中信证券股份有限公司 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 独立财务顾问报告 独立财务顾问 二〇二四年十一月 独立财务顾问声明 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）接受四川 宏达股份有限公司（以下简称"宏达股份"或"公司"或"上市公司"）委托，担任 本次要约收购的独立财务顾问。 本报告仅就本次蜀道集团要约收购宏达股份事宜发表意见，包括宏达股份的财务 状况、要约收购条件是否公平合理、收购可能对上市公司产生的影响等。对投资者根 据本报告做出的任何投资决策可能产生的后果，本独立财务顾问不承担任何责任。 截至本报告签署日，本独立财务顾问与本次要约收购的当事各方没有任何关联关 系，本独立财务顾问就本次要约收购发表的有关意见完全独立进行；本独立财务顾问 没有委托和授权任何其他机构和个人提供未在本报告中列载的信息和对本报告作任何 解释和说明；本独立财务顾问提请投资者认真阅读宏达股份发布的与本次要约收购相 关的各项公告及信息披露资料。 1 目 录 | 独立财务顾问声明. | | --- | | 日 录… | | 释 义 | | 第一节 收购人及其一致行动人的基本情况 . ...

证券代码：600331 证券简称：宏达股份 公告编号：临 2024-075 四川宏达股份有限公司 第十届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 四川宏达股份有限公司（以下简称"公司"或"宏达股份"）第十届董事会 第十一次会议通知于 2024 年 11 月 12 日以邮件、电话等方式发出，于 2024 年 11 月 18 日上午 10 点在中海国际中心 H 座 14 楼会议室以现场结合通讯方式召 开。会议由董事长乔胜俊先生主持，应到董事 9 人，实到董事 7 人。其中董事张 建先生因工作原因，无法参加现场会议，以视频通讯方式参会并表决；董事罗艳 辉女士因工作原因，无法参加会议，委托董事帅巍先生代为参加并行使表决权； 独立董事陈云奎先生因工作原因，无法参加会议，委托独立董事李军先生代为参 加并行使表决权。本次会议的召集和召开符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过 ...

本次要约收购的目标公司为宏达股份，所涉及的要约收购的股份为除蜀道集 团、四川宏达实业有限公司（以下简称"宏达实业"）、四川信托有限公司－四 川信托－名嘉百货流动资金贷款集合资金信托计划（以下简称"名嘉百货信托计 证券代码：600331 证券简称：宏达股份 公告编号：临 2024-074 四川宏达股份有限公司 关于蜀道投资集团有限责任公司要约收购公司股份的 第二次提示性公告 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： 公司于2024年10月31日披露了《四川宏达股份有限公司要约收购报告书》（以 下简称"《要约收购报告书》"），公司控股股东蜀道集团自2024年11月4日起 以要约方式收购公司股份1,395,762,595股（以下简称"本次要约收购")，占公司 总股本的68.69%，要约收购价格为4.55元/股。公司现就本次要约收购的有关情况 做如下提示： 一、本次要约收购的基本情况 本次要约收购系为履行法定要约收购义务而发出，不以终止宏达股份上市地 位为目的。 三、要约收购资金的有关情况 截至《要约收购报告书》 ...

证券代码：600331 证券简称：宏达股份 公告编号：临 2024-073 四川宏达股份有限公司 关于蜀道投资集团有限责任公司要约收购公司股份的 第一次提示性公告 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： 本次要约收购的目标公司为宏达股份，所涉及的要约收购的股份为除蜀道集 团、四川宏达实业有限公司（以下简称"宏达实业"）、四川信托有限公司－四 川信托－名嘉百货流动资金贷款集合资金信托计划（以下简称"名嘉百货信托计 1 本次公告为蜀道投资集团有限责任公司（以下简称"收购人"或"蜀道集 团"）要约收购四川宏达股份有限公司（以下简称"公司"、"上市公司" 或"宏达股份"）股份的第一次提示性公告 申报代码：706094 申报价格：4.55 元/股 要约收购期限：本次要约收购期限共计 30 个自然日，即 2024 年 11 月 4 日 至 2024 年 12 月 3 日，本次要约收购期限届满前最后三个交易日，预受股东 不得撤回其对要约的接受。 | 划"）以外的其他股东所持的全部无限售条件流通股，具体情况如下： | ...

证券代码：600331 证券简称：宏达股份 四川宏达股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 特定对象调研 分析师会议 | | 投资者关系活动类别 | 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（请文字说明其他活动内容） | | 形式 | 现场 网上 电话会议 | | 参与单位名称及人员姓名 | 西部证券、 Keystone 、 Pictet 、博时基金、高毅资产、 泉果基金、景林资产、冲积资产、东证融汇、长江资管、 合远基金、建投自营、拾贝投资、财通资管、运舟资本、 汇安基金、人寿资产 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥657,447,722.92, a decrease of 16.51% compared to the same period last year[2]. - The net profit attributable to shareholders was -¥37,048,764.13, with a year-to-date net profit of ¥21,294,194.59, reflecting a significant decline[2]. - The basic earnings per share for the quarter was -¥0.0182, compared to ¥0.0105 for the same period last year[2]. - The company's operating revenue for the third quarter decreased by 16.51% due to a decline in sales volume of phosphate series products and compound fertilizers compared to the same period last year[7]. - The net profit attributable to shareholders of the listed company for the year-to-date period increased, primarily due to rising sales prices of phosphate series products, compound fertilizers, and zinc products compared to the previous year[8]. - The weighted average return on net assets for the year-to-date period increased by 24.27 percentage points[8]. - The company reported a net cash flow from operating activities for the year-to-date period, with an increase attributed to higher cash receipts from sales of goods and services compared to the previous year[8]. - The net profit for Q3 2024 was ¥21,297,750.21, a significant recovery from a net loss of ¥68,967,387.00 in Q3 2023, marking a turnaround of approximately 131%[42]. - Total comprehensive income for Q3 2024 reached ¥56,808,774.15, compared to a total comprehensive loss of ¥68,912,331.47 in the same period last year[43]. - Revenue from sales of goods and services for the first three quarters of 2024 was ¥2,396,060,151.72, up from ¥1,850,395,292.86 in the same period of 2023, representing an increase of approximately 29.5%[44]. - The company reported a basic and diluted earnings per share of ¥0.0105 for Q3 2024, recovering from a loss per share of ¥0.0340 in Q3 2023[43]. - The total profit for Q3 2024 was ¥23,185,226.92, compared to a total loss of ¥57,880,664.95 in Q3 2023, indicating a recovery of approximately 140%[42]. Assets and Liabilities - The total assets at the end of the quarter were ¥2,152,453,151.53, showing a slight increase of 0.51% from the previous year[3]. - The total liabilities decreased from ¥1,821,460,586.61 in 2023 to ¥1,775,689,077.34 in 2024, a reduction of approximately 2.5%[40]. - The company's equity attributable to shareholders rose from ¥319,667,332.55 in 2023 to ¥376,764,074.19 in 2024, an increase of approximately 17.9%[40]. - The current liabilities totalled ¥1,757,744,842.86 in 2024, down from ¥1,801,261,549.60 in 2023, a decrease of about 2.4%[40]. - The company's cash and cash equivalents increased to CNY 286.08 million as of September 30, 2024, compared to CNY 175.38 million at the end of 2023, reflecting a growth of 63.14%[38]. - The company’s total current assets amounted to CNY 973.36 million, slightly up from CNY 954.57 million, showing a growth of 1.84%[38]. Cash Flow - The company reported a net cash flow from operating activities of ¥207,386,251.61 year-to-date, indicating improved cash generation[2]. - Operating cash flow for the first three quarters of 2024 was ¥207,386,251.61, a substantial improvement from a negative cash flow of ¥48,038,135.31 in the first three quarters of 2023[45]. - The net cash flow from investing activities for the first three quarters of 2024 was -¥70,731,088.53, worsening from -¥8,292,288.95 in the same period of 2023[45]. Shareholder and Governance Changes - The controlling shareholder of Sichuan Hongda Co., Ltd. has changed to Shudao Investment Group, holding 536,237,405 shares, which accounts for 26.39% of the total share capital[13]. - As of the report date, Shudao Group directly holds 486,237,405 unrestricted shares, representing 23.93% of the total share capital[15]. - The company’s original controlling shareholder, Sichuan Hongda Industrial Co., Ltd., entered bankruptcy reorganization in June 2023[13]. - The company has undergone a board member adjustment, with two non-independent directors resigning and two new non-independent directors elected[17]. - The company’s actual controller has changed to the State-owned Assets Supervision and Administration Commission of Sichuan Province[14]. - The report indicates that Shudao Group holds an additional 50,000,000 shares indirectly through Sichuan Hongda Industrial, which is currently under pledge, accounting for 2.46% of the total share capital[15]. - The company has not disclosed specific financial performance metrics in the provided documents, focusing instead on shareholder changes and governance adjustments[12]. - The company has undergone a significant management change, with Qiao Shengjun elected as the new chairman of the board[19]. - The company completed the change of its legal representative to Qiao Shengjun on October 18, 2024, following the board's decision on September 27, 2024[19]. Restructuring and Legal Matters - The company has been actively involved in the restructuring of Sichuan Trust, which has faced regulatory control and bankruptcy proceedings since December 2020[24]. - The restructuring plan for Sichuan Trust was approved by the Chengdu Intermediate People's Court on September 27, 2024, terminating the restructuring process[24]. - The company has fully provided for the impairment of its investment in Sichuan Trust, amounting to 1.905 billion CNY, prior to the restructuring[24]. - The company has agreed to transfer its 22.1605% stake in Sichuan Trust without compensation as part of the restructuring plan, which will result in a loss of 35.94 million CNY recognized in the current period[24]. - The court confirmed the company's ordinary claim against Hongda Group for the 9% equity stake in Jinding Zinc Industry, with the total claim amounting to approximately 1.09 billion CNY, including 928.74 million CNY in principal and 163.72 million CNY in interest[28]. - The company is facing potential risks related to the judicial disposal of assets due to ongoing litigation, which may impact its operations[37]. Operational Insights - The company has ongoing construction projects, including clean and safe technology upgrades, with a total investment of 249.06 million[7]. - The company incurred operating expenses of ¥2,246,316,679.86 in Q3 2024, compared to ¥1,909,087,328.17 in Q3 2023, reflecting an increase of about 17.7%[45]. - The company recorded an investment loss of -3,993,399.68 due to the disposal of its equity in Sichuan Trust, impacting the current investment income by -35.94 million[8]. - The company’s other current assets decreased by 50.32 million, mainly due to a reduction in the input VAT credit at the end of the reporting period[7]. - The company has not reported any new product developments or market expansion strategies in the provided content[12]. - There are no indications of mergers or acquisitions mentioned in the current report[12]. - The company plans to issue 609,600,000 shares to specific investors, representing up to 30% of the total share capital before the issuance, with a price of 4.68 CNY per share, aiming to raise approximately 285.29 million CNY for debt repayment and working capital[21]. - The remaining unreceived cash claims will be converted into trust beneficiary rights, with a conversion rate of 1 share of trust rights for every CNY 1 of ordinary claims[31]. - The company’s cash flow from financing activities decreased due to increased cash payments for fixed asset purchases compared to the previous year[8].

中航证券有限公司 关于 四川宏达股份有限公司 要约收购报告书 之 财务顾问报告 二〇二四年十月 财务顾问声明 中航证券有限公司受蜀道投资集团有限责任公司的委托，担任本次收购四川 宏达股份有限公司的财务顾问，并就本次收购出具本财务顾问报告。 本财务顾问报告是依据《公司法》《证券法》《收购管理办法》等法律、法规 的有关规定，按照行业公认的业务标准、道德规范，本着诚实信用和勤勉尽责的 原则，经过审慎调查后出具。 作为本次收购的财务顾问，中航证券提出的财务顾问意见是在假设本次收购 的各方当事人均按照相关协议条款和承诺全面履行其所有职责的基础上提出的。 本财务顾问特作如下声明： 1、本财务顾问报告所依据的文件、资料及其他相关材料由收购人提供，收 购人已保证其所提供的出具本财务顾问报告所依据的所有书面材料、文件或口头 证言的真实、准确、完整、及时，不存在重大遗漏、虚假记载或误导性陈述，并 对其真实性、准确性、完整性、及时性和合法性承担全部责任。 2、本财务顾问报告不构成对四川宏达股份有限公司的任何投资建议，投资 者根据本财务顾问报告所做出的任何投资决策而产生的相应风险，本财务顾问不 承担任何责任。 3、本财务顾问基于诚实 ...

北京市中伦律师事务所 关于 《四川宏达股份有限公司要约收购报告书》的 法律意见书 二〇二四年十月 | | | | 释 义 | 1 | | --- | --- | | 正 文 | 4 | | 一、收购人及其一致行动人的基本情况 | 4 | | 二、本次要约收购的目的 | 30 | | 三、本次要约收购的方案 | 31 | | 四、本次要约收购的资金来源 | 38 | | 五、本次要约收购完成后的后续计划 | 38 | | 六、本次要约收购对上市公司的影响 | 40 | | 七、收购人及其一致行动人与上市公司之间的重大交易 | 42 | | 八、收购人及其一致行动人前六个月内买卖上市公司股份的情况 | 43 | | 九、《要约收购报告书》的格式与内容 | 45 | | 十、本次要约收购的专业机构 | 46 | | 十一、结论意见 | 46 | 法律意见书 释 义 在本法律意见书中，除非文义另有所指，下列词语具有下述含义： 致：蜀道投资集团有限责任公司 北京市中伦律师事务所（以下简称"本所"）接受蜀道投资集团有限责任公 司（以下简称"蜀道集团"或"收购人"）的委托，担任蜀道集团以全面要约方 式收购四川宏达股份有限公 ...

证券代码：600331 证券简称：宏达股份 公告编号：2024-072 四川宏达股份有限公司 关于收到要约收购报告书的提示性公告 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： 四川宏达股份有限公司（以下简称"宏达股份"、"上市公司"或"公司"） 于 2024 年 10 月 30 日收到蜀道投资集团有限责任公司（以下简称"蜀道集团" 或"收购人"）发来的《四川宏达股份有限公司要约收购报告书》（以下简称"《要 约收购报告书》"），现将具体情况公告如下： 1、本次要约收购的收购人为蜀道集团，一致行动人为四川宏达实业有限公 司（以下简称"宏达实业"）、四川天府春晓企业管理有限公司（以下简称"天府 春晓"）。本次要约收购系天府春晓受让四川信托有限公司—四川信托—蓉城 51 号集合资金信托计划（以下简称"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，进而间接控制四川信托有限公司－四川信托 －名嘉百货流动资金贷款集合资金信托计划（以下简称"名嘉百货信托计划"） 所持有的上市公司 ...