海南矿业拟发行股份及支付现金收购丰瑞氟业69.90%股权并募集配套资金，开启多元化战略布局
核心要点摘要
- 海南矿业股份有限公司（601969.SH）计划通过发行股份及支付现金方式，收购洛阳丰瑞氟业有限公司69.90%股权，交易价格为14.538亿元人民币。
- 公司同步拟向不超过35名特定投资者发行股份，募集配套资金不超过8.2614亿元人民币，主要用于支付本次交易现金对价、补充标的公司流动资金及偿还贷款，以及支付中介费用和税费。
- 本次交易构成关联交易，但不构成重大资产重组或重组上市，不会导致上市公司控制权变更。
- 本次交易完成后，海南矿业将拓展萤石矿业务板块，形成铁矿、锂矿、萤石矿及油气多元化战略布局。
- 业绩承诺方对丰瑞氟业未来三年业绩作出承诺，并为业绩补偿及减值补偿承担责任。
- 本次交易尚需获得股东大会审议通过、上交所审核及中国证监会注册等程序，存在一定不确定性。
详细解读
一、交易方案与标的资产情况
海南矿业拟以发行股份及支付现金的方式，从王中喜、王琛、上海柏帝投资管理有限公司三名交易对方手中，收购洛阳丰瑞氟业有限公司合计69.90%股权，交易价格为145,380万元人民币。标的公司主营萤石矿的开发、运营及萤石产品的生产与销售，属于“非金属矿采选业”。本次交易同步配套发行股份，向不超过35名投资者募集资金不超过82,614万元。
二、交易价格与支付安排详解
- 丰瑞氟业100%股权评估值为208,816.47万元，69.90%股权作价145,380万元，增值率高达175.81%。
- 支付方式为：部分以股份支付（101,766万元），部分以现金支付（43,614万元）。
- 股份发行价格为8.60元/股，预计发行118,332,557股。
- 交易对方获得的新增股份自发行结束之日起12个月内锁定，并需根据业绩承诺逐年分批解锁。
三、配套募资用途及方案
- 配套募资金额上限8.2614亿元，其中52.79%用于支付交易现金对价，43.58%补充流动资金及偿还贷款，3.63%支付中介及相关税费。
- 配套股份自发行结束日起6个月内不得转让。
四、交易的重大意义与对公司的影响
- 本次交易将丰富海南矿业战略性资源品种，实现铁矿、锂矿、萤石矿、油气多元化战略布局。
- 丰瑞氟业是全国第四大萤石矿企，拥有8个采矿权，矿石资源量1,350万吨，平均品位47.07%，储量位居行业前列。
- 标的公司下游需求空间广阔，应用于氟化工、新能源、制冷、电子等领域，未来成长性显著。
- 本次交易后，海南矿业2025年备考口径下总资产、营业收入、净利润将分别提升19.19%、15.43%、16.55%，每股收益不降反增，财务结构进一步优化。
- 控股股东及实际控制人不变，社会公众持股比例高于10%，公司控制权结构稳定。
五、股权结构及主要财务指标变动
- 本次交易前后，公司总股本从19.92亿股增至21.10亿股，复星高科仍为控股股东。
- 新增股东王中喜、王琛、柏帝投资合计持有公司约5.61%股份。
- 2025年备考财务数据显示，交易完成后归母净利润由4.31亿元上升至5.02亿元，每股收益由0.22元增至0.24元，资产负债率略升至47.23%。
六、审批进展及风险提示
- 目前已完成董事会、控股股东审批，少数股东放弃优先权。
- 交易尚需股东大会、上交所审核、中国证监会注册等环节批准，进展存在不确定性。
- 公司及交易对方、董监高、实际控制人、标的公司均出具了详尽的合规、信息披露、业绩补偿、股份锁定等承诺。
- 风险因素包括：交易终止风险、审批不确定性、标的资产评估偏差、业绩承诺未达标补偿风险、萤石价格波动、资源储量不及预期、环境和安全生产风险等。
七、投资者需重点关注的事项与影响股价的要素
- 本次交易是公司向战略性新矿种领域进军的重大举措，扩展业务版图，提升盈利能力，长期利好公司价值，有望提升估值水平。
- 业绩承诺期（2026-2028年）保障了标的公司未来盈利水平，对股东利益形成保护。
- 锁定期、补偿承诺、中介机构独立意见、信息披露充分，保障投资者权益。
- 公司控股股东、董监高均承诺在重组期间不减持，稳定市场预期。
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English Version
Hainan Mining to Acquire 69.90% Stake in Fengrui Fluorite for RMB 1.45 Billion via Share Issuance and Cash, Launching Diversified Strategic Expansion
Key Highlights
- Hainan Mining Co., Ltd. (601969.SH) plans to acquire a 69.90% stake in Luoyang Fengrui Fluorite Co., Ltd. for RMB 1.4538 billion via a combination of share issuance and cash payment.
- The company also plans to issue shares to no more than 35 qualified investors to raise up to RMB 826.14 million in matching funds, mainly to pay the cash consideration, supplement target company working capital, repay loans, and cover intermediary and tax fees.
- This transaction constitutes a related-party transaction but does not constitute a major asset restructuring or a backdoor listing, nor will it change the company’s control structure.
- Upon completion, Hainan Mining will expand into the fluorite mining sector, achieving a diversified portfolio of iron ore, lithium, fluorite, and oil & gas.
- Performance commitments have been made for Fengrui’s future profitability, with compensation arrangements for any shortfall or impairment.
- The transaction is pending shareholder meeting approval, SSE review, and CSRC registration, with inherent uncertainties.
Detailed Analysis
1. Deal Structure and Target Company
Hainan Mining will acquire a 69.90% stake in Luoyang Fengrui Fluorite from Wang Zhongxi, Wang Chen, and Shanghai Baidi Investment Management Co., Ltd. for RMB 1.4538 billion. Fengrui’s main business is fluorite mining and product sales, and is classified as a non-metallic mining company. The deal is paired with a private placement of shares to raise up to RMB 826.14 million.
2. Pricing and Payment
- Fengrui’s 100% equity is valued at RMB 2.088 billion, with a 69.90% stake priced at RMB 1.4538 billion, implying a premium of 175.81%.
- Payment: RMB 1.0177 billion in shares, RMB 436.14 million in cash.
- Shares will be issued at RMB 8.60 per share, totaling 118,332,557 new shares.
- Acquired shares are locked for 12 months, with gradual unlocking based on actual performance.
3. Use of Matching Funds
- Maximum matching funds: RMB 826.14 million (52.79% for cash consideration, 43.58% for working capital and loan repayments, 3.63% for intermediary and tax fees).
- Matching shares locked up for 6 months post-issuance.
4. Strategic Significance and Impact
- The deal diversifies Hainan Mining’s resource base, adding a top-four national fluorite producer with 8 mining rights, 13.5 million tonnes of ore reserves, and an average grade of 47.07%.
- Fengrui’s products have broad downstream demand in fluorochemical, new energy, refrigeration, and electronics sectors, with strong growth prospects.
- Post-deal, 2025 pro-forma assets, revenue, and net profit will rise by 19.19%, 15.43%, and 16.55% respectively, while EPS will not be diluted but instead increase.
- Shareholder structure remains stable, with controlling shareholder and actual controller unchanged.
5. Share Structure and Financial Changes
- Total shares to increase from 1.992 to 2.110 billion.
- New shareholders (sellers) will collectively hold 5.61% of the company.
- 2025 pro forma net profit increases from RMB 431 million to RMB 502 million, with EPS up from RMB 0.22 to RMB 0.24.
6. Approvals and Risks
- Board and major shareholder approval obtained, minority shareholders have waived pre-emptive rights.
- Still requires shareholder meeting approval, SSE review, and CSRC registration – timing and outcome uncertain.
- Comprehensive legal, compliance, information disclosure, performance compensation, and share lock-up undertakings have been made by all relevant parties.
- Risks include deal termination, regulatory approval uncertainty, asset valuation changes, performance guarantee fulfillment, fluorite price volatility, reserve estimation, environmental, and safety risks.
7. Investor Focus and Potential Share Price Impact
- This deal marks a significant strategic move into a new mineral sector, enhances business scale and profitability, and is likely to be well-received by the market — potentially boosting share value.
- Performance commitment for 2026–2028 provides downside protection.
- Lock-up and compensation commitments, plus full information disclosure, safeguard investor interests.
- No reduction plans by controlling shareholders or management during the restructuring period, supporting share price stability.
Disclaimer
This report is for informational purposes only and does not constitute investment advice. Investors should carefully review official company disclosures and make investment decisions according to their own risk tolerance. Neither the publisher nor the author assumes any legal responsibility for losses arising from reliance on this report.
