中航证券有限公司 关于 蜀道投资集团有限责任公司 要约收购 四川宏达股份有限公司 二〇二五年十一月 之 2025 年三季度持续督导意见 注：本持续督导意见中若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因造 成。 第一节 释义 本意见、本持续督导意见 指 《中航证券有限公司关于蜀道投资集团有限责任公司 要约收购四川宏达股份有限公司之 2025 年三季度持续 督导意见》 本持续督导期 指 2025 年 1 月 1 日至 2025 年 9 月 30 日 本次要约收购/本次收购 指 蜀道集团参股公司天府春晓受让蓉城 51 号集合资金信 托计划等 10 个信托计划合计共 93.15%的信托受益权， 进而间接控制名嘉百货信托计划所持有的上市公司 4.92%股份而触发的要约收购事项 报告书、《要约收购报告书》 指 《四川宏达股份有限公司要约收购报告书》 宏达股份、上市公司 指 四川宏达股份有限公司 收购人、蜀道集团 指 蜀道投资集团有限责任公司 宏达实业、一致行动人之一 指 四川宏达实业有限公司 天府春晓、一致行动人之二 指 四川天府春晓企业管理有限公司 一致行动人 指 天府春晓、宏达实业 四川发展 指 四川发 ...

宏达股份公告称，蜀道集团参股公司天府春晓受让信托计划93.15%信托受益权，间接控制上市公司 4.92%股份，触发全面要约收购。2024年11月4日至12月3日要约收购期内，预受要约股份77,400股，占 比0.0038%，截至12月11日清算过户完成，蜀道集团及其一致行动人合计控制31.31%股份。2025年7 月，蜀道集团拟现金认购增发股份，完成后将持股47.17%。持续督导期内，收购人及上市公司规范运 作，相关主体履行承诺，未改变主营业务，对董监高、章程、业务和组织结构调整均依法依规进行。 ...

Core Viewpoint - Hongda Co., Ltd. has shown a significant increase in stock price and revenue, but has faced a decline in net profit, indicating mixed financial performance [1][2]. Financial Performance - As of September 30, 2025, Hongda Co., Ltd. achieved a revenue of 2.822 billion yuan, representing a year-on-year growth of 16.63% [2]. - The company reported a net profit attributable to shareholders of -46.696 million yuan, a decrease of 319.29% compared to the previous period [2]. - Year-to-date, the stock price has increased by 45.80%, with a 4.32% rise over the last five trading days and a 9.78% increase over the last twenty days [1]. Stock Market Activity - On November 13, the stock price rose by 2.02%, reaching 11.11 yuan per share, with a trading volume of 248 million yuan and a turnover rate of 1.11% [1]. - The total market capitalization of Hongda Co., Ltd. is approximately 29.348 billion yuan [1]. - The net outflow of main funds was 14.3052 million yuan, with large orders showing a buy of 58.1713 million yuan and a sell of 70.9591 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 61,000, a rise of 4.61% from the previous period [2]. - The average circulating shares per person decreased by 4.40% to 33,289 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Penghua Zhongzheng Subdivision Chemical Industry Theme ETF, with notable changes in their holdings [3]. Business Overview - Hongda Co., Ltd. is primarily engaged in mining, non-ferrous metal smelting, and the production and sale of phosphate chemical products [1]. - The main revenue sources are zinc metal and its by-products (45.55%), phosphate ammonium salt products (33.44%), compound fertilizer products (11.82%), synthetic ammonia (5.16%), and other products (3.27%) [1]. - The company is classified under the basic chemical industry, specifically in the agricultural chemical products sector [1].

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要内容提示： ● 会议召开时间：2025年11月18日(星期二)上午11:00-12:00 ●会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络文字互动 ●投资者可于2025年11月11日(星期二)至11月17日(星期一)16:00前登录上证路演中心网站首页点击"提问 预征集"栏目或通过公司邮箱dshbgs@sichuanhongda.com进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 四川宏达股份有限公司（以下简称"公司"）已于2025年10月30日发布公司《2025年第三季度报告》，为 便于广大投资者更全面深入地了解公司2025年第三季度的经营成果、财务状况和发展战略等情况，公司 计划于2025年11月18日(星期二)上午11:00-12:00举行2025年第三季度业绩说明会，就投资者关心的问题 进行交流。 一、说 ...

Core Viewpoint - Hongda Co., Ltd. has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite a decline in net profit for the year [1][2]. Group 1: Stock Performance - On November 11, Hongda's stock price increased by 2.04%, reaching 11.02 CNY per share, with a trading volume of 1.78 billion CNY and a turnover rate of 0.80%, resulting in a total market capitalization of 29.11 billion CNY [1]. - Year-to-date, Hongda's stock price has risen by 44.62%, with a 6.58% increase over the last five trading days, 7.93% over the last twenty days, and 4.85% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hongda reported a revenue of 2.822 billion CNY, reflecting a year-on-year growth of 16.63%. However, the net profit attributable to shareholders was -46.70 million CNY, a decrease of 319.29% compared to the previous year [2]. - The company has distributed a total of 1 billion CNY in dividends since its A-share listing, but there have been no dividend distributions in the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hongda increased to 61,000, up by 4.61% from the previous period, with an average of 33,289 circulating shares per shareholder, a decrease of 4.40% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 27.29 million shares, an increase of 4.07 million shares from the previous period, while Penghua Zhongzheng Sub-industry Theme ETF has entered as a new shareholder with 23.82 million shares [3].

证券代码：600331 证券简称：宏达股份 公告编号：临 2025-086 四川宏达股份有限公司 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。 重要内容提示： 投资者可于 2025 年 11 月 11 日(星期二)至 11 月 17 日(星期一)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dshbgs@sichua nhongda.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 四川宏达股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布 公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年第三季度的经营成果、财务状况和发展战略等情况，公司计划于 2025 年 11 月 18 日(星期二)上午 11:00-12:00 举行 2025 年第三季度业绩说明会，就投资者 关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2025 年第三季度 的经营成果、财务指标的具体情况以及公司 ...

Core Insights - The company reported a total revenue of 2.822 billion yuan for Q3 2025, a year-on-year increase of 16.63%, but a net profit attributable to shareholders of -46.696 million yuan, a decline of 319.29% compared to the previous year [1] - The gross profit margin decreased to 4.01%, down 58.27% year-on-year, while the net profit margin fell to -1.66%, a drop of 287.98% [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 100.72% of the latest annual net profit [5] Financial Performance - Total revenue for Q3 2025 was 1.011 billion yuan, reflecting a 53.71% increase year-on-year [1] - The net profit for Q3 2025 was 28.298 million yuan, a substantial increase of 176.38% year-on-year [1] - The company's operating cash flow per share was -0.18 yuan, a decrease of 280.89% year-on-year [1] Changes in Financial Items - Cash and cash equivalents increased by 350.65% due to the completion of a stock issuance, raising approximately 2.835 billion yuan [2][3] - Accounts receivable increased by 156.78% as the company adopted a "goods first, payment later" approach for some sales orders [2] - The company reported a 515.4% increase in R&D expenses, indicating a significant investment in new product development [3][7] Debt and Equity - The company repaid all short-term and long-term borrowings after the fundraising, resulting in a 100% decrease in short-term and long-term loans [3] - Total assets increased by 63.6% due to the stock issuance, which added 609.6 million shares at a price of 4.68 yuan per share [3] - The equity attributable to shareholders increased by 716.27% as a result of the stock issuance [3] Operational Challenges - The company faced a decline in zinc product prices, leading to increased procurement costs and operational losses [7] - The sales price of natural gas chemical products continued to decrease, with a year-on-year decline of 13.74% [7] - The profitability of the phosphate chemical sector decreased due to rising production costs and declining sales volumes and prices [4][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a turnaround in its quarterly performance, achieving a net profit of 0.28 million yuan in Q3, with total revenue of 1.011 billion yuan for the quarter. Year-to-date revenue reached 2.822 billion yuan, with a net loss of 4.7 million yuan [3] - The phosphate chemical business showed stable profitability, with production of phosphate products at 95,757.4 tons and sales at 81,433.15 tons, generating revenue of 299 million yuan. The average selling prices for these products saw a year-on-year increase of 4.98% [3] - The non-ferrous metal smelting business experienced a reduction in cumulative losses, with revenue of 824 million yuan in the first half of the year, a year-on-year increase of 34.84%, but still reporting a net loss of 6.6 million yuan due to falling zinc prices and reduced processing fees [4] - The company completed a targeted issuance of 609.6 million shares, raising 2.853 billion yuan, significantly improving its capital structure and reducing the debt-to-asset ratio from 82.87% to 14.55% [5] - The development of the Duolong copper mine is progressing steadily, with the mining rights application approved, aiming for trial production by 2030 [5] Financial Performance Summary - For 2023, the company expects revenue of 3.026 billion yuan, with a projected net profit of -96 million yuan. Revenue is forecasted to grow to 3.601 billion yuan in 2025, with a net profit of 2 million yuan [10] - The company’s financial metrics indicate a significant improvement in the debt-to-asset ratio, which is projected to be 14.55% in 2025, down from 82.87% at the beginning of the year [6] - The earnings per share (EPS) is expected to improve from -0.04 yuan in 2023 to 0.03 yuan by 2027, reflecting a gradual recovery in profitability [10][13]

证券代码：600331 证券简称：宏达股份 公告编号：临 2025-085 四川宏达股份有限公司 关于《上海证券交易所关于四川宏达股份有限公司 2025 年半年度报 告的信息披露监管问询函》的回复公告 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。 四川宏达股份有限公司（以下简称"公司"或"宏达股份"）于近期收到上海证券交易所 上市公司管理一部（以下简称"上市公司管理一部"）下发的《关于四川宏达股份有限公司 2025 年半年度报告的信息披露监管问询函》（上证公函【2025】1402 号），以下简称"《问询 函》")，公司对《问询函》关注的问题进行了认真核查和分析。为便于投资者理解，现将《问 询函》所述相关问题及公司回复内容公告如下： 1.关于主营业务盈利能力。报告期内，公司实现营业收入 18.11 亿元，同比增长 2.80%， 但归属母公司净利润-7,499.46 万元，较上年同期的 5,834.29 万元同比由盈转亏。根据半年度 报告，业绩变动主要系上游原料价格大幅波动，叠加终端产品销售及售价下滑所致。其中， 磷化工业务板块 ...

Core Insights - The company Hongda Co., Ltd. reported a total operating revenue of 2.822 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.63% [1] - The net profit attributable to shareholders of the parent company was -46.6964 million yuan, compared to a net profit of 21.2942 million yuan in the same period last year [1] - The basic earnings per share were -0.0209 yuan [1]