山东钢铁股份有限公司公告：拟向控股股东山钢集团转让山信软件32.86%股权，交易金额1.81亿元
一、事件概述
2026年4月1日，山东钢铁股份有限公司（证券代码：600022，简称“山东钢铁”）发布公告，拟以非公开协议方式，将其持有的控股子公司山信软件股份有限公司（简称“山信软件”）32.8649%股权，转让给控股股东山东钢铁集团有限公司（简称“山钢集团”），交易价格为人民币18,057.96万元（约1.81亿元）。本次交易构成关联交易，但不构成重大资产重组，也无需提交股东大会审议。
二、交易核心要点及对价安排
- 转让方为山东钢铁，受让方为山钢集团，二者为控股股东与上市公司关系。
- 标的资产为山信软件32.8649%股权，账面价值为7,506.29万元，交易溢价约10,552万元。
- 定价依据为山东中评恒信土地房地产资产评估有限公司出具的评估报告，评估基准日为2025年11月30日，山信软件全部权益评估价值为54,946万元。
- 本次交易不涉及业绩对赌条款，山钢集团将在交割日起5个工作日内以现金一次性支付全部对价。
- 本次交易完成后，山东钢铁仍为山信软件重要参股股东，持股比例由69.93%降至37.07%（控股权丧失，出表）。
- 交易前山东钢铁合并报表范围内含山信软件，交易后山信软件将成为参股公司，不再纳入合并报表。
三、交易背景与目的
公司表示，本次交易是为进一步聚焦主业（钢铁业务）、优化资源配置，同时借助山钢集团作为国有全资股东的能力，加大山信软件在相关领域的投入，助力其转型升级及提升盈利能力。转让完成后，预计能提升公司及全体股东价值。
四、标的公司及财务情况
- 山信软件主营业务为信息系统集成、自动化系统、软件开发、工业监控系统等，属于软件和信息技术服务业。
- 2024年度资产总额6.76亿元，净资产3.68亿元，营业收入6.92亿元，净利润5,645万元。
- 2025年1-11月资产总额8.35亿元，净资产4.07亿元，营业收入5.86亿元，净利润6,800万元。
- 公司无为山信软件提供担保、委托理财，山信软件未占用上市公司资金。
五、交易定价及评估方法
- 最终定价以收益法评估结果为依据，评估价值比账面净资产增值67.76%。资产基础法和收益法均有采用，最终收益法被采纳。
- 收益法更能体现软件公司轻资产、无形资产及未来盈利能力。
- 评估假设包括持续经营、公开市场假设、资料真实性等，若未来环境发生重大变化，评估结果可能不同。
六、潜在影响及投资者关注事项
- 本次交易预计将为母公司带来约1亿元的股权处置收益和1.8亿元的现金流入，改善财务状况。
- 山信软件不再纳入合并报表，上市公司主营钢铁业务更加聚焦，信息产业相关业务转为参股。
- 山信软件后续与上市公司钢铁主业之间的自动化维护等业务将全部成为关联交易，公司将依规履行决策审批程序。
- 本次交易不会导致同业竞争，也不会出现控股股东非经营性资金占用问题。
- 过去12个月，公司与山钢集团及其一致行动人除日常关联交易外仅发生一次大额关联交易（7.14亿元收购银山型钢），本次交易不构成重大资产重组。
- 本次交易已履行董事会及独立董事审议，无需提交股东大会审议。
- 山钢集团资信良好，支付能力有保障，交易款项回收无重大风险。
七、对公司价值与股价的潜在影响
本次交易有助于提升公司财务表现（一次性确认重大股权处置收益），优化集团内资源配置，聚焦主业，有利于提升公司长期价值和股东回报。短期内，该信息对公司股价或构成正面推动，投资者应关注后续公司主营业务发展及山信软件业务协同情况。
免责声明：
本文所载信息均基于山东钢铁股份有限公司公告内容整理，仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。
Shandong Iron & Steel Co., Ltd. Announces Sale of 32.86% Stake in Subsidiary Shansin Software for RMB 180.58 Million to Parent Company
1. Overview of the Event
On April 1, 2026, Shandong Iron & Steel Co., Ltd. (SSE: 600022, “Shandong Steel”) announced it will sell a 32.8649% stake in its subsidiary, Shansin Software Co., Ltd. (“Shansin Software”), to its controlling shareholder, Shandong Iron & Steel Group Co., Ltd. (“Shangang Group”), via a private agreement for RMB 180.58 million. This is a related-party transaction but does not constitute a material asset restructuring and does not need shareholder meeting approval.
2. Key Transaction Details
- Seller: Shandong Steel; Buyer: Shangang Group (controlling shareholder relationship).
- Asset: 32.8649% of Shansin Software; book value RMB 75.06 million, premium approx. RMB 105.52 million.
- Pricing based on appraisal by Shandong Zhongping Hengxin Real Estate Asset Appraisal Co., Ltd., with a valuation date of Nov 30, 2025; total equity value of Shansin Software: RMB 549.46 million.
- No performance guarantee clause; payment in full within 5 working days after delivery date in cash.
- After completion, Shandong Steel’s stake drops from 69.93% to 37.07%, losing control and deconsolidating Shansin Software.
- Pre-transaction, Shansin Software is consolidated; post-transaction, it becomes an equity affiliate.
3. Background and Purpose
The company aims to focus on its core steel business, optimize resource allocation, leverage the parent group’s strengths, and support Shansin Software’s transformation and growth. The transaction is expected to enhance shareholder value in the long run.
4. Information on the Target Company
- Main business: Systems integration, automation, software development, industrial monitoring; software and information technology sector.
- 2024: Total assets RMB 676 million, net assets RMB 368 million, revenue RMB 692 million, net profit RMB 56.45 million.
- Jan-Nov 2025: Total assets RMB 835 million, net assets RMB 407 million, revenue RMB 586 million, net profit RMB 67.99 million.
- No existing guarantees, entrusted wealth management, or capital occupation between Shandong Steel and Shansin Software.
5. Pricing and Appraisal Methodology
- Final price based on income approach, with a 67.76% premium over book net assets; both asset-based and income approaches used, but the latter adopted due to the intangible-heavy, growth nature of software companies.
- Appraisal assumptions include going concern, open market, and data authenticity. Changes in the business or macro environment may affect the valuation.
6. Key Impacts & Investor Considerations
- Transaction expected to generate approx. RMB 100 million in disposal gain and RMB 180 million in cash flow for the parent company.
- Shansin Software will be deconsolidated; Shandong Steel will focus more on its core steel business.
- All future business with Shansin Software (e.g., automation maintenance) will be related-party transactions, subject to approval processes.
- No competitive business overlap or non-operating capital occupation will result from this transaction.
- In the past 12 months, excluding routine related transactions, Shandong Steel conducted only one other major related-party transaction (RMB 714 million acquisition of Yinshan Profile Steel); this sale is not a material asset restructuring.
- Transaction approved by the board and independent directors, with no shareholder meeting required.
- Shangang Group is financially sound, with no major risk in payment collection.
7. Potential Impact on Company Value and Stock Price
The transaction will provide a significant one-off gain and improve cash flow, optimize resource allocation, and allow management to further focus on the steel business. This news may have a positive short-term impact on share price. Investors should monitor subsequent developments in both the steel and information businesses.
Disclaimer:
The above information is based on the official announcement of Shandong Iron & Steel Co., Ltd. and is for reference only. It does not constitute investment advice. Investors act at their own risk.
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