Han Jianhe Mountain's performance has been continuously loss-making, planning to acquire Xingfu New Materials to expand business operations

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“Eel Finance” Eel Number / Text

On February 4, Han Jianhe Mountain announced that the company intends to acquire 99.9978% of the shares of Liaoning Xingfu New Materials Co., Ltd. (hereinafter referred to as Xingfu New Materials) through issuing shares and cash payment, and to issue shares to no more than 35 specific investors who meet the conditions to raise matching funds. After several delays, Han Jianhe Mountain’s response to regulatory inquiries was “slow,” and on the evening of March 16, Han Jianhe Mountain officially disclosed the company’s response announcement to the inquiry letter regarding the aforementioned restructuring case. Han Jianhe Mountain stated that this constitutes a significant restructuring but does not constitute a backdoor listing.

According to information, Han Jianhe Mountain mainly engages in two major businesses: prestressed concrete pipes (PCCP) and concrete additives. PCCP is mainly used for cross-basin water diversion, key projects for water supply and distribution, urban water diversion and supply projects, and agricultural water conservancy construction water diversion projects.

In 2021, Han Jianhe Mountain’s revenue exceeded 1.5 billion yuan, but the revenue for the first three quarters of 2025 was only 548 million yuan; meanwhile, the company fell into a continuous loss state. In 2022, 2023, and 2024, Han Jianhe Mountain’s net profit attributable to the parent company was -356 million yuan, -308 million yuan, and -231 million yuan, respectively.

Han Jianhe Mountain expects a net profit attributable to the owners of the parent company, excluding non-recurring gains and losses, for the fiscal year 2025 to be between -88 million yuan and -78 million yuan.

From 2022 to 2025, the operating revenue of the target company Xingfu New Materials for this restructuring was 777 million yuan, 609 million yuan, 401 million yuan, and 386 million yuan, showing a continuous decline. The net profit attributable to the parent company during the same period was 101 million yuan, 136 million yuan, -736,700 yuan, and 10.09 million yuan, respectively.

Han Jianhe Mountain previously pointed out in its announcement that before this transaction, the company mainly engaged in prestressed concrete pipes (PCCP) and concrete additives business. The company actively responds to national policy calls, laying out industrial upgrades while adhering to standardized operations, seeking a second growth curve. The target company proposed for acquisition is a leading manufacturer of organic chemical raw materials, with main products including intermediates of special engineering plastics polyether ether ketone (PEEK), pesticide and pharmaceutical intermediates, and PEEK purification business, etc. Through this transaction, the company will expand its business layout, adding a manufacturing segment for organic chemical raw materials, promoting the company’s upgrade to new productive forces.

“Eel Finance” will continue to pay attention to subsequent developments.

“Eel Express”