前言： 家人们，A股市场又爆大消息。2025年11月20号晚上，苏州禾盛新材（002290.SZ）一纸公告扔出来， 创始人赵东明要把手里18%的股份卖给上海摩尔智芯，33.71元一股，算下来整个交易要15.05亿元。 文|锐资 编辑|锐资 这笔买卖不简单，做了十七年实业的老板拿着钱走人，背后站着九鼎系旧部的资本玩家要接手。 这事儿看着是股权变更，实际上藏着当下传统制造业的通病，还有资本逐利的老套路。 赵东明套现"退场" 先说说这个要离场的赵东明。2008年他在苏州拉团队搞了禾盛新材，专门做家电外观的复合材料。 别觉得这行不起眼，三星、LG、美的这些家电大厂的外壳，好多都用他家的材料。产品过硬、供应链 稳，公司发展快得很，2009年就登陆深交所上市了。 那时候赵东明通过直接和间接持股，手里攥着56.73%的股份，在禾盛新材就是绝对的话事人。 制造业黄金期那几年，赵东明把禾盛新材做成了细分领域的隐形冠军，营收从上市初期的几亿涨到二十 多亿。 但从2016年开始，他好像不想干实业了，通过协议转让加定向增发，把公司控制权卖给了中科创资产， 实控人变成了张伟。 谁能想到这步棋踩了雷，2022年中科创资产和张伟栽了大跟头 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 186.6 billion in 2024, representing a year-on-year growth of 4.1%, with a net profit attributable to shareholders of 5.7 billion, up 4.8% year-on-year [1] - The company's gross margin improved to 10.48% in 2024, an increase of 0.65 percentage points year-on-year, primarily due to significant profit improvement in the chemical engineering sector [2] - The company signed new contracts worth 59.8 billion in March 2025, a 61% increase year-on-year, benefiting from accelerated coal chemical construction [4] Financial Performance Summary - In 2024, the company reported total revenue of 185.8 billion, with a year-on-year growth rate of 4.2% and a net profit of 5.7 billion, reflecting a growth rate of 4.8% [5] - The company’s operating cash flow for 2024 was a net inflow of 8.72 billion, slightly down by 4.1 billion from the previous year, with a net cash ratio of 153% [2] - The projected net profit for 2025 is 6.41 billion, with an expected year-on-year growth of 12.7% [4] Business Segment Analysis - The chemical engineering segment generated revenue of 152.2 billion in 2024, up 7% year-on-year, while the infrastructure and environmental governance segments saw declines of 6% and 22% respectively [1] - The company is focusing on the production of adiponitrile, with expectations of improved profitability due to decreasing raw material costs [3] Market Outlook - The company is expected to benefit from the rapid investment in coal chemical projects in China, with estimated annual investments of approximately 117.7 billion and 210.4 billion for 2025 and 2026 respectively [4] - The company’s market share in the domestic coal chemical sector positions it well to capture a significant portion of the upcoming investments [4]