1 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管 理人执业行为准则》、《宜宾天原集团股份有限公司 2024 年面向专业 投资者公开发行科技创新公司债券受托管理协议》（以下简称"《受托 管理协议》"）等相关规定和约束、公开信息披露文件、宜宾天原集团 股份有限公司（以下简称"发行人"、"公司"）出具的相关说明文件以 及提供的相关资料等，由本次公司债券受托管理人中信证券股份有限 公司（以下简称"中信证券"）编制。 债券代码：524174.SZ 债券简称：25 天原 K1 中信证券股份有限公司关于 宜宾天原集团股份有限公司子公司无穷矿业 黄磷产能指标转让的临时受托管理事务报告 债券受托管理人 2025 年 12 月 3 县对无穷矿业黄磷产能退出公示才能完成此次标的交割。若无穷矿业 不能取得产能退出公示则本交易合同解除，无穷矿业以合同解除之日 起 30 日内全额无息退还交易价款，因此该事项尚存在不确定性。 三、影响分析和应对措施 发行人承诺所披露信息的真实、准确、完整、及时。本次交易系 发行人盘活闲置无形资产，实现国有资产保值增值的行为，本次资产 转让对发行人的财务指标包括资产总额、营业收入、净 ...

Group 1 - The titanium dioxide concept sector declined by 0.73%, ranking among the top declines in the concept sector, with companies like Anada, Guocheng Mining, and Tianyuan Co. experiencing significant drops [1] - Among the titanium dioxide stocks, Tianneng Chemical, Vanadium Titanium Co., and Jinpu Titanium Industry saw increases of 1.18%, 0.65%, and 0.63% respectively [1] - The overall market saw a net inflow of 0.25 billion yuan into the titanium dioxide concept sector, despite eight stocks experiencing net outflows [2] Group 2 - The leading stocks with net outflows included Vanadium Titanium Co. with a net outflow of 21.28 million yuan, followed by Longbai Group and Donghua Technology with outflows of 19.79 million yuan and 4.90 million yuan respectively [3] - Stocks with significant net inflows included Zhenhua Co., Jinpu Titanium Industry, and Guocheng Mining, with inflows of 29.98 million yuan, 29.38 million yuan, and 9.36 million yuan respectively [4] - Anada experienced a notable decline of 4.61% with a turnover rate of 20.08% and a net outflow of 1.92 million yuan [3]

天原股份11月27日公告，下属子公司马边无穷矿业有限公司磷化工厂于2023年12月19日停产，为盘活闲 置无形资产，公司对2.5万吨/年黄磷产能指标公开挂牌转让。 公告称，最终确定四川和邦生物科技股份有限公司为受让方。11月25日，无穷矿业与和邦生物签订了 《产权交易合同》，成交金额为18529万元。 ...

Focus 1: Jianlong Micro-Nano (688357) - The company has terminated the planning of a major asset restructuring, which was intended to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [1] Focus 2: Industrial Fulian - The company has adjusted the maximum repurchase price for its shares from 19.36 yuan per share to 75.00 yuan per share, reflecting confidence in its future development and market conditions [2] Focus 3: *ST Dongtong - The company received a prior notice from the Shenzhen Stock Exchange regarding the proposed termination of its stock listing [3] Focus 4: Fundraising & Restructuring - Aolaide plans to raise up to 299.71 million yuan through a simplified procedure for issuing shares to specific targets, with proceeds allocated for OLED display core material production and working capital [4] - Maigemi has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific targets, meeting all necessary conditions [4] - Su Yan Jingshen has also received approval for its share issuance application, pending final registration with the China Securities Regulatory Commission [4] Focus 5: Important Matters - Baiao Chemical's major shareholders are transferring a total of 10% of the company's shares to Liu Hongjun, resulting in him holding 10% of the total share capital post-transfer [5][6] - Zhejiang Pharmaceutical is planning to spin off its subsidiary for a listing on the Hong Kong Stock Exchange, which will not affect its control over the subsidiary [6] - Huafeng Aluminum is acquiring 100% of Shanghai Huafeng Puen Polyurethane Co., Ltd. for 100.06 million yuan, which will enhance its operational efficiency and market competitiveness [7] Focus 6: New Investments - Fuda Co. is establishing a wholly-owned subsidiary with an investment of 30 million yuan to enhance its forging business and related manufacturing capabilities [8] - Jianghai Co. is forming a joint venture to establish an innovation research institute with a registered capital of 50 million yuan, focusing on strategic technology research [9][10] Focus 7: Capital Market Activities - Zhongshan Bank has issued 60 billion yuan of subordinated debt with a fixed interest rate of 2.16% for a term of 10 years [17] - China Iron and Steel Group plans to increase its stake in China Iron and Steel Co. by investing between 65 million and 130 million yuan over the next six months [18]

Core Viewpoint - Tianyuan Co., Ltd. announced the suspension of its subsidiary, Mabi Wuqiong Mining Co., Ltd.'s phosphorus chemical plant on December 19, 2023, and plans to transfer its 25,000 tons/year yellow phosphorus production capacity at a base price of 24.79 million yuan through a public listing [1] Group 1 - The yellow phosphorus production capacity of 25,000 tons/year will be publicly listed for transfer at a base price of 24.79 million yuan [1] - Sichuan Hebang Biotechnology Co., Ltd. was determined as the buyer through dynamic bidding at the Southwest United Property Rights Exchange [1] - The transaction contract was signed on November 25, 2025, with a total transaction amount of 185.29 million yuan (including tax) [1]

（文章来源：每日经济新闻） 每经AI快讯，11月26日，天原股份(002386.SZ)公告称，公司以转让底价2479万元，通过在西南联合产 权交易所公开挂牌的方式，对2.5万吨/年黄磷产能指标进行转让，最终确定四川和邦生物科技股份有限 公司为受让方，成交金额为18529万元（含税）。但该交易还需取得马边县对无穷矿业黄磷产能退出的 公示，才能完成交割；若不能取得，交易合同解除，无穷矿业需全额无息退还交易价款。 ...

Core Viewpoint - Tianyuan Group announced that its subsidiary, Wuqiong Mining, will suspend operations at its phosphorus chemical plant on December 19, 2023, and is offering a 25,000 tons/year yellow phosphorus capacity for public transfer [1] Group 1 - The capacity transfer was finalized with Hebang Biological, with a transaction amount of 185 million yuan (including tax) [1] - Wuqiong Mining and Hebang Biological signed a property transaction contract on November 25, 2025, with payment to be made within five working days after the contract takes effect [1] - The transfer is subject to the approval of the Ma Bian County for the public announcement of Wuqiong Mining's exit from the yellow phosphorus capacity, indicating uncertainty in the completion of the transaction [1]

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。 | 证券代码：002386 | 证券简称：天原股份 公告编号：2025-069 | | --- | --- | | 债券代码:524174.SZ | 债券简称：25 天原 K1 | 宜宾天原集团股份有限公司 关于子公司无穷矿业黄磷产能指标转让的进展公告 宜宾天原集团股份有限公司 一、交易概述 董事会 宜宾天原集团股份有限公司（以下简称"公司"）下属子公司马 边无穷矿业有限公司（以下简称"无穷矿业"）磷化工厂于 2023 年 12 月 19 日停产，详见公司于 2023 年 12 月 16 日披露的《关于子公 司黄磷装置关停的公告》（公告编号：2023-089）。 三、风险提示 根据《产权交易合同》约定，本次产能指标的转让还需取得马边 县对无穷矿业黄磷产能退出公示才能完成此次标的交割。若无穷矿业 不能取得产能退出公示则本交易合同解除，无穷矿业以合同解除之日 起 30 日内全额无息退还交易价款，因此该事项尚存在不确定性。公 司将根据后续工作进展及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 为盘活闲 ...

Group 1 - The titanium dioxide concept sector experienced a decline of 7.12%, ranking among the top losers in the market [1][2] - Notable stocks within the titanium dioxide sector that faced significant declines include Guocheng Mining, which hit the daily limit down, and Jinpu Titanium Industry, Huiyun Titanium Industry, and Tianyuan Co., which also saw substantial drops [1][2] - The sector saw a net outflow of 376 million yuan from major funds, with 13 stocks experiencing net outflows, and 8 of those exceeding 10 million yuan [2] Group 2 - The stock with the highest net outflow was Zhenhua Co., with a net outflow of 128.44 million yuan, followed by Vanadium Titanium Co. and Titanium Chemical Co. with net outflows of 71.60 million yuan and 56.35 million yuan, respectively [2] - The top losers in the titanium dioxide concept included Zhenhua Co. (-7.37%), Vanadium Titanium Co. (-6.23%), and Titanium Chemical Co. (-8.56%) [2] - Other notable declines were observed in Tianyuan Co. (-9.44%) and Guocheng Mining (-9.98%), indicating a widespread downturn in the sector [2]

Core Viewpoint - Tianyuan Co., Ltd. (002386) reported that as of November 10, 2025, the number of its shareholders is approximately 58,100 [1] Summary by Categories - **Company Information** - Tianyuan Co., Ltd. has approximately 58,100 shareholders as of the specified date [1]