证券代码：603213 证券简称：镇洋发展 公告编号：2025-043 转债代码：113681 转债简称：镇洋转债 浙江镇洋发展股份有限公司 单位：元/吨 | 主要产品 | 2025年上半年均价 | 2024年上半年均价 | 变动幅度（%） | | --- | --- | --- | --- | | 氯碱类产品 | 1,796.79 | 1,704.50 | 5.41 | | 其中：烧碱 | 2,982.67 | 2,606.80 | 14.42 | | MIBK类产品 | 7,977.60 | 12,746.04 | -37.41 | | PVC类产品 | 3,920.24 | 4,637.13 | -15.46 | 三、主要原材料的价格变动情况（不含税） 单位：元/吨 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 浙江镇洋发展股份有限公司（以下简称"公司"）根据《上海证券 交易所上市公司自律监管指引第3号行业信息披露：第十三号——化工》 的相关要求，现将2025年上半年主要经营数据披露如下： 一、 主要产品的产量、销售 ...

证券研究报告 | 投资策略研究*周报 2025 年 08 月 21 日 投资策略研究 并购重组周报（2025/08/15-2025/08/21） 2025/08/15-2025/08/21 期间，新增并购重组的上市公司有 3家，分别 为镇洋发展、通业科技、ST 景谷，涉及的并购重组事件有 3 个，涉及的上 市公司中镇洋发展为目标方，通业科技为竞买方，ST景谷为出让方，本期间 并购重组上市公司涉及的行业有基础化工、机械设备、农林牧渔。 镇洋发展：公司主要从事氯碱相关产品的研发、生产与销售，核心产品包括 氯碱类产品、MIBK 类产品、PVC 类产品以及其他化工产品。其中，氯碱类产 品涵盖烧碱、氯化石蜡、ECH 等，广泛应用于农业、电力、石油化工、医药、 冶炼、新能源材料、轻工、纺织、印染等多个领域。MIBK 类产品主要用于溶 剂、涂料等行业，而 PVC 类产品则用于建筑材料、包装材料等领域。公司产 品结构丰富，覆盖多个细分市场，并通过直销和经销两种销售模式进行市场 拓展。2024 年，公司主营业务收入达到 28.98 亿元，同比增长 37.06%，主 要得益于 PVC 产品的投产和销售。本次交易由浙江沪杭甬高速公 ...

Core Viewpoint - The article discusses the performance and strategic decisions of Nikkoh Chemical, highlighting its leading position in the plastic and rubber additives industry, while also addressing the challenges and implications of its recent investments and stock incentive plans [4][26]. Financial Performance - In 2024, the company's total revenue reached approximately 3.52 billion, a year-on-year increase of 38.64% compared to 2.54 billion in 2023 [5]. - The chemical industry contributed 95.36% of the total revenue, with ACR series products accounting for 49.17% and ACM series products for 34.87% of the revenue [5]. - The company experienced a significant increase in revenue in Q1 2025, with a 54% rise to 900 million [6]. Profitability Challenges - Despite revenue growth, the company's profit margins declined, with ACM series products' gross margin dropping by 8.7 percentage points into negative territory, and ACR series products' gross margin decreasing by 3.6 percentage points [8]. - The decline in margins is attributed to intense competition in the ACM product line and the ramp-up of new production capacities, which led to increased costs and lower utilization rates [10][12]. Production and Capacity Expansion - The company reported a 20%+ increase in both sales and production volumes for its main products, aligning with revenue growth [15]. - Fixed asset depreciation rose significantly from 3.43 million in 2023 to 20.75 million in 2024, indicating increased capital expenditures for capacity expansion [16]. - The company’s fixed assets increased dramatically, with a total of 26.5 billion by the end of 2024, marking a substantial investment in new production capabilities [19]. Stock Incentive Plan - The company announced a stock incentive plan involving 4.15% of its shares to incentivize key personnel in its newly acquired computing power leasing business, which has raised concerns about the appropriateness of such incentives given the company's current financial performance [26][30]. - The performance targets set for the stock incentives are perceived as lenient, focusing solely on revenue growth without considering profitability [29][32]. Strategic Concerns - The acquisition of a controlling stake in Carbon Technology for 110 million is viewed as a superficial move to appease investors, with the stock incentive plan further complicating the company's strategic direction [31]. - There are internal dissenting opinions regarding the company's foray into the computing power sector, with concerns about the lack of experience and the potential risks associated with this new business line [33].

本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 证券代码：603213 证券简称：镇洋发展 公告编号：2025-024 转债代码：113681 转债简称：镇洋转债 浙江镇洋发展股份有限公司 关于 2025 年第一季度主要经营数据的公告 注：氯碱类产品包括：烧碱、液氯、次氯酸钠、氯化石蜡和环氧氯丙烷等； MIBK类产品包括：甲基异丁基酮、二异丁基酮等；PVC类产品包含聚氯乙烯、盐酸3 等。 二、主要产品的价格变动情况（不含税） 单位：元/吨 | 主要产品 | 2025年第一季度均 | 2024年第一季度均 | 变动幅度（%） | | --- | --- | --- | --- | | | 价 | 价 | | | 氯碱类产品 | 1,864.53 | 1,652.16 | 12.85 | | 其中：烧碱 | 3,043.76 | 2,632.36 | 15.63 | | MIBK类产品 | 8,112.90 | 12,136.24 | -33.15 | | PVC类产品 | 3,948.06 | - | - | 浙江镇洋发展股份 ...