界面新闻记者 | 郭净净

12yue17ri，*stweidi（603023.sh）panzhongyiduchuji5%zhangtingxian，jiezhishoupan，gaigongsigujiazhangfusuozhaizhi0.34%，baoshou2.91yuan/gu。12yue18ri，gaigudafuzoudi，panzhongyiduchuji5%dietingxian，dangrishoupanshidie4.47%，bao2.78yuan/gu。

拟收购奇瑞新能源供应商51%股份

*stweidi12yue16ripilu，qinishiyongziyouzijingoumaiqiruixinnengyuanqichegufenyouxiangongsi（jiancheng“qiruixinnengyuan”）jishanghailuodunxinxikejiyouxiangongsi（jiancheng“shanghailuodun”）hejichiyoudeafaguixinnengyuangongxingjishuyanjiuyuanyouxiangongsi（jiancheng“afagui”）51%guquan，jiaoyiduijiawei4165.418wanyuan。bencijiaoyiwanchenghou，afaguijiangchengweishangshigongsikongguzigongsi，narushangshigongsitongyiguanli。

genjujiaoyishuangfangniqianshude《guquanshougouxieyi》，qiruixinnengyuanjiangqichiyoudeweishijiaodeguquanduiyingzhuceziben877.5wanyuanzhuanrangji*stweidi，qiruixinnengyuanbuzaichengdangaibufendechuziyiwu。*stweidijiangzaibencijiaoyiwanchenghou，zaibiaodegongsiafaguizhangchengguidingdeshijianneigenjuafaguidezijinxuqiuzhubushijiaoquanbuzhuceziben。

tongshi，afaguiqiyugudongguguang、changzhouchaoyangtouziyouxiangongsi、taoyonghewangshenjianjunchengnuofangqibencijiaoyixiangxiadebiaodeguquanzhuanrangdeyouxiangoumaiquan。*stweidiniyuzhei4minggudongqianshu《yizhixingdongrenxieyi》。juci，guguang、changzhouchaoyangtouziyouxiangongsi、wangshenjian、taoyongzaiafaguigudonghuixiangguanjueyishixiangyugongsibaochiyizhixingdongguanxi，yizhixingdongqixianweixieyiqiandingzhiriqi5nian。

afaguichengliyu2019nian10yue，xianjieduanchanpinzhuyaoxiaowangqiruixinnengyuan，zhuyaoweiqiruixinnengyuandeicarpinpaichexingtigongzhongkongxianshiping、yibiaoxianshipingchanpin，weiqiruixinnengyuandexiaomayihebingqilinchexingtigongkongzhiqichanpin。

caiwushujuxianshi，2023nianji2024nianqian6yue，afaguiyingyeshourufenbieshi1865.89wanyuan、3899.67wanyuan，jinglirunfenbieshi236.71wanyuan、48.57wanyuan，koufeijinglirunfenbieshi-392.76wanyuan、-28.75wanyuan。jiezhi2024nian6yue30ri，afaguizichanzonge7846.49wanyuan，fuzhaizonge6442.84wanyuan，jingzichan1403.65wanyuan。

duiyucicijiaoyi，*stweididuijiemianxinwenbiaoshi，tongguobencijiaoyi，gongsijiangnenggoujiezhuafaguizaijishukaifaheshichangziyuanshangdejilei，tuozhanqiruiqicheyewuhezuojihui，tongshikuodazaichengyongchelingyudeshichangfene，fengfuxianyouchanpinjuzhen；“jiaoyishuangfangzaishichang、jishujigongyingliandengfangmiandeshenduxietong，jiangyouzhuyugongsijinyibutishengzonghejingzhengli，weizhangqikechixufazhandiandinggengjianshidejichu”。

*stweidimuqianchanpinbaokuocanzongxiankongzhixitong、zongxiankongzhidanyuan、ecukongzhidanyuan、zuheyibiao、chuanganqideng，zhuyaoyongyushangyongchelingyu。gongsixiangguanrenshiduijiemianxinwencheng，“bencigongsinishougouafagui，zhizaitongguozhanlveziyuanzhenghe，shixianduofangmianxietongxiaoying，tuidonggongsiyewudeshendutuozhanhefengxiandiyunenglidetisheng。weilai，gongsijiangquanlituijingexiangyewukaizhan，jijibawoshichangjihui。”

评估增值率491.32%惹董事“反对”

据评估报告，本次并购交易对价以标的公司阿法硅经收益法评估结果为参考，经交易各方协商一致确定。阿法硅评估基准日所有者权益账面值为1403.65万元，收益法评估值为8300万元，评估增值6896.35万元，增值率491.32%。

*stweidicheng，bencijiaoyiwanchenghou，afaguijiangchengweigongsikongguzigongsi，bencijiaoyihebingchengbendayubiaodegongsikebianrenjingzichangongyunjiazhifenedechae，querenweishangyu。

对此，在12月16日董事会上，*ST威帝董事郁琼对此次并购交易议案投反对票。郁琼给出理由是，“本次标的收购价格按收益法估值确定，高估值，没有业绩承诺和补偿措施，可能给公司带来经营风险”。

*stweididuijiemianxinwenbiaoshi，shouyifapingguzonghekaolvlebiaodegongsiweilaiyinglinengli，yijiqizaishichangzhongdehexinjingzhengli，chukaolvzhangmianzichanyufuzhaishichangjiazhiwai，haihangaixingyebilei、kehuguanxi、xiaoshouqudaodengyingxianggudongquanyijiazhideyinsu。

公司进一步指出，标的公司深耕新能源技术领域，已建立了稳定的研发、生产及供应体系，并通过奇瑞新能源的供应商认证。“截至评估基准日，阿法硅已收到目前在供产品截至2025年3月的滚动需求计划，且未来拟供货产品亦已取得相关定点函，在手订单充足，业务具有较强的稳定性和持续性”。

tongshi，*stweidirenwei，zhengcheshengchanqiyeyuqichelingbujianqiyegongtongtouzigongchangjianlihezuodemoshifuhexingyeguanli。jiaoyiwanchenghou，qiruixinnengyuanrengjiangchiyouafagui16.9952%deguquan，jiezhuguquanshixianshuangfangzhangqizhanlveliyishendukunbang。jieheafaguizaixingyebilei、kehuguanxi、xiaoshouqudaodengfangmiandehexinjingzhengli，jingshouyifazhexianxingchenglejiaogaoguzhi。

另外，*ST威帝称，本次交易不构成关联交易。未设置业绩承诺，zhizaipinghengduanqiyejimubiaoyuzhangqizhanlvebujudexuqiu，bimianyinzhuiqiuduanqiyejierxianzhiqianzaikehudekaifayuzhangqiyewuguihuadetuijin。

bencijiaoyiwanchenghou，qiruixinnengyuanjiangzaiafaguibaoliu2mingdongshixiwei。tongshi，*stweidijiangweipaidongshibingtimingdongshizhang，yizaijuececengjianlichangtaihuahezuoxieshangjizhi；jiangweipaifuzongjingli、caiwuzongjian，yiqianghuaduibiaodegongsideguanliyukongzhi，tongshibaoliuyuanyoujingyingtuandui，quebaojuecexiaolvhebiaodegongsirichangyunyingdewendingxing。

buguo，*stweidiyebiaoshi，jiaoyiwanchenghou，biaodegongsizaiweilaishijijingyingzhong，kenengmianlinjingjihuanjing、xingyezhengce、shichangxuqiujijingyingguanlidengduofangmianbuquedingxingyinsudeyingxiang，weilaijingyingkenengcunzaiyidingbuquedingxing，yicunzaiyewutuozhanbujiyuqidefengxian。

需要指出的是，在评估报告中，评估师认为盈利预测具有一定合理性，但仍存在对未来预测及评估结论影响的情况，即：标的公司阿法硅由于预计期后收入规模大幅上升将产生大额资本性投入，同时现阶段该公司客户账期较短，存在占用供应商资金的情况，期后考虑营运资金趋于同行业公司平均水平后，可能产生现金流缺口。benciweilaiyucezhongjiashebiaodegongsiweilaijingyingqineiguanlicengzhenduijingyingxianjinliuquekouketongguopiaojutiexian、yinxingjiekuan、gudongbujiaozibenjindengfangshiqudexiangguanrongzi。shangshuyinsuduipingguduixiangdeyingliyucechanshengyidingyingxiang，congerduishouyifapinggujieguozaochengyidingyingxiang。

前次重组刚终止半年

“jinnianxingyehuanjingjiaozhiqianyiyousuogaishan，muqiangongsijingyinggongzuoyiqiezhengchang。”*stweididuijiemianxinwencheng，muqiangongsicaiwuzhuangkuangzhengchang，bencishougouafaguizunxunlegongpinghelidedingjiayuanze，jiaoyidezijinlaiyuanyugongsiziyouzijin，duigongsiweilaideshengchanjingyingjicaiwuzhuangkuangbuhuizaochengzhongdabuliyingxiang。

jiemianxinwenhuoxi，*stweidizuoweiguoneiqichedianzikongzhichanpingongyingshang，yu2015nian5yuedenglushangjiaosuoshangshi，qichanpinzhuyaomianxiangdazhongxingkecheshichangjixinnengyuankacheshichang，zhuyaoshengchanqichezuheyibiao、qichecanzongxiankongzhixitong、zhinengjiashizuocangxitong、cheshenyukongzhiqi、zongxiankongzhidanyuan、kongzhiqi（ecukongzhidanyuan）、yunzongxianchelianwangxitong、chuanganqi、quanyejingyibiaodengkechecheshendianzichanpin。

2020nian9yue，*stweidigudongchenzhenhua、chenqinghua、liuguopingyulishuijiuyouqianshu《gufenzhuanrangxieyi》《chengnuohan》ji《biaojuequanfangqixieyi》《biaojuequanfangqichengnuohan》，gudongchenzhenhua、chenqinghua、liuguopingjiangqichiyoudeshangshigongsi21.43%gufenzhuanrangjilishuijiuyoujijin，tongshichurangfangchenzhenhuafangqiqichiyoushangshigongsi26.02%gufensuoduiyingdebiaojuequan，chenqinghuafangqiqichiyoushangshigongsi3.42%gufensuoduiyingdebiaojuequan。jiaoyiwanchenghou，lishuijiuyouchengwei*stweididanyiyongyoubiaojuequanfenezuidadegudong，jishangshigongsikonggugudong，lishuijingjijishukaifaquguanliweiyuanhuitidaichenzhenhuachengweishangshigongsideshijikongzhiren。

*stweidishangshiyilaiyejizhengtibiaoxianweichixuxiahua。2015nianzhi2023nianji2024nianqian9yue，*stweidifenbieshixianguimujinglirunwei7998.03wanyuan、9068.38wanyuan、6864.1wanyuan、6516.58wanyuan、2285.1wanyuan、1569.53wanyuan、669.11wanyuan、440.59wanyuan、-1573.92wanyuanji354.83wanyuan。jiezhi2024nian9yue30ri，gaigongsihuobizijinyuewei5.6yiyuan，fuzhaiheji1140.75wanyuan，qizhongliudongfuzhai996.21wanyuan。

2024nian5yue6ri，yin2023niandujingshenjidekouchufeijingchangxingsunyiqianhoudejinglirunjunweifuzhi，qiekouchuyuzhuyingyewuwuguandeyewushouruhebujubeishangyeshizhideshouruhoudeyingyeshourudiyu1yiyuan，*stweidibeishangjiaosuoshishituishifengxianjingshi。ruo2024nianduchuxian《shanghaizhengquanjiaoyisuogupiaoshangshiguize》（2024nian4yuexiuding）guidingderenyiqingxingzhiyi，gongsigupiaojiangbeishangjiaosuojuedingzhongzhishangshi。

lirunchixuzoudideqingkuangxia，*stweidiyu2023nian7yuexuanbuzhongzujihua。gongsinitongguofaxinggufenjizhifuxianjinxiangjiehedefangshishougoudonglidianxinxingyeshoupigongyinglianqiyesuzhoubaoyoujikejigufenyouxiangongsi（jiancheng“baoyouji”）100%gufen，tongshixiangshangshigongsishikongrenlishuijingjijishukaifaquguanliweiyuanhuikongzhidelishuinanchengxinqutouzifazhanyouxiangongsifaxinggufenmujipeitaozijin。bencijiaoyigouchengzhongdazichanzhongzu，gouchengguanlianjiaoyi，bugouchengzhongzushangshi。

baoyoujizhuyingyewuweidonglijichunengdianchidianxinanquangongnengqijian、mozuanquangongnengqijian、dianchibaojiegoujiandengchanpindesheji、yanfa、shengchanjixiaoshou，chanpinzhuyaoyingyongyuxinnengyuanqiche、chunenglingyu，duixiangguanlingzujiandegongnengxinggouzaosheji、chanpinxingneng、zhiliangwendingxingdengfangmianqidaozhongyaozuoyong。

bishi，*stweidicengbiaoshi，shangshushougouyuqizhuyingyewujuyouxietongxiaoying。jiuci，shangjiaosuoyu2023nian8yuexiafazhongzuwenxunhan，yaoqiu*stweidishuomingshuangfangxietongxiaoyingdejutitixianjishixianlujing，buchongpilugongsihouxuzaiyewu、zichan、caiwu、renyuan、jigoudengfangmiannishishidezhenghecuoshijijihuaanpai，bingshuominggongsihouxunengfouduibiaodegongsishishiyouxiaoguankong。

cicizhongzushixiangzuizhongyu2024nian6yuezhongzhi。*stweidijichuzhongzhiyuanyinshi，“bencizhongzuzichouhuayilaiyilishijiaozhang，shichanghuanjingjiaobencizhongzuchouhuazhichufashengjiaodabianhua，xianjieduanjixutuijinbencizhongzushixiangcunzaijiaodabuquedingxing。”。

buronghushideshi，zaiqianyicizhongzushixiangtuidongqijian，2023nian11yue，*stweidiqianshikongrenchenzhenhuayinshexianxianzhiqimaimaishangshigongsigupiaozaozhengjianhuiliandiaocha。juheilongjiangzhengjianju2024nian4yuexiafadexingzhengchufajuedingshu，chenzhenhuazai2023nian7yue7rizhi7yue10ridanrenweidigufendongshi；jiezhi2023nian7yue6ri，chenzhenhuachiyoushangshigongsi24.47%gufen。tongnian7yue15ri，zaiweidigufen（*stweidi）pilu2023nianbannianduyejiyugaodeqianshirinei，chenzhenhuayu7yue7ri、7yue10ritongguodazongjiaoyimaichu“weidigufen（*stweidi）heji664wangu，zhanweidigufenzonggubende1.18%，chengjiaojine2656.56wanyuan。heilongjiangzhengjianjujuedingduichenzhenhuazelinggaizheng，jiyujinggao，bingchuyi795wanyuanfakuan。