Core Viewpoint - The acquisition of 100% equity in Sichuan Jinfeng Paper Industry by Hengfeng Paper Industry is seen as a crucial step to strengthen industry chain integration and accelerate the implementation of internationalization strategies [2][3]. Group 1: Acquisition Details - Hengfeng Paper Industry has announced plans to acquire Sichuan Jinfeng Paper Industry, which has a strong presence in the cigarette paper sector and holds a rare tobacco production license [2]. - The acquisition aims to address Hengfeng's capacity constraints and enhance its production capabilities, as existing facilities lack expansion space [2][5]. - The deal is expected to help Hengfeng Paper Industry overcome production bottlenecks and achieve significant scale growth [2][5]. Group 2: Industry Context - The acquisition aligns with national policies promoting mergers and acquisitions in the paper industry, particularly through structural reforms to eliminate outdated capacity [3][4]. - The "14th Five-Year Plan" for the paper industry emphasizes optimizing enterprise structures and encouraging mergers to enhance operational management [2][3]. Group 3: Strategic Benefits - The merger is anticipated to create synergies through resource complementarity, with Hengfeng's strong R&D capabilities and brand influence combined with Jinfeng's production capacity and geographic advantages [4][5]. - The strategic layout of having "one south and one north" production base will reduce transportation costs and enhance supply chain resilience, catering to regional production needs in the tobacco industry [6]. - The acquisition is expected to provide Hengfeng with a competitive edge in expanding into international markets, particularly in Europe and emerging markets [6]. Group 4: Financial Performance - Hengfeng Paper Industry reported a revenue of 1.353 billion yuan for the first half of 2025, a year-on-year increase of 12.78%, with net profit reaching 94.937 million yuan, up 69.06% [6]. - The company's performance is attributed to ongoing improvements in management efficiency, supply chain optimization, and cost control measures [6].

Core Viewpoint - The news discusses the detailed response from Ernst & Young Asset Appraisal (Shanghai) Co., Ltd. regarding the asset evaluation and related transactions of Mudanjiang Hengfeng Paper Co., Ltd. in the context of its share issuance for asset acquisition and related party transactions [1] Group 1: Company History and Changes - The target company, Jin Feng Paper, has a complex history involving multiple changes, including a court-ordered bankruptcy reorganization in 2012 and subsequent shareholder changes [2] - Jin Feng Paper completed its reorganization plan in 2016, but some overdue bank loan claims were not submitted for compensation during the reorganization [2] - In 2024, Jin Feng Paper acquired 100% equity of Henghua Thermal Power through a share transfer and merged with its subsidiaries, Jin Feng Innovation and Jin Feng Sibeike, in May [2] Group 2: Asset Evaluation Methods - The transaction utilized both asset-based and income approaches for evaluation, ultimately selecting the asset-based approach, resulting in a goodwill addition of 49.25 million yuan [3] - The asset-based evaluation value of the target company was 268.06 million yuan, with an appreciation of 196.04 million yuan, leading to an appreciation rate of 272.20% [3] - The evaluation of fixed assets and land use rights contributed significantly to the increase in value, with reasonable assessments based on local construction costs and comparable property prices [3] Group 3: Income Approach Evaluation - The income approach evaluation value for the target company was 279.50 million yuan, with an appreciation rate of 289.22% [4] - The forecast for product sales growth, particularly for PM2 and PM3 products, is deemed reasonable, with specific reasons for expected sales increases in 2025 and 2026 [4] - The assessment of sales prices, raw material costs, and operating expenses is aligned with market comparisons, indicating a low risk of underperformance in the forecast period [4] Group 4: Additional Disclosures - The response also addressed various matters such as accounts receivable, related party loans, and compliance with disclosure requirements, ensuring the transaction's legality and completeness of information [5]

Core Viewpoint - The acquisition of Sichuan Jinfeng Paper Industry Co., Ltd. by Mudanjiang Hengfeng Paper Industry Co., Ltd. is under scrutiny, with financial implications highlighted due to Jinfeng's long-term losses and increased asset depreciation [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance Hengfeng's production capacity and international market share, addressing existing capacity constraints with Jinfeng's integration [1][2]. - A management agreement was signed in October 2022, allowing Hengfeng to earn a commission based on Jinfeng's audited net profit, without bearing losses [1][2]. - The transaction is expected to lead to a decline in Hengfeng's net profit and earnings per share post-acquisition due to Jinfeng's historical losses [1]. Group 2: Operational and Financial Impact - During the management period, Jinfeng's governance remains independent, ensuring no control by Hengfeng, which aligns with accounting standards [2]. - The integration of Jinfeng is projected to increase Hengfeng's depreciation expenses in the forecast period, impacting performance until 2026 [2]. - Hengfeng plans to accelerate the integration process and expand its specialty paper market to improve earnings per share [2]. Group 3: Jinfeng's Historical and Financial Context - Jinfeng has undergone multiple restructurings, including bankruptcy and new shareholder introductions, which are independent of the current acquisition [3]. - The company operates on an order-based sales model, with different sales methods for various products, ensuring fair pricing in the transaction [3]. - Jinfeng's revenue has increased in 2023, aligning with production capacity and market demand, while international trade policies have minimal impact on its operations [3]. Group 4: Procurement and Cost Structure - Jinfeng's procurement structure aligns with its product offerings and operational model, with fair pricing from its top suppliers [4]. - The cost structure is reasonable compared to industry peers, and inventory management is effective, complying with accounting standards [4]. Group 5: Profitability Analysis - Jinfeng's product gross margins vary, influenced by sales models and production factors, with a projected improvement in gross margins for 2024 [5]. - The company has faced continuous losses, but the acquisition is structured to protect minority shareholders' interests and manage future loss risks [5].

中银国际证券股份有限公司 关于《牡丹江恒丰纸业股份有限公司发行股份购买资 产暨关联交易申请的审核问询函》 之回复的专项核查意见 独立财务顾问 二〇二五年八月 关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联交易申请的审核问询函之回复的专项核查意见 上海证券交易所： 受牡丹江恒丰纸业股份有限公司（以下简称"恒丰纸业"、"上市公司"或 "公司"）的委托，中银国际证券股份有限公司（以下简称"独立财务顾问"、 "中银证券"）担任公司发行股份购买资产暨关联交易的独立财务顾问。按照贵 所下发的《关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联交易申请 的审核问询函》（上证上审（并购重组）〔2025〕49 号）（以下简称"审核问 询函"）的要求，独立财务顾问对《审核问询函》提出的问题进行了认真分析与 核查，并出具《中银国际证券股份有限公司关于上海证券交易所《关于牡丹江恒 丰纸业股份有限公司发行股份购买资产并募集配套资金的审核问询函》相关问题 之核查意见》（以下简称"本核查意见"），现提交贵所，请予审核。 本审核问询函回复（以下简称"本回复"）中的报告期指 2022 年、2023 年 及 2024 年；除此之外，如无 ...

中银国际证券股份有限公司 关于 牡丹江恒丰纸业股份有限公司 发行股份购买资产暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二五年八月 2-1-1 中银国际证券股份有限公司 独立财务顾问报告 独立财务顾问声明和承诺 中银国际证券股份有限公司（以下简称"中银证券"或"本独立财务顾 问"）接受牡丹江恒丰纸业股份有限公司（以下简称"恒丰纸业"）的委托， 担任本次恒丰纸业发行股份购买资产暨关联交易的独立财务顾问，并制作本独 立财务顾问报告。 本独立财务顾问报告是依据《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》《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》《上市公司并购重组财务 顾问业务管理办法》等法律、法规的有关规定，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，遵循客观、公正原则，在认真审 阅相关资料和充分了解本次交易行为的基础上，发表独立财务顾问意见，旨在 就本次交易行为做出独立、客观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次交易涉及的交易各方无利益关系，就本次交 ...

北京市时代九和律师事务所 关于 牡丹江恒丰纸业股份有限公司 发行股份购买资产暨关联交易 之 补充法律意见书（三） 二〇二五年八月 目 录 | 问题 1、关于交易目的和整合管控 | 2 | | --- | --- | | 一、托管期间标的公司股东大会、董事会运作和实际经营管理情况，托管委 | | | 员会能否代为行使股东大会、董事会职权，上市公司是否实际控制标的公司， | | | 是否并表及其是否符合会计准则要求 | 4 | | 二、标的公司取得烟草专卖生产企业许可证的过程，许可证续期换发情况， | | | 结合标的公司主营业务和产品说明本次交易是否符合国家产业政策和法律 | | | 法规规定 | 8 | | 三、核查程序和核查意见 | 12 | | 问题 2、关于标的公司历史沿革 | 12 | | 一、标的公司逾期银行贷款债权是否仍在诉讼时效内，债权人是否仍有补充 | | | 申报并按重整计划规定的同等债权清偿条件获得清偿的权利，重整计划执行 | | | 完毕后是否主张过债权，是否存在纠纷及诉讼风险；如有，拟采取的解决措 | | | 施 | 14 | | 二、分立时对标的公司全部债务划分约定的外部法律效力，标 ...

安永资产评估（上海）有限公司 关于牡丹江恒丰纸业股份有限公司发行股份购买资产 暨关联交易申请的审核问询函（并购重组〔2025〕49 号）的回复 安永资产评估（上海）有限公司 二零二五年八月二十八日 1 | | | 安永资产评估（上海）有限公司 关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关 联交易申请的审核问询函的回复 上海证券交易所： 根据贵所《关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联交易 申请的审核问询函》（并购重组〔2025〕49 号）之要求，我们对涉及资产评估 公司的相关问题进行了核实，现将有关情况回复如下： 问题 2、关于标的公司历史沿革 3 久派生分立盛源纸业的背景与目的，与托管、本次交易之间的关系，是否为一揽 子安排；吸并、分立前后，标的公司及子公司的主要财务数据，全部资产负债的 划分约定，及与主营业务发展的相关性；吸并和分立相关会计处理，资产和负债 入账价值及确定依据，是否符合会计准则要求；（6）分立时标的公司收入、费 用拆分的依据及其准确性，剥离部分资产和未分配利润的原因及合理性，是否符 合会计准则的相关要求，分立对报告期业绩的影响；（7）分立时对标的公司全 部债务划分约定的 ...

中银国际证券股份有限公司 关于 牡丹江恒丰纸业股份有限公司 发行股份购买资产暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二五年八月 2-1-1 中银国际证券股份有限公司 独立财务顾问报告 独立财务顾问声明和承诺 中银国际证券股份有限公司（以下简称"中银证券"或"本独立财务顾 问"）接受牡丹江恒丰纸业股份有限公司（以下简称"恒丰纸业"）的委托， 担任本次恒丰纸业发行股份购买资产暨关联交易的独立财务顾问，并制作本独 立财务顾问报告。 本独立财务顾问报告是依据《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》《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》《上市公司并购重组财务 顾问业务管理办法》等法律、法规的有关规定，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，遵循客观、公正原则，在认真审 阅相关资料和充分了解本次交易行为的基础上，发表独立财务顾问意见，旨在 就本次交易行为做出独立、客观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次交易涉及的交易各方无利益关系，就本次交 ...

Summary of Key Points Core Viewpoint The company, Mudanjiang Hengfeng Paper Co., Ltd., is planning to acquire 100% equity of Sichuan Jinfeng Paper Co., Ltd. through a share issuance, which is expected to enhance its competitive strength and operational capabilities in the paper industry. Group 1: Transaction Overview - The transaction involves the issuance of shares to acquire 100% equity of Jinfeng Paper, with a transaction price of 268.0562 million yuan [10][11]. - Jinfeng Paper specializes in the production and sales of high-grade cigarette paper and related products, which aligns with Hengfeng's core business [15][16]. - The acquisition is expected to create synergies in technology, product offerings, and market reach, enhancing the overall operational efficiency of Hengfeng [16][20]. Group 2: Financial Impact - The total assets of Hengfeng are projected to increase from 347,261.82 million yuan to 391,872.96 million yuan post-transaction, reflecting a 12.85% increase [17]. - The company's liabilities are expected to rise from 82,291.47 million yuan to 100,926.75 million yuan, indicating a 22.65% increase [17]. - The net profit attributable to shareholders is anticipated to decrease from 11,581.97 million yuan to 9,205.61 million yuan, primarily due to increased depreciation and amortization from the fair value assessment of acquired assets [19][20]. Group 3: Shareholding Structure - Post-transaction, Hengfeng's shareholding structure will change, with Hengfeng Group's stake decreasing from 29.93% to 27.00%, while the newly acquired entities will hold 9.81% of the shares [16][20]. - The transaction will not alter the actual control of the company, as Hengfeng Group remains the controlling shareholder [14][20]. Group 4: Regulatory Compliance - The transaction requires approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission before implementation [14]. - Hengfeng has committed to strict compliance with disclosure obligations and has engaged qualified intermediaries to ensure the fairness and legality of the transaction [22][23]. Group 5: Investor Protection Measures - The company will implement measures to protect the rights of investors, particularly minority shareholders, including strict adherence to information disclosure requirements and the establishment of a robust corporate governance structure [22][23]. - A lock-up period for shares acquired through this transaction has been established to safeguard investor interests [22].

Core Viewpoint - The company, Mudanjiang Hengfeng Paper Co., Ltd., is planning to acquire 100% equity of Sichuan Jinfeng Paper Co., Ltd. through a share issuance, with a transaction price of 268.0562 million yuan, aiming to enhance its market position and operational efficiency in the paper industry [11][17]. Group 1: Transaction Overview - The transaction involves issuing shares to acquire 100% equity of Jinfeng Paper, which specializes in high-grade cigarette paper and related products [11][17]. - The transaction price is set at 26,805.62 million yuan, reflecting the strategic intent to consolidate operations within the industry [11][12]. - The acquisition is expected to strengthen the company's production capacity and market reach, particularly in the southwestern region of China [17][19]. Group 2: Financial Impact - Post-transaction, the company's total assets are projected to increase from 347,261.82 million yuan to 391,872.96 million yuan, representing a 12.85% growth [18]. - The company's liabilities are expected to rise from 82,291.47 million yuan to 100,926.75 million yuan, indicating a 22.65% increase [18]. - The net profit attributable to shareholders is anticipated to decline from 11,581.97 million yuan to 9,205.61 million yuan, primarily due to increased depreciation and amortization from asset revaluation [19]. Group 3: Strategic Rationale - The acquisition is aimed at achieving operational synergies, enhancing technical capabilities, and improving customer service levels [17][19]. - The transaction will allow the company to leverage Jinfeng Paper's resources and market position, thereby optimizing its product structure and regional distribution [17][19]. - The integration is expected to bolster the company's competitive edge and resilience against operational risks in the paper industry [17][19].