龙岩高岭土股份有限公司收购持续督导报告详解

兴业证券发布2025年度及2026年一季度持续督导意见

2025年6月13日，龙岩高岭土股份有限公司（下称“龙高股份”）公告了收购报告书，标志着龙岩市投资开发集团有限公司（下称“投开集团”）通过国有资产划转方式，间接控制了龙高股份49.55%的股份。兴业证券作为财务顾问，持续对收购行为及上市公司规范运作进行督导，并就2025年度及2026年第一季度进行了全面核查与意见披露。

一、收购关键进展与资产交割

• 投开集团通过收购龙岩投资发展集团有限公司51.04%股权、文旅集团39%股权及交发集团20%股权，间接获得龙高股份49.55%的控制权。
• 此次收购符合《上市公司收购管理办法》第六十三条规定，因系国有资产无偿划转，收购人免于发出要约收购。
• 2025年6月16日，相关工商变更登记手续办理完毕，收购事项正式完成。
• 上市公司及收购人依法及时履行了信息披露义务，保障了市场透明度。

二、公司治理与规范运作

• 收购完成后，上市公司股东会、董事会、监事会维持独立运作，未发现治理结构、内部控制等违规情况。
• 投开集团依法依规行使股东权利，无违规要求上市公司为其提供担保或借款等损害上市公司利益的行为。

三、收购人承诺及履行情况

• 收购人承诺保持上市公司在资产、人员、财务、机构、业务等方面的独立性，不谋取不当利益。
• 承诺避免与上市公司形成同业竞争，若出现新业务机会，将优先提供给龙高股份或其子公司。
• 规范并尽量减少关联交易，若无法避免，确保公允价格并依法履行决策程序，杜绝利益输送。
• 持续督导期内，未发现收购人违反上述承诺的情形。

四、后续计划落实及潜在影响

• 主营业务调整：未来12个月内暂无改变上市公司主营业务或重大调整计划。如有必要调整，将依法履行程序并及时披露。
  投资者关注：短期内业务结构稳定，有助于市场预期的稳定。
• 重大资产重组：无出售、合并、合资、合作或重大资产购买、置换计划。相关事项将依法披露。
  投资者关注：无重大资产变动风险，有助于资产安全性预期。
• 董事会及高管变动：无主动调整计划。2025年独立董事更替因个人原因，已按法定流程补选完成。
  投资者关注：公司治理结构稳定，未出现大规模人事调整。
• 公司章程修订：因取消监事会，2025年12月修订了公司章程，已履行法定程序。
  投资者关注：公司治理结构变化，监事会取消，需关注后续对治理的实际影响。
• 员工聘用及分红政策：未来12个月无重大变化计划。
  投资者关注：经营管理和分红政策稳定，有助于经营持续性和股息预期。
• 其他重大事项：无对业务、组织结构有重大影响的调整计划。
  投资者关注：公司运作稳定，未出现突发性重大调整。

五、潜在价格敏感及投资者需关注的风险要点

• 此次收购为国资整合，股权结构发生重大变化，但短期内业务、资产、人事、治理结构等均保持稳定，未出现对上市公司经营造成重大不确定性的情况。
• 公司治理新变化为监事会被取消，董事会职责或将加强，投资者需重点关注公司后续治理结构的实际运行效果。
• 承诺严格避免同业竞争和规范关联交易，有助于维护中小股东利益。
• 未来如有业务、治理、资产或分红政策等重大调整，收购人承诺将依法及时披露，投资者需持续关注公司公告。

结论

综上，龙岩高岭土股份有限公司此次收购为国有资本无偿划转，完成后公司各项核心业务及治理结构保持稳定。监事会取消及章程修订为治理层面重要变化，需投资者持续关注其后续实际效果。整体来看，短期内无重大利空或利好因素直接影响公司股价，但治理结构调整和国资整合为未来潜在催化剂，或在后续出现价格敏感事件时引发市场反应。

免责声明：本文为基于公开持续督导报告的投资信息整理，不构成买卖龙高股份股票的投资建议。投资有风险，敬请投资者结合自身实际审慎决策。

English Version

Detailed Analysis of Longyan Kaolin Co., Ltd. Acquisition Supervision Report

Industrial Securities Releases 2025 and Q1 2026 Supervision Opinion

On June 13, 2025, Longyan Kaolin Co., Ltd. (“Longgao Shares”) announced the acquisition report, marking that Longyan Investment Development Group Co., Ltd. (“Tou Kai Group”) indirectly controls 49.55% of Longgao Shares through state-owned asset transfer. Industrial Securities, as the financial advisor, continuously supervises the acquisition and the company’s compliant operation, providing a comprehensive opinion for 2025 and Q1 2026.

1. Key Developments and Asset Delivery

• Tou Kai Group acquired 51.04% of Investment Group, 39% of Wenlv Group, and 20% of Jiaofa Group, thus indirectly controlling 49.55% of Longgao Shares.
• This acquisition is exempt from mandatory offer as per the “Administrative Measures for the Acquisition of Listed Companies” due to a state-owned asset free transfer.
• On June 16, 2025, all industrial and commercial registration changes were completed, and the acquisition was officially finalized.
• The company and acquirer timely fulfilled information disclosure obligations, ensuring market transparency.

2. Corporate Governance and Normative Operation

• After the acquisition, the shareholders’ meeting, board of directors, and supervisory board maintained independent operation, with no violations found in governance or internal controls.
• Tou Kai Group exercised shareholder rights in accordance with laws and did not require Longgao Shares to provide guarantees or loans that would harm company interests.

3. Fulfillment of Acquirer Commitments

• The acquirer committed to maintaining the company’s independence in assets, personnel, finance, organization, and business, and not to seek improper benefits.
• Committed to avoiding competition with the listed company; if new business opportunities arise, will first offer them to Longgao Shares or its subsidiaries.
• Will regulate and minimize related transactions, ensure fair pricing and approval procedures, and avoid improper interest transfer.
• No violations of these commitments were found during the supervision period.

4. Implementation of Follow-up Plans and Potential Impacts

• Main business adjustment: No plans to change or majorly adjust main business in the next 12 months. If needed, will fulfill procedures and disclosure.
  Investor focus: Short-term business structure stability, beneficial for market expectations.
• Major asset restructuring: No plans for sale, merger, joint venture, cooperation, or significant asset purchase or swap.
  Investor focus: No major asset risk, supporting asset safety.
• Board and executive changes: No planned changes. The only change was independent director replacement due to personal reasons, with lawful by-election.
  Investor focus: Stable governance, no large-scale personnel changes.
• Company charter amendment: Charter amended in Dec 2025 due to abolition of supervisory board, with all procedures followed.
  Investor focus: Governance structure change—the abolition of the supervisory board—watch for actual impact.
• Employment and dividend policy: No major changes planned in the next 12 months.
  Investor focus: Stable management and dividend policy, supporting continuity and dividend expectations.
• Other significant matters: No major changes to business or organizational structure planned.
  Investor focus: Operational stability, no sudden major adjustments.

5. Potential Price-sensitive Issues and Investor Focus

• This is a major change in ownership due to state capital integration, but in the short term, business, assets, personnel, and governance remain stable, with no significant uncertainties identified.
• The abolition of the supervisory board and charter amendment is a key governance change; investors should focus on its future practical effect.
• Strict commitments to avoid competition and regulate related transactions protect minority shareholders’ interests.
• If any major changes occur in business, governance, assets, or dividend policy, the acquirer commits to timely and lawful disclosure. Investors should monitor future company announcements.

Conclusion

In summary, this acquisition is a state-owned asset transfer, leaving key business and governance structures stable post-acquisition. The abolition of the supervisory board and the revision of the charter are significant governance changes, and investors should monitor the practical outcomes. No clear immediate positive or negative catalysts for the share price, but state capital integration and governance changes may become catalysts in the future should price-sensitive events arise.

Disclaimer: This article is based on publicly available supervision reports and is for information only. It does not constitute investment advice regarding Longgao Shares. Investment carries risks. Please make decisions prudently based on your own situation.

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