东睦新材料集团股份有限公司重大资产重组及配套融资补充法律意见书（五）深度解读

一、交易概要及最新进展

东睦新材料集团股份有限公司（以下简称“东睦股份”或“公司”）于近期披露了《发行股份及支付现金购买资产并募集配套资金暨关联交易之补充法律意见书（五）》。本次交易核心在于公司拟以发行股份及支付现金的方式，收购上海富驰高科技股份有限公司（以下简称“上海富驰”）的剩余股权，进一步实现全资控股，并同步实施配套融资。该补充法律意见书对交易期间（2023-2025年度）发生的重大变更及法律合规事项进行了详细说明。

二、交易相关各方的主体资格与新增重要事项

• 东睦股份基本信息：注册资本63,138.3477万元，主营业务涵盖锻件及粉末冶金制品、新材料、磁性材料、电子元器件、智能机器人等，2025年8月实施了1,500万股限制性股票激励，彰显公司对于核心人才激励的重视。
• 主要交易对方：包括远致星火（私募基金）、创精投资（有限合伙），以及公司管理层及员工持股平台等。远致星火已履行私募基金备案，创精投资基本情况完备。
• 股东结构变更：2025年8月，激励对象授予限制性股票，完善公司治理，激励机制进一步优化。

三、交易批准与实施进度

• 2026年4月，公司董事会及审计委员会已审议通过本次交易的最新议案，并完成现阶段应履行的公司内部决策。
• 本次交易尚需获得上海证券交易所审核通过及中国证监会同意注册，方可最终落地实施。

四、标的资产（上海富驰）最新变动及合规情况

• 上海富驰股东协议补充：2026年4月，股东协议针对重大事项的表决机制及少数股东保护性权利进行了完善，涉及公司合并、分立、主营业务变更、核心技术处置、重大投资、关联交易等。远致星火保留1%股权并享有特定保护性权利，但承诺不会不合理干涉公司经营。
• 主要资产变化：2025年9月取得新房产证，新增房产面积23,925.14平方米，用于主厂房，未办竣工验收的房产面积17,249.56平方米，占比约10.65%，均实际投入使用，预计办理房产证不存在重大障碍，对生产经营无实质影响。
• 知识产权：报告期内新增13项专利授权，覆盖MIM注射、手机铰链检测、汽车零件加工等领域，技术创新能力显著提升。
• 环保与合规：标的公司及子公司所有已建项目均依法取得环评批复和排污许可，除个别在建项目外已全部完成环保验收。
• 税收优惠：连云港富驰、东莞华晶于2025年分别通过高新技术企业复审，企业所得税按15%优惠税率计缴。
• 政府补助：2025年度获得政府补助731.07万元，2024年度1,318.72万元，为公司研发及经营提供资金支持。

五、关联交易及同业竞争情况

• 交易构成关联交易：部分交易对方为公司主要股东或一致行动人，构成关联交易，关联董事已回避表决。
• 关联交易明细：
  • 2025年度与东睦股份等关联方发生采购、销售、劳务、资产转让、租赁、担保、资金拆借等交易，金额较大。例如，2025年东睦股份向上海富驰采购劳务达510.91万元，销售产品312.61万元。
  • 大额银行借款、票据担保多数未履行完毕，存在一定资金流动与偿付压力。
  • 关键管理人员年度报酬显著（2025年606.88万元）。
• 特殊股东权利：远致星火虽保留1%股权，但承诺不干预公司日常经营，保护性条款仅涉及重大事项，保障上市公司控制权和合规经营。

六、交易目的、价格合理性及对公司未来的重大影响

• 交易目的：进一步加强对标的公司的控制权和资源整合，发挥协同效应，优化管理体系，提升核心竞争力。
• 交易溢价：标的公司100%股权作价21.14亿元，较评估值19.38亿元溢价9.08%，主要因本次交易将提升公司战略布局和盈利能力。经专项评估论证及参考并购市场惯例，溢价具有合理性和公允性。
• 盈利能力显著提升：2025年交易后归母净利润将提升24.39%，基本每股收益由0.86元提升至1.07元，盈利能力大幅增强，直接利好中长期股东价值。

七、合规性与信息披露

• 公司已按照法律法规及监管要求，及时、充分披露本次重组及相关事项，无重大遗漏。
• 截至本法律意见书出具日，本次交易不存在实质性法律障碍，未来进展取决于监管机构审核结果。

八、对股东和投资者的影响与重要关注点

• 正面影响：本次交易有助于东睦股份巩固行业龙头地位，提高盈利能力和市场竞争力，激励机制完善保障核心团队稳定。
• 潜在风险：部分资产仍在办理权证和环保验收过程中，存在一定的不确定性；关联交易金额较大，需持续关注内控与合规风险；交易尚需获得监管通过，存在一定变数。
• 价格敏感信息：交易后公司归母净利润和每股收益大幅提升，若监管审批顺利通过，预期将对公司估值和市场表现带来积极推动。

免责声明

本报道基于公司披露的法律意见书及相关公开信息，内容仅供参考，不构成任何投资建议。投资者应结合自身情况，审慎决策，对于因依据本文内容进行投资所造成的任何损失，本网及作者不承担任何责任。

English Version

In-depth Analysis: Dongmu New Materials Major Asset Restructuring and Supporting Financing (Legal Opinion No. 5)

1. Transaction Overview and Latest Progress

Dongmu New Materials Group Co., Ltd. (“Dongmu” or “the Company”) has released its fifth supplemental legal opinion on its planned major asset restructuring. The transaction involves acquiring the remaining equity of Shanghai Fuchi High-tech Co., Ltd. (“Shanghai Fuchi”) through a combination of share issuance and cash payment, aiming for full control, with a supporting financing package. This legal opinion provides a comprehensive update on major changes and legal compliance matters during 2023-2025.

2. Parties Involved and Key New Developments

• Company Profile: Registered capital of RMB 631.38 million; main businesses include forging, powder metallurgy, new materials, magnetic materials, electronic components, and smart robotics. In August 2025, Dongmu granted 15 million restricted shares to 304 key employees, strengthening management incentives.
• Main Transaction Counterparties: Includes Yuanzhi Xinghuo (a private equity fund), Chuangjing Investment (LLP), and management/employee shareholding platforms. All parties have completed required registrations and filings.
• Capital Structure Change: The August 2025 incentive plan further optimizes corporate governance and incentive structures.

3. Transaction Approval and Implementation Progress

• As of April 2026, the Board and Audit Committee have approved all current necessary resolutions.
• The transaction is pending final approval from the Shanghai Stock Exchange and registration confirmation from the China Securities Regulatory Commission (CSRC).

4. Target Asset (Shanghai Fuchi) Updates and Compliance

• Shareholder Agreement Updates: In April 2026, shareholder agreements were amended to refine voting mechanisms and minority shareholder protection, specifically for significant matters such as merger, division, main business change, core technology disposal, and major investments. Yuanzhi Xinghuo retains 1% equity with certain protective rights but has formally committed not to interfere with day-to-day operations.
• Major Asset Changes: In September 2025, Shanghai Fuchi obtained new property certificates covering 23,925.14 sqm (main plant). Another 17,249.56 sqm (10.65% of total area) is still pending completion acceptance but is already in use. No major obstacles are expected to full property certification.
• Intellectual Property: 13 new patents were granted in 2024-2025, boosting the company’s technical innovation and industry position.
• Environmental Compliance: All built projects have environmental approvals and pollution discharge permits. All but a few under-construction items have passed acceptance inspection.
• Tax Incentives: Key subsidiaries are recognized as high-tech enterprises and benefit from a preferential 15% corporate income tax rate.
• Government Grants: Received RMB 7.31 million in 2025 and RMB 13.19 million in 2024 in government support, aiding R&D and operations.

5. Related-party Transactions and Competition

• Related-party Transactions: Some transaction counterparties are major shareholders or acting in concert, constituting related-party transactions; related board members recused themselves from voting.
• Transaction Details:
  • In 2025, substantial related-party transactions occurred, including procurement, sales, labor, asset transfers, leasing, guarantees, and capital lending, e.g., labor procurement from Shanghai Fuchi (RMB 5.11 million), product sales (RMB 3.13 million).
  • Many large bank loans and bill guarantees have not been fully settled, highlighting cash flow and repayment risks.
  • Key management compensation is significant (RMB 6.07 million in 2025).
• Special Shareholder Rights: Yuanzhi Xinghuo, though retaining 1% equity, has formally committed not to interfere with operations, and all protective clauses are limited to major issues, ensuring effective company control and compliance.

6. Transaction Rationale, Pricing, and Future Impact

• Purpose: To strengthen control over the target asset, optimize integration, improve management, and enhance core competitiveness.
• Premium: The 100% equity was priced at RMB 2.114 billion, a 9.08% premium over the appraised value of RMB 1.938 billion, justified by expected strategic and earnings improvements. Comparable M&A cases support the reasonableness of the premium.
• Profitability: 2025 pro forma net profit attributable to shareholders rises 24.39% post-transaction, with EPS increasing from RMB 0.86 to RMB 1.07, signaling material mid- to long-term value for investors.

7. Compliance and Disclosure

• The company has fully disclosed all material events as required by law; there are no major omissions.
• No substantive legal obstacles to the transaction have been identified; the ultimate outcome depends on regulatory review.

8. Implications and Key Points for Shareholders and Investors

• Positive Impact: The transaction will help Dongmu consolidate its leadership, boost profitability, and maintain management stability through incentives.
• Risks: Some assets are pending certification and environmental acceptance; related-party transactions are substantial and require ongoing internal control; regulatory approval is still pending and not guaranteed.
• Price-sensitive Information: The expected sharp increase in profit and EPS could significantly affect valuation and share price if approval is secured.

Disclaimer

This report is based on public legal opinions and company disclosures and does not constitute investment advice. Investors should make independent decisions and bear any losses incurred based on this article; neither the site nor the author assumes responsibility.

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