邯郸国资为此次交易开出了每股20.76元的转让单价，相比公告前一日16.48元的收盘价，溢价高达26%。 交易完成后，初亚军家族的持股比例从47.51%降至 17.61%，虽然不再是实际控制人，但仍是公司第二大股东。 这笔交易的付款安排异常高效。 根据协议，签署后1个工作日内支付1.9亿元定金，协议生效后15个工作日内支付3.8亿元，取得交易所合规性确认后5个工作 日内支付12亿元，股份过户完成后3个工作日内支付剩余尾款。 这种安排确保了初亚军家族能够迅速获得大部分转让款项。 为保障公司稳定过渡，交易双方都做出了重要承诺。 城欣基金承诺取得控制权后7年内不转让控制权，18个月内不转让所持股份；初亚军家族方面则承诺不 谋求公司控制权。 新亚强并非一家普通化工企业，而是在有机硅精细化学品领域具有全球竞争力的"隐形冠军"。 公司核心产品"六甲基二硅氮烷"作为光刻胶助粘剂，成功打 破了日本化学巨头在该领域的垄断。 在技术方面，新亚强自主研发的"无溶剂法"专利技术实现了突破，使其生产的电子级六甲基二硅氮烷纯度高达99.95%，远超行业标准。 这一技术突破不仅 填补了国内空白，更使新亚强成为全球少数能稳定供应半导体级六甲 ...

Core Viewpoint - Guohai Securities report indicates that Xinyaqiang's net profit attributable to shareholders for the first three quarters of 2025 was 79 million yuan, a year-on-year decrease of 20.39% [1]. Financial Performance - In Q3, the net profit attributable to shareholders was 20 million yuan, showing a year-on-year increase of 14.14% but a quarter-on-quarter decrease of 29.56% [1]. - The decline in gross profit from main products has pressured performance, while the growth in electronic-grade chemicals has driven overall growth [1]. Business Development - The company has increased investment in technological transformation, successfully overcoming key technical barriers in customized products across multiple fields [1]. - The company's technical service and market response capabilities have significantly improved, with continuous expansion in application areas and market coverage [1]. Product Strategy - Functional wet electronic chemicals are a key focus for the company's product system expansion, with multiple electronic-grade products being developed for both domestic and international supply [1]. - The company has established partnerships with several major semiconductor and panel manufacturers, with some signing long-term cooperation agreements [1]. Market Position - As the process of import substitution accelerates and demand for electronic chemicals continues to rise, the production and sales ratio of electronic-grade series products is steadily increasing [1]. - The company maintains a high dividend payout ratio and rhythm, enhancing investor confidence [1]. Investment Rating - Given the company's leading position in the organic silicon fine chemicals industry and the potential for special chemicals to ramp up, the initial coverage is rated as "Accumulate" [1].