恒泰长财证券有限责任公司 关于 新疆青松建材化工（集团）股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 二零二四年四月 声明 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含义。 根据《公司法》、《证券法》、《收购管理办法》、《准则15 号》、《准则16 号》 等法律法规和规范性文件的规定，本财务顾问按照行业公认的业务标准、道德规范，本 着诚实信用、勤勉尽责的精神，对本次权益变动的相关情况和资料进行了核查并出具本 核查意见，以供投资者和有关各方参考。 为此，本财务顾问特作出以下声明： 1、本财务顾问与本次权益变动各方之间均不存在利害关系，亦未委托或授权其他 任何机构或个人提供未在本核查意见中列载的信息和对本核查意见做任何解释或者说 明。 2、本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人已对本财 务顾问做出承诺，所提供的资料均为真实、原始的书面资料或副本资料，该等资料副本 或复印件与其原始资料或原件一致，是准确和完整的，所有文件的签名、印章均是真实 的，并无任何虚假记载、误导性陈述或者重大遗漏。 3、本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 ...

新疆青松建材化工（集团）股份有限公司 详式权益变动报告书 上市公司名称：新疆青松建材化工（集团）股份有限公司 股票上市地点：上海证券交易所 股票简称：青松建化 股票代码：600425 信息披露义务人：新疆中新建能源矿业有限责任公司 住所：新疆阿拉尔市南泥湾大道西961 号办公楼301 室 通讯地址：新疆乌鲁木齐市天山区解放北路177 号徕远广场B 座35 层 签署日期：二〇二四年四月 声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系新疆中新建能源矿业有限责任公司（以下简称"信息披露义务人"、 "中新建能矿"）依据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司收购管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15 号—— 权益变动报告书》、《公开发行证券的公司信息披露内容与格式准则第 16 号——上市 公司收购报告书》等相关法律法规编制。 二、依据《中华人民共和国证券法》、《上市公司收购管理办法》、《公开发行证 券的公司信息披露内容与格式准则第 15 号——权益变动报告书》、《公开发行证券的 公司信息披露内容与格式准则第 16 号——上市公司 ...

证券代码：600425 证券简称：青松建化 公告编号：临 2024-015 新疆青松建材化工（集团）股份有限公司 关于控股股东签署《股份转让协议》涉及控股股东及实 际控制人拟变更的提示性公告 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个 别及连带责任。 二、协议双方基本情况 （一）转让方基本情况 交易双方就本次签署的《股份转让协议》，按照《证券法》和《上 市公司收购管理办法》的相关规定编制并披露权益变动报告书。 本次变更事项尚需取得上海证券交易所的合规性确认，并在中国 证券登记结算有限责任公司上海分公司办理协议转让股份过户手续。本 次交易能否完成实施尚存在不确定性，敬请广大投资者注意投资风险。 本次《股份转让协议》所涉及公司权益变动完成后，公司控股股东 将由阿拉尔市统众国有资本投资运营（集团）有限责任公司（以下简称 "阿拉尔统众公司"）变更为新疆中新建能源矿业有限责任公司（以下简 称"中新建能源矿业公司"），公司实际控制人将由新疆生产建设兵团第一 师国有资产监督管理委员会（以下简称"一师国资委"）变更为新疆生 产建设兵团国有资产监督 ...

新疆青松建材化工（集团）股份有限公司 简式权益变动报告书 上市公司名称：新疆青松建材化工（集团）股份有限公司 签署日期：二〇二四年四月 信息披露义务人及其一致行动人声明 一、信息披露义务人及其一致行动人依据《中华人民共和国证券法》《上市 公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号— 权益变动报告书》及其他相关的法律、法规编写本报告书。 二、信息披露义务人及其一致行动人签署本报告书已获得必要的授权和批准， 其履行亦不违反信息披露义务人及其一致行动人章程或内部规则中的任何条款， 或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》的规定，本报 告书已全面披露信息披露义务人及其一致行动人在新疆青松建材化工（集团）股 份有限公司中拥有权益的股份变动情况。 截至本报告书签署日，除本报告书披露的持股信息外，信息披露义务人及其 一致行动人没有通过任何其他方式增加或减少其在新疆青松建材化工（集团）股 份有限公司中拥有权益的股份。 四、本次权益变动是根据本报告所载明的资料进行的。除本信息披露义务人 及其一 ...

证券代码：600425 证券简称：青松建化 公告编号：临 2024-014 四、 本次权益变动对公司的影响 新疆青松建材化工（集团）股份有限公司 关于控股股东权益变动完成的公告 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 担个别及连带责任。 一、 本次权益变动的基本情况 2024 年 1 月 16 日，新疆青松建材化工（集团）股份有限公司（以 下简称"公司"）在中国证券报、上海证券报和上海证券交易所网站 （www.sse.com.cn）披露了《关于控股股东权益变动的提示性公告》。 公司控股股东阿拉尔市统众国有资本投资运营（集团）有限责任公司 （以下简称"阿拉尔统众公司"）与新疆阿拉尔水利水电工程有限公 司（以下简称"阿拉尔水利水电公司"）于 2024 年 1 月 12 日签订了 《股票转让协议》，公司股东阿拉尔水利水电公司拟通过协议转让的 方式将其持有的公司 40,000,000 股股份（占公司总股本的 2.49%）转 让给公司控股股东阿拉尔统众公司。阿拉尔统众公司与阿拉尔水利水 电公司均为新疆生产建设兵团第一师国有资产监督管理委员会 ...

新疆青松建材化工（集团）股份有限公司 2023 年年度股东大会 会议资料 2024 年 4 月 12 日 1 新疆青松建材化工（集团）股份有限公司 2023 年年度股东大会会议议程 （主持人：董事长郑术建） 会议时间：2024 年 4 月 19 日上午 11：30 会议地点：乌鲁木齐市米东区米东南路恒联巷 237 号公司办公楼一楼 会议室 股东代表 2 名，监事 1 名，见证律师。 九、审议《关于续聘大信会计师事务所（特殊普通合伙）为公司 2024 年度审计机构的议案》 2 一、律师审查出席会议人员的资格 二、宣布大会开始 三、成立会议监票组 四、审议《2023 年度财务决算报告和 2024 年度财务预算草案》 五、审议《2023 年度董事会工作报告》 六、审议《2023 年度监事会工作报告》 七、审议《2023 年度利润分配方案》 八、审议《2023 年年度报告》 十、审议《关于选举董事的议案》 十一、审议《关于选举独立董事的议案》 十二、审议《关于选举监事的议案》 十三、各位股东代表发言、提问 十四、现场各位股东代表投票表决 十五、监票组计票 十六、统计表决结果 十七、主持人宣布会议结束 青松建化 202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.88 CNY, down from a previous forecast of 5.89 CNY [26][26]. Core Views - The company achieved significant growth in cement sales, with a year-on-year increase of 35.51%, outperforming the regional average [26][26]. - The increase in production capacity utilization has mitigated some negative impacts from price reductions and rising coal prices, leading to an improvement in net profit per ton [26][26]. - The report highlights that the company's annual revenue reached 4.49 billion CNY, a year-on-year increase of 20.01%, and the net profit attributable to shareholders increased by 65.10% [26][26]. Financial Summary - Revenue Forecast: - 2022A: 3,741 million CNY - 2023A: 4,490 million CNY - 2024E: 4,824 million CNY - 2025E: 5,333 million CNY - 2026E: 5,982 million CNY [26][26] - Net Profit Forecast: - 2022A: 415 million CNY - 2023A: 463 million CNY - 2024E: 601 million CNY - 2025E: 741 million CNY - 2026E: 842 million CNY [26][26] - Key Financial Ratios: - Operating Profit Margin: - 2022A: 12.8% - 2023A: 15.3% - 2024E: 15.8% - 2025E: 17.2% [26][26] - Return on Equity (ROE): - 2022A: 7.9% - 2023A: 7.4% - 2024E: 8.8% - 2025E: 9.8% [26][26] Market Performance - The stock price has fluctuated between 3.16 CNY and 5.55 CNY over the past 52 weeks, with a current market capitalization of 6,226 million CNY [7][26]. - The average daily trading volume is 24.37 million shares, with an average daily trading value of 91 million CNY [26][26].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.00 CNY, indicating an expected return of over 20% within the next six months [5][19]. Core Insights - The company achieved a total revenue of 4.49 billion CNY in 2023, representing a year-on-year growth of 20.01%, while the net profit attributable to the parent company was 463.38 million CNY, up 11.53% year-on-year [14][18]. - The cement business saw a revenue increase of 23.8% to 3.31 billion CNY, driven by fixed asset investment growth in Xinjiang, which rose by 12.4% year-on-year [15]. - The chemical segment, however, reported a loss of 200 million CNY, negatively impacting overall profitability [15][17]. Financial Summary - The company's total assets are projected to grow from 9.69 billion CNY in 2023 to 11.87 billion CNY by 2026, with a steady increase in cash and cash equivalents from 1.61 billion CNY in 2023 to 3.92 billion CNY in 2026 [6][18]. - The net profit margin for 2023 was 10.96%, a slight decrease of 0.30 percentage points compared to the previous year [16]. - The company’s earnings per share (EPS) is expected to rise from 0.29 CNY in 2023 to 0.51 CNY by 2026, reflecting a positive growth trajectory [18]. Market Position and Outlook - The company benefits from a favorable regional market position, particularly in Xinjiang, where infrastructure projects are expected to sustain demand for cement [17]. - Despite challenges in the chemical sector, the overall outlook remains optimistic due to the anticipated growth in the cement market driven by ongoing investments [17].

Financial Performance - The company's operating revenue for 2023 reached CNY 448,980.23 million, representing a 20.01% increase compared to CNY 374,105.50 million in 2022[21]. - The net profit attributable to shareholders for 2023 was CNY 46,338.32 million, an increase of 11.53% from CNY 41,548.95 million in 2022[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 55,296.85 million, showing a significant increase of 65.10% compared to CNY 33,493.43 million in 2022[21]. - The net cash flow from operating activities for 2023 was CNY 44,222.33 million, which is a 102.59% increase from CNY 21,828.16 million in 2022[21]. - The total assets at the end of 2023 amounted to CNY 969,421.49 million, reflecting a 9.21% increase from CNY 887,673.73 million at the end of 2022[21]. - The net assets attributable to shareholders increased to CNY 622,860.18 million, an 18.36% rise from CNY 526,237.71 million at the end of 2022[21]. - The total share capital at the end of 2023 was 1,604,703,707 shares, which is a 16.38% increase from 1,378,790,086 shares at the end of 2022[21]. - Basic earnings per share for 2023 decreased by 3.33% to CNY 0.29 compared to CNY 0.30 in 2022[22]. - Diluted earnings per share for 2023 also decreased by 3.33% to CNY 0.29 compared to CNY 0.30 in 2022[22]. - The company's gross profit margin decreased to 24.79% in 2023 from 26.56% in the previous year, a decline of 1.77 percentage points[166]. Cash Flow and Investments - The net cash flow from operating activities for 2023 was CNY -3,907.64 million, indicating a significant decrease compared to previous periods[25]. - The company’s financial expenses decreased by 58.87% due to the repayment of interest-bearing liabilities[48]. - The company’s total capital stock increased by 225,913,621 shares due to the private placement, impacting financial metrics[138]. - The total amount of funds raised after deducting issuance costs was 66,610,760 RMB, fully allocated to the intended projects[132]. - The net cash flow from financing activities was CNY 332,104,836.60, a turnaround from a negative cash flow of CNY -322,579,046.83 in the previous year[192]. Market and Industry Conditions - The cement and cement products demand increased significantly due to the recovery of fixed asset investment and construction projects[30]. - The company faced challenges in the cement manufacturing industry, including severe overcapacity and rising costs, while also adapting to stricter environmental regulations[31]. - The company reported a significant increase in sales of its main product, urea, compared to the previous year, despite losses in PVC sales due to price declines[30]. - Cement sales volume increased by 35.51% compared to the previous year, driven by regional policy and recovery in fixed asset investment[38]. - The cement industry is expected to see a profit of approximately 32 billion, a 50% decline year-on-year, indicating significant challenges[57]. Research and Development - Research and development expenses decreased by 18.17% year-on-year, totaling CNY 83.79 million[40]. - The company employed 275 R&D personnel, making up 9.09% of the total workforce[51]. - Research and development investments increased by 30%, totaling 150 million yuan, focusing on innovative technologies[80]. Environmental and Sustainability Initiatives - The company plans to enhance energy efficiency, aiming for 30% of high-energy-consuming sectors to meet benchmark levels by 2025[32]. - The company is focused on innovation and efficiency, aiming to build a modern enterprise group with competitiveness and influence[62]. - The company achieved a reduction in particulate matter emissions, with a recorded value of 5.5 mg/m³ at the kiln head, significantly lower than the limit of 10 mg/m³[109]. - The company has been recognized as a "green factory" by local authorities, reflecting its commitment to sustainable practices[120]. - The company is actively pursuing the development of low-carbon technologies and smart factory initiatives to enhance production efficiency and reduce emissions[121]. Governance and Management - The company reported a total compensation of 635.00 million yuan for its executives during the reporting period[77]. - The average age of the executive team is 54.5 years, indicating a mature leadership structure[76]. - The company has appointed new independent directors to enhance governance and oversight[76]. - The remuneration decision process for directors and senior management is based on performance evaluations and completion of operational goals[84]. Future Outlook - The company plans to achieve a revenue of 47.14 billion in 2024, with a net profit of 4.87 billion, enhancing profitability in its main business[63]. - The company is focused on improving management levels and internal control systems to mitigate operational and financial risks[70]. - The financial outlook remains positive, with projected revenue growth of 15% for the upcoming fiscal year driven by increased production and market demand[108].

天风证券股份有限公司 关于新疆青松建材化工（集团）股份有限公司 2023 年度募集资金存放与实际使用情况的 二、募集资金管理情况 （一）募集资金管理制度的制定情况 公司已按照《中华人民共和国公司法》、《中华人民共和国证券法》、和《上 市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》等相关规 定，制定了《新疆青松建材化工（集团）股份有限公司募集资金管理办法》，对 募集资金的存放、使用等进行了规定。 （二）募集资金三方监管协议签订情况 专项核查报告 天风证券股份有限公司（以下简称"保荐机构"）作为新疆青松建材化工 （集团）股份有限公司（以下简称"青松建化"、"公司"）2022年度非公开发行 股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关规定，对青松建化 2023 年度募集资金存放与使用情况进行了专项核查。 核查具体情况如下： 一、募集资金基 ...