长江商报消息 ●长江商报记者 潘瑞冬 凤形股份（002760.SZ）计划进军新赛道。 12月17日晚间，凤形股份发布《发行股份购买资产并募集配套资金预案》，公司拟购买广东华鑫持有的 白银华鑫九和再生资源有限公司（简称"白银华鑫"）75%股权。 据了解，广东华鑫是凤形股份的间接控股股东，而标的公司白银华鑫是一家覆盖危险废物收集、无害化 处置、资源回收利用的环保企业，证载处置能力达75.5万吨/年。 拟收购白银华鑫75%股权 根据交易预案，凤形股份拟通过发行股份方式收购广东华鑫金属资源有限公司持有的白银华鑫75%股 权，并向不超过35名特定投资者募集配套资金，正式进军危险废物处置及再生资源回收利用领域。 本次收购对价将100%以发行股份方式支付，发行价格确定为17.07元/股，不低于定价基准日前120个交 易日公司股票交易均价的80%。 广东华鑫作为交易对方及上市公司间接控股股东，其通过本次交易取得的股份将锁定36个月，若交易完 成后6个月内公司股价低于发行价，锁定期将自动延长6个月。配套募集资金将用于标的资产项目建设、 补充流动资金及支付中介机构费用等。 凤形股份表示，此次收购是落实向有色矿山整体服务商转型升级 ...

Core Viewpoint - Fengxing Co., Ltd. plans to acquire 75% equity of Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd., which is expected to constitute a major asset restructuring [2][3] Group 1: Transaction Details - The acquisition involves issuing shares to purchase the equity from Guangdong Huaxin, with the total amount of raised funds not exceeding 100% of the transaction price [2] - The number of shares issued will not exceed 30% of the company's total share capital prior to the transaction [2] - The raised funds will be used for project construction, working capital, debt repayment, and intermediary fees related to the acquisition [2] Group 2: Company Background - Baiyin Huaxin, established in April 2021, focuses on hazardous waste disposal and recycling, with a processing capacity of 75,500 tons per year [3] - The company operates in a resource-rich area of Gansu Province, with stable raw material sources from long-term partnerships with local waste-producing units [3] Group 3: Financial Performance - Baiyin Huaxin's revenue for 2023 to the third quarter of 2025 is reported as 253 million, 366 million, and 307 million yuan, with net profits of 41.06 million, 72.75 million, and 72.67 million yuan respectively [4] - Post-acquisition, Baiyin Huaxin will become a subsidiary of Fengxing, enhancing the company's service offerings in the mining and non-ferrous metal sectors [4][5]

Core Viewpoint - The company,瑞泰科技, has reported a decline in both revenue and net profit for the first quarter of 2024, indicating a worsening performance compared to previous periods [1][2]. Group 1: Financial Performance - In Q1 2024, the company achieved an operating income of 980 million yuan, a year-on-year decrease of 13.71%, and a net profit of 16.49 million yuan, down 26.47% year-on-year [1]. - For the full year 2024, the company reported an operating income of 4.352 billion yuan, a decline of 5.98%, marking the second consecutive year of revenue decrease, with the decline rate accelerating [2]. - The net profit for 2024 was 57 million yuan, a year-on-year decrease of 21.68% [2]. Group 2: Business Segment Performance - Revenue from refractory materials for cement kilns and steel industries decreased by 19.29% and 6.98% respectively in 2024, while revenue from glass kiln refractory materials saw growth [2]. - The company's gross profit margin for 2024 was 14.75%, down 1.32 percentage points year-on-year, with specific declines in gross margins for cement kiln (down 3.81 percentage points), glass kiln (down 1.91 percentage points), and steel kiln (down 0.94 percentage points) refractory materials [2]. Group 3: Industry Challenges - The refractory materials industry is facing weakened profitability due to complex downstream conditions, with demand for refractory materials directly impacted by the macroeconomic environment and downstream industries [3]. - The steel demand has weakened overall due to ongoing adjustments in the domestic real estate market and stricter environmental policies, leading to declines in revenue and profit for key steel enterprises in 2024 [3]. - The cement market demand continues to fluctuate with downstream real estate investment and infrastructure projects, resulting in the lowest cement production levels since 2010 [3]. Group 4: Research and Development - The company has emphasized innovation and technology support for new market development, despite a reduction in R&D investment for the second consecutive year [4]. - As of the end of 2024, the company had 366 R&D personnel, an increase of 85.79%, with R&D staff constituting 12.66% of the total workforce, up 5.95 percentage points [4]. - The R&D expenditure for 2024 was 160 million yuan, a decrease of 9.09%, representing 3.67% of operating income, also a decline for two consecutive years [4].