国城矿业2025年度业绩承诺专项核查：大幅超额完成，业绩补偿无须触发

一、报告要点概述

• 标的公司2025年业绩承诺远超目标：内蒙古国城实业有限公司2025年度矿业权资产经审计的扣除非经常性损益后净利润为116,291.44万元，完成率高达174.07%，大幅超出业绩承诺金额66,805.76万元。
• 专利资产组业绩同样大幅超额：2025年度专利资产组实现收益额1,464.01万元，超过业绩承诺1,050.28万元，完成率139.39%。
• 无需触发业绩补偿机制：由于标的公司业绩承诺全部实现，国城控股集团及实际控制人吴城无需对上市公司进行现金补偿，亦不涉及资产减值补偿。
• 重组交易结构稳健：业绩承诺期为2025-2027年，矿业权及专利资产组均设置了详细的业绩承诺与补偿及减值约定，所有补偿均由国城集团和吴城承担连带责任，保障上市公司及中小股东利益。

二、详细业绩承诺与补偿安排

1. 矿业权资产

• 2025-2027年累计扣除非经常性损益后净利润承诺172,492.64万元，其中2025年为66,805.76万元。
• 实际净利润由符合《证券法》规定的审计机构专项审核，作为最终核查依据。
• 如未达成业绩承诺，国城集团须以现金补偿，吴城承担连带责任，补偿金额按协议公式计算，补偿时限为专项审核报告出具后三十个工作日。
• 业绩期结束后进行资产减值测试，若减值金额大于已补偿金额，则需再次补偿，补偿总额不超过交易对价。

2. 专利资产组

• 2025-2027年专利资产组累计承诺收益额分别为1,050.28万元、1,605.45万元、2,139.68万元，收益为审定销售收入*0.6%。
• 每年均进行专项审核，并据此决定是否需补偿。
• 如未完成业绩承诺，国城集团需现金补偿，吴城连带，补偿金额按协议公式计算，已补偿金额不冲回。
• 期末进行专利资产组减值测试，补偿原则同矿业权资产。

三、2025年度业绩承诺完成情况

结论： 标的公司2025年度矿业权资产和专利资产组均大幅超额完成业绩承诺，不触发任何业绩补偿责任。

四、对投资者的影响及关注要点

• 业绩远超承诺，增厚上市公司利润：标的公司2025年度业绩表现大幅优于承诺，可显著增厚上市公司业绩。
• 本次业绩核查结果对公司股价或有正面催化：业绩承诺大幅超额完成，有助于提升市场对收购资产盈利能力的信心，或对股价形成正面催化。
• 后续年度业绩承诺仍需关注：业绩承诺期尚有2026、2027年，投资者需持续关注后续年度业绩实现情况及潜在补偿风险。
• 公司治理及内部控制机制稳健：业绩补偿及减值测试安排严谨，保护上市公司和中小股东利益。

五、结论

本次专项核查显示国城矿业重大资产重组标的2025年业绩承诺大幅超额完成，业绩补偿责任无需触发，这一业绩表现有望提振投资者信心，对公司股价或构成正面影响。

免责声明：本文基于公开信息整理，不构成任何投资建议。投资有风险，决策需谨慎。请投资者结合自身风险承受能力及市场变化审慎判断。

English Version

Guocheng Mining 2025 Performance Commitment Review: Substantial Overachievement, No Need for Compensation

1. Key Highlights

• Target company’s 2025 performance far exceeds commitment: Inner Mongolia Guocheng Industrial Co., Ltd. delivered audited net profit after extraordinary items of RMB 1,162.91 million in 2025, a 174.07% completion rate, well above the committed RMB 668.06 million.
• Patent asset group also outperformed: 2025 realized income was RMB 14.64 million, beating the commitment of RMB 10.50 million (completion rate: 139.39%).
• No need to trigger any performance compensation: As all performance commitments were met, Guocheng Holdings and actual controller Wu Cheng bear no cash compensation obligations, nor are impairment compensations required.
• Robust transaction structure: The commitment period is 2025-2027, with detailed performance, compensation, and impairment agreements for both mining rights and patent asset groups, all with joint and several liability for Guocheng Holdings and Wu Cheng.

2. Detailed Performance Commitment and Compensation Arrangements

1. Mining Rights Assets

• 2025-2027 commitment: cumulative net profit (excluding non-recurring items) of RMB 1,724.93 million, with RMB 668.06 million for 2025.
• Actual net profit is subject to audit by a qualified institution per securities law, as the final verification standard.
• If commitments are not met, Guocheng Holdings must compensate in cash, Wu Cheng jointly liable. Compensation formula and deadlines are contractually defined.
• Impairment test at period end; if impairment exceeds already compensated amounts, further compensation is required, capped at transaction price.

2. Patent Asset Group

• 2025-2027 cumulative committed income: RMB 10.50m, 16.05m, 21.40m; calculated as revenue * 0.6%.
• Annual audits and reviews determine compensation needs.
• If commitments not met, Guocheng Holdings must compensate in cash, Wu Cheng jointly liable; formula as per agreement, no claw-back of prior compensation.
• End-of-term impairment test, similar compensation principles as mining rights.

3. 2025 Performance Commitment Completion

Conclusion: Both mining rights and patent asset groups substantially exceeded 2025 performance commitments. No compensation is triggered.

4. Impact on Investors & Points to Watch

• Substantial overachievement boosts listed company profit: Target company’s strong 2025 performance will significantly enhance listed company results.
• Results may positively impact share price: Substantial overachievement can boost market confidence in acquired assets’ profitability.
• Watch for subsequent years: Commitment period includes 2026 and 2027; investors should monitor future performance and potential compensation risks.
• Strong governance and risk protection: Compensation and impairment mechanisms are robust, safeguarding minority shareholders’ interests.

5. Conclusion

This special review shows that Guocheng Mining’s major asset acquired in the restructuring has substantially exceeded 2025 performance commitments, with no compensation triggered. This result is likely to boost investor confidence and may positively impact the share price.

Disclaimer: This article is based on public information and does not constitute investment advice. Investment involves risk. Please make decisions carefully according to your risk tolerance and market conditions.

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