北京市中伦律师事务所 关于焦作万方铝业股份有限公司 发行股份购买资产暨关联交易 相关主体自查期间内买卖股票情况的自查报告的 专项核查意见 二〇二五年九月 | 一、本次交易相关主体核查范围 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… - 3 - | | --- | | 二、本次交易相关主体核查期间 . | | 三、本次交易相关主体买卖焦作万方股票的核查情况 ………………………………… - 3 - | | 四、核查意见……………………………………………………………………………………………………………………… - 25 - | 北京市中伦律师事务所 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • ...

中国银河证券股份有限公司 关于焦作万方铝业股份有限公司本次交易相关主体买卖股票情 况的自查报告的核查意见 焦作万方铝业股份有限公司（以下简称"焦作万方"或"公司"或"上市公 司"）拟发行股份购买杭州锦江集团有限公司等交易对方合计持有的开曼铝业（三 门峡）有限公司（以下简称"三门峡铝业"或"标的公司"）99.4375%股权暨关 联交易（以下简称"本次交易"或"本次重组"或"本次重大资产重组"）。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》等 文件的规定及监管部门的相关要求，中国银河证券股份有限公司（以下简称"银 河证券"或"本独立财务顾问"）作为本次交易的独立财务顾问，对本次交易相 关主体买卖公司股票的情况进行了核查，具体情况如下： 一、本次交易相关主体自查期间 本次交易相关主体自查期间为上市公司首次披露本次重组事项或就本次重 组申请股票停牌（孰早）前六个月至重组报告书披露之前一日止，即 2024 年 8 月 31 日至 2025 年 8 月 22 日。 二、本次交易相关主体核查范围 本次交易相关主体核查范围包括 ...

华泰联合证券有限责任公司 关于焦作万方铝业股份有限公司本次交易相关主体买卖股票情 况的自查报告的核查意见 焦作万方铝业股份有限公司（以下简称"焦作万方"或"公司"或"上市公 司"）拟发行股份购买杭州锦江集团有限公司等交易对方合计持有的开曼铝业（三 门峡）有限公司（以下简称"三门峡铝业"或"标的公司"）99.4375%股权暨关 联交易（以下简称"本次交易"或"本次重组"或"本次重大资产重组"）。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》等 文件的规定及监管部门的相关要求，华泰联合证券有限责任公司（以下简称"华 泰联合证券"或"本独立财务顾问"）作为本次交易的独立财务顾问，对本次交 易相关主体买卖公司股票的情况进行了核查，具体情况如下： 一、本次交易相关主体自查期间 本次交易相关主体自查期间为上市公司首次披露本次重组事项或就本次重 组申请股票停牌（孰早）前六个月至重组报告书披露之前一日止，即 2024 年 8 月 31 日至 2025 年 8 月 22 日。 二、本次交易相关主体核查范围 本次交易相关主体核查范围 ...

Market Overview - On September 5, the industrial metals sector rose by 4.12% compared to the previous trading day, with Xinweiling leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Xinweiling (871634) closed at 31.28, with a gain of 7.60% and a trading volume of 48,800 shares, amounting to a transaction value of 149 million [1] - Baiyin Youse (601212) closed at 4.09, up 7.07%, with a trading volume of 4.8869 million shares and a transaction value of 1.953 billion [1] - Xizang Zhufeng (600338) closed at 12.84, gaining 7.00%, with a trading volume of 858,800 shares and a transaction value of 1.078 billion [1] - Other notable performers include Xingye Yinxin (000426) with a 5.90% increase, Guocheng Mining (000688) up 5.70%, and Dingsheng New Materials (603876) up 5.30% [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 1.36 billion in main funds, while retail funds experienced a net outflow of 298 million [1] - Major stocks like Zijin Mining (668109) had a net inflow of 756 million from main funds but a net outflow of 357 million from retail funds [2] - Jiangxi Copper (600362) reported a net inflow of 176 million from main funds, with retail funds seeing a net outflow of 131 million [2]

Core Viewpoint - The company, Jiaozuo Wanfang, reported that as of August 29, 2025, the total number of shareholders is 65,305 [2] Summary by Categories - **Company Information** - Jiaozuo Wanfang has a total of 65,305 shareholders as of the specified date [2]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Jiaozuo Wanfang Aluminum Co., Ltd, highlighting its stock price increase and market capitalization [1] - As of September 5, Jiaozuo Wanfang's stock price rose by 5.07% to 8.70 CNY per share, with a trading volume of 311 million CNY and a turnover rate of 3.10%, resulting in a total market value of 10.372 billion CNY [1] - The company's main business involves aluminum smelting and processing, with revenue composition as follows: aluminum liquid 79.46%, aluminum ingots 8.64%, aluminum alloys 7.66%, and others 4.24% [1] Group 2 - From the perspective of major circulating shareholders, a fund under Southern Fund has entered the top ten circulating shareholders of Jiaozuo Wanfang, specifically the Southern CSI 1000 ETF (512100), which holds 8.8403 million shares, accounting for 0.74% of circulating shares [2] - The Southern CSI 1000 ETF has a total scale of 64.953 billion CNY and has achieved a return of 19.41% this year, ranking 1812 out of 4222 in its category; over the past year, it has returned 56.23%, ranking 1257 out of 3795 [2]

Market Overview - On September 4, the industrial metals sector fell by 4.23%, with Huayu Mining leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers included: - Yian Technology (300328) with a closing price of 18.60, up 3.91% [1] - Asia Pacific Technology (002540) at 6.58, up 3.46% [1] - Significant decliners included: - Huayu Mining (601020) at 24.65, down 10.00% [2] - Baiyin Nonferrous (601212) at 3.82, down 9.69% [2] - Luoyang Jiyie (603993) at 12.44, down 8.86% [2] Trading Volume and Capital Flow - The industrial metals sector experienced a net outflow of 3.687 billion yuan from main funds, while retail investors saw a net inflow of 2.769 billion yuan [2][3] - The trading volume for individual stocks varied, with notable figures such as: - Huayu Mining with a trading volume of 796,900 shares [2] - Baiyin Nonferrous with 4,925,700 shares [2] Capital Inflow Analysis - Key stocks with significant main fund inflows included: - Nanshan Aluminum (600219) with a net inflow of 71.11 million yuan [3] - Tianshan Aluminum (002532) with a net inflow of 34.90 million yuan [3] - Conversely, stocks like Tianshan Aluminum saw a retail net outflow of 56.38 million yuan [3]

Group 1 - The rare earth permanent magnet sector in the A-share market has seen a significant decline, with companies like China Rare Earth and Shenghe Resources approaching their daily limit down [1] - Northern Rare Earth has dropped over 8%, while Tongcheng New Materials has decreased by more than 7% [1] - Other companies such as Aishi Chuang, Xiamen Tungsten, Guangsheng Nonferrous, and Youyan New Materials have all experienced declines exceeding 6% [1]

Core Insights - Company reported a total operating revenue of 3.309 billion yuan, an increase of 168 million yuan compared to the same period last year, achieving a 5.34% year-on-year growth [1] - Net profit attributable to shareholders reached 536 million yuan, marking a 49.06% increase year-on-year, ranking 21st among disclosed peers [1] - Operating cash flow was 462 million yuan, ranking 18th among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 18.80%, ranking 2nd among disclosed peers, down 2.74 percentage points from the previous quarter and down 3.43 percentage points year-on-year [3] - The latest gross profit margin is 17.99%, ranking 15th among disclosed peers, up 6.52 percentage points from the previous quarter and up 4.86 percentage points year-on-year [3] - Return on equity (ROE) stands at 8.09%, ranking 14th among disclosed peers, with a year-on-year increase of 2.10 percentage points [3] Earnings Per Share - The diluted earnings per share is 0.45 yuan, ranking 14th among disclosed peers, with an increase of 0.15 yuan year-on-year, achieving a 48.68% growth [3] Asset Management - The latest total asset turnover ratio is 0.41 times, up 0.01 times year-on-year, achieving a 1.42% increase [3] - The latest inventory turnover ratio is 5.55 times, ranking 7th among disclosed peers [3] Shareholding Structure - The top ten shareholders hold a total of 431 million shares, accounting for 36.16% of the total share capital [4] - The largest shareholder is Ningbo Zhongman Technology Management Co., Ltd. with an 11.87% stake [4]

Core Viewpoint - The financial performance of Jiaozuo Wanfang (000612) for the first half of 2025 shows significant growth in revenue and net profit, indicating improved profitability and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 3.309 billion yuan, a year-on-year increase of 5.34% compared to 3.141 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 536 million yuan, reflecting a substantial year-on-year increase of 49.06% from 359 million yuan [1]. - The gross profit margin improved to 17.99%, up 36.97% from 13.13% in the previous year, while the net profit margin rose to 16.20%, an increase of 41.50% from 11.45% [1]. - The total of selling, administrative, and financial expenses was 33.0436 million yuan, accounting for 1.0% of revenue, a decrease of 47.08% from 1.89% in the previous year [1]. - Earnings per share increased to 0.45 yuan, up 48.68% from 0.30 yuan [1]. Asset and Liability Changes - Cash and cash equivalents increased by 21.14% to 1.814 billion yuan, attributed to the company's profitability [1]. - Accounts receivable surged by 998.59% to 20.0679 million yuan [1]. - Interest-bearing debt decreased by 20.46% to 584 million yuan [1]. Expense and Investment Insights - Management expenses decreased by 32.99%, primarily due to lower employee compensation [5]. - Financial expenses saw a significant reduction of 166.89%, attributed to decreased interest expenses from repaying bank loans [5]. - Research and development investment increased dramatically by 869.97%, indicating a strong commitment to innovation [7]. Tax and Cash Flow Analysis - Income tax expenses rose by 76.6%, reflecting an increase in taxable income due to higher main business profits [6]. - Net cash flow from investment activities decreased by 471.35%, primarily due to increased cash outflows for financial investments [8]. Fund Holdings - The largest fund holding Jiaozuo Wanfang is HSBC Jintrust Small and Medium Cap Stock, which increased its holdings to 7.8561 million shares [9]. - The fund has shown a significant annual increase of 51.72% in net value [9].