摘要： 产业专题 [table_Header]2025.11.04 深圳国资系上市公司沙河股份拟并购晶华电子，推动地产业务转型 产业研究中心 ——产业并购跟踪 13 期 [Table_Summary] 深圳国资系上市公司沙河股份拟并购晶华电子，推动地产业务转型 四地燃气资产筹划注入胜利股份 胜利股份（000407.SZ）拟发行股份及支付现金购买由公司控股股东 及其关联方控制的燃气类相关资产，并募集配套资金。交易标的包 括中油燃气（珠海横琴）有限公司 100%的股权、天达胜通新能源 （珠海）有限公司 100%的股权、南通中油燃气有限责任公司 51% 的股权以及青海中油甘河工业园区燃气有限公司 40%的股权。 作为中油燃气集团控股子公司，胜利股份自 2011 年布局天然气产 业后，已形成以燃气业务为核心的清洁能源产业格局，业务覆盖全 产业链关键环节，且处于持续扩张与升级阶段。本次交易涉及四个 地区的燃气资产，有利于集团盘活并整合体系内相关资产。 风险提示：项目因商业条款未达成一致或未通过审核等原因终止。 | [Table_Authors] | | | --- | --- | | | 肖洁(分析师) | | | 0 ...

Group 1 - The core point of the article is the announcement of a major asset restructuring by Shenzhen state-owned listed company Shahe Co., which plans to acquire 70% of Shenzhen Jinghua Display Electronics Co. for cash, marking a significant move in line with Shenzhen's new merger and acquisition policy [1][5] - The acquisition is seen as a demonstration case for Shenzhen's "Three-Year Action Plan" for high-quality development of mergers and acquisitions, which was released just eight days prior to the announcement [1][5] - Jinghua Electronics, established in 1987, specializes in smart display controllers and has seen significant revenue growth, with net profit increasing nearly threefold from 2020 to 2022 [3][6] Group 2 - The transaction will not involve share issuance, maintaining the current control structure of Shahe Co. and avoiding common risks associated with changes in control during restructuring [4] - The acquisition is characterized as both a major asset restructuring and a related party transaction, which reduces uncertainty due to the shared ownership structure within the Shenyi Group [4][6] - The Shenzhen government aims to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan by 2027, focusing on strategic emerging industries such as integrated circuits and artificial intelligence [5][6] Group 3 - The display device sector, where Jinghua Electronics operates, is experiencing growth driven by demand from markets like electric vehicles and smart homes, indicating a favorable industry trend [6] - The acquisition is expected to provide Shahe Co. with new growth opportunities, particularly as it seeks to diversify away from its traditional real estate business [5][6] - This merger is anticipated to activate merger activity in the Shenzhen capital market, aligning with the government's push for more cross-industry mergers led by state-owned enterprises [6]