东睦新材料集团股份有限公司（600114）关于股份发行价格调整的公告深度解读
一、公告要点概览
- 股份发行价格调整：因实施2025年度利润分配，公司发行股份及支付现金购买资产并募集配套资金暨关联交易所涉发行股份购买资产的发行价格由14.69元/股调整为14.39元/股。
- 分配方案已实施完毕：公司2025年度利润分配已于2026年5月25日实施，每股派发现金红利0.30元（含税）。
- 与重大资产重组相关：此次股份发行及价格调整涉及发行股份及支付现金购买上海富驰高科技股份有限公司34.75%股权，并募集配套资金，构成重大资产重组及关联交易。
- 后续仍存不确定性：该交易尚需中国证监会同意注册后方可实施，存在不确定性。
二、背景与具体细节
东睦新材料集团股份有限公司（简称“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%的股权，并同步募集配套资金。
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。初步协商的发行价格为14.99元/股，确保不低于定价基准日前120个交易日公司股票均价的80%。
三、发行价格调整机制与过程
按照相关规定，若定价基准日至发行结束期间，公司发生派息、送股、转增股本等事项，发行价格需做相应调整。涉及派发现金红利时，调整后发行价格=调整前发行价格－每股派发现金红利。
- 2025年4月24日，董事会决议定价为14.99元/股。
- 2025年5月9日，因实施2024年度利润分配（每股派现0.30元），发行价格由14.99元/股下调至14.69元/股。
- 2026年5月25日，因实施2025年度利润分配（每股再派现0.30元），发行价格进一步下调至14.39元/股。
相关调整依据公司分红实施公告，并严格按照中国证监会及上交所相关规定进行。
四、2025年度利润分配方案实施
2026年5月11日经年度股东大会审议通过，以2025年年度利润分配实施公告确定的股权登记日（2026年5月22日）股本为基数（总股本631,383,477股），向全体股东每10股派发现金红利3.00元（含税），即每股0.30元（含税），合计派发现金红利189,415,043.10元。除权（息）日为2026年5月25日，利润分配方案已顺利实施完毕。
五、对投资者及股东的影响与风险提示
- 发行价格下调，摊薄效应增强：连续两年实施分红后，股份发行价格从14.99元/股降至14.39元/股，使得新发行股份的成本更低，可能对原有股东权益构成一定摊薄。
- 收购上海富驰高科技34.75%股权：本次交易若顺利完成，公司将进一步提升在高端粉末冶金及相关领域的产业布局和市场竞争力。
- 交易尚需监管批准：本次股份发行及资产收购交易还需取得中国证监会注册同意，存在无法通过或延迟实施的风险。
- 信息披露严格：公司承诺将根据事项进展，严格按照法律法规及时履行信息披露义务。
六、投资者须知
本公告涉及重大资产重组、发行股份价格调整和现金分红，均为可能影响公司估值的敏感事项。相关决策和实施进展对公司股价具有潜在影响，建议投资者密切关注公司后续公告，理性投资，注意风险。
免责声明
本文仅为东睦新材料集团股份有限公司公告的非官方解读，不构成任何投资建议。投资者应以公司在上海证券交易所官方网站披露的信息为准，投资需谨慎。
English Version
In-Depth Interpretation: NBTM New Materials Group Co., Ltd. (600114) Share Issuance Price Adjustment
1. Key Highlights
- Share Issuance Price Adjustment: Due to the implementation of the 2025 profit distribution, the share issuance price for purchasing assets and raising supporting funds is adjusted from RMB 14.69/share to RMB 14.39/share.
- Profit Distribution Completed: The company completed its 2025 profit distribution on May 25, 2026, distributing a cash dividend of RMB 0.30 (tax included) per share.
- Related to Major Asset Restructuring: The issuance and price adjustment are part of a significant asset acquisition (34.75% of Shanghai Future High-tech Co., Ltd.) and supporting fundraising, constituting a material asset restructuring and related-party transaction.
- Regulatory Approval Pending: The transaction still requires registration approval from the China Securities Regulatory Commission (CSRC), which is uncertain.
2. Background and Details
NBTM New Materials Group Co., Ltd. (“NBTM”) plans to acquire a 34.75% stake in Shanghai Future High-tech Co., Ltd. from five counterparties via a combination of share issuance and cash payment, and concurrently raise supporting funds.
The pricing base date for the share issuance is the board meeting announcement date. The initial negotiated issuance price was RMB 14.99/share, not lower than 80% of the average trading price over the previous 120 trading days.
3. Issuance Price Adjustment Mechanism and Timeline
According to regulations, if the company distributes dividends or other equity changes during the pricing period, the issuance price must be adjusted. For cash dividends, the formula is: Adjusted Price = Previous Issuance Price – Cash Dividend per Share.
- April 24, 2025: Board resolution sets price at RMB 14.99/share.
- May 9, 2025: After 2024 profit distribution (RMB 0.30/share), price adjusted to RMB 14.69/share.
- May 25, 2026: After 2025 profit distribution (another RMB 0.30/share), price further adjusted to RMB 14.39/share.
All adjustments strictly follow the disclosed profit distribution implementation announcements and regulatory requirements.
4. 2025 Profit Distribution Plan Implementation
On May 11, 2026, the shareholders’ meeting approved the 2025 profit distribution plan: based on 631,383,477 shares, a cash dividend of RMB 0.30 per share (tax included), totaling RMB 189,415,043.10. The ex-dividend date was May 25, 2026, and the plan has been fully implemented.
5. Impact on Investors and Risk Reminder
- Lower Issuance Price, Potential Dilution: After two consecutive dividend distributions, the issuance price dropped from RMB 14.99 to RMB 14.39 per share, lowering the cost for new shares and potentially diluting existing shareholders.
- Significant Asset Acquisition: If successful, the company will strengthen its position in advanced powder metallurgy and related industries.
- Regulatory Uncertainty: The transaction requires CSRC registration approval, which may not be obtained or may be delayed.
- Strict Information Disclosure: The company commits to timely disclosures according to laws and regulations as the transaction progresses.
6. Investor Guidance
This announcement involves a major asset restructuring, share price adjustments, and cash dividends—all potentially material to the company’s valuation. Investors should closely monitor updates and remain cautious.
Disclaimer
This article is an unofficial interpretation of NBTM New Materials Group’s disclosure and does not constitute investment advice. Investors should refer to official disclosures on the Shanghai Stock Exchange website and exercise caution.
