中信建投证券：关于中国长安汽车集团免于发出要约收购东安动力2026年一季度持续督导意见——投资者详细解读
一、报告核心内容概览
中信建投证券作为财务顾问，就中国长安汽车集团有限公司（“中国长安汽车”）免于发出要约收购哈尔滨东安汽车动力股份有限公司（“东安动力”，股票代码：600178.SH）事项，在2026年一季度，出具了持续督导意见。本报告关注交易履约、重大事项变动、公司治理等方面，对投资者有重要参考价值。
二、交易结构与进展——股权变更完成，实际控制人未变
- 中国兵器装备集团有限公司（“兵器装备集团”）经国务院批准实施存续分立，分立出的中国长安汽车成为东安动力的间接控股股东。
- 兵器装备集团持有的辰致汽车科技集团有限公司（“辰致集团”）100%股权分立至中国长安汽车，兵器装备集团不再持有东安动力股份。
- 分立后，中国长安汽车通过辰致集团持有东安动力237,593,000股股份，占公司总股本的50.93%，成为间接控股股东。
- 本次收购前后，东安动力的实际控制人均为国务院国资委，未发生实际控制人变更。根据相关法规，本次收购符合免于要约收购义务的情形。
- 2025年11月27日，辰致集团已完成工商变更登记手续，相关股份过户全部办理完毕。
三、信息披露及合规性
- 东安动力已按要求分阶段披露了控股股东变更及收购进展，包括多次公告收购报告书、法律意见书、权益变动报告书等。
- 收购过程中所有信息披露与合规要求均已履行完毕，未发现违规情形。
四、重大承诺与履行情况
- 中国长安汽车承诺保持上市公司独立性、规范运作、减少关联交易等，持续督导期内无违背承诺行为。
五、后续计划落实及对投资者的影响
- 主营业务调整： 持续督导期内收购人无改变上市公司主营业务或作出重大调整的计划。
- 重大资产重组： 无对上市公司或子公司资产、业务进行出售、合并、合资、合作或其他重组计划。
- 董事会及高管变动：
- 2026年2月13日，公司副总经理宫永明因工作原因辞去副总经理职务，继续在公司任职。
- 2026年2月25日，董事刘旭东因退休辞职。
- 2026年3月10日，补选马洪为九届董事会非独立董事，3月27日经临时股东会通过。
- 2026年3月14日，职工董事王林翔因工作原因不再担任职工董事，继续在公司任职，汪洋当选为新的职工董事。
- 所有人事变动均依规履行程序和信息披露，无违规情形。
- 章程修订： 2025年9月-10月，东安动力已完成取消监事会、变更注册资本及经营范围等章程修订，均为合规调整，无阻碍收购控制权的条款变更。
- 员工聘用、分红政策、业务结构变动： 持续督导期内无重大调整计划。
六、公司治理与规范运作
- 持续督导期内，公司治理结构完善，内控合规，董事会及股东会独立运作。
- 未出现损害上市公司利益的行为，控股股东及其关联方未要求公司违规担保或借款。
七、其他约定义务履行
- 收购人无其他需履行的约定义务，亦无未履约情况。
八、对投资者的潜在影响与关注要点
- 控制权结构稳定： 实际控制人未变，股权结构已稳定，短期内公司经营及治理结构预计不会发生重大变化。
- 高管及董事会成员微调： 高管及董事会成员调整均为正常人事变动，未涉及管理层大幅变动，不会对公司战略方向产生重大影响。
- 无重大资产重组或业务调整： 没有涉及公司主营业务或资产的大幅变动，短期经营稳定。
- 公司治理合规： 完成章程修订、取消监事会等，对提升运作效率或治理结构有积极意义。
- 无潜在利空或利好事项披露： 本报告期内无重大事项可能引发股价大幅波动。
投资者结论
本次持续督导意见显示，东安动力在控股权变更后公司治理结构及运营保持稳定，未出现对公司经营和财务状况产生重大影响的事件。所有合规义务和信息披露均已履行完毕，短中期公司发展可预期，风险可控。投资者可继续关注公司后续披露，如未来有重大资产重组、业务调整或控股权结构变动，将可能对公司估值产生影响。
免责声明： 本文基于中信建投证券督导意见及公司公告材料整理，仅供投资者研究和参考，不构成任何投资建议或买卖依据。投资有风险，入市需谨慎。
English Version
CITIC Securities: Detailed Analysis of Changan Auto Group’s Exemption from Mandatory Offer for Harbin Dongan Automotive Power (Q1 2026) – Investor Insights
1. Key Report Highlights
CITIC Securities, as the financial advisor, released its Q1 2026 ongoing supervision opinion regarding Changan Auto Group’s exemption from making a mandatory offer for Harbin Dongan Automotive Power Co., Ltd. (Dongan Power, 600178.SH). The report focuses on transaction execution, major changes, and corporate governance, providing important information for investors.
2. Transaction Structure & Progress — Equity Transfer Completed, No Change in Ultimate Controller
- China South Industries Group (CSGC) implemented a split, approved by the State Council. The newly established Changan Auto Group became the indirect controlling shareholder of Dongan Power.
- CSGC’s 100% equity in ChenZhi Auto Tech was allocated to Changan Auto Group. CSGC no longer holds Dongan Power shares.
- After the split, Changan Auto Group holds 237,593,000 shares (50.93%) of Dongan Power via ChenZhi Group and is now the indirect controlling shareholder.
- The ultimate controller (State-owned Assets Supervision and Administration Commission, SASAC) remains unchanged. Thus, the transaction is exempt from mandatory offer obligations under Chinese law.
- By Nov 27, 2025, all business registration and equity transfer procedures were completed.
3. Information Disclosure & Compliance
- Dongan Power made all required disclosures during the process, including shareholder changes, acquisition progress, legal opinions, and equity change reports.
- All compliance and disclosure obligations have been fulfilled; no violations were found.
4. Major Commitments & Performance
- Changan Auto Group has committed to maintaining the company’s independence, standard operations, and reducing related-party transactions. No breaches were found during the period.
5. Implementation of Subsequent Plans & Investor Impact
- Main Business Adjustments: No plans to change or significantly adjust the main business during the reporting period.
- Asset Restructuring: No plan for sale, merger, JV, or other restructuring of the company or subsidiaries.
- Board & Senior Management Changes:
- Feb 13, 2026: Deputy GM Gong Yongming resigned for work reasons, remains in the company.
- Feb 25, 2026: Director Liu Xudong retired and left his position.
- Mar 10, 2026: Ma Hong was elected as a non-independent director; confirmed by shareholders on Mar 27.
- Mar 14, 2026: Worker director Wang Linxiang stepped down for work reasons but remains with the company; Wang Yang elected as new worker director.
- All changes followed proper procedures and required disclosures. No irregularities found.
- Articles of Association Revision: In Sep–Oct 2025, the company abolished its Supervisory Board, changed registered capital and business scope, and revised its charter—compliant and not impeding control transfer.
- Employee Hiring, Dividend Policy, Business Structure: No major changes planned during the period.
6. Corporate Governance & Compliance
- Corporate governance structure and internal controls remain effective and compliant.
- No evidence of actions harming company interests; no illegal guarantees or loans to related parties.
7. Other Agreed Obligations
- No other agreed obligations exist; no unfulfilled commitments by the acquirer.
8. Potential Impact & Investor Takeaways
- Stable Control Structure: No change in ultimate controller, equity structure stabilized—no significant operational or governance changes expected in the short term.
- Management Changes Limited: Recent management changes are minor and routine, unlikely to affect strategy or performance significantly.
- No Major Asset or Business Moves: No significant asset or business restructuring; company operations remain steady.
- Governance Improvements: Charter updates and removal of the Supervisory Board may enhance efficiency and governance.
- No Price-Sensitive Announcements: No material events disclosed likely to trigger major share price movement during the period.
Investor Summary
The ongoing supervision opinion confirms that after the shareholding change, Dongan Power’s governance and operations remain stable, with no significant events affecting its business or financial position. All compliance and disclosure requirements were met, and the company’s outlook in the short and medium term appears stable. Investors should monitor future disclosures for any major restructuring or control changes that could affect valuation.
Disclaimer: This article is based on CITIC Securities’ ongoing supervision opinion and company disclosures. It is for research and reference only and does not constitute investment advice. Investing involves risk; please proceed with caution.
