江西江钨稀贵装备股份有限公司2025年度业绩承诺未达成，需进行业绩补偿——中信证券专项核查报告解读

一、重大资产置换及业绩承诺核心条款

江西江钨稀贵装备股份有限公司（以下简称“江钨装备”，原名安源煤业集团股份有限公司）在2025年实施了重大资产置换暨关联交易。根据2025年6月27日公司与江钨发展签署的《资产置换协议》，江钨发展承诺对置入资产金环磁选在2025-2027年三个会计年度内的扣除非经常性损益后归属于母公司股东的净利润进行业绩承诺：

• 2025年承诺净利润为5,469.03万元
• 2026年承诺净利润为5,546.53万元
• 2027年承诺净利润为5,625.60万元

协议明确，若实际净利润低于承诺净利润，江钨发展需以现金方式进行业绩补偿。同时，业绩承诺期届满后还需进行减值测试，若资产期末减值额高于已补偿金额，需再次补偿，且业绩承诺补偿金额与减值补偿金额合计不超过置入资产交易对价。

二、2025年度业绩承诺实际完成情况

根据中兴华会计师事务所出具的专项审核报告，金环磁选2025年度实现的扣除非经常性损益后归属于母公司股东的净利润为4,541.48万元，未达成承诺净利润5,469.03万元，仅完成承诺的83.04%。因此，江钨发展需按照协议进行业绩补偿。

三、业绩补偿具体安排及金额

• 2025年度业绩未达标，江钨发展将以现金形式补偿上市公司2,055.05万元人民币。
• 减值测试补偿安排尚未进入履行期，暂不涉及进一步补偿。
• 相关事项已于2026年4月17日在上市公司第九届董事会第八次会议审议通过。

四、对投资者的影响及重要提示

1. 业绩未达成对公司估值及市场预期可能构成压力： 作为重大资产置换的关键盈利承诺，首年度未达标或将影响投资者对公司未来盈利能力的信心。业绩补偿机制部分保障了公司利益，但市场可能关注后续年度能否达成承诺，影响股价表现。

2. 补偿机制提供一定保护： 江钨发展将及时以现金补偿上市公司，短期内对公司现金流有正面影响，降低投资者因业绩未达标的损失。

3. 仍需关注未来两年业绩兑现情况及减值测试： 若后续年度继续未达标或资产发生减值，江钨发展需继续补偿，相关事项具有持续影响。

五、结论

本次业绩承诺未达成及补偿安排为重大事项，对公司估值、投资信心及股价均可能带来一定影响，建议投资者密切关注公司后续公告及金环磁选资产业绩兑现情况。

免责声明： 本文根据公开信息整理，仅供参考，不构成投资建议。投资者据此操作，风险自担。

English Version

Jiangxi Jiangtong Rare & Precious Equipment Co., Ltd.: 2025 Performance Commitment Not Met, Compensation Triggered—CITIC Securities Special Review Report Explained

1. Key Terms of Major Asset Swap and Performance Commitment

In 2025, Jiangxi Jiangtong Rare & Precious Equipment Co., Ltd. (“Jiangtong Equipment”, formerly Anyuan Coal Industry Group Co., Ltd.) completed a major asset swap and related-party transaction. As per the Asset Swap Agreement signed with Jiangtong Development on June 27, 2025, Jiangtong Development committed that the injected asset (Jinhuan Magnetic Separation) would achieve the following net profits attributable to parent shareholders after deducting non-recurring gains/losses over 2025-2027:

• 2025 commitment: RMB 54.69 million
• 2026 commitment: RMB 55.47 million
• 2027 commitment: RMB 56.26 million

The agreement stipulates that if actual profit falls short of the commitment, Jiangtong Development must pay cash compensation. After the performance commitment period, an impairment test will be conducted. If the impairment exceeds previous compensation, additional compensation is required, but the total compensation will not exceed the transaction price.

2. Actual 2025 Performance vs Commitment

According to a special audit by Zhongxinghua CPA, Jinhuan Magnetic Separation’s attributable net profit after non-recurring items in 2025 was RMB 45.41 million, missing the RMB 54.69 million commitment, achieving only 83.04% of the target. As a result, compensation is triggered per the agreement.

3. Details of Compensation Arrangement and Amount

• For 2025, Jiangtong Development will compensate the listed company RMB 20.55 million in cash.
• Impairment compensation is not yet triggered as impairment testing is not due.
• The matter was approved at the company’s 9th Board, 8th meeting on April 17, 2026.

4. Investor Impact and Important Reminders

1. Missed performance commitment may pressure valuation and expectations: Failure to meet the first-year profit target could affect investor confidence in future earnings. The compensation mechanism mitigates some risk, but further underperformance could impact share price.

2. Compensation mechanism offers protection: Cash compensation will benefit company cash flow and protect shareholders in the short term.

3. Future performance and impairment tests remain crucial: Investors should monitor subsequent years’ performance and any asset impairment, as further compensation could be triggered, impacting the company’s financials and share price.

5. Conclusion

The missed performance commitment and triggered compensation are significant events. They may affect company valuation, investor sentiment, and share price. Investors are advised to closely follow future disclosures and subsequent performance of Jinhuan Magnetic Separation.

Disclaimer: This article is based on publicly available information and does not constitute investment advice. Investors are responsible for their own decisions.

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