宝鼎科技2025年度收购持续督导意见详解：收购落实情况、承诺履行及潜在影响

一、报告要点梳理

2026年3月，华泰联合证券有限责任公司作为山东招金集团有限公司收购宝鼎科技股份有限公司的财务顾问，依据相关法规，出具了2025年度（2025年11月4日至2025年12月31日）持续督导意见。本意见详细披露了本次收购资产交付、公司规范运作、承诺履行、后续计划及潜在影响等方面的情况。

二、收购资产交付与过户完成

• 本次收购系国有资产管理部门批准，招金集团通过受让招远市国资局持有的山东金都国有资本投资集团有限公司（简称“金都国投”）100%股权，成为宝鼎科技间接控股股东。
• 收购完成后，招金集团直接和间接持有宝鼎科技股份超过30%，但由于实际控制人未发生变化，依法获得免于要约收购的批复。
• 2025年12月30日，控股股东的股权转让变更登记手续已完成，收购正式落地。

三、公司治理与规范运作

• 本持续督导期内，招金集团及其一致行动人严格遵循法律法规，依法行使股东权利，未发现违规干预上市公司经营或损害其他股东利益的情形。
• 宝鼎科技公司治理结构和内部控制有效，独立运行，无重大异常。

四、收购人履行承诺情况

1. 保证上市公司独立性

招金集团出具书面承诺，保证宝鼎科技在人员、资产、财务、机构、业务等方面保持独立，未出现违规占用资金等情况，承诺持续有效，并承担因违约造成损失的赔偿责任。

2. 避免同业竞争

• 因招金集团与宝鼎科技同属黄金产业链，存在业务重合的潜在同业竞争。招金集团承诺于5年内通过资产重组、业务调整、委托管理等方式解决同业竞争问题。
• 承诺在履行期间严格遵守相关法律，维护上市公司及中小股东权益，如因违约造成损失将进行赔偿。
• 相关承诺正在履行过程中，尚无违约情况。

3. 规范关联交易

• 招金集团承诺不利用控股地位谋取不正当利益，不要求宝鼎科技提供担保或借款，关联交易需公平公正并履行信息披露义务。
• 如有关联交易，需签订规范协议，并严格履行回避表决等程序，承诺持续有效。

五、后续计划与潜在影响—对股东和投资者的重要信息

1. 未来12个月内的主要计划

• 无改变宝鼎科技主营业务、资产出售、合并、资产重组、董事及高管调整、公司章程变更、员工聘用计划重大变动及分红政策重大调整等计划。
• 如涉及上述事项调整，将依法履行决策及信息披露程序。

2. 分红政策和组织结构调整

• 暂无对分红政策或组织结构进行重大调整的计划，但不排除未来根据公司实际需要作出调整，届时将严格履行法定程序及信息披露。

3. 担保与借款

• 未发现收购人及其关联方要求宝鼎科技提供担保或借款的情形。

六、潜在影响与股价敏感事项解析

对于投资者而言，以下事项需高度关注，可能对公司未来经营及股价产生影响：

• 同业竞争承诺履行：招金集团与宝鼎科技存在黄金业务重合，虽已作出承诺5年内化解同业竞争，但后续执行情况及具体方案尚未明确，若相关资源整合、资产重组推进不及预期，可能影响公司长期发展和市场预期。
• 未来资产重组或业务调整的可能性：虽然目前无相关计划，但报告多次提示“不排除根据实际情况实施调整”，一旦启动重大资产重组或业务调整，将构成敏感信息，需投资者密切关注。
• 承诺履行与公司治理：招金集团已承诺严格公司治理和规范运作，若后续出现董事会人员调整、分红政策变化、同业竞争处理不及时等情形，均可能影响公司治理结构和投资者信心。
• 信息披露合规：公司重申所有敏感事项将依法及时披露，投资者可据此跟踪后续动态。

七、总结

综上，宝鼎科技本轮收购顺利完成，控股权已变更但实际控制人未变，当前未有对主营业务、治理结构等做出重大调整的计划，承诺事项正在履行中。同时，未来若有同业竞争化解、资产重组、分红政策变更等事项，将依法披露，投资者应重点关注相关后续进展。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。请以公司公告及权威信息披露为准。

English Version

Baoding Technology 2025 Annual M&A Supervision Report: Implementation, Commitments, and Investor Impacts

1. Key Highlights

In March 2026, Huatai United Securities, as the financial advisor for Shandong Zhaojin Group’s acquisition of Baoding Technology, issued its 2025 annual supervision opinion. The report details asset delivery, standardized operations, fulfillment of commitments, and future plans, all of which may affect investor judgment and share price.

2. Completion of Asset Transfer

• The acquisition, approved by state asset management authorities, involved Zhaojin Group acquiring 100% equity of Jindu Guotou, making Baoding Technology its indirect holding subsidiary.
• After completion, Zhaojin Group directly and indirectly holds over 30% of Baoding Technology’s shares. As the actual controller did not change, a waiver from making a mandatory tender offer was obtained.
• The equity transfer registration for the controlling shareholder was completed on December 30, 2025, marking the official close of the deal.

3. Corporate Governance and Compliance

• During the supervision period, Zhaojin Group and related parties abided by laws and did not interfere in Baoding Technology’s operations or harm other shareholders’ interests.
• Baoding Technology’s governance and internal controls remained effective and independent, with no notable irregularities.

4. Fulfillment of Public Commitments

1. Ensuring Independence

Zhaojin Group committed in writing to maintain Baoding’s independence in personnel, assets, finance, organization, and business, with no fund misappropriation or violations, and will compensate for any losses due to breaches.

2. Avoiding Competition

• Zhaojin Group and Baoding Technology both operate in gold mining, creating potential industry competition. Zhaojin has pledged to resolve such competition within five years through asset restructuring, business adjustment, entrusted management, etc.
• The commitment is ongoing, with no breaches so far.

3. Standardizing Related-Party Transactions

• Zhaojin Group promises not to seek improper benefits or require guarantees/loans from Baoding. Related transactions must be fair and transparent, with proper disclosure and avoidance of conflicts of interest.

5. Future Plans and Sensitive Points for Investors

1. Main Plans for the Next 12 Months

• No plans to change Baoding’s main business, sell/merge assets, restructure, adjust directors/senior managers, amend company bylaws, make major HR changes, or alter dividend policy.
• If any such plans arise, legal procedures and disclosures will be followed.

2. Dividend Policy and Organizational Structure

• No major planned changes to dividend policy or organizational structure, but adjustments may be made as needed and disclosed in time.

3. Guarantees and Loans

• No requests for Baoding to provide guarantees or loans to Zhaojin Group or affiliates.

6. Potential Share Price Movers and Investor Sensitivities

Investors should be aware of the following potentially price-sensitive issues:

• Resolution of Industry Competition: Zhaojin and Baoding overlap in gold mining. The promised resolution within five years, especially via asset restructuring, could impact company valuation and market expectations if not executed as anticipated.
• Potential for Future Restructuring: Though no current plans exist, the company states that future restructuring is possible if needed. Any such move would be price-sensitive and should be monitored.
• Commitment Implementation and Governance: Any delays or failures to fulfill commitments, changes in governance, dividend policy, or business structure could affect investor confidence and share price.
• Disclosure Compliance: The company reiterates that all sensitive matters will be disclosed as per regulations, so investors should closely monitor official announcements.

7. Conclusion

In summary, Baoding Technology’s acquisition has been completed, with no changes to actual control. There are currently no plans for major business or governance changes, and all commitments are being fulfilled. However, future asset restructuring or industry competition resolution could be price-sensitive events for investors to watch.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should refer to official disclosures for the most accurate and up-to-date information and bear all risks for their own investment decisions.

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