12月29日晚，装饰复合材料龙头华立股份（603038）披露终止股份收购意向性协议公告。公告显示，交 易各方未能就交易核心条款达成共识，公司决定终止收购北京中科汇联科技股份有限公司（简称"中科 汇联"或"标的公司"）51%股份。 华立股份此前公告称，拟收购中科汇联事项，是公司将数字化板块业务进一步拓展的重要措施。中科汇 联是一家提供智能交互和决策、数智内容管理软件产品和解决方案的国家级专精特新"小巨人"企业。 数据显示，截至12月29日收盘，公司股价报16.59元/股，收盘涨幅为4.87%。 终止收购中科汇联51%股份 华立股份表示，终止本次拟收购事项不会对公司的生产经营及财务状况产生重大不利影响，也不会影响 公司未来的发展战略及经营规划。 未来，公司将继续围绕既定的战略目标，有序开展各项经营管理工作，积极地通过内生性发展和投资并 购等多元化的方式，推动公司长期健康发展，持续提升公司发展质量和公司价值，更好地回报全体股 东。 收购资产实现战略转型 依据华立股份2025年半年报，报告期内，公司完成收购尚源智能51%股权和广东华立数科70%股权，成 功实现战略转型，公司从定制·精装材料服务商转型为包括家居建材业务 ...

Core Points - The stock price of Huali Co., Ltd. dropped by 2.08% on November 4, trading at 20.20 CNY per share with a total market capitalization of 5.427 billion CNY [1] - The company has seen a year-to-date stock price increase of 23.93%, with a recent decline of 3.67% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Huali Co., Ltd. achieved a revenue of 978 million CNY, representing a year-on-year growth of 56.82% [2] - The net profit attributable to the parent company for the same period was 46.81 million CNY, reflecting a year-on-year increase of 34.15% [2] Business Overview - Huali Co., Ltd. was established on May 25, 1995, and went public on January 16, 2017, focusing on the research, design, production, and sales of decorative composite materials [2] - The main revenue sources for the company include edge strips (41.82%), surface panels (33.29%), water treatment equipment (20.11%), and other services [2] Shareholder Information - As of September 30, the number of shareholders for Huali Co., Ltd. was 32,700, a decrease of 12.12% from the previous period [2] - The average circulating shares per shareholder increased by 13.80% to 8,226 shares [2] Dividend Information - Huali Co., Ltd. has distributed a total of 175 million CNY in dividends since its A-share listing, with 30.79 million CNY distributed over the past three years [3]

Core Viewpoint - Huali Co., Ltd. is a well-known enterprise in the domestic decorative composite materials sector, focusing on R&D and sales, with strong technological innovation capabilities [1] Group 1: Business Performance - In Q3 2025, Huali achieved a revenue of 978 million yuan, ranking 8th among 17 companies in the industry, with the industry leader, Beixin Building Materials, generating 19.905 billion yuan [2] - The main business composition includes edge strips at 223 million yuan (41.82%), surface panels at 178 million yuan (33.29%), and water treatment equipment (including membrane components) at 107 million yuan (20.11%) [2] - The net profit for the same period was 62.5143 million yuan, ranking 4th in the industry, with the top performer, Beixin Building Materials, at 2.655 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Huali's debt-to-asset ratio was 42.98%, higher than the previous year's 26.16% and above the industry average of 34.66% [3] - The gross profit margin for Q3 2025 was 29.76%, an increase from 25.62% year-on-year, and also above the industry average of 19.88% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.12% to 32,700, while the average number of circulating A-shares held per account increased by 13.80% to 8,226.24 [5] Group 4: Leadership - The chairman and president, Dong Jiangang, has a rich background, holding multiple positions in various companies and possessing an EMBA degree [4]

Core Viewpoint - The stock price of Huali Co., Ltd. (603038.SH) has risen, yet major shareholder Xie Shaozhuang has reduced her holdings, indicating potential concerns about the company's long-term performance and shareholder confidence [1][3][9]. Shareholder Actions - Xie Shaozhuang reduced her stake by 3% from October 13 to October 20, cashing out approximately 146 million yuan [1][5]. - This reduction follows a history of multiple share reductions by Xie Shaozhuang and her husband, who remain significant shareholders with a combined 13.93% stake [1][3][6]. - Xie Zhikun, Xie Shaozhuang's brother and the company's executive president, also holds 3.82% of the shares and has previously engaged in share reductions [2][4]. Financial Performance - Huali Co., Ltd. reported a 40% increase in revenue for the first half of 2025, totaling 533 million yuan, but the net profit decreased by 1.49% to 18.11 million yuan, indicating a disconnect between revenue growth and profitability [3][12]. - Historical data shows that from 2020 to 2024, the company's revenue and net profit have fluctuated, with overall performance stagnating [11][12]. Company Background - Established in 1995, Huali Co., Ltd. focuses on the research, design, production, and sales of decorative composite materials, evolving into a comprehensive holding company with various business segments [10]. - The company has faced challenges in maintaining consistent profitability, with net profits showing significant volatility since its peak in 2016 [11][12].