渤海化学12月19日晚间公告，宣布终止筹划出售渤海石化100%股权、收购泰达新材控制权的重大资产 重组事项，核心原因系交易各方未能就方案核心条款达成一致。公司股票将于12月22日（星期一）开市 起复牌。 经公司向上海证券交易所申请，股票将于12月22日开市起复牌。渤海化学承诺，自该公告发布之日起1 个月内，不再筹划重大资产重组事项。 需求供给双向承压 业绩持续亏损 渤海化学于2020年通过收购渤海石化完成向石化行业的转型。渤海石化成立于2018年4月12日，是国内 丙烷脱氢制丙烯（PDH）项目标杆企业。泰达新材成立于1999年11月22日，主要从事精细化学品、副产 品（粗钴）及其原材料等新材料的生产与销售。本次重组原旨在剥离持续亏损的PDH业务，并向精细化 工转型。 渤海化学曾在2025年半年报中表示，公司需求供给双向承压，行业竞争激烈，PDH行业结构性产能过剩 问题日益凸显，PDH装置盈利水平持续处于倒挂状态，持续亏损局面仍未改变。 渤海化学三季报显示，2025年前三季度，公司实现营业收入28.09亿元，同比下降16.82%；净利润亏损 5.79亿元，亏损幅度同比放大。 值得注意的是，本次重组原旨在剥离持续 ...

渤海化学12月19日晚间公告，宣布终止筹划出售渤海石化100%股权、收购泰达新材控制权的重大资产 重组事项，核心原因系交易各方未能就方案核心条款达成一致。公司股票将于12月22日（星期一）开市 起复牌。 值得注意的是，本次重组原旨在剥离持续亏损的丙烷脱氢制丙烯（PDH）业务，并向精细化工转型。当 前，公司正面临需求供给双向承压、业绩持续亏损的困境。 核心条款未达成一致 公告显示，本次重大资产重组事项始于2025年12月5日，渤海化学与控股股东渤化集团、泰达新材签订 《重组意向书》，交易方案由两部分构成，且互为条件、同步推进。一方面，公司拟向渤化集团出售渤 海石化100%股权；另一方面，拟通过发行股份及支付现金的方式，向柯柏成、柯柏留、方天舒、张五 星及黄山市泰昌投资合伙企业（有限合伙）等交易对方购买泰达新材控制权。本次交易方案由重大资产 出售、发行股份及支付现金购买资产两部分组成。 渤海化学曾在2025年半年报中表示，公司需求供给双向承压，行业竞争激烈，PDH行业结构性产能过剩 问题日益凸显，PDH装置盈利水平持续处于倒挂状态，持续亏损局面仍未改变。 经公司向上海证券交易所申请，股票将于12月22日开市起复牌 ...

Core Viewpoint - The report details the fundraising activities and the usage of raised funds by Tianjin Bohai Chemical Co., Ltd. for the period ending June 30, 2025, highlighting the management, allocation, and changes in investment projects. Fundraising Overview - The company raised a total of RMB 706.02 million through a non-public offering of 183,381,314 shares at RMB 3.85 per share, with the funds verified by an independent auditor [1][2]. - The funds are managed under specific regulations and stored in dedicated accounts to ensure proper usage and efficiency [1][2]. Fund Management - The company has established a fundraising management method to ensure that the funds are used efficiently and in compliance with relevant regulations [1][2]. - A four-party supervision agreement was signed with independent financial advisors and banks to oversee the management of the raised funds [1][2]. Fund Usage - As of June 30, 2025, the total amount of funds used was RMB 281.55 million, with RMB 200 million temporarily allocated to supplement working capital and RMB 281.55 million invested in projects [1][2][3]. - The remaining balance of the raised funds was RMB 256.78 million after accounting for the temporary working capital allocation [1][2][3]. Project Changes - The company changed the investment focus from the "Propane Dehydrogenation Unit Technology Transformation Project" to the "Acrylic Ester and Superabsorbent Resin New Material Project" due to market conditions affecting the original project [2][6]. - The new project is located in the Tianjin Port Free Trade Zone and is currently being implemented as planned [2][6]. Idle Fund Management - The company has not engaged in cash management activities for idle funds during the reporting period [3]. - A resolution was passed to use up to RMB 350 million of idle funds for cash management, with a rolling usage period of up to 12 months [2][3]. Investment Project Status - The company has not transferred or replaced any investment projects with the raised funds, and the projects are being executed according to the planned schedule [1][2][3]. - The company has confirmed that the actual usage of funds aligns with the disclosures in periodic reports, with no significant discrepancies noted [1][2].