*ST威尔收购紫江新材沈雯资本腾挪自救：标的曾分拆上市失败宁德系割肉、比亚迪坚守

新浪证券2025-07-25

出品：新浪财经上市公司研究院作者：昊日前，A股主板上市公司*ST威尔（威尔泰）和紫江企业同时公告，*ST威尔拟以5.46亿元现金，收购紫江企业等对象持有的紫江新材合计51%股份，借此切入锂电池材料赛道。值得注意的是，此次交易涉及的*ST威尔、紫江企业和标的紫江新材的实际控制人均为沈雯。事实上，交易标的紫江新材基本面堪忧，由于存在产品单一、技术独立性、供应商重叠以及股东同时兼任大客户导致的售价公允性...

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盈利能力持续下滑业绩承诺受质疑日前，沈雯名下控制的A股主板上市公司*ST威尔和紫江企业同时发布公告称，ST威尔将以5.46亿元现金方式向紫江企业、宁德新能源、长江晨道等29名股东购买紫江新材3028.53万股股份，合计占紫江新材总股本的51%。紫江新材主业为软包锂电池用铝塑复合膜（铝塑膜）的研发、生产及销售，主要应用于锂电池配套领域，包括动力、3C数码和储能等领域。尽管身处热门赛道，但紫江新材的基本面依然堪忧，此前其IPO失败并非偶然，深交所审核问询暴露了公司诸多硬伤。首先，公司12项发明专利中，3项自关联企业受让，2项自供应商上海维凯受让，1项与上海维凯共有。作为主要原材料供应商，上海维凯竟能提供核心技术，令人质疑紫江新材的自主研发能力。其次，在与同行业可比公司的性能指标对比中，紫江新材产品多项关键指标均不占优。2020-2022年，公司研发费用率从6.11%下滑至4.01%，低于行业平均水平。第三，紫江新材应收账款坏账计提比例显著低于可比公司，产品销售单价较低但毛利率却远超同行，这些异常财务处理引发监管关注。更重要的是，宁德新能源、比亚迪等兼具紫江新材的股东和大客户，特别是比亚迪在2021年增资入股后采购量激增，且存在“若2024年底未上市则有权要求回购股权”等对赌条款约定，这种利益捆绑进一步削弱了市场和监管对其业务独立性的信任，售价公允性问题备受质疑。此外，财务数据显示，2022年至2024年，紫江新材归母净利润由1.19亿元缩水至0.54亿元，毛利率更是从2020年起便一路下滑，仍无止跌迹象。然而，交易对方却承诺，2025年至2027年，紫江新材净利润分别不低于6550万元、7850万元、9580万元。这意味着标的需在2025年实现净利润同比增长超22%，2026年再增20%，2027年再增22%。考虑到此次收购溢价高达105%，交易后*ST威尔的商誉减值、业绩和财务等风险不容忽视。*ST威尔濒临退市沈雯资产腾挪自救 宁德系割肉、比亚迪坚守*ST威尔主营业务为自动化仪器仪表的研发、生产和销售，主要产品包括电磁流量计、压力变送器等，下游客户包括电力、冶金、石油、化工等传统工业行业。因主业长期不振，叠加退市新规的直接冲击，*ST威尔已处于退市边缘。数据显示，*ST威尔2023年净利润-1706万元，2024年为-1724万元，且扣除后营业收入仅1.63亿元，显著低于主板3亿元的红线。因2024年度经审计的利润总额、净利润、扣非净利润三者孰低为负值，且扣除后营业收入低于3亿元，公司自2025年4月30日起被实施退市风险警示。根据2024年修订的退市新规，若公司2025年仍未能实现净利润转正或营收达标，将触发“连续两年净利润为负+营收<3亿元”的强制退市条款。事实上，今年一季度，公司营收同比仍在下滑，归母净利润和扣非净利润同比亏损同样也在扩大。为保壳，沈雯通过左右手资产腾挪，将紫江新材从紫江企业装入*ST威尔，以拯救濒临退市的*ST威尔。值得玩味的是，交易中股东们的不同选择。本次交易前，比亚迪、宁德新能源分别持有紫江新材3.87%、2.53%股份。交易完成后，比亚迪选择留守，而宁德新能源清仓退出。需要指出的是，宁德新能源的退出堪称“割肉”。2021年，该公司以20.65元/股价格认购紫江新材150万股，总投资3097.5万元。四年后，其转让全部股权仅获2703.57万元，亏损近400万元。作为行业巨头，宁德系对锂电池产业链有着深刻理解。行业数据显示，2021年后CTP/CTB技术让软包电池成组效率处于竞争劣势，叠加成本因素，软包电池在动力电池出货量中的占比持续下滑，直接影响铝塑膜需求。宁德新能源此次宁愿亏损也要退出紫江新材，或许暗示着对铝塑膜行业发展前景的谨慎判断。通过资产腾挪，沈雯或许能够暂时实现其保壳的目的，不过*ST威尔能否从根本上摆脱困境、起死回生，只能有待时间给出答案。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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*ST威尔收购紫江新材沈雯资本腾挪自救：标的曾分拆上市失败 宁德系割肉、比亚迪坚守

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*ST威尔收购紫江新材沈雯资本腾挪自救：标的曾分拆上市失败宁德系割肉、比亚迪坚守