Company Overview - Hubei Shuanghuan Science and Technology Stock Co., Ltd. is engaged in the production and sale of soda ash and ammonium chloride, classified under the chemical raw materials and chemical products manufacturing industry [23]. - The company was established on December 27, 1993, with a registered capital of 464,145,765 yuan and is listed on the Shenzhen Stock Exchange under the stock code 000707 [21]. Financial Performance - The company's operating revenue for the reporting period was 4,364.30 million yuan, 3,794.25 million yuan, and a significant increase of 42.45% in 2022 compared to the previous year, with net profit attributable to the parent company increasing by 106.58% [2]. - In 2023, the company faced a decline in revenue of 570.05 million yuan, a decrease of 13.06%, due to falling sales prices of its main products, soda ash and ammonium chloride, influenced by macroeconomic conditions [2][3]. - Forecasts indicate further revenue declines in 2024 and early 2025, with expected decreases of 902.94 million yuan and 218.93 million yuan, representing declines of 23.80% and 26.31%, respectively [2]. Acquisition and Investment - The company plans to use the proceeds from the stock issuance to acquire a 68.59% stake in Hongyi Company, which specializes in the production and sale of synthetic ammonia [4][14]. - Hongyi Company is expected to generate revenues of 1,072.69 million yuan and 1,280.74 million yuan in 2023 and 2024, respectively, with net profits of 153.48 million yuan and 75.17 million yuan [4]. Market Conditions - The soda ash and ammonium chloride markets have been experiencing price fluctuations due to increased production capacity in the industry, leading to a decline in sales prices [2][3]. - The average market price of synthetic ammonia is projected to decrease by 24.91% in 2024 compared to 2023, impacting the financial performance of Hongyi Company [4]. Regulatory Environment - The company operates under the supervision of the National Development and Reform Commission and the Ministry of Industry and Information Technology, which are responsible for macro management and policy formulation in the industry [23]. - The chemical industry faces strict environmental regulations, and the company is required to comply with energy-saving and emission-reduction policies [7][8]. Shareholding Structure - As of March 31, 2025, the largest shareholder, Hubei Shuanghuan Chemical Group Co., Ltd., holds 25.11% of the company's shares, with the actual controller being the Hubei Provincial State-owned Assets Supervision and Administration Commission [22][23].

湖北双环科技股份有限公司 Hubei Shuanghuan Science and Technology Stock Co., Ltd. （湖北省应城市东马坊团结大道 26 号） 2023 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 股票简称：双环科技 股票代码：000707 二〇二五年五月 1-1-1 湖北双环科技股份有限公司 募集说明书（注册稿） 湖北双环科技股份有限公司 募集说明书（注册稿） 公司声明 公司及全体董事、监事、高级管理人员保证本募集说明书不存在虚假记载、误导性 陈述或重大遗漏，对本募集说明书的真实性、准确性、完整性承担个别和连带的法律责 任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证本募集 说明书中财务会计报告真实、完整。 中国证监会、证券交易所及其他政府部门对本次向特定对象发行股票所做的任何决 定或意见，均不表明其对本公司股票的价值或投资者的收益做出实质性判断或保证。 本募集说明书按照《上市公司证券发行注册管理办法》、《公开发行证券的公司信息 披露内容与格式准则第 61 ...

鉴于公司已于 2025 年 4 月 29 日和 2025 年 4 月 30 日披露了《2024 年年度 报告及摘要》《2025 年第一季度报告》，近日，公司会同相关中介机构对与本 次发行相关的募集说明书等申请文件中涉及的相关内容进行了补充。具体内容详 见公司于 2025 年 5 月 16 日在巨潮资讯网站披露的《湖北双环科技股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书（注册稿）（财务数据更新版）》 等相关文件。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 湖北双环科技股份有限公司董事会 湖北双环科技股份有限公司（以下简称"公司"）2023 年度向特定对象发 行 A 股股票事项（以下简称"本次发行"）于 2025 年 5 月 9 日获得深圳证券交 易所审核通过（具体内容详见 2025 年 5 月 9 日巨潮资讯网站公告 2025-021）。 2025 年 5 月 16 日 公司将根据本次发行的进展情况，按照相关规定及时履行信息披露义务，敬 请广大投资者注意投资风险。 证券代码：000707 证券简称：双环科技 公告编号：2025-022 ...

北京德恒律师事务所 关于湖北双环科技股份有限公司 向特定对象发行 A 股股票的 补充法律意见（六） 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 | 目 录 1 | | --- | | 一、本次发行的批准和授权 4 | | 二、发行人本次发行的主体资格 4 | | 三、本次发行的实质条件 4 | | 四、发行人的设立 5 | | 五、发行人的独立性 5 | | 六、发行人的主要股东和实际控制人 5 | | 七、发行人的股本及其演变 6 | | 八、发行人的业务 6 | | 九、关联交易及同业竞争 7 | | 十、发行人的主要财产 26 | | 十一、发行人的重大债权债务 37 | | 十二、发行人报告期内重大资产变化及收购兼并 38 | | 十三、发行人的章程制定及修改 38 | | 十四、发行人股东大会、董事会、监事会议事规则及规范运作 39 | | 十五、发行人董事、监事、高级管理人员及其变化 39 | | 十六、发行人的税务 40 | | 十七、发行人的环境保护、安全生产和产品质量、技术标准 41 | | 十八 ...

中信证券股份有限公司 关于 湖北双环科技股份有限公司 2023年度向特定对象发行A股股票 之 上市保荐书 （注册稿） 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年五月 湖北双环科技股份有限公司 2023年度向特定对象发行A股股票之上市保荐书 声 明 中信证券股份有限公司接受湖北双环科技股份有限公司的委托，担任湖北双 环科技股份有限公司向特定对象发行 A 股股票的保荐机构，为本次发行出具上 市保荐书。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、 法规和中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所 （以下简称"深交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订 的业务规则、行业执业规范和道德准则出具上市保荐书，并保证所出具文件的真 实性、准确性和完整性。 3-3-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 释 | 义 4 | | ...

中信证券股份有限公司 关于 湖北双环科技股份有限公司 2023 年度向特定对象发行 A 股股票 之 发行保荐书 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年五月 声 明 中信证券股份有限公司（以下简称"中信证券""保荐机构"或"本保荐机 构"）接受湖北双环科技股份有限公司（以下简称"双环科技""发行人"或"公 司"）的委托，担任双环科技向特定对象发行股票项目（以下简称"本次发行"） 的保荐机构，为本次发行出具发行保荐书。 保荐机构及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保 荐业务管理办法》、《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）等有关法律、法规和中国证券监督管理委员会及深圳证券交易所的有关规 定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德 准则出具发行保荐书，并保证所出具文件的真实性、准确性和完整性。 本发行保荐书中如无特别说明，相关用语具有与《湖北双环科技股份有限公 司 2023 年度向特定对象发行 A 股股 ...

Investment Projects - The company is investing CNY 1.366 billion in the upgrade of the linked alkali project, which is expected to be operational by Q2 2025 [1] - An investment of CNY 199 million is being made for the thermal system upgrade, which is currently in trial operation [1] - A new project for 1.5 million tons of vacuum salt is in the preliminary stage [1] - A new project for 400,000 tons/year of value-added nitrogen fertilizer is also in the preliminary stage [1] - The sodium-ion battery cathode material project is in R&D and small-scale testing, with samples sent for performance testing [1] Acquisition and Financial Performance - The acquisition of Hongyi Company through a private placement has been approved by the Shenzhen Stock Exchange and is pending final registration approval [2] - Hongyi Company achieved a net profit of CNY 75.1697 million in 2024 and continued to be profitable in the first four months of 2025 [2] Growth Potential - The linked alkali upgrade project is expected to improve profitability and reduce costs once operational [3] - The thermal system upgrade is projected to save approximately CNY 11 million annually once fully operational [3] - The acquisition of Hongyi Company is anticipated to enhance the company's profitability [3] - The company plans to further improve profitability through minor production system adjustments and strict cost management [4]

Group 1: Market Dynamics - The registration pace has significantly accelerated, with a total of 594 projects currently under review, an increase of 2 from the previous period[6] - In the last two weeks, 18 new private placement projects were added, a decrease of 6 from the previous period, while 7 projects were terminated, also down by 6[6] - The average time from proposal to approval has shortened to 233 days, with a 100% approval rate for projects reviewed in the last two weeks[18] Group 2: Fundraising and Pricing - Two competitive bidding projects raised a total of 1.386 billion yuan, a decrease of 88.08% from the previous period, with a full subscription rate of 100%[32] - The average base discount rate for competitive bidding projects increased by 3.05 percentage points to 11.95%[32] - The average market discount rate for these projects rose by 3.73 percentage points to 12.76%[32] Group 3: Performance Analysis - Among the six competitive bidding projects that were unlocked, 66.67% had positive returns, a decrease of 33.33 percentage points from the previous period[43] - The average absolute return on the unlock date for these projects was 23.62%, down by 6.16 percentage points[43] - For four pricing projects, the average absolute return was -20.52%, a significant drop of 96.50 percentage points from the previous period[49] Group 4: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the competitive bidding environment[54]

Core Viewpoint - Double Ring Technology (000707.SZ) has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Share Issuance Details - The company plans to issue up to 139,243,729 shares, not exceeding 30% of its total share capital before the issuance, to raise a total of 70,896.00 million yuan [1][2] - The funds raised will be used to acquire 68.59% equity in Hongyi Company [2] Group 2: Acquisition Information - The total assessed value of Hongyi Company's equity is 103,365.89 million yuan, with an appraisal increase of 8,048.30 million yuan, representing an increase rate of 8.44% [2] - The transaction price for the 68.59% equity stake in Hongyi Company is set at 70,896.01 million yuan [2] Group 3: Regulatory and Transaction Structure - The acquisition constitutes a major asset restructuring, contingent upon the CSRC's approval of the share issuance [3] - The issuance will involve up to 35 specific investors, including the controlling shareholder, Double Ring Group, and its indirect controlling shareholder, Changjiang Industrial Group [3] Group 4: Financial Performance of Hongyi Company - Hongyi Company reported revenues of 107,268.55 million yuan and net profits of 15,347.78 million yuan for the fiscal year 2023, with projected revenues of 67,223.98 million yuan and net profits of 4,015.38 million yuan for the first half of 2024 [4] Group 5: Underwriting Information - The sponsor for this issuance is CITIC Securities Co., Ltd., with representatives Ma Xiaolu and Qin Pengyu [5]

5月9日晚间，双环科技（000707）(000707.SZ)发布公告称，公司于当日收到深圳证券交易所(以下简称 深交所)上市审核中心出具的《关于湖北双环科技股份有限公司申请向特定对象发行股票的审核中心意 见告知函》，深交所发行上市审核机构对公司向特定对象发行股票的申请文件进行了审核，认为公司符 合发行条件、上市条件和信息披露要求，后续深交所将按规定报中国证券监督管理委员会(以下简称中 国证监会)履行相关注册程序。 根据双方2021年3月签订的《湖北双环化工集团有限公司纾困重组协议》(以下简称"纾困重组协议")， 本次纾困重组主要包含三项工作：一是、降低双环科技金融债务；二是、由纾困方在上市公司体外投资 建设新合成氨装置，并在新装置建成投产后注入上市公司；三是、由宏泰集团通过无偿划转股权方式取 得双环集团控制权，并成为上市公司间接控股股东。 所有发行对象均以同一价格认购本次向特定对象发行的股票，且均以现金方式认购。目前，除双环集团 和长江产业集团以外，其他发行对象尚未确定。 本次发行募集资金总额(含发行费用)不超过7.08亿元，扣除发行费用后将用于收购宏宜公司68.59%股 权。另据了解，此次股权的交易价格由符 ...