上海市锦天城律师事务所 关于江西耐普矿机股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（二） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 声明事项 2 | | | --- | --- | | 义 4 | 释 | | 文 6 | 正 | | 6 | 第一部分 《审核问询函》问题回复 | | 1 题 6 | 一、《审核问询函》第 | | 22 | 第二部分 本次发行相关事项的更新 | | 一、本次发行的批准和授权 22 | | | 二、发行人本次发行的主体资格 22 | | | 三、发行人本次发行的实质条件 22 | | | 四、发行人的独立性 27 | | | 五、发行人的股东及实际控制人 27 | | | 六、发行人的股本及其演变 28 | | | 七、发行人的业务 28 | | | 八、关联交易及同业竞争 29 | | | 九、发行人的主要财产 31 | | | 十、发行人的重大债权债务 35 | | | 36 | 十一、发行人的重大资产变化及收购兼并 | | 十二、发行人章 ...

关于对江西耐普矿机股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函中有关财务事项的说明 德皓函字[2025]00000130 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) BeijingDehaoInternationalCertifiedPublicAccountants(LimitedLiabilityPartnership) 关于对江西耐普矿机股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函中有关财务事项的说明 目录 页次 一、 关于对江西耐普矿机股份有限公司申请向不 特定对象发行可转换公司债券的审核问询函 中有关财务事项的说明 1-112 北京德皓国际会计师事务所（特殊普通合伙） 北京市丰台区西四环中路 78 号院首汇广场 10 号楼[100141] 电话:86(10)68278880 传真:86(10)68238100 关于对江西耐普矿机股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函中有关财务事项的说明 德皓函字[2025]00000130 号 深圳证券交易所： 由江西耐普矿机股份有限公司(以下简称"江西耐普矿机公司"、 ...

国金证券股份有限公司 关于 江西耐普矿机股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二五年九月 江西耐普矿机股份有限公司 发行保荐书 声明 国金证券股份有限公司（以下简称"国金证券""本保荐机构"）接受江西耐 普矿机股份有限公司（以下简称"耐普矿机""公司"或"发行人"）的委托，担 任其向不特定对象发行可转换公司债券的保荐机构。 本保荐机构及保荐代表人根据《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》"）、《上市公司 证券发行注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市保荐 业务管理办法》（以下简称"《保荐业务管理办法》"）等有关法律、行政法规和中 国证券监督管理委员会（以下简称"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性、准确性和完整性。 如无特殊说明，本发行保荐书中的简称与《江西耐普矿机股份有限公司向不 特定对象发行可转换公司债券募集说明书》 ...

国金证券股份有限公司 关于 江西耐普矿机股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二五年九月 江西耐普矿机股份有限公司 上市保荐书 声 明 国金证券股份有限公司（以下简称"国金证券"、"本保荐机构"）及保荐代表 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》"）、《上市公司证券发行注册管理办法》（以下 简称"《注册管理办法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐业务管理办法》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中 国证监会"）的有关规定以及深圳证券交易所（以下简称"深交所"）的有关业务 规则，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 本上市保荐书，并保证上市保荐书的真实、准确、完整。 如无特别说明，本上市保荐书中所涉简称与《江西耐普矿机股份有限公司向 不特定对象发行可转换公司债券募集说明书》一致。 3-3-1 | 声 明 | 1 | | --- | --- | | 录 目 | 2 | | 第一节 | 发行 ...

Core Viewpoint - The company, Nepean Mining Machinery (stock code: 300818), reported that as of August 29, 2025, the number of shareholders reached 9,387 [1] Company Summary - Nepean Mining Machinery has a total of 9,387 shareholders as of the specified date [1]

Core Viewpoint - Three companies listed on the ChiNext board reported a decrease in shareholder accounts as of August 31, with notable declines in the number of shareholders for Naipu Mining Machine, Huichuan Technology, and Guangwei Composite Materials [1][2] Group 1: Shareholder Account Changes - Naipu Mining Machine reported the largest decline in shareholder accounts, with a total of 9,387 accounts, down 16.69% from August 20, and has seen a cumulative increase of 0.73% in stock price since the concentration of shares began [1][2] - Huichuan Technology's shareholder accounts decreased by 0.44% to 149,618, with a cumulative stock price increase of 8.93% during the same period [1][2] - Guangwei Composite Materials had 75,100 shareholder accounts, reflecting a decrease of 0.16%, and a cumulative stock price increase of 1.49% since the concentration of shares began [1][2] Group 2: Market Performance and Trends - Naipu Mining Machine has experienced a cumulative decline of 25.98% in shareholder accounts over four consecutive periods [2] - The average stock price increase for concentrated shares since August 21 is 3.72%, with Huichuan Technology, Guangwei Composite Materials, and Naipu Mining Machine showing increases of 8.93%, 1.49%, and 0.73% respectively [2] - In terms of industry, the mechanical equipment sector has the highest concentration of shares among the reported companies, with two stocks listed [2]

Group 1 - The core point of the article highlights that Nepean Mining's shareholder count has decreased for the fourth consecutive period, with a reduction of 1,881 shareholders, representing a 16.69% decline compared to the previous period [2] - As of the latest report, Nepean Mining's stock price is 26.42 yuan, showing a slight increase of 0.42%, and the stock has seen a cumulative increase of 1.15% since the concentration of shares began [2] - The company's semi-annual report indicates that it achieved a revenue of 413 million yuan in the first half of the year, a year-on-year decrease of 34.04%, and a net profit of 16.99 million yuan, down 79.86% year-on-year, with basic earnings per share at 0.1028 yuan and a weighted average return on equity of 1.01% [2] Group 2 - In terms of institutional ratings, the stock has received buy ratings from three institutions in the past month, with the highest target price set at 29.00 yuan by China International Capital Corporation on August 28 [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the absence of EPC contracting business in the same period last year [1] Group 1: Financial Performance - In 2025 H1, the company achieved revenue of 410 million yuan, a year-on-year decrease of 34% [1] - The net profit attributable to shareholders was 16.99 million yuan, down 80% year-on-year [1] - Revenue from various business segments included: rubber wear-resistant products (290 million yuan, -3%), mining metal spare parts (58.05 million yuan, -3%), mineral processing equipment and spare parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Group 2: Strategic Developments - The company made significant progress in its overseas strategy, deepening its presence in the "Belt and Road" market [1] - On June 30, 2025, the company announced the signing of two five-year supply contracts with a leading copper producer in Kazakhstan, which produced over 400,000 tons of copper in 2023 [1] - The company has been actively expanding its overseas market, with an average overseas revenue share of 57% over the past five years and a CAGR of 30% [1] Group 3: Industry Trends - The company is enhancing its upstream copper and silver mining development and strengthening industry chain collaboration by acquiring a 22.5% stake in Swiss Virdad Resources [2] - This acquisition will secure development rights for the Alacran copper and silver mine, injecting incremental demand into the traditional mineral processing equipment and spare parts business [2] - The market for wear-resistant spare parts is expected to see long-term growth due to rising copper production and declining copper grades [3] - The penetration rate of rubber wear-resistant spare parts is increasing, as they offer better wear resistance, longer lifespan, and lighter weight compared to metal parts [3] - The company is also expanding into the cylinder market, which presents significant growth opportunities [3] Group 4: Investment Outlook - Revenue projections for 2025-2027 are 980 million yuan, 1.28 billion yuan, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively [4] - Net profit projections for the same period are 90 million yuan, 130 million yuan, and 190 million yuan, with year-on-year growth rates of -26%, 48%, and 48% respectively [4] - The company is expected to maintain a PE ratio of 52, 35, and 24X for the years 2025, 2026, and 2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 410 million yuan, down 34% year-on-year, and net profit at 16.99 million yuan, down 80% year-on-year, primarily due to the absence of EPC contracting business compared to the same period last year [1] - The company has made significant progress in its overseas strategy, particularly in the "Belt and Road" markets, signing two five-year supply contracts with a leading copper producer in Kazakhstan [1][2] - The company is enhancing its upstream copper and precious metals mining development, securing a 22.5% stake in Swiss company Virdis Resources, which will provide additional demand for its traditional mineral processing equipment and parts [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 410 million yuan, a 34% decrease year-on-year, and a net profit of 16.99 million yuan, an 80% decrease year-on-year [1] - Revenue breakdown by business segments includes: rubber wear-resistant products (290 million yuan, -3%), mining metal parts (58.05 million yuan, -3%), mineral processing equipment and parts (43.15 million yuan, -9%), and mining pipelines (15.26 million yuan, +5%) [1] Strategic Developments - The company has deepened its market presence in the "Belt and Road" region, with overseas revenue averaging 57% over the past five years and a CAGR of 30% [2] - The company is expanding into the upstream copper and precious metals sector, which is expected to drive demand for its mineral processing services [3] Investment Recommendations - The company is positioned as a leading private enterprise in mineral processing equipment, benefiting from overseas demand and product category expansion. Projected revenues for 2025-2027 are 980 million, 1.28 billion, and 1.58 billion yuan, with year-on-year growth rates of -12%, 30%, and 24% respectively. Net profits are expected to be 90 million, 130 million, and 190 million yuan, with corresponding growth rates of -26%, 48%, and 48% [5]

Summary of Key Points Core Viewpoint - Jiangxi Naipu Mining Machinery Co., Ltd. announced that its controlling shareholder and actual controller, Mr. Zheng Hao, has engaged in stock pledge repurchase and stock pledge extension repurchase activities, indicating a financial maneuver that may impact the company's capital structure and shareholder equity [1]. Group 1: Stock Pledge Details - Mr. Zheng Hao pledged 1.17 million shares, representing 1.49% of the company's total share capital, for a financial need [1]. - The pledge is set to begin on August 25 and is subject to a redemption period [1]. - The total number of pledged shares by Mr. Zheng Hao amounts to 7.84 million, which is 46.48% of his holdings [2]. Group 2: Impact on Shareholder Holdings - After the recent pledge, Mr. Zheng Hao's remaining shares include 990,000 shares, which is 14.11% of his total holdings [2]. - The pledged shares do not involve any performance compensation obligations, and there is no risk of forced transfer or liquidation as of the announcement date [2]. Group 3: Company Governance - The company assures that the pledged shares do not infringe upon the interests of the listed company and emphasizes the importance of proper information disclosure to investors [2].