东望时代重大资产收购方案调整细节公布，核心条款大幅优化

浙江东望时代科技股份有限公司（证券代码：600052，简称“东望时代”）于2026年4月22日发布公告，详细披露了拟收购浙江科冠聚合物有限公司（下称“科冠聚合物”）51%股权的重大调整方案。本次交易不仅涉及交易对价、业绩承诺等核心商业条款的全面优化，还引入了业绩超额奖励与强制履约保障措施，意在加强交易安全性与核心团队稳定，对公司未来经营及股东权益影响深远，具有高度的信息敏感性和潜在股价影响力。

一、交易背景与进展

• 2026年2月，公司董事会曾通过以1.938亿元现金收购野风集团等4家股东合计持有的科冠聚合物51%股权方案。
• 因交易安排需进一步优化，2026年4月21日董事会再次审议并通过交易方案调整议案。当前相关协议尚未正式签署，交易还需股东大会表决并获国资办批复。

二、调整方案的关键点

三、重要敏感内容及对股东意义

• 交易价格下调：极大提升收购性价比，减轻公司现金压力，显著利好公司财务安全。
• 业绩承诺调整：更贴近标的实际经营能力，降低未来业绩不达标赔偿风险，有助于维护投资者利益。
• 新增超额奖励机制：激励标的充分释放业绩弹性，若未来超预期成长，东望时代有望受益于管理层积极性，标的公司高质量成长将直接增厚上市公司业绩。
• 履约保障措施：交易对方必须以大量现金买入东望时代股票并质押，若违约公司可直接处置质押股票，大幅降低业绩承诺、商誉减值等履约风险。
• 核心技术团队服务期延长：锁定8年主力骨干，增加技术壁垒，保障标的公司核心竞争力，降低关键人才流失对业绩的影响。

四、支付及保障安排

• 收购价分六期支付，首期支付51%（7,907.04万元），剩余分五期支付，附加多重先决条件。
• 卖方须在收到首期款90个工作日内，用该笔资金60%以上购入东望时代股票并质押，三年后业绩承诺兑现方可解冻。
• 违约或不履约将面临交易总价30%的违约金，全部卖方承担连带责任。

五、标的公司财务状况

• 2025年末总资产14,623.90万元，净资产10,760.43万元，2025年净利润1,529.07万元，2024年净利润1,815.86万元。
• 最新业绩承诺（2026-2030年）累计净利润不得低于13,680万元，合理接近历史盈利水准，提升业绩承诺的可实现性。

六、后续流程及风险提示

• 本次方案尚需股东大会表决及国资监管机构批准，存在一定不确定性。
• 如交易达成，将极大优化公司产业布局、增强盈利能力及抵御风险能力，预计对公司估值、股价将产生积极影响。
• 投资者应关注公司后续公告，理性决策，注意投资风险。

七、独立董事及董事会意见

• 独立董事认为本次调整提升交易可行性，条款公平合理，有利于保护公司及中小股东利益。
• 董事会、战略委员会均高票通过相关议案，关联董事回避表决，程序合规。

免责声明： 本文仅为新闻报道，不构成任何投资建议。投资有风险，决策前请咨询专业人士并关注公司后续公告。

English Version

DW Tech Unveils Detailed Adjustments to Keguan Polymer Acquisition; Key Terms Substantially Optimized

Zhejiang DW Tech Co., Ltd. (SSE: 600052, “DW Tech”) on April 22, 2026, released an announcement detailing substantial adjustments to its proposed acquisition of a 51% stake in Zhejiang Keguan Polymer Co., Ltd. (“Keguan Polymer”). The deal now features a lower transaction price, updated performance commitments, a new excess profit incentive plan, and robust performance guarantee measures—each highly relevant for shareholders and likely to impact share valuation.

1. Background and Progress

• In February 2026, the Board approved a cash acquisition of 51% of Keguan Polymer from four shareholders for RMB 193.8 million.
• After reassessment, the Board approved a revised plan on April 21, 2026. The formal agreement is pending, and the transaction still requires shareholder approval and a state asset regulator’s green light.

2. Key Adjustments

3. Price-Sensitive and Shareholder-Relevant Details

• Lowered Transaction Price: Significantly improves deal value, reduces cash burden, and is positive for financial safety.
• Performance Commitment Realignment: Makes targets more realistic, reducing potential compensation risk and protecting investors.
• New Excess Performance Incentive: Encourages Keguan’s management to outperform, benefitting DW Tech if earnings beat forecasts.
• Performance Guarantee: Sellers must buy and pledge DW Tech shares, giving the company recourse if commitments are not met.
• Extended Tech Team Lock-In: Secures core talent and competitive edge for 8 years, minimizing disruption risk.

4. Payment and Safeguard Structure

• Payment in six installments; first payment covers 51% (RMB 79.07m), with the rest paid in five tranches, each subject to various conditions.
• Sellers must, within 90 days of receiving the first payment, use at least 60% to buy and pledge DW Tech shares for three years. Shares are released only after commitments are met.
• Any breach triggers a penalty of 30% of the deal value, with all sellers jointly liable.

5. Keguan Polymer’s Financial Snapshot

• End-2025: Total assets RMB 146.24m, Net assets RMB 107.60m, Net profit RMB 15.29m (2024: RMB 18.16m).
• 2026-2030 net profit commitment totals RMB 136.8m, closely matching historical earnings, making the pledge achievable.

6. Next Steps and Risks

• The deal requires a shareholder vote and government approval, so there is execution risk.
• If completed, the acquisition will optimize DW Tech’s business structure and earnings, likely boosting valuation and share price.
• Investors are advised to follow upcoming disclosures and assess risks judiciously.

7. Board and Independent Director Opinion

• Independent directors agree the adjustments improve feasibility and fairness, and protect minority shareholders.
• The plan was passed overwhelmingly by the board and strategy committee, with related parties recused.

Disclaimer: This article is for news reporting only and does not constitute investment advice. Investments carry risks; consult professionals and monitor company disclosures before acting.

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