Core Viewpoint - *ST Baoshi is undergoing a significant asset restructuring, shifting from a share issuance model to a cash payment model for the acquisition of new energy assets due to uncertainties in subsidy recovery and project implementation progress [2][3][4]. Group 1: Restructuring Details - On June 6, *ST Baoshi announced adjustments to its asset restructuring plan, opting for cash payments instead of issuing shares for the asset swap [3][4]. - The transaction involves the exchange of *ST Baoshi's bearing business assets for 100% equity of Ningxia Electric Power Investment Group's subsidiary, Ningxia Electric Power Investment New Energy Co., Ltd. [3][4]. - The transaction values the acquired new energy assets at 8.09 billion yuan and the divested assets at 4.68 billion yuan, resulting in a cash payment difference of 3.41 billion yuan [4]. Group 2: Business Transformation - Following the restructuring, *ST Baoshi will shift its main business focus from bearing production to investments and operations in wind power, solar energy, and energy storage [4][5]. - The new energy assets include approximately 680 MW of wind and solar power capacity and 300 MW/600 MWh of energy storage capacity [5]. Group 3: Financial Performance and Challenges - *ST Baoshi has faced declining revenues and profitability, with a reported revenue of 237 million yuan in 2024, down 20.46% year-on-year, and a net loss of 167 million yuan [9]. - The company has been in a continuous loss state since 2008, with its bearing business showing a negative gross margin of -4.73% in 2024 [9]. - The new energy sector is experiencing increased competition, leading to a downward trend in gross margins for the new energy assets, which were 51.63%, 39.03%, and 41.61% for 2023, 2024, and Q1 2025 respectively [6]. Group 4: Future Outlook - *ST Baoshi expresses optimism that the restructuring will enhance its profitability and financial stability, with projected net profits for the new energy assets set at no less than 75.85 million yuan for 2025 [5][10]. - The success of this restructuring in reversing the company's fortunes and avoiding delisting remains to be seen [11].

宝塔实业股份有限公司关于公司 第一大股东宝塔石化破产重整进展的公告 本公司及董事会全体成员保证信息披露的内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、事项概述 2023 年 11 月 30 日，宁夏回族自治区银川市中级人民法 院（以下简称"银川中院"）裁定受理银川银信资产管理有限公 司对宝塔实业股份有限公司（以下简称"公司""宝塔实业"）第 一大股东宝塔石化集团有限公司（以下简称"宝塔石化"）的重 整申请，宝塔石化正式进入重整程序。2024 年 3 月 14 日，银 川中院作出（2023）宁 01 破 17-1 号《民事裁定书》和《决定 书》，裁定对宝塔石化等 167 家（不含宝塔实业）公司适用关 联企业实质合并重整方式进行审理，并指定宝塔石化集团有限 公司管理人担任宝塔石化等 167 家公司实质合并重整案的管 理人。具体详见公司分别于 2023 年 11 月 17 日、2023 年 12 月 1 日、2024 年 3 月 18 日、2024 年 10 月 26 日和 2025 年 1 月 2 日在巨潮资讯网披露的《关于公司第一大股东宝塔石化被 申请破产重整的提示性公告》《关于公司第一大股 ...

证券代码：000595 证券简称：*ST宝实 公告编号：2025-065 宝塔实业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、本次交易概述 宝塔实业股份有限公司（以下简称"公司"）拟将除部分 保留资产负债以外的主要从事轴承业务的相关资产负债作为 置出资产，与宁夏电力投资集团有限公司（以下简称"交易对 方"）持有的宁夏电投新能源有限公司（以下简称"置入资产"） 差额部分，由公司以现金方式支付（以下简称"本次交易"） 本次交易将构成重大资产重组和关联交易，但不构成重 组上市。 二、本次交易的历史披露情况 第十届监事会第十二次会议，审议通过了《关于终止发行股 份购买资产并募集配套资金、撤回申请文件并拟对原重大资 产重组方案进行重大调整的议案》，同意公司撤回原重组方案 申请文件，并对原重组方案进行重大调整。具体内容详见公 司于2025年4月12日在巨潮资讯网披露的《宝塔实业股份有限 公司关于终止发行股份购买资产并募集配套资金撤回申请文 件并拟对原重大资产重组方案进行重大调整的公告》（公告编 号：2025-023）。 终止对宝塔实业股份有限公司重大 ...

证券代码：000595 证券简称：*ST宝实 公告编号：2025-065 宝塔实业股份有限公司 关于重大资产重组的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、本次交易概述 宝塔实业股份有限公司（以下简称"公司"）拟将除部分 保留资产负债以外的主要从事轴承业务的相关资产负债作为 置出资产，与宁夏电力投资集团有限公司（以下简称"交易对 方"）持有的宁夏电投新能源有限公司（以下简称"置入资产"） 100%股权的等值部分进行置换，针对置入资产和置出资产的 差额部分，由公司以现金方式支付（以下简称"本次交易"）。 2025年4月11日，公司召开第十届董事会第十五次会议和 第十届监事会第十二次会议，审议通过了《关于终止发行股 份购买资产并募集配套资金、撤回申请文件并拟对原重大资 产重组方案进行重大调整的议案》，同意公司撤回原重组方案 申请文件，并对原重组方案进行重大调整。具体内容详见公 1 司于2025年4月12日在巨潮资讯网披露的《宝塔实业股份有限 公司关于终止发行股份购买资产并募集配套资金撤回申请文 件并拟对原重大资产重组方案进行重大调整的公告》（公 ...

Core Viewpoint - *ST Baoshi has disclosed an adjusted restructuring plan, proposing to exchange all assets and liabilities, except for certain retained assets, with the 100% equity of Electric Investment New Energy held by the counterparty, with cash payment for any difference in value [1][2]. Group 1: Restructuring Plan Details - The company plans to retain cash, other current assets, long-term equity investments, other equity instrument investments, and intangible assets while exchanging the remaining assets and liabilities [1][2]. - The adjusted plan specifies that the company will issue shares to purchase the difference in value between the input and output assets from Ningxia Electric Investment [2]. - The transaction involves a total consideration of 8.09 billion yuan for the input assets and 4.68 billion yuan for the output assets, constituting a related party transaction and a major asset restructuring, but not a restructuring listing [3]. Group 2: Business Transformation - Following the transaction, the company's existing bearing business will be divested, and its main business will shift to investment, development, and operation of wind power, photovoltaic power, and energy storage stations, as well as the production and sales of marine electrical appliances [3]. - The restructuring is expected to optimize the company's industrial structure, expand future development space, enhance company value, and better protect the interests of minority shareholders [3].

Group 1 - The independent financial advisor,招商证券, confirms that there are no direct or indirect paid engagements with third parties in the transaction involving宝塔实业 [1][2] - The listed company,宝塔实业, has legally engaged招商证券 and other firms for advisory, legal, auditing, and evaluation services, with no other third-party engagements [1][2] - The actions taken by both the independent financial advisor and the listed company comply with the regulations set forth by the China Securities Regulatory Commission regarding risk prevention in investment banking [2]

招商证券股份有限公司关于宝塔实业股份有限公司本次重大资 产重组前发生业绩异常或本次重组存在拟置出资产情形之 专项核查意见 招商证券股份有限公司（以下简称"招商证券"或"独立财务顾问"）作为宝 塔实业股份有限公司（以下简称"宝塔实业"或"上市公司"）重大资产置换及 支付现金购买资产暨关联交易项目（以下简称"本次交易"或"本次重组"）的独 立财务顾问，按照中国证监会《监管规则适用指引——上市类第1号》的要求对上 市公司相关事项进行了专项核查。 本核查意见中所引用的简称和释义，如无特殊说明，与《宝塔实业股份有限 公司重大资产置换及支付现金购买资产暨关联交易报告书（草案）》中的释义相 同。 一、上市后承诺履行情况，是否存在不规范承诺、承诺未履行或未履行完毕 的情形 根据宝塔实业历年年度报告及宝塔实业出具的书面确认及承诺，并经本独立 财务顾问核查，自宝塔实业上市之日起至本专项核查意见出具日，宝塔实业、宝 塔实业控股股东及其一致行动人、持股 5%以上股东、董事、监事、高级管理人 员作出及履行的主要公开承诺（不包括本次交易中相关方就本次交易作出的承诺） 及该等承诺履行情况见附件所示。 经核查，独立财务顾问认为，自宝塔实业上 ...

独立财务顾问核查意见 深圳证券交易所： 宝塔实业股份有限公司（以下简称"上市公司"或"宝塔实业"）拟将除部 分保留资产负债以外的主要从事轴承业务的相关资产负债作为置出资产，与宁夏 电力投资集团有限公司（以下简称"交易对方"或"宁夏电投"）持有的宁夏电 投新能源有限公司（以下简称"标的公司"或"电投新能源"）100%股权即置入 资产的等值部分进行置换。置出资产将由宁夏电投全资子公司宁夏金天制造有限 公司承接。针对置入资产和置出资产的差额部分，由上市公司支付现金向交易对 方购买（以下简称"本次交易"）。中国国际金融股份有限公司（以下简称"独立 财务顾问"）作为宝塔实业本次交易的独立财务顾问。 鉴于宝塔实业不属于创业板上市公司，且本次交易不构成重组上市，不适用 中国证券监督管理委员会关于重大资产重组对板块定位的要求，因此独立财务顾 问无需出具此项核查意见。 （以下无正文） （本文无正文，为《中国国际金融股份有限公司关于宝塔实业股份有限公司重大 资产置换及支付现金购买资产暨关联交易符合中国证监会关于重大资产重组对 板块定位的要求的独立财务顾问核查意见》之签章页） 法定代表人或授权代表： 王曙光 中国国际金融股份有限公 ...

Core Viewpoint - The company is undergoing a significant asset restructuring involving the acquisition of 100% equity in Ningxia Electric Power Investment New Energy Co., Ltd. through asset replacement and cash payment, which is expected to enhance its operational capabilities in the renewable energy sector [6][7][10]. Group 1: Company Overview - Baota Industrial Co., Ltd. was established with a registered capital of 98 million yuan and is listed on the Shenzhen Stock Exchange since April 19, 1996 [4][5]. - The company operates in industrial manufacturing, bearing processing, steel sales, and the production of pressure pipeline components [5]. Group 2: Major Asset Restructuring - The restructuring plan includes the exchange of all assets and liabilities, except for cash and certain investments, for the 100% equity of Ningxia Electric Power Investment Group [6][7]. - The transaction will involve the transfer of various assets such as long-term equity investments, accounts receivable, fixed assets, and intangible assets, while liabilities will include long-term loans and accounts payable [7][9]. Group 3: Financial Reporting Basis - The pro forma consolidated financial statements are prepared based on the assumption that the restructuring is completed as of January 1, 2024, and reflect the new ownership structure [8][10]. - The financial statements do not recognize goodwill or current profits due to the nature of the transaction being treated as an equity transaction under common control [9][10]. Group 4: Accounting Policies - The company adopts a 12-month accounting cycle and uses the Chinese yuan as its functional currency [12]. - The financial statements are prepared in accordance with the relevant accounting standards, ensuring a true and complete reflection of the company's financial position and operating results [11][12].

Core Viewpoint - The report provides a detailed examination of the financial performance and operational integrity of Ningxia Electric Power Investment Group Co., Ltd.'s subsidiary, Ningxia Electric Power Investment New Energy Co., Ltd., in the context of a significant asset swap and share issuance by Baota Industrial Co., Ltd. [1] Group 1: Company Overview - Ningxia Electric Power Investment New Energy Co., Ltd. is primarily engaged in the investment, development, and operation of photovoltaic, wind power, and energy storage projects, with a total grid-connected capacity of approximately 680 MW for solar and wind power, and 300 MW/600 MWh for energy storage [2][3] - The company is located in the Sun Mountain Development Zone of Wuzhong City, Ningxia, and was established on July 2, 2010, with a registered capital of 680.51 million yuan [2][3] Group 2: Financial Performance - For the reporting period, the company's operating revenue was 39,094.63 million yuan in 2024, up from 33,085.51 million yuan in 2023, indicating a growth of approximately 18.2% [3][4] - The net profit for 2024 was reported at 6,023.85 million yuan, compared to 8,203.71 million yuan in 2023, reflecting a decrease of about 26.6% [3][4] - The gross profit margin for the company's wind power business was 56.56% in 2024, while the photovoltaic and energy storage businesses had gross profit margins of 28.87% and 28.72%, respectively [4][5] Group 3: Revenue and Cost Verification - The audit confirmed that the revenue recognition policies of the company were reasonable and in line with industry standards, with a significant portion of revenue derived from major clients [6][12] - The audit also included a thorough examination of the company's cost structure, confirming that the operating costs were accurately recorded and aligned with the revenue generated [10][11] - The total expenses for the reporting period were 9,627.23 million yuan in 2024, with financial expenses constituting a significant portion of the total [10][11]