Core Viewpoint - The steel industry is a strategic foundational industry for national economic development, currently facing challenges in supply chain stability and resource control, necessitating a transformation towards high-end, intelligent, and green development [1] Group 1: Industry Challenges - The steel industry is experiencing a "bottleneck" in the supply chain, with overseas capital dominating the pricing of quality iron ore, leading to increased smelting costs and potential risks to supply chain stability [1] - The industry is characterized by a fragmented structure with many small players, resulting in homogeneous competition and hindering the transition towards higher quality and efficiency [1] Group 2: Strategic Initiatives - The China Iron and Steel Association (CISA) has initiated the "Cornerstone Plan" to enhance domestic iron ore resource control, aiming to reduce dependence on foreign iron ore and improve overall operational efficiency within the steel industry [1] - CISA plans to implement this strategy over 2 to 3 five-year plans, focusing on domestic resource exploration and overseas mining rights acquisition [1] Group 3: Mergers and Acquisitions - The steel industry is witnessing a rise in mergers and acquisitions, with 14 cases reported in the past year, focusing on capacity integration and technological collaboration [2] - A notable acquisition is Baodi Mining's purchase of 87% of Congling Energy, which addresses the upstream iron ore resource shortfall and aligns with national strategies for resource autonomy [2] Group 4: Strategic Significance of Acquisitions - The acquisition of Congling Energy is a key move in Baodi Mining's "resource + capital" strategy, significantly increasing its resource base and reducing transportation costs for steel companies in southern Xinjiang [3] - This acquisition is expected to enhance Baodi Mining's operational capabilities and support major infrastructure projects, thereby responding to the "Cornerstone Plan" for resource autonomy [3][4] Group 5: Broader Implications - Baodi Mining's acquisition represents a significant attempt to leverage capital for upstream resource development, contributing to the national steel industry's safety and sustainability [4] - The successful acquisition is anticipated to improve long-term shareholder returns and provide a model for building a self-sufficient industrial system within the steel sector [4]

Core Viewpoint - Baodi Mining is advancing its acquisition of Congling Energy for a total consideration of 685 million yuan, aiming to achieve 100% control over the company, despite the complexities surrounding the high valuation increase and the absence of traditional performance commitments [1][6]. Group 1: Acquisition Details - Baodi Mining plans to acquire the remaining 87% stake in Congling Energy, having previously held 13% and appointed directors and executives to manage operations [2][7]. - The valuation of Congling Energy's 100% equity is set at 840.6559 million yuan, reflecting a significant increase of 159.36% over its book value [2][7]. - The acquisition will not include traditional performance commitments; instead, it will utilize a mining rights impairment compensation arrangement [2][7]. Group 2: Reasons for No Performance Commitments - The decision to forgo performance commitments aligns with regulations and is based on factors such as the change in control of the target company and verified mining rights reserves [3][8]. - The agreed valuation is considered fair, with the transaction price reflecting a discount to the assessed value, which is beneficial for the company and its shareholders [3][8]. - This approach is consistent with recent trends among listed companies engaging in asset acquisitions without performance commitments [3][8]. Group 3: Related Transactions and Financial Interactions - The Shanghai Stock Exchange's review committee focused on the fairness of the asset valuation and the regulatory compliance of the equity transfer [4][9]. - JAAN's acquisition of a 5% stake in Congling Energy will be conducted entirely in cash, raising questions about the regulatory aspects of the equity transfer [4][9]. - The transaction is classified as a related party transaction, with Congling Industrial expected to hold over 5% of Baodi Mining post-transaction [4][9]. - Notably, Congling Energy had previously entered into a funding agreement with Baodi Construction for up to 270 million yuan due to financial constraints [4][9].

申万宏源证券承销保荐有限责任公司 关于 新疆宝地矿业股份有限公司 发行股份及支付现金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 （注册稿） 签署日期：2025 年 12 月 | 目 录 1 | | --- | | 独立财务顾问声明与承诺 5 | | 一、独立财务顾问声明 5 | | 二、独立财务顾问承诺 6 | | 释义 8 | | 一、普通名词释义 8 | | 二、专业名词释义 10 | | 重大事项提示 11 | | 一、本次交易方案简要介绍 11 | | 二、募集配套资金情况简要介绍 13 | | 三、本次交易对上市公司的影响 14 | | 四、本次交易已履行和尚未履行的决策程序及报批程序 17 | | 五、上市公司控股股东及其一致行动人对本次交易的原则性意见 18 | | 六、上市公司控股股东及其一致行动人、董事、监事及高级管理人员自本次重 | | 组预案披露之日起至实施完毕期间的股份减持计划 18 | | 七、本次交易对中小投资者权益保护的安排 18 | | 八、独立财务顾问的证券业务资格 22 | | 重大风险提示 23 | | 一、与本次交易的相关风险 23 | | 二、与标的资产 ...

证券代码：601121 证券简称：宝地矿业 公告编号：2025-077 新疆宝地矿业股份有限公司 相较公司于2025年11月28日披露的重组报告书（上会稿），本次修订的主要 内容如下（如无特别说明，本公告中的简称或释义均与重组报告书中"释义"所定 义的词语或简称具有相同的含义）： | 重组报告书章节 | 修订说明 | | --- | --- | | 目录、释义 | 对目录页码、部分释义进行更新 | | 重大事项提示 | 在"四、本次交易已履行和尚未履行的决策程序及报批程序"中更新 | | | 了本次交易已履行的程序及尚未履行的程序。 | 1 | 重组报告书章节 | 修订说明 | | --- | --- | | 第一节 本次交易概况 | 在"五、本次交易已履行和尚未履行的决策程序及报批程序"中更新 | | | 了本次交易已履行的程序及尚未履行的程序。 | | | 除上述补充和修订之外，公司对重组报告书全文进行了梳理和自查，完善了 | 少许表述与格式，对本次交易方案不构成影响。 特此公告。 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易报告书（草案）（注册稿）修订说明的公告 本公司董事会及全体董事保证本 ...

证券代码：601121 证券简称：宝地矿业 上市地点：上海证券交易所 新疆宝地矿业股份有限公司 发行股份及支付现金购买资产并 募集配套资金暨关联交易报告书 （草案）（注册稿） | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 克州葱岭实业有限公司、JAAN INVESTMENTS CO.LTD. | | 募集配套资金 | 包括新矿集团在内的不超过 35 名符合中国证监会条件的 | | | 特定投资者 | 独立财务顾问： 签署日期：二〇二五年十二月 新疆宝地矿业股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案） 上市公司声明 本公司及全体董事、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，不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性和完整 性承担相应的法律责任。 本公司董事、高级管理人员承诺：如本次交易所披露或提供的信息涉嫌虚假 记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中国证监会立案调 查的，在形成调查结论以前，本人不转让在该上市公司拥有权益的股份（如有）， 并于收到立案稽查通知的两个交易日内将 ...

证券代码：601121 证券简称：宝地矿业 上市地点：上海证券交易所 新疆宝地矿业股份有限公司 发行股份及支付现金购买资产并 募集配套资金暨关联交易报告书 （草案）摘要（注册稿） | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 克州葱岭实业有限公司、JAAN INVESTMENTS CO.LTD. | | 募集配套资金 | 包括新矿集团在内的不超过 35 名符合中国证监会条件的 | | | 特定投资者 | 独立财务顾问： 本次交易完成后，公司经营与收益的变化，由公司自行负责；因本次交易引 致的投资风险，由投资者自行负责。投资者若对本报告书存在任何疑问，应咨询 自己的股票经纪人、律师、专业会计师或其他专业顾问。 1 新疆宝地矿业股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）摘要 交易对方声明 签署日期：二〇二五年十二月 新疆宝地矿业股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）摘要 上市公司声明 本公司及全体董事、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，不存在虚假记载、误导性陈述 ...

宝地矿业公告称，拟发行股份及支付现金向克州葱岭实业购葱岭能源82%股权、支付现金向JAAN INVESTMENTS购5%股权，并向不超35名特定投资者募资。上交所重组委12月5日审核通过本次交易， 公司据此对重组报告书修订，12月10日披露注册稿。相较11月28日的上会稿，更新目录页码、部分释 义，完善重大事项提示、交易概况中已履行和未履行程序表述，还梳理自查全文，完善少许表述与格 式。 ...

Core Viewpoint - Baodi Mining's restructuring has successfully passed the review by the Shanghai Stock Exchange's M&A Review Committee, paving the way for the acquisition of an 87% stake in Xinjiang Congling Energy Co., Ltd for 685 million yuan, which will significantly enhance its iron ore resource reserves and operational capabilities [1][5][6]. Group 1: Restructuring Details - The restructuring plan involves acquiring 87% of Congling Energy for a total consideration of 685 million yuan, consisting of 893.75 million yuan in cash and 596 million yuan in shares [6]. - The overall valuation of Congling Energy is set at 841 million yuan, with a value adjustment leading to a final valuation of 788 million yuan for 100% equity [6]. - Baodi Mining aims to raise up to 560 million yuan through a private placement to specific investors, including its controlling shareholder, to fund the acquisition and related projects [6]. Group 2: Resource and Financial Impact - Post-acquisition, Baodi Mining's total iron ore resources will increase to approximately 460 million tons, representing a 21.75% increase in reserves [8]. - The acquisition will enhance Baodi Mining's operational footprint in Xinjiang, particularly in the Kizilsu region, and improve its competitive position in the iron ore market [8][11]. - Financial projections indicate that after the restructuring, Baodi Mining's revenue and net profit attributable to shareholders are expected to reach 1.552 billion yuan and 209 million yuan, respectively, reflecting increases of 29.74% and 51.35% compared to pre-restructuring figures [2][10]. Group 3: Market Position and Competitiveness - The acquisition of Congling Energy will allow Baodi Mining to control the Ziluoyi North Iron Mine, which has a reserve of 82.6611 million tons, thereby enhancing its resource base and market influence [7][8]. - The high-quality iron concentrate supply is expected to significantly increase, bolstering the company's profitability and competitive edge in the industry [11]. - Congling Energy's iron concentrate sales prices have shown volatility, with average prices recorded at 717.40 yuan/ton, 838.14 yuan/ton, and 807.83 yuan/ton from 2023 to early 2025 [11].

Core Viewpoint - Baodi Mining is steadily advancing its smart mining construction, enhancing its operational capabilities through the implementation of various technological platforms [1] Group 1: Smart Mining Development - The company is progressing with the construction of smart mining, focusing on safety management and operational efficiency [1] - A safety control platform has been established, along with resource models and three-dimensional measurement models [1] - The smart operation command center platform has been put into operation, enabling real-time and dynamic monitoring and control of mining operations [1]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 001203 大中矿业 | | 1.98(乙 | 18.84% | -6098.37万 | -5.80% | -1.37 Z | -13.04% | | 601969 海南矿业 | | 1897.24万 | 4.88% | -753.10万 | -1.94% | -1144.13万 | -2.94% | | 600295 鄂尔多斯 | | 690.74万 | 5.36% | 905.82万 | 7.02% | -1596.56万 | -12.38% | | 600382 广东明珠 | | 199.82万 | 2.66% | -49.59万 | -0.66% | -150.23万 | -2.00% | | 000923 河钢资源 | | 40.36万 | 0.15% | 105.92万 | 0.39% | -146.27万 | -0.53% | | 601121 | 宝地 ...