北交所策略专题报告 2025 年 08 月 25 日 卓兆点胶收购广东浦森，设备与耗材强强联合客户互补，中报扭亏为盈 ——北交所策略并购专题报告第五期 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 政策鼓励北交所并购，前期并购事件推进中 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。此外，地方国资成立并购基 金的步伐也在加快，交易设计方面的创新层出不穷，上市公司亦借助并购重组的 力量积极拓展国际市场。定位为主要服务创新型中小企业的北交所，能够及时把 握并购机遇。我们认为，在北交所公司并购的趋势方向上，应重点关注：（1）同 一集团内优质资源整合；（2）新质生产力行业外延并购；（3）"强链补链"扩张 版图式并购。截至 2025 年 8 月 24 日，北交所共发生 32 家次重要投资并购事件。 卓兆点胶收购广东浦森 51%股权，是 "设备+耗材"协同并购的标杆案例 （1）交易设计：全资子公司苏州卓兆自动化科技有限公司以人民币 9,690 万元 收购广东浦森塑胶科技有限公司 ...

Core Insights - As of August 17, 25 companies listed on the Beijing Stock Exchange disclosed their 2025 semi-annual reports, with 22 companies reporting year-on-year revenue growth [1] - Notably, Zhuozhao Adhesive achieved the highest revenue growth rate at 207.46%, while several other companies, including Binhang Technology, Jinbo Biology, Tongxin Transmission, Haineng Technology, and Mingyang Technology, reported revenue growth rates exceeding 30% [1] - Zhuozhao Adhesive and Jinbo Biology plan to distribute interim dividends, indicating a commitment to returning value to investors [1] Revenue and Profit Performance - Among the 25 companies that disclosed their mid-year reports, 24 reported positive net profits, with only Optai experiencing a loss [2] - 18 companies saw year-on-year growth in net profit, with Zhuozhao Adhesive, Haineng Technology, and Yingtai Biology successfully turning losses into profits [2] - Zhuozhao Adhesive reported a revenue of 156 million yuan, a 207.46% increase year-on-year, and a net profit of 26.78 million yuan, recovering from a loss of 12.03 million yuan in the same period last year [2] - The growth in Zhuozhao Adhesive's performance is attributed to increased demand in end-use applications, accelerated acceptance of existing projects, progress in new market development, and improved cost control and operational efficiency [2] Sector-Specific Insights - Yingtai Biology also turned a profit in the first half of 2025, reporting a revenue of 2.966 billion yuan, a 3.04% increase, and a net profit of 15.29 million yuan, recovering from a loss of 79.38 million yuan [3] - The agricultural chemical sector is experiencing a structural recovery, with improved supply and demand dynamics and price increases in certain product segments due to seasonal demand and overseas restocking [3] - Haineng Technology reported a total revenue of 136 million yuan, a 34.87% increase, and a net profit of 5.47 million yuan, recovering from a loss of 14.02 million yuan [3] - The company is focusing on high-efficiency chromatography instruments and expanding into new market segments, which contributed to a 61.71% increase in revenue from chromatography and spectroscopy products [3] Dividend Distribution Plans - As of August 17, Zhuozhao Adhesive, Jinbo Biology, and two other companies plan to distribute a total cash dividend of 176 million yuan [4] - Zhuozhao Adhesive plans to distribute 2.20 yuan per 10 shares, totaling approximately 18.06 million yuan [4] - Jinbo Biology intends to distribute 10 yuan per 10 shares, amounting to about 115 million yuan, with a revenue of 859 million yuan and a net profit of 392 million yuan, reflecting a year-on-year growth of 42.43% and 26.65%, respectively [4] - Mingyang Technology plans to distribute 2.25 yuan per 10 shares, with a total cash dividend of around 30 million yuan, reporting a revenue of 167 million yuan and a net profit of 31.88 million yuan, a slight decrease of 4% year-on-year [4] - Jianbang Technology also announced a cash dividend of 2 yuan per 10 shares, totaling approximately 13.16 million yuan, with a revenue of 375 million yuan and a net profit of 49.41 million yuan, reflecting a year-on-year growth of 20.77% and 27.18%, respectively [5]

Core Insights - As of August 17, 25 companies listed on the Beijing Stock Exchange disclosed their 2025 semi-annual reports, with 22 companies reporting year-on-year revenue growth [1][2] - Notably, Zhuozhao Adhesive achieved the highest revenue growth rate at 207.46%, while several other companies, including Xingbo Biology and Mingyang Technology, also reported revenue growth exceeding 30% [1][2] Revenue Growth - Zhuozhao Adhesive reported a revenue of 156 million yuan, marking a year-on-year increase of 207.46% and a net profit of 26.78 million yuan, recovering from a loss of 12.03 million yuan in the same period last year [2] - The revenue growth for Zhuozhao Adhesive was attributed to increased demand in end-use applications, accelerated acceptance of existing projects, progress in new market development, and improved cost control and operational efficiency [2] - Xingbo Biology achieved a revenue of 2.966 billion yuan, with a year-on-year growth of 3.04%, and a net profit of 15.29 million yuan, recovering from a loss of 79.38 million yuan last year [3] - Haineng Technology reported total revenue of 136 million yuan, a year-on-year increase of 34.87%, and a net profit of 5.47 million yuan, recovering from a loss of 14.01 million yuan in the previous year [3] Dividend Distribution - Zhuozhao Adhesive, Xingbo Biology, and other companies plan to distribute a total cash dividend of 176 million yuan [4] - Zhuozhao Adhesive announced a cash dividend of 2.20 yuan per 10 shares, totaling approximately 18.06 million yuan [4] - Xingbo Biology plans to distribute a cash dividend of 10 yuan per 10 shares, amounting to about 115 million yuan [4] - Mingyang Technology intends to distribute a cash dividend of 2.25 yuan per 10 shares, totaling around 3 million yuan [4] - Jianbang Technology announced a cash dividend of 2 yuan per 10 shares, totaling approximately 1.32 million yuan [5]

Group 1: Company Performance - As of August 17, 25 companies listed on the Beijing Stock Exchange disclosed their 2025 semi-annual reports, with 22 companies achieving year-on-year revenue growth [1] - Zhuozhao Adhesive reported the highest revenue growth rate at 207.46%, followed by companies like Xinghang Technology, Jinbo Biology, Tongxin Transmission, Haineng Technology, and Mingyang Technology, all exceeding 30% growth [1] - Zhuozhao Adhesive achieved a revenue of 156 million yuan and a net profit of 26.78 million yuan, recovering from a loss of 12.03 million yuan in the same period last year [2] - Yingtai Biology also turned a profit with a revenue of 2.966 billion yuan, a year-on-year increase of 3.04%, and a net profit of 15.29 million yuan, recovering from a loss of 79.38 million yuan [3] - Haineng Technology reported a total revenue of 136 million yuan, a year-on-year increase of 34.87%, and a net profit of 5.47 million yuan, recovering from a loss of 14.01 million yuan [3] Group 2: Dividend Plans - Zhuozhao Adhesive, Jinbo Biology, and two other companies plan to distribute a total cash dividend of 176 million yuan [4] - Zhuozhao Adhesive plans to distribute 2.20 yuan per 10 shares, totaling approximately 18.06 million yuan [4] - Jinbo Biology plans to distribute 10 yuan per 10 shares, totaling approximately 115 million yuan [4] - Mingyang Technology plans to distribute 2.25 yuan per 10 shares, totaling approximately 3 million yuan [4] - Jianbang Technology plans to distribute 2 yuan per 10 shares, totaling approximately 1.32 million yuan [5]

● 本报记者 杨洁 截至8月17日，有25家北交所上市公司披露2025年半年报，其中有22家公司实现营业收入同比增长，卓 兆点胶营收同比增速目前高居榜首，达207.46%，并行科技、锦波生物、同心传动、海能技术、明阳科 技的营收增速也在30%以上。同时记者注意到，卓兆点胶、锦波生物等公司计划进行中期分红，积极回 报投资者。 多家公司业绩改善 净利润方面，25家披露中报的北交所公司中，除了欧普泰的归母净利润出现亏损，其余24家公司的归母 净利润均为正。同时，18家公司的归母净利润实现同比增长，卓兆点胶、海能技术、颖泰生物等公司归 母净利润实现扭亏为盈。 记者注意到，截至8月17日，卓兆点胶、锦波生物等4家北交所公司计划中期分红，合计拟派发现金红利 1.76亿元。 卓兆点胶公告称，公司目前总股本为8207.72万股，计划以未分配利润向全体股东每10股派发现金红利 2.20元（含税），预计派发现金红利1805.70万元。 锦波生物公告称，公司目前总股本为1.15亿股，计划以未分配利润向全体股东每10股派发现金红利10元 （含税），预计派发现金红利1.15亿元。上半年，公司实现营业收入8.59亿元，同比增长42.43 ...

Core Viewpoint - The article highlights the significant performance of Zijin Mining in Q1 2025, showcasing its revenue growth and profit increase, alongside the upcoming stock unlock events in the A-share market. Group 1: Zijin Mining Performance - Zijin Mining reported a Q1 2025 revenue of 789.28 billion, representing a year-on-year growth of 5.55% and a net profit of 101.67 billion, up 62.39% year-on-year, attributed to improved operational management and increased production of key minerals [3][5]. - The production data indicates a 13% increase in gold output and a 9% increase in copper output, while zinc production saw a 10% decline. The company's gross profit margin reached 59.94%, an increase of 5.44 percentage points year-on-year [5]. Group 2: Stock Unlock Events - Next week, 31 stocks will have their lock-up lifted, with a total unlock market value exceeding 11 billion [8]. - Among the stocks, 10 will have unlock values over 500 million, with Zhuozhao Point Glue and Weijie Chuangxin leading at 1.799 billion and 1.753 billion respectively [9]. - The unlock ratio, which reflects the impact on stock prices, shows that 15 of the 31 stocks have an unlock ratio exceeding 5%, with 8 stocks over 10% [12]. - Zhuozhao Point Glue has the highest unlock ratio at 71.66%, followed by Jindao Technology at 37.5%, and others exceeding 25% [13].

证券简称： 卓兆点胶 证券代码： 873726 江苏省苏州市高新区五台山路 189 号 苏州卓兆点胶股份有限公司 苏州卓兆点胶股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经营与收 益变化或者股票价格变动引致的投资风险。 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露 ...

证券简称： 卓兆点胶 证券代码： 873726 苏州卓兆点胶股份有限公司 江苏省苏州市高新区五台山路 189 号 苏州卓兆点胶股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书注册稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资 ...

证券简称： 卓兆点胶 证券代码： 873726 江苏省苏州市高新区五台山路 189 号 苏州卓兆点胶股份有限公司 苏州卓兆点胶股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资 ...

中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 证券简称： 卓兆点胶 证券代码： 873726 江苏省苏州市高新区五台山路 189 号 苏州卓兆点胶股份有限公司 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 苏州卓兆点胶股份有限公司招股说明书（申报稿） 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经营与收 益变化或者股票价格 ...