Core Viewpoint - The company, 嘉戎技术, is planning to acquire 杭州蓝然技术股份有限公司 through a share issuance and is in the process of raising matching funds, which may constitute a significant asset restructuring according to regulations [1][2] Group 1: Acquisition Details - 嘉戎技术 has signed a letter of intent with major shareholders of 杭州蓝然 to purchase all shares held by them through share issuance [2] - The transaction is still in the planning stage, and the final details regarding the transaction counterparties and shareholding ratios will depend on further negotiations and disclosures [2] - The acquisition is expected to result in a significant increase in the shareholding of the main transaction counterparties in 嘉戎技术, exceeding 5% [1] Group 2: Business Focus and Operations - 嘉戎技术 specializes in membrane technology research and its applications in various sectors, including waste treatment and resource recycling [2] - The company has provided membrane separation equipment for over 600 high-concentration wastewater treatment projects across 27 provinces and 4 municipalities in China [2] - 杭州蓝然 focuses on providing comprehensive solutions for salt resource utilization, with applications in multiple industries, including clean production and wastewater resource recovery [1] Group 3: Financial Performance - In the first three quarters of 2025, 嘉戎技术 reported a revenue of 362 million yuan, a year-on-year decrease of 7.53% [3] - The net profit for the same period was 59.3 million yuan, reflecting a year-on-year increase of 12.95% [3] - The company's non-recurring net profit reached 40.6 million yuan, showing a year-on-year growth of 15.04% [3]

Core Viewpoint - Jia Rong Technology is planning a significant asset restructuring by acquiring a controlling stake in Hangzhou Lanran Technology Co., Ltd. through a share issuance and raising matching funds, which is expected to constitute a major asset restructuring [2][7]. Group 1: Acquisition Details - On November 16, Jia Rong Technology signed a share purchase intention agreement with major shareholders of Hangzhou Lanran, indicating the intent to acquire all shares held by these shareholders [7]. - The transaction is still in the planning stage, with no formal agreement signed yet, and it requires necessary internal decision-making processes and regulatory approvals before implementation [7]. - The transaction is expected to result in the main trading counterpart holding over 5% of the listed company, which will constitute a related party transaction [7]. Group 2: Background of Hangzhou Lanran - Hangzhou Lanran, established in September 2009, is a national high-tech enterprise focusing on ion exchange membranes and electrodialysis technology, primarily engaged in gas and liquid separation and purification equipment manufacturing [9]. - The company has faced challenges, including a failed IPO attempt in 2022 due to significant issues identified by the Shenzhen Stock Exchange, such as serious revenue recognition problems and intentional concealment of materials [10]. Group 3: Strategic Implications for Jia Rong Technology - The acquisition of Hangzhou Lanran aligns with Jia Rong Technology's strategy of external growth, following its previous acquisition of Israeli company AMS in 2022 [12][13]. - This merger is expected to enhance Jia Rong Technology's product line by integrating Hangzhou Lanran's technological expertise in ion exchange membranes and electrodialysis [13]. Group 4: Financial Performance - Jia Rong Technology reported a revenue of 362 million CNY for the first three quarters of 2025, a year-on-year decrease of 7.53%, while net profit attributable to shareholders was 59.3 million CNY, an increase of 12.95% [14]. - The company's gross profit margin was 41.18%, and net profit margin was 16.7%, both showing improvement compared to the previous year [14]. - As of September 30, the accounts receivable reached 628 million CNY, which is over ten times the net profit, indicating potential cash flow challenges [15].

Core Viewpoint - Jia Rong Technology is planning a significant asset restructuring by acquiring a controlling stake in Hangzhou Lanran Technology Co., Ltd. through a share issuance and raising matching funds, which is expected to constitute a major asset restructuring. The transaction is still in the planning stage and is subject to uncertainties [1][4]. Summary by Sections Acquisition Details - On November 16, Jia Rong Technology signed a share purchase intention agreement with major shareholders of Hangzhou Lanran, agreeing to acquire all shares held by them through share issuance [4]. - The transaction is expected to involve issuing shares and raising matching funds, which will likely constitute a major asset restructuring. Post-transaction, the main counterparties are expected to hold over 5% of the listed company, indicating a related party transaction [4]. Company Background - Hangzhou Lanran, established in September 2009, is a national high-tech enterprise focusing on ion exchange membranes and electrodialysis technology, primarily engaged in gas and liquid separation and purification equipment manufacturing [5]. - The company has developed a membrane-integrated separation technology centered on electrodialysis, targeting industries such as power, metallurgy, petrochemicals, and wastewater resource utilization [5]. IPO History - Hangzhou Lanran previously attempted an IPO on the ChiNext board in June 2022 but withdrew its application in December 2022 due to significant issues identified during the review process, including serious revenue recognition problems [6][7]. - The company was flagged by the Shenzhen Stock Exchange as a typical regulatory case due to its failure to provide complete project materials and intentional concealment of information [7]. Strategic Development - The proposed acquisition of Hangzhou Lanran aligns with Jia Rong Technology's strategy of external growth, following its previous acquisition of Israeli company AMS in 2022, which specializes in producing membranes resistant to strong acids and bases [9][10]. - This acquisition is expected to enhance Jia Rong Technology's product line by integrating Hangzhou Lanran's technological expertise in ion exchange membranes and electrodialysis [11]. Financial Performance - Jia Rong Technology's recent financial report indicates improved profitability but pressure on cash flow, with a revenue of 362 million CNY for the first three quarters of 2023, a year-on-year decrease of 7.53%, while net profit increased by 12.95% to 59.3 million CNY [12][13]. - The company reported a gross margin of 41.18% and a net margin of 16.7%, both showing improvement compared to the previous year, although accounts receivable reached 628 million CNY, over ten times its net profit, indicating potential cash flow risks [13].

嘉戎技术午间公告，公司正在筹划发行股份等方式购买杭州蓝然技术股份有限公司控制权，同时拟募集 配套资金。预计本次交易可能构成重大资产重组。本次交易完成后，预计主要交易对方在上市公司持股 比例将超过5%，本次交易预计构成关联交易。公司证券自2025年11月17日开市时起开始停牌，公司预 计在不超过10个交易日的时间内披露本次交易方案。 ...

Core Viewpoint - Jia Rong Technology (301148) announced a major asset restructuring plan, leading to the suspension of its securities from November 17, with an expected disclosure of the transaction plan within 10 trading days [1] Group 1: Transaction Details - On November 16, Jia Rong Technology signed a share purchase intention agreement with the major shareholders of Hangzhou Lanran Technology Co., Ltd., indicating plans to acquire all shares held by these shareholders through a share issuance [1] - The transaction is expected to constitute a significant asset restructuring, with the main counterparties anticipated to hold over 5% of the company post-transaction, qualifying it as a related party transaction [1] Group 2: Company Profile - Hangzhou Lanran is a national high-tech enterprise focused on ion exchange membrane production and electrodialysis technology applications, providing comprehensive solutions for salt resource utilization [1] - Jia Rong Technology has confirmed the signing of the intention agreement for acquiring control of Hangzhou Lanran, although the transaction remains uncertain and will depend on further negotiations and disclosures [1]

Core Viewpoint - The company, 嘉戎技术 (301148.SZ), is planning to issue shares and other methods to acquire assets, which may constitute a significant asset restructuring as per the regulations of the Management Measures for Major Asset Restructuring of Listed Companies [1] Group 1 - The company intends to raise matching funds alongside the asset acquisition [1] - Following the completion of the transaction, the main counterparties are expected to hold more than 5% of the company's shares [1] - The transaction is anticipated to be classified as a related party transaction [1] Group 2 - Due to uncertainties surrounding the matters, the company has applied for a trading suspension to protect investor interests and prevent significant impacts on its securities trading [1] - The trading suspension for the company's securities (stock abbreviation: 嘉戎技术, stock code: 301148) will commence from the opening of the market on November 17, 2025 [1]

Core Viewpoint - The company, Jiarong Technology, is planning to acquire control of Hangzhou Lanran Technology Co., Ltd. through a share issuance and is expected to raise matching funds, which may constitute a significant asset restructuring [1] Group 1 - The company announced on November 17 that it is in the process of planning the acquisition [1] - The trading of the company's securities has been suspended since the market opened on November 17 [1] - The company expects to disclose the transaction plan within no more than 10 trading days [1]

Core Viewpoint - The company, 嘉戎技术 (301148.SZ), is planning to issue shares and other methods to acquire assets, which may constitute a significant asset restructuring as per the regulations of the Major Asset Restructuring Management Measures for Listed Companies [1] Group 1 - The company intends to raise matching funds for the asset acquisition [1] - The transaction is expected to result in the main counterpart holding more than 5% of the company's shares post-completion [1] - The transaction is anticipated to be classified as a related party transaction [1] Group 2 - Due to uncertainties surrounding the matters, the company has applied for a trading suspension of its securities starting from November 17, 2025, to protect investor interests and avoid significant impacts on the company's stock trading [1]

Group 1 - The company, Jiarong Technology, announced on November 17 that it is planning to issue shares and raise matching funds for asset acquisition, which may constitute a significant asset restructuring according to regulations [1] - Following the completion of the transaction, the main trading counterpart is expected to hold more than 5% of the company's shares, indicating a potential related party transaction [1] - Due to uncertainties surrounding the matter, the company has applied for a trading suspension starting from November 17, 2025, to protect investor interests and prevent significant impacts on its securities trading [1] Group 2 - For the year 2024, Jiarong Technology's revenue is expected to be entirely derived from the ecological protection and environmental governance sector, accounting for 100% of its operating income [1]

本次交易的标的公司为杭州蓝然技术股份有限公司(简称"杭州蓝然")，本次交易事项尚处于筹划阶段， 公司目前正与标的公司各股东接洽，公司就本次发行股份等方式购买杭州蓝然控制权事项已与上述各方 签署意向协议，本次交易目前仍存在不确定性，最终交易对方范围、交易标的的股权比例以公司与标的 公司各股东洽谈的情况及后续公告披露的信息为准。 嘉戎技术（301148）(301148.SZ)发布公告，公司正在筹划发行股份等方式购买资产事项，同时拟募集 配套资金，预计本次交易可能构成《上市公司重大资产重组管理办法》规定的重大资产重组，本次交易 完成后，预计主要交易对方在上市公司持股比例将超过5%，本次交易预计构成关联交易。因有关事项 尚存不确定性，公司股票自2025年11月17日开市时起开始停牌。 ...