12月19日，渤海化学（SH600800，股价5.05元，市值56.06亿元）一项关乎公司战略前景的资产运作宣告终止。 此前的12月5日盘后，渤海化学宣布筹划出售天津渤海石化有限公司（以下简称渤海石化）100%股权，同时收购泰达新材（NQ430372）控制权。这一举动 被视为渤海化学战略转型的重要一步。 然而，渤海化学在12月19日的公告中表示，由于交易双方未能就本次交易方案所涉部分核心条款最终达成一致意见，交易各方决定终止筹划本次交易事项。 图片来源：渤海化学公告 渤海化学战略转型或添变数 渤海化学的核心业务为丙烷制丙烯业务，产品主要销往山东，并辐射整个华北地区，这部分业务由子公司渤海石化运营。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | 600800 | 渤海化学 | A 股 复牌 | | | 2025/12/19 | 2017年及2022年，泰达新材曾两次冲刺IPO均未如愿。 2017年，创业板发审委在审核中关注到，泰达新材在毛利变化、原材料采购 ...

说句实在话，一家上市公司把97%的收入来源直接"砍掉"，这可不是普通调整，而是背水一战。 咱们今天聊的这事，主角是一家曾靠注入资产起死回生、如今又濒临退市边缘的老牌企业。 它现在想用一个"风口上"的新业务来续命，可问题是，这个新故事，真的能讲下去吗？ 断臂求生：三年亏17亿，只能赌一把 从2022年开始，这家公司的净利润就没见过正数，三年多累计亏损超17亿元。 核心业务是丙烷制丙烯，听起来高大上，实则被原材料和产品价格"两头夹击"：丙烷价格居高不下，丙 烯却卖不动价。 毛利率从2020年的20%一路滑到2025年前三季度的-12.18%，几乎每卖一吨都在亏钱。 周叔翻了翻财报，2025年上半年，它97.71%的营收都来自这家即将被卖掉的子公司。 换句话说，这不是优化资产，是彻底换血。 而推动这一切的，正是背后的地方国资——眼看着上市平台快保不住了，干脆来个"腾笼换鸟"。 押注TMA：踩在周期顶点上的豪赌 那么，新选中的"救命稻草"是谁？是一家主营偏苯三酸酐（TMA）的新三板公司。 这家公司过去两次冲击IPO都被否，理由很一致：毛利率高得离谱，又解释不清。 泰达新材业绩 但2024年，它突然"开挂"——净利润从 ...

Core Viewpoint - The company forecasts a net profit attributable to shareholders of 2.7-3.15 billion yuan for the first half of 2025, representing a year-on-year growth of 31.32%-53.2% [1] - The company expects a net profit of 2.852-3.302 billion yuan after deducting non-recurring items, with a year-on-year increase of 27.65%-47.79% [1] Financial Performance - For Q2 2025, the company anticipates a net profit of 1.13-1.58 billion yuan, showing a year-on-year growth of 9%-53% but a quarter-on-quarter decline of 28%-1% [1] - The expected net profit after deducting non-recurring items for Q2 2025 is 1.16-1.61 billion yuan, with a year-on-year change of -1%-37% and a quarter-on-quarter decrease of 5%-31% [1] - The decline in Q2 2025 performance is attributed to falling oil prices leading to narrowed product price spreads and increased costs from PDH unit maintenance [1] Product Price Spreads - The calculated price spreads for Q2 2025 are 567 USD/ton for ethane-ethylene, 823 RMB/ton for styrene, and 393 RMB/ton for ethylene glycol, with changes of -43 USD/ton, +499 RMB/ton, and +126 RMB/ton respectively [2] - Despite some tariff disruptions on ethane imports, the overall impact is limited, and the supply-demand balance for ethane remains loose, suggesting continued low prices and improved profitability for ethylene production [2] - The decline in oil prices has led to a narrowing of C3 product price spreads, with calculated spreads for propane to propylene, acrylic acid, and butyl acrylate being 68 USD/ton, 2038 RMB/ton, and 2509 RMB/ton respectively, reflecting decreases of -35 USD/ton, -357 RMB/ton, and -718 RMB/ton [2] Project Development - The progress of new material projects has slowed due to Sino-U.S. trade impacts, with planned capacities for 2025 including 40,000 tons of EAA, 160,000 tons of high polymer emulsion, 150,000 tons of SAP, 80,000 tons of neopentyl glycol, and 100,000 tons of refined propylene acid [3] - The company's future growth is primarily dependent on the α-olefin comprehensive utilization high-end new material industrial park project, with the third phase expected to be completed in the second half of 2026 and gradually contribute to performance from 2026 to 2027 [3] - The fourth phase of the project has been delayed due to Sino-U.S. trade issues [3] Investment Analysis - The company maintains its profit forecast for 2025 but has lowered the profit predictions for 2026-2027 to 7.7 billion and 9.4 billion yuan, respectively, from previous estimates of 9.2 billion and 11.5 billion yuan [3] - The corresponding PE valuations are adjusted to 9X, 8X, and 6X for the years 2025, 2026, and 2027 [3] - The company remains optimistic about the growth potential of the C2 segment and the recovery of the C3 segment, maintaining a "buy" rating [3]