东睦新材料集团发布重大资产重组及配套募资方案调整，业绩承诺及锁定期大幅变更

东睦新材料集团股份有限公司（600114.SH）于2026年4月发布了《发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）摘要（修订稿）》，对其重大资产重组方案进行了重要调整，涉及交易价格、支付方式、股份锁定期、业绩承诺、以及配套募资金额等多方面。这一系列变更对于公司基本面、未来盈利能力和股东权益具有重大影响，投资者需高度关注。

一、重组方案主要调整内容

• 交易价格由73,462.54万元下调至67,347.11万元，降幅约8.32%。
• 对价支付结构调整，发行股份数量由37,292,260股降至35,392,826股，支付现金由18,680.21万元降至15,355.05万元。
• 锁定期大幅延长：宁波华莞及宁波富精所获股份锁定期由12个月延长至36个月，且需履行业绩补偿义务方可解锁，若触发补偿则锁定期更长。若公司股价低于发行价，锁定期自动延长至少6个月。
• 新增业绩承诺： 宁波华莞、宁波富精承诺标的公司（上海富驰）2026-2028年经审计扣非归母净利润分别不低于22,195.99万元、23,733.94万元和23,392.36万元。未达成需进行股份或现金补偿。
• 配套募资下调：由不超过54,782.33万元降至不超过51,457.17万元，主要用于支付重组现金对价及高强轻质MIM零件及模组生产线技改项目。

二、交易结构与细节

• 东睦股份拟向五名交易对方（远致星火、钟伟、创精投资、宁波华莞、宁波富精）购买其合计持有的上海富驰34.75%股权。
• 交易完成后，东睦股份将持有标的公司99%股权，进一步巩固对核心资产的控制权。
• 本次交易采取差异化定价，远致星火获得全部股份对价，其余部分股份对价与现金对价结合。
• 评估采用收益法，2024年12月31日基准日评估值193,800万元，2025年6月30日加期评估值239,000万元，未出现减值。

三、对公司经营及治理结构影响

• 本次交易进一步强化了公司在MIM（金属注射成形）领域的布局，有助于提升主营业务竞争力和持续盈利能力。
• 交易完成后，股东结构变化显著：新增远致星火、钟伟、创精投资、宁波华莞、宁波富精分别持股3.14%、1.35%、0.42%、0.34%、0.06%；一致行动人合计持股12.71%，与第一大股东睦金属（9.82%）差距缩小，但公司依然无实际控制人。
• 董事会结构不变，当前无单一股东或集团能够控制决策权，公司控制权结构保持稳定。

四、风险提示及注意事项

• 审批风险：交易尚需上交所审核及证监会注册，是否最终获批存在不确定性。
• 被暂停、中止或取消风险：如发现内幕交易、市场环境变化、标的业绩大幅下滑等均可能导致交易暂停或终止。
• 业绩承诺或补偿无法履行风险：如标的公司业绩不及承诺，相关方需补偿，若未能履行将影响公司利益。
• 收购整合风险：后续整合若未达预期，协同效应无法发挥，将影响公司整体业绩。
• 大客户依赖、行业波动、技术创新风险：标的公司客户集中度高，若主要客户需求变动或公司技术创新不足，将对业绩带来不利影响。

五、中小投资者权益保护与即期回报措施

• 公司承诺严格履行信息披露、关联交易审批、股东表决单独计票、锁定期管理等措施，确保中小投资者权益。
• 本次重组摊薄即期回报风险较小，2024、2025年每股收益预计分别从0.64元增至0.70元、0.86元增至1.07元。
• 主要股东、董事、高管均承诺重组期间不减持股份，并出具填补措施承诺。

六、对二级市场的潜在影响

本次重组及配套募资方案的调整涉及价格、支付方式、业绩承诺、锁定期等多项核心条款，直接关系到公司未来三年业绩表现、股东权益保障及中长期估值基础。尤其是新增严格的业绩承诺和大幅延长的股份锁定期，显示公司对未来业绩的信心及对市场的积极回应，短期内有望提振投资者信心。由于方案尚需监管机构最终批准，后续进展和审批结果仍是影响公司股价的重要因素，建议投资者密切关注公告动态，警惕相关审批与整合风险。

免责声明：本文仅为新闻摘要及投资参考，不构成任何投资建议。投资者应结合自身风险承受能力，审慎决策。公司公告内容如有变动，请以官方最新披露为准。

英文版（For international audience, English translation):

Dongmu New Materials Group Announces Major Adjustment to Asset Purchase and Fundraising Plan: Key Changes to Performance Commitment and Lock-up Period

Dongmu New Materials Group Co., Ltd. (600114.SH) released the revised summary of its “Report on Issuance of Shares and Payment of Cash to Purchase Assets and Raise Supporting Funds (Draft)” in April 2026, making significant adjustments to its major asset restructuring plan. The changes, which cover transaction price, payment structure, share lock-up period, performance commitments, and the amount of supporting funds to be raised, have a substantial impact on the company’s fundamentals, future profitability, and shareholder interests. Investors should pay close attention.

1. Key Adjustments to the Restructuring Plan

• Transaction price lowered from RMB 734.63 million to RMB 673.47 million (down 8.32%).
• Payment structure adjusted: number of shares issued reduced from 37,292,260 to 35,392,826; cash payment reduced from RMB 186.80 million to RMB 153.55 million.
• Significantly extended lock-up period: For Ningbo Huaguan and Ningbo Fujing, the lock-up period for newly acquired shares is extended from 12 months to 36 months and is only lifted after performance compensation obligations are fulfilled. If share price falls below issue price post-transaction, lock-up is automatically extended by at least 6 months.
• New performance commitment: Ningbo Huaguan and Ningbo Fujing commit that the target company (Shanghai Fuchi) will achieve net profits attributable to parent (after deduction of non-recurring items) of no less than RMB 221.96 million, RMB 237.34 million, and RMB 233.92 million for 2026-2028 respectively. If not achieved, they must compensate with shares or cash.
• Supporting fundraising decreased: From no more than RMB 547.82 million to no more than RMB 514.57 million, mainly to pay the cash consideration for the acquisition and fund high-strength lightweight MIM components and module production line upgrades.

2. Transaction Structure and Details

• Dongmu intends to acquire 34.75% of Shanghai Fuchi from five counterparties (Yuanzhi Xinghuo, Zhong Wei, Chuangjing Investment, Ningbo Huaguan, Ningbo Fujing).
• After completion, Dongmu will hold 99% of the target, further consolidating core asset control.
• Differentiated pricing: Yuanzhi Xinghuo receives all consideration in shares, others in a mix of shares and cash.
• Valuation based on income approach: as of Dec 31, 2024, appraised at RMB 1,938 million; as of June 30, 2025, updated to RMB 2,390 million, with no impairment.

3. Impact on Company Operations and Governance

• Strengthens Dongmu’s strategic position in MIM (Metal Injection Molding), boosting competitiveness and profitability.
• Shareholding structure changes: new shareholders (Yuanzhi Xinghuo, Zhong Wei, Chuangjing, Ningbo Huaguan, Ningbo Fujing) hold 3.14%, 1.35%, 0.42%, 0.34%, 0.06% respectively. The concerted action group holds 12.71%, narrowing the gap with top shareholder Muxin Metals (9.82%). The company remains without a controlling shareholder or de facto controller.
• Board structure unchanged—no single party can control decisions; control structure remains stable.

4. Risk Warning and Key Points

• Approval risk: Transaction is subject to SSE review and CSRC registration; approval is uncertain.
• Risk of pause, suspension or cancellation: Insider trading, market changes, or target underperformance could lead to suspension or termination.
• Risk of performance compensation default: If target underperforms, counterparties must compensate; failure to do so harms Dongmu’s interests.
• Integration risk: Post-merger integration, if not as expected, may affect synergy and overall results.
• Client concentration, industry volatility, and tech innovation risk: Target is highly dependent on a few clients; changes in demand or technology lag may hurt performance.

5. Minority Shareholder Protection and Immediate Return Measures

• Commitments to strict disclosure, approval, separate minority voting, and lock-up arrangements to protect small shareholders.
• Immediate return dilution risk is low: 2024 and 2025 EPS expected to rise from RMB 0.64 to RMB 0.70 and RMB 0.86 to RMB 1.07, respectively.
• Major shareholders, directors, and executives commit not to reduce their holdings during the restructuring period and provide commitment letters for compensatory measures.

6. Potential Impact on Secondary Market

The adjustment of the restructuring and fundraising plan, especially stricter performance commitments and much longer lock-up periods, directly impacts the company’s mid-term profit outlook, shareholder protection, and valuation. The company’s strong stance on future performance and discipline is likely to boost investor confidence in the near term. However, as the plan awaits final regulatory approval, subsequent progress and results will be key to share price volatility. Investors are advised to closely monitor further announcements and be alert to approval and integration risks.

Disclaimer: This article is for news summary and investor reference only and does not constitute investment advice. Please refer to the company’s latest official disclosures for any updates or changes.

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