北交所 无评级 （维持） 并购示范案例落地，北交所市场迈出关键一步 北交所事件点评 2025 年 12 月 26 日 分析师：李紫忆（SAC 执业证书编号：S0340522110001） 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn 事 件 点 评 行 业 研 事件： 五新隧装公告称，公司发行股份购买资产并募集配套资金事项已获证监会注册通过，拟 以发行股份及现金方式，合计约 26.49亿元收购兴中科技 99.9057%股份及五新重工100%股份。 本次交易为"并购六条"发布后，北交所首单发行股份购买资产项目，标志着北交所并购重 组机制在实操层面取得关键进展。 点评： 北交所并购重组制度进入实质性落地阶段，市场功能边界进一步拓展。本次并购获批具 有明显的制度示范意义。在"并购六条"政策框架下，北交所首次实现发行股份购买资 产项目注册通过，释放出监管层对北交所企业通过并购实现外延式增长的明确支持信号。 这不仅补齐了北交所在并购工具上的制度短板，也有助于推动市场从单一融资与交易功 能，向"资本配置+产业整合"功能延伸。 究 证 相较于再融资、定增等方式，并购重组在提升资产规模、优化业 ...

作为北交所首单重大资产重组，五新隧装通过本次产业整合，将不仅实现资产规模与盈利水平的跨 越式提升，更在业务协同、技术融合与市场开拓上奠定了长远发展的基石，有望成功打造公司增长的第 二曲线，为投资者创造更大价值。 五新隧装董秘崔连平说，"在各方辛勤付出和全力支持下，我们公司顺利完成了此次资产并购，配 合监管圆满落地了北交所首单发股买资产项目，为广大中小企业在北交所通过并购重组做优做强起到了 良好示范效应。" 12月19日，五新隧装公告称，证监会已下发批复，同意公司发行股份购买资产并募集配套资金的注 册申请。这标志着"并购六条"发布后北交所首单发股买资产项目正式落地。 本次交易方案显示，五新隧装此次并购涉及兴中科技和五新重工两家公司，交易价格合计26.49亿 元；同时，拟募集配套资金不超过1.00亿元。 资产规模方面，截至2025年9月30日，五新隧装资产总额达到51.06亿元，较交易前增长338.78%； 归母所有者权益增至26.98亿元，增长221.01%。 "并购项目成功落地离不开监管机构全力支持，也得益于五新隧装内部管理高效规范，尤其董办专 业能力和敬业精神值得肯定，让市场和投资者看到了公司长期投资价值。 ...

本报记者 孟 珂 项目实施后，五新隧装业务将拓展至桥梁、港口等领域，营收和净利润等业绩指标将进一步增厚，经营 效益将得到明显提升。本次交易将进一步提高上市公司质量，有望为投资者创造更好的投资回报。本次 重组交易规模超26亿元，配套募集资金1亿元，一定程度上改变了市场对中小企业只能从事小规模并购 交易的刻板印象，为中小企业在北交所通过并购重组做优做强提供了范例。 五新隧装重组项目的注册有利于增强中小企业用好并购重组的信心。五新隧装之后，北交所上市公司创 远信科（上海）技术股份有限公司也启动了发股买资产的重组项目。随着五新隧装项目的注册，"首 单"的示范效应将进一步发挥，北交所市场并购重组活跃度将持续提升，更好发挥促进上市公司高质量 发展的功能，助力持续稳定和活跃资本市场。 2025年12月18日，北交所上市公司湖南五新隧道智能装备股份有限公司（以下简称"五新隧装"）发行股 份及支付现金购买资产并募集配套资金暨关联交易事项获证监会注册，标志着"并购六条"发布后北交所 首单发股买资产项目正式落地，有效彰显了支持上市公司通过并购实现资源优化配置的监管导向，为后 续企业通过发股方式整合资源提供了良好示范。 ...

五新隧装重组项目的注册有利于增强中小企业用好并购重组的信心。五新隧装之后，北交所上市公司创 远信科(上海)技术股份有限公司也启动了发股买资产的重组项目。随着五新隧装项目的注册，"首单"的 示范效应将进一步发挥，北交所市场并购重组活跃度将持续提升，更好发挥促进上市公司高质量发展的 功能，助力持续稳定和活跃资本市场。 2025年12月18日，北交所上市公司湖南五新隧道智能装备股份有限公司(以下简称"五新隧装")发行股份 及支付现金购买资产并募集配套资金暨关联交易事项获证监会注册，标志着"并购六条"发布后北交所首 单发股买资产项目正式落地，有效彰显了支持上市公司通过并购实现资源优化配置的监管导向，为后续 企业通过发股方式整合资源提供了良好示范。 项目实施后，五新隧装业务将拓展至桥梁、港口等领域，营收和净利润等业绩指标将进一步增厚，经营 效益将得到明显提升。本次交易将进一步提高上市公司质量，有望为投资者创造更好的投资回报。本次 重组交易规模超26亿元，配套募集资金1亿元，一定程度上改变了市场对中小企业只能从事小规模并购 交易的刻板印象，为中小企业在北交所通过并购重组做优做强提供了范例。 ...

Core Viewpoint - The approval status change of Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd.'s merger and acquisition has marked a significant development as the first case on the Beijing Stock Exchange using a "shares + cash" mixed payment method, indicating a vibrant period for M&A activities in the market [1] Group 1: Company Developments - Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. has moved its merger and acquisition review status to "submitted for registration" [1] - This marks the first instance of a mixed payment method for M&A on the Beijing Stock Exchange [1] Group 2: Industry Trends - The M&A market on the Beijing Stock Exchange is experiencing heightened activity [1] - Policy incentives and increased regulatory tolerance are creating a favorable environment for innovative small and medium-sized enterprises to grow through mergers and acquisitions [1]

Core Viewpoint - The news highlights the significant progress of Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd.'s merger and acquisition (M&A) process, marking the first case on the Beijing Stock Exchange (BSE) to utilize a "shares + cash" mixed payment method, indicating a vibrant M&A market for innovative small and medium-sized enterprises (SMEs) [1][2]. Group 1: M&A Activity - Hunan Wuxin Tunnel plans to acquire 100% equity of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% equity of Huaihua Xingzhong Technology Co., Ltd. for a total transaction price of approximately 2.65 billion yuan, with additional fundraising not exceeding 100 million yuan [2]. - The two target companies are recognized as national-level specialized "little giant" enterprises, which will create significant synergies with Wuxin Tunnel, enhancing its capabilities in intelligent logistics and infrastructure equipment [2][4]. Group 2: Market Trends - Since 2025, the BSE's M&A market has been increasingly active, with 37 significant investment and M&A events recorded by October 8, 2025, including 12 major events since September 24, 2024, and 10 since June 2025 [4]. - Most companies on the BSE have strong cash flows, primarily acquiring assets through cash transactions, with a focus on industry synergy and expansion into overseas markets [4][6]. Group 3: Policy Impact - The active M&A market is closely linked to ongoing policy optimizations, including the China Securities Regulatory Commission's measures to support company transformations and enhance regulatory flexibility [5]. - The introduction of a "small and fast" review mechanism and simplified procedures for restructuring has made transaction designs more innovative, leading to a variety of M&A pathways [5][6].

Core Viewpoint - The North Exchange's merger and acquisition (M&A) market is experiencing significant activity, with policy incentives and increased regulatory tolerance providing a fertile ground for innovative small and medium-sized enterprises to grow through acquisitions [1][5]. Group 1: M&A Activity - Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. has made progress in its acquisition restructuring, marking the first case on the North Exchange using a "shares + cash" mixed payment method, with a total transaction price of approximately 2.65 billion yuan [2][4]. - The acquisition involves purchasing 100% of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% of Huaihua Xingzhong Technology Co., Ltd., both of which are recognized as national-level specialized and innovative "little giant" enterprises [2][4]. - The North Exchange has seen 37 significant investment and M&A events since 2025, with 12 occurring after September 24, 2024, indicating an acceleration in M&A activities [4]. Group 2: Policy and Regulatory Environment - The active M&A market is closely linked to ongoing policy optimizations, including the China Securities Regulatory Commission's measures to support companies in transforming and upgrading towards new productive forces [5][6]. - The North Exchange has introduced a "small-scale rapid" review mechanism and simplified review procedures for restructurings, enhancing flexibility in payment methods, financing channels, and pricing mechanisms [5][6]. - The "six measures" policy released in September 2024 aims to encourage industry integration and improve regulatory tolerance, further stimulating M&A activities [5][6]. Group 3: Trends in M&A - Companies on the North Exchange are focusing on vertical expansion, business upgrades, and market expansion, with many acquisitions aimed at enhancing supply chain security and entering high-growth sectors [6]. - The trend of horizontal integration through share issuance and capital increase is evident among equipment manufacturing companies, aiming to build a second growth curve [6]. - The successful registration of Wuxin Tunnel's M&A plan is seen as a positive start, with expectations for continued vitality in the M&A market as policy incentives unfold [6].

Core Viewpoint - The approval of Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd.'s merger and acquisition (M&A) plan marks a significant milestone for the Beijing Stock Exchange (BSE), indicating a surge in M&A activities driven by policy incentives and increased regulatory flexibility for innovative small and medium-sized enterprises (SMEs) [1][2]. Group 1: M&A Activity and Trends - Hunan Wuxin plans to acquire 100% of Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. and 99.9057% of Huaihua Xingzhong Technology Co., Ltd. for a total transaction price of approximately 2.65 billion yuan, with additional fundraising not exceeding 100 million yuan [1]. - The BSE has seen a total of 37 significant investment and M&A events as of October 8, 2025, with 12 occurring after September 24, 2024, and 10 since June 2025, indicating an acceleration in M&A activities [2][3]. - The majority of BSE-listed companies are utilizing cash for acquisitions, with firms like Qingju Technology and Yishijingmi expanding their business through this method [3]. Group 2: Policy and Regulatory Environment - The active M&A market at the BSE is closely linked to ongoing policy optimizations, including the China Securities Regulatory Commission's measures to support company transformations and enhance regulatory flexibility [3][4]. - The introduction of a "small-scale rapid" review mechanism and simplified review procedures for restructuring by the BSE in May 2025 has made M&A transactions more flexible and innovative [3]. Group 3: Strategic Focus of Acquisitions - BSE companies are focusing on "vertical expansion, business upgrades, and market expansion" in their acquisition strategies, with firms like Donghe New Materials and Tieda Technology enhancing supply chain integration and entering high-growth sectors [4]. - The merger of Wuxin Tunnel and other equipment manufacturing companies through share issuance and capital increase is aimed at horizontally integrating high-quality assets to create new growth avenues [4].

Market Overview - On May 27, A-shares experienced a collective pullback, with the Shanghai Composite Index down by 0.18%, Shenzhen Component Index down by 0.61%, and ChiNext Index down by 0.68%. Only the North Securities 50 Index saw a slight increase of 0.08% [1] - The total trading volume in the Shanghai and Shenzhen markets fell below 1 trillion RMB, amounting to 998.93 billion RMB [2] Index Performance - The North Securities 50 Index has increased by 34.67% year-to-date, while the Shanghai Composite Index has decreased by 0.33% [2] - Other indices such as the Shenzhen Component Index and ChiNext Index have seen declines of 3.70% and 7.00% respectively this year [2] Sector Performance - In sector performance, textiles and apparel (1.30%), pharmaceuticals (0.97%), and beauty care (0.88%) showed the highest gains, while sectors like non-ferrous metals (-2.06%), electronics (-1.28%), and automotive (-1.05%) faced the largest declines [7] Hong Kong Market - The main indices in the Hong Kong market experienced varying degrees of increase, with the Hang Seng Technology Index leading with a rise of 0.48%. Southbound funds recorded a net inflow of 11.975 billion HKD [5][6] Industry Highlights - The 2025 American Society of Clinical Oncology (ASCO) annual meeting will take place from May 30 to June 3, showcasing over 70 research results from Chinese pharmaceutical companies, highlighting the growth and competitiveness of domestic innovative drugs in the global market [8] - The Beijing Stock Exchange has revised its major asset restructuring review rules, introducing a "small and fast" review mechanism and simplified restructuring procedures, which are expected to enhance the efficiency of mergers and acquisitions for listed companies [9]