Core Viewpoint - The company, Shandong Mining Machinery Group Co., Ltd., is preparing to issue A-shares to specific targets, with a total fundraising amount not exceeding 300 million yuan, aimed at supplementing working capital [17][28]. Group 1: Legal Opinions and Compliance - The law firm, Shandong Deheng Law Firm, has been engaged as a special legal advisor for the issuance process, ensuring compliance with relevant laws and regulations [3][4]. - The issuance is subject to the review by the Shenzhen Stock Exchange, which has raised inquiries regarding the company's land use and operational licenses [3][6]. Group 2: Land Use Issues - A subsidiary, Shandong Chengtong Forging Co., Ltd., has a land use issue where it occupies 321.7 square meters of land without proper ownership documentation, which may lead to forced execution by local authorities [6][9]. - The company is in discussions to purchase the occupied land, but there is significant uncertainty regarding the outcome of these negotiations [9][10]. Group 3: Financial Aspects of the Issuance - The proposed issuance price is set at 1.85 yuan per share, with the closing price on April 3 being 3.91 yuan per share, indicating a potential discount for the issuance [17]. - The funds raised will be primarily sourced from the actual controller's son, Zhao Huatao, who plans to use 20% from personal funds and 80% from self-raised funds [20]. Group 4: Financial Viability and Risk Assessment - Zhao Huatao's financial background indicates a strong capacity to cover the subscription amount, with personal assets and potential bank loans available for financing [21][25]. - The company has committed to ensuring that no improper financial arrangements exist regarding the subscription, maintaining compliance with regulatory requirements [27].

Company Overview - Shandong Mining Machinery Group Co., Ltd. was established on December 3, 1999, with a registered capital of 1,782.79 million yuan [1] - The company specializes in the manufacturing of coal mining machinery and has developed a series of products with a significant market share in China [2][3] - The company is listed on the Shenzhen Stock Exchange under the stock code 002526 [1] Financial Performance - As of June 2025, the total assets amounted to 518,205.88 million yuan, with total liabilities of 191,127.74 million yuan, resulting in total equity of 327,078.14 million yuan [2] - The company's revenue for the first half of 2025 was 104,635.35 million yuan, with a net profit attributable to shareholders of 9,846.04 million yuan [2][3] - The operating cash flow for the first half of 2025 was -7,517.60 million yuan, indicating fluctuations in cash flow management [3][10] Business Risks - The company faces risks related to market expansion, including intense competition from larger manufacturers in the coal machinery sector [6] - Fluctuations in raw material prices, particularly steel, can impact production costs and profit margins [6] - Environmental regulations may require increased investment in compliance, affecting operational costs [6] Industry Context - The coal machinery industry is cyclical and closely tied to macroeconomic conditions, with potential impacts from policies aimed at carbon neutrality [11] - The industry is experiencing a shift towards intelligent mining solutions, increasing competition among companies to innovate [11] - The company must adapt to changing market demands and technological advancements to maintain its competitive edge [11] Issuance Details - The company plans to issue A-shares to specific investors, with a total fundraising target of up to 300 million yuan, primarily to supplement working capital [12][16] - The issuance price is set at 1.85 yuan per share, which is 80% of the average trading price over the previous 20 trading days [13][24] - The shares will be subject to an 18-month lock-up period post-issuance [15]

Core Viewpoint - Shandong Mining Machinery Group Co., Ltd. is responding to the inquiry letter regarding its application for a specific stock issuance, highlighting challenges in revenue and profit due to industry demand fluctuations and increased competition in the coal machinery sector [1]. Financial Performance - The company's operating revenue for the reporting periods was 228,563.89 million, 240,499.84 million, and 237,995.23 million, indicating a decline attributed to decreased demand in the coal machinery industry and intensified competition [1][6]. - The net profit for 2024 was 12,358.52 million, down 28.71% from the previous year, with a significant drop in the first half of 2025 compared to the same period in 2024 [1][15]. - Accounts receivable increased from 98,833.36 million to 145,817.61 million over the reporting periods, with a notable rise in overdue accounts [1][3]. Industry Context - The coal machinery industry has experienced a compound annual growth rate of approximately 16% from 2016 to 2022, reaching a scale of 1,350 billion in 2022 [6]. - The industry is currently in an adjustment phase, with a projected market size of 1,570 billion by 2026, driven by equipment replacement and modernization in coal mining [7][12]. - The competition in the coal machinery sector is primarily among large state-owned enterprises and leading companies with core technologies, with Shandong Mining ranked 20th among the top 50 coal machinery companies in China [10][9]. Business Segments - The main business segments include coal machinery and intelligent bulk material conveying equipment, with the latter's market expected to grow due to increased demand from various downstream industries [8][12]. - The coal machinery segment's demand is closely linked to coal production growth and mechanization rates, with expectations for stable demand driven by equipment upgrades and new coal production capacity [12][13]. Challenges and Strategies - The company faces challenges such as increased competition leading to price reductions and changes in credit policies to stimulate sales [15][16]. - The rise in sales expenses is attributed to efforts to maintain existing customers and expand market reach amid fierce competition [15][16].

Core Viewpoint - Shandong Mining Machinery Group Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, providing detailed explanations about its performance and financial status [1] Performance Decline Reasons and Industry Comparison - During the reporting period, Shandong Mining's operating revenue was 2,285.64 million, 2,404.99 million, 2,697.57 million, and 1,708.46 million, with a non-recurring net profit of 33.44 million, 96.55 million, 137.29 million, and 93.52 million, showing a year-on-year decline of 52.80% in the most recent period. The decline is attributed to decreased demand in the coal mining equipment industry and intensified competition, leading to a significant drop in revenue from coal machinery [2] - Compared to industry peers, Shandong Mining's revenue and profit trends differ due to variations in business scale, shareholder background, and product structure. The company's performance decline is primarily due to reduced bidding prices in response to competition, resulting in lower revenue, alongside increased sales expenses. However, stable growth in downstream coal production and demand for coal machinery, along with equipment renewal policies, are expected to drive demand, with a forecasted recovery in growth by 2025 [3] Accounts Receivable and Credit Policy Analysis - At the end of each reporting period, the company's accounts receivable balances were 988.34 million, 1,219.39 million, 1,523.42 million, and 1,458.18 million, with over one-year accounts receivable accounting for 31.39%, 29.40%, 29.62%, and 33.41% respectively. The accounts receivable turnover rates were 3.35, 2.80, 2.43, and 1.38. The company explained that this was due to adjustments in credit policies, such as extending payment terms and relaxing payment conditions, which are commercially reasonable [4] Operating Cash Flow and Inventory Situation - The company's net cash flow from operating activities fluctuated significantly, not aligning with net profit trends, mainly due to market competition affecting payment collection and settlement methods, as well as large contract inventory occupying funds. The company has implemented measures to ensure cash collection, and the net cash flow from operating activities turned positive in 2024. The inventory book value at the end of each reporting period was 606.04 million, 718.20 million, 746.37 million, and 866.18 million, with a rapid increase in dispatched goods. The growth in inventory is attributed to the expansion of the belt conveyor business, and the provision for inventory impairment is higher than the industry average, indicating sufficient provisioning [5] Game Business Contraction and Future Planning - During the reporting period, the company's online game business revenue was 239.41 million, 18.37 million, 7.27 million, and 1.76 million, with gross margins of 33.20%, 36.51%, 64.10%, and -179.04%. The business has been continuously contracting due to the departure of the original management team, product lifecycle decline, and industry policies affecting the new game launch cycle. Moving forward, the management plans to focus on the core business of coal machinery and belt conveyors, discontinuing the expansion of the gaming business [6]

证券代码：002526 证券简称：山东矿机 山东矿机集团股份有限公司 与 联储证券股份有限公司 关于山东矿机集团股份有限公司 申请向特定对象发行股票 的审核问询函回复 保荐机构（主承销商） 山东省青岛市崂山区香港东路 195 号 8 号楼 15 层 二〇二五年九月 深圳证券交易所： 贵所《关于山东矿机集团股份有限公司申请向特定对象发行股票的审核问询 函》（审核函〔2025〕120013 号）（以下简称"问询函"）已收悉。山东矿机 集团股份有限公司（以下简称"山东矿机"、"发行人"或"公司"）会同联储 证券股份有限公司（以下简称"保荐人"）、山东德衡律师事务所（以下简称"发 行人律师"）和永拓会计师事务所（特殊普通合伙）（以下简称"发行人会计师"） 就问询函所提问题进行了逐项落实并回复，同时按照要求对《山东矿机集团股份 有限公司 2024 年度向特定对象发行 A 股股票募集说明书》（以下简称"募集说 明书"）进行了修订和补充，现回复如下，请贵所予以审核。 说明： 除非文义另有所指，本回复中的简称或名词释义与募集说明书具有相同含义。 本问询函回复的字体说明如下： | 问询函所列问题 | 黑体（加粗） | | -- ...

关于山东矿机集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐机构（主承销商） （山东省青岛市崂山区香港东路 195 号 8 号楼 15 层） 联储证券股份有限公司 山东矿机向特定对象发行 A 股股票 保荐机构上市保荐书 声明 联储证券股份有限公司（以下简称"保荐机构"、"联储证券"）接受山东 矿机集团股份有限公司（以下简称"山东矿机"、"公司"或"发行人"）的委 托，担任山东矿机本次向特定对象发行 A 股股票（以下简称"本项目"）的保 荐机构。 保荐机构及其保荐代表人已根据《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"）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。 （本上市保荐书如无特别说明，相关用语具有与《山东矿机集团股份有限公 司 2024 ...

联储证券股份有限公司 关于山东矿机集团股份有限公司 之 发行保荐书 保荐机构（主承销商） （山东省青岛市崂山区香港东路 195 号 8 号楼 15 层） 二〇二五年九月 山东矿机向特定对象发行 A 股股票 保荐机构发行保荐书 声 明 2024 年度向特定对象发行 A 股股票 联储证券股份有限公司（以下简称"本保荐机构"、"联储证券"）接受山 东矿机集团股份有限公司（以下简称"山东矿机"、"公司"或"发行人"）的 委托，担任山东矿机本次向特定对象发行股票（以下简称"本项目"）的保荐机 构。 本保荐机构及指定的保荐代表人已根据《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》"）、《发行证券的公司信息披露内容与格式准则第 27 号— 发行保荐书和发行保荐工作报告》等有关法律、法规和其他规范性文件的有关规 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 准则出具本发行保荐书，并保证所出具文件的真实、准确、完整。 （本发行保荐书如无特别说明，相 ...

山东德衡律师事务所 关于 山东矿机集团股份有限公司 向特定对象发行股票的 补充法律意见书（二） 二○二五年九月 4-1-1 释 义 在本补充法律意见书中，除非另有所指，下列词语具有如下含义： | 简称 | | 释义 | | --- | --- | --- | | 山东矿机/发行人/公司 | 指 | 山东矿机集团股份有限公司 | | 成通锻造 | 指 | 山东成通锻造有限公司 | | 迈科建材 | 指 | 山东矿机迈科建材机械有限公司 | | 麟游香港 | 指 | 麟游（香港）科技有限公司 | | 华运通 | 指 | 山东华运通智能装备科技有限公司 | | 《募集说明书》 | 指 | 山东矿机集团股份有限公司2024年度向特定对象发行A股股 | | | | 票募集说明书 | | 《2025 年第一季度报告》 | 指 | 《山东矿机集团股份有限公司 年第一季度报告》 2025 | | 《2025 年半年度报告》 | 指 | 《山东矿机集团股份有限公司 2025 年半年度报告》 | | 《2025 年半年度财务报 | 指 | 《山东矿机集团股份有限公司 2025 年半年度财务报告》 | | 告》 | | | | 中 ...

山东矿机集团股份有限公司 二〇二四年度财务报表 审计报告 目 录 永拓会计师事务所(特殊普通合伙) 6-1-1 此码用于证明该审计报告是否由具有执业许可的会计 或讲入"注册会计师行业统一监管平台(http://acc.mof.gov.cn 您可使用手机"扫一扫"或进入 一、审计报告 二、财务报表 1. 2024年12月31日合并资产负债表及母公司资产负债表 2. 2024年度合并利润表及母公司利润表 3. 2024年度合并现金流量表及母公司现金流量表 4. 2024 年度合并股东权益变动表及母公司股东权益变动 表 5. 2024 年度财务报表附注 计师事务所(特殊普通合 审计报告 永证审字(2025)第110010号 山东矿机集团股份有限公司全体股东: 一、审计意见 我们审计了后附的山东矿机集团股份有限公司(以下简称"山东矿机")合 并及母公司财务报表,包括 2024年12月31日的合并资产负债表和母公司资产 负债表,2024年度的合并利润表和母公司利润表、合并现金流量表和母公司现 金流量表、合并股东权益变动表和母公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则 ...

永证专字（2025）第 310252 号 关于山东矿机集团股份有限公司 申请向特定对象发行股票的审核问询函中 有关财务事项的说明 深圳证券交易所： 由联储证券股份有限公司转来的《关于山东矿机集团股份有限公司申请向特 定对象发行股票的审核问询函》（审核函〔2025〕120013 号，以下简称"问询函"） 奉悉。我们已对审核问询函所提及的山东矿机集团股份有限公司（以下简称"山 东矿机"、"发行人"或"公司"）财务事项进行了审慎核查，现汇报如下： 注 1：本回复中使用的简称与募集说明书中释义一致； 注 2：本说明中若出现合计数与分项数值之和在尾数上存在差异，系四舍五 入所致； 注 3: 2025 年1-6 月财务数据引用自山东矿机2025 年1-6 月未经审计的财务 报表。 1 问题一 报告期内，公司营业收入分别为 228,563.89 万元、240,499.84 万元、 269,757.25 万元和 170,845.54 万元，扣非归母净利润分别为 3,344.41 万元、 9,654.99 万元、13,729.33 万元和 9,352.44 万元，最近一期同比下降 52.80%， 发行人解释系采煤设备行业需求下 ...