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 ...

Core Viewpoint - The announcement of a significant asset restructuring involving Shahe Co., Ltd. and Jinghua Electronics signals a strong response to Shenzhen's recent policy aimed at enhancing mergers and acquisitions in the region, potentially revitalizing the local capital market [2][8][10]. Company Summary - Shahe Co., Ltd. plans to acquire 70% of Jinghua Electronics from Shenye Pengji, making Jinghua a subsidiary and consolidating it into Shahe's financial statements [1][5]. - Jinghua Electronics, established in 1987, specializes in IoT smart display controllers and LCD devices, with applications in smart homes, industrial control, and healthcare [4][5]. - The company previously attempted an IPO in 2023, aiming to raise 531 million yuan for various projects but withdrew its application in March 2024 [5]. Industry Context - The recent merger aligns with Shenzhen's "Action Plan" for promoting high-quality development in mergers and acquisitions from 2025 to 2027, which aims to complete over 200 projects with a total transaction value exceeding 1 trillion yuan [8][9]. - The plan emphasizes support for state-owned enterprises in strategic restructuring and encourages acquisitions in emerging industries such as integrated circuits and artificial intelligence [9][10]. - The display industry, particularly in OLED technology, is expected to grow, with projections indicating an increase in market share from 14% in 2024 to 21% in 2025 [9].

记者丨 吴佳楠 编辑丨孙超逸 在深圳市并购重组"三年行动"政策发布后，首单重大资产重组案例已到来。 10月30日， 沙河股份（000014.SZ）发布公告，拟以支付现金方式购买深业鹏基持有的晶华电 子70%股权。 本次交易完成后，晶华电子将成为公司的控股子公司，纳入公司合并报表范 围。 根据公告，本次交易预计构成《上市公司重大资产重组管理办法》规定的重大资产重组，因交 易对方控股股东深圳控股有限公司（简称"深圳控股"）与公司控股股东深业沙河（集团）有限 公司同为深业集团有限公司控制下的企业，本次交易构成关联交易。 沙河股份是一家以住宅开发为主的房地产开发公司 ，深业鹏基经营范围包括房地产经营、物 业管理及租赁经营等。此次 交易的标的公司晶华电子经营项目涉及显示屏、显示模块等 ，曾 在2023年冲刺创业板IPO，后于2024年3月撤回材料并终止IPO。 尽管公告称最终能否达成合作并签署正式协议尚存在不确定性，但这起预计构成重大资产重组 交易的公告， 距离深圳市10月22日发布的《深圳市推动并购重组高质量发展行动方案（2025 —2027年）》（简称《行动方案》）仅8天 ，对于激活深圳资本市场并购活力具有强烈的信 ...

21世纪经济报道记者 吴佳楠 深圳报道 在深圳市并购重组"三年行动"政策发布后，首单重大资产重组案例已到来。 10月30日晚，沙河股份（000014.SZ）发布公告，拟以支付现金方式购买深业鹏基持有的晶华电子70% 股权。本次交易完成后，晶华电子将成为公司的控股子公司，纳入公司合并报表范围。 根据公告，本次交易预计构成《上市公司重大资产重组管理办法》规定的重大资产重组，因交易对方控 股股东深圳控股有限公司（简称"深圳控股"）与公司控股股东深业沙河（集团）有限公司同为深业集团 有限公司控制下的企业，本次交易构成关联交易。 沙河股份是一家以住宅开发为主的房地产开发公司，深业鹏基经营范围包括房地产经营、物业管理及租 赁经营等。此次交易的标的公司晶华电子经营项目涉及显示屏、显示模块等，曾在2023年冲刺创业板 IPO，后于2024年3月撤回材料并终止IPO。 尽管公告称最终能否达成合作并签署正式协议尚存在不确定性，但这起预计构成重大资产重组交易的公 告，距离深圳市10月22日发布的《深圳市推动并购重组高质量发展行动方案（2025—2027年）》（简称 《行动方案》）仅8天，对于激活深圳资本市场并购活力具有强烈的信号意 ...

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]

Group 1 - Shahe Co., Ltd. plans to acquire 70% equity of Jinghua Electronics from Shenye Pengji for cash, making Jinghua Electronics a subsidiary [1][3] - The transaction is expected to constitute a major asset restructuring and is classified as a related party transaction due to the common control by Shenye Group [3][4] - Jinghua Electronics, established in 1987, specializes in the research, production, and sales of smart display controllers and LCD devices, and has previously attempted an IPO [4][6] Group 2 - Jinghua Electronics aimed to raise 531 million yuan through its IPO to fund various projects, but withdrew its application in March 2024 [6][7] - The company has established long-term partnerships with notable firms such as GE, Canon, and Panasonic, and has shown revenue growth from 264 million yuan in 2020 to 521 million yuan in 2023 [7][8] - The acquisition is seen as a response to Shenzhen's recent policy initiative aimed at promoting high-quality mergers and acquisitions, with a target of completing over 200 projects by 2027 [8][9]