Core Viewpoint - The report outlines the implementation of a significant asset sale and related party transaction by Wolong New Energy Group Co., Ltd, involving the transfer of 90% equity in Shanghai Mining to its wholly-owned subsidiary, Zhejiang Wolong Shunyu Investment Co., Ltd [1][3][10]. Group 1: Transaction Overview - The transaction involves the sale of 90% equity in Shanghai Mining, which will no longer be included in the consolidated financial statements of the company post-transaction [5][6]. - The assessment date for the transaction is set for December 31, 2024, with the total assessed value of Shanghai Mining's equity being 226.9 million yuan, reflecting an increase of 41.66 million yuan, or 22.49% over the audited net assets of 185.24 million yuan [6][9]. - The transaction price was adjusted from 220.5 million yuan to 191.11 million yuan due to a cash dividend of 29.39 million yuan declared by Shanghai Mining [6][10]. Group 2: Nature of the Transaction - This transaction qualifies as a major asset restructuring under the relevant regulations, as the asset's revenue exceeds 50% of the company's total revenue for the previous fiscal year [8][9]. - The transaction is classified as a related party transaction since the buyer is a wholly-owned subsidiary of the company's indirect controlling shareholder [9][10]. - The transaction does not constitute a restructuring listing, as it does not involve issuing new shares or changing the company's control structure [10][11]. Group 3: Implementation Status - The necessary approvals for the transaction have been obtained from the board of directors, supervisory board, and shareholders, with no further approvals required [10][11]. - The transfer of the asset has been completed, and the transaction price has been paid in full by the buyer [11][12]. - There have been no changes in the management of either the company or the target company during the transaction process [11][12]. Group 4: Compliance and Legal Opinions - Independent financial and legal advisors have confirmed that the transaction complies with all relevant laws and regulations, and there are no significant legal obstacles to its implementation [14][15]. - All parties involved in the transaction have adhered to their commitments and agreements, with no violations reported [14][15].

Overview of the Major Asset Sale - The company has transferred 90% equity of Shanghai Mining to Zhejiang Wolong Shenyu Investment, constituting a major asset restructuring and related party transaction [1] - The transaction has been approved through various board and shareholder meetings held in May and June 2025 [2] Implementation of the Asset Sale - The asset transfer has been completed, and Shanghai Mining is no longer included in the company's consolidated financial statements [2] - The transaction price of 191.1117 million yuan has been paid by Wolong Shenyu as per the share transfer agreement [2] - Subsequent matters include the need for an audit report on the transitional profit and loss of the asset and compliance with legal disclosure obligations [2] Opinions from Intermediary Institutions - The independent financial advisor, CITIC Securities, confirmed that the transaction has followed necessary decision-making and approval procedures, and the asset transfer has been completed [3] - The legal advisor, King & Wood Mallesons, stated that all necessary approvals have been obtained, and there are no substantial legal obstacles to the implementation of subsequent matters [4]

中信建投证券股份有限公司 关于 卧龙新能源集团股份有限公司 重大资产出售暨关联交易实施情况 之 独立财务顾问核查意见 独立财务顾问 二〇二五年七月 独立财务顾问声明 中信建投证券股份有限公司接受卧龙新能源集团股份有限公司的委托，担任 本次卧龙新能源集团股份有限公司重大资产出售暨关联交易之独立财务顾问。根 据《公司法》《证券法》《上市公司重大资产重组管理办法》《公开发行证券的 公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上海证券 交易所股票上市规则》等有关法律、法规的要求，按照证券行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的态度，本独立财务顾问经过审慎调查，出 具本次重组实施情况的核查意见。 1、本核查意见所依据的文件、材料由交易各方提供，本次交易各方均已向 本独立财务顾问承诺并保证本次交易提供、披露的信息和相关文件的内容真实、 准确、完整，保证不存在虚假记载、误导性陈述或者重大遗漏，并愿意承担相应 的法律责任。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异。 3、本核查意见不构成对上市公司的任何投资建议 ...

北京市金杜律师事务所 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大资 产重组管理办法》等中华人民共和国境内（为本法律意见书之目的，不包括中国 香港特别行政区、中国澳门特别行政区和中国台湾省，以下简称"中国境内"）现 行有效的法律、行政法规、规章及规范性文件和中国证券监督管理委员会（以下 简称"中国证监会"）的关规定，北京市金杜律师事务所（以下简称"金杜"或"本 所"）受卧龙新能源集团股份有限公司（以下简称"卧龙新能""上市公司"或"公 司"）委托，作为上市公司拟出售其持有的卧龙矿业（上海）有限公司（以下简称 "上海矿业"或"标的公司"）90%股权暨关联交易（以下简称"本次交易""本 次重组"或"本次资产出售"）的专项法律顾问，已于 2025 年 5 月 22 日出具《北 京市金杜律师事务所关于卧龙新能源集团股份有限公司重大资产出售暨关联交易 的法律意见书》（以下简称"《法律意见书》"）。本所现就本次交易的实施情况进 行核查，并在此基础上出具本法律意见书。 本法律意见书是对《法律意见书》的补充，并构成《法律意见书》不可分割 的一部分。本所在《法律意见书》中发表法律意见的前提、假设、简称和释 ...

股票代码：600173 股票简称：卧龙新能 上市地点：上海证券交易所 卧龙新能源集团股份有限公司 重大资产出售暨关联交易实施情况报告书 独立财务顾问 二零二五年七月 公司声明 本公司及全体董事、监事、高级管理人员保证本报告书的内容真实、准确和完整, 不 存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、准确性和完整性 承担个别和连带的法律责任。 本公司负责人和主管会计工作的负责人、会计机构负责人保证本报告书中财务会 计资料真实、准确、完整。 本次交易的交易对方已出具承诺函，承诺并保证本次交易所提供的信息和文件的 真实、准确、完整，保证不存在虚假记载、误导性陈述或重大遗漏。 中国证监会、上交所对于本次交易相关事项所做的任何决定或意见，均不表明其对 公司股票的价值或投资者的收益作出实质性判断或保证。 根据《证券法》等相关法律、法规的规定，本次交易完成后，本公司经营与收益的 变化，由本公司负责；因本次交易引致的投资风险，由投资者自行负责。投资者在评价 公司本次交易时，除本报告书内容以及与本报告书同时披露的相关文件外，还应认真地 考虑《卧龙新能源集团股份有限公司重大资产出售暨关联交易报告书（草案）（修订稿 ...

证券代码：600173 证券简称：卧龙新能 公告编号：临 2025-060 卧龙新能源集团股份有限公司 关于重大资产出售暨关联交易之 标的资产过户完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次重大资产出售的交易情况概述 卧龙新能源集团股份有限公司（以下简称"卧龙新能"、"公司"或"上市 公司"）将其持有的卧龙矿业（上海）有限公司（以下简称"上海矿业"）90% 股权转让予浙江卧龙舜禹投资有限公司（以下简称"卧龙舜禹"）（以下简称 "本次交易"或"本次重大资产重组"）。本次交易构成《上市公司重大资产重 组管理办法》规定的重大资产重组，构成关联交易。 公司于 2025 年 5 月 21 日、2025 年 6 月 12 日分别召开了第十届董事会第十一 次会议和第十届监事会第七次会议、第十届董事会第十二次会议和第十届监事会 第八次会议，于 2025 年 6 月 30 日召开了 2025 年第三次临时股东大会，审议通过 了与本次交易相关的议案。截至本公告披露日，上海矿业的资产过户手续已经全 部办理完毕，本次重大资产出 ...

法律意见书 浙江天册律师事务所 关于 卧龙新能源集团股份有限公司 2025 年第三次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于卧龙新能源集团股份有限公司 2025 年第三次临时股东大会的 法律意见书 编号：TCYJS2025H1081 号 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所审 议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表意见。 本法律意见书仅供公司 2025 年第三次临时股东大会之目的使用。本所律师同 意将本法律意见书随公司本次股东大会其他信息披露资料一并公告，并依法对本 所在其中发表的法律意见承担法律责任。 本所律师根据《股东会规则》的要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责的精神，对公司本次股东大会所涉及的有关事项和相关文件进行了 必要的核查和验证，同时听取了公司就有关事实的陈述和说明。现出具法律意见如 下： ...

证券代码：600173 证券简称：卧龙新能 公告编号：临 2025-059 卧龙新能源集团股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 30 日 (二)股东大会召开的地点：浙江省绍兴市上虞区曹娥街道复兴西路 555 号公司 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 139 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 453,875,235 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 64.7924 | | 总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长王希全先生主持，采用现场投票和网络投 票相结合的方式，会议的召集、召开及表决方式符合《 ...

Group 1 - The core viewpoint highlights the synergy between capital market reforms and industrial upgrades in Zhejiang, leading to a new landscape for high-quality economic development [1] - Since the release of the "Six Merger Guidelines," there have been 315 disclosed merger and acquisition (M&A) transactions in Zhejiang, involving a total amount of 75.5 billion yuan [1][2] - The M&A activities are characterized by a significant increase in both quantity and quality, with domestic acquisitions accounting for over 90% of the transactions, predominantly led by private enterprises [2] Group 2 - The focus on industrial synergy in M&A is evident, with strategic acquisitions aimed at resource integration and enhancing core competitiveness [2] - Notable cases include ChipLink's acquisition of 72.33% of ChipLink Yuezhou's shares, and Bochuang Technology's acquisition of Changxin Sheng, which exemplify the trend of "1+1>2" through technological collaboration [2][3] - Traditional industries are also experiencing a "second entrepreneurship," with over 25% of M&A cases in the equipment manufacturing sector, aligning with Zhejiang's manufacturing strengths [3] Group 3 - The majority of M&A transactions are small-scale, with about 75% of deals valued below 200 million yuan, indicating a high frequency of flexible transactions [3] - However, larger transactions are also prominent, with over 70 deals exceeding 200 million yuan, totaling over 64 billion yuan, showcasing the ambition of leading enterprises [3] - The innovative application of payment tools has further enhanced market efficiency, with cash-based acquisitions making up over 80% of the total value [3] Group 4 - The active M&A market in Zhejiang is supported by regulatory bodies and local government initiatives, focusing on the implementation of M&A policies [4] - The Zhejiang Securities Regulatory Bureau has conducted extensive training and outreach to ensure compliance and understanding of new policies among market participants [4] - Local policies encourage listed companies to engage in industrial chain integration, with over 20 M&A transactions disclosed by provincial state-owned enterprises since 2025 [4] Group 5 - The recognition of industrial integration by the capital market is growing, with regulatory measures fostering a supportive environment for M&A activities [5] - The emergence of typical M&A cases is expected to boost market confidence and encourage further integration efforts [5] - The capital market is anticipated to play a crucial role in promoting new productive forces and guiding resources towards industrial integration and transformation [5] Group 6 - The Zhejiang Securities Regulatory Bureau plans to continue enforcing M&A policies while maintaining market order and preventing fraudulent activities [6] - Future prospects for the Zhejiang M&A market include fostering new productive forces, transforming traditional industries, and enhancing global competitiveness [6] - The region aims to become a benchmark for capital markets serving the real economy through effective M&A practices [6]

Core Viewpoint - The self-inspection report by Wolong New Energy Group indicates that the stock trading activities of insiders during the self-inspection period do not constitute insider trading related to the ongoing major asset restructuring transaction [2][9]. Group 1: Transaction Overview - Wolong New Energy plans to sell 90% of its stake in Wolong Mining (Shanghai) Co., Ltd. to Zhejiang Wolong Shunyu Investment Co., Ltd. [2][11]. - The self-inspection period for insider trading is defined as the six months prior to the announcement of the transaction until one day before the disclosure of the restructuring report, specifically from October 12, 2024, to May 22, 2025 [2][3]. Group 2: Insider Trading Self-Inspection - The self-inspection covered various insiders, including the company's directors, supervisors, senior management, and related parties involved in the transaction [3][4]. - Individuals such as Li Yinggang, Yao Yuan, and others confirmed that their stock trading activities were based on market trends and public information, asserting no connection to the transaction [4][5]. Group 3: Compliance and Commitments - Insiders have committed to not engaging in any stock trading related to Wolong New Energy until the transaction is completed or terminated, and they will not disclose any non-public information regarding the transaction [5][6]. - The report confirms that no insider trading violations have been identified, and all trading activities were based on independent judgment [9][8]. Group 4: Institutional Trading - CITIC Securities also conducted a self-inspection, stating that their trading of Wolong New Energy stocks was based on publicly disclosed information and independent analysis, with no insider information utilized [8][9]. Group 5: Conclusion - The board of directors concluded that the trading activities of insiders during the self-inspection period do not pose a legal obstacle to the transaction, affirming the integrity of the self-inspection process [9][10].