江西钨业控股集团免于发出要约收购江西江钨稀贵装备：2025年度持续督导意见详细报道

中信证券作为财务顾问，近日就江西钨业控股集团有限公司（江钨控股）免于发出要约收购江西江钨稀贵装备股份有限公司（江钨装备，原安源煤业）发布了2025年度持续督导意见。以下是本次报告的要点及对投资者可能产生影响的详细解析：

一、收购及股份过户情况

• 江钨控股通过无偿划转方式，取得江钨装备39.34%股份（共389,486,090股），成为公司控股股东。
• 本次收购为江西省国资委实际控制下的不同主体间调整，不涉及实际控制人变更，符合监管免于要约收购条件。
• 相关股份已在2025年4月2日完成过户登记，所有信息披露义务均已履行。

二、公司治理与规范运作

• 收购后，江钨控股与上市公司保持独立，严格遵守规范运作和公司治理要求。
• 财务顾问未发现控股股东或上市公司在公司治理方面有重大违规。
• 江钨控股及其关联方未要求上市公司违规提供担保或借款，未损害上市公司利益。

三、收购人承诺履行情况

• 江钨控股承诺保持上市公司资产、人员、财务、机构和业务独立。
• 承诺避免同业竞争，若未来出现同业竞争将采取措施予以规范或避免。
• 承诺规范与上市公司的关联交易，杜绝资金、利润非法转移。
• 持续督导期内，未发现江钨控股违反相关承诺。

四、后续重大事项及潜在影响

（一）主营业务重大调整

• 江钨控股于2025年4月2日提出，将其子公司持有的赣州金环磁选科技装备股份有限公司（“金环磁选”）57%股权与上市公司煤炭业务相关资产及负债进行置换，完成后江钨装备主营业务将实现战略转型。
• 2026年度公司拟向不超过35名特定对象（含江钨控股）发行A股，募集资金不超过18.82亿元，用于收购江硬公司、华茂公司、九冶公司100%股权，主营业务将新增钨制品与钽铌制品研发、生产及销售，构成重大资产重组。

（二）资产重组与合资合作计划

• 除上述金环磁选置换外，持续督导期内未有其他资产重组、出售、合资、合作等重大计划。

（三）公司治理结构及人员调整

• 2025年4月—5月完成董事会换届，选任新董事长、董事会秘书及高管，并对组织结构进行优化调整。
• 未对员工聘用计划作重大变动，仅因换届、组织调整涉及部分人员变动。

（四）章程修改及分红政策

• 2025年第三、四次临时股东大会通过公司名称、经营范围及章程修订。
• 分红政策未作重大调整。

（五）其他重大影响事项

• 公司整合煤炭业务至全资子公司江西煤业集团有限责任公司，进一步优化业务结构。
• 组织架构调整，设立综合办公室、证券事务部、财务部、审计风控部等部门，提升管理效率。

五、担保和借款核查

• 持续督导期内，未发现上市公司为收购人及其关联方违规提供担保、借款等情况。

六、投资者需重点关注的事项

• 战略转型：煤炭业务与金环磁选股权置换，主营业务向稀贵装备、磁选装备转型，后续还将拓展钨、钽铌制品领域，或将显著影响公司估值与成长性。
• 重大资产重组：通过定向增发收购相关企业股权，业务结构将进一步升级，可能提升公司市场竞争力和盈利能力。
• 公司治理与合规：治理结构优化，有助于提升公司规范运作水平和投资者信心。
• 控股权稳定：实际控制人未变更，国资背景依旧。
• 无违规担保或利益输送：有助于保护中小股东利益。

七、总结

本次持续督导意见显示，江钨控股对江钨装备的控股权变更及后续重大资产重组、业务转型、治理优化等事项均已依规推进，并承诺严格履行独立性、规范运作及关联交易等承诺。相关资产重组与转型举措，或将对公司未来盈利能力和市场估值产生重要影响，值得投资者密切关注。

免责声明：本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。

English Version

Jiangxi Tungsten Holdings’ Waiver of Mandatory Offer for Jiangxi Tungsten Rare & Precious Equipment: 2025 Ongoing Supervision Opinion in Detail

CITIC Securities, as the financial advisor, recently issued its 2025 ongoing supervision opinion regarding Jiangxi Tungsten Holdings Co., Ltd. (Jiangxi Tungsten Holdings) waiving a mandatory offer for Jiangxi Tungsten Rare & Precious Equipment Co., Ltd. (Jiangxi Tungsten Equipment, formerly Anyuan Coal). Below are the key points of the report and detailed analysis of their potential impact on investors:

1. Acquisition and Share Transfer

• Jiangxi Tungsten Holdings acquired 39.34% of Jiangxi Tungsten Equipment shares (389,486,090 shares) via a gratis transfer, becoming the controlling shareholder.
• The acquisition is an internal adjustment among entities under the Jiangxi SASAC, with no change to the actual controller, and qualifies for exemption from a mandatory takeover offer.
• The share transfer was completed on April 2, 2025, and all required disclosures were made.

2. Corporate Governance and Compliance

• Post-acquisition, Jiangxi Tungsten Holdings and the listed company maintain operational and decision-making independence and compliance with regulations.
• No major governance violations were identified by the financial advisor.
• No improper guarantees or loans were provided to the acquirer or its affiliates, ensuring shareholder interests are protected.

3. Fulfillment of Commitments

• Jiangxi Tungsten Holdings has committed to maintaining the independence of the listed company in assets, personnel, finance, institutions, and operations.
• Commitments were made to avoid competition with the listed company and to regulate all related-party transactions.
• No violations of these commitments were observed during the supervision period.

4. Subsequent Major Matters and Potential Impacts

(1) Major Adjustments to Main Business

• On April 2, 2025, Jiangxi Tungsten Holdings proposed to swap its 57% equity in Ganzhou Jinhuan Magnetic Separation Technology Equipment Co., Ltd. with Jiangxi Tungsten Equipment’s coal-related assets and liabilities, marking a strategic shift in main business.
• In 2026, the company plans to issue A-shares to no more than 35 specific investors (including Jiangxi Tungsten Holdings), raising up to 1.88 billion RMB to acquire 100% equity in three companies. The main business will expand into tungsten and tantalum-niobium product R&D, production, and sales, constituting a major asset restructuring.

(2) Asset Restructuring, JV, and Cooperation Plans

• Other than the above asset swap, no other major asset sales, mergers, or JV plans were in place during the supervision period.

(3) Corporate Governance and Personnel Adjustments

• Board re-elections and key management appointments were completed between April and May 2025, along with organizational restructuring for efficiency.
• No major changes to employee hiring plans, aside from those related to board/management changes and organizational restructuring.

(4) Articles of Association and Dividend Policy

• Company name, business scope, and articles of association were amended at the third and fourth extraordinary general meetings in 2025.
• No major changes to the dividend policy.

(5) Other Significant Business or Organizational Changes

• Coal business consolidated into wholly-owned subsidiary Jiangxi Coal Group to optimize business structure.
• Organizational structure was streamlined and key departments established to enhance management efficiency.

5. Guarantees and Loans

• No improper guarantees or loans to the acquirer or its affiliates were identified during the supervision period.

6. Key Points for Investors

• Strategic Transformation: The swap of coal assets with Jinhuan Magnetic Separation equity and expansion into high-value tungsten and tantalum-niobium products signal a fundamental shift that could impact company valuation and growth prospects.
• Major Asset Restructuring: Planned acquisitions via private placement may enhance competitive strength and profitability.
• Governance and Compliance: Improved structures enhance regulatory compliance and investor confidence.
• Stable Control: No change in actual controller, maintaining strong SOE backing.
• No Improper Guarantees or Related-Party Benefits: Protects minority shareholder interests.

7. Conclusion

The ongoing supervision opinion demonstrates that Jiangxi Tungsten Holdings has followed due procedures in gaining control of Jiangxi Tungsten Equipment, implementing major asset restructuring, business transformation, and governance improvements. These moves could significantly impact future profitability and valuation, making this a development for investors to closely watch.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors act at their own risk.

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