海南矿业145亿收购丰瑞氟业69.9%股权并募资扩展萤石矿业务——重大资产重组与配套融资全解读

海南矿业拟发行股份及支付现金收购丰瑞氟业近70%股权，并配套募资逾8亿元

海南矿业股份有限公司（证券代码：601969）于2026年5月发布重大资产重组草案，拟通过发行股份及支付现金的方式，收购洛阳丰瑞氟业有限公司69.90%股权，同时向不超过35名特定投资者募资不超82,614万元人民币（约8.26亿元），用于支付收购现金对价、补充标的公司流动资金及偿还贷款、支付中介费用等。此次交易为关联交易，但不构成重大资产重组及重组上市。

一、交易方案核心信息

交易标的：丰瑞氟业69.90%股权，交易作价145,380万元。
对价支付结构：101,766万元通过发行股份支付（发行价8.6元/股，发行118,332,557股），43,614万元现金支付。
标的公司主营业务：萤石矿开发与运营，萤石产品生产及销售。
行业定位：非金属矿采选业，丰瑞氟业为国内第四大萤石矿资源企业。
本次交易属于关联交易：交易完成后，王中喜、王琛、上海柏帝投资等三方将合计持有海南矿业约5.6%股份，成为重要股东。
发行股份购买资产锁定期：12个月，并逐年分批解锁与业绩承诺挂钩。
配套募资锁定期：6个月。
业绩补偿及减值补偿承诺：交易对方需对未来三年（2026-2028）业绩进行承诺及补偿。

二、对公司主营业务及财务影响

交易前，海南矿业主营铁矿、锂矿、油气等战略性资源。本次并购将新增萤石矿板块，丰富资源类型，强化战略性矿产布局。
标的公司截至2025年底拥有采矿权8个，矿石资源量达1,350万吨，平均品位47.07%，资源位列国内第四。
本次交易对海南矿业2025年备考财务数据的影响（交易前后对比）：
- 总资产增加19.19%，至1,739,268.60万元
- 营业收入提升15.43%，至509,753.60万元
- 归母净利润提升16.55%，至50,236.30万元
- 基本每股收益提升9.09%，至0.24元/股
- 资产负债率略升至47.23%，但无每股收益被摊薄情形
社会公众股持股比例仍高于10%，不会导致退市风险。
控股股东及实控人不变，仍为复星高科及郭广昌。

三、行业与市场前景

国家将萤石列为战略性矿产，政策大力支持并购重组，鼓励矿山资源整合。
我国萤石供需矛盾突出，储采比仅11年，远低于全球平均，进口量持续创新高。
下游氟化工、新能源、半导体、电子级制冷剂、光伏等领域需求快速增长，萤石行业未来高景气度可期。
丰瑞氟业作为大型单一型矿区，具备良好中长期发展潜力。

四、对股东及投资者需要重点关注的事项与风险

交易尚需履行的审批程序：需股东大会、上交所审核及中国证监会注册批准，存在不确定性。
标的资产高溢价：丰瑞氟业100%股权资产基础法评估值为208,816.47万元，增值率高达175.81%。
业绩承诺及补偿：若业绩未达承诺，交易对方需按协议补偿；但补偿金额上限为获得对价总额，且现金对价无锁定安排，若业绩大幅低于承诺存在补偿无法全额到位风险。
萤石产品价格及资源量波动风险：行业周期性明显，若未来价格波动或资源储量实际低于预期，或将影响经营业绩。
部分标的土地房产权证尚未办全，存在合规风险。
环保和安全生产风险：矿山生产需严格遵守环保及安全法规，政策趋严或发生事故将提升成本或影响生产。
控股股东、实际控制人及董高管暂无减持计划，承诺如有减持将依法披露。
公司及交易各方出具多项关于信息披露、合规、独立性、避免同业竞争及规范关联交易等承诺。

五、投资者保护与监管合规

公司承诺严格履行信息披露义务，独立董事发表独立意见、网络投票安排、单独披露中小股东投票结果等，强化中小投资者保护。
公司及董高管已出具填补即期回报措施的承诺，未来利润分配政策及股权激励计划与填补回报挂钩。

六、结论及可能的市值影响

本次重大收购和配套募资标志着海南矿业向国家战略性矿产——萤石领域的深度布局，极大丰富了公司资源储备，提升了业务协同空间与盈利能力。业绩承诺、控股权稳定及估值增厚有望提升公司中长期成长性，且并未摊薄每股收益。若审批进展顺利并顺利整合，利好公司价值。但高溢价、资源量及业绩兑现风险、中短期市场波动需投资者关注。

免责声明：本文仅供信息参考，不构成任何投资建议。股市有风险，投资需谨慎。具体投资决策请结合自身风险承受能力，并关注公司后续公告。

Hainan Mining to Acquire Nearly 70% Stake in Fengrui Fluorine via Share Issuance and Cash, Plans Over 800 Million RMB Supporting Fundraising

Hainan Mining Co., Ltd. (SSE: 601969) announced in May 2026 a major asset restructuring plan. The company intends to acquire a 69.90% stake in Luoyang Fengrui Fluorine Co., Ltd. by issuing shares and paying cash, and will raise up to RMB 826.14 million from no more than 35 qualified investors. The proceeds will be used to pay the cash consideration, supplement the target company’s working capital, repay loans, and cover intermediary fees. This transaction is classified as a related-party transaction, but does not constitute a major asset restructuring or a backdoor listing.

1. Core Transaction Details

Target: 69.90% equity in Fengrui Fluorine, priced at RMB 1,453.8 million.
Payment structure: RMB 1,017.66 million via share issuance (at RMB 8.6/share, 118,332,557 shares), RMB 436.14 million in cash.
Target business: Fluorite mining, production, and sales.
Sector: Non-metallic mining; Fengrui is the fourth largest fluorite resource holder in China.
Related-party transaction: After completion, the three sellers will collectively hold about 5.6% of Hainan Mining, becoming significant shareholders.
Share lock-up: 12 months for consideration shares, with staged releases based on performance commitments.
Supporting fundraising lock-up: 6 months.
Performance and impairment compensation commitments: Sellers must commit to three-year (2026-2028) performance targets and compensate for any shortfall.

2. Impact on Main Business and Financials

Pre-transaction, Hainan Mining focused on strategic resources: iron ore, lithium, oil & gas. This M&A adds fluorite as a new pillar, diversifying and strengthening resource base.
As of end-2025, Fengrui holds 8 mining licenses with 13.5 million tonnes of ore resources, average grade 47.07%, ranking fourth in China.
Pro-forma (2025) financial impact:
- Total assets up 19.19% to RMB 17.39 billion
- Revenue up 15.43% to RMB 5.10 billion
- Net profit up 16.55% to RMB 502.36 million
- EPS up 9.09% to RMB 0.24/share
- Leverage rises slightly to 47.23%, but no EPS dilution
Public float remains above 10%; no delisting risk.
Controlling shareholder and actual controller unchanged (Fosun High Tech & Guo Guangchang).

3. Industry & Market Outlook

China lists fluorite as a strategic mineral; policies support M&A and resource consolidation.
Fluorite supply-demand gap is prominent; China’s reserves-to-production ratio is just 11 years vs. global average, with imports rising to new highs.
Downstream fluorochemical, new energy, semiconductor, electronics, and solar sectors are strong and growing, supporting robust fluorite demand.
Fengrui, as a large monomineral mine, has strong medium/long-term prospects.

4. Key Issues and Risks for Shareholders & Investors

Transaction needs further approvals: Shareholders’ meeting, SSE review, and CSRC registration—all uncertain in timing and outcome.
High valuation: Fengrui’s 100% equity valued at RMB 2,088 million, with a 175.81% premium over book value.
Performance compensation: If performance falls short, sellers must compensate—limited to total consideration received, and cash portion is not locked. If results are poor, there is risk compensation may not be fully paid.
Fluorite price and resource volume risk: The industry is cyclical; price swings or lower-than-expected reserves could hit profits.
Some land/property certificates not yet obtained—regulatory risk.
Environmental & safety risks: Mining is subject to strict and tightening regulations; cost and production may be affected by compliance or accidents.
No current reduction plans by controlling shareholder/management, with commitment to disclose any future reductions per law.
Comprehensive undertakings by company and counterparties regarding disclosure, compliance, independence, anti-competition, and related-party transactions.

5. Investor Protection & Regulatory Compliance

Company commits to full and fair disclosure, independent director opinions, online voting, separate disclosure of minority votes, etc. to protect minority interests.
Board and management have pledged to implement measures to mitigate any short-term EPS dilution; future dividend and incentive policies are linked to these commitments.

6. Conclusion & Potential Share Price Impact

This major acquisition and fundraising marks Hainan Mining’s deep expansion into the strategic fluorite segment, adding a national key resource, boosting reserves, and enhancing synergy and profitability. The performance commitment, stable control, and EPS accretion are positive for long-term value, assuming smooth approval and integration. However, the high premium, resource/earnings risks, and market volatility bear watching.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. The stock market involves risk; investors should make decisions based on their own circumstances and follow company updates.