Overview of the Merger - The merger involves Zhejiang Huhangyong Expressway Co., Ltd. absorbing Zhejiang Zhanyang Development Co., Ltd. through a share exchange, with Zhejiang Huhangyong as the absorbing party and Zhejiang Zhanyang as the absorbed party [10][23] - After the merger, Zhejiang Zhanyang will terminate its listing and eventually deregister as a legal entity, while Zhejiang Huhangyong will inherit all assets, liabilities, and rights of Zhejiang Zhanyang [10][23] Share Exchange Details - The share exchange ratio is set at 1:1.0800, meaning each share of Zhejiang Zhanyang will be exchanged for 1.0800 shares of Zhejiang Huhangyong [12][13] - The issuance price for Zhejiang Huhangyong's A shares is set at RMB 13.50 per share, with a premium of 29.83% over the average price of Zhejiang Zhanyang's shares [11][12] Financial Implications - As of the signing of the proposal, Zhejiang Zhanyang has a total share capital of 441,895,215 shares, leading to the issuance of approximately 477,246,833 shares of Zhejiang Huhangyong for the merger [13] - The merger is classified as a major asset restructuring, with Zhejiang Huhangyong's total assets exceeding 50% of Zhejiang Zhanyang's total assets as of the end of 2024 [27] Regulatory and Compliance Aspects - The transaction is considered a related party transaction due to both companies being controlled by the same entity, the Transportation Group [27] - The merger does not constitute a restructuring listing, as there has been no change in control within the last 36 months [27] Cash Dividend Policy - Following the merger, Zhejiang Huhangyong plans to implement a cash dividend policy, ensuring a minimum annual cash distribution of RMB 0.4100 per share for the next three years, subject to legal and regulatory compliance [28] Business Impact - The merger is expected to enhance Zhejiang Huhangyong's operational capabilities, as it combines its expressway management expertise with Zhejiang Zhanyang's focus on chemical products, including chlor-alkali products and high-purity hydrogen [28]

证券代码：603213 证券简称：镇洋发展 公告编号：2025-043 转债代码：113681 转债简称：镇洋转债 浙江镇洋发展股份有限公司 单位：元/吨 | 主要产品 | 2025年上半年均价 | 2024年上半年均价 | 变动幅度（%） | | --- | --- | --- | --- | | 氯碱类产品 | 1,796.79 | 1,704.50 | 5.41 | | 其中：烧碱 | 2,982.67 | 2,606.80 | 14.42 | | MIBK类产品 | 7,977.60 | 12,746.04 | -37.41 | | PVC类产品 | 3,920.24 | 4,637.13 | -15.46 | 三、主要原材料的价格变动情况（不含税） 单位：元/吨 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 浙江镇洋发展股份有限公司（以下简称"公司"）根据《上海证券 交易所上市公司自律监管指引第3号行业信息披露：第十三号——化工》 的相关要求，现将2025年上半年主要经营数据披露如下： 一、 主要产品的产量、销售 ...

Group 1: Mergers and Acquisitions Overview - During the period from August 15 to August 21, 2025, three listed companies announced new mergers and acquisitions: Zhenyang Development, Tongye Technology, and ST Jinggu, involving three M&A events across the basic chemicals, machinery equipment, and agriculture, forestry, animal husbandry, and fishery industries [1][9]. Group 2: Zhenyang Development - Zhenyang Development primarily engages in the research, production, and sales of chlor-alkali related products, with core products including chlor-alkali products, MIBK products, and PVC products. The chlor-alkali products are widely used in agriculture, electricity, petrochemicals, pharmaceuticals, metallurgy, new energy materials, light industry, textiles, and dyeing [2][10]. - In 2024, Zhenyang Development achieved a main business revenue of 2.898 billion yuan, representing a year-on-year growth of 37.06%, primarily driven by the production and sales of PVC products [2][10]. - The company is undergoing a stock swap merger with Zhejiang Huhangyong Expressway Co., Ltd., which plans to issue A-shares to Zhenyang Development's shareholders [2][10]. Group 3: Tongye Technology - Established in 2000, Tongye Technology specializes in the rail transit industry, with three core product lines: power products, intelligent control products, and motors and fans, covering various rail transit scenarios such as locomotives, subways, and high-speed trains [3][11]. - The company has a nationwide after-sales service network, providing regular maintenance and repair services to ensure the normal operation of equipment. It serves domestic clients like China Railway Corporation and China CRRC, while also exporting products to countries including Kazakhstan, Uzbekistan, Belarus, and South Africa [3][11]. - Tongye Technology plans to acquire 100% of Beijing Silingke Semiconductor Technology Co., Ltd. through a cash payment, aiming to enhance its overall layout and expand its scale and operational performance [3][11]. Group 4: ST Jinggu - ST Jinggu is primarily engaged in the manufacturing of engineered wood products, chemical products from forest resources, and forestry operations. Its engineered wood products include plywood, fiberboard, particleboard, and veneer, widely used in furniture manufacturing and construction [4][12]. - The company operates through self-procurement, production, and sales, utilizing both direct sales and distribution channels to meet diverse customer needs. Its forestry operations focus on land resource management through cooperative afforestation, timber harvesting, and sales [4][12]. - ST Jinggu plans to transfer 51% of its stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., in a cash transaction, aiming to divest underperforming assets and optimize its asset structure [4][12].

Group 1 - The social financing scale increased by 1.16 trillion yuan in July, which is 389.3 billion yuan more than the same period last year, indicating a recovery in excess liquidity [1] - The new government bonds saw a slight year-on-year increase, while new RMB loans turned negative year-on-year, reflecting a weakening credit structure [1] - The PPI remained stable in July, and the overall A-share market reached new highs with increasing trading volumes [1] Group 2 - The early redemption of urban investment bonds since 2025 has slowed down, with a total scale of 55.8 billion yuan, compared to peaks in late 2023 and late 2024 [4] - Private placement bonds have a higher proportion of face value redemption compared to public bonds, with 61.23% of private bonds and 45.24% of public bonds expected to redeem at face value [4] - The trend of redeeming at face value has shifted, with issuers now more likely to offer fairer prices, indicating a change in market dynamics [4] Group 3 - The low interest rate environment necessitates active trading strategies to enhance bond investment returns, focusing on relative value assessments [5] - A new research framework for bond investment is proposed, utilizing a "pyramid" pricing system to analyze decision factors and improve strategy outcomes [5] - The fixed income research approach needs to adapt to the narrowing interest margins by providing insights into market characteristics [5] Group 4 - The leading brands in the ancient liquor industry are expected to drive a revival through high-end, national, and youth-oriented transformations [7] - Policy support and market expansion efforts have led to a significant increase in sales outside the Jiangsu-Zhejiang-Shanghai region, from 27% in 2018 to 43% in 2024 [7] - The industry is advised to focus on two leading brands that have successfully implemented high-end and national strategies [7] Group 5 - The capital market is viewed positively, with expectations of improved corporate performance driven by the rapid development of new economies like AI and innovative pharmaceuticals [9] - The traditional economy is stabilizing, and the private sector is experiencing further growth, contributing to a bullish outlook for the A-share market [9] Group 6 - The company reported a sales revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.58%, while net profit attributable to shareholders was 12.11 billion yuan, up 38.61% year-on-year [12] - The AI infrastructure sector is experiencing sustained growth, with significant capital expenditure expected from major cloud service providers [12] - The company anticipates a net profit of 33 billion yuan for 2025, with upward revisions for 2026 and 2027 based on continued trends in cloud service capital expenditure [12] Group 7 - The company reported a revenue of 2.078 billion yuan for the first half of 2025, a year-on-year decline of 11.33%, with net profits also decreasing [14] - The gross margin for PVC products has improved, while PPR products still have room for enhancement [14] - The company has shown strong cash flow performance, with operating cash inflow of 581 million yuan, indicating a healthy financial position despite declining profits [14] Group 8 - From 2018 to 2024, the revenue of China National Freight increased by 37%, with stable gross profits around 5.5 billion yuan [17] - The company's investment income is significantly influenced by international air freight rates, which may not sustain past growth due to slowing trade and e-commerce [17] - The issuance of REITs is expected to enhance net profits by approximately 390 million yuan in 2025, leading to an upward revision of profit forecasts [17]

本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 证券代码：603213 证券简称：镇洋发展 公告编号：2025-024 转债代码：113681 转债简称：镇洋转债 浙江镇洋发展股份有限公司 关于 2025 年第一季度主要经营数据的公告 注：氯碱类产品包括：烧碱、液氯、次氯酸钠、氯化石蜡和环氧氯丙烷等； MIBK类产品包括：甲基异丁基酮、二异丁基酮等；PVC类产品包含聚氯乙烯、盐酸3 等。 二、主要产品的价格变动情况（不含税） 单位：元/吨 | 主要产品 | 2025年第一季度均 | 2024年第一季度均 | 变动幅度（%） | | --- | --- | --- | --- | | | 价 | 价 | | | 氯碱类产品 | 1,864.53 | 1,652.16 | 12.85 | | 其中：烧碱 | 3,043.76 | 2,632.36 | 15.63 | | MIBK类产品 | 8,112.90 | 12,136.24 | -33.15 | | PVC类产品 | 3,948.06 | - | - | 浙江镇洋发展股份 ...