Core Viewpoint - After completing its restructuring, Xining Special Steel (600117.SH) has received full support from its controlling shareholder for its first refinancing, which involves a cash subscription for new shares by Tianjin Jianlong Steel Industry Co., Ltd. This move aims to strengthen Tianjin Jianlong's control over the company [1][2]. Group 1: Company Overview - Xining Special Steel is the largest special steel producer in Western China and the only one in Northwest China [1]. - The company has faced continuous losses over the years, particularly with a net loss of 15.79 billion yuan in the year following its restructuring [3]. Group 2: Financial Performance - From 2012 to 2024, Xining Special Steel has consistently reported net losses, with a significant reduction in losses observed in 2024 and the first quarter of 2025, where losses decreased by 39.41% and 19.42% respectively [3]. - In 2024, the company produced 1.2768 million tons of iron, 1.3969 million tons of steel, and 1.3571 million tons of steel products, marking increases of 90.25%, 89.17%, and 94.63% year-on-year [3]. Group 3: Capital Structure and Financial Strategy - The company plans to raise no more than 1 billion yuan through this issuance, with the net proceeds aimed at supplementing working capital [2]. - As of March 2025, Xining Special Steel reported total assets of 12.677 billion yuan and a debt-to-asset ratio of 50.15% [4]. - The issuance is expected to optimize the company's capital structure, alleviate financial pressure, and enhance its ability to withstand risks [4].

Core Viewpoint - The acquisition report outlines Tianjin Jianlong Steel Industry Co., Ltd.'s plan to acquire shares in Xining Special Steel Co., Ltd. through a private placement, aiming to strengthen its control over the company and enhance its financial stability for future growth [1][2][8]. Group 1: Acquisition Details - Tianjin Jianlong intends to acquire up to 578,034,682 shares of Xining Special Steel, which would increase its ownership from 29.96% to 40.52% post-issuance [10][11]. - The acquisition is structured as a cash subscription for shares at a price of 1.73 RMB per share, with a total investment not exceeding 1 billion RMB [13][14]. - The company has committed to not transferring the newly acquired shares for 36 months after the issuance, ensuring stability in ownership [12][9]. Group 2: Regulatory Compliance - The acquisition is subject to approval from the shareholders' meeting and must comply with the relevant regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange [2][10]. - Tianjin Jianlong has received necessary authorizations and approvals to proceed with the acquisition, ensuring compliance with corporate governance standards [1][3]. Group 3: Financial Overview - Tianjin Jianlong's recent financial performance shows total assets of approximately 19.94 billion RMB and net assets of about 6.99 billion RMB as of December 31, 2024 [6][7]. - The company reported a revenue of approximately 24.24 billion RMB for the fiscal year 2024, indicating a growth trend in its core steel business [6][7]. Group 4: Strategic Intent - The acquisition aims to optimize the capital structure of Xining Special Steel and enhance its financial strength, supporting the company's strategic goal of becoming a leading special steel enterprise [8][10]. - Tianjin Jianlong has expressed confidence in the long-term investment value of Xining Special Steel, indicating a commitment to its growth and development [8][9]. Group 5: Independence and Competition - The acquisition will not alter the actual control of Xining Special Steel, maintaining its operational independence in terms of assets, personnel, and business [18][19]. - Tianjin Jianlong has committed to avoiding any substantial competition with Xining Special Steel by managing overlapping business areas effectively [19][22].

Core Viewpoint - The report by CITIC Securities on the acquisition of Xining Special Steel Co., Ltd. outlines the financial advisor's independent opinion, confirming that the acquisition complies with relevant laws and regulations, and that the information disclosed is accurate and complete [1][5][31]. Group 1: Acquisition Purpose and Financial Status - Tianjin Jianlong's acquisition aims to strengthen control over Xining Special Steel and enhance its financial stability by using the funds raised from a private placement to supplement working capital [5][9]. - Tianjin Jianlong's financial data shows total assets of approximately RMB 19.94 billion, net assets of about RMB 6.99 billion, and a debt-to-asset ratio of 64.93% as of December 31, 2024 [8][9]. Group 2: Compliance and Due Diligence - The financial advisor conducted thorough due diligence and found no discrepancies in the acquisition report, confirming compliance with the Securities Law and the Acquisition Management Measures [5][31]. - The financial advisor has verified that Tianjin Jianlong meets the qualifications for the acquisition and has no adverse credit history [10][11]. Group 3: Shareholding Structure and Control - Tianjin Jianlong is controlled by Beijing Jianlong Heavy Industry Group, which holds an 83.08% stake, with Zhang Zhixiang as the actual controller [12]. - The acquisition will not change the actual control of Xining Special Steel, ensuring the company's operational independence [18]. Group 4: Future Plans and Commitments - Tianjin Jianlong has no plans to change the main business operations or management of Xining Special Steel in the next 12 months [15][17]. - Commitments have been made to avoid any conflicts of interest and to maintain the independence of Xining Special Steel post-acquisition [20][27]. Group 5: Related Transactions and Regulatory Compliance - The report confirms that there have been no significant related transactions between Tianjin Jianlong and Xining Special Steel that exceed RMB 30 million in the past 24 months [28]. - Tianjin Jianlong has committed to reducing and regulating related transactions to protect the interests of minority shareholders [25][26].

证券代码：600117 证券简称：西宁特钢 西宁特殊钢股份有限公司 收购报告书 上市公司名称：西宁特殊钢股份有限公司 股票上市地点：上海证券交易所 股票简称：西宁特钢 股票代码：600117 收购人：天津建龙钢铁实业有限公司 住所/通讯地址：天津经济技术开发区第一大街 79 号泰达 MSD-C 区 C1 座 2504、 2505 房间 二〇二五年七月 收购人声明 本声明的相关用语与本报告书"释义"中的相关用语具有相同含义。 一、本报告书系收购人依据《公司法》《证券法》《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》等相关 法律、法规及部门规章的有关规定编制。 二、依据《证券法》《收购管理办法》的规定，本报告书已全面披露收购人 在西宁特钢拥有权益的股份；截至本报告书签署日，除本报告书披露的持股信息 外，收购人没有通过任何其他方式在西宁特钢拥有权益。 三、收购人签署本报告书已获得必要的授权和批准，其履行亦不违反收购人 章程或内部规则中的任何条款，或与之相冲突。 四、本次向特定对象发行股票预计将触发《收购管理办法》规定的要约收购 义务。根据《收购管理办法》第六十三条投资 ...

北京市嘉源律师事务所 关于《西宁特殊钢股份有限公司收购报告书》 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年七月 嘉源 · 法律意见书 释 义 除非本法律意见书另有所说明,下列词语之特定含义如下: | 天津建龙、控股股东、收购 | 指 | 天津建龙钢铁实业有限公司 | | --- | --- | --- | | 人 | | | | 西宁特钢、上市公司、公司 | 指 | 西宁特殊钢股份有限公司(股票代码:600117) | | 建成集团 | 指 | 北京建龙重工集团有限公司 | | 实际控制人 | 指 | 张志祥 | | 发行、本次发行、本次向特 | 블 | 本次西宁特殊钢股份有限公司2025年度向特定对 | | 定对象发行股票 | | 象发行A股股票的行为 | | 本次收购 | 블 | 天津建龙以现金方式认购西宁特钢向其非公开发 | | | | 行的股份的行为 | | 《收购报告书》 | 指 | 为本次收购而编制的《西宁特殊钢股份有限公司 | | | | 收购报告书》 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 上交所 | 指 | 上海证券交易所 ...

北京市嘉源律师事务所 关于天津建龙钢铁实业有限公司 免于发出要约事宜 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年七月 | 正文 . | | --- | | 一、 增持人的主体资格 | | 二、 本次增持是否属于《收购管理办法》规定的免于发出要约的情形 5 | | 三、 本次增持是否已经履行法定程序 | | 四、 本次增持是否存在或者可能存在法律障碍 | | 五、 增持人是否已经按照《收购管理办法》履行信息披露义务 . | | 六、 增持人在本次增持过程中是否存在证券违法行为 . | | 七、 结论意见 . | 目 录 | 西宁特钢、上市公司 | 指 | 西宁特殊钢股份有限公司,一家依据中国法律成立并有效 存续的股份有限公司,其发行的股票依法在上海证券交易 | | --- | --- | --- | | | | 所上市交易,股票代码:600117 | | 天津建龙、增持人 | 指 | 天津建龙钢铁实业有限公司 | | 本次增持 | 指 | 天津建龙认购西宁特钢向其发行的不超过 578,034,682 股 | | | | A 股股份的行为 | | 本次发行 | 指 | 本 ...

中信证券股份有限公司 关于西宁特殊钢股份有限公司 收购报告书暨免于发出要约收购申请 之 财务顾问报告 二〇二五年七月 财务顾问声明与承诺 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，中信证券股份有限公司（以下简称"本财 务顾问"）就《西宁特殊钢股份有限公司收购报告书》进行核查，并出具财务顾 问报告。 本财务顾问按照证券行业公认的业务标准、道德规范和勤勉尽责精神，发表 独立的财务顾问意见，并在此特作如下声明： （一）本财务顾问报告所依据的文件、资料及其他相关材料均由收购人提供， 收购人已向本财务顾问保证其提供的材料均真实、准确、完整。 （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，旨在就收购报告书相关内容发表意见，发表意见的内容仅限收购报告 书正文所列内容，除非中国证监会另有要求，并不对与本次收购行为有关的其他 方面发表意见。 （三）本财务顾问提醒投资者注意，本财务顾问报告不构成任何投资建议， 投资者根据本财务顾问报告所做出的 ...

Core Viewpoint - Xining Special Steel Co., Ltd. (referred to as "Xining Special Steel") is undergoing a significant capital increase through a share issuance to its controlling shareholder, Tianjin Jianlong Steel Industry Co., Ltd., reflecting confidence in the company's future development and long-term investment value [1][2]. Group 1: Acquisition and Share Issuance - On June 26, Tianjin Jianlong signed a conditional share subscription agreement with Xining Special Steel to fully subscribe to the A-shares issued to specific targets in 2025, with a total fundraising amount not exceeding 1 billion yuan [1]. - Xining Special Steel plans to issue no more than 578 million shares, with the net proceeds after issuance costs to be used entirely for replenishing working capital [1][3]. - Following the completion of this share issuance, Tianjin Jianlong's shareholding in Xining Special Steel will increase to 1.553 billion shares, representing 40.52% of the total share capital, thereby enhancing its control over the company [2]. Group 2: Financial Performance and Strategic Outlook - Since completing its restructuring, Xining Special Steel has been optimizing its product structure and improving product quality, although the net profit attributable to shareholders decreased by 39.41% and 19.42% year-on-year for 2024 and the first quarter of 2025, respectively [2]. - The funds raised from the share issuance are expected to enhance the company's capital strength and asset scale, aiding in optimizing the capital structure and reducing the debt ratio, which will improve the company's risk resistance [3]. - The demand for special steel is anticipated to increase with the growth of advanced manufacturing, presenting an important opportunity for the company's transformation and upgrade [3].

Group 1 - The core point of the acquisition is that Tianjin Jianlong Steel Industry Co., Ltd. intends to acquire shares of Xining Special Steel Co., Ltd. through a specific stock issuance, aiming to strengthen its control over the company and enhance its financial stability [1][2][8] - Tianjin Jianlong has committed to not transferring the newly acquired shares for three years after the issuance, pending approval from the non-related shareholders at the company's general meeting [2][14] - The acquisition will increase Tianjin Jianlong's stake in Xining Special Steel from 29.96% to 40.52%, solidifying its position as the controlling shareholder [11][12] Group 2 - The financial data of Tianjin Jianlong shows total assets of approximately 19.94 billion yuan and net assets of about 6.99 billion yuan as of December 31, 2024, with a debt-to-asset ratio of 64.93% [6] - The company reported a revenue of approximately 24.24 billion yuan for the fiscal year 2024, with a net profit of around 212.17 million yuan, indicating a net profit margin of about 0.88% [6] - Tianjin Jianlong's main business includes steel production and trading, with a focus on enhancing its operational capabilities and financial health through this acquisition [6][8]

证券代码：600117 证券简称：西宁特钢 西宁特殊钢股份有限公司 收购报告书摘要 上市公司名称：西宁特殊钢股份有限公司 股票上市地点：上海证券交易所 股票简称：西宁特钢 股票代码：600117 收购人：天津建龙钢铁实业有限公司 住所/通讯地址：天津经济技术开发区第一大街 79 号泰达 MSD-C 区 C1 座 2504、 2505 房间 | | | 二〇二五年六月 收购人声明 本声明的相关用语与本报告书摘要"释义"中的相关用语具有相同含义。 一、本报告书摘要系收购人依据《公司法》《证券法》《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》等 相关法律、法规及部门规章的有关规定编制。 二、依据《证券法》《收购管理办法》的规定，本报告书摘要已全面披露收 购人在西宁特钢拥有权益的股份；截至本报告书摘要签署日，除本报告书摘要披 露的持股信息外，收购人没有通过任何其他方式在西宁特钢拥有权益。 三、收购人签署本报告书摘要已获得必要的授权和批准，其履行亦不违反收 购人章程或内部规则中的任何条款，或与之相冲突。 四、本次向特定对象发行股票预计将触发《收购管理办法》规定的要约收购 ...