NBTM New Materials Group Co Ltd

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NBTM New Materials' 2026 interim net profit was 200 million yuan, down 23.16% year-on-year

NBTM New Materials released its 2026 interim report. During the reporting period, it achieved total operating revenue of 3.079 billion yuan and net profit attributable to the parent of 200 million yuan, a decrease of 60.4362 million yuan compared with the same period last year, down 23.16% year-on-year. Net cash inflow from operating activities was 709 million yuan, the asset-liability ratio was 44.82%, and the gross margin was 24.28%, down 2.23 percentage points from the previous quarter. Return on equity was 5.72%, down 3.34 percentage points from the same period last year. Diluted earnings per share were 0.32 yuan, down 23.81% year-on-year. The company had 56,200 shareholders, and the top ten shareholders held 36.37% of total share capital.

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NBTM New Materials Plans Subsidiary and 700 Million Yuan Investment in Precision Intelligent Manufacturing Base

NBTM New Materials announced that its controlling subsidiary, Shanghai Future High-tech, has signed an agreement with the People's Government of Daojiao Town, Dongguan. The company plans to invest 150 million yuan in Dongguan to establish a wholly-owned subsidiary, Guangdong NBTM Huajing Technology, to implement the Guangdong NBTM Huajing Technology Base construction project. The project is expected to have a total investment of 700 million yuan, including approximately 600 million yuan in fixed asset investment, with a construction period of about 30 months and covering roughly 63 mu of land. It will focus on AI, computing power servers, and high-end consumer electronics. During the project's full production period from 2033 to 2039, the annual industrial output value per mu will be no less than 12 million yuan, the fiscal contribution per mu no less than 600,000 yuan, and R&D spending as a share of sales revenue no less than 3 percent. Upon completion, the project will enable the overall relocation of two Dongguan factories and the transfer of Shanghai Future High-tech's foldable phone hinge production line, forming an integrated industrial chain layout.

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Target valuation in NBTM New Materials acquisition jumps 43% in one year, valuation method under dispute

NBTM New Materials has resumed its review of the restructuring plan to acquire the remaining stake in its controlled subsidiary Shanghai Future. The transaction is priced at 673 million yuan, with the target's appraisal value reflecting a premium of 105.44 percent. When NBTM increased its stake in Shanghai Future in February 2025, the overall valuation was 1.353 billion yuan. The latest appraisal, based on the end of 2025, has risen to 1.938 billion yuan, marking a 43 percent increase within one year. The appraisal firm used the income approach to arrive at a valuation of 1.648 billion yuan, which differs by 504 million yuan from the result under the asset-based approach, a discrepancy of 44.08 percent. The Shanghai Stock Exchange has issued an inquiry letter regarding the reasonableness of the valuation. The market has questioned the applicability of the income approach, given that Shanghai Future's net profit fluctuated sharply from 2021 to 2023, and the appraisal assumptions appear optimistic, including a long-term stable gross margin of 22.99 to 23.95 percent and a discount rate of 9.28 percent, which is below the industry average of 11.53 percent. In addition, the write-off of a long-term payable of approximately 290 million yuan directly pushed the target's valuation up to 1.938 billion yuan. The performance commitment requires Shanghai Future to achieve cumulative net profit attributable to the parent, excluding non-recurring items, of no less than 693 million yuan from 2026 to 2028.

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NBTM New Materials plans to acquire 34.75% stake in Shanghai Fuchi for 673 million yuan at a high premium

NBTM New Materials has disclosed a restructuring report, planning to acquire a 34.75% stake in Shanghai Fuchi for 673 million yuan through a combination of share issuance and cash payment, while also intending to raise supporting funds of no more than 515 million yuan. This transaction constitutes a connected transaction. The appraised value of all shareholders' equity of the target company is 1.938 billion yuan, representing a premium of 105.44% over its net book assets. Differentiated pricing is applied to Yuanzhi Xinghuo, with its 100% equity valued at approximately 2.195 billion yuan, a premium of about 13.26% over the appraised value. The performance commitment parties have pledged that Shanghai Fuchi's combined non-recurring net profit from 2026 to 2028 will be no less than 693 million yuan. The target company has significant reliance on a major customer in a certain industry chain, with direct and indirect sales revenue accounting for up to 56.54% during the reporting period, and exclusive cooperation arrangements involving nearly 40% of revenue. After the transaction, the listed company's goodwill will reach 576 million yuan, accounting for 7.34% of total assets and 14.59% of net assets, posing a goodwill impairment risk. NBTM New Materials itself faces a sharp slowdown in revenue growth, high accounts receivable, and inventory pressure. This acquisition aims to strengthen its MIM business layout, but the target company's customer dependence and exclusivity constraints, combined with its own slowing growth, create a prominent conflict between the long-term value and short-term risks of the acquisition.

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