广东泛尔律师事务所 广东省汕头市金砂东路 106 号国商大厦 A 幢 2203 Tel:0754-88464728 fax:0754-88464718 广东泛尔律师事务所 关于广东天亿马信息产业股份有限公司 2025 年第三次临时股东会 法律意见书 | | | | 目录 | 2 | | --- | --- | | 正文 | 3 | | 一、本次股东会的召集、召开程序 3 | | | 二、出席本次股东会会议人员的资格 3 | | | 三、本次会议审议的议案 | 4 | | 四、本次会议议案的表决程序与表决结果 6 | | | 五、结论性意见 | 37 | 广东泛尔律师事务所 关于广东天亿马信息产业股份有限公司 2025 年第三次临时股东会 法律意见书 致：广东天亿马信息产业股份有限公司 广东天亿马信息产业股份有限公司（以下简称"公司"）于 2025 年 12 月 4 日下午在公司会议室召开了 2025 年第三次临时股东会（以 下简称"本次会议"或"本次股东会"）。广东泛尔律师事务所接受公 司的委托，根据《中华人民共和国公司法》、《中华人民共和国证券法》 以及《上市公司股东会规则》等法律、法规和规范性文件（以下统 ...

证券代码：301178 证券简称：天亿马 公告编号：2025-101 广东天亿马信息产业股份有限公司 关于使用部分闲置募集资金（含超募资金）进行现金 管理到期赎回的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 广东天亿马信息产业股份有限公司（以下简称"公司""天亿马"） 于 2024 年 12 月 11 日召开第三届董事会第二十六次会议和第三届监 事会第二十四次会议，另于 2024 年 12 月 27 日召开 2024 年第四次临 时股东会，审议通过了《关于使用部分闲置募集资金（含超募资金） 进行现金管理的议案》，同意公司使用不超过人民币 1.8 亿元（含本 数）的闲置募集资金（含超募资金及进行现金管理后所产生的利息） 进行现金管理，用于投资安全性高、流动性好且投资期限不超过 12 个月的产品，使用期限为自股东会审议通过之日起 12 个月内。在上 述额度和期限范围内，资金可循环滚动使用。公司保荐机构五矿证券 有限公司发表了核查意见。具体内容详见公司披露于巨潮资讯网 （www.cninfo.com.cn）等法定信息披露媒体的相关公告。 近日，公司近期部分 ...

湖南启元律师事务所 关于 广东天亿马信息产业股份有限公司 发行股份及支付现金购买资产暨关联交易 相关主体买卖上市公司股票的 本所根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》（以下简 称"《重组管理办法》"）《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》（以下简称"《26号格式准则》"）《监管规则适用 指引——上市类第1号》等法律、法规和规范性文件的有关规定，对本次交易的相 关机构及人员在股票交易自查期间，即上市公司就本次交易申请股票停牌前六个月 至披露《广东天亿马信息产业股份有限公司发行股份及支付现金购买资产并募集配 套资金暨关联交易报告书（草案）》（以下简称"《重组报告书（草案）》"）披 露前一日止的二级市场股票买卖情况进行了专项核查，并出具本专项核查意见。 本所及承办律师依据《律师事务所从事证券法律业务管理办法》《律师事务所 证券法律业务执业规则（试行）》等规定及本专项核查意见出具之日以前已经发生 或存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充 分的核查验证，保证本专项核查意见所认定的事实真实、准确、完整，本所发表的 结论性意见合法 ...

证券代码：301178 证券简称：天亿马 公告编号：2025-100 广东天亿马信息产业股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易相关主体买卖股票情况的自查报告的公告 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、误导性陈述或重大遗漏。 特别提示： 根据中国证券登记结算有限责任公司深圳分公司出具的《信息披 露义务人持股及股份变更查询证明》《股东股份变更明细清单》、本 次交易相关主体出具的自查报告、存在买卖情形的相关机构和人员出 具的承诺函等文件，在相关主体出具的自查报告和承诺函等文件真实、 准确、完整的前提下，相关主体通过二级市场买卖公司股票的行为不 会对本次交易构成实质性障碍。除上述情况外，纳入本次交易核查范 围内的其他相关方在自查期间不存在于二级市场买卖天亿马股票的 情况；本次重组不存在因涉嫌内幕交易被中国证监会立案调查或者被 司法机关立案侦查的情形，符合《深圳证券交易所上市公司自律监管 指引第 8 号——重大资产重组（2025 年修订）》之相关规定。 广东天亿马信息产业股份有限公司（以下简称"公司""上市公 司""天亿马"）拟通过发行股份及支付现金 ...

广东天亿马信息产业股份有限公司（以下简称"公司"、"上市公司"）拟 通过发行股份及支付现金的方式，购买陈耿豪、南通成为常青股权投资合伙企业 （有限合伙）、珠海广发信德科文创业投资基金（有限合伙）、苏州市德同合心 创业投资合伙企业（有限合伙）、泰安乐陶陶投资服务合伙企业（有限合伙）、 林芝利新信息技术有限公司、杨凯然、张杰波、璀璨远见（深圳）企业管理合伙 企业（有限合伙）、泰安乐熙熙投资服务合伙企业（有限合伙）、泰安乐腾腾投 资服务合伙企业（有限合伙）、深圳市前海千意智合三期投资合伙企业（有限合 伙）、胡俊、王佳、泰安乐哈哈投资服务合伙企业（有限合伙）、广发信德二期 创业投资合伙企业（有限合伙）、璀璨德商（深圳）创业投资中心（有限合伙）、 广州信德创业营股权投资合伙企业（有限合伙）、泰安乐摇投资服务合伙企业（有 限合伙）、珠海康远投资企业（有限合伙）、上海德盾企业管理合伙企业（有限 合伙）等 21 名交易对方（以下合称"交易对方"）合计持有的广东星云开物科 技股份有限公司（以下简称"标的公司"）98.5632%股权（以下简称"标的资产"） 并募集配套资金（以下简称"本次重组"或"本次交易"）。 国泰海通证券股份 ...

（编辑 王雪儿） 证券日报网讯 12月1日，天亿马在互动平台回答投资者提问时表示，截至2025年9月30日公司股东人数 为9434户。公司每个季末的股东人数将在定期报告中进行披露，请关注公司披露的定期报告。 ...

Core Viewpoint - Guangdong Tianyi Ma Information Industry Co., Ltd. (301178.SZ) has disclosed a plan to acquire 98.5632% of Guangdong Xingyun Kaiwu Technology Co., Ltd. for a total consideration of 1.189 billion yuan, marking the largest asset restructuring since its listing in 2021. However, the market response has been negative, with Tianyi Ma's stock price dropping significantly following the announcement [1][3]. Acquisition Details - The acquisition will be financed through a combination of issuing shares and cash, with a total transaction value of 1.189 billion yuan, comprising 582 million yuan in shares and 606 million yuan in cash [3]. - Tianyi Ma plans to issue 21.76 million new shares at a price of 26.76 yuan per share for the share consideration, and up to 4.73 million shares at 32.74 yuan per share for supporting financing [4][5]. Valuation Concerns - The valuation of Xingyun Kaiwu's 100% equity is set at 1.21 billion yuan, reflecting a substantial premium of 649.77%, which raises concerns about the sustainability of such a high valuation without significant future performance growth [6][7]. - Performance commitments have been made by the shareholders of Xingyun Kaiwu, with net profit targets of no less than 90 million yuan, 95 million yuan, and 105 million yuan for the years 2025 to 2027 [7]. Financial Performance - Tianyi Ma's core business focuses on smart city solutions, but it has experienced a decline in performance since its IPO, with revenue dropping from 4.67 billion yuan in 2021 to an estimated 2.24 billion yuan in 2024, and net profit turning negative at -495.53 million yuan [8]. - In contrast, Xingyun Kaiwu is positioned in a rapidly growing sector, providing IoT management services for over 3 million self-service devices, which could significantly enhance Tianyi Ma's revenue post-acquisition [10][11]. Industry Trends - The self-service device sector is experiencing rapid growth, driven by trends such as "unmanned service, instant satisfaction, and small high-frequency transactions," with technologies like 5G and IoT facilitating this expansion [12][13]. - Xingyun Kaiwu has established a nationwide network of smart devices, collaborating with over 10,000 enterprises and 4.5 billion service users, indicating a robust market presence [15]. Shareholder Activity - Recent activities show that several major shareholders of Tianyi Ma have opted to reduce their holdings, raising concerns about insider confidence in the company's future prospects [16][17].

Core Viewpoint - The acquisition of 98.5632% stake in Guangdong Xingyun Kaiwu Technology Co., Ltd. by Guangdong Tianyi Ma Information Industry Co., Ltd. for 1.189 billion yuan is the largest asset restructuring since Tianyi Ma's listing in 2021, but the market response has been negative, with a significant drop in stock price following the announcement [1][2]. Acquisition Details - The acquisition involves a total transaction price of 1.189 billion yuan, with 582 million yuan paid in shares and 606 million yuan in cash. Tianyi Ma plans to raise up to 155 million yuan through issuing shares to one of its controlling shareholders to cover cash payments and related expenses [5][6]. - Tianyi Ma will issue 21.76 million shares at a price of 26.76 yuan per share for the share payment, and up to 4.73 million shares at 32.74 yuan per share for the financing [6][7]. Valuation Concerns - The valuation of Xingyun Kaiwu's 100% equity is set at 1.21 billion yuan, reflecting a staggering 649.77% increase, raising concerns about the high premium that needs to be justified by future performance [9]. - The performance commitments from the sellers include net profits of no less than 90 million yuan, 95 million yuan, and 105 million yuan for the years 2025 to 2027, which, if achieved, could significantly enhance Tianyi Ma's profitability [9]. Financial Performance - Tianyi Ma's core business focuses on smart city solutions, but it has experienced a decline in performance since its listing, with revenues dropping from 4.67 billion yuan in 2021 to an estimated 2.24 billion yuan in 2024, and net profits turning negative [12][13]. - In contrast, Xingyun Kaiwu is positioned in a rapidly growing sector, providing IoT management services for over 3 million self-service devices, which could potentially boost Tianyi Ma's revenue significantly post-acquisition [15][16]. Market Trends - The self-service device sector is experiencing rapid growth, driven by trends such as "unmanned service, instant satisfaction, and small frequent transactions," with technologies like 5G and AI further enhancing service capabilities [18][19]. - Xingyun Kaiwu has successfully integrated its business model with offline traffic, achieving breakeven and expanding into various self-service equipment areas, which aligns with the growing demand for digital solutions [20][21][22]. Shareholder Actions - Several major shareholders of Tianyi Ma have recently engaged in share sell-offs, raising concerns about insider confidence in the company's future performance [24][26].

Core Viewpoint - Tianyi Ma plans to acquire 98.5632% of Xingyun Kaiwu for a total consideration of 1.1885 billion yuan, representing a significant premium of 649.77% over its assessed value [1][2][5] Group 1: Acquisition Details - The acquisition price of 1.1885 billion yuan is based on an assessed value of 121 million yuan for Xingyun Kaiwu, with a net asset value of 161 million yuan as of June 30, 2025 [2][3] - The valuation of 1.2 billion yuan is considered high, especially given that the last effective share transfer valued the company at only 136 million yuan [3][5] - The acquisition involves issuing shares at a price significantly lower than the market price, providing substantial arbitrage opportunities for original shareholders and management [6][8] Group 2: Financial Implications - Tianyi Ma will pay 582 million yuan in shares and 606 million yuan in cash, but has only 331 million yuan in cash available, leading to a funding gap of 120 million yuan [6][11] - The cash outflow will deplete the company's cash reserves, raising concerns about the interests of minority shareholders [12][10] Group 3: Company Performance and Valuation Concerns - Xingyun Kaiwu's revenue and profit growth appear to be driven by significant cost-cutting, with R&D expenses and sales costs decreasing despite revenue growth [12][13] - The company's gross margin is higher than industry averages, but its reliance on marketing is evident, as sales expense ratios exceed those of comparable companies [14][12] - The disparity between revenue growth (16.1%) and net profit growth (123.97%) raises questions about the sustainability and authenticity of the company's financial performance [12][13]

Market Overview - The medical information technology sector experienced a decline of 2.49% on November 21, with Tianyi Ma leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers in the medical information technology sector included: - Yuangeng Kunshi (000566) with a closing price of 8.38, up 5.81% [1] - Zhejiang University Network New (600797) at 11.03, up 3.18% [1] - Sichuang Medical (300078) at 4.51, up 2.04% [1] - Major decliners included: - Tianyi Ma (301178) at 51.97, down 9.24% [2] - ST Yinda (300125) at 8.27, down 7.80% [2] - Rong Technology (300290) at 24.68, down 6.44% [2] Capital Flow - The medical information technology sector saw a net outflow of 2.673 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.234 billion yuan [2][3] - Key stocks with significant capital flow included: - Zhejiang University Network New (600797) with a net inflow of 121 million yuan from institutional investors [3] - Ji Shi Media (601929) with a net inflow of 97.23 million yuan [3] - Huayu Software (300271) with a net inflow of 36.92 million yuan [3]