北京市中伦律师事务所 关于贵州中毅达股份有限公司 向特定对象发行股票的 补充法律意见书（二） 二〇二五年六月 | 释 | 义 4 | | --- | --- | | | 一、《审核问询函》"1.关于本次发行方案" 5 | | | 二、《审核问询函》"2.关于合法合规性" 8 | 补充法律意见书（二） 北京市中伦律师事务所 关于贵州中毅达股份有限公司 向特定对象发行股票的 补充法律意见书（二） 致：贵州中毅达股份有限公司 根据贵州中毅达股份有限公司（以下简称"发行人"、"公司"或"中毅达"， 依上下文而定）与北京市中伦律师事务所（以下简称"本所"）签订的《法律顾 问聘用合同》，本所接受公司的委托，担任发行人向特定对象发行股票（以下简 称"本次发行"或"本次向特定对象发行"，依上下文而定）事宜的专项法律顾 问。 本所律师根据《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》"）、《上市公司证券发行注册管理办 法》（以下简称"《管理办法》"）、《公开发行证券公司信息披露的编报规则第 12 号——公开发行证券的法律意见书和律师工作报告》（以下简称"《第 12 号编报 ...

A 股证券代码：600610 A 股证券简称：中毅达 公告编号：2025-042 B 股证券代码：900906 B 股证券简称：中毅达 B 贵州中毅达股份有限公司 公司会同相关中介机构对审核问询函所列问题进行了逐项落实并做出回复， 具体回复内容详见公司同日在《上海证券报》和上交所网站（www.sse.com.cn） 披露的相关公告。 本次向特定对象发行 A 股股票事宜尚需上交所审核通过、中国证券监督管 理委员会同意注册后方可实施，能否取得上交所审核通过、中国证券监督管理委 员会同意注册以及最终取得的时间存在不确定性。公司将根据进展情况及时履行 信息披露义务，敬请广大投资者注意投资风险。 特此公告 贵州中毅达股份有限公司董事会 2025 年 6 月 5 日 关于向特定对象发行A股股票申请文件的审核问询函 回复的提示性公告 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。 贵州中毅达股份有限公司（以下简称"公司"）近期收到上海证券交易所（以 下简称"上交所"）出具的《关于贵州中毅达股份有限公司向特定对象发行股票 申请文件的审核问询函 ...

Market Overview - The Shanghai Composite Index closed at 3376.58 points, above the five-day moving average, with an increase of 0.43% [1] - The total trading volume of A-shares reached 742.505 billion yuan [1] Stocks Performance - A total of 1307 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Keheng Co., Ltd. (300340) with a deviation rate of 14.75% and a daily increase of 20.02% [1] - Taicheng Light (300570) with a deviation rate of 10.38% and a daily increase of 14.14% [1] - Pinwo Food (300892) with a deviation rate of 9.59% and a daily increase of 13.08% [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - Kunlun Technology (831152) with a deviation rate of 9.36% and a daily increase of 13.26% [1] - Fengfan Co., Ltd. (601700) with a deviation rate of 7.43% and a daily increase of 9.91% [1] - Chuan Yi Technology (002866) with a deviation rate of 7.38% and a daily increase of 9.98% [1]

近年来，"谷子经济"以前所未有的速度席卷消费市场，成为新消费浪潮中最具爆发力的领域之一。 根据艾瑞咨询的预测，到2029年，中国二次元产业规模预计将突破5900亿元。其中，以徽章、卡牌、盲 盒为代表的谷子经济正以年均13%的惊人速度增长。 然而，并非所有涉足该领域的企业都能从中获益。只有以下五家龙头企业，凭借其在IP运营、技术融合 以及渠道拓展方面的独特优势，构筑了坚固的竞争壁垒，从而实现了碾压式的增长。 以下是对这五家龙头企业的深度剖析：素材来源栱众号，郑说市，主页发消息"狐"更多资讯， 第一家，实丰文化（002862） 第二家，广博股份（002103） 第三家，奥飞娱乐（002292） 第四家，华立科技（301011） 第五家，元隆雅图（002878） 核心优势： 拥有独家宝可梦电动模玩系列，并积极利用生成式AI技术升级智能玩具。 爆发节点： 2024年第三季度推出可达鸭款电动模玩，单月销量突破亿元大关。 稀缺性： 国内唯一一家同时拥有奥特曼、宝可梦卡片生产资质的上市公司。 催化剂： 东吴证券测算，其游艺设备市场占有率超过30%。 模式创新： 拥有冬奥IP运营经验，并搭建了数字藏品发行平台。 业绩弹性： ...

A股多只高位人气股尾盘走低，利君股份、宜宾纸业触及跌停，中毅达逼近跌停，成飞集成、先达股份 等跌幅靠前。 ...

这几只票暗盘资金正在偷偷流入，立即查看>> 化学原料概念股震荡走低，江天化学（300927）、中毅达（600610）跌超8%，新金路（000510）、安 纳达（002136）、善水科技（301190）、华融化学（301256）等跟跌。 ...

Group 1 - The stock of Zhongyida has surged nearly threefold since March 10, raising concerns about its disconnection from fundamental values, leading to a warning of potential suspension for further investigation [1][3] - The company is projected to incur losses in 2024, with a staggering price-to-book ratio of 172 times, significantly higher than the industry average of 89 times [3] - Zhongyida's goodwill amounts to 160 million, while its net assets are only 81 million, indicating a precarious financial situation akin to having 100 in cash but owing 200 [3] Group 2 - Recent trading data shows significant activity from well-known speculators, with one trader selling 227 million in a single day, suggesting a "hot potato" trading environment [3] - The company has acknowledged that the production ratio of its key product, dibutyl phthalate, is minimal, yet the market continues to treat it as a new energy stock, raising questions about market rationality [3] - Historical parallels are drawn to past instances of stock price surges followed by sharp declines, indicating a pattern of speculative trading without fundamental support [3][4]

Core Viewpoint - The stock of Zhongyida has experienced significant volatility, prompting multiple warnings from the company regarding potential suspension of trading due to abnormal price fluctuations and a disconnect from its fundamental performance [3][5][12]. Group 1: Stock Performance - Zhongyida's stock opened lower today, rebounding slightly but still closing down 3.73% at 15.49 CNY per share, with a total market capitalization of 16.59 billion CNY [1]. - Since March 10, the stock has seen a cumulative increase of 299.26%, with the lowest price in February being 3.95 CNY per share and a peak of 18.3 CNY per share this month [1][3]. - The company has issued 18 risk warning announcements since March 10, indicating ongoing concerns about stock price volatility [5]. Group 2: Company Warnings and Fundamentals - Zhongyida has announced that it may apply for a trading suspension if significant abnormal price movements continue, emphasizing that there have been no major changes in its fundamentals [3][5]. - The company is projected to incur losses in 2024, and its price-to-book ratio is significantly higher than the industry average, suggesting that the stock price is not aligned with its fundamental value [3][5]. Group 3: Market Dynamics and Price Trends - The recent surge in Zhongyida's stock price is linked to the rising prices of dipentene, which have increased from 20,000 CNY per ton last October to 80,000 CNY per ton, marking a 300% rise due to supply-demand imbalances [7][10]. - The leading producer, Hubei Yihua, is facing production capacity relocation due to environmental issues, which may lead to a contraction in dipentene supply [7][10]. - The demand for dipentene is also being driven by the rapid growth of PCB photopolymer inks, with the cost of dipentene being a minor component, resulting in lower price sensitivity from downstream users [10][12]. Group 4: Investor Activity - Notable retail investors and funds have been actively trading Zhongyida's stock, contributing to its price volatility [12][13]. - The top ten shareholders include several prominent retail investors, indicating strong interest and potential speculation in the stock [14].

Economic Information - A significant number of cross-border ETFs have issued premium risk warnings, with over 80 funds reporting such warnings since May, primarily for ETFs investing in the US, Saudi Arabia, and Germany [2] - Meituan's CEO Wang Xing stated that the company will spare no effort to win competition against JD.com's 10 billion subsidy for food delivery, emphasizing the potential of the industry despite recognizing some irrational subsidies leading to low quality and prices [2] Company Alerts - Zhongyida announced that it will apply for a trading suspension if significant abnormalities in stock trading continue [4] - Longi Green Energy's Li Zhenguo has resigned from his position as General Manager and legal representative [4] - Several companies, including Yihua, Huatu Shanding, and Meilian New Materials, have announced plans for significant share reductions by major shareholders [4][6] Overseas Alerts - German Chancellor Merz confirmed that Germany and EU countries will continue to support Ukraine without restrictions on the range of weapon assistance, with Germany joining allies in providing cruise missiles [3] - UBS downgraded the dollar rating to "unattractive," advising investors to reduce excess dollar cash and diversify into other currencies like yen, euro, pound, and Australian dollar [3] Market Trends - The global thermal coal market is facing a "perfect storm," with prices dropping to a four-and-a-half-year low, only a quarter of the peak levels seen during the 2022 energy crisis [5]

Core Viewpoint - The stock of Zhongyida has experienced a significant surge, with a nearly 300% increase since March 10, driven by the soaring price of its subsidiary's product, dipentene [2][3][6]. Group 1: Stock Performance - On May 26, Zhongyida's stock closed at 16.09 yuan per share, with a daily increase of 9.9% and a trading volume of 2.054 billion yuan, resulting in a turnover rate of 18.78% [1]. - The stock has risen from over 4 yuan to over 16 yuan, marking a cumulative increase of 299.26% [3]. - On May 21, the trading volume exceeded 4 billion yuan, with a turnover rate surpassing 32% [3]. Group 2: Financial Performance - Zhongyida reported a net loss of 128 million yuan in 2023 and 14.08 million yuan in 2024, despite a turnaround in Q1 2023 with a net profit of approximately 13.76 million yuan compared to a loss of 10.39 million yuan in the same period last year [3]. - The company has warned that its stock price is significantly detached from its fundamentals, with a market-to-book ratio far exceeding the industry average [3]. Group 3: Product and Market Dynamics - The surge in Zhongyida's stock is closely linked to the price increase of dipentene, which has risen to between 65,000 and 81,500 yuan per ton, compared to around 32,000 yuan per ton a year ago [6]. - Zhongyida has a dipentene production capacity of 43,000 tons, ranking second in China, while Hubei Yihua leads with a capacity of 60,000 tons [6]. - The demand for dipentene is growing in downstream industries, particularly in high-performance coatings and polymer materials, which are increasingly reliant on this product [7]. Group 4: Risks and Warnings - Zhongyida has issued a risk warning regarding its stock price, indicating potential suspension of trading if significant anomalies continue [2][3]. - The company has also highlighted the risk of goodwill impairment, with a recorded impairment loss of 49.99 million yuan in 2023 and a goodwill value of 160 million yuan against a net asset value of 81.01 million yuan [4].