owned by the group, and all target businesses are also legally owned by the group [1]

Core Viewpoint - The dual strategy of Oriental Yuhong, involving debt restructuring and overseas acquisition, reflects the company's response to the challenges in the domestic real estate market while seeking growth opportunities abroad [2][4][6]. Group 1: Debt Restructuring - Oriental Yuhong's debt restructuring involves a total book value of 839 million yuan, primarily through accepting assets from downstream clients to offset debts [2][5]. - The company also acted as a debtor, using its own assets to repay 58.56 million yuan, which together accounts for 3.6% of the latest audited net assets, indicating a significant but not major asset restructuring [2][4]. - The restructuring highlights the financial difficulties faced by the real estate sector, as clients struggle to repay debts in cash, leading to asset-based settlements [4][5]. Group 2: Financial Performance - In the first half of the year, Oriental Yuhong reported revenue of 13.569 billion yuan, a year-on-year decline of 10.84%, and a net profit of 564 million yuan, down 40.16% [3][8]. - The decline in performance is attributed to increased costs and intensified market competition, with a notable drop in net profit margin from 6.11% to 4.03% [8][10]. - Despite the profit decline, the company maintained a high dividend payout, distributing a total of 2.21 billion yuan in cash dividends, reflecting a commitment to shareholder returns [3][9]. Group 3: Overseas Acquisition - Oriental Yuhong is pursuing an acquisition of 100% of Chilean company Construmart S.A. for approximately 880 million yuan, aiming to enhance its supply chain and retail channels in the overseas market [2][6][7]. - Construmart is a leading player in the Chilean building materials retail sector, with stable financial performance, including a revenue of 2.093 billion yuan and a net profit of 35 million yuan in 2024 [6]. - The acquisition represents a strategic shift towards proactive growth in international markets, contrasting with the reactive measures taken in the domestic market [6][7]. Group 4: Strategic Shift - The company has shifted its strategy by cutting back on slow-paying and low-margin real estate projects, focusing instead on overseas expansion to improve cash flow [3][10]. - As a result, the operating cash flow has shown positive growth for three consecutive quarters, indicating a recovery in cash generation capabilities [10]. - The overseas revenue for the company reached 576 million yuan in the first half of the year, marking a year-on-year increase of 42.16%, while domestic revenue declined by 12.29% [10].