东睦股份2025年度利润分配后股份发行价格调整公告深度解读
要点速览
- 2025年度利润分配实施后，东睦股份（600114）发行股份购买资产的发行价格由每股14.69元调整至14.39元。
- 本次调整是因每10股派发3.00元（含税）现金红利，按公式调整发行价。
- 涉及重大资产重组、募集配套资金，以及关联交易，最终交易实施仍需中国证监会同意注册，存在不确定性。
- 本次公告及调整对公司股价、投资者利益具有重要影响，需投资者密切关注。
详细内容解读
一、重大资产重组及股份发行概述
东睦新材料集团股份有限公司（东睦股份）计划通过发行股份和支付现金的方式，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）五名交易对方，合计购买其持有的上海富驰高科技股份有限公司34.75%股权。同时，公司还将募集配套资金。这一系列交易均属于重大资产重组与关联交易，相关股份发行价格的调整直接影响交易方案、被收购资产的价值评估及投资者利益。
二、股份发行定价及调整机制
本次交易中，发行股份购买资产的定价基准日为公司第八届董事会第十四次会议决议公告日。最初的发行价格为每股14.99元，该价格不低于定价基准日前120个交易日公司股票交易均价的80%，符合监管规定。公司在定价基准日至发行结束期间，如有派息、送股、资本公积转增股本等事项，发行价格将按照中国证监会及上交所相关规定进行调整。具体调整公式包括：
- 送股或资本公积转增股本：P1= P0÷（1+n）
- 配股：P1=（P0+A×k）÷（1+k）
- 派息：P1= P0-D
- 多项同时进行：P1=（P0-D+A×k）÷（1+n+k）
其中，P0为调整前发行价格，D为每股派送现金红利，n为送股率或转增率，k为每股配股数，A为每股配股价格，P1为调整后发行价格。
三、2025年度利润分配及实施情况
2026年5月11日，公司召开2025年年度股东大会，审议通过了以未分配利润向全体股东每10股派发现金红利3.00元（含税）的利润分配预案。以实施前公司总股本631,383,477股为基数，每股派发现金红利0.30元（含税），共计派发现金红利189,415,043.10元。股权登记日为2026年5月22日，除权（息）日为2026年5月25日，利润分配已于2026年5月25日完成。
四、历次价格调整及本次调整细节
历次调整：
- 2025年4月24日，首次定价每股14.99元。
- 2025年5月9日，因2024年度利润分配，每股派现0.30元，发行价由14.99元调整至14.69元。
本次调整：
- 2026年5月25日，因2025年度利润分配，每股再次派现0.30元，发行价由14.69元/股调整为14.39元/股。
- 调整公式为：调整前发行价格14.69元/股 – 每股派送现金红利0.30元/股 = 14.39元/股。
五、投资者须知及风险提示
本次交易尚需获得中国证监会同意注册才能最终实施。交易能否取得注册及最终时间均存在不确定性。公司将严格按照相关规定及时披露后续进展信息。投资者需密切关注公司在上交所网站披露的相关信息，理性投资并注意风险。
结论与影响
本次股份发行价格的调整，直接关系到公司重大资产重组的成本与参与方利益分配，也将影响公司未来资产规模、盈利能力及股东回报。由于涉及重大重组与关联交易，且调整价格属于价格敏感信息，建议投资者高度关注后续进展。
免责声明：本文仅为新闻解读及投资参考，不构成任何投资建议。股市有风险，投资需谨慎，请以公司正式公告为准。
English Version
In-depth Report: NBTM New Materials Group Adjusts Share Issuance Price after 2025 Dividend Distribution
Key Highlights
- After the implementation of the 2025 annual dividend distribution, NBTM New Materials Group (Stock Code: 600114) has adjusted the share issuance price for asset acquisition from RMB 14.69 to RMB 14.39 per share.
- The adjustment is due to a cash dividend of RMB 3.00 (tax inclusive) for every 10 shares, and the price is recalculated accordingly.
- This transaction involves major asset restructuring, supporting fund raising, and related-party transactions. The final implementation is subject to approval and registration by the China Securities Regulatory Commission (CSRC), with uncertainties remaining.
- This announcement and price adjustment could materially impact the company’s share price and is of high importance to investors.
Detailed Analysis
1. Overview of Major Asset Restructuring and Share Issuance
NBTM New Materials Group Co., Ltd. (NBTM) plans to purchase a total of 34.75% equity of Shanghai Fuchi High-Tech Co., Ltd. from five counterparties: Shenzhen Yuanzhi Xinghuo Private Equity Investment 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), through share issuance and cash payment. The company will also raise supporting funds. These constitute a major asset restructuring and related-party transaction, and the share issuance price adjustment directly affects the transaction, asset valuation, and investor interests.
2. Share Issuance Pricing and Adjustment Mechanism
The pricing benchmark date for the shares issued to purchase assets is the date of the 14th meeting of the company’s 8th board of directors. The initial price was RMB 14.99 per share, not less than 80% of the average trading price over the 120 trading days prior to the benchmark date, in compliance with regulatory requirements. If the company undertakes dividend distribution, bonus shares, or capital reserve conversion before the end of issuance, the price will be adjusted per CSRC and Shanghai Stock Exchange rules. The adjustment formulas include:
- Bonus shares/capital reserve conversion: P1= P0÷(1+n)
- Rights issue: P1= (P0+A×k)÷(1+k)
- Cash dividend: P1= P0-D
- Multiple adjustments: P1= (P0-D+A×k)÷(1+n+k)
Where P0 is the pre-adjustment price, D is the cash dividend per share, n is the bonus/conversion rate, k is the new shares per share, A is new share/rights issue price, and P1 is the post-adjustment price.
3. 2025 Dividend Distribution and Implementation
On May 11, 2026, the company’s AGM approved the 2025 annual dividend of RMB 3.00 (tax inclusive) per 10 shares. Based on a total share capital of 631,383,477 before implementation, the cash dividend per share is RMB 0.30, totaling RMB 189,415,043.10. The share registration date is May 22, 2026, and the ex-dividend date is May 25, 2026; the dividend was distributed on May 25, 2026.
4. Previous and Current Price Adjustments
Previous Adjustments:
- April 24, 2025: Initial price of RMB 14.99 per share was set.
- May 9, 2025: After the 2024 dividend (RMB 0.30 per share), price dropped from RMB 14.99 to RMB 14.69.
This Adjustment:
- May 25, 2026: Following the 2025 dividend (RMB 0.30 per share), price adjusted from RMB 14.69 to RMB 14.39 per share.
- Formula: Previous price (RMB 14.69) – Dividend per share (RMB 0.30) = Adjusted price (RMB 14.39).
5. Investor Notice and Risk Warning
The transaction is subject to CSRC registration and approval before implementation. There is uncertainty regarding approval and timing. The company will disclose updates in a timely manner according to requirements. Investors should pay close attention to official company announcements on the Shanghai Stock Exchange website, invest rationally, and be aware of risks.
Conclusion & Market Impact
The adjustment of the share issuance price is directly related to the cost of the major asset restructuring and the interests of all parties involved. It will also affect the company’s future asset size, profitability, and shareholder returns. As this involves a major restructuring and related-party transaction, and the price adjustment is price-sensitive information, investors are advised to closely monitor further developments.
Disclaimer: This article is for news interpretation and investment reference only and does not constitute investment advice. The stock market is risky; please invest cautiously and refer to the company’s official notices for confirmation.
