江西江钨稀贵装备股份有限公司2025年度日常关联交易确认公告详解
要点概述
- 公司完成重大资产重组，主营业务由煤炭采选及经营转变为磁选装备的研发、生产与销售。
- 2025年度因业务转型导致大规模关联交易结构性变化，相关交易金额及执行均有大幅调整。
- 公告详细披露重组前后关联交易的预计与实际发生金额，涉及众多集团关联公司，部分预计与实际差异较大。
- 董事会及独立董事均认为此次关联交易公允合理，不损害中小股东利益，对公司独立性无实质影响。
重组及业务变更详情
2025年公司通过重大资产置换，将持有的煤炭相关资产与江西江钨控股发展有限公司持有的赣州金环磁选科技装备股份有限公司57%股权进行等值置换。重组于2025年8月13日完成工商变更登记，公司主营业务彻底转向磁选装备业务。这一转型对公司业绩、业务结构及关联交易格局均产生深远影响。
日常关联交易情况
1. 煤炭业务（重组前）
- 2025年度煤炭业务关联交易预计金额达234,072万元，实际1-7月发生金额为86,146.16万元，因主营业务置出，部分交易大幅减少甚至归零。
- 主要交易对象包括丰城新高焦化有限公司、江投国华信丰发电有限责任公司、江西丰矿集团有限公司等，涉及煤炭销售、焦炭采购、材料销售、服务提供、工程劳务等多品类。
- 如丰城新高焦化公司煤炭销售预计6.2亿元，实际仅1亿元，焦炭采购预计13.7亿元，实际6.4亿元，差异均因业务调整导致。
- 部分交易在重组完成后不再发生，如江投国华信丰发电公司煤炭销售实际为0。
2. 磁选装备业务（重组后）
- 2025年8月起，磁选装备业务关联交易预计金额3,863万元，实际发生1,466.3万元，涉及采购商品和服务、销售商品、废铜销售、接受服务、租赁等。
- 核心关联方包括赣州有色冶金机械有限公司、赣州有色冶金研究所有限公司、江西大吉山钨业有限公司、江西漂塘钨业有限公司等。
- 与部分关联方的实际业务需求调整较大，如宜春钽铌矿有限公司商品销售预计2,200万元，实际505万元；赣州有色冶金机械有限公司采购商品和服务预计120万元，实际21万元。
- 部分实际发生项目低于预计，也有部分因公司经营需要新增业务。
关联方及履约能力
- 关联交易对象涵盖江钨控股、江投集团及其下属企业（如江西省能源集团、赣能股份、江西国泰集团等），资质雄厚。
- 绝大多数关联方为国有控股或全资子公司，资本实力强，履约能力充足，无失信记录。
- 部分关联方资产负债率较高或净利润为负，需关注其持续经营能力，但公司认定坏账风险小。
关联交易定价与影响
- 所有交易参照市场价格协商确定，与市场价格无明显差异，定价公允。
- 交易均为日常经营所需，不构成对关联方依赖。
- 不会损害公司和股东利益，亦不会影响公司独立性。
董事会审议及独立董事意见
- 2026年4月17日董事会第八次会议审议通过《关于确认2025年度日常关联交易的议案》，关联董事回避表决，非关联董事一致同意。
- 独立董事认为交易符合市场化、公允、公开、公平原则，不存在损害中小股东利益情形。
对投资者和股东的潜在影响（价格敏感信息）
- 主营业务彻底转型： 由传统煤炭业务转型为高技术含量的磁选装备，有望打开新的成长空间，但也需关注新业务落地及市场开拓。
- 关联交易结构大幅调整： 交易对象和金额发生根本变化，短期公司营业收入结构调整，需紧密关注新业务盈利能力和现金流。
- 部分关联公司净资产为负： 如赣州江钨新型合金材料有限公司、江西江钨钴业有限公司等，虽为集团内企业，但长期亏损和高负债率可能影响合作稳定性，建议投资者关注潜在风险。
- 重组后公司独立性保障： 董事会及独立董事均认为公司独立性无影响，交易充分遵守市场化原则。
结论
本次公告是公司业务转型、资产重组后的首次全口径关联交易确认，信息披露详尽，涉及金额巨大，且部分预计与实际发生额差异较大，对公司未来发展方向、收入结构、盈利模式、关联交易依赖、公司治理等方面均有重大影响。投资者应重点关注新主营业务的实际经营结果、关联方履约能力及公司对集团内高负债企业的风险暴露。
免责声明： 本文信息均来自江西江钨稀贵装备股份有限公司公告及公开资料，内容仅供投资参考，不构成投资建议。投资者据此操作，风险自负。
English Version
Detailed Analysis of Jiangxi Jiangwu Rare Precious Equipment Co., Ltd. 2025 Related-Party Transaction Confirmation Announcement
Key Highlights
- The company completed a major asset restructuring, shifting its core business from coal mining to R&D, production, and sales of magnetic separation equipment.
- Significant changes in the structure and amounts of related-party transactions in 2025 due to this business transformation.
- The announcement discloses in detail the expected and actual transaction amounts before and after restructuring, involving numerous group-related entities, with some actuals differing greatly from forecasts.
- The board and independent directors believe all related transactions are fair, reasonable, and do not harm minority shareholders or jeopardize company independence.
Restructuring and Business Change Details
In 2025, the company completed an asset swap, exchanging its coal assets with a 57% stake in Ganzhou Jinhhuan Magnetic Separation Technology Equipment Co., Ltd., owned by Jiangxi Jiangwu Holdings Development Co., Ltd. The restructuring was registered on August 13, 2025, shifting the main business to magnetic separation equipment. This transformation has a profound impact on performance, business structure, and the pattern of related-party transactions.
Related-Party Transactions Overview
1. Coal Business (Pre-Restructuring)
- 2025 annual expected related-party transaction amount was RMB 2.34 billion, with actual 1-7 months amounting to RMB 861.46 million, as many transactions ceased following the business spin-off.
- Main transaction counterparties included Fengcheng Xingaohua Coking Co., Jiangtou Guohua Xinfeng Power Co., Jiangxi Fengkuang Group, etc., covering coal sales, coke procurement, material sales, service provision, engineering labor, etc.
- For example, coal sales to Fengcheng Xingaohua Coking were expected at RMB 624 million, actual RMB 100 million; coke procurement expected RMB 1.37 billion, actual RMB 640 million, all due to business restructuring.
- Some transactions dropped to zero post-restructuring, such as coal sales to Jiangtou Guohua Xinfeng Power.
2. Magnetic Separation Equipment Business (Post-Restructuring)
- From August 2025, related-party transactions in the new business were expected at RMB 38.63 million, with actual RMB 14.66 million, covering procurement, sales, waste copper sales, services, leasing, etc.
- Main related parties included Ganzhou Nonferrous Metallurgical Machinery Co., Ganzhou Institute of Nonferrous Metallurgy, Jiangxi Dajishan Tungsten Co., Jiangxi Piaotang Tungsten Co., etc.
- Actual business demand resulted in significant deviations in some cases, e.g., Yichun Tantalum Niobium Mine expected sales RMB 22 million, actual RMB 5.05 million; Ganzhou Nonferrous Metallurgical Machinery procurement expected RMB 1.2 million, actual RMB 210,000.
- Some new businesses were added as needed.
Related Party and Performance Capability
- Counterparties include Jiangwu Holdings, Jiantou Group, and subsidiaries (e.g., Jiangxi Energy Group, Ganneng, Jiangxi Guotai Group), with strong credentials.
- Most are state-owned or wholly-owned group subsidiaries, with strong capital and performance ability, no credit defaults.
- Some related parties have negative net assets or are loss-making, e.g., Ganzhou Jiangwu New Alloy Materials Co., Jiangxi Jiangwu Cobalt Co.; investors should monitor ongoing risk.
Transaction Pricing and Impact
- All transactions are based on market prices and are fair and reasonable.
- Transactions are daily operational needs, not forming dependence on related parties.
- No harm to company and shareholders, nor impact on independence.
Board Review and Independent Director Opinion
- On April 17, 2026, the 9th Board’s 8th meeting approved the 2025 related transaction confirmation, with related directors recused and others unanimously in favor.
- Independent directors believe the transactions are fair, market-based, and do not harm minority interests.
Potential Impact for Investors and Shareholders (Price Sensitive)
- Complete Business Transformation: From traditional coal to high-tech magnetic separation equipment, opening growth potential but requiring focus on new business execution and market development.
- Large Shift in Related-Party Transaction Structure: Transaction counterparties and amounts have fundamentally changed; short-term revenue structure adjusts, investors should monitor profitability and cash flow.
- Some Related Parties with Negative Net Assets: Such as Ganzhou Jiangwu New Alloy Materials Co., Jiangxi Jiangwu Cobalt Co.; despite being group enterprises, sustained losses and high liabilities may affect cooperation stability, a risk for investors.
- Independence Safeguarded Post-Restructuring: Board and independent directors confirm no impact on independence, full compliance with market-based principles.
Conclusion
This announcement is the first full-scope related-party transaction confirmation since the company’s business transformation and asset restructuring. It involves substantial amounts, material changes, and significant forecast/actual differences, with deep implications for future business direction, income structure, profit model, related-party reliance, and governance. Investors should closely monitor new business performance, related party risk, and exposure to high-liability group companies.
Disclaimer: The above content is based on official disclosures by Jiangxi Jiangwu Rare Precious Equipment Co., Ltd. and public information. It is for investor reference only and does not constitute investment advice. Investors act at their own risk.
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