截至8月26日收盘，美瑞新材报17.15元，较前一交易日下跌1.15%。当日成交额1.11亿元，换手率 2.69%，总市值73.38亿元。 美瑞新材是国内聚氨酯新材料及特种化工原料生产企业，主营产品包括热塑性聚氨酯弹性体、水性聚氨 酯等，应用于消费电子、汽车制造等领域。公司是当前国内唯一以TPU为主营业务的上市公司。 风险提示：本文不构成投资建议，市场有风险，投资需谨慎。 消息面上，公司8月26日接待了北京禹田资本等10家机构调研，重点介绍了聚氨酯产业园项目进展及新 产品开发情况。此前一日披露的半年报显示，公司上半年净利润同比增长25.25%，并宣布拟向子公司 增资不超过3.5亿元以推进项目建设。 资金流向方面，8月26日主力资金净流出3006.73万元，近五日累计净流出1125.19万元。 ...

Core Viewpoint - Huafeng Chemical (SZ002064) announced plans to acquire 100% equity of Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. through a combination of share issuance and cash payment, but the acquisition was terminated due to insufficient shareholder approval [1][11]. Group 1: Acquisition Details - The total consideration for the acquisition was set at 6 billion yuan in cash and 54 billion yuan in shares, with a proposed issuance of 879 million shares, representing 15.05% of the post-issue total share capital [2][4]. - The valuation reports indicated a significant premium, with Huafeng Synthetic Resin's equity valued at 4.045 billion yuan, reflecting a 506.96% premium over its book value, and Huafeng Thermoplastic's equity valued at 1.963 billion yuan, with a 478.49% premium [2][5]. Group 2: Financial Performance - Huafeng Chemical has experienced a decline in net profit for three consecutive years, with a 10.43% decrease in net profit year-on-year, despite a 2.41% increase in revenue last year [5][12]. - In contrast, Huafeng Synthetic Resin reported a revenue of 3.234 billion yuan and a net profit of 342 million yuan for 2024, while Huafeng Thermoplastic achieved a revenue of 3.181 billion yuan and a net profit of 163 million yuan [6][9]. Group 3: Shareholder Response - During the shareholder meeting, only 47.04% of the votes supported the acquisition proposal, with a significant portion of shares abstaining, primarily from "northbound" funds, indicating a lack of support for the transaction [11][12]. - The company acknowledged that the high abstention rate contributed to the failure of the proposal, and it plans to reassess the acquisition strategy, potentially increasing the cash component in future negotiations [12][10].