11月18日，停牌多日的亚星化学（600319.SH）携重大资产重组预案复牌，股价经历 "两连板"后震荡调整，而在此之前，公司股价已从年初至停牌日累计上 涨85.42%，与2025年前三季度1.44亿元的净利润亏损形成反差。 此外，在山东高新投转让了天一化学部分股权后，天一化学的业绩出现"大变脸"：2021年公司实现2.4亿元的净利润，2022年前7个月净利润也超过2亿元， 但是到2023年净利润仅剩0.54亿元（未经审计），并且直到2025年上半年业绩也未回到当年水平，半年净利润只有0.34亿元（未经审计）。 对于业绩持续承压的亚星化学而言，这场收购能否助其摆脱亏损泥潭，仍待时间检验，而标的业绩稳定性、交易细节落地等问题也成为市场关注焦点。亚星 化学拟收购天一化学：价格未定，股价走出"过山车"行情 11月18日，停牌多日的亚星化学携重大资产重组预案复牌，随后收获2个涨停，在涨停开板后连续下跌，三个交易日累计下跌20.89%，如"过山车"走势。目 前公司股价已跌回公告前价格：截至11月24日，公司股价收于8.52元/股。 每经资本眼专栏记者注意到，早在本次并购案公布之前，亚星化学的股价就已有不小涨幅。从今年首 ...

Group 1: AI and Digital Marketing - Company is developing OrangeGPT, an AI training and big data analysis platform that integrates RAG technology and industry marketing knowledge, capable of multimodal generation including text and image [2] - FastMai Xiaozhi, a subsidiary, has integrated and supports DeepSeek; the company has also opened public testing for its intelligent agent [2] - Company has established strong partnerships in digital marketing with platforms like Douyin, Xiaohongshu, and Bilibili, accumulating a large number of quality clients [2] Group 2: Semiconductor and Storage - Company focuses on semiconductor storage products, primarily NAND and DRAM, with a subsidiary that has products applicable in data centers [2] - Company is involved in the lithium resource extraction and recycling business, with projects in Tibet and Argentina, and has completed a lithium carbonate production line with an annual capacity of 2,000 tons [3] Group 3: Consumer Goods and Retail - Company is a leading domestic men's pants brand located in Xiamen, Fujian, and has seen significant stock performance with five consecutive trading limits [3] - Company operates in the daily ceramic products sector and has also experienced a strong stock performance with three consecutive trading limits [3] Group 4: Strategic Acquisitions and Investments - Company plans to acquire Tianyi Chemical, a leader in brominated flame retardants [4] - Company intends to invest up to 540 million in acquiring Kuixin Technology, expanding into the semiconductor sector [4] - Company is involved in the natural gas business and plans to purchase related assets from its controlling shareholder [4] Group 5: Free Trade and Economic Development - High-standard construction of Hainan Free Trade Port is underway, with a closure set to start on December 18 [5] - Company has significant land holdings in Hainan for industrial use, focusing on non-woven fabric products [5] Group 6: Robotics and Automation - Company specializes in intelligent control valves, essential for industrial internet and IoT applications [4] - Company is developing intelligent cockpit and assisted driving products, with several features already implemented [5]

近5日资金流向一览见下表： 该股为液氯，山东国企改革，国企改革概念热股。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，亚星化学11月18日涨停收盘，收盘价9.79元。该股于9点25分涨停，未打开涨停，截止 收盘封单资金为1.94亿元，占其流通市值5.12%。 今日亚星化学涨停的可能因素有：1. 重大资产重组驱动：公司拟通过发行股份及支付现金方式收购天一 化学100%股权，标的公司在溴系阻燃剂领域产能国内最大，核心产品市占率超50%，形成产业链互 补；2. 新材料项目投产预期：4.5万吨/年高端新材料PVDC项目已基本建成，计划四季度投运，预计新 增年收入6.8亿元；3. 非公开增发支持：配套募资预案获控股股东潍坊城投参与认购，国资股东提供资 金及资源支持；4. 行业格局优化：溴素进口依赖度上升背景下，整合标的公司技术壁垒及市场份额，增 强长期竞争力。 ...

停牌10个交易日后，11月17日晚间，亚星化学（600319）披露重组预案，公司拟通过发行股份及支付现金的方式购买天一控股等24名股东持有的天一化学 100%股权。同时，上市公司拟向包括潍坊市城投集团在内的不超过35名符合条件的特定投资者发行股份募集配套资金。 | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 山东天一控股集团股份有限公司等 24 名山东天 | | | 一化学股份有限公司股东 | | 募集配套资金 | 包括潍坊市城市建设发展投资集团有限公司在内 | | | 的不超过 35 名符合条件的特定对象 | 公告显示，此次发行股份价格以定价基准日前120个交易日亚星化学A股股票交易均价的80%为依据，作价5.83元/股。 交易完成后，天一化学将成为上市公司全资子公司并纳入合并报表范围，公司控股股东仍为潍坊市城投集团，实际控制人仍为潍坊市国资委。 本次交易预计构成重大资产重组、构成关联交易、预计不构成重组上市。公司股票将于11月18日开市起复牌。 天一化学是国内溴系阻燃剂龙头供应商之一，是国家首批认定的高新技术企业、国家专精特新"小巨人"企业，业务涵盖溴系 ...

Core Viewpoint - Yaxing Chemical plans to acquire 100% equity of Tianyi Chemical, with stock resuming trading on November 18 after a two-week suspension [2]. Group 1: Acquisition Details - The board of Yaxing Chemical has approved the acquisition proposal, which is expected to constitute a major asset restructuring for the listed company [5]. - Tianyi Chemical, established in October 2002, specializes in the research, production, and sales of bromine series products, with some products holding the highest market share in China [5]. - Prior to the acquisition, Yaxing Chemical's main products included chlorinated polyethylene (CPE), polyvinylidene chloride (PVDC), and other chemical materials [5]. Group 2: Product and Market Impact - Post-acquisition, Yaxing Chemical will expand its product offerings to include bromine series fine chemical products such as tetrabromobisphenol A and brominated epoxy resin, enhancing its product layout and profitability [5]. - The acquisition is expected to solidify Yaxing Chemical's industry position and support its ongoing development [5]. Group 3: Financial Performance - In the first three quarters of the year, Yaxing Chemical reported revenue of 641 million yuan, a year-on-year decrease of 2.53%, and a net loss attributable to shareholders of 144 million yuan, down 46.4% year-on-year [5]. - Prior to the suspension, Yaxing Chemical's stock was priced at 8.9 yuan per share, with a total market capitalization of 3.451 billion yuan [5].

【导读】亚星化学拟收购天一化学100%股权，股票明日复牌 中国基金报记者 忆山 停牌两周后，11月17日， 亚星化学 发布公告称，公司董事会已审议通过了相关议案，公司 股票将于11月18日复牌。 根据公告，亚星化学拟通过发行股份及支付现金的方式购买天一控股等24名股东持有的山东 天一化学股份有限公司（以下简称天一化学）100%股权。同时，公司拟向包括潍坊市城投集 团在内的不超过35名符合条件的特定投资者发行股份募集配套资金。 截至预案签署日，本次交易的审计及评估工作尚未完成，标的资产估值及定价尚未确定。亚 星化学预计本次交易构成上市公司重大资产重组。 资料显示，天一化学成立于2002年10月，是一家专业从事溴系列产品研发、生产和销售的企 业。公司主要产品分为溴系阻燃剂、均相离子膜、水性功能材料及钾盐钾肥四大板块，部分 产品市场占有率全国第一。 本次交易前，亚星化学主营氯化聚乙烯（CPE）、聚偏二氯乙烯（PVDC）、离子膜烧碱、水 合肼、ADC发泡剂、双氧水等产品，同时从事新型化学材料的开发和研究。 | | | 交易完成后，亚星化学的主要产品将新增溴系列精细化工产品，包括四溴双酚A、溴化环氧树 脂、溴化聚苯乙烯 ...

在停牌10个交易日后，潍坊亚星化学（600319）股份有限公司（以下简称"亚星化学"）于11月17日晚间 披露重大资产重组预案。公司拟通过发行股份及支付现金方式，收购山东天一化学股份有限公司（以下 简称"天一化学"）100%股权，并募集配套资金。公司股票将于11月18日起复牌。 收购标的为细分领域"隐形冠军" 根据预案，亚星化学拟向山东天一控股集团股份有限公司等24名股东购买其持有的天一化学100%股 权。交易对价将由发行股份及支付现金两部分组成，具体比例尚未确定。经交易各方友好协商，本次交 易发行股份的价格为5.83元/股，不低于定价基准日前120个交易日上市公司A股股票交易均价的80%。 亚星化学主业承压并购谋变 对于亚星化学而言，此次收购具有战略转型意义。 预案指出，亚星化学自2019年底生产厂区实施整体搬迁以来，主营业务氯化聚乙烯（CPE）的行业竞争 格局被重塑，公司处于产能恢复期，经营成效承压。财务数据显示，公司2025年前三季度净利润为亏损 1.44亿元，资产负债率高达85.15%，亟需通过外延式发展提升盈利能力。 与此同时，公司拟向包括控股股东潍坊市城投集团在内的不超过35名特定投资者募集配套资 ...

Core Viewpoint - Yaxing Chemical (600319) has announced a major asset restructuring plan to acquire 100% equity of Shandong Tianyi Chemical Co., Ltd. through a combination of share issuance and cash payment, aiming to deepen its presence in the salt chemical sector and enhance its product matrix [1][2] Group 1: Acquisition Details - The acquisition involves issuing shares at a price of 5.83 yuan per share, based on 80% of the average trading price over the previous 120 trading days [2] - The company will also raise supporting funds to cover cash payments, transaction taxes, integration costs, and to enhance liquidity for both the listed company and the target asset [2] - Upon completion, Tianyi Chemical will become a wholly-owned subsidiary of Yaxing Chemical, with the controlling shareholder remaining as Weifang City Investment Group [2] Group 2: Tianyi Chemical's Strengths - Tianyi Chemical is recognized as a "hidden champion" in the brominated flame retardant sector, holding over 50% market share in China [3] - The company has established strong technical barriers in its membrane materials business, contributing to national supply chain security [3] - Tianyi Chemical's financials show robust revenue and profit projections, with expected revenues of 1.283 billion yuan in 2023 and net profits of 54 million yuan [3] Group 3: Strategic Development Framework - Yaxing Chemical aims to build a multi-polar development framework focusing on "chlor-alkali + PVDC new materials + brominated flame retardants," enhancing business synergy and risk diversification [4][5] - The company is currently in a capacity recovery phase following a relocation of its production facilities, and the acquisition is seen as a strategic move to optimize operations and achieve growth [4][5] Group 4: Future Growth Potential - Yaxing Chemical's new projects, including a 45,000-ton high-end new materials (PVDC) project, are expected to enhance its sustainable development capabilities [6] - The restructuring is positioned as a strategic layout during a critical transformation period for the traditional chemical industry, aimed at improving operational strength and opening up growth opportunities [6]

Core Viewpoint - Yaxing Chemical (600319.SH) is planning to acquire control of Shandong Tianyi Chemical Co., Ltd. through a combination of issuing shares and cash payments, while also raising matching funds through share issuance [2][4] Group 1: Acquisition Details - Tianyi Chemical is a leading player in the brominated flame retardants sector and had previously planned for an IPO in 2022, which was later withdrawn in 2023 due to tightened IPO reviews and a policy shift favoring mergers and acquisitions [3][9] - Yaxing Chemical signed an investment cooperation agreement with Tianyi Holdings, the largest shareholder of Tianyi Chemical, to acquire its shares and control of Tianyi Chemical [4][5] - The final transaction price will be determined based on an evaluation report from a qualified assessment agency, with negotiations among the parties involved [4][5] Group 2: Financial Performance - Yaxing Chemical has faced significant financial challenges, reporting a net loss of 112 million yuan in 2023 and a cumulative loss of 412 million yuan by the third quarter of 2025 [6][8] - The company’s performance has been impacted by supply-demand imbalances, increased production capacity, and a weak domestic real estate market, leading to intensified competition and reduced profit margins [7][8] - As of September 2025, Yaxing Chemical's debt pressure is evident with an asset-liability ratio of 85.15% and short-term borrowings of 671 million yuan [8] Group 3: Tianyi Chemical's Performance - In contrast, Tianyi Chemical has shown strong financial performance, with reported revenues of 1.638 billion yuan and a net profit of 240 million yuan in 2021 [9] - The company aimed to achieve sales revenue exceeding 1.9 billion yuan in 2024, alongside significant tax contributions [9] - Tianyi Chemical had previously engaged in preparations for an A-share IPO, which included signing a counseling agreement with Dongxing Securities, but later withdrew its listing plans [9] Group 4: Market Impact - Yaxing Chemical's stock price has surged by 85.42% year-to-date as of November 4, enhancing its capacity for mergers and acquisitions by increasing its market capitalization [10]

Group 1 - The core viewpoint of the article is that Yaxing Chemical is planning to acquire control of Shandong Tianyi Chemical through a combination of share issuance and cash payment, while also raising matching funds through share issuance [2] - Yaxing Chemical is a leading company in the global chlorinated polyethylene (CPE) industry, specializing in chlor-alkali chemical products, but has faced significant operational challenges due to cyclical industry fluctuations, resulting in a net profit loss of 97.03 million yuan in 2024 [2] - Tianyi Chemical, the target of the acquisition, is recognized as a "hidden champion" in the domestic bromine chemical sector, with an annual production capacity exceeding 60,000 tons and an annual output value reaching around 1 billion yuan [3] Group 2 - Tianyi Chemical has previously expressed intentions to enter the capital market, having signed a counseling agreement with Dongxing Securities in November 2022 to prepare for an A-share listing, but later withdrew its listing counseling record by the end of 2023 [4] - In 2021, Tianyi Chemical achieved a revenue of 1.638 billion yuan and a net profit of 240 million yuan, while in the first seven months of 2022, it reported a revenue of 1.178 billion yuan and a net profit of 227 million yuan [3]