申万宏源研究指出，受2024年9月以来市场情绪好转以及2025年2月科技、AI等题材催化，行业及个股 表现自2024年三季度起修复，2024年四季度起解禁绝对收益回暖。在此背景下，2025一季度上市的竞价 定增项目行业及个股估值升至相对高位，但上市节奏较慢，项目"稀缺性"叠加投资者参与度升温，导致 定增发行价格相较于二级市场的折扣有所收窄。目前，过会及注册节奏环比加快、存量项目数已达到近 期高位。展望2025二季度，预期定增发行将维持稳中有增的趋势，受投资者对定增项目需求增加的影 响，基准折价率预计将维持10%左右。 具体来看，在公募机构参与定增的股票中，昊华科技（600378）最受公募机构定增青睐，共有财通基 金、大成基金和诺德基金3家公募机构参与到该股定增，合计获配金额达16.28亿元。另外，国联民生 （601456）、迪哲医药(688192)、安宁股份（002978）、中钨高新（000657）、佰维存储(688525)和中 远海特（600428）等6股定增同样受到公募机构青睐，获配金额均超5亿元。 值得一提的是，在市场行情持续平稳震荡的情况下，多数公募机构参与定增实现浮盈。以5月19日收盘 价计算，年内 ...

Core Viewpoint - Anning Co., Ltd. is making significant strides in the mineral resource integration sector by submitting a restructuring investment plan to acquire 100% equity of Jingzhi Mineral for an investment amount of 6.508 billion yuan, which will enhance its resource reserves and industry chain integration capabilities in the vanadium-titanium magnetite sector [1] Group 1: Strategic Acquisition - The core asset of Jingzhi Mineral is the mining rights of the Xiaohuiqing Jingzhi Iron Mine, which is adjacent to Anning's existing Panjiatian Iron Mine, allowing for collaborative mining plans across a combined area of 6.45 square kilometers [2] - This strategic acquisition is expected to maximize the development of both mines' reserves, laying a solid resource foundation for Anning's long-term development, projected to last over 30 years [2] Group 2: Synergistic Effects - Jingzhi Mineral, along with its affiliates, forms a complete system for the mining and washing of vanadium-titanium magnetite, with interconnected production lines that enhance operational efficiency [2] - The integration of mining rights and processing capabilities is anticipated to generate significant synergistic effects for Anning [2] Group 3: Technological Advantages - Anning has developed advanced, stable, and energy-efficient production processes over 20 years, achieving industry-leading metal recovery rates [3] - The company's mining and washing technologies can be rapidly applied to the newly acquired assets, improving extraction efficiency and reducing costs [3] Group 4: Financial Strength - Anning's financial health supports the acquisition, with 2024 projected revenues of 1.86 billion yuan and a net profit of 852 million yuan, reflecting a net profit margin of 45.81% [4] - The company has secured substantial financial backing, with a combined credit limit of up to 25 billion yuan from Postal Savings Bank and Bank of China for future resource integration and industry chain expansion [4] Group 5: Strategic Development - Post-acquisition, Jingzhi Mineral and its affiliates will become wholly-owned subsidiaries of Anning, enhancing the company's resource reserves, business scale, market share, and profitability [5] - The ongoing transaction involves auditing, evaluation, and due diligence, with plans to submit a restructuring plan for creditor approval, which is expected to further solidify Anning's leadership in the vanadium-titanium magnetite sector [5]

Group 1 - Anning Co., Ltd. has re-entered the restructuring process of Jingzhi Mineral Co., Ltd. after abandoning the bidding over a year ago, with a proposed investment amount of 6.508 billion yuan, matching its previous highest bid [1][3] - The main asset of Jingzhi Mineral is the mining rights of the Xiaohuiqing iron mine, which has a production capacity of 2.6 million tons per year [1][2] - Anning Co., Ltd. believes that acquiring Jingzhi Mineral is significant for expanding resource reserves and ensuring safety, as the mine is adjacent to its existing operations [1][2] Group 2 - Anning Co., Ltd. had previously signed a restructuring investment intention agreement with Jingzhi Mineral and its subsidiaries, indicating a strategic move to integrate operations and maximize resource utilization [2][3] - The restructuring investment proposal has been submitted to the management, and the process is reported to be progressing smoothly, although it remains at the intention stage [4] - As of the end of Q1 2025, Anning Co., Ltd. reported a cash balance of 4.253 billion yuan, indicating a strong financial position to support the investment [4]

证券代码：002978 股票简称：安宁股份 公告编号：2025-033 四川安宁铁钛股份有限公司 关于重大资产重组事项的进展公告 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。 特别提示： 1、四川安宁铁钛股份有限公司（以下简称"公司"或"上市公司"）正在筹 划以支付现金的方式取得攀枝花市经质矿产有限责任公司（以下简称"标的公司" 或"经质矿产"）100%股权（以下简称"本次交易"）。鉴于经质矿产及其关联 企业会理县鸿鑫工贸有限责任公司（以下简称"鸿鑫工贸"）、攀枝花市立宇矿 业有限公司（以下简称"立宇矿业"，与经质矿产、鸿鑫工贸合称"三家公司"） 目前处于实质合并重整程序中，上市公司计划成为三家公司实质合并重整投资人， 支付重整投资款，并取得经质矿产100%股权。本次交易预计构成重大资产重组。 2、2025年2月19日，公司召开第六届董事会第十九次会议，审议通过了《关 于筹划重大资产重组暨签署<重整投资意向协议>的议案》。具体内容详见公司于 2025年2月20日刊登在指定信息披露媒体上的相关公告。 3、上市公司作为经质矿产及其关联企业的意向重整投资人，于2 ...

证券代码：002978 股票简称：安宁股份 公告编号：2025-032 四川安宁铁钛股份有限公司 关于重大资产重组事项的进展公告 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。 特别提示： 1、四川安宁铁钛股份有限公司（以下简称"公司"或"上市公司"）正在筹 划以支付现金的方式取得攀枝花市经质矿产有限责任公司（以下简称"标的公司" 或"经质矿产"）100%股权（以下简称"本次交易"）。鉴于经质矿产及其关联 企业会理县鸿鑫工贸有限责任公司（以下简称"鸿鑫工贸"）、攀枝花市立宇矿 业有限公司（以下简称"立宇矿业"）目前处于实质合并重整程序中，本次交易 的具体方案尚未确定。本次交易预计构成重大资产重组。 2、2025年2月19日，公司召开第六届董事会第十九次会议，审议通过了《关 于筹划重大资产重组暨签署<重整投资意向协议>的议案》。具体内容详见公司于 2025年2月20日刊登在指定信息披露媒体上的相关公告。 3、公司及有关各方正在有序推进本次交易的具体事宜。本次交易存在不确 定性，可能出现因外部环境变化导致交易条件发生变化，进而导致交易终止的情 况。敬请广大投资者 ...

5、监事会主持人：监事会主席辜朕女士。 证券代码：002978 证券简称：安宁股份 公告编号：2025-030 四川安宁铁钛股份有限公司 第六届监事会第十四次会议决议公告 本公司及监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。 一、监事会会议召开情况 1、监事会通知时间、方式：2025 年 4 月 4 日以微信、电话、当面送达的方 式通知全体监事。 2、监事会召开时间：2025 年 4 月 11 日。 3、监事会召开地点、方式：公司会议室以现场与通讯结合的方式召开。 4、监事会出席人员：会议应出席监事 3 名，实际出席监事 3 名。 2025 年 4 月 11 日 6、四川安宁铁钛股份有限公司（以下简称"公司"）第六届监事会第十四 次会议的召集和召开符合国家有关法律、法规及《公司章程》的规定，决议合法 有效。 二、监事会会议审议情况 （一）审议通过《关于<2025 年第一季度报告>的议案》 表决结果：3 票同意，0 票反对，0 票弃权，表决结果为通过。 公司监事会保证《2025 年第一季度报告》内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏，监事会 ...

证券代码：002978 证券简称：安宁股份 公告编号：2025-029 四川安宁铁钛股份有限公司 第六届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 1、董事会通知时间、方式：2025 年 4 月 4 日以微信、电话、当面送达等方 式通知全体董事。 2、董事会召开时间：2025 年 4 月 11 日。 3、董事会召开地点、方式：公司会议室以现场与通讯相结合的方式召开。 二、董事会会议审议情况 （一）审议通过《关于<2025 年第一季度报告>的议案》 表决结果：7 票同意，0 票反对，0 票弃权，表决结果为通过。 公司董事会保证《2025 年第一季度报告》内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏，董事会全体成员与公司高级管理人员 已对《2025 年第一季度报告》签署了书面确认意见。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司于同日在指定信息披露媒体《中国证券报》、《上海证券 报》、《证券日报》、《证券时报》和巨潮资讯网（www.cninfo.com.cn）上披露的 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥550,148,325.60, representing a 23.51% increase compared to ¥445,427,131.38 in the same period last year[5] - Net profit attributable to shareholders was ¥230,309,904.31, showing a slight increase of 0.02% from ¥230,267,523.78 year-on-year[5] - Basic and diluted earnings per share decreased by 14.87% to ¥0.4889, down from ¥0.5743 in the same quarter last year[5] - Total operating revenue for the current period reached ¥550,148,325.60, an increase of 23.5% compared to ¥445,427,131.38 in the previous period[24] - The net profit for the current period is 230,323,018.56, compared to 230,278,448.26 in the previous period, showing a slight increase[25] - The total comprehensive income attributable to the parent company is 230,309,904.31, compared to 230,267,523.78 in the previous period, showing a marginal increase[26] Cash Flow - The net cash flow from operating activities surged by 223.44% to ¥268,275,476.32, up from ¥82,945,563.95 in the previous year[5] - Cash flow from operating activities generated a net amount of 268,275,476.32, significantly higher than 82,945,563.95 from the previous period, indicating a substantial improvement[27] - Cash flow from financing activities yielded a net amount of 1,118,237,088.92, compared to 165,789,077.36 in the previous period, demonstrating a strong increase[28] - The company reported cash inflows from investment activities totaling 120,041,917.81, with cash outflows amounting to 1,080,346,483.26, resulting in a net cash flow from investment activities of -960,304,565.45[28] Assets and Liabilities - Total assets increased by 15.41% to ¥10,957,238,981.23, compared to ¥9,494,198,472.08 at the end of the previous year[5] - Total liabilities rose to ¥2,530,311,066.22, an increase of 94.2% compared to ¥1,304,082,454.91 in the previous period[22] - Non-current assets totaled ¥5,277,191,558.39, up 10.1% from ¥4,793,634,400.80 at the beginning of the period[22] - Cash and cash equivalents at the end of the period were ¥4,253,386,874.83, up 11.4% from ¥3,819,200,375.36 at the beginning of the period[21] - The company’s cash and cash equivalents at the end of the period stand at 4,045,655,910.10, up from 2,606,909,828.12 at the end of the previous period, reflecting a growth of approximately 55%[28] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 18,833, with the top ten shareholders holding a combined 75.33% of the shares[13] - The top 10 unrestricted shareholders hold a total of 170 million shares, representing a significant portion of the company's equity[15] - The company has a total of 913,800 shares held in a repurchase account, accounting for 0.19% of the total share capital[15] - The company plans to issue 70,989,958 A-shares to specific investors, increasing total shares from 401,000,000 to 471,989,958[16] - The company’s major shareholders include Chengdu Zidong Investment Co., holding 170 million shares, and Luo Yangyong, holding 34 million shares[15] Investment and Financing Activities - Long-term borrowings surged by 839.19% to ¥940,008,566.21, attributed to financing for titanium projects[11] - The company has signed a strategic cooperation framework agreement with Postal Savings Bank of China, providing a credit limit of up to 15 billion RMB for mineral resource projects[18] - A similar agreement with Bank of China has been established, offering a credit limit of up to 10 billion RMB for comprehensive financial needs related to mineral resources[19] - The company is exploring financing channels to enhance efficiency and support its operational needs[18] - The company is actively involved in financing and investment strategies to support its growth and market expansion[18] Operational Costs and Expenses - The company experienced a 41.65% increase in operating costs, totaling ¥210,393,349.58, primarily due to higher production costs and increased sales volume[11] - Total operating costs amounted to ¥261,905,618.14, up 35.3% from ¥193,495,932.20 in the prior period[24] - Research and development expenses rose by 43.44% to ¥20,397,699.65, reflecting increased investment in innovation[11] - Research and development expenses increased to ¥20,397,699.65, representing a rise of 43.5% from ¥14,220,454.11 in the previous period[24] - The income tax expense for the current period is 56,907,272.14, compared to 39,333,583.50 in the previous period, indicating an increase of approximately 45%[25] Strategic Acquisitions - The company is in the process of acquiring 100% equity of Panzhihua Jingzhi Mineral Co., which is currently undergoing restructuring[17] - The company has engaged in significant asset restructuring discussions, with a focus on strategic acquisitions[17]

Group 1 - The company Anning Co., Ltd. (002978) reported a revenue of 550 million yuan in the first quarter of 2025, representing a year-on-year growth of 23.51% [1] - The net profit for the same period was 230 million yuan, showing a slight year-on-year increase of 0.02% [1]

北京中银（成都）律师事务所 关于四川安宁铁钛股份有限公司 2024 年年度股东大会之 2025 年 04 月 www.zhongyinlawyer.com 北京中银（成都）律师事务所 关于四川安宁铁钛股份有限公司 2024 年年度股东大会之 法律意见书 致：四川安宁铁钛股份有限公司 北京中银（成都）律师事务所（以下简称"本所"）接受四川安宁铁钛股份 有限公司（以下简称"公司"）委托，指派本所律师列席公司 2024 年年度股东 大会（以下简称"本次股东大会"）并出具本法律意见书。 本所律师根据《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》"）及中国证券监督管理委员会 （以下简称"中国证监会"）发布的《上市公司股东大会规则》（以下简称"《股 东大会规则》"）和深圳证券交易所发布的《深圳证券交易所上市公司股东大会 网络投票实施细则》等法律、行政法规、规范性文件及《四川安宁铁钛股份有限 公司章程》（以下简称"《公司章程》"）等规定，按照律师行业公认的业务标 准、道德规范和勤勉尽责精神，查阅了本所律师认为出具法律意见书所必须查阅 的文件，对公司本次股东大会的召集和召 ...