11月26日晚间，建龙微纳披露关于终止筹划重大资产重组的提示性公告。 公告显示，建龙微纳拟以支付现金受让股权的方式合计取得上海汉兴能源科技股份有限公司不少于51% 的股份。在与重大资产重组有关各方积极磋商和认真探讨后，认为本次实施重大资产重组的条件暂不成 熟。经公司审慎研究并与交易对方友好协商，交易各方一致同意终止本次交易事项，本次重大资产重组 事项终止。 建龙微纳表示，公司通过尽职调查与业务方面深度交流，认为公司与汉兴能源存在较大的业务协同价 值，为延续前期的良好合作基础，将业务协同价值落在实处，公司与本次交易的标的公司汉兴能源达成 全面战略合作伙伴关系，双方将立足于各自的资源、专业技术及经验，重点在石油炼制、石油化工、煤 化工、新能源、天然气提纯和应用、可再生能源、可再生资源、二氧化碳捕集和利用、气体投资等领域 围绕协同市场开拓、新产品/技术互补、新产品/新技术开发三个维度开展全面战略合作。 未来，公司将继续围绕既定的发展战略有序开展各项经营管理工作，在适当的时机与条件下积极寻求更 多的发展机会，通过多元化方式整合优质资源，丰富公司的产品矩阵。 前三季度净利润同比增长20.15% 据建龙微纳公告，公司主要 ...

11月26日晚间，建龙微纳披露关于终止筹划重大资产重组的提示性公告。 本次交易尚处于筹划阶段，交易各方均未签署正式的交易协议，本次交易尚未正式实施，各方对终止本 次交易无需承担违约责任。本次终止筹划重大资产重组不会对公司业务开展、生产经营活动和财务状况 造成不利影响，也不存在损害公司及股东特别是中小股东利益的情形。 建龙微纳表示，公司通过尽职调查与业务方面深度交流，认为公司与汉兴能源存在较大的业务协同价 值，为延续前期的良好合作基础，将业务协同价值落在实处，公司与本次交易的标的公司汉兴能源达成 全面战略合作伙伴关系，双方将立足于各自的资源、专业技术及经验，重点在石油炼制、石油化工、煤 化工、新能源、天然气提纯和应用、可再生能源、可再生资源、二氧化碳捕集和利用、气体投资等领域 围绕协同市场开拓、新产品/技术互补、新产品/新技术开发三个维度开展全面战略合作。 公告显示，建龙微纳拟以支付现金受让股权的方式合计取得上海汉兴能源科技股份有限公司不少于51% 的股份。在与重大资产重组有关各方积极磋商和认真探讨后，认为本次实施重大资产重组的条件暂不成 熟。经公司审慎研究并与交易对方友好协商，交易各方一致同意终止本次交易事项 ...

Core Viewpoint - Jianlong Micro-Nano announced the termination of its major asset restructuring plan, which involved acquiring at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [1][4]. Group 1: Termination of Restructuring - The company and all parties involved in the major asset restructuring agreed to terminate the transaction due to the immaturity of the conditions necessary for implementation [1][4]. - The termination of the restructuring will not adversely affect the company's business operations, production activities, or financial status, nor will it harm the interests of shareholders, especially minority shareholders [4][6]. Group 2: Strategic Cooperation - Despite the termination of the asset restructuring, Jianlong Micro-Nano and Hanxing Energy have established a comprehensive strategic partnership to leverage their respective resources and expertise [5]. - The strategic cooperation will focus on several fields, including petroleum refining, petrochemicals, coal chemicals, new energy, natural gas purification and application, renewable energy, and carbon capture and utilization [5]. Group 3: Financial Performance - For the first three quarters of 2025, Jianlong Micro-Nano reported revenue of approximately 590 million yuan, a year-on-year increase of 4.34%, and a net profit attributable to shareholders of approximately 72.73 million yuan, reflecting a year-on-year growth of 20.15% [6]. - The improvement in performance is attributed to an optimized product sales structure, increased revenue and gross margin, and effective cost control leading to a decrease in period expenses [6]. Group 4: Shareholder Actions - The company received a notice from shareholders holding more than 5% of the shares regarding a plan to reduce their holdings due to fund expiration and exit arrangements [7]. - The shareholders plan to reduce their holdings by up to 3% of the total shares, amounting to no more than 3,001,752 shares, through centralized bidding and block trading within three months after the announcement [7].

Core Viewpoint - The company is focusing on the sustainable aviation fuel (SAF) sector, particularly in developing key catalytic materials for the production process, indicating a strategic shift towards market-driven growth in the SAF industry [2]. Group 1: Company Positioning in SAF - The company is primarily engaged in the core catalytic materials segment of the SAF field, specifically developing molecular sieve catalysts needed for the isomerization and de-waxing processes in SAF production [2]. - The company has completed the development and reserve of various molecular sieve materials, with catalysts performing well in long-term industrial tests, meeting development expectations [2]. - The company does not directly produce SAF fuel but aims to provide high-performance, import-substitutable catalytic materials to SAF producers and related technology firms [2]. Group 2: Strategic Outlook - The company believes that the SAF industry is at a critical stage transitioning from policy-driven initiatives to market implementation, with ongoing improvements in industry conditions [2]. - The company plans to increase its research and development investment in renewable resources, leveraging its core advantages in molecular sieve material development and large-scale production to promote the industrial application of products in SAF and other clean energy sectors [2].

Core Viewpoint - The company is focusing on the sustainable aviation fuel (SAF) sector, particularly in the development of molecular sieve catalysts necessary for the isomerization and de-waxing processes in SAF production [1] Group 1: Company Strategy and Focus - The company has completed the development and reserve of various molecular sieve materials, with catalysts performing well in long-term industrial raw material operations [1] - The company does not directly produce SAF fuel but aims to provide high-performance, import-substitutable key catalytic materials for SAF production enterprises and related technology providers [1] - The company plans to increase R&D investment in renewable resources, leveraging its core advantages in molecular sieve material development and large-scale production to promote industrial applications in SAF and other clean energy sectors [1] Group 2: Industry Outlook - The SAF industry is transitioning from being policy-driven to market-oriented, with continuous improvement in industry prosperity [1]

Core Viewpoint - Tengmao Technology faced significant challenges during its previous listing application on the Beijing Stock Exchange, which was notably affected by a major fraud case involving over 2 billion yuan, leading to its withdrawal from the listing process [2][6][8]. Group 1: Company Background - Established in 2007, Tengmao Technology specializes in the research, production, and sales of molecular sieve catalysts, possessing a comprehensive business system in R&D and large-scale production [3]. - The company successfully listed on the New Third Board in August 2022, aiming to use this as a stepping stone for a future listing on the Beijing Stock Exchange [3]. Group 2: Previous Listing Attempts - Tengmao Technology submitted its first listing application to the Beijing Stock Exchange on October 11, 2023, but had to suspend the review process by December 28, 2023, due to the expiration of financial data [4]. - The company later terminated its listing application, citing strategic considerations and external market conditions, despite showing stable revenue and profit growth from 2020 to 2022 [4][5]. Group 3: Fraud Case Involvement - The company became embroiled in a "New Third Board pig-killing plate" fraud case that emerged in early 2025, which involved a group manipulating stock prices of New Third Board companies, including Tengmao Technology [6][7][10]. - This manipulation coincided with Tengmao Technology's listing efforts, leading to significant stock price volatility and investor losses [10][21]. Group 4: Financial Performance - Despite a 6.56% decline in revenue in 2023, Tengmao Technology's net profit increased by 13.05%, with its non-recurring net profit surpassing 40 million yuan [5]. - The company reported a revenue increase of 40.22% in the first half of 2025, reaching 140 million yuan, and a non-recurring net profit of 33.18 million yuan, marking a 52.83% year-on-year growth [25]. Group 5: Regulatory Scrutiny - The company faced scrutiny regarding its stock structure and potential undisclosed equity holding issues during its previous listing application, particularly concerning a mysterious shareholder who entered during a critical period [26][27]. - Concerns were raised about the legitimacy of several interest-free loans and the potential for capital cycling, which could affect the clarity of the company's equity structure [29][30].

Group 1 - The main structure of the China Chemical New Materials Innovation Platform base in Tianjin has been completed, marking a significant milestone for the project which focuses on new energy and new materials [1] - The project covers an area of 183,000 square meters with a total investment of 1 billion yuan, of which approximately 600 million yuan is allocated for the first phase [1] - This base is the first physical project invested by China Chemical Engineering Group's subsidiary, aiming to enhance the company's technological innovation and drive towards a smarter growth model [1] Group 2 - The base is equipped with various advanced catalyst technologies and pilot testing facilities, including ultra-high molecular weight polyethylene catalysts and advanced separation pilot devices [2] - The project introduces innovative cooperation models such as "T+EPC" and "T+Industry," establishing a comprehensive transformation system from concept validation to catalyst industrialization [2] - The base is actively promoting the construction of an open, modular, flexible, and multifunctional pilot testing platform to provide low-cost and efficient technological validation and industrial support for the industry [2]

Core Viewpoint - Jianlong Micro-Nano is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through a cash payment for equity transfer, which will make Jianlong Micro-Nano the controlling shareholder of Hanxing Energy [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance collaboration in product technology, market resources, and organizational capabilities between Jianlong Micro-Nano and Hanxing Energy [1][2]. - Jianlong Micro-Nano is the first listed company on the Science and Technology Innovation Board in Henan, focusing on the research, production, and sales of molecular sieve adsorbents and catalysts for various industries [2][3]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, covering upstream hydrogen production, midstream transportation, storage, and hydrogen refueling stations [2][4]. - The company has developed a comprehensive hydrogen energy ecosystem over 20 years, focusing on hydrogen production technology and related services [2][4]. Group 3: Financial Performance - Hanxing Energy reported revenues of 296 million yuan and 389 million yuan in 2021 and 2022, respectively, with a revenue of 488 million yuan in 2023, marking a year-on-year growth of 25.45% [4][5]. - The net profit attributable to shareholders was 52.87 million yuan in 2021, 68.58 million yuan in 2022, and 73.97 million yuan in 2023, reflecting a growth of 7.85% [4][5]. Group 4: Strategic Implications - The acquisition is seen as a strategic integration of the upstream and downstream of the industry chain, enhancing the company's full-chain closed-loop capability and facilitating its transition from a material manufacturer to a technology service provider [5]. - Hanxing Energy has a strong technical reserve in the petrochemical industry and possesses numerous patents and proprietary technologies, which can be leveraged by Jianlong Micro-Nano to enhance its competitive edge [3][4].

Core Viewpoint - The article discusses the significant asset restructuring of Jianlong Micro-Nano Materials Co., Ltd. (建龙微纳) through the acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. (汉兴能源), marking the company's first major asset restructuring since its listing [1][4]. Group 1: Acquisition Details - Jianlong Micro-Nano plans to acquire a controlling stake in Hanxing Energy, which will become a subsidiary and included in the consolidated financial statements [1]. - This acquisition is significant as Hanxing Energy previously attempted an IPO on the ChiNext board but withdrew its application [4]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, providing comprehensive services including hydrogen production, transportation, storage, and refueling stations [3]. - The company has established relationships with major clients such as China National Petroleum Corporation and China Petroleum & Chemical Corporation [3]. Group 3: Financial Performance - Hanxing Energy's revenue from 2021 to 2023 was 296 million, 389 million, and 488 million yuan, respectively, with net profits of 53.1 million, 67.7 million, and 76.7 million yuan [4]. - The company faced scrutiny over its IPO fundraising plan, which allocated over 87.82% of the raised funds for working capital, exceeding the regulatory limit of 30% [5][6]. Group 4: Financial Risks - Hanxing Energy's cash flow from operating activities showed volatility, with net cash flows of -18.7 million, 9.98 million, and 64.2 million yuan from 2021 to 2023, indicating potential financial strain [7]. - The company's debt-to-asset ratio remained high at 56.81%, 57.46%, and 55.04% over the same period, raising concerns about its financial stability [7]. Group 5: Strategic Implications for Jianlong Micro-Nano - The acquisition is expected to enhance Jianlong Micro-Nano's capabilities in technology services, transitioning from a materials manufacturer to a technology service provider [9]. - The integration aims to leverage both companies' strengths in the petrochemical and energy sectors, fostering collaboration and resource sharing [9]. Group 6: Jianlong Micro-Nano's Financial Challenges - Jianlong Micro-Nano has faced declining performance, with revenues from 2020 to 2024 of 452 million, 878 million, 854 million, 972 million, and 779 million yuan, and net profits decreasing over three consecutive years [10]. - The company's debt-to-asset ratio increased from 17.57% in 2020 to 39.08% in 2024, indicating rising financial pressure [11].

Group 1 - Jianlong Micro-Nano announced on June 24 that it signed a letter of intent with Shanghai Hanxing Energy Technology Co., Ltd. to acquire at least 51% of Hanxing Energy's equity through cash transfer, making Jianlong Micro-Nano the controlling shareholder after the transaction [1] - Hanxing Energy specializes in the hydrogen energy industry, focusing on upstream hydrogen production and midstream transportation, storage, and refueling stations, providing comprehensive services including technology development, consulting design, and equipment integration [1] - Hanxing Energy has developed a business system around hydrogen energy, serving over 500 clients across various industries, including petrochemicals, metallurgy, and electronics, with products exported to multiple countries and regions [1] Group 2 - Jianlong Micro-Nano is engaged in the research, production, and sales of molecular sieve adsorbents and catalysts for various fields, including industrial gas separation and renewable resources, and has strong independent R&D capabilities [2] - The main products of Jianlong Micro-Nano are molecular sieve adsorbents and catalysts, which have been successfully used in thousands of installations, achieving import substitution and competing with international companies [2] - The strategic integration with Hanxing Energy is expected to create synergies in product technology, market resources, and organizational capabilities, enhancing both companies' competitive positions [2][3] Group 3 - Hanxing Energy possesses rich technical reserves and qualifications in the petrochemical industry, which Jianlong Micro-Nano can leverage for research and market expansion in domestic substitution technologies [3] - The collaboration allows Hanxing Energy to optimize its technical solutions using Jianlong Micro-Nano's resources in molecular sieve materials, enhancing its core competitiveness [3] - The strategic integration aims to establish a complete closed-loop capability from high-performance molecular sieve material R&D to customized process design and customer service, facilitating Jianlong Micro-Nano's transformation from a manufacturer to a technology service provider [3]