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 | 第二节 上市公司基本情况 58 | | --- | | 一、基本信息 58 | | 二、设立与股本变动情况 58 | | 三、最近三十六个月的控股权变动情况 66 | | 四、最近三年重大资产重组的情况 66 | | 五、控股股东及实际控制人情况 67 | | 六、最近三年主营业务发展情况和主要财务指标 71 | | 七、上市公司合法合规情况 73 | | 八、本次交易导致的股权控制结构的预计变化情况 74 | | 第三节 交易对方基本情况 75 | | 一、发行股份及支付现金购买资产的交易对方 75 | | 二、募集配套资金的认购对象 86 | | 三、交易对方其他事项说明 86 | | 第四节 交易标的基本情况 90 | | 一、标的公司基本情况 90 | | 二、历史沿革 90 | | 三、股东出资及合法存续情况 96 | | 四、产权控制关系 96 | | 五、主要资产情况、负债情况、或有负债情况及资产权属情况 97 | | 六、资产对外担保、抵押、质押等权利限制以及诉讼、仲 ...

公司将根据本次交易的进展情况，严格按照相关法律法规的规定履行有关审批 程序及信息披露义务，所有信息均以在公司指定信息披露媒体刊登的公告为准。敬 证券代码：601121 证券简称：宝地矿业 公告编号：2025-073 新疆宝地矿业股份有限公司 关于收到上海证券交易所审核中心意见落实函的公告 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法律责任。 新疆宝地矿业股份有限公司（以下简称"公司"）拟通过发行股份及支付现金 的方式向克州葱岭实业有限公司购买新疆葱岭能源有限公司（以下简称"葱岭能源"） 82%股权、拟通过支付现金的方式向 JAAN INVESTMENTS CO. LTD.购买葱岭能源 5% 股权，并向包括新疆地矿投资（集团）有限责任公司在内的不超过 35 名符合中国证 监会条件的特定投资者发行股份募集配套资金（以下简称"本次交易"）。 2025 年 11 月 27 日，公司收到上海证券交易所出具的《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申请的审核中心 意见落实函》（上证上审（并购重组）〔20 ...

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（上会稿） | 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 名符合中国证监会条件的 35 | | | 特定投资者 | 独立财务顾问： 签署日期：二〇二五年十一月 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 ...

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）（上会稿） | 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：二〇二五年十一月 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暂停转让的书面申请和股票账户提交 上市公司董事会，由董事会代其向证券交易所和证券登 ...

新疆宝地矿业股份有限公司 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）（上会稿）修订说明的公告 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法律责任。 新疆宝地矿业股份有限公司（以下简称"上市公司"或"公司"）拟通过发 行股份及支付现金的方式向克州葱岭实业有限公司购买新疆葱岭能源有限公司 （以下简称"葱岭能源"）82%股权、拟通过支付现金的方式向JAAN INVESTMENTS CO.LTD.购买葱岭能源5%股权，并向包括新疆地矿投资（集团）有限责任公司在内 的不超过35名符合中国证监会条件的特定投资者发行股份募集配套资金（以下简 称"本次交易"）。 2025年11月27日，公司收到上海证券交易所下发的《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申请的审核中 心意见落实函》（上证上审（并购重组）〔2025〕98号），并于2025年11月28日 披露了《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）（上会稿）》等文件，具体内容详 ...

Core Viewpoint - The acquisition of 87% of Congling Energy by Baodi Mining is deemed necessary and commercially reasonable, with fair pricing and a signed impairment compensation agreement, despite no performance commitments being set [1][8]. Transaction Background and Key Details - Baodi Mining plans to acquire 87% of Congling Energy through a combination of issuing shares and cash, achieving full control post-transaction. Prior to this, Baodi Mining held a 13% stake in Congling Energy. The core asset, the mining rights of Ziluoyi North Iron Mine, is valued at 469 million yuan, with a total transaction price of 685 million yuan. This acquisition will increase Baodi Mining's iron ore reserves from 380 million tons to approximately 460 million tons, a 21.75% increase, and enhance iron concentrate production capacity by 23.53% to 1.3622 million tons per year [2]. Financing and Equity Pledge Review - The independent financial advisor confirmed that the 270 million yuan financing provided by Baodi Construction to Congling Energy aligns with industry practices. As of March 31, 2025, the actual financing balance is 131.5 million yuan, with interest calculated at the bank's prevailing loan rate. The total interest accrued from 2023 to 2024 is 5.1303 million yuan. Regarding equity pledges, 38% of Congling Energy's shares were initially pledged to Baodi Construction, later converted to a pledge of 46.4% of the shares held by the actual controller, which was fully released by September 2025, not affecting the control of the target company [3]. Control and Transaction Necessity Analysis - The financial advisor noted that although Baodi Mining had previously appointed directors to participate in operations, Congling Industrial controlled the board and key operational decisions. This transaction is independent of the prior stake acquisition, with distinct timelines, pricing bases, and decision-making processes. Baodi Mining's capacity utilization rates for 2023 and 2024 are projected at 104.93% and 115.33%, respectively, with a sales rate exceeding 86%. The acquisition is expected to alleviate capacity pressure and expand Baodi Mining's presence in southern Xinjiang, aligning with the anticipated demand growth from the steel industry upgrade and the new Tibet Railway construction [4]. Performance Commitment Arrangements and Share Lock-up - The transaction does not include performance commitments due to the nature of the counterparty being a non-listed related party and not involving a change in control, in accordance with regulations. To protect investor interests, a compensation agreement for asset impairment has been signed, allowing Congling Industrial to compensate using 20% of the shares obtained from the transaction in case of impairment. Additionally, Congling Industrial has committed to extending the lock-up period of 10% of the shares obtained from the transaction by 24 months, with a pledge ratio not exceeding 90% during the statutory lock-up period. This arrangement aims to balance transaction security and liquidity [5]. Integration Plan and Risk Considerations - Post-transaction, Baodi Mining will restructure the board of the target company, appointing an executive director and a financial manager to achieve integrated management. The core team of the target company will remain stable, with existing mining capacity plans unchanged at 3.2 million tons per year for open-pit mining and 2.95 million tons per year for underground mining. Despite strong business synergies, the financial advisor cautioned that differences in management styles and corporate cultures could pose integration risks, which have been adequately disclosed in the restructuring report [6]. Valuation Reasonableness and Comparison - The transaction employs an asset-based valuation method, showing a value increase rate of 159.36%, with a price-to-earnings ratio of 9.27 and a price-to-book ratio of 2.81, both lower than the average of comparable transactions (9.69 for P/E and 2.83 for P/B). Key valuation parameters include an average iron concentrate sales price of 739.45 yuan per ton over the past five years and a discount rate of 8.04%, all within reasonable ranges. The mining rights assessment utilizes a resource reserve of 82.6781 million tons, slightly above the 82.6661 million tons reported in 2024, with the difference attributed to accounting standards, confirming the overall fairness of the valuation [7].

Core Viewpoint - The acquisition of Xinjiang Congling Energy Co., Ltd. by Baodi Mining involves an asset evaluation that shows a significant increase in asset value, with a final valuation of 841 million yuan, reflecting a 159.36% increase over the book net asset value [1][5]. Group 1: Evaluation Methodology - The evaluation of Congling Energy's 100% equity was conducted using both the asset-based approach and the income approach, with the asset-based approach yielding a valuation of 840.66 million yuan and the income approach yielding 848.51 million yuan, resulting in a minimal difference of 0.93% [2]. - The asset-based approach was chosen due to its reliability for resource-based companies, as it minimizes the influence of future income predictions and better reflects the fair value as of the evaluation date [2][4]. Group 2: Asset Valuation Breakdown - Non-current assets accounted for 99.89% of the total valuation increase, with non-current assets increasing by 515.99 million yuan, while current assets saw a minor increase of 0.52 million yuan [3]. - The valuation of mining rights, particularly for the Ziluoyi North Iron Mine, was a major contributor, with an assessed value of 469.39 million yuan based on discounted cash flow methods [4]. Group 3: Comparison with Previous Evaluations - The current evaluation shows an increase of 294 million yuan (53.90%) compared to the previous assessment in 2022, primarily due to the inclusion of previously unrecorded resource quantities [5]. - Key parameters in the current evaluation were selected more conservatively, with adjustments in recovery rates and discount rates, leading to a fair valuation compared to industry averages [5]. Group 4: Inventory and Liability Assessment - Inventory was assessed at 136.68 million yuan, reflecting an increase of 6.66 million yuan, with the valuation of iron concentrate inventory confirming the assessment's reasonableness [7]. - Liabilities, specifically employee welfare fees, were assessed at zero based on regulatory guidelines, aligning with industry practices [7]. Group 5: Overall Assessment Validity - Independent financial advisors and evaluators confirmed that the evaluation methods used are consistent with comparable industry cases, and the reasons for asset value changes are clear and reasonable [6].

Group 1 - Baodi Mining announced the convening of its 18th board meeting on November 24, 2025, to discuss the signing of a impairment compensation agreement with Kizilsu Kirghiz Autonomous Prefecture [1] - For the year 2024, Baodi Mining's revenue composition is 98.11% from iron ore mining and selection, with other businesses contributing 1.89% [1] Group 2 - Baodi Mining's market capitalization is currently 5.6 billion yuan [2] - The strategic placement of Dapeng Industrial has resulted in significant gains for its controlling shareholder, with a subscription price of 9 yuan and a first-day listing price of 118 yuan, yielding a profit of 24.92 million yuan for the controlling shareholder and his brother [2]

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 暨关联交易申请的审核问询函 之回复报告 （修订稿） 独立财务顾问 签署日期：二〇二五年十一月 上海证券交易所： 按照贵所下发的《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申请的审核问询函》（上证上审（并购重组）〔2025〕 61 号）（以下简称"审核问询函"）的要求，新疆宝地矿业股份有限公司（以 下简称"公司"、"上市公司"或"宝地矿业"）及相关中介机构就审核问询函 所提问题进行了认真讨论分析，并按照要求在《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）（修订稿）》 （以下简称"重组报告书"） 中进行了补充披露，现将相关回复说明如下。 本审核问询函回复（以下简称"本回复"）中回复内容的报告期指 2023 年、 2024 年、2025 年 1-3 月；除此之外，如无特别说明，本回复所述的词语或简称 与重组报告书中"释义"所定义的词语或简称具有相关的含义。在本回复中，若 合计数与各分项数值相加之和在尾数上存在差异，均为四舍五入所致。本回复所 引用的财务数据和财务 ...

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 暨关联交易申请的审核问询函 之回复报告 天津华夏金信资产评估有限公司 二〇二五年十一月 6-5-1-1 上海证券交易所： 按照贵所下发的《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申请的审核问询函》（上证上审（并购重组） 〔2025〕61 号）（以下简称"审核问询函"）的要求，新疆宝地矿业股份有限 公司（以下简称"公司"、"上市公司"或"宝地矿业"）及相关中介机构就审 核问询函所提问题进行了认真讨论分析，并按照要求在《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）（修 订稿）》（以下简称"重组报告书"） 中进行了补充披露，现将相关回复说明 如下。 如无特别说明，本回复所述的词语或简称与重组报告书中"释义"所定义的 词语或简称具有相关的含义。在本回复中，若合计数与各分项数值相加之和在尾 数上存在差异，均为四舍五入所致。本回复所引用的财务数据和财务指标，如无 特殊说明，指合并报表口径的财务数据和根据该类财务数据计算的财务指标。 | 审核问询函所列问题 | 黑体（ ...