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A | 炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 来源:IPO日报 8月24日晚间,建设机械(600984.SH)发布公告称,公司拟通过发行股份及支付现金的方式购买陕西化工集团、三峡资本合计持有的蒲城清洁能源化工有限责任公司(以下简称“蒲洁能化”)100%股权,发行股份购买资产的价格定为3.03元/股。

B | Karan Johar has praised Ranveer Singh for his recent film Dhurandhar. The filmmaker, who directed Singh in Rocky Aur Rani Kii Prem Kahani, took to Instagram's story section to share the poster of the film and expressed his appreciation. KJo wrote, "OUTSTANDING!!! So much respect for ADITYA DHAR RANVEER SINGH SHASHWAT SACHDEVA (my favourite @ranveersingh performance) Congratulations to the entire cast and crew and to @officialjiostudios." Take a look at Karan Johar's post: In Dhurandhar, Ranveer Singh plays Hamza, an Indian spy sent to Pakistan to infiltrate a terror network. Set against the backdrop of the IC-814 hijacking in 1999 and the 2001 Indian Parliament attack, the film follows Ajay Sanyal, the Intelligence Bureau Chief as he assigns Hamza a high-risk mission to dismantle the group operating across the border. Singh's performance as Hamza has been lauded by critics and fans alike. Besides Karan Johar, Hrithik Roshan and Brooklyn Nine Nine star Terry Crews have also praised the film and Singh for his performance. Filmfare's Review of Dhurandhar Filmfare rated the Aditya Dhar directorial 3.5 out of 5. Our reviewer noted, "At the centre of this world stands Ranveer Singh, playing the hard-edged agent who slips into the shadow world of sleeper operatives as a cross-border conspiracy erupts. It’s a performance of restraint, a departure from his flamboyant screen persona. This Ranveer is raw yet internalised, driven yet fraying. The role demands both physical ferocity and emotional weariness, and he delivers both with remarkable control. His silences speak as loudly as his action beats, grounding the film even when its narrative ambitions begin to overtake its focus." Dhurandhar stars an ensemble cast including Singh, Arjun Rampal, R Madhavan, Akshaye Khanna, Sanjay Dutt, Sara Arjun, Rakesh Bedi, Manav Gohil and Danish Pandor among others. Also Read: Karan Johar, Ranveer Singh and Anjali Anand remember Dharmendra as they share BTS moments from Rocky。 同时,公司拟向不超过35名特定投资者发行股份募集配套资金,用于支付现金对价、补充流动资金等。 8月25日,公司复牌“一字”涨停,收盘价为4.94元。然而8月26日,公司股价高台跳水,收盘价为4.66元,较昨日下跌0.28元,跌幅为‑5.67%。 值得一提的是,在停牌前一个交易日8月10日,公司已经收获一个涨停。

C | 跨界收购 因本次交易的交易对方之一陕西化工集团为陕煤集团控股子公司,与上市公司属同一控制下的关联方,因此本次交易构成关联交易。

D | 同时,本次交易亦构成重大资产重组。 据悉,标的公司蒲洁能化是一家现代煤化工企业,主要从事聚乙烯(PE)、聚丙烯(PP)等聚烯烃产品的生产与销售。公司拥有年产180万吨甲醇制70万吨聚烯烃的生产能力。 本次交易前,上市公司主营业务为工程机械租赁与制造,标的公司主要从事现代煤化工业务,与上市公司现有业务分属不同行业。 也即是说,本次收购为跨界收购,上市公司将涉足新领域。

E | 财务数据方面,2024—2025年以及2026年上半年,标的公司实现的营业收入分别为83.56亿元、75.97亿元、43.7亿元,净利润分别为59754.89万元、8112.12万元、29985.62万元。 可以看出,标的公司的净利润波动较大,2025年同比下滑超过86%。 标的公司曾于2024年度对股东全部权益价值进行评估,评估基准日为2024年6月30日,采用收益法评估结果为97.58亿元,评估增值2.52亿元,增值率2.66%。 截至预案签署日,标的公司的审计、评估工作尚未完成,标的资产评估值及交易作价均尚未确定。 面临退市风险 据悉,建设机械是国内知名的工程机械企业,其子公司上海庞源机械租赁有限公司是全球最大的塔式起重机租赁商。

F | 然而,近年来受工程机械行业景气度持续下行等因素影响,公司经营承受较大压力,已连续多年出现亏损。 公告显示,建设机械自2022年起已连续四年亏损,2025年度亏损21.96亿元,2025年末净资产31.22亿元。

G | 若经营状况未能改善,企业持续亏损,未来将面临退市风险。因此公司亟需注入盈利能力稳定、现金流充沛的优质资产,以扭转当前经营困局、化解退市风险。 建设机械指出,通过注入蒲洁能化这一优质化工资产,利用其稳定的盈利能力和充足的净资产规模,能够显著增厚上市公司净资产,有效对冲现有业务的持续亏损,避免因净资产为负触发退市风险,从根本上保障上市公司持续经营能力与资本市场地位。 同时,本次重组后,上市公司短期内将形成“装备制造+现代煤化工”双主业协同发展模式。

H | 本次交易实施完毕后,上市公司将全面聚焦煤化工核心主业,逐步调整业务结构,未来将择机对装备制造及租赁业务进行剥离处置,实现主业专业化、集中化。

I | 责任编辑:杨红卜。
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