二、主要交易内容与背景

• 东睦股份拟通过发行股份及支付现金的方式，向深圳市远致星火私募股权投资基金合伙企业（有限合伙）、钟伟、上海创精投资咨询合伙企业（有限合伙）、宁波华莞企业管理合伙企业（有限合伙）、宁波富精企业管理合伙企业（有限合伙）等5名交易对方，购买其合计持有的上海富驰高科技股份有限公司34.75%股权。
• 公司同时计划募集配套资金，以优化财务结构并支持本次交易的顺利进行。
• 上述交易构成关联交易，相关报告书和文件已根据上交所要求进行了修订和补充披露。

三、关键修订内容

• 大客户依赖风险补充披露：
  • 本次修订在“重大风险提示”及“第十二节 风险因素”中，明确补充了对大客户依赖风险的披露。这意味着公司在业务结构上对部分大客户的依赖程度有进一步说明，投资者需关注相关风险，尤其是在并购后经营稳定性方面的影响。
• 其他完善：
  • 除上述补充和修订外，公司对报告书进行了全文梳理和自查，完善了部分表述，确保信息表述更为准确、详实。此次修订对本次交易方案本身无实质性影响。

四、对股东和股价的潜在影响

• 并购事项及配套融资：
  • 本次交易涉及发行股份与现金支付并购上海富驰高科技34.75%股份，若交易成功，将显著提升东睦股份在新材料领域的市场布局和业务协同，改善资产结构，有望为公司带来新的利润增长点。
• 大客户依赖风险：
  • 补充披露大客户依赖风险，提醒投资者关注并购目标公司或现有业务结构中，若主要客户流失或订单减少，可能对公司业绩产生较大波动。该项风险属于价敏信息，需纳入投资决策考量。
• 监管审核进展及透明度提升：
  • 公司积极响应上交所审核意见，完善信息披露，体现了规范运作和对投资者负责的态度，提升了市场信心。

五、总结

本次修订公告虽未涉及交易方案实质性变动，但围绕大客户依赖风险的补充披露及整体信息完善，均属于投资者高度关注的事项。并购事项若顺利落地，将推动公司业务结构升级，但相关风险亦需投资者充分关注。东睦股份后续交易进展及并购整合效果，值得持续跟踪，其对公司未来业绩及股价表现可能产生重要影响。

免责声明

本文内容仅供投资者参考，所涉及信息基于公司公告及公开资料整理，不构成任何投资建议。投资者据此操作，风险自担。请结合自身实际情况，理性决策。

English Version

Detailed Analysis: NBTM New Materials Group Co., Ltd. – Announcement on the Revised Draft of Major Asset Restructuring Report

1. Event Overview

On April 22, 2026, NBTM New Materials Group Co., Ltd. (Stock Code: 600114, “NBTM”) issued an announcement regarding the revised draft of its Major Asset Restructuring Report. This revision responds to the Shanghai Stock Exchange’s review comments, aiming to improve disclosure and enhance transaction transparency.

2. Main Transaction and Background

• NBTM plans to acquire a 34.75% stake in Shanghai Future High-Tech Co., Ltd. by issuing shares and paying cash to five counterparties: Shenzhen Yuanzhi Xinghuo Private Equity Fund Partnership (Limited Partnership), Zhong Wei, Shanghai Chuangjing Investment Consulting Partnership (Limited Partnership), Ningbo Huaguan Enterprise Management Partnership (Limited Partnership), and Ningbo Fujing Enterprise Management Partnership (Limited Partnership).
• Meanwhile, the company will raise supporting funds to optimize its capital structure and facilitate the transaction.
• This transaction constitutes a related-party transaction, and related documents have been revised as per the exchange’s requirements.

3. Key Revisions

• Disclosure of Major Customer Reliance Risk:
  • The revision supplements disclosure on reliance on major customers in both the “Major Risk Warning” and “Risk Factors” sections. This provides investors with further transparency on business structure and potential operational stability post-acquisition.
• Other Improvements:
  • Minor wording improvements were made throughout the report following a comprehensive review. These do not affect the substance of the transaction plan.

4. Potential Impact on Shareholders and Share Price

• M&A and Supporting Financing:
  • The deal, if completed, will strengthen NBTM’s position in the new materials sector, enhance business synergy, and may provide new profit growth drivers and improved asset structure.
• Major Customer Reliance Risk:
  • The newly disclosed risk reminds investors that significant reliance on major customers could lead to performance volatility if key clients are lost or orders decrease. This is considered price-sensitive information and should be factored into investment decisions.
• Regulatory Review and Transparency:
  • The company’s active response to regulatory feedback and improved disclosure demonstrate a commitment to compliance and investor interests, likely boosting market confidence.

5. Conclusion

Although the recent revision does not change the core transaction plan, the enhanced disclosure, particularly regarding customer concentration risk, is highly relevant to investors. If the acquisition proceeds smoothly, the company may see a business upgrade, but associated risks should not be overlooked. Investors are advised to monitor the progress and integration of this transaction, as it could significantly impact future performance and share price.

Disclaimer

This article is for reference only and does not constitute investment advice. Information is sourced from public disclosures. Investors should act prudently and assume responsibility for their own decisions.

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