北京市金杜律师事务所 关于 中钨高新材料股份有限公司 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 补充法律意见书(二) 金杜律师事务所 KING&WQDD MALLESONS l 致:中钨高新材料股份有限公司 根据《公司法》《证券法》《重组管理办法》《注册管理办法》等法律、行政 法规、部门规章、规范性文件的相关规定,金杜接受中钨高新的委托,作为中钨高 新以发行股份及支付现金购买资产的方式购买五矿钨业、沃溪矿业持有的柿竹园公 司 100%股权的专项法律顾问,就中钨高新本次交易所涉及的相关事宜出具本补充 法律意见书。 为本次交易,金杜已于 2024年 6 月 17 日出具《北京市金杜律师事务所关于中 钨高新材料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 之法律意见书》(以下简称《法律意见书》);并于 2024年9月13 目出具《北京 市金杜律师事务所关于中钨高新材料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补充法律意见书(一)》（以下简称《补充法律意见书 (一)》)。 根据深交所上市审核中心于 2024 年 10 月 12 日就本次交易下发的《关于中钨 高 ...

股票代码：000657 股票简称：中钨高新 上市地点：深圳证券交易所 中钨高新材料股份有限公司 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） （修订稿） | 交易类型 | 交易对方 | | --- | --- | | 发行股份及支付现金购买资产 | 五矿钨业集团有限公司 | | | 湖南沃溪矿业投资有限公司 | | 募集配套资金 | 不超过 35 名特定投资者 | 独立财务顾问 二〇二四年十月 中钨高新材料股份有限公司 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、监事、高级管理人员保证本报告书摘要内容的真实、准确、完 整，保证不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性、 完整性承担个别和连带的法律责任。 本公司控股股东、实际控制人、全体董事、监事、高级管理人员承诺，如本次交易 因涉嫌所提供或者披露的信息存在虚假记载、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，在案件调查结论明确之前，将暂停转让其在本公 司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书 ...

北京中企华资产评估有限责任公司关于深圳证 券交易所《关于中钨高新材料股份有限公司发行 股份购买资产并募集配套资金申请的审核问询 函》中有关评估事项的核查意见 深圳证券交易所： 根据贵所出具的《关于中钨高新材料股份有限公司发行股份购买资产并募集 配套资金申请的审核问询函》（审核函〔2024〕130010 号，以下简称"审核函"）。 根据审核函的相关要求，北京中企华资产评估有限责任公司对贵所的反馈意见进 行了认真的研究和分析，并就资产评估有关问题出具了本核查意见，现将具体情 况汇报如下： 问题 1 申请文件及公开信息显示：（1）截至评估基准日 2023 年 7 月 31 日，湖南 柿竹园有色金属有限责任公司（以下简称标的资产）采矿权的评估价值为 302,446.95 万元，采矿权有效期为自 2016 年 12 月 13 日至 2026 年 12 月 12 日； （2）标的资产目前主要开采方式为地下开采，2023 年评估可采储量较前两次可 采储量之和增加 12,339.34 万吨，本次评估范围内的柿竹园露天开采境界内 10,979.97 万吨可采储量未参与前两次价款评估，亦未有偿处置；（3）2017 年财 政部、国 ...

公司于 2024 年 10 月 12 日收到深圳证券交易所上市审核中心下发的《关于 中钨高新材料股份有限公司发行股份购买资产并募集配套资金申请的审核问询 函》（审核函〔2024〕130010 号，以下简称《审核问询函》）。公司予以了高 度重视，已积极组织相关各方针对《审核问询函》的相关问题进行研究讨论并逐 项予以落实。 证券代码：000657 证券简称：中钨高新 公告编号：2024-110 中钨高新材料股份有限公司 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）修订说明的公告 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。 中钨高新材料股份有限公司（以下简称"公司"或"上市公司"）拟以发行 股份及支付现金的方式购买五矿钨业集团有限公司、湖南沃溪矿业投资有限公司 合计持有的湖南柿竹园有色金属有限责任公司（以下简称"标的公司"）100% 股权，并向不超过 35 名特定投资者发行股份募集配套资金（以下简称"本次重 组"）。 目前，公司会同中介机构完成了《审核问询函》相关问题的核查及回复，并 根据相关要求对重组报告书等相关信息披露文件予以补充更 ...

证券代码：000657 证券简称：中钨高新 公告编号：2024-109 中钨高新材料股份有限公司 关于回复深圳证券交易所《关于中钨高新材料股份有限公司 发行股份购买资产并募集配套资金申请的审核 特此公告。 中钨高新材料股份有限公司董事会 二〇二四年十月三十一日 根据《审核问询函》的要求，公司积极组织相关各方对《审核问 询函》中提出的问题进行核查、回复，并对《中钨高新材料股份有限 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）》及其摘要进行了修订、补充和完善。具体内容详见公司 于同日刊登在巨潮资讯网的《中钨高新材料股份有限公司关于深圳证 券交易所<关于中钨高新材料股份有限公司发行股份购买资产并募集 配套资金申请的审核问询函>的回复》及相关文件。 公司本次发行股份及支付现金购买资产并募集配套资金暨关联 交易事项尚需经深圳证券交易所审核通过，并经中国证券监督管理委 员会予以注册后方可实施。该事项最终能否经深圳证券交易所审核通 过并经中国证券监督管理委员会予以注册尚存在不确定性。 公司将根据上述事项的进展情况，及时履行信息披露义务，敬请 广大投资者注意投资风险。 问询函》的公告 本公司及董事会 ...

中信证券股份有限公司 关于中钨高新材料股份有限公司 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 独立财务顾问报告 （修订稿） 独立财务顾问 二〇二四年十月 3-1-1 中钨高新材料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独立财务顾问报告 独立财务顾问声明和承诺 一、独立财务顾问声明 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问本 着客观、公正的原则对本次交易出具独立财务顾问报告； （二）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提供 方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在 虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风 险责任； （三）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行 本次交易相关协议和声明或承诺的基础上出具； （四）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对投 资者根据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立财务 顾问不承担任何责任； （五）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财务 顾问报告中列载的信 ...

Summary of Conference Call Company and Industry - The conference call pertains to the company 中高新 (Zhong Gao Xin), which operates in the hard alloy tools industry. Key Points and Arguments 1. **Market Conditions and Performance** - The company faced a challenging external market environment in Q3, yet managed to achieve a revenue growth of approximately 7% year-on-year. [1][2][3] - Total sales volume of hard alloys reached 10,700 tons, marking a 3% increase year-on-year. [1] - Specific product sales showed significant growth, with micro-drills increasing by 27% to 497 million units and cutting blades rising by 24.9% to 94 million units. [1][2] 2. **Cost and Profitability Challenges** - The company experienced a decline in profitability due to rising raw material costs, with APT prices increasing by over 12%. [2][3] - Sales prices for most products decreased from January to September, contributing to profit margin pressure. [2] - The overall economic efficiency indicators showed a decline of over 20% year-on-year. [2] 3. **Research and Development Investment** - R&D investment intensity reached 4.03%, an increase of 0.4 percentage points year-on-year. [2] - The company is focused on enhancing internal management and controlling period expenses, which showed a slight decrease. [2] 4. **Asset Restructuring Plans** - The company is in the process of restructuring, with plans to integrate the 石竹源 (Shizhu Yuan) assets, which are currently under review by the Shenzhen Stock Exchange. [4][5] - The integration aims to enhance profitability and operational efficiency, with expectations for the restructuring to be completed within the year. [4][5] 5. **Future Outlook and Strategic Direction** - The company aims to strengthen its supply chain integration, ensuring a stable supply of raw materials for hard alloy production. [5][6] - Focus areas for future growth include high-end manufacturing sectors such as aerospace and automotive tools, with a commitment to innovation and quality improvement. [18][21] - The company anticipates that the overall demand for cutting tools will remain stable, driven by manufacturing upgrades and policy support. [18] 6. **Market Demand Insights** - Demand pressures are noted in both domestic and international markets, with specific sectors like 3C electronics showing resilience. [8][9] - The company is exploring new markets, particularly in Southeast Asia, while maintaining a strong presence in traditional markets like Europe. [14][15] 7. **Production Capacity and Efficiency** - The current production capacity for cutting blades is approximately 150 million units, with plans for gradual increases based on market demand. [16][17] - The company is also focusing on maintaining stable product quality despite natural declines in ore grades due to mining activities. [10] 8. **Financial Performance and Projections** - The company expects to see improvements in financial metrics post-restructuring, with a focus on enhancing gross margins through better cost management. [23][31] - The anticipated integration of Shizhu Yuan is expected to contribute positively to the overall financial performance of the company. [23][31] Other Important but Possibly Overlooked Content - The company is actively seeking acquisition opportunities in both upstream and downstream sectors to enhance its competitive edge. [28][29] - There is a strategic emphasis on not pursuing homogeneous acquisitions but rather focusing on unique technologies and innovations in the tool manufacturing sector. [28] - The company is monitoring market trends closely, particularly in the PCB and general tool sectors, to adapt its strategies accordingly. [30]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a decline in Q3 earnings, attributed to intensified industry competition and rising raw material costs. The price of tungsten concentrate has increased by 14.7% since the beginning of the year, reaching 140,500 CNY/ton as of October 25, 2024. The company's product pricing adjustments lag behind the upstream raw material costs, leading to reduced profitability [2][4] - The acquisition of Hunan Shizhu Garden Nonferrous Metals Co., which includes the Shizhu Garden tungsten mine, is expected to enhance the company's resource layout in the tungsten industry chain and improve profitability. The acquisition is valued at 5.19 billion CNY, with 4.79 billion CNY to be paid in shares and 400 million CNY in cash [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 10.23 billion CNY, a year-on-year increase of 7.1%, while net profit attributable to shareholders was 210 million CNY, a year-on-year decrease of 34.7%. The third quarter alone saw revenue of 3.42 billion CNY, a 14.0% increase year-on-year but a 10.9% decrease quarter-on-quarter [1][2] - The gross profit for Q3 was 505 million CNY, with a gross margin of 14.8%, down 1.2 percentage points year-on-year and 0.7 percentage points quarter-on-quarter. The net profit margin for Q3 was 1.7%, also reflecting a decline [2][4] - The company forecasts net profits of 292 million CNY, 772 million CNY, and 821 million CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -39.7%, +164.3%, and +6.3% [5][6]

[Table_StockInfo] 2024 年 10 月 25 日 证券研究报告•2024 年三季报点评 当前价：9.28 元 中钨高新（000657）有色金属 目标价：——元（6 个月） 盈利预测与投资建议。预计公司 2024-2026年归母净利润分别为 3.8、5.2、6.4 亿元，未来三年归母净利润复合增长率为 10%。公司为数控刀具龙头，建议关 注。 风险提示：宏观经济波动风险，资产注入或不及预期，原材料价格波动风险。 相关研究 [Table_Report] 1. 中钨高新（000657）：2024Q2 营收稳健 增长，净利润承压 (2024-08-23) 2. 中钨高新（000657）：需求弱势，业绩承 压 (2024-04-28) 3. 中钨高新（000657）：钨矿注入程序启动， 公司经营稳定性加强 (2024-01-11) 4. 中钨高新（000657）：Q3 业绩承压，需 求复苏在即 (2023-10-30) 2024Q3 营收增长提速，净利润降幅收窄 [Table_Summary] 事件：公司公布 2024 年三季报，2024Q1-Q3 公司实现营收 102.3 亿元，同比 增长 7.1 ...

Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company's Q3 2024 performance fell below expectations due to weak demand and intensified market competition [2] - The company's net profit margin and gross margin declined in Q3 2024, with gross margin dropping to 14.75% YoY [2] - The company is expected to improve profitability through increased tool production capacity and the upcoming injection of tungsten mines [2] Financial Performance - In Q1-Q3 2024, the company achieved revenue of RMB 10.229 billion, a YoY increase of 7.13%, but net profit attributable to shareholders decreased by 34.66% YoY to RMB 206 million [2] - In Q3 2024, revenue was RMB 3.422 billion, a YoY increase of 13.99%, but net profit attributable to shareholders decreased by 19.35% YoY to RMB 59 million [2] - The company's net profit margin in Q3 2024 was 2.37%, a YoY decrease of 0.75 percentage points [2] Future Prospects - The company plans to acquire 100% equity of Shizhuyuan Company, which will help complete the tungsten industry chain [2] - The company is expanding production of CNC blades and micro-drills, with expected production of 200 million CNC blades by 2025 and 700 million PCB micro-drills by the end of the 14th Five-Year Plan [2] Financial Forecasts - The company's revenue is expected to grow from RMB 13.471 billion in 2024E to RMB 15.985 billion in 2026E [3] - Net profit attributable to shareholders is forecasted to increase from RMB 282 million in 2024E to RMB 536 million in 2026E [3] - The company's PE ratio is expected to decrease from 46 in 2024E to 24 in 2026E [3] Financial Ratios - The company's gross margin is expected to improve from 15.47% in 2024E to 16.78% in 2026E [5] - ROE is forecasted to increase from 4.85% in 2024E to 8.92% in 2026E [5] - The company's debt-to-asset ratio is expected to rise from 51.98% in 2024E to 53.83% in 2026E [5]