凤形股份(002760)12月17日公告，公司拟发行股份购买广东华鑫持有的白银华鑫九和再生资源有限公司 （简称"白银华鑫"）75%股权，预计构成重大资产重组。 公告显示，截至预案签署日，白银华鑫审计和评估工作尚未完成，白银华鑫评估值及交易作价均尚未确 定。 业绩方面，2023年至2025年前三季度，白银华鑫营收分别为2.53亿元、3.66亿元和3.07亿元，净利润分 别为4106.03万元、7274.69万元和7266.78万元。 凤形股份表示，本次交易后，白银华鑫将成为凤形股份的控股子公司，进一步丰富上市公司对于矿山有 色行业客户的服务领域，从上游的矿山采选到后端的危废处置，围绕有色金属采选、冶炼及资源回收利 用的不同生产环节，发挥上市公司有色行业客户储备优势，建立新的业务增长点，加强业务协同，提高 综合盈利能力。 来源：e公司 除了收购白银华鑫75%股权外，凤形股份拟向不超过35名特定投资者发行股份募集配套资金，募集配套 资金的总额不超过本次交易中以发行股份方式购买资产的交易价格的100%，且发行股份数量不超过本 次交易前上市公司总股本的30%。本次交易募集配套资金可用于标的资产项目建设、补充流动资金和偿 ...

Core Viewpoint - Fengxing Co., Ltd. plans to acquire 75% equity of Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd., which is expected to constitute a major asset restructuring [2][5]. Group 1: Transaction Details - The acquisition involves issuing shares to purchase the equity, with the total amount of funds raised not exceeding 100% of the transaction price [4]. - The number of shares issued will not exceed 30% of the company's total share capital prior to the transaction [4]. - The funds raised will be used for project construction, working capital, debt repayment, and intermediary fees related to the acquisition [4]. Group 2: Company Background - Baiyin Huaxin, established in April 2021, focuses on hazardous waste disposal and recycling, with a processing capacity of 755,000 tons per year [5][6]. - The company’s main products include zinc oxide, silver powder, and iron powder, derived from hazardous waste [5]. - Baiyin Huaxin has stable raw material sources due to long-term partnerships with local waste-producing units [6]. Group 3: Financial Performance - Baiyin Huaxin's revenue for 2023 to the third quarter of 2025 is projected at 253 million, 366 million, and 307 million yuan, respectively [6]. - The net profit for the same periods is expected to be approximately 41.06 million, 72.75 million, and 72.67 million yuan [6]. Group 4: Strategic Implications - Post-acquisition, Baiyin Huaxin will become a subsidiary of Fengxing, enhancing the company's service offerings in the mining and non-ferrous metal sectors [6]. - The transaction aims to create new business growth points and improve overall profitability by integrating upstream mining and downstream waste disposal operations [6].

标的公司主要从事危险废物处置业务及再生资源回收利用业务，是一家覆盖危险废物收集、无害化处 置、资源回收利用的环保企业，公司证载处置能力达75.5万吨/年，危废来源包括矿山、冶炼、发电等 行业，位于公司产业下游。本次交易后，白银华鑫将成为公司的控股子公司，进一步丰富公司对于矿山 有色行业客户的服务领域，从上游的矿山采选到后端的危废处置，围绕有色金属采选、冶炼及资源回收 利用的不同生产环节，发挥上市公司有色行业客户储备优势，建立新的业务增长点，加强业务协同，提 高综合盈利能力。 智通财经APP讯，凤形股份(002760.SZ)发布公告，公司拟发行股份购买广东华鑫持有的白银华鑫九和再 生资源有限公司75%股权，并拟向不超过35名特定投资者发行股份募集配套资金。截至本预案签署日， 标的公司的审计和评估工作尚未完成，标的资产评估值及交易作价均尚未确定。本次交易预计构成重大 资产重组。 ...

标的公司主要从事危险废物处置业务及再生资源回收利用业务，是一家覆盖危险废物收集、无害化处 置、资源回收利用的环保企业，公司证载处置能力达75.5万吨/年，危废来源包括矿山、冶炼、发电等 行业，位于公司产业下游。本次交易后，白银华鑫将成为公司的控股子公司，进一步丰富公司对于矿山 有色行业客户的服务领域，从上游的矿山采选到后端的危废处置，围绕有色金属采选、冶炼及资源回收 利用的不同生产环节，发挥上市公司有色行业客户储备优势，建立新的业务增长点，加强业务协同，提 高综合盈利能力。 凤形股份（002760）(002760.SZ)发布公告，公司拟发行股份购买广东华鑫持有的白银华鑫九和再生资 源有限公司75%股权，并拟向不超过35名特定投资者发行股份募集配套资金。截至本预案签署日，标的 公司的审计和评估工作尚未完成，标的资产评估值及交易作价均尚未确定。本次交易预计构成重大资产 重组。 ...

格隆汇12月17日丨凤形股份(002760.SZ)公布，公司拟发行股份购买广东华鑫持有的白银华鑫75%股权， 截至本预案签署日，标的资产审计和评估工作尚未完成，标的资产评估值及交易作价均尚未确定。 标的公司主要从事危险废物处置业务及再生资源回收利用业务，是一家覆盖危险废物收集、无害化处 置、资源回收利用的环保企业，公司证载处置能力达75.5万吨/年，危废来源包括矿山、冶炼、发电等 行业，位于上市公司产业下游。本次交易后，白银华鑫将成为公司的控股子公司，进一步丰富上市公司 对于矿山有色行业客户的服务领域，从上游的矿山采选到后端的危废处置，围绕有色金属采选、冶炼及 资源回收利用的不同生产环节，发挥上市公司有色行业客户储备优势，建立新的业务增长点，加强业务 协同，提高综合盈利能力。 ...

Core Viewpoint - The hazardous waste disposal industry in China has developed into a market with a scale of over 100 billion yuan, transitioning from a growth phase to a mature phase, facing challenges such as structural overcapacity and low overall technical levels [1] Industry Status - As of the end of 2024, the national hazardous waste disposal capacity exceeds 220 million tons per year, surpassing the annual hazardous waste generation by 69%, with an overall facility load rate of only 26.4% [2] - Some provinces have hazardous waste disposal capacities that are 3 to 4 times higher than their generation rates, leading to low operational rates below 40% for many facilities [2] - There are shortcomings in the disposal capacity for specific categories of hazardous waste, such as fly ash and waste salt, due to immature processing technologies and high costs [2] - Major projects, including a national technology center and regional disposal centers, are planned to address these shortcomings, with 20 projects already announced by the Ministry of Ecology and Environment [2] Policy and Standards - Recent updates to standards such as the "Hazardous Waste Landfill Pollution Control Standard" and "Hazardous Waste Incineration Pollution Control Standard" have raised risk prevention requirements throughout the hazardous waste management process [3] - Economic policies have evolved from initial support measures to more diversified policies like environmental pollution liability insurance and environmental protection taxes, although their effectiveness remains limited [4] Economic Policy Development - Initial policies supported the industry's growth, while subsequent policies aimed to address market failures, with significant government investment leading to over 10 billion yuan in social funding [4] - The pricing mechanism for hazardous waste disposal is primarily government-guided, ensuring sustainable operation of disposal facilities [5] New Economic Policy Needs - The industry faces challenges such as the need to boost market confidence, maintain market order, and optimize capacity structure [7] - Targeted fiscal, financial, and tax policies are necessary to alleviate funding pressures for facility construction and operation [7] - A fair market environment must be established to ensure legitimate businesses can achieve reasonable returns, especially in a context of overcapacity [7] Recommendations for Policy Improvement - Government should minimize direct intervention in market activities and focus on creating a fair competitive environment [9] - Local environmental departments should refine investment guidance and facility planning, while also controlling the approval of new projects that duplicate existing capacities [9] - Companies should enhance internal management and social responsibility, ensuring projects are feasible and financially viable [10]

Group 1 - The company Shanghai Conglin Environmental Technology Co., Ltd. has established a new special account for raised funds and signed a four-party supervision agreement for the storage of these funds [3][4][5] - The company raised a total of RMB 1,589,985,615.60 through the issuance of 26,606,185 shares at a price of RMB 59.76 per share, with a net amount of RMB 1,436,889,567.35 after deducting expenses [2] - The special account is designated solely for the storage and use of funds related to the hazardous waste disposal project in the Shiyang Port Economic Zone [4][5] Group 2 - The four-party supervision agreement includes the company, its subsidiary Yancheng Yuanshun Environmental Technology Co., Ltd., the sponsor CITIC Securities Co., Ltd., and the storage bank, Bank of Communications Co., Ltd. [3][4] - The agreement stipulates that the funds in the special account cannot be used for non-designated purposes and must comply with relevant regulations [5][6] - The sponsor is responsible for ongoing supervision of the fund management and usage, ensuring compliance with the regulations set by the Shanghai Stock Exchange [6][7]

Group 1 - Company Canglin Technology (SH 688370) announced on October 14 that it has not yet implemented its share repurchase plan, which is halfway through its designated period [1] - For the fiscal year 2024, Canglin Technology's revenue composition is as follows: hazardous waste disposal accounts for 99.92%, while other businesses account for 0.08% [1] - As of the report date, Canglin Technology has a market capitalization of 3.7 billion yuan [1] Group 2 - A significant breakthrough in solid-state battery technology has been achieved by a team led by a researcher from the Chinese Academy of Sciences [1]

Core Viewpoint - The company, Conglin Technology (688370.SH), announced a reduction in the investment amount for its waste disposal project due to changes in market conditions and the need for optimized use of raised funds [1] Group 1: Project Adjustments - The company plans to reduce the investment amount by 150 million yuan for the Yuncheng Industrial Waste Comprehensive Utilization Disposal Base project [1] - The funds will be redirected to a new project, the expansion and renovation of the hazardous waste disposal project in the Sheyang Port Economic Zone [1] - As of August 31, 2025, the original project has already utilized 3.209 million yuan of the raised funds, with the remaining funding gap to be covered by the company’s self-raised funds [1] Group 2: Market Conditions - The decision to adjust the project funding is primarily due to intensified competition in the hazardous waste industry and uneven regional capacity distribution [1] - The company is prioritizing the funding allocation for projects with greater market potential, particularly in the Jiangsu region [1]

Core Points - Company announced the approval of new fundraising projects and adjustments to existing fundraising project investment amounts during the second board meeting on September 25, 2025 [1] - Yancheng Yuanshun, a controlling subsidiary, will be the implementation entity for the "Shiyang Port Economic Zone (Industrial Zone) Hazardous Waste Disposal Expansion and Renovation Project" [1] - The company plans to use CNY 150 million of raised funds to increase capital for Yancheng Yuanshun through its wholly-owned subsidiary Shanghai Zhonglin Environmental Technology Co., Ltd [1] Financial Adjustments - The capital increase will raise Yancheng Yuanshun's registered capital from CNY 80 million to CNY 230 million [1] - After the capital increase, the company's indirect ownership in Yancheng Yuanshun will increase from 80% to 93%, enhancing control over the implementation entity for the fundraising project [1] - The minority shareholder, Suzhou Shunkeda Environmental Technology Co., Ltd, will waive its proportional capital increase rights [1] Governance and Approval - The capital increase and project adjustments are subject to approval by the company's shareholders [1]