Group 1 - The core point of the article is that Jiangsu Cable (600959.SH) plans to optimize its capital structure and enhance investment efficiency by participating in a private placement of Jiangsu Suyuan Jingshen Co., Ltd. (Suyuan Jingshen) alongside its controlling shareholder, Jiangsu Cultural Technology Holding Group Co., Ltd. [1] Group 2 - Jiangsu Cable intends to invest no more than RMB 300 million, while the controlling shareholder plans to invest no more than RMB 30 million, with the actual investment amount to be determined based on the final allocation [1] - The private placement aims to raise no more than RMB 1.8 billion, with the issuance targeting up to 35 specific investors, including the wholly-owned subsidiary of the controlling shareholder [1] - The private placement plan has received approval from the China Securities Regulatory Commission, and the issuance will be conducted through a competitive bidding process [1]

Core Viewpoint - Su Yan Jingshen's stock price decreased by 1.05% to 10.33 CNY per share, with a total market capitalization of 8.075 billion CNY as of December 31 [1] Company Overview - Jiangsu Su Yan Jingshen Co., Ltd. was established on April 6, 2001, and listed on December 31, 2015 [1] - The company is primarily engaged in the underground mining of rock salt, production and processing of salt and related products, and wholesale of table salt [1] - Revenue composition: Salt products account for 64.44%, alkali products 27.27%, calcium products 5.02%, and others 3.27% [1] Shareholder Information - The top circulating shareholder is a fund under Shenwan Hongyuan, which holds 7.0351 million shares, representing 0.91% of circulating shares [2] - The fund, Shenwan Hongyuan Multi-Strategy Flexible Allocation Mixed A (001148), has a current scale of 286 million CNY and has achieved a year-to-date return of 34.49% [2] Fund Manager Performance - Fund managers Liang Guozhu and Gao Fu manage the Shenwan Hongyuan Multi-Strategy Flexible Allocation Mixed A [3] - Liang Guozhu has a tenure of 3 years and 53 days, with a best return of 53.99% during his tenure [3] - Gao Fu has a tenure of 287 days, with a best return of 16.22% during his tenure [3] Fund Holdings - Shenwan Hongyuan Multi-Strategy Flexible Allocation Mixed A holds 7.0351 million shares of Su Yan Jingshen, making it the eighth largest holding in the fund [4] - The position represents 4.82% of the fund's net value, with an estimated floating loss of approximately 773,900 CNY [4]

12月30日，苏盐井神涨1.07%，截至发稿，报10.41元/股，成交2679.76万元，换手率0.33%，总市值 81.37亿元。苏盐井神股价已经连续3天上涨，区间累计涨幅0.39%。 资料显示，江苏苏盐井神股份有限公司位于江苏省淮安市淮安区海棠大道18号，成立日期2001年4月6 日，上市日期2015年12月31日，公司主营业务涉及岩盐地下开采;食盐、井矿盐、盐类产品的生产、加 工及食盐批发(以上按许可证核定的具体生产品种和有效期限经营);普通货运;火力发电(生产自用);纯碱 (轻质纯碱、重质纯碱)、食品添加剂(碳酸钠)、小苏打生产、加工;氯化钙(液体氯化钙、固体氯化钙)生 产、加工(限分支机构经营);销售本公司产品。主营业务收入构成为：盐类产品64.44%，碱类产品 27.27%，钙类产品5.02%，其他(补充)3.27%。 从苏盐井神十大流通股东角度 申万菱信多策略灵活配置混合A（001148）成立日期2015年3月31日，最新规模2.86亿。今年以来收益 34.14%，同类排名2575/8087；近一年收益33.04%，同类排名2501/8085；成立以来收益176.14%。 申万菱信多策略灵活配置 ...

Core Viewpoint - The company has completed the conditions for the second unlock period of its 2021 restricted stock incentive plan, allowing 28 eligible participants to unlock a total of 609,325 shares, representing approximately 0.0780% of the company's total share capital [1][10]. Group 1: Board Meeting and Decision-Making Process - The sixth meeting of the company's sixth board of directors was held on December 16, 2025, via communication voting, with all 9 directors participating and unanimously approving the proposal regarding the second unlock period of the incentive plan [1]. - The board's decision-making process complied with relevant laws and regulations, ensuring the legality and validity of the meeting [1]. Group 2: Incentive Plan Implementation and Disclosure - The company held its fourth board meeting on December 30, 2021, to approve the draft of the 2021 restricted stock incentive plan, with independent directors providing their consent [2]. - The company received approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for the implementation of the incentive plan on March 2, 2022 [3]. - The company conducted a public disclosure of the names and positions of the initial grant recipients from December 31, 2021, to January 10, 2022, with no objections received [2]. Group 3: Stock Grant and Unlocking Process - The first grant of restricted stock under the incentive plan was completed on April 29, 2022, with a total of 10.222 million shares granted [5]. - The second unlock period for the reserved grant is set to expire on December 29, 2025, with the conditions for unlocking already met [10]. - The board confirmed that the unlocking conditions for the second reserved grant have been fulfilled, allowing the 28 eligible participants to unlock their shares [10]. Group 4: Legal Opinions and Compliance - The legal opinion from Beijing Junzhi Law Firm confirmed that the necessary approval and authorization procedures for the unlocking of shares have been fulfilled, and the conditions for unlocking have been met [11]. - The unlocking of shares complies with the relevant laws and regulations, ensuring that the interests of the company and all shareholders are not harmed [11].

Core Viewpoint - Jiangsu Suyuan Jingshen Co., Ltd. plans to raise 1.8 billion yuan for the "Comprehensive Utilization Project of Brine Salt Production in Gas Storage" with an expected internal rate of return of 8.08% and a payback period of 10.32 years [1] Group 1: Project Overview - The project involves an investment of 1.889 billion yuan, aiming to increase solid salt production capacity by 3 million tons per year and liquid salt capacity by 1.5 million cubic meters per year [1] - The project will utilize mature MVR salt production technology and does not involve new product development [2] - The investment structure includes 28.2% for construction, 35.2% for equipment purchase, and 14.8% for installation, with a total of 13.6% for contingency and working capital [2] Group 2: Financial Projections - The project is expected to generate an average annual revenue of 791.94 million yuan, with industrial salt accounting for 92.6% of the revenue [3] - The estimated gross margin upon reaching full production is 17.41%, with industrial salt and brine margins at 15.36% and 43.10%, respectively [3] Group 3: Funding Necessity - The company faces a funding gap of 2.12 billion yuan over the next three years, primarily due to 41 investment projects requiring a total of 4.499 billion yuan [4] - The project financing of 1.8 billion yuan will cover 95.3% of the total project investment [4] Group 4: Operational Challenges - The company has experienced a decline in revenue, with projected decreases of 4.80% and 5.95% for 2022 and 2023, respectively, attributed to falling prices of industrial salt and soda ash [5] - As of mid-2025, the company reported a cash balance of 2.24 billion yuan, with 95.6% in bank deposits [5] Group 5: Strategic Investments - The company has clarified that its long-term equity investments are strategic and related to its main business, not classified as financial investments [6] - The salt and energy storage strategy is expected to generate additional rental income from related projects [7]

Group 1 - The core opinion of the article is that the legal opinion letter confirms the legality and validity of the procedures, qualifications, and voting results of the 2025 Second Extraordinary General Meeting of Jiangsu Suyuan Jingshen Co., Ltd [1][16] Group 2 - The meeting was convened by the company's board of directors, with a notice published on August 9, 2025, detailing the meeting's time, location, and voting procedures [2][3] - A total of 630 shareholders and their proxies attended the meeting, representing 598,790,101 shares, which is 76.6051% of the total shares [3][4] - The meeting was presided over by the chairman, Mr. Wu Xufeng, and the procedures followed legal and regulatory requirements [3][16] Group 3 - The voting process combined on-site and online voting, with results confirmed by the Shanghai Stock Exchange's information network [5][16] - Various proposals were voted on, including the issuance of A-shares to specific targets, with significant support from shareholders [6][11] - The voting results showed a high level of agreement on the proposals, with approval rates generally above 90% for most resolutions [7][10][15]

Core Viewpoint - Jiangsu Suyuan Jingshen Co., Ltd. is proceeding with the repurchase and cancellation of certain restricted stocks as part of its 2021 incentive plan, following necessary approvals and legal compliance [6][10]. Group 1: Approval and Authorization - The board of directors approved the repurchase of restricted stocks held by four incentive recipients who have reached retirement age and no longer meet incentive conditions [6][7]. - The supervisory board provided relevant verification opinions, and the company has published a notice to creditors regarding the capital reduction due to the stock repurchase [6][9]. - As of the date of the legal opinion, no objections from creditors have been received, confirming compliance with the necessary legal and regulatory requirements [6][10]. Group 2: Details of the Repurchase - The repurchase involves 270,667 shares, which represents 0.0346% of the company's total share capital [7][9]. - The repurchase price has been adjusted from 4.79 yuan per share to 3.85498 yuan per share due to previous cash dividends distributed to shareholders [8][9]. - The total funds required for the repurchase amount to approximately 1.0434 million yuan, sourced from the company's own funds [8][9]. Group 3: Implementation Status - The company has opened a dedicated account with the China Securities Depository and Clearing Corporation and submitted the necessary applications for the stock repurchase [9][10]. - The cancellation of the restricted stocks is expected to be completed by June 9, 2025, after which the company will proceed with the required business registration changes [9][10]. Group 4: Conclusion - The legal opinion concludes that the company has fulfilled all necessary approval and authorization procedures for the stock repurchase, and the actions taken are in accordance with relevant laws and regulations [10].

国浩律师（南京）事务所 江苏苏盐井神股份有限公司 关 于 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 7-8 层 邮编：210036 电话/Tel： +86 25 8966 0900 传真/Fax： +86 25 89660966 网址/Website： http：//www.grandall.com.cn 国浩律师（南京）事务所 关于江苏苏盐井神股份有限公司 致：江苏苏盐井神股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、 规范性文件和《江苏苏盐井神股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，国浩律师（南京）事务所（以下简称"本所"）接受江苏苏盐井神 股份有限公司（以下简称"公司"）的委托，指派律师（以下简称"本所律师"） 出席公司 2024 年年度股东会（以下简称"本次股东会"、"会议"），并出具 本法律意见书。 本所律师出席了本次股东会并按照律师行业公认的业务标准、道德规范和勤 勉尽责精神，对与本次股东会召开有关的文件和事实进行了核查和验证。 本所律师现就本次股东会的召集和召开程序、出席会议人员和会议召集人的 资格、会议的表决程序、表决结 ...