Core Viewpoint - The company is facing scrutiny from the Shanghai Stock Exchange regarding its proposed acquisition of 100% equity in Tongling Fuyue Technology Co., Ltd. for 241 million yuan, with significant concerns raised about the transaction's fairness and potential risks involved [2][3]. Group 1: Acquisition Details - The company received an inquiry letter from the Shanghai Stock Exchange regarding the acquisition, focusing on the fairness of the transaction, as the valuation of the target company shows a 1167.27% increase [2]. - The inquiry highlights the need for the company to justify the selection of evaluation parameters and whether it harms the interests of minority investors [2]. - The company plans to apply for acquisition loans to cover part of the transaction price, raising questions about its cash flow impact [2]. Group 2: Financial Performance - The company's total revenue for the first three quarters of 2025 was 450 million yuan, representing a year-on-year decline of 57.79%, with a net loss attributable to shareholders of 151 million yuan [3]. - The company's stock has experienced unusual fluctuations, with a cumulative price increase exceeding 20% over two consecutive trading days [3]. - The company's price-to-book ratio stands at 7.30, significantly higher than the industry average of 3.09 [3]. Group 3: Business Operations - The company is engaged in the research, production, and sales of large-sized high-efficiency heterojunction photovoltaic cells [4]. - There are concerns regarding the company's ability to achieve expected returns from its recent investment in Guosheng Global New Energy (Tieling) Co., Ltd., which has not yet commenced actual operations [3]. - The uncertainty surrounding the performance commitments related to the acquisition of Tongling Fuyue Technology Co., Ltd. raises additional risks regarding business integration [3].

风范股份（601700）公告，公司拟与控股子公司晶樱光电签署股权转让协议，以自有资金4800万元收购 晶樱光电下属全资孙公司扬州旭樱新能源科技有限公司及其下属全资公司的8个光伏电站项目公司100% 股权。交易完成后，扬州旭樱将成为风范股份的全资孙公司。此次交易旨在梳理公司业务结构，突出板 块业务特征。交易不构成关联交易，也不构成重大资产重组。交易已于2025年6月30日经公司第六届董 事会第十四次会议审议通过，无需提交股东会审议。交易对手方为公司控股公司，不存在可能或已经造 成公司对其利益倾斜的其他关系。交易标的公司最近主要财务数据显示，截至2025年5月31日，资产总 额为2251.36万元，负债总额为2214.58万元，净资产为36.78万元，营业收入为40.14万元，营业利润为 13.61万元，净利润为13.27万元。 ...