有研新材料股份有限公司与中国有研科技集团签署定向增发股份认购补充协议（二）暨关联交易公告

有研新材料股份有限公司发布重要关联交易及定向增发事项公告

有研新材料股份有限公司（证券代码：600206，证券简称：有研新材）于2026年6月13日发布了一则涉及公司控股股东中国有研科技集团有限公司（简称“中国有研”）的重大关联交易公告，内容涵盖了公司与特定对象签署附条件生效的股份认购协议最新补充协议，以及定向增发A股相关调整。

一、公告主要内容及关键点

定向增发对象及金额： 公司拟向控股股东中国有研定向发行A股，认购金额不超过319,900,007.18元，发行股票数量不超过45,375,887股，不超过发行前总股本的30%。
发行价格及数量调整： 根据权益分派方案，发行价格由7.16元/股调整为7.05元/股，发行数量由44,678,771股调整为45,375,887股。最新补充协议规定发行价格为“不低于定价基准日前20个交易日股票交易均价的80%”，发行数量最终以募资总额除以发行价格确定，最高不超过45,375,887股。
定价基准日调整： 发行定价基准日调整为“发行期首日”，更贴近市场价格，有助于确保发行价格合理。
限售期安排： 中国有研认购的新增股份自发行结束之日起36个月内不得转让，限售期较长，保障公司长期资金稳定。
国拨资金股权化： 本次发行的资金来源为中国有研委托贷款方式拨付的国拨资金，按照财政部及国资委相关政策，将贷款转为直接股权投资。这意味着公司将减少有息负债，优化资本结构。
财务影响： 发行完成后，公司净资产规模提升，资产负债率由35.22%下降至31.12%，偿债能力增强，利息支出减少，盈利能力和现金流均将改善。
审批进度及风险提示： 本次定向增发尚需中国证监会同意注册后方可实施，存在不确定性，投资者需关注相关政策及审批进度。

二、股东及投资者需重点关注事项

关联交易性质： 本次增发由公司控股股东参与，构成关联交易，董事会相关议案审议时关联董事回避表决，独立董事及审计委员会均已审议通过。
价格敏感信息： 定价基准日选择及发行价格调整，直接影响发行价格和公司估值，属于价格敏感信息。
资产负债结构变化： 国拨资金转为股权投资，降低公司财务风险，提升资本实力，可能对公司股价产生积极影响。
限售期与流通影响： 长限售期有助于稳定公司股权结构，但短期内新增股份无法流通，投资者需关注流动性变化。
审批风险： 本次增发能否最终完成取决于监管机构审批，存在一定不确定性。

三、详细交易协议梳理

协议生效条件： 包括公司董事会、股东大会批准，中国有研批复，上交所审核通过及证监会注册。
违约责任： 一方未履行协议义务须赔偿损失。若因不可归责于任何一方的原因致发行失败，协议自动终止，无需承担违约责任。
补充协议内容： 对发行价格、数量进行了动态调整，确保与最新政策及市场情况保持一致。

四、重要财务数据披露

中国有研2026年一季度资产总额216.68亿元，净利润7515.67万元，归母净利润2124.30万元。
有研新材2026年3月31日总资产78.01亿元，负债27.47亿元，资产负债率35.22%。

五、投资者风险提示

本次关联交易及定向增发，对公司财务结构、资本实力、盈利能力及股东结构均有重大影响。发行价格、定价基准日的调整以及审批进度均属价格敏感信息，可能影响公司股价表现。投资者应密切关注相关公告及监管审批进度。

六、免责声明

本文为信息披露解读，内容仅供参考，不构成投资建议。投资者须根据自身风险承受能力和市场变化，谨慎决策。公司增发事项尚需监管机构审批，能否最终完成存在不确定性，投资者须注意相关风险。

Yoyan New Material Co., Ltd. Announces Major Related-Party Transaction and Targeted Share Issuance

Yoyan New Material Co., Ltd. (Stock code: 600206) released a major related-party transaction announcement on June 13, 2026, involving a conditional share subscription agreement (and supplementary agreements) with its controlling shareholder, China Youyan Technology Group, including adjustments to the targeted A-share issuance.

I. Key Points of the Announcement

Targeted Issuance & Amount: The company plans to issue up to 45,375,887 A-shares to China Youyan, not exceeding 30% of pre-issue capital, with a subscription amount up to RMB 319,900,007.18.
Price & Quantity Adjustment: Due to a dividend distribution plan, the issue price is adjusted from RMB 7.16/share to RMB 7.05/share; number of shares from 44,678,771 to 45,375,887. The latest supplementary agreement sets issue price as “not less than 80% of the average trading price of the previous 20 trading days,” with final quantity determined by total funds raised divided by issue price, capped at 45,375,887 shares.
Pricing Reference Date Change: The pricing reference date is now “the first day of the issue period”, aligning closer to market price and ensuring reasonable pricing.
Lock-up Period: China Youyan’s new shares will be locked up for 36 months after issuance, stabilizing company funding.
Conversion of State Allocated Funds: Funds from China Youyan (previously through entrusted loans) will be converted into direct equity investment per policies from MOF and SASAC, reducing interest-bearing debt and optimizing capital structure.
Financial Impact: Post-issuance, net assets will grow, debt ratio will drop from 35.22% to 31.12%, repayment ability will strengthen, and interest expenses will decrease, improving profitability and cash flow.
Regulatory Approval & Risk: Issuance remains subject to CSRC registration; completion is not guaranteed, and investors should pay close attention.

II. Issues Investors and Shareholders Should Note

Related-Party Nature: Issuance to controlling shareholder is a related-party transaction; related directors abstained from voting, and independent directors and audit committee have approved.
Price-Sensitive Information: Pricing reference date and price adjustment directly impact valuation and are market sensitive.
Asset Structure Change: Conversion of state funds into equity reduces financial risk and boosts capital strength, likely to positively affect share price.
Lock-up & Liquidity: Long lock-up period stabilizes shareholding, but new shares will not circulate in the short term; investors should note liquidity effects.
Approval Risk: Completion depends on regulatory approval and remains uncertain.

III. Transaction Agreement Details

Effectiveness Conditions: Board and shareholder approval, China Youyan approval, SSE review, and CSRC registration required.
Breach of Contract: Defaulting party liable for losses; if issuance fails for external reasons, contract terminates automatically without liability.
Supplementary Agreement: Dynamic adjustment to price and quantity to align with latest policy and market conditions.

IV. Key Financial Data

China Youyan Q1 2026 total assets RMB 21.67 billion, net profit RMB 75.16 million, parent net profit RMB 21.24 million.
Yoyan New Material March 31, 2026, total assets RMB 7.801 billion, liabilities RMB 2.747 billion, debt ratio 35.22%.

V. Investor Risk Warning

This related-party transaction and targeted issuance will materially affect financial structure, capital strength, profitability, and shareholding. Pricing and approval progress are sensitive and may impact share price. Investors should monitor announcements and regulatory progress closely.

VI. Disclaimer

This article is for information interpretation only and does not constitute investment advice. Investors should make decisions based on their own risk tolerance and market changes. The share issuance is pending regulatory approval and may not be completed; risks remain.