东望时代调整收购科冠聚合物51%股权方案：对价大幅下调，新增业绩奖励与履约保障

核心要点梳理

• 交易对价大幅下调：收购科冠聚合物51%股权的交易价格由原定的1.938亿元下调至1.5504亿元，整体估值也由3.8亿元降至3.04亿元。
• 业绩承诺调整：标的公司未来五年（2026-2030）净利润承诺由原计划的逐年2600万至4300万，调整为2080万至3440万，业绩补偿机制明确。
• 新增超额业绩奖励：若标的公司累计净利润超出承诺部分，将按超额部分的20%给予奖励，但最高不超过交易对价的10%。
• 技术团队服务承诺延长：核心技术人员需签署保密与竞业禁止协议，承诺交割后八年不离职，离职后两年不得从事相关竞争业务。
• 新增履约保障措施：卖方需在收到首期股权转让款后90个工作日内，用至少60%的款项在二级市场购买东望时代股票并质押，作为业绩及其他义务履约担保。
• 违约责任重大：如未按协议购入股票并质押，卖方需支付高达交易对价30%的违约金，并承担全部损失。
• 交易尚需股东会及国资审批：最终方案仍需股东大会审议通过，并获得东阳市国资办正式批复。
• 标的公司财务状况：科冠聚合物2025年净利润为1529.07万元，2024年为1815.86万元，净资产为10760.43万元（2025年末）。

详细内容解读

交易背景

浙江东望时代科技股份有限公司（下称“东望时代”）于2026年2月董事会首次审议通过收购科冠聚合物51%股权，原方案对价为1.938亿元。2026年4月，公司董事会再次审议，对交易方案进行了重大调整，尤其是交易价格、业绩承诺、核心人员服务期限以及履约保障等核心内容。

交易对价及支付安排

双方协商后，标的公司整体估值由3.8亿元降至3.04亿元，东望时代收购51%股权的对价由1.938亿元降至1.5504亿元。股权转让款分六期支付，首期占比51%，即7907.04万元，其余五期按原协议先决条件支付。

业绩承诺及补偿机制

标的公司2026-2030年各年度净利润承诺分别为2080万、2320万、2720万、3120万与3440万元。若实际净利润低于累计承诺，卖方需现金补偿，补偿金额按五年总承诺（1.368亿元）与实际净利润差额乘以交易对价1.5504亿元比例计算，补偿责任连带。

业绩奖励及员工激励

新增超额奖励条款：若五年累计实际净利润高于1.368亿元，超额部分的20%作为业绩奖励，最高不超过交易对价的10%，具体奖励对象及比例由标的公司董事会在专项审计后确定。

技术团队稳定保障

标的公司核心技术人员需签署保密与竞业禁止协议，承诺交割后八年不离职，离职后两年不得从事同类竞争业务。如违反，全部收益归东望时代所有，卖方需承担连带赔偿责任。

履约保障措施

卖方需在收到首期股权转让款后90个工作日内，用60%款项在二级市场购入东望时代股票并质押给东望时代指定方，作为履约担保。担保无最高额上限，三年业绩承诺期满后方可解除质押。

违约责任

如卖方未按协议购入股票并质押，需支付交易对价30%的违约金（即约4561.2万元），并赔偿东望时代遭受的全部损失，所有卖方承担连带清偿责任。

标的公司财务信息

审议及后续流程

本次交易调整方案已获董事会及相关委员会审议通过，尚需提交股东大会审议，并获得当地国资办正式批复。交易尚未签署正式协议，最终执行仍存在变数。

对股东和投资者的影响与关注事项

• 交易对价大幅下降，大幅降低东望时代现金支付压力，有望提升投资回报率。
• 新增履约保障及业绩奖励机制，降低收购风险，强化核心技术团队稳定，有助于标的公司持续经营。
• 业绩承诺及补偿机制清晰，对未来业绩有保障，若业绩超额还能带来额外收益。
• 违约责任重大，有助于保护公司及中小股东利益，防止卖方失信。
• 交易最终执行仍有不确定性，须关注股东大会及国资审批进展。
• 标的公司财务表现不俗，但业绩承诺显著高于历史实际，投资者需关注未来业绩实现情况。
• 重大调整与新增保障措施，为公司治理及收购安全带来显著提升，属于重大利好，可能对股价产生正面影响。

Disclaimer

本文基于公司公告及公开信息整理，仅供参考，不构成任何投资建议。投资者应结合自身风险偏好及市场环境，谨慎决策。公司最终交易方案尚待股东大会及相关审批通过，存在不确定性。请关注公司后续公告与进展。

East Hope Times Adjusts Acquisition Plan for 51% Stake in KeGuan Polymer: Price Slashed, New Performance Rewards and Safeguards Introduced

Key Highlights

• Significant Price Reduction: Acquisition price for 51% stake in KeGuan Polymer cut from RMB 193.8 million to RMB 155.04 million; total valuation from RMB 380 million to RMB 304 million.
• Performance Commitments Adjusted: Future profit targets for 2026-2030 reduced from the original RMB 26-43 million per year to RMB 20.8-34.4 million, with clear compensation mechanism for underperformance.
• New Excess Performance Reward: If cumulative profit exceeds commitment, 20% of the excess will be rewarded, capped at 10% of the acquisition price.
• Technical Team Service Commitment Extended: Key technical staff must sign confidentiality and non-compete agreements, committing not to leave for eight years post-deal and not to compete for two years after departure.
• New Safeguard Measures: Sellers must use at least 60% of initial payment to purchase East Hope Times shares in the secondary market and pledge them as performance guarantee.
• Heavy Penalties for Breach: Failure to purchase and pledge shares triggers a penalty of 30% of the total deal value (approx. RMB 45.61 million) and full compensation for losses.
• Deal Requires Shareholder and Government Approval: Final plan pending shareholder vote and government asset office approval.
• KeGuan Polymer Financials: 2025 net profit RMB 15.29 million, 2024 RMB 18.16 million, net assets RMB 107.60 million (end-2025).

Detailed Analysis

Transaction Background

East Hope Times initially approved the acquisition of 51% in KeGuan Polymer in February 2026 at RMB 193.8 million. In April 2026, the board approved significant adjustments, especially in price, performance commitments, technical staff retention, and safeguard mechanisms.

Transaction Price and Payment

Valuation reduced from RMB 380 million to RMB 304 million, acquisition price for 51% stake from RMB 193.8 million to RMB 155.04 million. Payment in six installments, first installment is 51% (RMB 79.07 million), remaining five per original conditions.

Performance Commitment and Compensation

Annual profit commitments for 2026-2030 are RMB 20.8m, 23.2m, 27.2m, 31.2m, and 34.4m. If actual profits fall short, sellers must compensate in cash, calculated according to the total commitment and actual shortfall, with joint liability.

Performance Reward and Employee Incentive

New excess reward clause: If cumulative actual profit exceeds RMB 136.8 million, 20% of the excess is rewarded, capped at 10% of the deal price; specifics determined after audit.

Technical Team Stability

Key staff must sign confidentiality and non-compete agreements, commit to eight years post-deal without leaving, and two years after departure without competing. Violations result in all gains reverting to East Hope Times and joint liability for compensation.

Safeguard Mechanisms

Sellers must use at least 60% of the first installment to buy and pledge East Hope Times shares as performance guarantee. No cap on guarantee liability; pledge can only be released after three years if obligations are met.

Breach Penalties

If sellers fail to buy and pledge shares as agreed, a penalty of 30% of the deal price (RMB 45.61 million) applies, plus full compensation for losses, with joint liability.

KeGuan Polymer Financials

Approval Process

The adjusted plan has been approved by the board and committees, but still requires a shareholder vote and government asset office approval. No final agreement signed yet, so execution remains uncertain.

Impact and Investor Attention

• Price reduction greatly lowers cash outlay and may enhance investment returns.
• New safeguards and performance rewards reduce risk and promote stable operations.
• Performance compensation and reward mechanisms protect interests and offer upside potential.
• Heavy breach penalties safeguard shareholders, especially minorities.
• Execution uncertainty—watch for shareholder and government approval progress.
• Performance commitments much higher than historical—investors should monitor future results.
• Significant adjustment and new safeguards are major positive news and may impact share price.

Disclaimer

This article is based on official announcements and public information and is for reference only. It does not constitute investment advice. Investors should make decisions carefully according to their risk preferences and market conditions. The final transaction plan is subject to shareholder and regulatory approval and remains uncertain. Please follow up on subsequent company announcements.

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