百利电气2026年度日常关联交易预计公告深度解读
百利电气2026年度日常关联交易预计公告深度解读
公告要点概览
- 公司：天津百利特精电气股份有限公司（简称“百利电气”，600468）
- 公告编号：2026-007
- 本次日常关联交易预计总金额：3,360万元（2026年度）
- 交易类型：出租及租赁房产、销售商品、采购资产、购买原材料、接受劳务等
- 关联方：控股股东天津液压机械（集团）有限公司及其关联公司、参股公司天津市特变电工变压器有限公司等
- 本次关联交易无需提交股东大会审议
- 董事会、审计委员会及独立董事均通过该议案，关联董事已回避表决
详细内容解读
一、2026年度日常关联交易安排
百利电气因日常生产经营需要，计划于2026年度与控股股东天津液压机械（集团）有限公司（简称“液压集团”）及其关联方，以及参股公司天津市特变电工变压器有限公司（简称“天津特变公司”）等发生日常关联交易，预计全年交易总额为3,360万元。主要交易类别包括但不限于：出租及租赁房产、销售商品、采购资产、购买原材料、接受劳务等。
二、2025年日常关联交易执行回顾
2025年公司预计与关联方发生4,855万元的交易，实际发生2,434.34万元，部分客户需求下降导致实际金额低于预期。例如，对天津特变公司和茵梦达（天津）驱动技术有限公司的销售商品金额实际分别为542.04万元和1,210.85万元，均低于预计金额，主要因客户需求下降。
三、2026年日常关联交易预计具体明细
| 交易类别 |
关联方 |
2026年度预计金额（万元） |
2026年1-3月已发生金额（万元） |
备注 |
| 向关联人出租房产 |
液压集团 |
160.00 |
26.36 |
– |
| 向关联人购买资产 |
多家 |
275.00 |
0.00 |
业务发展和经营需求增加 |
| 向关联人销售商品 |
多家 |
180.00 |
0.00 |
业务发展和经营需求增加 |
| 租赁关联人房产 |
空港设备制造公司 |
100.00 |
0.00 |
– |
| 向关联人销售商品 |
茵梦达公司 |
1,400.00 |
364.45 |
– |
| 向关联人销售商品 |
天津特变公司及其控股子公司 |
400.00 |
32.58 |
– |
| 向关联人销售商品 |
天发重型水电设备公司 |
110.00 |
0.00 |
客户需求下降 |
| 向关联人销售商品 |
百利机械装备集团 |
290.00 |
0.00 |
业务发展和经营需求增加 |
| 向关联人销售商品 |
昕芙旎雅电机公司 |
20.00 |
0.00 |
– |
| 向关联人销售商品 |
机电职业技术学院 |
10.00 |
0.00 |
– |
| 向关联人销售商品 |
机电工艺技师学院 |
405.00 |
4.52 |
业务发展和经营需求增加 |
| 向关联人销售商品 |
机电进出口公司 |
10.00 |
0.00 |
– |
四、关联方详细介绍及关联关系
关联方涵盖控股股东及其控股、参股、间接控制企业，业务领域覆盖液压机械、机电产品、航空设备、水电设备、驱动技术及教育培训等。值得注意的是，部分关联方如天津特变公司为参股公司，百利装备集团为间接控股股东，关联关系结构复杂。
五、履约能力分析与定价机制
所有关联方均经营正常、具备履约能力。关联交易定价遵循“公平、公正、公开”原则，房产租赁价格依据评估结果确定；商品和资产交易优先参考市场价格，无市场价时按照成本加合理利润协商定价，确保条件不劣于独立第三方。
对投资者的影响及投资提示
- 本次日常关联交易金额占公司营业收入比例较小，不会对公司独立性产生实质性影响，公司不会因此对关联方形成依赖。
- 所有交易均为正常生产经营行为，有助于公司业务发展，且不存在损害中小股东利益情形。
- 本次日常关联交易不构成需提交股东大会审议事项，无新增或突发性重大事项。
投资者需关注的潜在价格敏感事项
本公告所涉及的日常关联交易均属于日常经营范畴，金额占公司营业收入比例较小，且未出现重大变化或依赖关联方的情况。公司治理规范，相关决策程序合规，暂无对公司股价产生重大影响的敏感信息。
结论
公司本次日常关联交易预计方案充分披露，管理层履行了相关决策程序，交易内容合理、定价公允，对公司财务状况、持续经营能力无不利影响。投资者可持续关注公司后期经营业绩及关联交易实际执行情况。
免责声明： 本文内容仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。
English version
In-depth Analysis of Baili Electric’s 2026 Connected Transactions Estimate Announcement
In-depth Analysis of Baili Electric’s 2026 Connected Transactions Estimate Announcement
Key Points Overview
- Company: Tianjin Baili Special Precision Electric Co., Ltd. (“Baili Electric”, 600468)
- Announcement No.: 2026-007
- Total estimated amount of routine connected transactions: RMB 33.6 million (2026)
- Transaction types: leasing and renting properties, sales of goods, asset procurement, purchase of raw materials, receipt of services, etc.
- Connected parties: controlling shareholder Tianjin Hydraulic Machinery (Group) Co., Ltd. and its affiliates, as well as associate Tianjin Tebian Electric Transformer Co., Ltd., etc.
- This transaction does not require submission to the shareholders meeting
- Board of Directors, Audit Committee, and Independent Directors have all approved the proposal, with connected directors abstaining
Detailed Analysis
1. 2026 Routine Connected Transactions Arrangement
Due to daily business needs, Baili Electric plans to carry out routine connected transactions totaling RMB 33.6 million in 2026 with its controlling shareholder Tianjin Hydraulic Machinery (Group) Co., Ltd. (“Hydraulic Group”) and its affiliates, as well as associate company Tianjin Tebian Electric Transformer Co., Ltd. (“Tianjin Tebian”), including but not limited to property leasing, goods sales, asset procurement, raw material purchases, and receipt of services.
2. Review of 2025 Routine Connected Transactions
In 2025, the company estimated connected transactions of RMB 48.55 million, actual occurrence was RMB 24.3434 million, mainly due to lower-than-expected customer demand. For example, sales to Tianjin Tebian and Innomotion (Tianjin) Drive Technology Co., Ltd. were RMB 5.4204 million and RMB 12.1085 million, respectively, both lower than expectations.
3. 2026 Estimated Breakdown
| Transaction Type |
Connected Party |
2026 Estimated Amount (RMB mn) |
Jan-Mar 2026 Occurred (RMB mn) |
Remarks |
| Leasing property to connected parties |
Hydraulic Group |
1.60 |
0.2636 |
– |
| Purchasing assets from connected parties |
Various |
2.75 |
0.00 |
Increased business needs |
| Selling goods to connected parties |
Various |
1.80 |
0.00 |
Increased business needs |
| Renting property from connected parties |
Airport Equipment Co. |
1.00 |
0.00 |
– |
| Selling goods to connected parties |
Innomotion |
14.00 |
3.6445 |
– |
| Selling goods to connected parties |
Tianjin Tebian & its subs |
4.00 |
0.3258 |
– |
| Selling goods to connected parties |
Tianfa Heavy Hydro Power |
1.10 |
0.00 |
Customer demand decline |
| Selling goods to connected parties |
Baili Equipment Group |
2.90 |
0.00 |
Business expansion |
| Selling goods to connected parties |
Sinfonia Motors |
0.20 |
0.00 |
– |
| Selling goods to connected parties |
Mechatronics College |
0.10 |
0.00 |
– |
| Selling goods to connected parties |
Craftsman Institute |
4.05 |
0.0452 |
Business expansion |
| Selling goods to connected parties |
Mechatronics Import & Export |
0.10 |
0.00 |
– |
4. Connected Parties Structure and Relations
Connected parties include controlling shareholders and their direct or indirect subsidiaries and associates, covering hydraulic machinery, mechatronics, aviation equipment, hydro equipment, drive technology, and education/training. The structure is complex, with some (e.g., Tianjin Tebian) being associates, and Baili Equipment Group as indirect controlling shareholder.
5. Performance Capability and Pricing Policy
All connected parties are operating normally and have a history of fulfilling contracts. Transaction pricing follows the principles of fairness and transparency, based on appraisal for property leasing, market prices when available, or cost plus reasonable profit otherwise, ensuring terms are not inferior to those with independent third parties.
Investor Impact and Key Information
- The amount of routine connected transactions is small relative to revenue, and will not affect independence or create dependency.
- All transactions are for daily operational needs and will not harm minority shareholders’ interests.
- This is not a matter requiring shareholders’ meeting approval, nor is there any new or sudden major development.
Potentially Price Sensitive Information
All connected transactions disclosed are routine, small in scale, without any major changes or dependency risks. Corporate governance is standard, procedures compliant, and there is no price-sensitive information that would materially impact the share price at this time.
Conclusion
The company has fully disclosed its routine connected transactions for 2026, followed proper procedures, and pricing is fair. There is no negative impact on its financials or ongoing operations. Investors should continue to monitor the company’s performance and actual execution of these transactions.
Disclaimer: This article is for investor reference only and does not constitute investment advice. Investment is risky; please make decisions cautiously.
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