Core Viewpoint - The company is undergoing a significant asset restructuring involving the acquisition of Advanced Assembly Materials International Ltd. (AAMI) and the divestment of its wholly-owned subsidiary, Shanghai Zhizheng New Materials Co., Ltd. [1][2] Group 1: Meeting Details - The fourth special meeting of the independent directors of the company was held on July 15, 2025, with all three independent directors present, complying with relevant laws and regulations [1]. - The meeting unanimously agreed to waive the notice period for the meeting [1]. Group 2: Transaction Overview - The company plans to acquire a stake in AAMI through a major asset swap, issuance of shares, and cash payment, while divesting 100% of its subsidiary [1]. - The cash buyback of 12.49% equity in AAMI from Hong Kong Zhixin United Co., Ltd. is recognized as part of the transaction, with a buyback amount of 437.7213 million yuan [1][2]. - The proposed equity stake in AAMI will be adjusted from 99.97% to 87.47%, and the transaction price for the assets will be revised from 3.5064312 billion yuan to 3.0687099 billion yuan [1][2]. Group 3: Compliance and Protection of Interests - The adjustments to the transaction plan are deemed beneficial for protecting the legal rights of shareholders, especially minority shareholders, and comply with relevant laws and regulations [1]. - The company has revised relevant documents to ensure compliance with the Securities Law and regulations regarding major asset restructuring [2].

Core Viewpoint - The company, Shenzhen Zhizheng High Polymer Materials Co., Ltd., is undergoing a significant asset swap and capital raising process, with Deloitte Huayong Accounting Firm providing an unqualified audit report for the financial statements of Advanced Assembly Materials International Limited for the years 2023 and 2024 [1][2]. Financial Performance - For the year 2024, the target company reported a total operating income of 248,621.11 million yuan, reflecting a year-on-year increase of 12.74%, and a net profit attributable to shareholders of 5,518.84 million yuan, which is a significant turnaround from a loss to a profit, with a year-on-year increase of 173.51% [5][6]. - The company had a high post-receivable collection rate of 92.78% for accounts receivable as of December 31, 2024, indicating strong cash flow management [6]. Market Trends - The average price of lead frames showed a slight decline in 2024, but there are signs of stabilization and recovery in prices due to reduced inventory pressure in the industry [8][9]. - The company’s lead frame products experienced a price increase in the fourth quarter of 2024, aligning with industry trends [8][9]. Customer Base and Sales Model - The company maintains a stable customer base, with the top 20 customers contributing 84.77% of total revenue in 2024, indicating a high level of customer concentration [10][13]. - The revenue from the top five customers accounted for approximately 54.90% of the main business income, demonstrating a consistent customer concentration [10][13]. Revenue Recognition Policies - The company recognizes revenue based on the transfer of control of goods to customers, which aligns with industry practices. For consignment sales, revenue is recognized when customers utilize the goods and provide usage reports [19][20]. - The revenue recognition policies are consistent with those of comparable companies in the semiconductor materials industry, ensuring compliance with industry standards [19][20].

Core Viewpoint - The document outlines the legal opinions regarding the major asset restructuring, share issuance, and cash payment for asset acquisition by Shenzhen Zhizheng High Polymer Materials Co., Ltd, including the involvement of various parties and the financial implications of the transactions [1][2][3]. Group 1: Transaction Overview - Shenzhen Zhizheng plans to acquire 87.47% of AAMI's shares through a combination of asset swaps, share issuance, and cash payments, while also raising supporting funds [3]. - The total consideration for the transaction is approximately 3.06 billion yuan (306,870.99 million yuan) for the acquisition of AAMI shares and an additional 437.72 million yuan for the buyback of shares held by Hong Kong Zhixin [3][12]. - The company aims to consolidate its control over AAMI, with an expected post-transaction ownership of about 99.97% [3]. Group 2: Legal and Regulatory Compliance - The legal opinions provided are based on the latest developments and changes occurring between September 30, 2024, and December 31, 2024, ensuring compliance with relevant laws and regulations [2][4]. - The document serves as a supplementary legal opinion to previous legal documents related to the transaction, confirming the accuracy and completeness of the facts presented [2][4]. Group 3: Stakeholder Involvement - Beijing Zhilu Asset Management Co., Ltd, a key stakeholder, has exited the transaction, transferring its interests to Advanced Semiconductor, which is now involved in the management of AAMI [5][17]. - The exit of Beijing Zhilu was influenced by the impending expiration of its private fund's term and the need to secure returns, prompting a swift transaction to avoid complications [17]. - The restructuring will lead to the appointment of two co-presidents at AAMI, with one being the current CEO of Shenzhen Leading Technology Industry Development Co., Ltd [17].

Group 1 - The core viewpoint of the article is that the adjustment of the transaction plan by Shenzhen Zhizheng High Polymer Materials Co., Ltd. does not constitute a significant change to the restructuring plan [1][4][7] - The initial plan involved acquiring 99.97% equity of Advanced Assembly Materials International Ltd. (AAMI) through asset replacement, issuance of shares, and cash payment [1][3] - The adjustment includes the exit of certain transaction parties and the transfer of their interests to other parties, which does not exceed 20% of the total equity being acquired [2][3][4] Group 2 - The adjusted plan reduces the equity acquisition of AAMI from 99.97% to 87.47%, with the transaction price for the assets adjusted from 350,643.12 million to 306,870.99 million [3][4] - The cash repurchase of AAMI's 12.49% equity from Hong Kong Zhixin United Company is no longer considered part of the major asset restructuring transaction [3][4] - The adjustments have been approved by the company's board and independent directors, fulfilling the necessary procedural requirements [6][7]

关于深圳至正高分子材料股份有限公司 重大资产置换、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：二〇二五年七月 6-1-1 上海证券交易所： 按照贵所下发的《关于深圳至正高分子材料股份有限公司重大资产置换、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〕20 号）（以下简称"审核问询函"）的要求，深 圳至正高分子材料股份有限公司（以下简称"公司"、"上市公司"或"至正股 份"）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《深圳至正高分子材料股份有限公司重大资产置换、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；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， ...

德勤华永会计师事务所(特殊普通合伙) 关于上海证券交易所《关于深圳至正高分子材料股份有限 公司重大资产置换、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〕20 号)的回复 德师报(函)字(25)第 Q00992 号 上海证券交易所： 德勤华永会计师事务所(特殊普通合伙)(以下简称"我们"或"会计师")接 受深圳至正高分子材料股份有限公司(以下简称"上市公司")委托，对先进封装 材料国际有限公司(以下简称"目标公司") 2023 年度及 2024 年度(以下简称"报 告期")财务报表，包括 2023 年 12 月 31 日及 2024 年 12 月 31 日的合并及母公 司资产负债表，2023 年度及 2024 年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司所有者权益变动表以及相关财务报表附注进行审计，并 于 2025 年 5 月 29 日出具了德师报(审)字(25)第 S00451 号无保留意见审计报告。 根据贵所于 2025 年 4 月 2 日出具的《关于深圳至正高分子材料股份有限公 司重大资产置换、发行股份及支付现金购买资产并募 ...

《关于深圳至正高分子材料股份有限公司 重大资产置换、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）》之专项核查意见 独立财务顾问 签署日期：二〇二五年七月 6-2-1 上海证券交易所： 按照贵所下发的《关于深圳至正高分子材料股份有限公司重大资产置换、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〕20 号）（以下简称"审核问询函"）的要求，华泰 联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"）作为深圳 至正高分子材料股份有限公司（以下简称"公司"、"上市公司"或"至正股份"）的 独立财务顾问，就审核问询函所列问题逐项进行了认真核查与落实，现将相关回 复说明如下。 华泰联合证券有限责任公司 请独立财务顾问对上述事项进行核查并发表明确意见。 本专项核查意见（以下简称"本核查意见"）中回复内容的报告期指 2023 年、2024 年；除此之外，如无特别说明，本核查意见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。在本核查意见中，若合计 数与各分项数值相加之和在尾数上存在差 ...

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中联资产评估咨询（上海）有限公司关于上海证券交易所《深 圳至正高分子材料股份有限公司重大资产置换、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〕20 号）资产评估 相关问题回复之核查意见 上海证券交易所： 按照贵所下发的《关于深圳至正高分子材料股份有限公司重大资产置换、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〕20 号）（以下简称"审核问询函"）的要求，中 联资产评估咨询（上海）有限公司（以下简称"中联评估"）作为本次交易的资 产评估机构，已会同上市公司与各中介机构，就贵所反馈意见要求评估师核查的 内容进行了核查及落实，现就相关问题做出书面回复如下。 6-5-1 问题一（原问题六）、关于市场法评估 重组报告书披露：（1）本次交易最终选用市场法评估结果作为本次评估结 论，市场法估值 35.26 亿元，增值率为 18.88%，资产基础法评估值为 30.85 亿 元，增值率为 4.03%；2020 年目标公司估值 3.6 亿美元，本次交易相较与 2020 年估值相比有较大提高；（2）筛选可比公 ...