东望时代公告：重大股权收购方案大幅调整，瞄准新材料国产替代及高成长赛道

一、重大事项概述

浙江东望时代科技股份有限公司（600052）于2026年2月13日收到上海证券交易所关于其收购浙江科冠聚合物有限公司51%股权相关事项的监管工作函，并于4月22日发布了对交易方案的重大调整公告。本次调整涉及交易对价、业绩承诺、核心技术人员服务期限及履约保障等多项核心条款，内容重大，或将对公司未来业绩及估值产生深远影响。

二、交易主要变更及其影响

• 交易对价大幅下调：标的公司100%股权对价由3.8亿元调整为3.04亿元，东望时代本次收购51%股权的价格由1.938亿元下调至1.5504亿元。
• 业绩承诺目标下降：原承诺2026-2030年净利润分别不低于2600万、2900万、3400万、3900万、4300万元，调整后分别为2080万、2320万、2720万、3120万、3440万元，五年累计承诺净利润总额降至1.37亿元，原为1.71亿元。
• 新增超额奖励机制：若标的公司累计净利润超额完成承诺，超额部分的20%将作为奖励发放，最高不超过转让对价的10%。
• 核心技术人员锁定期显著延长：服务承诺由交割后5年延长至8年，且离职后两年内不得从事相关业务，极大增强技术壁垒与团队稳定性。
• 新增履约保障措施：交易对方需以首期转让款60%资金通过二级市场购入东望时代股票并质押，为业绩承诺履约提供保障，质押期延至业绩承诺期满三年后才可解除。

三、收购战略背景及合理性分析

东望时代通过本次交易切入高端新材料领域，标的公司是国内医用PVDC胶乳的核心供应商，打破国际巨头Syensqo（苏威）、日本旭化成等对中国市场的垄断，率先实现国产替代。医用PVDC胶乳广泛用于医药、食品高阻隔包装，是国家大力推动的“新质生产力”赛道，成长空间巨大。

四、行业地位与市场前景

• PVDC胶乳市场规模：2025年全球市场规模2.43亿美元，2032年预计达3.66亿美元，年复合增速6%。中国市场2025年规模5946万美元，2032年或达9197万美元。
• 医用PVDC胶乳增速更快：2021-2025年中国市场复合增速达11.05%，2032年市场规模有望达3710万美元。国产替代空间巨大。
• 市场份额：标的公司2025年在中国PVDC胶乳市场占有率15.4%，在医用PVDC胶乳市场占有率12.6%，均位居中国本土企业首位。

五、标的公司经营及财务表现

• 2025年业绩下滑压力：营业收入1.32亿元，同比下降12.4%；净利润1529万元，同比下降15.8%。主要由于食品胶乳和包装材料市场竞争加剧及外贸客户（如张家港保税区康得菲尔）受中美贸易影响大幅减量。
• 医用胶乳逆势高增长：2025年销售收入同比增长47%，毛利率高达54.8%，为公司未来最核心的利润增长极。
• 毛利率结构优化：医用胶乳毛利占比由2023年的20%升至2025年的46%，未来随其收入占比提升，公司整体盈利能力有望持续改善。
• 经营现金流充足、资产负债率持续下降：2025年资产负债率降至26.4%，财务结构更趋稳健。

六、主要客户与供应链稳定性

• 客户结构：2025年前五大客户涵盖国内核心药包材及食品包装企业，并成功出口至日本、东南亚等国际市场。
• 供应链优势：与巨化等原材料企业建立长期战略合作，采购价格具备明显成本优势。
• 部分客户受外部因素影响减量：如康得菲尔因中美贸易壁垒暂停合作，但公司正积极开发新客户和海外市场，已与瑞士、印度、巴西等国际药企建立联系，并获得意向订单。

七、业绩承诺可实现性及未来预测

• 在手意向订单充足：截至2026年3月，医用胶乳意向订单量7600吨，金额约1.16亿元，已大幅覆盖2026年业绩预测目标（预测销量3177吨，收入4905万元），显示承诺业绩具备较高实现概率。
• 未来五年业绩预测：2026-2030年营业收入由1.6亿元增至2.08亿元，净利润由2513万元增至4269万元，主要由医用胶乳业务爆发驱动，毛利率有望由26%升至32%。
• 费用与资本性支出：预测期销售费率、管理费率整体随业务扩大略降，未来新厂房将于2026年底投产，产能大幅提升，资本性支出合计6578万元。

八、评估增值率与交易公允性分析

• 评估增值率高达269.08%：采用收益法估值3.80亿元，大幅高于账面净资产，主要源自医用胶乳国产替代与海外拓展的高成长预期。
• 与行业收购案例相符：静态市盈率20.93倍，低于或接近行业平均（15.4-80.6倍），评估增值率低于新材料行业同类收购平均（301.99%），定价合理。
• 关联交易及利益倾斜风险：本次交易对方为控股股东关联方，方案中设置业绩补偿、分期付款、股票质押等严密保障措施，评估机构独立，定价公允，不存在利益输送和利益倾斜。

九、潜在利好与风险提示（对股东和潜在投资者极为重要）

• 公司将借力医用PVDC胶乳国产替代浪潮，切入高技术壁垒、快速增长的高端新材料领域，成为行业龙头。
• 调整后的交易对价及业绩承诺更为审慎，风险防控措施到位，核心技术团队长期锁定，极大保证业务连续性与成长性。
• 披露的在手订单和海外客户拓展进展顺利，未来业绩爆发可期。
• 若国际贸易环境恶化、下游药包材客户需求未达预期，或公司海外市场拓展不及预期，存在短期业绩波动风险。
• 关联交易结构复杂，仍需持续关注公司治理与利益保护措施的实际执行情况。

十、结论

本次收购方案调整及披露的详细业绩预测、订单、市场份额、客户结构、风险控制措施等均为重大利好信息，表明公司有望高质量转型新材料赛道，提升盈利能力和抗风险能力。相关信息对公司估值及未来股价有重要影响，建议投资者高度关注并结合自身风险偏好做出决策。

免责声明：本报道仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。请投资者注意相关公告及公司后续信息披露。

English Version

Dongwang Times Announces Major Adjustment to Equity Acquisition Plan, Targeting Domestic Substitution and High-Growth New Materials

1. Major Event Overview

Zhejiang Dongwang Times Technology Co., Ltd. (600052) announced on April 22, 2026, a significant adjustment to its proposed acquisition of 51% equity in Zhejiang Keguan Polymers, following a regulatory inquiry from the Shanghai Stock Exchange. Core terms including transaction price, performance targets, technical personnel lock-in, and performance guarantee mechanisms have been extensively revised, which could materially affect the company’s future earnings and valuation.

2. Key Transaction Changes and Impacts

• Transaction Price Substantially Reduced: 100% equity value of the target company lowered from RMB 380 million to RMB 304 million; Dongwang Times’ 51% stake acquisition price dropped from RMB 193.8 million to RMB 155.04 million.
• Lowered Performance Commitment: Annual net profit commitments for 2026-2030 reduced from RMB 26/29/34/39/43 million to RMB 20.8/23.2/27.2/31.2/34.4 million respectively; five-year cumulative commitment lowered from RMB 171 million to RMB 137 million.
• New Excess Reward Mechanism: If actual cumulative profits exceed commitments, 20% of the overachievement (capped at 10% of the deal price) will be awarded as a bonus.
• Significant Extension of Technical Team Lock-in: Core technical staff now committed not to leave for 8 years post-closing (previously 5), with a 2-year non-compete period.
• New Performance Guarantee: Seller must purchase Dongwang shares on the secondary market (at least 60% of initial payment) and pledge them as guarantee, with pledge period extending to three years after the performance commitment period.

3. Strategic Rationale and Reasonableness

Through this deal, Dongwang Times is entering the high-end new materials sector. The target company is China’s leading domestic supplier of medical PVDC latex, breaking the monopoly of international giants Syensqo (Solvay), Asahi Kasei, etc., and spearheading domestic substitution. Medical PVDC latex is key to high-barrier pharmaceutical and food packaging and is a policy-supported, high-growth “new quality productivity” sector.

4. Industry Position & Market Outlook

• PVDC Latex Market Size: Global market to rise from USD 243 million in 2025 to USD 366 million in 2032 (CAGR 6%). China’s market to grow from USD 59.46 million in 2025 to USD 91.97 million in 2032.
• Medical PVDC Latex Growth: China CAGR 11.05% (2021-2025), market size could reach USD 37.1 million by 2032, with enormous import substitution opportunity.
• Market Share: Target firm to take 15.4% of China’s PVDC latex market and 12.6% of medical PVDC latex by 2025, ranking first among domestic companies.

5. Target Company Operations & Financials

• 2025 Earnings Pressure: Revenue to decline 12.4% YoY to RMB 131.8 million; net profit down 15.8% to RMB 15.29 million, mainly due to intensified competition and loss of major export customer (affected by US-China trade issues).
• Medical PVDC Latex Growing Fast: 2025 revenue up 47% YoY, gross profit margin at 54.8%, now the core profit driver.
• Gross Margin Structure Improves: Medical PVDC latex gross margin share rose from 20% (2023) to 46% (2025); further increases expected.
• Healthy Cash Flow & Deleveraging: 2025 asset-liability ratio drops to 26.4%, with improved balance sheet.

6. Key Clients & Supply Chain Stability

• Customer Base: Top five clients in 2025 include leading domestic pharmaceutical packaging and food packaging firms, with exports to Japan and Southeast Asia.
• Supply Chain Advantages: Long-term strategic relationships with suppliers like Juhua, securing cost advantages.
• Some Clients Affected by External Events: e.g., Zhangjiagang Bonded Zone Kunde Feier lost due to Sino-US trade friction, but new domestic and overseas customers are being developed, with several intent orders from major international players.

7. Performance Commitment Achievability & Forecasts

• Sufficient Intent Orders: As of March 2026, medical PVDC latex intent orders total 7,600 tons (RMB 116 million), far exceeding 2026 forecast sales (3,177 tons, RMB 49 million), supporting achievability of performance promises.
• 5-Year Forecast: Revenue to grow from RMB 160 million to RMB 208 million, net profit from RMB 25.13 million to RMB 42.69 million, mainly via medical PVDC latex. Gross margin projected to rise from 26% to 32%.
• Expenses & Capex: Sales/admin rates to decrease slightly as business scales up. New facility to be operational by end-2026, with capex totaling RMB 65.78 million.

8. Valuation Premium & Transaction Fairness

• High Valuation Premium (269.08%): DCF-based valuation RMB 380 million, well above book value, reflecting high-growth and import substitution expectations.
• In Line with Sector Acquisitions: Implied static P/E 20.93x, within or below sector average (15.4-80.6x); premium rate below sector average (301.99%), so pricing is reasonable.
• Associated Party Transaction, Strong Safeguards: Sellers are related parties; deal structure includes robust performance compensation, installment payments, and share pledge guarantees. No evidence of benefit transfer or unfairness.

9. Key Investor Takeaways (Potentially Price Sensitive)

• Company is set to leverage import substitution and high-tech materials boom, with potential to become industry leader.
• Lowered deal price and performance targets are more prudent; lock-ins and guarantees greatly reduce execution risk.
• Disclosed intent orders and overseas expansion are progressing well, making explosive growth highly probable.
• Risks: Trade friction, downstream demand, and execution of related-party governance need monitoring.

10. Conclusion

This acquisition adjustment and detailed disclosure of forecasts, orders, market share, client structure, and risk management constitute significant positive developments. The company is on track to transform into a high-quality new materials play, with improved profitability and resilience. These updates are likely to impact valuation and share price. Investors should pay close attention and make decisions according to their own risk preferences.

Disclaimer: This report is for informational purposes only and does not constitute investment advice. Investing involves risk. Please pay attention to official disclosures and make independent judgments.

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