雷达财经 文|冯秀语 编|李亦辉 9月16日，天奇股份（002009）发布公告，公司大股东无锡天奇投资控股有限公司将其持有的541万股公司股份进行了股票质押式回购交易，占其所持股份比 例的12.74%，占公司总股本的1.34%。质押起始日为2025年9月12日，到期日为2026年9月12日，质权人为华西证券股份有限公司，质押用途为偿还负债。 公司参股公司38家，包括天奇力帝（湖北）环保科技集团有限公司、宁波市废旧汽车回收有限公司、江苏天奇重工股份有限公司、江西天奇金泰阁钴业有限 公司、无锡天奇精工科技有限公司等。 在业绩方面，公司2024年至2025(Q2)年营业收入分别为29.60亿元、6.22亿元和12.47亿元，同比分别增长-18.14%、-4.20%和-4.92%。归母净利润分别为-2.55 亿元、4230.16万元和5583.17万元，归母净利润同比增长分别为38.53%、1701.43%和171.11%。同期，公司资产负债率分别为66.84%、65.36%和64.73%。 在风险方面，天眼查信息显示，公司自身天眼风险799条，周边天眼风险1015条，历史天眼风险481条，预警提醒天眼风险291条。 ...

Core Viewpoint - Asset replacement is a significant method for listed companies' restructuring, and its impact can be either positive or negative depending on the quality of the assets involved and the specific terms of the transaction [1]. Group 1: Understanding Asset Replacement - Asset replacement refers to the exchange of certain assets owned by a listed company with other entities, akin to two individuals swapping items, but in this case, it involves company assets [1]. Group 2: Dimensions of Asset Replacement - **Quality of Inbound Assets**: For instance, Gree Electric successfully replaced its compressor business with a more promising smart equipment business in 2012, leading to a significant increase in market value [4]. Conversely, ST Galaxy faced severe performance decline due to an improper asset swap in 2015, which nearly led to its delisting [4]. - **Reasonableness of Transaction Pricing**: Vanke Real Estate's acquisition of quality property assets from Shenzhen Metro in 2019 exemplifies a fair and reasonable asset swap, facilitated by professional evaluations, resulting in a win-win situation [5]. - **Strategic Alignment**: Successful asset replacements should align with the company's long-term development strategy. Midea Group's multiple asset swaps have allowed it to transition from traditional home appliance manufacturing to smart manufacturing and industrial internet, maintaining a competitive edge [7]. Group 3: Investor Considerations - **Understanding Motivations**: Investors should analyze the true intentions behind a company's asset replacement. If the goal is to improve asset quality and operational efficiency, it is generally a positive signal; however, if it aims to embellish financial statements or evade delisting risks, caution is warranted [8]. - **Focusing on Details**: Key aspects to monitor include the profitability and growth potential of the inbound assets and the fairness of the transaction pricing [9]. - **Monitoring Post-Integration**: Even quality asset replacements can fail to deliver expected returns if post-integration is mishandled. Continuous tracking of the company's integration progress and the realization of synergies is advisable [10]. Group 4: Case Studies - **China Ping An**: In 2016, the company divested its traditional banking business and acquired fintech assets, facilitating a transition from traditional finance to tech-driven finance, significantly enhancing its valuation [12]. - **Recent Example in New Energy Vehicles**: A recent case involved a new energy vehicle company that swapped its traditional fuel vehicle business for electric vehicle-related assets, aligning with industry trends and likely yielding positive outcomes [12].