Core Viewpoint - Jiangsu Suyuan Jingshen Co., Ltd. plans to raise 1.8 billion yuan for the "Comprehensive Utilization Project of Brine Salt Production in Gas Storage" with an expected internal rate of return of 8.08% and a payback period of 10.32 years [1] Group 1: Project Overview - The project involves an investment of 1.889 billion yuan, aiming to increase solid salt production capacity by 3 million tons per year and liquid salt capacity by 1.5 million cubic meters per year [1] - The project will utilize mature MVR salt production technology and does not involve new product development [2] - The investment structure includes 28.2% for construction, 35.2% for equipment purchase, and 14.8% for installation, with a total of 13.6% for contingency and working capital [2] Group 2: Financial Projections - The project is expected to generate an average annual revenue of 791.94 million yuan, with industrial salt accounting for 92.6% of the revenue [3] - The estimated gross margin upon reaching full production is 17.41%, with industrial salt and brine margins at 15.36% and 43.10%, respectively [3] Group 3: Funding Necessity - The company faces a funding gap of 2.12 billion yuan over the next three years, primarily due to 41 investment projects requiring a total of 4.499 billion yuan [4] - The project financing of 1.8 billion yuan will cover 95.3% of the total project investment [4] Group 4: Operational Challenges - The company has experienced a decline in revenue, with projected decreases of 4.80% and 5.95% for 2022 and 2023, respectively, attributed to falling prices of industrial salt and soda ash [5] - As of mid-2025, the company reported a cash balance of 2.24 billion yuan, with 95.6% in bank deposits [5] Group 5: Strategic Investments - The company has clarified that its long-term equity investments are strategic and related to its main business, not classified as financial investments [6] - The salt and energy storage strategy is expected to generate additional rental income from related projects [7]

Core Viewpoint - Su Yan Jingshen (603299.SH) has disclosed information regarding its recent financial data, revealing that two core equity investments total over 439 million yuan, classified as non-financial investments, prompting inquiries from the Shanghai Stock Exchange [1] Investment Details - The largest investment of 425 million yuan is in Jiangsu Guoxin Su Yan Energy Storage Power Co., Ltd., aimed at constructing one of the world's largest compressed air energy storage projects, the Huai'an Salt Cavern Energy Storage Project, utilizing existing salt cavern resources [1] - The project is referred to as the "air charging treasure," and a long-term lease agreement has been signed, expected to generate stable asset income, with annual salt cavern rental income projected at approximately 14.55 million yuan [1] Additional Investments - Approximately 14 million yuan is distributed among three companies: - A stake in Jiangsu New Energy Investment Management Co., Ltd., aimed at integrating renewable energy resources and expanding salt cavern energy storage scenarios, currently in the planning stage [1] - An investment in Jiangsu Guanggang Gas Jingshen Small Molecule Storage Co., Ltd., focusing on the new field of helium storage in salt caverns, with an expected annual rental income of about 3 million yuan [1] - An early investment in Zhangjiagang New Supply Fresh Fresh Distribution Co., Ltd., aimed at expanding sales channels, currently contributing minimally to business [1] Strategic Focus - Su Yan Jingshen emphasizes that these investments support the company's "salt + energy storage" strategic transformation, primarily aimed at acquiring key technologies, market channels, and resource synergies, rather than pursuing short-term financial returns [1]

Core Points - Jiangsu Suyuan Jingshen Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific object stock issuance on October 24, 2025 [1][2] - The company has conducted thorough research and addressed the questions raised in the inquiry letter, making necessary revisions to the application documents [1] - The issuance of A-shares is subject to approval by the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2] Summary by Sections - **Company Announcement**: The board of directors of Jiangsu Suyuan Jingshen Co., Ltd. assures that the announcement contains no false records, misleading statements, or significant omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1] - **Inquiry Response**: The company has responded to the inquiry letter by providing explanations and justifications for the issues raised, along with supplementary and revised application documents [1] - **Regulatory Approval**: The company's plan to issue A-shares requires approval from the Shanghai Stock Exchange and registration from the China Securities Regulatory Commission, with the outcome and timing remaining uncertain [2]

股票简称：苏盐井神 股票代码：603299 江苏苏盐井神股份有限公司 （JIANG SU SUYAN JINGSHEN CO., LTD.） 2025 年度向特定对象发行 A 股股票 募集说明书 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 公告日期：2025 年 11 月 （江苏省淮安市淮安区海棠大道 18 号） 江苏苏盐井神股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书 公司声明 1、本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料 不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性 承担相应的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中 财务会计资料真实、完整。 3、中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定 或意见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保 证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性 判断或保证。任何与之相反的声明均属虚假不实陈述。 4、根据《证券法》的规定，证券依法发行后，发行 ...

北京浩天（上海）律师事务所 关于江苏苏盐井神股份有限公司 2025年度向特定对象发行A股股票的 补充法律意见书（一） 二〇二五年十一月 | | | 补充法律意见书（一） 北京浩天（上海）律师事务所 关于江苏苏盐井神股份有限公司 2025年度向特定对象发行A股股票的 补充法律意见书（一） 致：江苏苏盐井神股份有限公司 北京浩天（上海）律师事务所（以下简称"本所"）受江苏苏盐井神股份有 限公司（以下简称"发行人"、"公司"或"苏盐井神"）委托，担任公司 2025 年度向特定对象发行 A 股股票（以下简称"本次发行"）事宜的专项法律顾问， 并出具了《北京浩天（上海）律师事务所关于江苏苏盐井神股份有限公司 2025 年度向特定对象发行 A 股股票的法律意见书》《北京浩天（上海）律师事务所关 于江苏苏盐井神股份有限公司 2025 年度向特定对象发行 A 股股票的律师工作报 告》（以下合称"前述法律意见书和律师工作报告"）。 2025 年 10 月 24 日，上海证券交易所下发了《关于江苏苏盐井神股份有限 公司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕 313 号，以下简称"《审核问询函》" ...

关于江苏苏盐井神股份有限公司 向特定对象发行股票申请文件的审核问询函 的回复 XYZH/2025NJAS1F0035 江苏苏盐井神股份有限公司 上海证券交易所： 信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和、申报会计师或我 们"）作为江苏苏盐井神股份有限公司（以下简称"苏盐井神公司或发行人"向特定对 象发行股票的申报会计师，已就贵所于 2025 年 10 月 24 日出具的《关于江苏苏盐井神 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》（上证上审（再融资） 〔2025〕313 号）（以下简称"问询函"）中要求申报会计师进行核查的相关问题或事项 进行了审慎核查。提供真实、完整的相关资料并如实回复问询函所问询的问题或事项是 江苏苏盐井神股份有限公司管理当局的责任，我们的责任是在执行审计工作的基础上， 通过对发行人提供的相关资料和回复内容进行核查，对问询函中要求申报会计师核查的 相关问题或事项发表核查意见。 我们现将问询函中要求申报会计师核查的相关问题或事项逐项回复如下： 7-2-1 | 问题 | 1.关于本次募投项目 | 3 | | --- | --- | --- | | 问题 | 2.关于经 ...

公司本次向特定对象发行A股股票事项尚需经上交所审核通过、中国证券监 督管理委员会（以下简称"中国证监会"）同意注册后方可实施，最终能否通过 上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不确定性。公司 将根据该事项的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。 江苏苏盐井神股份有限公司董事会 江苏苏盐井神股份有限公司关于向特定对象发行 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。 江苏苏盐井神股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日收 到上海证券交易所（以下简称"上交所"）出具的《关于江苏苏盐井神股份有限 公司向特定对象发行股票申请文件的审核问询函》（上证上审(再融资)〔2025〕 313 号）（以下简称"《审核问询函》"）。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，按《审核问询函》要求对有关问题进行 了说明和论证，并对募集说明书等申请文件进行了补充和修订。 ...

江苏苏盐井神股份有限公司 与 华泰联合证券有限责任公司 关于江苏苏盐井神股份有限公司 向特定对象发行股票申请文件的审核问询函的 回复报告 保荐人（主承销商） 住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401 上海证券交易所： 根据贵所于 2025 年 10 月 24 日出具的《关于江苏苏盐井神股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕313 号）（以下简称"问询函"）的相关要求，江苏苏盐井神股份有限公司（以下简 称"公司"、"上市公司"、"发行人"或"苏盐井神"）与华泰联合证券有限 责任公司（以下简称"华泰联合证券"、"保荐人"）、北京浩天（上海）律师 事务所（以下简称"律师"）、信永中和会计师事务所（特殊普通合伙）（以下 简称"会计师"、"信永中和"）等相关方对问询函所列问题进行了核查，对申 请材料进行了修改、补充和说明。现对问询函的落实和募集说明书的修改情况逐 条书面回复，并提交贵所，请予审核。 说明： 1、如无特别说明，本回复报告中使用的简称或名词释义与《江苏苏盐井神 股份有限公司 2025 年度向特定对象发行 A 股股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is under pressure at the bottom of the cycle, but profits from salt cavern gas storage are expected to be released [6] - The company has a cost advantage in its salt chemical main business and is entering a new growth phase with the implementation of salt cavern gas storage [9] Summary by Sections Market Performance - The closing price is 10.67 yuan, with a market cap of 8,340.29 million yuan and a circulating market cap of 8,293.23 million yuan [4] Financial Data - For 2025, the company is projected to have revenues of 5,092 million yuan, a decrease of 4.72% year-on-year, and a net profit of 556 million yuan, a decrease of 27.74% year-on-year [8] - The company reported a revenue of 33.6 billion yuan for the first three quarters of 2025, down 17.0% year-on-year, and a net profit of 4.1 billion yuan, down 37.5% year-on-year [9] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 5.6 billion yuan, 6.6 billion yuan, and 7.7 billion yuan, with corresponding growth rates of -27.7%, +18.1%, and +17.8% [9] - The current price-to-earnings ratios are projected to be 15.0, 12.7, and 10.8 for 2025, 2026, and 2027 respectively [9] Business Insights - The company has shown resilience in performance despite industry pressures, with a production increase of 6.8% in salt and salt chemical products during the first three quarters of 2025 [9] - The salt cavern gas storage project is expected to start contributing profits in Q4 2025, marking a new growth opportunity for the company [9]

Group 1 - On November 2, no A-share listed companies disclosed any increase in shareholding [1] - Five A-share listed companies disclosed share reductions, including Yongzhen Co., Jinli Permanent Magnet, Rongqi Technology, Huafeng Measurement and Control, and Jinmo Technology [1] Group 2 - Yongzhen Co. shareholders Junlian Xiangdao and Junlian Jiama plan to reduce their holdings by no more than 3% of the company's shares [2] - Jinli Permanent Magnet's directors and senior executives plan to collectively reduce their holdings by no more than 0.15% [2] - Rongqi Technology's employee strategic placement asset management plan intends to reduce holdings by no more than 1.32% [2] - Huafeng Measurement and Control's controlling shareholder plans to reduce holdings by no more than 2% [2] - Jinmo Technology's shareholders plan to reduce holdings by no more than 3% [2]