招商证券股份有限公司 关于中盐内蒙古化工股份有限公司重大资产重组项目 在充分尽职调查和内核的基础上出具的承诺函 招商证券股份有限公司（以下简称"招商证券"或"本独立财务顾问"）接 受中盐内蒙古化工股份有限公司（以下简称"中盐化工"或"上市公司"）的委 托，担任中盐化工参股公司减资之重大资产重组的独立财务顾问，依照《上市公 司重大资产重组管理办法》《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》及其他相关法规规范要求，就本次交易履行了本阶 段必要的尽职调查，对本次交易的相关事项发表独立核查意见，本独立财务顾问 在充分尽职调查和内核的基础上作出以下承诺： 有关核查意见是独立进行。 供方已承诺上述有关文件、材料均为真实、准确和完整的，保证所提供文件、材 料不存在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起 的任何风险和责任。 徐万泽 张 琦 招商证券股份有限公司 严格的保密措施，严格执行风险控制和内部隔离制度，不存在内幕交易、操纵市 场和证券欺诈问题。 关公告，查阅有关文件。 （以下无正文） （本页无正文，为《招商证券股份有限公司关于中盐内蒙古化工股份有限公司重 大资产 ...

招商证券股份有限公司 关于中盐内蒙古化工股份有限公司本次重大 资产重组产业政策和交易类型核查意见 中盐内蒙古化工股份有限公司（以下简称"中盐化工"或"上市公司"）的 参股公司中盐（内蒙古）碱业有限公司拟实施定向减资。本次交易构成上市公司 重大资产重组。 招商证券股份有限公司（以下简称"独立财务顾问"）作为本次交易的独立 财务顾问，根据中国证券监督管理委员会《监管规则适用指引—上市类第1号》 《上海证券交易所上市公司自律监管指引第6号—重大资产重组》等法律法规、 规范性文件的要求，对本次交易涉及的产业政策和交易类型进行了核查，具体如 下： 本独立财务顾问核查后认为：本次交易所涉及的交易类型属于同行业并购， 不构成重组上市。 三、本次重大资产重组是否涉及发行股份 本独立财务顾问核查后认为：本次重大资产重组不涉及发行股份。 四、上市公司是否存在被中国证监会立案稽查尚未结案的情形 截至本核查意见出具日，上市公司不存在被中国证监会立案稽查尚未结案的 情形。 本独立财务顾问核查后认为：截至本核查意见出具日，中盐化工不存在被中 国证监会立案稽查尚未结案的情形。 （以下无正文） 一、本次交易涉及的行业或企业是否属于《监管规则 ...

Core Viewpoint - The independent directors of Zhongyan Chemical Industry Co., Ltd. express their support for the major asset restructuring involving the reduction of shares held by Taihu Investment, leading to Zhongyan Chemical holding 100% of Zhongyan Alkali Industry Co., Ltd. [1][2] Group 1: Transaction Overview - Zhongyan Alkali Industry won the natural soda mining rights in Tongliao City for 6.80866 billion yuan on June 17, 2025 [1] - The transaction involves Taihu Investment reducing its stake to allow Zhongyan Chemical to consolidate ownership [1][2] - The restructuring does not involve issuing new shares or changing control of the company [2] Group 2: Compliance and Legal Framework - The transaction complies with relevant laws and regulations, including the Company Law and Securities Law [2][4] - The independent directors confirm that the transaction has undergone necessary legal procedures and is valid [4][6] - The transaction does not constitute a related party transaction as the parties involved are not related [2][5] Group 3: Valuation and Assessment - An independent valuation was conducted by a qualified firm to ensure fair pricing of the assets involved [3][5] - The valuation process adhered to national regulations and market practices, ensuring the assumptions and methods used were reasonable [4][5] - The assessment concluded that the transaction price is fair and does not harm the interests of shareholders, particularly minority investors [5][7] Group 4: Future Implications - The restructuring is expected to enhance the company's sustainable development capabilities and benefit all shareholders [4][7] - The transaction requires approval from the shareholders' meeting and other regulatory bodies, introducing some uncertainty [7] - The company has outlined measures to mitigate any potential dilution of immediate returns resulting from the transaction [7]

Core Viewpoint - The independent directors of Zhongyan Inner Mongolia Chemical Co., Ltd. have assessed the independence of the evaluation agency, the reasonableness of the evaluation assumptions, the relevance of the evaluation methods to the evaluation purpose, and the fairness of the evaluation pricing in relation to the major asset restructuring involving Zhongyan Alkali Industry Co., Ltd. [1][2][3] Group 1: Company Overview - Zhongyan Alkali Industry Co., Ltd. is a joint investment established by PetroChina Taihu (Beijing) Investment Co., Ltd. and Zhongyan Inner Mongolia Chemical Co., Ltd., with PetroChina holding a 51% stake and Zhongyan holding 49% [1] - On June 16, 2025, Zhongyan Alkali Industry participated in the bidding for the natural soda mining rights in the Inner Mongolia Autonomous Region, winning the rights for 6.80866 billion yuan [1] Group 2: Evaluation Agency and Process - The company appointed Beijing Zhuoxin Dahua Asset Appraisal Co., Ltd. as the evaluation agency, which meets the relevant provisions of the Securities Law and possesses professional competence [2] - The evaluation agency has no other relationships with the company or the transaction parties beyond normal business relations, ensuring its independence [2] Group 3: Evaluation Findings - The evaluation assumptions were executed in accordance with national laws and regulations, adhering to market practices and asset appraisal standards, thus deemed reasonable [3] - The evaluation methods used were appropriate, and the evaluation conclusions were reasonable, reflecting the actual situation of the evaluated assets [3] - The transaction price was determined based on the evaluation results confirmed by the evaluation agency, ensuring fairness and reasonableness without harming the interests of the company and its shareholders, especially minority shareholders [3]

中盐(内蒙古)碱业有限公司拟进行减资所涉及的 中盐(内蒙古)碱业有限公司股东全部权益价值 资产评估报告 声 明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协 会发布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定和本 资产评估报告载明的使用范围使用资产评估报告；委托人或者其他资产评估报告 使用人违反前述规定使用资产评估报告的，本资产评估机构及资产评估师不承担 责任。 本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报告 使用人和法律、行政法规规定的资产评估报告使用人使用；除此之外，其他任何 机构和个人不能成为资产评估报告的使用人。 本资产评估机构及资产评估师提示资产评估报告使用人应当正确理解和使 用评估结论，评估结论不等同于评估对象可实现价格，评估结论不应当被认为是 对评估对象可实现价格的保证。 三、本资产评估机构及资产评估师遵守法律、行政法规和资产评估准则，坚 持独立、客观和公正的原则，并对所出具的资产评估报告依法承担责任。 四、评估对象涉及的资产、负债清单由委托人、被评估单位申报并经其采用 签名、盖章或法律允许的其他 ...

Group 1 - The core viewpoint of the article is that Zhongyan Inner Mongolia Chemical Co., Ltd. has established and executed an insider information registrant system in compliance with relevant laws and regulations during its major asset restructuring project [1][2]. - The company has formulated the "Insider Information Registrant Management System" in accordance with the Securities Law of the People's Republic of China and other regulatory guidelines [1]. - During the transaction planning period, the company strictly adhered to the insider information registrant management system and implemented necessary confidentiality measures to limit the number of personnel aware of sensitive information [1][2]. Group 2 - The company ensured that all key participants signed documents confirming their involvement at critical points in the process, thereby maintaining compliance with confidentiality obligations [2]. - The legal advisor, Inner Mongolia Jadu Law Firm, concluded that Zhongyan Chemical has complied with relevant laws and regulations in establishing the insider information registrant system and has taken adequate measures to prevent information leakage during the transaction [2].

Core Viewpoint - The major asset restructuring of Zhongyan Inner Mongolia Chemical Co., Ltd. involves a targeted reduction of capital by its subsidiary, Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., and is classified as a significant asset restructuring for the listed company [1][2]. Group 1 - The independent financial advisor, China Merchants Securities Co., Ltd., confirmed that there were no direct or indirect paid engagements of third parties in this transaction [2]. - The listed company has engaged several advisory firms for this transaction, including China Merchants Securities as the independent financial advisor, Inner Mongolia Jadu Law Firm as the legal advisor, Lixin Certified Public Accountants as the auditing firm, Beijing Zhuoxin Dahu Asset Appraisal Co., Ltd. for asset evaluation, and Beijing Guorong Xinghua Asset Appraisal Co., Ltd. for the valuation of natural soda mineral rights [1][2]. - The company has complied with the relevant regulations regarding the hiring of third parties in investment banking activities, as outlined in the guidelines for preventing integrity risks [1][2].

Summary of Key Points Core Viewpoint The report outlines the independent financial advisory opinion regarding the major asset restructuring of China Salt Inner Mongolia Chemical Co., Ltd. The restructuring involves a capital reduction of its subsidiary, China Salt (Inner Mongolia) Alkali Industry Co., Ltd., leading to it becoming a wholly-owned subsidiary of China Salt Chemical. Group 1: Transaction Overview - The transaction involves a capital reduction where China Salt Alkali will reduce its capital to its shareholder, Taihu Investment, resulting in Taihu no longer holding any shares in the company [24][25]. - The transaction amount is set at 6.80866 billion yuan [24][25]. - The main business of the target company is the acquisition and development of natural soda ash mining rights [24][25]. Group 2: Impact on the Company - The transaction will not change the main business of the listed company, which is based on salt chemical production, including soda ash and chlorine-alkali industries [11][28]. - The acquisition of the natural soda ash mining rights is expected to strengthen the company's leading position in the soda ash industry and support the transformation and upgrading of traditional industries [11][28]. - The financial indicators of the listed company will not be affected as the target company has not yet commenced operations and has no assets or liabilities [29]. Group 3: Approval and Decision-Making Process - The transaction requires approval from the shareholders' meeting and other necessary regulatory approvals before implementation [13][29]. - The controlling shareholder and its concerted parties have expressed their principle agreement to the restructuring, indicating it will benefit the company's industrial transformation and enhance competitiveness [13][29]. Group 4: Investor Protection Measures - The company will strictly adhere to information disclosure obligations and ensure fair treatment of all investors, particularly minority shareholders, during the transaction process [16][18]. - Independent financial advisors and other intermediaries have been engaged to ensure the fairness and reasonableness of the transaction pricing [15][18]. Group 5: Future Development and Strategy - The company aims to accelerate the development of natural soda ash resources and improve operational efficiency post-acquisition [17][18]. - The restructuring aligns with national economic development requirements and industry policies, supporting the company's strategic focus on enhancing core competitiveness in the soda ash sector [23][24].

Core Viewpoint - The independent financial advisor conducted a special review of the major asset restructuring of China Salt Inner Mongolia Chemical Co., Ltd. and found no evidence of abnormal performance prior to the restructuring or any attempt by related parties to evade obligations or responsibilities through this restructuring [1][2]. Group 1: Review of Obligations and Commitments - The restructuring does not involve any evasion of obligations or responsibilities by the listed company or related parties [2]. - China Salt Inner Mongolia Chemical Co., Ltd. and its major shareholders have fulfilled their commitments made since the company's listing in 2000, with no instances of non-compliance or overdue commitments identified [2][3]. Group 2: Compliance and Regulatory Review - The company has operated in compliance over the past three years, with no violations related to fund occupation or external guarantees [3][4]. - There have been no administrative or criminal penalties against the company or its major stakeholders in the last three years [4]. Group 3: Financial Performance and Accounting Compliance - The independent financial advisor confirmed the authenticity of the company's financial performance over the last three years, with no evidence of fictitious transactions or profit manipulation [5][6]. - The company's financial reports for the last three years received standard unqualified opinions from auditors, indicating compliance with accounting standards [6][8]. Group 4: Asset Impairment and Accounting Policies - The company has appropriately recognized impairment provisions for accounts receivable, inventory, and goodwill, in accordance with accounting standards [14][15]. - There have been no significant changes in accounting policies or estimates that would indicate improper profit adjustment practices [14][15]. Group 5: Asset Evaluation and Restructuring - The current restructuring does not involve any asset disposals by China Salt Inner Mongolia Chemical Co., Ltd. [15].

关于中盐内蒙古化工股份有限公司重大资产重组 招商证券股份有限公司 上市公司在本次重大资产重组前12个月内未发生对同一或相关资产进行购 买、出售的情况。 三、独立财务顾问核查意见 前十二个月内购买、出售资产的核查意见 招商证券股份有限公司（以下简称"招商证券"或"本独立财务顾问"） 接受中盐内蒙古化工股份有限公司（以下简称"中盐化工"或"上市公司"） 的委托，担任中盐化工参股公司减资之重大资产重组的独立财务顾问，对上市 公司本次交易前12个月内购买、出售资产情况进行核查，具体情况如下： 一、《上市公司重大资产重组管理办法》的相关规定 上市公司在12个月内连续对同一或者相关资产进行购买、出售的，以其累计 数分别计算相应数额。已按照《上市公司重大资产重组管理办法》的规定编制并 披露重大资产重组报告书的资产交易行为，无须纳入累计计算的范围。中国证监 会对《上市公司重大资产重组管理办法》第十三条第一款规定的重大资产重组的 累计期限和范围另有规定的，从其规定。交易标的资产属于同一交易方所有或者 控制，或者属于相同或者相近的业务范围，或者中国证监会认定的其他情形下， 可以认定为同一或者相关资产。 二、本次交易情况 本次交易 ...