Group 1 - The core point of the article is that Youyan New Materials has received notification from the Shanghai Stock Exchange regarding the acceptance of its application for issuing securities on the main board [2] - The Shanghai Stock Exchange has reviewed the submitted documents and found them to be complete and in accordance with legal requirements, thus deciding to accept the application for further review [2] - The issuance of A-shares to specific investors is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, indicating that there is uncertainty regarding the final approval and timing [2]

Company Overview - The company, Yuyuan New Materials Co., Ltd., was originally named Yuyuan Semiconductor Materials Co., Ltd. and was established with the approval of the China Securities Regulatory Commission in 1999 [1][2] - The company is located in Beijing and operates in the non-ferrous metal smelting and rolling processing industry, focusing on rare, rare earth, precious metals, and semiconductor materials [2] Shareholding Structure - As of April 17, 2008, the controlling shareholder, China Yuyuan, held 57,250,000 shares, which were partially converted to tradable shares, reducing its holding from 55.17% to 39.48% [2] - By December 31, 2012, China Yuyuan increased its shareholding to 40.66% after acquiring an additional 2,119,750 shares [3] Capital Increase and Stock Issuance - The company conducted a non-public offering of 60,349,434 shares at a price of RMB 9.73 per share, increasing China Yuyuan's stake to 53.55% [4] - In 2014, the company executed a capital reserve transfer plan, doubling its total share capital to 838,778,332 shares [4] Financial Reporting and Accounting Policies - The company prepares its financial statements in accordance with the Enterprise Accounting Standards and has established specific accounting policies for bad debt provisions, depreciation, and research and development expenditures [6][7] - The financial statements reflect the company's financial position, operating results, and cash flows accurately [6] Financial Instruments and Risk Management - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss [13][14] - The company assesses expected credit losses based on historical data and current economic conditions, applying different loss rates for various customer segments [22][24]

Group 1 - The company has received acceptance from the Shanghai Stock Exchange for its application to issue A-shares to specific investors for the year 2024 [1][2] - The application documents submitted by the company were found to be complete and in compliance with legal requirements by the Shanghai Stock Exchange [1] - The approval process requires further review by the Shanghai Stock Exchange and consent from the China Securities Regulatory Commission, introducing uncertainty regarding the timeline and outcome [2] Group 2 - The company will fulfill its information disclosure obligations based on the progress of the application [2]

Core Viewpoint - The legal opinion letter from Beijing Jiayuan Law Firm confirms that Youyan New Materials Co., Ltd. is authorized to issue A-shares to specific investors and list them on the main board, following the necessary legal and regulatory procedures [2][5][12]. Group 1: Issuance Details - The company plans to issue A-shares to its controlling shareholder, China Youyan Group, at a price of 7.05 yuan per share, which is adjusted from an initial price of 7.16 yuan due to a cash dividend of 0.109 yuan per share [8][14]. - The total number of shares to be issued is 45,375,887, not exceeding 30% of the company's total share capital prior to the issuance [9]. - The total amount of funds to be raised is capped at 319,900,007.18 yuan, which will be used to repay specific national debt obligations [9][16]. Group 2: Approval Process - The board of directors approved the issuance plan on September 20, 2024, and subsequent adjustments were made on July 29, 2025, with independent directors reviewing the related proposals [6][7]. - The issuance plan was also approved by the shareholders' meeting, with related parties abstaining from voting due to the nature of the transaction [7][12]. Group 3: Compliance and Legal Framework - The issuance complies with the Company Law, Securities Law, and relevant regulations, ensuring that all necessary legal procedures have been followed [12][18]. - The funds raised will not be used for financial investments and will adhere to national industrial policies and environmental regulations [16][17]. Group 4: Shareholder Structure and Control - Prior to the issuance, China Youyan Group holds 33.09% of the company's shares, which will increase to 36.49% post-issuance, triggering a mandatory tender offer obligation [14][15]. - China Youyan Group has committed to a 36-month lock-up period for the shares acquired through this issuance [10][15]. Group 5: Financial and Operational Independence - The company maintains operational independence from its controlling shareholder, with no significant related party transactions that could harm the interests of minority shareholders [19]. - The company has confirmed that it does not engage in significant financial investments or face any major legal disputes that could impact its operations [18][21].

Core Viewpoint - Recently, the company revised its private placement plan to issue 45,375,887 A-shares to its controlling shareholder, China Yuyuan Technology Group Co., Ltd., raising no more than 320 million yuan to repay national allocated funds special debts [1] Group 1: Private Placement Details - The issuance price is set at 7.05 yuan per share, which is 80% of the average trading price over the last 20 trading days prior to the pricing benchmark [1] - Following this capital operation, the company's debt-to-asset ratio is expected to improve from 33.02% to 28.26% [1] - The initial private placement plan proposed in April 2024 was at a price of 8.93 yuan per share, but faced strong resistance from shareholders and was not approved [1] Group 2: Financial Status - As of March 31, 2025, the company reported total assets of 6.722 billion yuan and total liabilities of 2.220 billion yuan, resulting in a debt-to-asset ratio of only 33.02% [2] - The company has ample liquidity, with broad monetary funds exceeding 1.9 billion yuan [2] - The company plans to use up to 2.51 billion yuan of its own funds for low-risk investment products, raising questions about the necessity of the private placement given its strong cash position [2] Group 3: Purpose of Fundraising - The private placement aims to enhance the company's capital strength, optimize its debt structure, and improve profitability and risk resistance, ultimately maximizing shareholder value [2] - The funds raised will convert national allocated funds provided to the company via entrusted loans into direct equity investments from China Yuyuan [2]

证券代码：600206 证券简称：有研新材 公告编号：2025-048 有研新材料股份有限公司 关于 2024 年度向特定对象发行 A 股股票申请获得 上海证券交易所受理的公告 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个别及连带责任。 有研新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 7 日收到上 海证券交易所（以下简称"上交所"）出具的《关于受理有研新材料股份有限公 司沪市主板上市公司发行证券申请的通知》（上证上审（再融资）〔2025〕238 号），上海证券交易所依据相关规定对公司报送的沪市主板上市公司发行证券的 募集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法定形式， 决定予以受理并依法进行审核。 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投 资者注意投资风 ...

股票简称：有研新材 股票代码：600206 有研新材料股份有限公司 （Grinm Advanced Materials CO., LTD.） （北京市海淀区北三环中路 43 号） 2024 年度向特定对象发行 A 股股票 并在主板上市募集说明书 （申报稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年七月 发行人声明 发行人及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 发行人负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证 ...

北京市嘉源律师事务所 关于有研新材料股份有限公司 2024 年度向特定对象发行 A股股票并在主板上市的 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 | 目 录 | 1 | | --- | --- | | 释 义 | 2 | | 一、 | 本次发行的授权和批准 6 | | 二、 | 发行人的主体资格 10 | | 三、 | 本次发行的实质条件 10 | | 四、 | 发行人的股本及其演变 14 | | 五、 | 发行人的控股股东及实际控制人 14 | | 六、 | 发行人的独立性 14 | | 七、 | 发行人的业务 14 | | 八、 | 关联交易及同业竞争 14 | | 九、 | 发行人的主要财产 15 | | 十、 | 发行人的重大债权债务 16 | | 十一、 | 发行人的重大资产变化及收购兼并 17 | | 十二、 | 发行人公司章程的制定及修改 17 | | 十三、 | 发行人股东会、董事会、监事会议事规则及规范运作 17 | | 十四、 | 发行人的董事、监事、高级管理人员及其变化 18 | | 十五、 | 发行人的税务及财政补贴 18 | | 十六、 ...

华泰联合证券有限责任公司 关于有研新材料股份有限公司 2024 年度向特定对象发行 A 股股票 并在主板上市 之 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 发行保荐书 华泰联合证券有限责任公司 关于有研新材料股份有限公司 2024 年度向特定对象发行 A 股股票并在主板上市 之发行保荐书 有研新材料股份有限公司（以下简称"发行人"、"公司"、"有研新材"）申 请向特定对象发行 A 股股票并在主板上市，依据《公司法》《证券法》《上市公 司证券发行注册管理办法》（以下简称《再融资注册办法》）《上海证券交易所上 市公司证券发行上市审核规则（以下简称《审核规则》）等相关的法律、法规的 有关规定，提交发行申请文件。华泰联合证券有限责任公司（以下简称"华泰联 合证券""保荐人"）作为其本次发行的保荐人，温贝贝和甄清作为具体负责推荐 的保荐代表人，特为其出具本发行保荐书。 保荐人华泰联合证券、保荐代表人温贝贝和甄清承诺：本保荐人和保荐代表 人根据《公司法》《证券法》等有关法律、法规和中国证监会、上海证券交易所 的有关规定，诚实守信、勤勉尽责，严格按照依法制 ...

上市保荐书 华泰联合证券有限责任公司 关于有研新材料股份有限公司 2024 年度向特定对象发行 A 股股票并在主板上市之 上市保荐书 上海证券交易所： 作为有研新材料股份有限公司（以下简称发行人、公司）2024 年度向特定 对象发行 A 股股票并在主板上市的保荐人，华泰联合证券有限责任公司及其保 荐代表人已根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）等法律法规和中国证券监督管理委员会（以 下简称中国证监会）及贵所的有关规定，诚实守信，勤勉尽责，严格按照依法制 定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、 完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 发行人名称：有研新材料股份有限公司 注册地址：北京市海淀区北三环中路 43 号 上市保荐书 （三）发行人主要经营和财务数据及指标 1、合并资产负债表主要数据 单位：万元 | 项目 | 2025.03.31 | 2024.12.31 | 2023.12.31 | 2022.12.31 | | --- | --- | --- | --- | --- | | 资产总 ...