9月16日，捷强装备（300875）公布，根据公司战略发展规划及实际经营情况，公司于2025年9月15日与 武汉市碳翁科技有限公司（以下简称"武汉碳翁"）签署《股权转让协议》，拟通过现金支付方式以人民 币4690.00万元收购武汉碳翁持有的山东碳寻51.00%的股权。 公告显示，标的公司山东碳寻主要从事纳米级碳材料及相关产品的研发、生产及销售，目前主要产品为 碳纳米管导电浆料。 捷强装备称，本次交易是基于公司对标的公司及纳米级碳材料领域的前沿方向进行充分调研和评估所作 出的决策，有利于公司扩大收入规模、增强盈利能力，有利于整合公司与标的公司的资源和优势，实现 资源共享、共同发展，符合公司目前实际经营情况和未来发展需要。 截至评估基准日2025年5月31日，标的公司山东碳寻的净资产账面价值为586.32万元，而采用收益法评 估的价值达1.03亿元，评估增值率为1656.72%。经友好协商，双方确定收购山东碳寻51%股权作价为 4690万元。 来源：公司公告 公开信息显示，捷强装备于2005年成立，2020年8月在深交所创业板上市，主要从事核化生防御装备核 心部件的研发、生产、销售和专业服务，为军队提供各通用型号 ...

交易完成后，山东碳寻将成为捷强装备的控股子公司，并被纳入合并报表范围。 公告显示，截至2025年5月31日，山东碳寻的总资产账面价值为10304.55万元，净资产为586.32万元。 每经记者｜彭斐 每经编辑｜张海妮 在主营业务面临盈利压力的背景下，捷强装备（SZ300875，股价45.30元，市值45.23亿元）选择跨界并 购，将目光投向了炙手可热的新材料领域。 9月16日晚间，捷强装备公告，公司于当天与武汉市碳翁科技有限公司（以下简称武汉碳翁）签署协 议，拟以4690万元现金收购其持有的山东碳寻新材料有限公司（以下简称山东碳寻）51%股权。 《每日经济新闻》记者注意到，截至评估基准日2025年5月31日，标的公司山东碳寻的净资产账面价值 为586.32万元，而采用收益法评估的价值达1.03亿元，评估增值率为1656.72%。交易背后，转让方武汉 碳翁也给出了业绩承诺：确保山东碳寻在2025年至2027年的3个年度内，累计实现净利润不低于5500万 元。 对于主营业务为核生化安全装备的捷强装备而言，此次收购是一次大刀阔斧的跨界尝试。在今年上半年 业绩同比大幅下滑的背景下，通过并购切入目前主要产品为碳纳米管导 ...

9月16日晚间，捷强装备（300875）发布公告，公司拟以现金方式收购山东碳寻新材料有限公司(以下简 称"山东碳寻")51%股权，交易价格为4690万元。交易完成后，山东碳寻将成为公司控股子公司，纳入 合并报表范围。 捷强装备从事核生化安全装备及核心部件的研发、生产、销售和服务，主要产品包括核辐射监测设备、 生物检测设备、应用于各通用型号核生化洗消装备的液压动力系统、其他核生化安全装备及配件、核生 化安全装备技术服务等，覆盖核生化安全领域侦察、防护、洗消等环节。 捷强装备跨界收购山东碳寻，或与公司近年来业绩承压有一定关系。2022年至2024年，公司营收在1亿 元至3亿元之间徘徊，净利润已连续三年陷入亏损。今年上半年，公司实现营业收入1.07亿元，同比增 长1.44%；净利润-868.66万元，仍处于亏损状态。 对于业绩下滑的原因，捷强装备表示，一方面是由于市场竞争激烈，占营收大头的核辐射监测产品毛利 率同比下降8.92个百分点至37.96%，导致净利润减少；另一方面，液压动力系统产品订单减少，叠加产 品价格调整，该板块毛利降幅较大。 在2024年年报中，捷强装备曾表示2025年将在核生化安全领域继续争夺重点 ...

Core Viewpoint - Tianjin Jieqiang Power Equipment Co., Ltd. has faced significant operational instability since its listing, with fluctuating revenues and increasing losses, particularly in 2024, indicating a challenging business environment [2][6][21]. Revenue Performance - The company experienced a sharp decline in revenue after its listing, with a notable recovery in 2023, but is projected to face a drastic drop in 2024, highlighting ongoing volatility [2][4]. - In 2024, all business segments are expected to decline, with the hydraulic power system reporting negative revenue, a rare occurrence in the industry [4][10]. - Revenue fluctuations have been extreme, with instances of negative revenue reported in 2024, indicating severe operational challenges [14][15]. Profitability Metrics - The company has recorded three consecutive years of losses, with the loss amount expanding significantly due to plummeting revenues [6][10]. - Gross margin has been declining for years, with 2024 seeing a drop to negative figures, suggesting an abnormal operational year [8][10]. - The main business profitability has decreased from an 8.1% margin in 2021 to a loss in 2023, with total costs in 2024 projected to be double the revenue [10][12]. Asset and Cash Flow Analysis - Asset impairment losses have exceeded revenue, with net losses reaching 145 million yuan, primarily due to inventory and goodwill impairment [12]. - Operating cash flow has shown some resilience, with net outflows being manageable, although the company has been reducing its total assets [17][19]. Debt and Financial Stability - Despite declining short- and long-term solvency, the company maintains strong debt repayment capabilities in the short term, though the sustainability of this position is uncertain [19]. - The company has been investing in fixed assets even as revenues and profits decline, raising questions about the rationale behind such investments [17]. Industry Context - The military-related industry appears lucrative but has limited growth potential, heavily influenced by the strategic directions of major clients [21][22].

Core Viewpoint - Tianjin Jieqiang Power Equipment Co., Ltd. has faced significant financial challenges, reporting a net loss of 278 million yuan in 2024, marking a 309.78% year-on-year increase in losses, and accumulating total losses of 363 million yuan over three years [1][3][4] Financial Performance - In 2024, the company's total revenue plummeted by 52.81% to 138 million yuan, continuing a downward trend since 2022 [1][4] - The net profit attributable to shareholders has shown a consistent decline, with losses of 17 million yuan in 2022, 68 million yuan in 2023, and 278 million yuan in 2024, reflecting year-on-year decreases of 156.22%, 289.68%, and 309.78% respectively [3][4] Product Line Performance - The hydraulic power system, which previously accounted for over 90% of revenue, saw its income drop from 243 million yuan in 2020 to a negative 63.4 million yuan in 2024, indicating a severe decline in this core business [1][6] - Other product lines, including biological detection equipment and nuclear biochemical safety equipment, also experienced significant revenue declines in 2024, with biological detection equipment revenue falling to 7.36 million yuan (down 3.43%) and nuclear biochemical safety equipment revenue down 39.01% to 56.99 million yuan [7][8] Asset Impairment - The company has recorded substantial asset impairment losses, totaling 290 million yuan over four years, which has severely impacted profitability [8][9] - In 2024, asset impairments increased by 181.54% to 160.27 million yuan, driven by goodwill impairment, inventory impairment, and accounts receivable impairment [4][9] Cash Flow Situation - The company reported a net cash outflow from operating activities of -36.12 million yuan in 2023, a drastic decline of 7440.59% year-on-year, primarily due to reduced sales collections [4][8] - Overall, the net increase in cash and cash equivalents was -183.81 million yuan, a decrease of 90.48% compared to the previous year [4]