金徽矿业控股股东一致行动人股份解除质押及再质押公告深度解读

要点摘要

• 中铭国际控股集团有限公司（以下简称“中铭国际”）解除并重新质押了其所持有的1.65亿股金徽矿业股份。
• 本次操作后，中铭国际累计质押股份占其持股82.50%，占公司总股本16.87%。
• 亚特投资及一致行动人合计持有公司78.28%股份，累计已质押61.31%。
• 亚特投资未来半年及一年内有质押到期股份，当前资信状况良好，无平仓或强制平仓风险。
• 质押用途为补充流动资金，无用于重大资产重组或业绩补偿等担保事项。

公告详情及解读

一、股份解除质押与再质押情况

2026年3月30日，金徽矿业（603132）公告称，公司一致行动人——中铭国际控股集团有限公司于2026年3月27日，将其所持有的1.65亿股公司股份解除质押，并于同日将同等数量股份再次质押给兰州银行股份有限公司陇南分行，质押期限自2026年3月26日至2029年3月26日。
本次操作后，中铭国际持有金徽矿业2亿股，占公司总股本的20.45%，其中1.65亿股已处于质押状态，占其持股82.50%，占公司总股本16.87%。

二、控股股东及一致行动人整体质押情况

截至公告日，金徽矿业控股股东甘肃亚特投资集团有限公司（亚特投资）、中铭国际、徽县奥亚实业有限公司（奥亚实业）及自然人股东李雄先生合计持有公司7.656亿股，占公司总股本的78.28%。
其中，累计质押股份数量为5.996亿股，占其合计持股78.32%，占公司总股本61.31%。这意味着控股股东及其一致行动人股份质押率较高，说明公司大股东资金需求较大，是投资者需要关注的重要风险点。

三、未来质押到期及控股权稳定性

亚特投资未来半年内有5737万股质押到期，占其持股11.59%，占公司总股本5.87%；未来一年内质押到期1.1187亿股，占持股22.60%，占公司总股本11.44%。
公告强调，亚特投资资信状况良好，还款来源为生产经营收入、自筹资金等，具备良好偿还能力。目前不存在平仓风险或被强制平仓的情形。此外，亚特投资不存在非经营性资金占用、违规担保、关联交易等损害上市公司利益的行为，也无因债务引发的重大诉讼或仲裁。

四、对公司经营及投资者影响

本次股份质押为补充流动资金，未用于重大资产重组、业绩补偿等事项，也不会导致公司实际控制权变更，不会对公司主营业务、融资授信及融资成本、持续经营能力等生产经营产生重大不利影响。
但需注意，控股股东及一致行动人整体质押比例高达61.31%，一旦未来宏观经济或公司自身现金流出现波动，可能会加剧市场对公司股权质押风险的担忧，从而影响公司股价。

投资者须知与潜在影响

• 控股股东及一致行动人高比例质押，虽未有实质性风险暴露，但需密切关注其还款、补仓能力。
• 公司目前经营稳健，还款来源充足，无重大债务纠纷，有利于股东信心。
• 质押股份到期时间较为集中，若出现宏观或行业风险，需警惕相关的融资流动性压力。
• 此次变动未影响公司控制权，也未对日常经营产生重大影响，但市场对高质押比例公司普遍较为敏感，相关消息可能引发短期股价波动。

结论

本次股份解除质押与再质押事项显示控股股东及其一致行动人对资金的持续需求，但整体风险可控，未对公司经营和实际控制权造成影响。高质押比例是投资者需持续关注的风险点，建议投资者密切跟踪后续公告，关注大股东资金状况及股份质押到期安排。

免责声明：本文仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。请投资者结合自身实际及其他公开信息做出独立判断。

English Version

In-Depth Analysis: Jin Hui Mining’s Key Share Pledge Changes

Key Highlights

• Zhongming International Holdings (Zhongming International), an acting-in-concert party of the controlling shareholder, released and re-pledged 165 million shares of Jin Hui Mining.
• Post-transaction, Zhongming International’s cumulative pledged shares account for 82.50% of its holdings, or 16.87% of the company’s total share capital.
• Yate Investment and its concerted parties together hold 78.28% of the company’s shares, with a cumulative pledge ratio of 61.31%.
• Yate Investment has pledged shares maturing within the next 6 and 12 months but maintains good credit with no risk of forced liquidation.
• Pledge is for working capital purposes only, not for major asset restructuring or performance compensation guarantees.

Details & Analysis

1. Share Pledge Release and Re-Pledge

On March 30, 2026, Jin Hui Mining (603132) announced that Zhongming International, an acting-in-concert party, released the pledge on 165 million shares on March 27, 2026, and on the same day, re-pledged the same amount of shares to Lanzhou Bank Longnan Branch. The new pledge is valid from March 26, 2026, to March 26, 2029.
After the transaction, Zhongming International holds 200 million shares (20.45% of total share capital), of which 165 million are pledged (82.50% of its holdings; 16.87% of company capital).

2. Overall Pledge Situation

Jin Hui Mining’s controlling shareholder Yate Investment, along with Zhongming International, Ouya Industrial, and individual shareholder Li Xiong, collectively hold 765.6 million shares (78.28% of the company).
The group has cumulatively pledged 599.6 million shares, or 78.32% of their total holdings and 61.31% of company capital—a notably high pledge ratio, highlighting their significant funding needs. This is a major risk factor for investors.

3. Upcoming Pledge Maturities & Control Stability

Yate Investment has 57.37 million shares maturing in the next six months (11.59% of its holdings, 5.87% of company capital) and 111.87 million in the next year (22.60% of its holdings, 11.44% of company capital).
The company states Yate Investment has good credit, with debt to be repaid through operational income and self-raised funds. No risk of forced liquidation exists at this time, and there are no major lawsuits or arbitrations due to debt.

4. Impact on Operations and Investors

The pledge is for working capital and not for major asset restructuring or performance compensation. It will not change the company’s control, nor will it significantly affect business operations, financing, or sustainability.
However, the high overall pledge ratio (61.31%) means that any macroeconomic or company cash flow issues could raise market concerns about pledge risk, potentially impacting the share price.

Investor Takeaways & Potential Impact

• The high pledge ratio by the controlling group requires close monitoring of their repayment and replenishment ability.
• The company’s current operations and finances are sound, but the concentration of upcoming pledge maturities means liquidity risks could arise if conditions change.
• This news does not impact control or normal operations but could cause short-term price volatility due to market sensitivity to high pledge ratios.

Conclusion

The release and re-pledge of shares by Zhongming International demonstrate ongoing funding needs by the controlling shareholders. While current risks appear manageable, the high overall pledge ratio is a key risk for investors to monitor. Watch for future disclosures on the controlling shareholders’ funding and pledge maturity arrangements.

Disclaimer: The above is for reference only and does not constitute investment advice. Investments involve risk. Please make independent judgments based on your own situation and other public information.

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