君合律师事务所上海分所 关于 华宝投资有限公司及其一致行动人 法律意见书 2025 年 12 月 释义 在本法律意见书内，除非文义另有所指，以下左栏所列词语具有该词语相应右 栏所作表述的涵义： 2 免于发出要约事宜 之 华宝投资 指 华宝投资有限公司；认购重庆钢铁本次向特定对 象发行 A 股股票的投资者；收购人之一，接受一 致行动人委托作为本次收购的信息披露义务人 上市公司、重庆钢铁 指 重庆钢铁股份有限公司 本次发行 指 重庆钢铁向特定对象发行 A 股股票的行为 本次收购 指 华宝投资认购重庆钢铁向特定对象发行A股股票 的行为 《股份认购协议》 指 《重庆钢铁股份有限公司与华宝投资有限公司 之股份认购协议》 中国宝武 指 中国宝武钢铁集团有限公司 长寿钢铁 指 重庆长寿钢铁有限公司，系重庆钢铁控股股东 中南钢铁 指 宝武集团中南钢铁有限公司 中钢设备 指 中钢设备有限公司 武汉宝信 指 宝信软件（武汉）有限公司 中钢重机 指 中钢集团西安重机有限公司 宝信软件 指 上海宝信软件股份有限公司 宝丞炭材 指 重庆宝丞炭材有限公司 中钢洛耐院 指 中钢集团洛阳耐火材料研究院有限公司 宝钢工程 指 宝钢工程技术集团 ...

华宝证券股份有限公司 关于 重庆钢铁股份有限公司 收购报告书 之 财务顾问报告 财务顾问 二零二五年十二月 重庆钢铁股份有限公司收购报告书之财务顾问报告 财务顾问声明和承诺 一、财务顾问声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号—上市公司 收购报告书》及相关法律法规的规定，华宝证券股份有限公司（以下简称"本财 务顾问"）对《重庆钢铁股份有限公司收购报告书》进行了审慎核查，并出具本 财务顾问报告。 本财务顾问遵循证券行业公认的业务标准、职业道德和勤勉尽责精神，发表 独立的财务顾问意见，并特此作出如下声明： （一）本财务顾问报告所依据的文件、资料及其他相关信息均由收购人提供， 收购人已向本财务顾问保证，其所提供信息的真实性、准确性和完整性； （二）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序进行核查，所发表的意见仅限于收购报告书正文所列内容。除中国证监 会另有规定外，本财务顾问不对本次收购所涉及的其他方面发表意见； （三）本财务顾问提醒投资者注意，本报告不构成对任何人的投资建议，投 资者依据本 ...

Core Viewpoint - Chongqing Steel (601005.SH) plans to issue A-shares to a specific entity, Huabao Investment, which is fully controlled by China Baowu, indicating a strategic move to strengthen financial stability and maintain control [1][2]. Group 1: Share Issuance Details - The share issuance will involve 757,575,757 A-shares at a price of RMB 1.32 per share, which is 90% of the average trading price over the last 20 trading days prior to the announcement [1]. - The total amount to be raised from this issuance is expected to be no more than RMB 100,000 million, which will be used to supplement working capital and repay bank loans [1]. Group 2: Ownership Structure - As of the announcement date, China Baowu and its concerted parties hold a total of 29.51% of Chongqing Steel's shares, which is expected to increase to 35.07% post-issuance, ensuring that China Baowu remains the actual controller of the company [2]. Group 3: Financial Performance - For the third quarter of 2025, Chongqing Steel reported revenue of RMB 6.006 billion, a year-on-year increase of 8.96%, while the net profit attributable to shareholders was a loss of RMB 86.58 million [2][3]. - Year-to-date revenue reached RMB 19.091 billion, reflecting a decrease of 7.32% compared to the previous year, with a net loss of RMB 2.17 billion [2][3]. - The net cash flow from operating activities for the year-to-date period was RMB 1.833 billion, showing a significant increase of 68.11% year-on-year [3].

Core Viewpoint - Chongqing Steel (601005.SH) has announced a plan to issue A-shares to a specific investor, Huabao Investment, with the total fundraising expected to not exceed 1 billion yuan, aimed at enhancing liquidity and repaying bank loans [1]. Group 1: Company Actions - Chongqing Steel is set to issue A-shares specifically to Huabao Investment, which will subscribe to the entire issuance with cash [1]. - The total amount to be raised from this issuance is projected to be up to 1 billion yuan, subject to approval from the China Securities Regulatory Commission [1]. - The funds raised will be used entirely for supplementing working capital and repaying bank loans after deducting issuance costs [1].

Core Viewpoint - Chongqing Steel (601005.SH) announced a plan to issue A-shares to a specific investor, Huabao Investment, with the total amount expected to be no more than 1 billion yuan [1] Group 1: Issuance Details - The number of A-shares to be issued is 758 million, which does not exceed 30% of the company's total share capital before the issuance [1] - Huabao Investment plans to subscribe to the entire issuance amounting to 1 billion yuan, with the number of shares calculated based on the issuance price [1] - The total funds raised from this issuance are expected to be no more than 1 billion yuan, subject to the approval from the China Securities Regulatory Commission [1] Group 2: Fund Utilization - The funds raised will be used entirely to supplement working capital and repay bank loans after deducting issuance costs [1]

Core Viewpoint - Chongqing Steel plans to issue shares to Huabao Investment to raise up to 1 billion yuan, primarily to supplement working capital and repay bank loans, amid ongoing losses since 2022 [2][3]. Group 1: Fundraising Details - The share issuance price is set at 1.32 yuan per share, which is a 10.81% discount to the closing price on December 19 [3]. - Huabao Investment, controlled by China Baowu Steel Group, will fully subscribe to the new shares, constituting a related party transaction [3]. - The funds raised will enhance the company's liquidity, improve asset and liability structure, and reduce financial costs [3]. Group 2: Financial Performance - As of the end of Q3 2025, Chongqing Steel's current ratio is only 0.32, indicating liquidity issues [5][6]. - The company has reported continuous losses from 2022 to 2024, with net profits of -1.019 billion yuan, -1.494 billion yuan, -3.196 billion yuan, and -218 million yuan for the first three quarters of 2025 [5]. - Despite the losses, the company has made efforts to improve profitability through cost reduction and efficiency enhancement, leading to a significant narrowing of losses and a positive gross margin [5]. Group 3: Shareholding Changes - Following the completion of the share issuance, Huabao Investment and its concerted parties are expected to hold over 30% of Chongqing Steel's shares [4]. - The board will seek shareholder approval for Huabao Investment to avoid mandatory tender offer requirements for increasing its stake [4].

Core Viewpoint - Chongqing Steel announced the approval of several proposals by its 10th Board of Directors, including the issuance of A-shares to specific targets, indicating a strategic move to raise capital for future growth [1] Group 1: Company Announcements - The company held its 22nd meeting of the 10th Board of Directors on December 19, where multiple proposals were reviewed and approved [1] - The approved proposals include the plan for the company to issue A-shares to specific targets, which is aimed at meeting the conditions for such an issuance [1] - The company also approved a preliminary plan for the issuance of A-shares for the year 2025, indicating a long-term strategy for capital raising [1]

Core Viewpoint - Chongqing Steel announced that it has not raised funds through methods such as rights issues, private placements, or convertible bonds in the last five fiscal years, thus it is not required to provide a report on the use of previous fundraising or to hire an accounting firm for verification [1] Group 1 - The company has not engaged in fundraising activities for over five fiscal years [1] - The previous fundraising received has been accounted for over five fiscal years [1] - The current issuance of A-shares to specific targets does not require a report on previous fundraising usage [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 (1)建議根據特別授權向特定對象發行A股 股 票； (2)主要股東認購新A股 的 關 連 交 易； (3)申請清洗豁免； 可 能 提 出 的 強 制 性 全 面 要 約 及 要 約 期 開 始；及 (4)建議修訂公司章程 上 市 規 則 獨 立 董 事 委 員 會、守 則 獨 立 董 事 委 員 會 及 獨 立 股 東 之 獨 立財務顧問 建議根據特別授權向特定對象發行A股股票 於2025年12月19日，董 事 會 批 准 向特定對象發行A股股票，據 此，本 公 司將按發行價向華寶投資發行不超過757,575,757股A股，預 期 募 集 資 金 （於 扣 除 相 關 發 行 費 用 前）將 不 超 過 人 民 幣10億 元（須 待 監 管 部 門 批 准）。 – 1 – ...

Core Viewpoint - Chongqing Steel (601005) announced the approval of a plan to issue A-shares to specific investors, aiming to raise up to 1 billion yuan for working capital and loan repayment [1] Group 1: Issuance Details - The company will hold its 22nd meeting of the 10th Board of Directors on December 19, 2025, to review the issuance plan [1] - The total amount of funds raised from this issuance is expected to not exceed 1 billion yuan, subject to final approval by relevant authorities [1] - The funds will be used entirely for supplementing working capital and repaying bank loans after deducting related issuance costs [1] Group 2: Subscription Agreement - Chongqing Steel signed a subscription agreement with Huabao Investment on December 19, 2025, for the share issuance [1] - Huabao Investment intends to subscribe for shares worth 1 billion yuan in cash [1] - Huabao Investment is an affiliate of the company's controlling shareholder, Chongqing Changshou Steel, and this transaction constitutes a related party transaction [1]