Core Viewpoint - The company, Jiarong Technology, is planning to acquire control of Hangzhou Lanan Technology through a share issuance, leading to a significant asset restructuring and potential related party transactions [1][2]. Group 1: Acquisition Details - Jiarong Technology has signed a letter of intent with major shareholders of Hangzhou Lanan to purchase all shares through a share issuance [1]. - The transaction is expected to be completed within 10 trading days, with a disclosure of the transaction plan [1]. - The acquisition is anticipated to result in the major counterpart holding over 5% of Jiarong Technology post-transaction, constituting a related party transaction [1]. Group 2: Financial Performance - For the first three quarters, Jiarong Technology reported revenue of 362 million, a year-on-year decrease of 7.53%, while net profit attributable to shareholders increased by 12.95% [2]. - The company's net profit is projected to decline over the next three years, with estimates of 107 million, 58.07 million, and 50.20 million for 2022, 2023, and 2024 respectively [2]. - Jiarong Technology's gross profit margin stands at 41.18%, ranking favorably among peers in the water environment engineering equipment sector [2]. Group 3: Hangzhou Lanan Technology Background - Hangzhou Lanan, established in 2009, specializes in the research, production, and sales of ion exchange membranes and related equipment, which complements Jiarong Technology's membrane technology business [2]. - The company previously attempted to go public but withdrew its application due to regulatory issues, including financial misreporting and internal control failures [3]. - Hangzhou Lanan's overall valuation is estimated at approximately 1.28 billion based on a recent share transfer [2].

Core Viewpoint - The company, Jiarong Technology, is planning to acquire control of Hangzhou Lanran Technology Co., Ltd. through a share issuance and is expected to raise supporting funds, which may constitute a significant asset restructuring. The company's shares have been suspended since November 17, and a transaction plan is expected to be disclosed within 10 trading days [1][7]. Group 1: Company Overview - Jiarong Technology is a national high-tech enterprise focused on membrane separation technology and was listed on the ChiNext board in April 2022 [3]. - The company has been engaged in high-concentration wastewater treatment since 2009 and provides high-performance separation membrane materials, environmental equipment, and solutions for resource recycling [4]. Group 2: Financial Performance - Jiarong Technology's financial performance has been underwhelming, with revenues of 755.6 million yuan, 555.5 million yuan, and 556 million yuan from 2022 to 2024, and net profits of 107 million yuan, 58.1 million yuan, and 50.2 million yuan during the same period [4]. - In the first three quarters of 2025, the company reported revenues of 362 million yuan, a year-on-year decrease of 7.53%, while net profit increased by 12.95% to 59.3 million yuan [4]. Group 3: Acquisition Target - Hangzhou Lanran is a national high-tech enterprise specializing in the research and application of electrodialysis technology, with a focus on ion exchange membranes and related equipment [5]. - The company held an 8.88% share of the global market for electrodialysis equipment in 2021, ranking third, and maintained a leading position in the domestic market with a 41.27% share [6]. Group 4: IPO Attempt and Regulatory Issues - Hangzhou Lanran attempted to go public on the ChiNext board in June 2022 but withdrew its application in December 2022 after facing regulatory inquiries regarding its financial disclosures and operational practices [7][12]. - The company received a regulatory letter from the Shenzhen Stock Exchange in May 2023, citing violations related to income recognition and financial internal controls during its IPO application process [14].

来源：深交所 标的曾因信披财务失真IPO撤单 11月17日，嘉戎技术（301148.SZ）午间公告，公司正在筹划以发行股份等方式购买杭州蓝然技术股份有限公司（以下简称"杭州蓝然"） 控制权事项，同时拟募集配套资金，预计本次交易可能构成重大资产重组。 本次拟并购标的杭州蓝然曾因信披失真、财务内控违规吃到监管函而IPO折戟。另一方面，作为收购方的嘉戎技术也麻烦缠身：上市三年 核心募投项目一再延期，投资进度不足五成；公司营收连续下滑，归母净利润远未回升至上市前高点。 一边是标的历史合规污点待解，一边是自身经营承压，嘉戎技术的并购自救之路布满迷雾。 二、未如实披露研发费用核算不准确、财务内控不规范等情形。一是杭州蓝然将应计入营业成本的支出计入研发费用，导致报告期各期毛 利率分别多计1.26%、1.55%、2.18%和1.51%。二是公司存在使用个人卡代垫销售费用、将销售费用计入其他科目的情形，导致2021年、 2022年1-6月销售费用分别少计127.01万元、94.3万元。三是公司对于2021年以前的年度收入确认存在的错误，未采取会计差错更正方式进 行处理，而是采用跨年度反结账的方式调整收入确认时点。 值得一提的是 ...

值得注意的是，杭州蓝然曾"带病"闯关创业板IPO。2022年6月，杭州蓝然向深圳证券交易所递交了创业 板上市申请材料，并获得受理。但深交所现场督导发现，该公司存在严重的收入跨期确认问题，2022年 12月，杭州蓝然撤回了申请，终止了该次IPO。 2023年4月，深交所发布《发行上市审核动态》，将杭州蓝然作为典型监管案例予以警示。 嘉戎技术主营业务为特种膜分离材料、膜分离装备等产品及高浓度污废水处理服务，市场覆盖垃圾渗滤 液、工业废水等领域。2025年前三季度，公司实现营业收入3.62亿元，同比下降7.53%；归属于上市公 司股东的净利润5930.12万元，同比增长12.95%。 公司预计10个交易日内披露交易方案。若未能在期限内披露，公司最晚将于2025年12月1日复牌并终止 筹划事项，同时披露停牌期间相关工作进展。 杭州蓝然的产品线与嘉戎技术的膜技术业务存在协同性和互补性。公开资料显示，杭州蓝然以电渗析技 术研发与应用为核心，主要从事离子交换膜及组件、电渗析相关设备的研发、生产、销售及技术服务。 此外，杭州蓝然的子公司衢州蓝然新材料有限公司已建立年产85万平离子交换膜生产线；另一家子公司 杭州埃尔环保科技有 ...