江西江钨稀贵装备股份有限公司2025年度业绩承诺实现情况核查意见详细解读

要点摘要

• 中信证券对江西江钨稀贵装备股份有限公司（以下简称“江钨装备”）2025年度业绩承诺实现情况进行了专项核查。
• 本次重大资产置换涉及的金环磁选2025年度业绩承诺未完成，需进行业绩补偿。
• 江钨发展需向上市公司支付业绩承诺补偿金额2,055.05万元人民币。
• 该事项已履行完毕公司内部董事会决策程序，具有重要信息披露意义，或将影响公司股价走势。

详细内容

江西江钨稀贵装备股份有限公司（原名“安源煤业集团股份有限公司”）于2025年实施了重大资产置换暨关联交易，置入资产为金环磁选。根据公司与江钨发展签署的《资产置换协议》，约定了为期三年的业绩承诺及补偿安排，承诺期为2025-2027年。

业绩承诺及补偿机制

• 金环磁选在2025年-2027年业绩承诺期内，承诺每年实现的扣除非经常性损益后归属于母公司股东的净利润分别为5,469.03万元（2025年）、5,546.53万元（2026年）、5,625.60万元（2027年）。
• 如未达承诺，则根据协议，江钨发展需以现金方式进行补偿，补偿金额根据公式计算，且补偿总额不超过置入资产交易对价。
• 在业绩承诺期满，还需进行资产减值测试，如资产出现减值且已补偿金额不足，江钨发展需继续补偿差额。

2025年度业绩承诺完成情况

• 经中兴华会计师事务所专项审核，金环磁选2025年实际归母净利润为5,091.60万元，扣除非经常性损益后为4,541.48万元，低于业绩承诺数5,469.03万元，仅完成承诺业绩的83.04%。
• 根据协议，江钨发展需对上市公司进行业绩补偿，补偿金额为2,055.05万元人民币。
• 减值测试相关补偿目前尚未触发。

决策及履行情况

• 公司已于2026年4月17日召开董事会，审议通过了相关业绩承诺完成情况的议案，履行了内部决策程序。
• 业绩补偿将在公司年度报告披露业绩差异后的30个工作日内以现金支付。

对投资者的重要提示

• 本次业绩承诺未达标且发生补偿事项，显示置入资产2025年盈利能力不及预期，存在业绩兑现风险。
• 补偿事项可能对公司当期财务状况产生正面影响，但也反映出资产盈利的不确定性，需引起投资者关注。
• 后续2026年、2027年业绩承诺及资产减值测试结果仍存在不确定性，投资者需持续关注相关信息披露。
• 本次业绩承诺补偿事项属于重大信息披露事项，或对公司股价产生影响，投资者应理性判断、注意风险。

结论

综上，江西江钨稀贵装备股份有限公司本次资产置换标的——金环磁选2025年度未达业绩承诺，江钨发展将进行现金补偿。业绩未达标及补偿事项，既反映出公司对投资者利益的保护机制，也提示相关资产盈利能力的不确定性，投资者应持续关注后续业绩承诺及减值测试的履行情况。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎，投资者应以公司公告及实际经营情况为准。

English Version

Detailed Review of Jiangxi Jiangtong Rare Precious Equipment Co., Ltd. 2025 Performance Commitment Fulfillment

Key Highlights

• CITIC Securities conducted a special review on the performance commitment fulfillment for 2025 of Jiangxi Jiangtong Rare Precious Equipment Co., Ltd. (“Jiangtong Equipment”).
• The performance commitment for the injected asset, Jinhua Magnetic Separation, in 2025 was not met, and compensation will be made.
• Jiangtong Development will compensate the listed company RMB 20.55 million in cash for the shortfall.
• This matter has completed the company’s internal board approval procedures and is a significant disclosure event that may affect the company’s share price.

Details

Jiangxi Jiangtong Rare Precious Equipment Co., Ltd. (formerly Anyuan Coal Industry Group Co., Ltd.) completed a major asset swap and related transaction in 2025, injecting Jinhua Magnetic Separation as the target asset. According to the Asset Swap Agreement signed with Jiangtong Development, a three-year performance commitment and compensation arrangement was established for 2025-2027.

Performance Commitment and Compensation Mechanism

• During 2025-2027, Jinhua Magnetic Separation promised annual net profit (after non-recurring gains and losses, attributable to parent shareholders) of RMB 54.69 million (2025), RMB 55.47 million (2026), and RMB 56.26 million (2027).
• If the target is not met, Jiangtong Development will compensate in cash, with the amount calculated per the agreement, and the total compensation shall not exceed the asset transaction consideration.
• Upon expiry of the performance commitment period, an impairment test will be conducted. If impairment occurs and the compensated amount is insufficient, Jiangtong Development must make up the shortfall.

2025 Performance Commitment Fulfillment

• According to the special review by Zhongxinghua Certified Public Accountants, Jinhua Magnetic Separation achieved RMB 50.92 million net profit attributable to parent in 2025, and RMB 45.41 million after deducting non-recurring gains and losses, lower than the committed RMB 54.69 million, fulfilling only 83.04% of the target.
• As per the agreement, Jiangtong Development will compensate RMB 20.55 million in cash to the listed company.
• The impairment test compensation clause has not yet been triggered.

Decision and Implementation

• The company’s board approved the performance commitment fulfillment and compensation plan on April 17, 2026, completing internal procedures.
• The compensation will be made in cash within 30 business days after the annual report discloses the performance shortfall.

Important Reminders for Investors

• The underperformance and compensation indicate that the injected asset’s profitability fell short of expectations, highlighting performance risk.
• While the compensation may positively impact the company’s financials for the year, it also reflects uncertainty in asset profitability, which investors should closely monitor.
• Performance commitments for 2026 and 2027, as well as the outcome of the impairment test, remain uncertain. Investors are advised to pay close attention to further disclosures.
• This compensation event is a significant corporate disclosure and may impact the share price. Investors should make rational decisions and be cautious of risks.

Conclusion

In summary, the injected asset Jinhua Magnetic Separation did not meet its 2025 performance commitment. Jiangtong Development will make a cash compensation. This outcome both demonstrates the company’s protection mechanisms for investors and signals uncertainties in asset profitability. Investors should closely watch for further updates on performance commitments and impairment testing in the coming years.

Disclaimer: This article is for reference only and does not constitute investment advice. Investing involves risks. Please refer to the company’s official announcements and actual operating results when making investment decisions.

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