华泰联合证券有限责任公司 关于山东宏创铝业控股股份有限公司 发行股份购买资产暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 二〇二五年十二月 华泰联合证券有限责任公司关于山东宏创铝业控股股份有限公司发行股份购买资产暨关联交易之独立财务顾问报告（注册稿） 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合""本独立财务顾问"） 接受山东宏创铝业控股股份有限公司（以下简称"宏创控股""上市公司"或 "公司"）委托，担任本次发行股份购买资产暨关联交易（以下简称"本次交 易"）的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本 独立财务顾问报告。 本独立财务顾问核查意见是依据《中华人民共和国公司法》《中华人民共和 国证券法》《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》《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》《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》和《深圳证券交易所上市公司重大资产重组审核规则》等 法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经 过 ...

Group 1 - The core viewpoint of the news is that Hongchuang Holdings (002379) successfully passed the approval for the acquisition of 100% equity in Shandong Hongtuo Industrial Co., Ltd., a leading global aluminum product manufacturer [1][2] - Hongtuo Industrial has an annual production capacity of 6.459 million tons of electrolytic aluminum and 19 million tons of alumina, making it one of the largest electrolytic aluminum producers globally and the top among private enterprises in China [1] - The company leads the industry in technology, market, cost, and environmental protection, and has received awards for its innovations, including the first prize in the 2016 China Nonferrous Metals Industry Science and Technology Award [1] Group 2 - Hongchuang Holdings is a subsidiary of China Hongqiao (01378.HK), and this transaction is a strategic move to bring core aluminum assets back to the A-share market, enhancing internal asset integration [2] - The transaction is expected to help the listed company turn losses into profits, significantly improve asset scale and sustainable operational capabilities, and enhance the overall quality of the listed company [2]

Core Viewpoint - The company plans to acquire 100% equity of Shandong Hongtuo Industrial Co., Ltd. through a share issuance, involving multiple investment partners [1] Group 1: Acquisition Details - The acquisition involves several entities, including Shandong Weiqiao Aluminum & Electricity Co., Ltd. and various investment partnerships [1] - The Shenzhen Stock Exchange's M&A Review Committee reviewed the acquisition application on December 10, 2025, and confirmed that the transaction meets restructuring conditions and information disclosure requirements [1]

Core Viewpoint - The company plans to acquire 100% equity of Shandong Hongtuo Industrial Co., Ltd. through a share issuance, involving multiple investment partners [1] Group 1: Acquisition Details - The acquisition involves several entities, including Shandong Weiqiao Aluminum & Electricity Co., Ltd. and various investment partnerships [1] - The Shenzhen Stock Exchange's M&A Review Committee reviewed the acquisition application on December 10, 2025, and confirmed that the transaction meets restructuring conditions and information disclosure requirements [1]

Group 1 - The core point of the article is that China Hongqiao (01378) announced a plan for Hongchuang Holdings to issue new shares to existing shareholders of Hongtuo Industrial, including Weiqiao Aluminum, to acquire target shares and related transaction documents [1] - The board of directors expressed satisfaction with the approval of the transaction by the M&A Review Committee of the Shenzhen Stock Exchange during its meeting on December 10, 2025 [1]

Group 1 - The core point of the article is that China Hongqiao (01378) announced a plan for Hongchuang Holdings to issue new shares to existing shareholders of Hongtuo Industrial, including Weiqiao Aluminum, to acquire target shares and related transaction documents [1] - The board of directors expressed satisfaction with the approval of the transaction by the M&A Review Committee of the Shenzhen Stock Exchange during its meeting on December 10, 2025 [1]

Core Points - The Shenzhen Stock Exchange's M&A Review Committee held its 14th meeting on December 10, 2025, to review the asset purchase and related party transaction by Hongchuang Holdings [1] - The review concluded that the transaction meets the restructuring conditions and information disclosure requirements [1] - The transaction is subject to approval from the China Securities Regulatory Commission (CSRC) before implementation, and there remains uncertainty regarding the timing and approval from the CSRC [1]

股票代码：002379 股票简称：宏创控股 公告编号：2025－065 二〇二五年十二月十一日 山东宏创铝业控股股份有限公司（以下简称"公司"）拟通过发行股份的方 式购买山东魏桥铝电有限公司、济南嘉汇投资合伙企业（有限合伙）、中国东方 资产管理股份有限公司、中国中信金融资产管理股份有限公司、天津聚信天昂股 权投资合伙企业（有限合伙）、宁波信铝企业管理合伙企业（有限合伙）、济南 宏泰投资合伙企业（有限合伙）、济南君岳投资合伙企业（有限合伙）、天铖锌 铖一期（温州）创业投资合伙企业（有限合伙）持有的山东宏拓实业有限公司 100%股权（以下简称"本次交易"或"本次重组"）。 深圳证券交易所并购重组审核委员会于 2025 年 12 月 10 日召开 2025 年第 14 次并购重组审核委员会审议会议，对公司本次重组的申请进行了审议。根据 深圳证券交易所发布的《深圳证券交易所并购重组审核委员会 2025 年第 14 次审 议会议结果公告》，本次会议的审议结果为：本次交易符合重组条件和信息披露 要求。 本次交易尚需中国证券监督管理委员会（以下简称"中国证监会"）同意注 册后方可实施。最终能否获得中国证监会同意注册以及最终 ...

Core Viewpoint - Hongchuang Holdings is set to undergo a significant restructuring by acquiring 100% of Shandong Hongtuo Industrial Co., Ltd. for a total consideration of 635.18 billion yuan, transforming from a single aluminum processing company into a comprehensive industry leader covering alumina, electrolytic aluminum, and deep processing of aluminum [1][6]. Group 1: Transaction Overview - The transaction is characterized as a "snake swallowing an elephant," where Hongchuang Holdings, with total assets of only 3.127 billion yuan, is acquiring Hongtuo Industrial, which has total assets of 105.043 billion yuan, over 33 times larger [2][7]. - The deal is structured as an internal asset integration within the "Weiqiao system," with both companies ultimately controlled by the Zhang Shiping family, thus not constituting a backdoor listing [2][3]. Group 2: Valuation Methodology - The valuation of Hongtuo Industrial was conducted using the asset-based approach, resulting in a total equity value of 635.18 billion yuan, reflecting a 48.62% increase over its book net assets [8]. - If a more common income approach were used, the valuation could reach 742.87 billion yuan, with a 73.81% increase, indicating a significant difference in valuation methods [8]. Group 3: Performance and Commitments - Hongtuo Industrial is projected to experience explosive growth in 2024, with net profits soaring from 6.747 billion yuan in 2023 to 18.144 billion yuan, a staggering increase of 168.91% [4][9]. - Notably, the transaction does not include performance compensation commitments, raising questions about the sustainability of the projected earnings, especially given the cyclical nature of alumina prices [9][10].

Core Viewpoint - 2025 is expected to be a significant year for non-ferrous metal investments, with electrolytic aluminum being a key player in the industrial metals sector [1] Group 1: Market Performance - On December 5, the A-share electrolytic aluminum sector saw a significant rise, with Minfa Aluminum hitting the daily limit and nine other stocks, including Zhongfu Industrial and Hongchuang Holdings, rising over 5% [2][4] - Zhongfu Industrial has increased by 183.04% year-to-date, while other stocks like Yun Aluminum and Hongchuang Holdings have also seen gains exceeding 100% [5] Group 2: Price and Cost Dynamics - As of December 5, the main aluminum futures contract price has surpassed 22,000 yuan/ton, while the price of alumina, a core raw material for electrolytic aluminum, has dropped nearly 50% this year to 2,580 yuan/ton, significantly reducing operational costs for the electrolytic aluminum industry [5][6] - The profitability of the electrolytic aluminum industry is shifting from upstream alumina to the smelting end, with profit levels expected to exceed 4,500-5,000 yuan per ton by November 2025 [5] Group 3: Company Performance - Yun Aluminum's Q3 report shows a total revenue of 44.072 billion yuan, an increase of 12.47% year-on-year, with net profit rising by 15.14% to 4.398 billion yuan [6] - The cash inflow from operating activities for Yun Aluminum increased by 25.19% year-on-year, indicating improved financial health [6] Group 4: Future Outlook - Institutions maintain a positive outlook for the aluminum industry in 2026, citing limited domestic production capacity and structural resilience in demand, which supports the expectation of stable or rising aluminum prices [7] - Zhongjin Securities forecasts the average price of electrolytic aluminum to be around 22,000 yuan/ton in 2026, with increasing dividend payouts from companies enhancing the sector's attractiveness [7][8] - The potential for price surges exists if high-energy-consuming electrolytic aluminum production is disrupted or if sanctions on Russia are lifted, allowing for market-driven aluminum imports into China [8]