中信证券股份有限公司关于 甘肃祁连山水泥集团股份有限公司 重大资产置换及发行股份购买资产并募 集配套资金暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二三年八月 独立财务顾问声明和承诺 一、独立财务顾问声明 （一）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提供方对所 提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、误 导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任； （二）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行本次交 易相关协议和声明或承诺的基础上出具； （三）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对投资者根 据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立财务顾问不承担任 何责任； （四）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财务顾问报 告中列载的信息，以作为本独立财务顾问报告的补充和修改，或者对本独立财务顾问报 告作任何解释或说明。未经独立财务顾问书面同意，任何人不得在任何时间、为任何目 的、以任何形式复制、分发或者摘录独立财务顾问报告或其任何内容，对于本独立财务 顾问报告 ...

1、问题 3.关于业绩承诺 《关于甘肃祁连山水泥集团股份有限公司重大资产置换及发行股份购买资 产并募集配套资金申请的审核问询函》的回复 众环专字（2023）0204776 号 上海证券交易所： 我们作为甘肃祁连山水泥集团股份有限公司（以下简称"上市公司"、"公 司"）重大资产置换及发行股份购买资产并募集配套资金申请的会计师，根据贵所 2023 年 5 月 11 日出具的上证上审（并购重组）〔2023〕18 号《关于甘肃祁连山水泥 集团股份有限公司重大资产置换及发行股份购买资产并募集配套资金申请的审核问询 函》（以下简称"问询函"）的要求，我们对问询函中要求会计师核查并发表明确意 见的事项进行了专项核查，现对有关事项回复如下： 如无特别说明，本回复所述的简称或名词的释义与《甘肃祁连山水泥集团股份有 限公司重大资产置换及发行股份购买资产并募集配套资金暨关联交易报告书》中"释 义"所定义的简称或名词的释义具有相同的涵义。 （一）承诺业绩的计算原则 重组报告书显示，（1）6 家标的公司的下属企业中，有 7 家下属子公司采用资产 基础法估值结果作为定价依据，其中中交（邹平）投资发展有限公司、中交（济南） 生态绿化投资有 ...

股票代码：600720 证券简称：祁连山 上市地点：上海证券交易所 甘肃祁连山水泥集团股份有限公司 重大资产置换及发行股份购买资产 并募集配套资金暨关联交易报告书 （草案） （修订稿） | 项目 | 交易对方名称 | | --- | --- | | 重大资产置换及发行股份购买资产 | 中国交通建设股份有限公司 | | | 中国城乡控股集团有限公司 | | 募集配套资金 | 不超过 名特定投资者 35 | 独立财务顾问 二〇二三年八月 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书内容的真实、准确、完整， 对报告书的虚假记载、误导性陈述或重大遗漏负连带责任。 本公司在本次重组过程中提供的有关信息真实、准确和完整，保证不存在任何虚 假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、准确性和完整性承担 个别和连带的法律责任。如因提供的信息存在虚假记载、误导性陈述或重大遗漏，给 公司或者投资者造成损失的，将依法承担赔偿责任。 本公司将及时提交本次重组所需的文件及资料，同时承诺所提供纸质版和电子版 资料均真实、完整、可靠，有关副本材料或者复印件与原件一致，文件上所有签字与 印章皆真实、有效，复印件 ...

股票代码：600720 证券简称：祁连山 上市地点：上海证券交易所 甘肃祁连山水泥集团股份有限公司 重大资产置换及发行股份购买资产 并募集配套资金暨关联交易报告书 （草案）摘要 （修订稿） | 项目 | 交易对方名称 | | --- | --- | | 重大资产置换及发行股份购买资产 | 中国交通建设股份有限公司 | | | 中国城乡控股集团有限公司 | | 募集配套资金 | 不超过 35 名特定投资者 | 独立财务顾问 二〇二三年八月 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真实、准 确、完整，对报告书的虚假记载、误导性陈述或重大遗漏负连带责任。 本公司在本次重组过程中提供的有关信息真实、准确和完整，保证不存在任何虚 假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、准确性和完整性承担 个别和连带的法律责任。如因提供的信息存在虚假记载、误导性陈述或重大遗漏，给 公司或者投资者造成损失的，将依法承担赔偿责任。 本公司将及时提交本次重组所需的文件及资料，同时承诺所提供纸质版和电子版 资料均真实、完整、可靠，有关副本材料或者复印件与原件一致，文件上所有签字与 印章皆真实、 ...

北京天健兴业资产评估有限公司关于上海证券交易所 《关于甘肃祁连山水泥集团股份有限公司重大资产置换及发行股 份购买资产并募集配套资金申请的审核问询函》 之回复报告（修订版） 上海证券交易所： 甘肃祁连山水泥集团股份有限公司于 2023 年 5 月 11 日收到上海证券交易所下发 的《关于甘肃祁连山水泥集团股份有限公司重大资产置换及发行股份购买资产并募集配 套资金申请的审核问询函》（上证上审（并购重组）〔2023〕18 号，以下简称"问询 函"）。北京天健兴业资产评估有限公司对问询函有关问题进行了认真核查与落实，按 照问询函的要求对所涉及的事项进行了问题答复，现就相关事项回复如下，请予审核。 问题 3.关于业绩承诺 重组报告书显示，（1）6 家标的公司的下属企业中，有 7 家下属子公司采用资产 基础法估值结果作为定价依据，其中中交（邹平）投资发展有限公司、中交（济南）生 态绿化投资有限公司、监利泽润水处理有限公司为 PPP 项目；（2）对于 PPP 项目公司， 付费机制属于政府付费，企业核算方式采用金融资产。金融资产核算方式的 PPP 项目 公司，由于未来政府付费现金流为根据审定的建设工程造价、收益率、运营及付费 ...

甘肃祁连山水泥集团股份有限公司 2023 年 5 月 11 日，甘肃祁连山水泥集团股份有限公司（以下简 称"公司"）收到了上海证券交易所（以下简称"上交所"）《关于 甘肃祁连山水泥集团股份有限公司重大资产置换及发行股份购买资 产并募集配套资金申请的审核问询函》（以下简称"问询函"）。针 对问询函中提及的事项，上市公司会同相关中介机构进行了逐项落实 和回复，并对本次重组相关文件进行了补充披露和完善，于 2023 年 7 月 28 日披露了《甘肃祁连山水泥集团股份有限公司重大资产置换 及发行股份购买资产并募集配套资金暨关联交易报告书（草案）（修 订稿）》（以下简称"重组报告书"）《甘肃祁连山水泥集团股份有 限公司关于上海证券交易所<关于甘肃祁连山水泥集团股份有限公司 重大资产置换及发行股份购买资产并募集配套资金申请的审核问询 函>之回复》（以下简称"问询回复"）等相关文件。 甘肃祁连山水泥集团股份有限公司董事会 根据上海证券交易所的进一步审核意见及项目的最新进展，公司 与相关中介对问询回复进行了修订，并对重组报告书再次进行了修订、 补充及完善，披露了《甘肃祁连山水泥集团股份有限公司关于上海证 券交易所<关于甘肃祁 ...

Financial Performance - The company's operating revenue for Q1 2023 was RMB 811,940,854.45, a decrease of 12.57% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 10,651,353.92, an increase of 279.89% year-on-year[4] - Net profit for Q1 2023 was CNY 707,928.26, a decline of 50.7% compared to CNY 1,435,876.34 in Q1 2022[19] - Total profit for Q1 2023 was CNY 7,359,752.12, down 47.96% from CNY 14,127,304.57 in Q1 2022[19] - The total comprehensive income for Q1 2023 was CNY 1,976,094.22, compared to a total comprehensive loss of CNY 7,224,781.20 in the same period last year[27] Cash Flow - The net cash flow from operating activities was RMB 299,125,140.83, down 41.13% from the previous year[4] - Cash flow from operating activities for Q1 2023 was CNY 299,125,140.83, a decrease of 41.1% compared to CNY 508,128,017.65 in Q1 2022[21] - The cash flow from operating activities showed a net outflow of CNY 16,317,386.19 in Q1 2023, contrasting with a net inflow of CNY 150,485,801.07 in Q1 2022[29] - The company reported a financial expense of CNY -1,455,112.06 in Q1 2023, compared to CNY -460,532.36 in Q1 2022[17] - Cash inflow from financing activities totaled 50,000,000.00 RMB, while cash outflow was 228,600,945.34 RMB, resulting in a net cash flow of -178,600,945.34 RMB[22] Assets and Liabilities - The total assets at the end of the reporting period were RMB 12,111,230,188.06, an increase of 3.37% compared to the end of the previous year[4] - Total assets as of March 31, 2023, amounted to RMB 12,111,230,188.06, an increase from RMB 11,716,369,559.53 in the previous year[16] - Total liabilities reached RMB 2,645,131,250.94, compared to RMB 2,254,787,531.09 in the previous year, marking an increase of around 17.3%[15] - The total liabilities amounted to 1,082,798,645.21 RMB, compared to 943,033,651.01 RMB in the previous period[25] - The company's total equity reached 7,427,102,180.73 RMB, slightly up from 7,425,126,086.51 RMB at the end of the previous year[25] Shareholder Information - The company had a total of 66,017 common shareholders at the end of the reporting period[9] - The company's equity attributable to shareholders was RMB 8,677,894,915.48, slightly up from RMB 8,663,521,924.81[16] Inventory and Receivables - The net amount of receivables increased by 42.91% due to some key customers using bank acceptance bills for payment[7] - Accounts receivable decreased to RMB 392,881,133.66 from RMB 418,685,448.40, reflecting a decline of about 6.1%[14] - Inventory increased to RMB 837,353,660.08 from RMB 765,543,344.52, representing a growth of approximately 9.4%[14] - The net amount of prepaid accounts increased by 73.71% primarily due to prepayments for raw materials[7] Operating Costs and Expenses - Total operating costs for Q1 2023 were CNY 800,815,470.47, down 11.97% from CNY 909,503,882.13 in Q1 2022[17] - The company reported a decrease in operating costs to CNY 525,323.07 from CNY 2,017,389.05 in Q1 2022, reflecting a reduction of approximately 73.96%[27] - The company's management expenses increased to CNY 11,599,037.74 in Q1 2023 from CNY 10,667,108.79 in Q1 2022, an increase of approximately 8.71%[27] Strategic Developments - The company has not disclosed any significant new strategies or product developments in the current report[11] - Research and development expenses were not specified in the report, indicating a focus on operational costs[17]

北京市嘉源律师事务所 关于甘肃祁连山水泥集团股份有限公司 重大资产置换及发行股份购买资产并 募集配套资金暨关联交易的补充法律意见书(一) 西城区复兴门内大街158 号远洋丸 中国 · 北京 二〇二三年四月 祁连山 · 重大资产重组 嘉源 ·法律意见书 目 录 | 一、 本次重组的批准和授权 | | --- | | 二、本次重组涉及的标的资产 | | 三、本次重组涉及的其他重要事项 | | 四、 本次重组的实质条件 . | | 五、关联交易 . | | 六、信息披露 . | | 七、结论性意见 | I 祁连山 · 重大资产重组 嘉源 ·法律意见书 释义 本补充法律意见书调整并新增下列词语之特定含义: | 特定期间 | 指 | 2022年9月30日至2022年12月31日期间 | | --- | --- | --- | | 置入资产审计报告、标的公 | | | | | | 众环审字(2023)0203763 号《中交公路规划设 计院有限公司审计报告》、众环审字(2023) | | | | 0204165 号《中交第一公路勘察设计研究院有 | | | | 限公司审计报告》、众环审字(2023)0204229 | | ...

证券代码：600720 证券简称：祁连山 公告编号：2023-020 甘肃祁连山水泥集团股份有限公司 关于召开 2022 年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2023 年 04 月 03 日(星期一) 上午 10:00-11:00 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 2023 年 03 月 27 日(星期一) 至 03 月 31 日(星期 五)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 qlssn@163.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。 甘肃祁连山水泥集团股份有限公司（以下简称"公司"）已于 2023 年 3 月 22 日发布公司 2022 年度报告，为便于广大投资者更全面深入 地了解公司 2022 年度经营成果、财务状况，公司计划于 2023 年 04 月 03 ...

Financial Performance - The company's operating revenue for 2022 was CNY 7,973,824,739.42, representing a 3.93% increase compared to CNY 7,672,537,568.41 in 2021[17]. - The net profit attributable to shareholders for 2022 was CNY 758,424,407.05, a decrease of 19.96% from CNY 947,519,310.19 in 2021[17]. - The net cash flow from operating activities for 2022 was CNY 1,221,698,918.74, down 15.59% from CNY 1,447,404,485.12 in 2021[17]. - The basic earnings per share for 2022 was CNY 0.9770, a decline of 19.96% from CNY 1.2206 in 2021[18]. - The weighted average return on equity for 2022 was 8.95%, a decrease of 3.09 percentage points from 12.04% in 2021[18]. - The company's total assets at the end of 2022 were CNY 11,716,369,559.53, an increase of 1.08% from CNY 11,590,811,893.86 at the end of 2021[17]. - The net assets attributable to shareholders at the end of 2022 were CNY 8,663,521,924.81, reflecting a 5.13% increase from CNY 8,240,770,801.92 at the end of 2021[17]. - The company reported a significant increase in raw material prices, impacting the cost of goods sold and overall profitability[18]. - The company experienced a decline in net profit and return on equity due to rising operating costs despite an increase in product prices[18]. Asset Restructuring - The company plans to suspend profit distribution for 2022 due to ongoing major asset restructuring, with a future proposal to be submitted after completion[4]. - The company is actively promoting major asset restructuring to maintain stability in its equity structure and operations[4]. - The company is undergoing a significant asset restructuring process, with a board meeting held on May 11, 2022, to discuss the asset swap and share issuance plan[45]. - The restructuring plan has received approval from the State-owned Assets Supervision and Administration Commission, allowing the company to proceed with the asset restructuring and financing[58]. - The company aims to ensure the legitimate rights and interests of minority shareholders during the restructuring process[57]. - The controlling shareholder has pledged not to engage in new business competition with the company during its control period[58]. - The company is currently advancing a major asset restructuring plan, which has received preliminary approval from the State-owned Assets Supervision and Administration Commission of the State Council[129]. - The restructuring involves acquiring 100% equity of several subsidiaries, including China Communications Construction Company and China Urban Construction Group, through asset swaps and share issuance[128]. Corporate Governance - The company has confirmed no non-operating fund occupation by controlling shareholders or related parties[5]. - The company has not violated decision-making procedures for external guarantees[5]. - The company has not faced any situation where more than half of the directors cannot guarantee the authenticity of the annual report[5]. - The company is committed to ensuring the accuracy and completeness of its financial reports[3]. - The board of directors and supervisory board members have all attended the board meeting, ensuring the integrity of the annual report[3]. - The company held three shareholder meetings during the reporting period, ensuring compliance with regulations and fair treatment of minority shareholders[55]. - The board of directors consists of 9 members, including 3 independent directors, and has established various committees to enhance decision-making processes[55]. - The company has implemented a performance evaluation and incentive mechanism linking senior management compensation to operational goals[56]. - The internal control system has been continuously improved to enhance corporate governance and compliance with regulatory requirements[56]. - The company has committed to resolving industry competition issues with its controlling shareholder through various strategic measures[56]. - The company has maintained independence from its controlling shareholder in terms of operations, personnel, and finances[55]. Market and Industry Trends - The cement market demand in the Gansu region decreased by 10.7%, while Qinghai and Tibet saw declines of 11.3% and 20%, respectively[25]. - The company holds a 47% market share in Gansu, 25% in Qinghai, and 14% in Tibet, making it the largest cement producer in the Gansu-Qinghai-Tibet region[27]. - The company reported a significant decrease in expected liabilities to ¥42,111,284.40, a 69.31% decline due to reduced provisions for sales discounts and mining restoration costs[41]. - The cement industry is expected to see a general recovery in 2023, driven by government policies and infrastructure investments, with a projected increase in overall demand for cement compared to the previous year[48]. - The average cement price is expected to decline in 2023 due to weak demand and high costs, making industry profitability challenging[52]. Environmental Compliance and Sustainability - The company is committed to sustainability and responsible business practices as part of its long-term strategy[72]. - The company has achieved near-zero wastewater discharge and has implemented measures to control air pollutants such as particulate matter and sulfur dioxide[107]. - The company has a comprehensive employee training program, with the human resources department responsible for annual training plans[95]. - The company has invested approximately 74.5 million yuan in ecological and environmental protection measures, including upgrades to dust collection systems and nitrogen oxide reduction systems, achieving significant pollution reduction results[115]. - The company successfully planted over 22,000 trees and restored approximately 69,000 square meters of vegetation as part of its ecological restoration efforts[115]. - The company is committed to ongoing improvements in emission control technologies to enhance environmental performance[109]. Financial Relationships and Transactions - The company has engaged in various financial services transactions with China National Building Material Group Financial Co., Ltd. since 2019[132]. - The total amount of guarantees provided by the company to subsidiaries during the reporting period was CNY 159,264,000.00, which represents 1.68% of the company's net assets[141]. - The company reported a total of CNY 68,022,697.37 in revenue from its resource subsidiary, indicating significant operational scale[136]. - The total deposits made by the company with its financial affiliate amounted to CNY 27,338,675,071.42 during the reporting period[137]. - The company achieved a revenue of CNY 21,907,170.40 from its subsidiary, China National Materials International Engineering Co., Ltd.[136]. Future Outlook and Strategic Plans - The company aims to achieve a production capacity target of 40 million tons of cement, 50 million tons of aggregates, and 20 million cubic meters of ready-mixed concrete by optimizing its industrial scale and through mergers and acquisitions[50]. - The company plans to sell approximately 22.91 million tons of cement and achieve a revenue of 8.169 billion yuan in 2023[51]. - The company plans to implement a strategic plan for the "14th Five-Year" period, focusing on investment strategies for 2022[79]. - The company is actively pursuing opportunities for mergers and acquisitions to enhance its competitive position[72]. - The company plans to continue expanding its capital base and improving its financial metrics in the upcoming fiscal year[176].