法律意见书 君合律师事务所上海分所 关于 《重庆钢铁股份有限公司收购报告书》的 2025 年 12 月 1 | 释 | 义 3 | | --- | --- | | 正 | 文 8 | | 一、收购人的基本情况 8 | | | 二、收购决定及收购目的 | 34 | | 三、收购方式 36 | | | 四、收购资金来源 40 | | | 五、免于发出要约的情况 | 40 | | 六、后续计划 41 | | | 七、对上市公司的影响分析 | 42 | | 八、收购人与上市公司之间的重大交易 | 44 | | 九、前六个月买卖上市公司股票的情况 | 45 | | 十、《收购报告书》的格式与内容 46 | | | 十一、结论意见 46 | | 4 宝武重工 指 宝武重工有限公司 重庆朝阳 指 重庆朝阳气体有限公司 一致行动人 指 中国宝武、长寿钢铁、中南钢铁、中钢设备、武 汉宝信、中钢重机、宝信软件、宝丞炭材、中钢 洛耐院、宝钢工程、宝武重工及重庆朝阳 收购人 指 华宝投资及其一致行动人，其中中国宝武为其 他收购人的控股股东 宝钢股份 指 中国宝武子公司宝山钢铁股份有限公司 马钢集团 指 中国宝武子公司马钢（集团）控股 ...

君合律师事务所上海分所 关于 华宝投资有限公司及其一致行动人 法律意见书 2025 年 12 月 释义 在本法律意见书内，除非文义另有所指，以下左栏所列词语具有该词语相应右 栏所作表述的涵义： 2 免于发出要约事宜 之 华宝投资 指 华宝投资有限公司；认购重庆钢铁本次向特定对 象发行 A 股股票的投资者；收购人之一，接受一 致行动人委托作为本次收购的信息披露义务人 上市公司、重庆钢铁 指 重庆钢铁股份有限公司 本次发行 指 重庆钢铁向特定对象发行 A 股股票的行为 本次收购 指 华宝投资认购重庆钢铁向特定对象发行A股股票 的行为 《股份认购协议》 指 《重庆钢铁股份有限公司与华宝投资有限公司 之股份认购协议》 中国宝武 指 中国宝武钢铁集团有限公司 长寿钢铁 指 重庆长寿钢铁有限公司，系重庆钢铁控股股东 中南钢铁 指 宝武集团中南钢铁有限公司 中钢设备 指 中钢设备有限公司 武汉宝信 指 宝信软件（武汉）有限公司 中钢重机 指 中钢集团西安重机有限公司 宝信软件 指 上海宝信软件股份有限公司 宝丞炭材 指 重庆宝丞炭材有限公司 中钢洛耐院 指 中钢集团洛阳耐火材料研究院有限公司 宝钢工程 指 宝钢工程技术集团 ...

华宝证券股份有限公司 关于 重庆钢铁股份有限公司 收购报告书 之 财务顾问报告 财务顾问 二零二五年十二月 重庆钢铁股份有限公司收购报告书之财务顾问报告 财务顾问声明和承诺 一、财务顾问声明 根据《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 16 号—上市公司 收购报告书》及相关法律法规的规定，华宝证券股份有限公司（以下简称"本财 务顾问"）对《重庆钢铁股份有限公司收购报告书》进行了审慎核查，并出具本 财务顾问报告。 本财务顾问遵循证券行业公认的业务标准、职业道德和勤勉尽责精神，发表 独立的财务顾问意见，并特此作出如下声明： （一）本财务顾问报告所依据的文件、资料及其他相关信息均由收购人提供， 收购人已向本财务顾问保证，其所提供信息的真实性、准确性和完整性； （二）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序进行核查，所发表的意见仅限于收购报告书正文所列内容。除中国证监 会另有规定外，本财务顾问不对本次收购所涉及的其他方面发表意见； （三）本财务顾问提醒投资者注意，本报告不构成对任何人的投资建议，投 资者依据本 ...

Core Viewpoint - Chongqing Steel (601005.SH) plans to issue A-shares to a specific entity, Huabao Investment, which is fully controlled by China Baowu, indicating a strategic move to strengthen financial stability and maintain control [1][2]. Group 1: Share Issuance Details - The share issuance will involve 757,575,757 A-shares at a price of RMB 1.32 per share, which is 90% of the average trading price over the last 20 trading days prior to the announcement [1]. - The total amount to be raised from this issuance is expected to be no more than RMB 100,000 million, which will be used to supplement working capital and repay bank loans [1]. Group 2: Ownership Structure - As of the announcement date, China Baowu and its concerted parties hold a total of 29.51% of Chongqing Steel's shares, which is expected to increase to 35.07% post-issuance, ensuring that China Baowu remains the actual controller of the company [2]. Group 3: Financial Performance - For the third quarter of 2025, Chongqing Steel reported revenue of RMB 6.006 billion, a year-on-year increase of 8.96%, while the net profit attributable to shareholders was a loss of RMB 86.58 million [2][3]. - Year-to-date revenue reached RMB 19.091 billion, reflecting a decrease of 7.32% compared to the previous year, with a net loss of RMB 2.17 billion [2][3]. - The net cash flow from operating activities for the year-to-date period was RMB 1.833 billion, showing a significant increase of 68.11% year-on-year [3].

Core Viewpoint - Chongqing Steel (601005.SH) has announced a plan to issue A-shares to a specific investor, Huabao Investment, with the total fundraising expected to not exceed 1 billion yuan, aimed at enhancing liquidity and repaying bank loans [1]. Group 1: Company Actions - Chongqing Steel is set to issue A-shares specifically to Huabao Investment, which will subscribe to the entire issuance with cash [1]. - The total amount to be raised from this issuance is projected to be up to 1 billion yuan, subject to approval from the China Securities Regulatory Commission [1]. - The funds raised will be used entirely for supplementing working capital and repaying bank loans after deducting issuance costs [1].

Key Points - The core message of the news highlights significant corporate announcements, including investments, project contracts, share buybacks, and equity transfers across various companies in the industry. Group 1: Corporate Announcements - Zhuoran Co., Ltd. and its actual controller received a notice of case filing [1] - Huati Technology clarified that it is not involved in commercial aerospace-related businesses [1] Group 2: Project Investments - Qingdao Port plans to invest CNY 90.97 billion in the construction of the first phase of the Dongjiakou Container Terminal project [1] - Qingdao Port also intends to invest CNY 66.15 billion in the construction of the Dongjiakou General Terminal project [1] - Jinggong Technology's subsidiary plans to invest in the construction of an intelligent manufacturing base for advanced composite materials [1] Group 3: Contract Awards - Shandong Road and Bridge's subsidiary is expected to win a construction project for the Weifang to Yiyuan Expressway with a bid price of CNY 3.4 billion [1] - Tianjin Port won a procurement project for gantry cranes worth CNY 89.7655 million [1] - Tianjin Port also secured a procurement project for door machines valued at CNY 185 million [1] - Dayu Water-saving is part of a consortium that is expected to win a drainage remediation project in Hainan Province [1] Group 4: Equity Transfers - Sanyuan Co., Ltd. plans to transfer 10% of Sanyuan Dehong's equity to Nanjiao Farm for CNY 26.8515 million [1] - Huayuan Holdings' subsidiary intends to acquire 51% of Warm Core Technology [1] - Qiyiyi plans to acquire 52.4596% of Fangzhou Technology and provide additional capital [1] Group 5: Share Buybacks - Baiao Chemical has repurchased a total of 11.3876 million shares of the company [2] Group 6: Shareholding Changes - Sanwei Communication's chairman and general manager Li Yuelun plans to reduce his holdings by up to 1.4906% [3] - Aikedi's Hong Kong Lingtuo intends to reduce its holdings by up to 2.9882% [3] Group 7: Other Financial Activities - Chongqing Steel plans to raise no more than CNY 1 billion through a private placement to Huabao Investment [3] - Bolivi plans to raise no more than CNY 650 million through a private placement [3] - Jinggu Co., Ltd. received a notification for the Avatar low-carbon wheel project [3]

Core Viewpoint - Chongqing Steel (601005.SH) announced a plan to issue A-shares to a specific investor, Huabao Investment, with the total amount expected to be no more than 1 billion yuan [1] Group 1: Issuance Details - The number of A-shares to be issued is 758 million, which does not exceed 30% of the company's total share capital before the issuance [1] - Huabao Investment plans to subscribe to the entire issuance amounting to 1 billion yuan, with the number of shares calculated based on the issuance price [1] - The total funds raised from this issuance are expected to be no more than 1 billion yuan, subject to the approval from the China Securities Regulatory Commission [1] Group 2: Fund Utilization - The funds raised will be used entirely to supplement working capital and repay bank loans after deducting issuance costs [1]

Key Points - Zoran Co., Ltd. and its actual controller received a notice of case filing [1] - Huati Technology clarified that it is not involved in commercial aerospace-related businesses [1] Investment Projects - Qingdao Port plans to invest CNY 9.097 billion in the construction of the first phase of the Dongjiakou Container Terminal [1] - Qingdao Port also plans to invest CNY 6.615 billion in the construction of the Dongjiakou General Terminal [1] - Jinggong Technology's subsidiary plans to invest in the construction of an intelligent manufacturing base for advanced composite materials [1] Contract Awards - Shandong Road and Bridge's subsidiary is expected to win a construction project for the Weifang to Yiyuan Expressway with a bid price of CNY 3.4 billion [1] - Tianjin Port won a procurement project for gantry cranes worth CNY 89.7655 million [1] - Tianjin Port also won a procurement project for door machines worth CNY 185 million [1] - Dayu Water-saving is expected to win a drainage remediation project in Hainan Province's Qionghai East Sea Village [1] Equity Transfers - Sanyuan Co., Ltd. plans to transfer 10% of Sanyuan Dehong's equity to Nanjiao Farm for CNY 26.8515 million [1] - Huayuan Holdings' subsidiary plans to acquire 51% of Warm Core Technology [1] - Qiyiyi plans to acquire 52.4596% of Fangzhou Technology and provide additional capital [1] Share Buybacks - Baiao Chemical has repurchased a total of 11.3876 million shares [2] Shareholding Changes - Sanwei Communication's chairman and general manager Li Yuelun plans to reduce his holdings by up to 1.4906% [2] - Aikedi's Hong Kong Lintuo plans to reduce its holdings by up to 2.9882% [2] Other Financial Activities - Chongqing Steel plans to raise no more than CNY 1 billion through a private placement to Huabao Investment [2] - Bolivi plans to raise no more than CNY 650 million through a private placement [2] - Jingu Co., Ltd. received a notification for the Avatar low-carbon wheel project [2]

Core Viewpoint - Chongqing Steel plans to issue shares to Huabao Investment to raise up to 1 billion yuan, primarily to supplement working capital and repay bank loans, amid ongoing losses since 2022 [2][3]. Group 1: Fundraising Details - The share issuance price is set at 1.32 yuan per share, which is a 10.81% discount to the closing price on December 19 [3]. - Huabao Investment, controlled by China Baowu Steel Group, will fully subscribe to the new shares, constituting a related party transaction [3]. - The funds raised will enhance the company's liquidity, improve asset and liability structure, and reduce financial costs [3]. Group 2: Financial Performance - As of the end of Q3 2025, Chongqing Steel's current ratio is only 0.32, indicating liquidity issues [5][6]. - The company has reported continuous losses from 2022 to 2024, with net profits of -1.019 billion yuan, -1.494 billion yuan, -3.196 billion yuan, and -218 million yuan for the first three quarters of 2025 [5]. - Despite the losses, the company has made efforts to improve profitability through cost reduction and efficiency enhancement, leading to a significant narrowing of losses and a positive gross margin [5]. Group 3: Shareholding Changes - Following the completion of the share issuance, Huabao Investment and its concerted parties are expected to hold over 30% of Chongqing Steel's shares [4]. - The board will seek shareholder approval for Huabao Investment to avoid mandatory tender offer requirements for increasing its stake [4].

Core Viewpoint - Chongqing Steel announced the approval of several proposals by its 10th Board of Directors, including the issuance of A-shares to specific targets, indicating a strategic move to raise capital for future growth [1] Group 1: Company Announcements - The company held its 22nd meeting of the 10th Board of Directors on December 19, where multiple proposals were reviewed and approved [1] - The approved proposals include the plan for the company to issue A-shares to specific targets, which is aimed at meeting the conditions for such an issuance [1] - The company also approved a preliminary plan for the issuance of A-shares for the year 2025, indicating a long-term strategy for capital raising [1]