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Investment Rating - The report does not explicitly provide an investment rating for the company Core Insights - The company, Bohui Co., has experienced a drastic decline in profitability, with a cumulative loss of 5.1 billion in just two years, erasing nearly 80% of its ten-year accumulated profits of 6.5 billion [15][35] - The significant losses are attributed to changes in tax policies that have imposed new consumption taxes on its main product, heavy aromatic hydrocarbons, which previously benefited from tax exemptions [19][35] - The company has attempted to pivot by producing derivative products to circumvent the new tax regulations, but this strategy has raised concerns with tax authorities [36][44] Summary by Sections Company Background - Bohui Co. has been in the fuel oil deep processing industry for 20 years, primarily producing heavy aromatic hydrocarbons, which are essential for asphalt and rubber [10] - The company saw substantial revenue and profit growth from 2013 to 2022, peaking in 2022 with revenues of 2.97 billion and profits of 152 million [12] Recent Developments - In early 2025, the company announced a change in control, with state-owned Wuxi Guozi acquiring a significant stake [3][5] - The acquisition process involves multiple stages, including share transfer and capital increase, with the original owner set to exit with 263 million [5][7] Financial Performance - In 2023, the company reported a 6.32% decline in revenue to 2.78 billion, with a notable shift to losses due to reduced trade income and increased tax burdens [15] - The new consumption tax policy introduced in June 2023 has drastically affected the company's profitability, leading to a situation where selling its main product results in losses [21][35] Tax Policy Impact - The new tax policy requires the company to pay approximately 2200 per ton in taxes for heavy aromatic hydrocarbons, which significantly exceeds its profit margins [21][22] - The company has attempted to adapt by producing derivative products that are not explicitly covered by the new tax regulations, but this has led to scrutiny from tax authorities [36][44] Strategic Responses - Bohui Co. has reduced production and announced plans to stop producing aromatic series products, citing operational difficulties while simultaneously managing idle funds [29][30] - Despite these challenges, the company has resumed production of its aromatic products, indicating a struggle to maintain operations amid financial pressures [34]

所谓的十年盈利，不过是仰仗税收政策的优惠…… 作者 | 贝壳XY 编辑 | 小白 近两年，地方国资接盘上市民企的现象并不少见，但无锡国资拟斥资6.8亿接盘博汇股份（300839.S Z）这一事件还是受到了大众的热烈讨论。 还记得去年3月那条轰动市场的大新闻吗?"某公司短短9个月欠税近5亿！" 没错，正是博汇股份。 （来源： 博汇股份 公告 20240329 ） 而且这5亿税款还都是消费税！要知道，消费税可是和销量绑定的KPI，这家公司用9个月时间干出了 5亿消费税"成绩单"，说明产品卖得相当火爆啊！ 那为何又要欠税不缴？如今还沦落成为旧主的弃子？ 无锡国资频频"揽 A " 2025年2月，博汇股份披露控股权变更公告，接盘方为国资背景的无锡惠山原鑫曦望产业升级并购投 资合伙企业（以下简称原鑫曦望），公司实控人也将从金碧华变为无锡市国资委。 此次控股权变更分三个阶段：转让、定增、弃权。 首先， 金碧华共持有博汇股份 52.29% 股份，拟先将 13.06% 股份作价 2.63 亿元转让给原鑫曦 望； 其次， 原鑫曦望将用 不超过 4.17 亿资金，认购 博汇股份定增 股票，持股比例将增至 33.13% ； 最后， ...