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 ...

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。 重大资产重组事项，终止！ 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，建龙微纳与汉兴能源达成全面战略合作伙 伴关系，将重点在多个领域开展协作。 前三季度净利润同比增长20.15% 据建龙微纳公告，公司主要致力于工业气体分离、医用氧气、能源化工、石油化工、环境治理等领域的 相关分子筛吸附剂和催化剂的研发、生产、销售及技术服务。主要产品为应用于气体分离、生命健康、 吸附干燥、环境治理、石油化工与能源化工等领域的分子筛吸附剂和分子筛催化剂等。 终止重大资产重组事项 建龙微纳公告显示，公司于6月25日披露了《洛阳建龙微纳新材料股份有限公司关于筹划重大资产重组 暨签署 ...

Core Viewpoint - Jianlong Micro-Nano (688357) announced the termination of its planned acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. due to the immaturity of conditions for the major asset restructuring [2][5] Group 1: Acquisition Details - Jianlong Micro-Nano initially intended to acquire a majority stake in Hanxing Energy through cash payment [2][5] - The acquisition aimed to enhance the synergy between the two companies, as they operate in related sectors within the hydrogen energy industry [5][6] - Hanxing Energy specializes in hydrogen production, transportation, storage, and related technologies, serving major clients such as China Petroleum and China Petrochemical [5] Group 2: Strategic Partnership - Despite the termination of the acquisition, Jianlong Micro-Nano and Hanxing Energy have established a comprehensive strategic partnership to explore collaborative opportunities in various fields, including oil refining and renewable energy [6] - The partnership will focus on market development, product and technology complementarity, and new product/technology development [6] - Jianlong Micro-Nano aims to seek further development opportunities and integrate quality resources to enrich its product matrix in the future [6]

Core Viewpoint - The company, Jianlong Micro-Nano, announced the termination of its planned acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. due to the unavailability of favorable conditions for the major asset restructuring [1][2]. Group 1: Acquisition Details - Jianlong Micro-Nano initially intended to acquire a significant stake in Hanxing Energy, which is a downstream enterprise, to enhance its capabilities across the entire value chain from high-performance molecular sieve material development to customer service [4]. - The acquisition was aimed at transforming Jianlong Micro-Nano from a material manufacturer to a technology service provider, leveraging synergies with Hanxing Energy in various business applications [4]. Group 2: Business Impact - The termination of the acquisition will not adversely affect Jianlong Micro-Nano's business operations or financial status, as the company believes there is substantial business synergy value with Hanxing Energy [5]. - Despite the termination, Jianlong Micro-Nano has established a comprehensive strategic partnership with Hanxing Energy, focusing on areas such as oil refining, petrochemicals, coal chemicals, and renewable energy [5]. Group 3: Future Outlook - The company plans to actively seek more development opportunities and integrate quality resources in a diversified manner to enrich its product matrix at an appropriate time [6].

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]

Summary of Key Points from the Conference Call Company Overview - **Company**: 建龙微纳 (Jianlong Weina) - **Industry**: Molecular sieve adsorbents, petrochemical separation technology, energy storage solutions Financial Performance - **Q1 2025 Revenue**: 1.78 billion CNY, a year-on-year and quarter-on-quarter decline, but net profit reached 25 million CNY, a quarter-on-quarter increase of 78% [2][5] - **Export Ratio**: Increased to 36% in Q1 2025, with export revenue of 65 million CNY [5][8] - **2024 Revenue Projection**: Approximately 800 million CNY with a profit of about 75 million CNY [4] Business Segments - **Main Products**: Divided into four segments: gas separation, drying, life health, and by-products. Gas separation revenue was approximately 300 million CNY, down 15% year-on-year [4] - **Drying Segment**: Revenue of about 250 million CNY, up 11% year-on-year due to stable demand [4] - **Life Health Segment**: Revenue of 126 million CNY, down 57% due to reduced demand for oxygen machines post-pandemic [4] Market Developments - **International Expansion**: Significant growth in international business, particularly after the second phase of the Thailand facility commenced production, contributing 35 million CNY in revenue [2][8] - **Technological Advancements**: Products evaluated by the Chinese Academy of Sciences, achieving over 99.9% purity and over 99% yield for xylene [9][10] Strategic Partnerships - **Collaboration with CNOOC Tianjin Institute**: Joint development of PS process replacement technology using Fenta adsorbents [10] - **Focus on Sustainable Aviation Fuel (SAF)**: Development of isomerization catalysts for SAF production, with four patents filed and two granted [11] Energy Storage Initiatives - **Liquid Air Energy Storage**: Progress made with a 60 MW demonstration project in Qinghai, providing molecular sieve adsorbents [3][12] - **CO2 Storage Projects**: Successful bid for a 2 MW CO2 storage demonstration project, expected to drive significant demand for molecular sieves [12][13] Future Outlook - **Market Potential for PX Adsorbents**: Anticipated annual demand of approximately 110,000 tons by 2027, with a market space of around 2 billion CNY [2][7] - **Focus on New Applications**: Development of catalysts for nylon production and other niche markets to avoid competition in saturated markets [20] Challenges and Risks - **Domestic Market Stability**: The domestic market is stabilizing, but the life health segment remains under pressure due to reduced demand for oxygen machines [29] - **Impact of Tariffs**: Minimal impact from tariffs on exports to the U.S., with a small percentage of overall revenue derived from this market [18][22] Capital Expenditure Plans - **Future Investments**: Focused on expanding the second phase of projects, with no additional capital expenditure plans currently [30] Conclusion - **Strategic Direction**: Emphasis on innovation and core business strengthening, with plans to expand into new application areas and maintain a competitive edge in the molecular sieve market [7][32]