金暨关联交易之限售股解禁上市的核查意见 中国银河证券股份有限公司（以下简称"银河证券"或"独立财务顾问"） 作为新疆北新路桥集团股份有限公司（以下简称"北新路桥"、"上市公司"、"公 司"）2020 年发行可转换债券、股份及支付现金购买资产并募集配套资金暨关联 交易（以下简称"本次交易"）的独立财务顾问，根据《上市公司重大资产重组 管理办法》、《上市公司并购重组财务顾问业务管理办法》、《上市公司收购管理办 法》、《上市公司证券发行管理办法》、《深圳证券交易所股票上市规则》等相关规 定，银河证券对北新路桥本次限售股解禁并上市流通事项进行了审慎核查，并出 具核查意见如下： 中国银河证券股份有限公司 关于新疆北新路桥集团股份有限公司 发行可转换债券、股份及支付现金购买资产并募集配套资 2020 年 5 月 27 日，中国证券监督管理委员会出具《关于核准新疆北新路桥 集团股份有限公司向新疆生产建设兵团建设工程（集团）有限责任公司发行股份、 可转换公司债券购买资产并募集配套资金的批复》（证监许可[2020]1005 号），核 准公司向新疆生产建设兵团建设工程（集团）有限责任公司（以下简称"控股股 东"、"兵团建工集团" ...

Core Viewpoint - The company, Xinjiang Beixin Road and Bridge Group Co., Ltd., is issuing shares to specific investors to raise funds for infrastructure projects, particularly in the public transportation sector, amidst a challenging financial landscape marked by recent losses and high debt levels [1][2]. Group 1: Company Overview - Company Name: Xinjiang Beixin Road and Bridge Group Co., Ltd. [2] - Established: August 7, 2001 [2] - Listed on: Shenzhen Stock Exchange since November 11, 2009 [2] - Registered Capital: 1,268,291,582 RMB [2] - Main Business: Engaged in the construction of public transportation infrastructure, including highway, bridge, tunnel, and municipal traffic engineering [3][5]. Group 2: Financial Performance - Total Assets as of December 31, 2024: 5,639,262.35 million RMB [5] - Total Liabilities as of December 31, 2024: 5,120,226.98 million RMB [5] - Net Profit for 2024: -46,413.49 million RMB, indicating a significant loss compared to previous years [5][11]. - Revenue for 2024: 1,021,514.50 million RMB, a decrease from 1,165,806.87 million RMB in 2022 [5][11]. Group 3: Business Risks - High debt levels with interest-bearing debt increasing to 3,567,256.82 million RMB by the end of 2024, leading to a debt-to-asset ratio of 90.80% [8][11]. - The company faces risks related to the impairment of highway operating rights, which accounted for 367.83 billion RMB or 65.23% of total assets as of the end of 2024 [9]. - The construction of highways and related projects is capital-intensive, with significant upfront investments required, increasing financial pressure [12]. Group 4: Future Outlook - Upcoming projects, such as the Suzhou to Guizhou Highway expected to open in early 2026, may improve revenue but are subject to economic conditions and market demand [7]. - The company is transitioning from traditional construction to a full-service model, including BOT and PPP projects, which may enhance profitability if managed effectively [12].

Core Points - The company, Xinjiang Beixin Road and Bridge Group Co., Ltd., has submitted an application for a specific stock issuance, which has been approved by the Shenzhen Stock Exchange's listing review center on June 23, 2025 [1] - The company has updated and revised the application documents in accordance with the project's actual progress and relevant review requirements [1] - The stock issuance is subject to approval from the China Securities Regulatory Commission (CSRC) before implementation, and there is uncertainty regarding the timing and outcome of this approval [2] Summary by Sections - **Stock Issuance Approval** - The application for the specific stock issuance has been approved by the Shenzhen Stock Exchange [1] - The details of the approval were disclosed in various financial publications and on the company's official website [1] - **Document Updates** - The company has made updates and revisions to the application documents in collaboration with relevant intermediaries [1] - **Regulatory Approval** - The stock issuance requires registration approval from the CSRC, and the timing and outcome of this approval remain uncertain [2] - The company will fulfill its information disclosure obligations based on the progress of this matter [2]

Group 1 - The issuer, Xinjiang Beixin Road and Bridge Group Co., Ltd., has been approved to publicly issue corporate bonds not exceeding RMB 600 million, with a term of up to 5 years [1][2] - The bond is rated AA, and the issuer will undergo regular tracking ratings during the bond's validity period [2][13] - The funds raised will be used for repaying interest-bearing debts, supplementing working capital, and project construction [1][2] Group 2 - The issuer reported a net profit attributable to shareholders of -RMB 423 million for 2024, indicating a significant decline of 1412.27% compared to the previous year [5][8] - The total revenue for 2024 was RMB 10.215 billion, a 20.37% increase year-on-year, primarily driven by engineering income [5][8] - The issuer's total assets at the end of 2024 were RMB 54.235 billion, a decrease of 3.98% from the previous year [8][11] Group 3 - The issuer's operating cash flow was -RMB 159 million, a decline of 127.45% compared to the previous year, attributed to increased cash guarantees and delayed payments from project owners [8][11] - The issuer's interest coverage ratio (EBITDA) was 0.88, down 38.60% year-on-year, reflecting operational losses during the initial phase of new highway projects [11][12] - The issuer maintained a current ratio of 1.00 and a quick ratio of 0.83, indicating stable short-term liquidity [10][11] Group 4 - The issuer has established special accounts at Industrial Bank and CITIC Bank for the management of raised funds, ensuring compliance with the usage outlined in the bond prospectus [9][10] - The issuer has fully utilized the funds from the previous bond issuance for the intended purposes as disclosed [9][10] - There were no significant changes in the management of the bond or the credit rating agency since the bond's issuance [12][13]

证券代码：002307 证券简称：北新路桥 公告编号：2025－32 新疆北新路桥集团股份有限公司 关于向特定对象发行股票提交募集说明书（注册稿）等申请文件 的提示性公告 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。 新疆北新路桥集团股份有限公司（以下简称"公司"）向特定对象发行股票 的申请已于 2025 年 6 月 23 日获得深圳证券交易所（以下简称"深交所"）上市 审核中心审核通过，具体内容详见公司于 2025 年 6 月 24 日在《证券时报》《证 券日报》《上海证券报》《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于向特定对象发行股票申请获得深圳证券交易所上市审核中心审核通 过的公告》（公告编号：2025-31）。 根据项目实际进展以及相关审核要求，公司会同相关中介机构对申请文件内 容进行了更新和修订，具体内容详见公司同日披露的《新疆北新路桥集团股份有 限公司 2023 年度向特定对象发行股票募集说明书（注册稿）》等相关文件。 新疆北新路桥集团股份有限公司董事会 2025 年 6 月 27 日 公司本次向 ...

证券简称：北新路桥 证券代码：002307 新疆北新路桥集团股份有限公司 2023 年度向特定对象发行股票 募集说明书 （注册稿） 保荐人（主承销商） 二〇二五年六月 北新路桥 2023 年向特定对象发行股票 募集说明书（注册稿） 重大事项提示 本公司特别提请投资者注意，在做出投资决策之前，务必仔细阅读本募集 说明书"第五章 与本次发行相关的风险因素"的全部内容，并特别关注以下 事项。 一、本次向特定对象发行股票的相关事项已经公司第七届董事会第一次会 议、2023 年第二次临时股东大会、第七届董事会第六次会议、第七届董事会第 十次会议及 2024 年第三次临时股东大会审议通过、深圳证券交易所审核通过。 根据相关法律法规的规定，本次发行尚需中国证监会同意注册后方可实施。 二、本次向特定对象发行股票的发行对象为包括公司控股股东兵团建工集 团在内的不超过35名特定投资者。除兵团建工集团以外的其他对象包括符合中 国证监会规定的证券投资基金管理公司、证券公司、信托投资公司、财务公司、 保险机构投资者、合格境外机构投资者，以及符合中国证监会规定的其他法人、 自然人或其他合格的投资者。证券投资基金管理公司、证券公司、合格境 ...

之 中信建投证券股份有限公司 关于 新疆北新路桥集团股份有限公司 向特定对象发行股票 3-3-1 | | | 上市保荐书 保荐人 二〇二五年六月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人宋华杨、张涛已根据《中华 人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深圳 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和 行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 | 释 义 3 | | --- | | 一、发行人基本情况 4 | | 二、发行人本次发行情况 19 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况、联系地址、 | | 电话和其他通讯方式 23 | | 四、关于保荐人是否存在可能影响公正履行保荐职责情形的说明 25 | | 五、保荐人按照有关规定应当承诺的事项 25 | | 六、保荐人关于发行人是否已就本次证券发行上市履行了《公司法》《证券法》 | | 和中国证监会及深圳证券交易所规定的决策程序的说明 26 | | 七、保荐人关于发行人是否符合板块定位及国家产业政策所作出的专 ...

中信建投证券股份有限公司 关于 新疆北新路桥集团股份有限公司 2023 年向特定对象发行股票 之 发行保荐书 保荐人 二〇二五年六月 保荐人出具的证券发行保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人宋华杨、张涛根据《中华人 民共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会的 有关规定以及深圳证券交易所的有关业务规则，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本发行保荐书，并保证发行 保荐书的真实性、准确性和完整性。 3-1-1 3-1-3 保荐人出具的证券发行保荐书 | 释 3 | 义 | | --- | --- | | 第一节 本次证券发行基本情况 4 | | | 一、本次证券发行具体负责推荐的保荐代表人 4 | | | 二、本次证券发行项目协办人及项目组其他成员 4 | | | 三、发行人基本情况 6 | | | 四、保荐人与发行人关联关系的说明 9 | | | 五、保荐人内部审核程序和内核意见 10 | | | 六、保荐人对私募投资基金备案情况的核查 11 | | | 第二节 保荐人承诺事项 13 | | | 第三节 关 ...

债券简称：20 北新 R1 债券代码：149213.SZ 新疆北新路桥集团股份有限公司 公司债券受托管理事务报告 （2024年度） 发行人 新疆北新路桥集团股份有限公司 住所：新疆维吾尔自治区乌鲁木齐市高新区高新街 217 号盈科广场 A 座 16-17 层 债券受托管理人 住所：北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 二〇二五年六月 | | 重要声明 3 | | --- | --- | | 第一章 | 公司债券概况 4 | | | 一、债券核准情况 4 | | | 二、债券基本条款 4 | | 第二章 | 受托管理人履职情况 6 | | 第三章 | 7 发行人2024年度经营和财务状况 | | | 一、发行人基本情况 7 | | | 二、发行人2024年度经营情况 7 | | | 三、发行人2024年度财务状况 8 | | 第四章 | 发行人募集资金使用情况及专项账户运作情况 10 | | | 一、公司债券募集资金使用情况及专项账户运作情况 10 | | | 二、对发行人募集资金使用情况的核查情况 10 | | 第五章 | 内外部增信措施、偿债保障措施重大变化情况 11 | | 第 ...

Core Viewpoint - Xinjiang Beixin Road and Bridge Group Co., Ltd. received an "AA" credit rating for its 2020 bond issuance aimed at the "Belt and Road" initiative, indicating strong creditworthiness and regional competitive advantages [1][2]. Group 1: Company Overview - The company is a state-controlled A-share listed road and bridge construction enterprise in the Xinjiang Uygur Autonomous Region, possessing comprehensive and high-level construction qualifications [2]. - The engineering construction business is projected to be the primary source of revenue in 2024, although new contract amounts are expected to decline slightly due to intensified industry competition [2]. Group 2: Financial Performance - The company has a sufficient project reserve, primarily from government and state-owned enterprises, which supports its ongoing business development [2]. - Financial risks are present, including accounts receivable recovery risks and a heavy overall debt burden, with total debt continuing to grow [2]. - The company reported a total profit of -398 million yuan, indicating a loss, and the Guangyuan to Pingwu expressway project is currently operating at a loss [2]. Group 3: Risk Factors - The company faces significant debt pressure due to large expenditures on PPP and BOT projects, which may affect its financial stability [2]. - There is a strong reliance on external financing to balance project funding needs and debt repayment, although short-term debt repayment indicators are performing well [2]. - The company benefits from indirect financing channels, with support from its controlling shareholder, Xinjiang Production and Construction Corps Engineering Group Co., Ltd. [2].