Core Viewpoint - Anhui Guofeng New Materials Co., Ltd. is undergoing a significant asset acquisition and fundraising process, with a focus on functional coating composite materials, particularly in the electronic display sector, which is expected to see substantial revenue growth in the coming years [1][2]. Group 1: Transaction Evaluation - The valuation of the target assets is based on the income approach, with a total equity value of 1.213 billion yuan and an appreciation rate of 128.11% as of the evaluation base date [1]. - Revenue growth for the target assets is projected to be driven primarily by precision functional film materials, with expected revenues from 2025 to 2029 of 92 million yuan, 224 million yuan, 350 million yuan, 427 million yuan, and 463 million yuan, reflecting growth rates of 144.08%, 56.28%, and a continuous increase in gross margin [1][2]. - The optical protection film materials for electronic screens are expected to generate revenues of 770 million yuan, 774 million yuan, 776 million yuan, 778 million yuan, and 780 million yuan from 2025 to 2029, with a year-on-year growth of 22.66% in 2025 [1][2]. Group 2: Market Potential and Trends - The downstream application fields for functional coating composite materials include consumer electronics and new displays, characterized by rapid technological innovation and product launches [1]. - The global LCD panel market is projected to grow, with China's share expected to increase significantly, indicating a strong domestic demand for related materials [11][13]. - The OLED display market is also expanding rapidly, driven by increasing demand for high-end display technologies in smartphones and televisions, with a projected compound annual growth rate of 40.6% from 2023 to 2028 [15][19]. Group 3: Competitive Advantages - The company has established itself as a key supplier for major manufacturers like Samsung, indicating its products meet high-quality standards and have significant market acceptance [21][22]. - The company has developed a comprehensive supply chain and production capabilities, allowing for cost control and rapid response to market demands, which enhances its competitive position against both imported and domestic products [23][24]. - The company’s focus on R&D and technological advancements has enabled it to achieve performance levels that meet or exceed international standards, providing a strong foundation for future growth [21][24].

Core Viewpoint - The news discusses the special verification opinion regarding Anhui Guofeng New Materials Co., Ltd.'s issuance of shares to purchase assets and raise supporting funds, focusing on the performance and operational status of the target asset, Jinzhang Technology Co., Ltd. Group 1: Performance and Operational Status of Target Asset - Jinzhang Technology's main business involves the research, production, and sales of functional coating composite materials, with key products including optical protective films for electronic screens and precision functional films for electronic processes [2][3] - The main business revenue of Jinzhang Technology was 574 million yuan and 654 million yuan, with a year-on-year growth of 95.52% and 95.99% in 2024 [2] - The gross profit margins for the optical protective films were 16.13% and 19.92%, while for precision functional films, they were 8.75% and 12.59%, with the increase in gross profit margin attributed to a higher proportion of high-margin anti-static film revenue [2] - The asset's short-term and long-term borrowings totaled 92.59 million yuan and 113.06 million yuan, with financial expenses of 3.70 million yuan and 1.26 million yuan, and a net profit increase of 76.28% [2] - The production capacity utilization rates for the optical protective films were 61.97% and 70.96%, calculated based on coating processes and production plans [2] Group 2: Industry Context and Competitive Landscape - The functional coating composite materials industry is technology-intensive and is currently in its early development stage in China, with many small to medium-sized enterprises and significant technological gaps compared to leading global firms [3][4] - The rapid development of downstream applications such as consumer electronics, new displays, large-scale integrated circuits, and new energy batteries is driving the growth of the industry [3] - The smartphone market, as a key application area for optical protective films, is experiencing a transformation with the increasing penetration of 4G and 5G technologies, leading to a surge in smartphone demand [3][4] - The global and Chinese smartphone shipments are projected to rise from 1.204 billion to 1.223 billion units from 2022 to 2024, indicating a recovery in global smartphone demand [3][4] Group 3: Financial Data and Trends - The financial data from 2020 to 2024 shows that the total assets and net assets of the target company have experienced minor fluctuations, with total assets of 531.77 million yuan and net assets of 649.70 million yuan [5][6] - The revenue from the optical protective films consistently accounted for over 89% of the total revenue during the reporting period, indicating a strong reliance on this product line [5][6] - The sales structure has shifted towards anti-static and privacy films, which have seen increased market demand, leading to revenue growth in these segments [7][8]

Core Viewpoint - The document outlines the legal opinions regarding the acquisition of assets by Anhui Guofeng New Materials Co., Ltd. through the issuance of shares and cash payment, along with the associated fundraising and related party transactions [1][2]. Group 1: Legal Framework and Compliance - The law firm Anhui Tianhe has been appointed to provide legal advice on the transaction, ensuring compliance with relevant laws and regulations such as the Company Law and Securities Law [1][2]. - The firm has issued previous legal opinions and supplementary opinions regarding the transaction, indicating a thorough review process [2][3]. Group 2: Employee Stock Ownership Plan - The document discusses the employee stock ownership platform, Taohu Jinzhang Enterprise Management Consulting Partnership, which has undergone multiple changes in partnership shares, raising questions about the valuation and transfer pricing [3][4]. - The historical performance and valuation of the target assets are scrutinized, particularly regarding the differences in share repurchase prices compared to previous capital increases [4][12]. Group 3: Valuation and Pricing - The valuation for the capital increase in January 2022 was set at 12.031 yuan per share, with a pre-investment valuation of approximately 1 billion yuan [12][13]. - The repurchase price for shares in January 2024 was determined based on the company's financial performance and market conditions, with a total valuation of 600 million yuan [14][15]. Group 4: Transaction Developments - The company has maintained good communication with the transaction counterpart, Su Quan, who decided to withdraw from the transaction due to personal information disclosure concerns, leading to the signing of a termination agreement [16]. - The stock incentive plan is progressing, with the company planning to use repurchased shares for employee incentives, ensuring that the plan remains intact despite the ongoing transactions [17][18]. Group 5: Financial Reporting and Accounting - The document outlines the accounting treatment for share-based payments, confirming that the recognition of share payment expenses is accurate and reasonable according to accounting standards [20][21]. - The total share payment expenses to be recognized over the service period are detailed, indicating a structured approach to financial reporting [21].

Summary of Key Points Core Viewpoint The company, Anhui Guofeng New Materials Co., Ltd., is planning to issue shares and pay cash to acquire assets while raising matching funds through a related party transaction. This transaction aims to enhance the company's control over Taizhou Jinzhan Technology Co., Ltd. and improve its overall business performance and financial metrics. Group 1: Transaction Overview - The company intends to purchase a total of 46,263,796 shares of Taizhou Jinzhan Technology, representing 58.33% of the total share capital after the cancellation of treasury shares [10]. - The transaction will involve issuing shares and paying cash, with the total amount of matching funds not exceeding 100% of the transaction price [10]. - The transaction is expected to be completed after obtaining necessary approvals from relevant authorities [3][15]. Group 2: Financial Impact - Before the transaction, the company's total assets were reported at 433,770 million yuan, which is projected to increase to 570,341.76 million yuan post-transaction [14]. - The company's revenue is expected to rise from 231,429.52 million yuan to 297,039.22 million yuan following the acquisition [14]. - The net profit attributable to shareholders is anticipated to improve, with the basic earnings per share projected to increase from -0.08 yuan to -0.04 yuan [14]. Group 3: Shareholder Structure Changes - The controlling shareholder, Industrial Investment Group, will see its ownership percentage decrease from 29.11% to 26.98% after the transaction [13]. - New shareholders from the transaction will include individuals such as Shi Kewai and Anqing Tong'an, who will hold 2.83% and 1.55% of the shares, respectively [13]. - The overall share capital of the company will increase from 895,976,271 shares to 966,786,874 shares post-transaction [13]. Group 4: Compliance and Governance - The company has committed to strict compliance with information disclosure obligations and will ensure that all related party transactions are conducted fairly and transparently [16]. - The board of directors and shareholders will follow proper procedures to avoid conflicts of interest during the approval process for the transaction [16]. - Independent financial and legal advisors will oversee the transaction to ensure compliance and assess risks [16].

Core Viewpoint - The company, Guofeng New Materials, is planning to issue shares and pay cash to acquire assets while raising supporting funds through a related party transaction, which is expected to enhance its operational scale and profitability [10][13]. Group 1: Transaction Overview - The transaction involves the acquisition of 46,263,796 shares of Taohu Jinzhang Technology Co., Ltd., representing 58.33% of the total share capital after the cancellation of treasury shares [10]. - The total transaction price is approximately 69,993.56 million yuan, with 36,396.65 million yuan paid in shares and 33,596.91 million yuan in cash [12]. - The transaction is expected to be completed by obtaining necessary approvals from relevant authorities [4][13]. Group 2: Financial Impact - The transaction is projected to increase the company's total assets from 433,770.00 million yuan to 570,341.76 million yuan and improve net profit from -6,972.25 million yuan to -3,767.22 million yuan [13]. - The basic earnings per share are expected to improve from -0.08 yuan to -0.04 yuan post-transaction [13]. - The company anticipates enhanced operational capabilities and a stronger competitive position in the new materials sector following the acquisition [13]. Group 3: Shareholder Structure - Post-transaction, the controlling shareholder, Chuangye Group, will hold 26.98% of the shares, down from 29.11%, while new shareholders from the transaction will hold a combined 6.38% [13]. - The overall shareholding structure will not lead to a change in the actual controller of the company, which remains under the supervision of the Hefei State-owned Assets Supervision and Administration Commission [13]. Group 4: Compliance and Commitments - The company and its board members have committed to not reducing their shareholdings during the transaction process, ensuring stability for investors [14][15]. - The company has adhered to information disclosure obligations as per regulatory requirements, ensuring transparency throughout the transaction [15].

证券代码：000859 证券简称：国风新材 公告编号：2025-039 安徽国风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）（修订稿）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 性陈述或者重大遗漏。 安徽国风新材料股份有限公司（以下简称"公司"或"上市公司"） 拟通过发行股份及支付现金方式，向施克炜等 10 名交易对方购买其合计 持有的太湖金张科技股份有限公司（以下简称"金张科技"或"标的公 司"）46,263,796 股股份（占金张科技库存股注销后总股本比例为 58.33%），并向包括合肥市产业投资控股（集团）有限公司在内的不超过 35 名符合条件的特定对象发行股份募集配套资金（以下简称"本次交 易"）。 公司于 2025 年 5 月 19 日收到深圳证券交易所出具的《关于安徽国 风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〔2025〕130004 号）（以下简称"《审核问询函》"），并于 2025 年 6 月 17 日披露了《安徽国风新材料股份有限公司发行股份及支付 现金购买 ...

股票代码：000859 股票简称：国风新材 上市地点：深圳证券交易所 安徽国风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） （修订稿） | 交易对方类型 | 名称 | | | --- | --- | --- | | 发行股份及支付现金购买资产交易对方 | 施克炜等 | | | | 10 | 名交易对方 | | 募集配套资金认购方 | 包括合肥市产业投资控股（集团）有限公 | | | | 司在内的不超过 名符合条件的特定对象 | 35 | 独立财务顾问 签署日期：二〇二五年八月 国风新材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） 目 录 | 日 录… | | --- | | 声明 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 一、上市公司声明 . | | 二、交易对方声明 . | | 三、证券服务机构及人员声明 | | 释义 | ...

关于深圳证券交易所 《关于安徽国风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》中评估相关问题的 回复 （修订稿） 中水致远资产评估有限公司 二〇二五年八月 深圳证券交易所： 安徽国风新材料股份有限公司（以下简称"上市公司"、"公司"或"国风新材"） 于 2025 年 5 月 19 日收到深圳证券交易所《关于安徽国风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〔2025〕130004 号）（以下 简称"《审核问询函》"）。中水致远资产评估有限公司（以下简称"评估机构"、"本 公司"或"我们"）就《审核问询函》中评估相关问题进行了认真核查，现将相关回复说 明如下。 如无特别说明，本回复使用的简称与重组报告书中的释义相同。 在本回复中，部分合计数与各明细数直接相加之和在尾数上如有差异，如无特殊 说明，均系四舍五入造成。 5-1 问题 3：关于本次交易评估情况 申请文件显示：（1）功能性涂层复合材料产品的下游应用领域主要为消费 电子、新型显示等，具有技术创新快、新产品推出快及消费热点转换快等特征， 高性能的功能性涂层复合材料如新型显示、新能源材料等应用领域的工艺 ...

国元证券股份有限公司 关于 安徽国风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 签署日期：二〇二五年八月 国风新材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） 声明与承诺 一、独立财务顾问声明 国元证券股份有限公司（以下简称"本独立财务顾问"）受安徽国风新材料 股份有限公司委托，担任本次交易的独立财务顾问，并制作本独立财务顾问报告。 本独立财务顾问依据《公司法》《证券法》《重组管理办法》《格式准则 26 号》《财 务顾问管理办法》等法律、法规的有关规定，以及国风新材与交易对方签署的相 关协议，国风新材、交易对方及交易标的提供的有关资料，国风新材董事会编制 的《安徽国风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）》，按照证券行业公认的业务标准、道德规范，本着诚 实信用、勤勉尽责的态度，遵循客观、公正原则，在独立财务顾问截至本报告签 署日所做的尽职调查和对本次交易的相关资料进行审慎核查的基础上，发表独立 财务顾问意见，旨在就本次交易做出独立、客观和公正的评价，以供 ...

国元证券股份有限公司 关于深圳证券交易所 《关于安徽国风新材料股份有限公司 审核问询函》回复之核查意见 （修订稿） 独立财务顾问 二〇二五年八月 深圳证券交易所： 安徽国风新材料股份有限公司（以下简称"上市公司"、"公司"或"国风新 材"）于 2025 年 5 月 19 日收到深圳证券交易所《关于安徽国风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〔2025〕130004 号） （以下简称"《审核问询函》"）。公司及相关中介机构就《审核问询函》所提问题 进行了认真讨论分析与核查，并按照要求在《安徽国风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）》（以下简称"重组 报告书"）中进行了相应的修订和补充披露。国元证券股份有限公司（以下简称"独 立财务顾问"）作为本次交易的独立财务顾问，现发表核查意见如下。 如无特别说明，本核查意见使用的简称与重组报告书中的释义相同。在本核查意 见中，部分合计数与各明细数直接相加之和在尾数上如有差异，如无特殊说明，均系 四舍五入造成。 2-1 发行股份购买资产并募集配套资金申请的 | 问题 | 1：关于标的资产业 ...