招商证券股份有限公司 关于上海证券交易所《关于对中盐内蒙古化工 股份有限公司重大资产重组草案的问询函》回复 之核查意见 上海证券交易所： 根据贵所于2025年7月30日下发的《关于对中盐内蒙古化工股份有限公司重 大资产重组草案的问询函》（上证公函[2025]1154号）（以下简称"问询函"） 相关要求，招商证券股份有限公司（以下简称"招商证券"、"独立财务顾问"） 作为中盐内蒙古化工股份有限公司（以下简称"公司"、"上市公司"或"中盐 化工"）本次交易的独立财务顾问，对问询函中涉及独立财务顾问发表意见的事 项答复如下（如无特别说明，本核查意见中所涉及的简称与《中盐内蒙古化工股 份有限公司参股公司减资之重大资产重组报告书（草案）（修订稿）》中一致）。 一、关于交易目的 草案披露，公司主营盐化工业务，纯碱为公司的主要产品，公司目前生 产纯碱的方法为合成法，包括氨碱法和联碱法，天然碱法较合成法纯碱生产 在成本方面具有明显优势，公司拟通过本次交易控股标的公司并投资天然碱 项目，预计纯碱产能为500万吨/年。公开信息显示，2022年至2025年1-6月纯 碱价格持续下降。 请公司：（1）结合原材料、生产工艺、能耗、单位 ...

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 之 独立财务顾问报告 （修订稿） 独立财务顾问 签署日期：二〇二五年八月 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之独立财务顾问报告（修订稿） 独立财务顾问声明与承诺 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，并制作本报告。 本报告是依据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司重大 资产重组管理办法》 《上市公司并购重组财务顾问业务管理办法》 《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》和《上海证券交易所股 票上市规则》等有关法律、法规的要求，根据重组报告书及交易各方提供的有关资料和 承诺制作。 独立财务顾问按照行业公认的业务规范，本着诚实守信、勤勉尽责的精神，遵循独 立、客观、公正的原则，在认真审阅各方所提供的相关资料并充分了解本次交易行为的 基础上，对重组报告书发表独立财务顾问核查意见，旨在对本次交易做 ...

Meeting Details - The second temporary meeting of the ninth board of directors of Shandong Haihua Co., Ltd. was held on August 2, 2025, with all 9 directors present, including independent directors attending via telecommunication [1][2] - The meeting complied with relevant laws, regulations, and the company's articles of association [1] Investment Agreement - The board approved a proposal to sign a cooperation investment framework agreement with China Salt (Inner Mongolia) Chemical Industry Co., Ltd., China Salt Inner Mongolia Chemical Co., Ltd., and Inner Mongolia Mengsalt Salt Industry Group Co., Ltd. [1][2] - The agreement aims to leverage complementary resources to jointly develop natural soda ash resources, achieving mutual benefits [1] - The company plans to invest a total of 2.32 billion yuan (232,000.00 million yuan) to acquire a 29% stake in China Salt Chemical, with payments split into two phases: 1.974 billion yuan (197,451.14 million yuan) for the first phase and 345 million yuan (34,548.86 million yuan) for the second phase [1][2] Additional Information - The investment is subject to the procedures of the property rights trading center, and the company will participate in the bidding process [2] - The execution of the investment agreement is not affected by the bidding process [2] - The voting results for the proposal were unanimous, with 9 votes in favor, 0 against, and 0 abstentions [2]

证券代码：000822 证券简称：山东海化 公告编号：2025-029 山东海化股份有限公司 第九届监事会 2025 年第一次临时会议决议公告 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、误导性陈述或重大遗漏。 一、会议召开情况 山东海化股份有限公司(以下简称"公司")第九届监事会 2025 年第 一次临时会议通知于 2025 年 8 月 2 日以书面及电子方式下发给各位监事。 进军先生主持，应出席会议监事 5 人，实际出席 5 人。会议的召集召开符 合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、会议审议情况 会议审议通过了《关于签署合作投资框架协议的议案》。 为发挥各方资源互补优势，共同开发天然碱矿产，实现互惠共赢，公 司与中盐（内蒙古）碱业有限公司（简称"中盐碱业"） 、中盐内蒙古化工 股份有限公司及内蒙古蒙盐盐业集团有限公司达成合作意向，并签署合作 投资框架协议。根据协议约定，公司拟以自有资金，通过增资挂牌摘牌方 式取得中盐碱业 29%的股权，投资总额 232,000.00 万元（分两期支付： 第一期 197,451.14 万元，第二期 34,548.8 ...

证券代码：000822 证券简称：山东海化 公告编号：2025-030 山东海化股份有限公司关于签署合作投资框架协议的公告 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： 增资挂牌摘牌方式参与中盐（内蒙古）碱业有限公司（以下简称"中盐碱 业"）增资，摘牌结果存在不确定性。 关部门审核通过。 权出让合同》 。 环境保护等方面的风险，详见"三、交易标的的基本情况"之"（二）通 辽奈曼天然碱项目情况"之"13.相关风险因素"，敬请投资者注意。 一、交易概述 为发挥各方资源互补优势，共同开发天然碱矿产，实现互惠共赢，公 司与中盐碱业、中盐内蒙古化工股份有限公司（以下简称"中盐化工"） 及内蒙古蒙盐盐业集团有限公司（以下简称"蒙盐集团"）达成合作意向， 并签署合作投资框架协议。根据协议约定，公司拟以自有资金，通过增资 挂牌摘牌方式取得中盐碱业 29%的股权，投资总额 232,000.00 万元（分 两期支付：第一期 197,451.14 万元，第二期 34,548.86 万元）。 中盐碱业增资事项尚需履行产权交易所挂牌程序，公司将参与摘牌。 各方已达成一致意 ...

Core Viewpoint - Shandong Haihua is making a significant investment of 2.32 billion yuan to acquire a 29% stake in Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., amidst declining synthetic soda market conditions and increasing pressure on its own operations [2][4][9]. Group 1: Company Financial Performance - In 2024, Shandong Haihua's total revenue is projected to be approximately 6.01 billion yuan, a decrease of 29.5% year-on-year, with a net profit attributable to shareholders of about 39.22 million yuan, down 96.24% [4][5]. - The company reported a net loss of approximately 37.76 million yuan when excluding non-recurring gains and losses [5]. - In the first quarter of 2025, revenue is expected to be around 1.02 billion yuan, a decline of 44.46% year-on-year, with a net loss of about 66.52 million yuan, down 142.75% [6]. Group 2: Industry Context and Strategic Shift - The synthetic soda industry is facing challenges due to high costs and environmental pressures, leading to overcapacity, while natural soda is gaining traction due to its lower costs and simpler production processes [4][8]. - Shandong Haihua's investment in natural soda is seen as a strategic move to diversify and stabilize its revenue streams in response to the declining synthetic soda market [9][12]. Group 3: Investment Details and Implications - The investment in Zhongyan Soda Industry involves a total project investment of approximately 26.1 billion yuan, with Shandong Haihua contributing 2.32 billion yuan to the registered capital of 8 billion yuan [8][11]. - The project is expected to yield an average annual net profit of about 482 million yuan for Shandong Haihua, presenting a potential new profit growth point [9]. - The ownership structure post-investment will see Zhongyan Chemical holding 61% of Zhongyan Soda, while Shandong Haihua will hold 29%, indicating a significant influence from Zhongyan Chemical on project decisions [11][13].

Core Viewpoint - Shandong Haihua is making a significant investment of 2.32 billion yuan to acquire a 29% stake in Zhongyan (Inner Mongolia) Soda Industry Co., Ltd, amidst declining synthetic soda market conditions and increasing pressure from environmental regulations [1][2][8]. Financial Performance - In 2024, Shandong Haihua reported total revenue of approximately 6.01 billion yuan, a year-on-year decrease of 29.50%, with a net profit attributable to shareholders of about 39.22 million yuan, down 96.24% [3][4]. - The first quarter of 2025 showed continued decline, with revenue around 1.02 billion yuan, a drop of 44.46%, and a net loss of approximately 66.52 million yuan, down 142.75% [5][6]. Industry Context - The synthetic soda industry, particularly the ammonia soda method, is facing challenges due to high costs and environmental pressures, leading to overcapacity [2][6]. - Natural soda, with its lower costs and simpler production process, is becoming increasingly attractive as a trend in the industry [2][6]. Investment Rationale - The investment in natural soda is seen as a strategic move for Shandong Haihua to diversify and optimize its product structure, transitioning from reliance on synthetic soda to a dual approach of synthetic and natural soda [8][12]. - The targeted natural soda project in Tongliao, with a mineral resource of 1.447 billion tons and a planned production capacity of 5 million tons, is expected to generate an average annual net profit of about 482 million yuan for Shandong Haihua [7][12]. Shareholding Structure - After the investment, Zhongyan Chemical will hold 61% of Zhongyan Soda, while Shandong Haihua will hold 29% and Inner Mongolia Mengyan Salt Industry Group will hold 10% [8][9]. - The investment structure indicates a power dynamic where Zhongyan Chemical, as the majority shareholder, will have significant control over project decisions [9][10]. Funding and Risks - Shandong Haihua's investment will be made in two phases, with the first phase of 1.975 billion yuan due by August 8, 2025, and the second phase of 345 million yuan due by September 25, 2025 [10][11]. - The project faces uncertainties, including the need for successful completion of the equity transfer process and potential administrative approvals, which could impact the expected returns on investment [12].

Core Viewpoint - The company plans to increase the registered capital of Zhongyan Alkali Industry to 8 billion yuan to support the funding needs for the development of natural soda projects [1] Group 1: Capital Increase and Investment - The company intends to raise up to 4.88 billion yuan through its own capital increase and aims to introduce strategic investors with a funding scale not exceeding 3.92 billion yuan [1] - Shandong Haohua and Inner Mongolia Mengyan Salt Industry Group have agreed to invest in Zhongyan Alkali Industry, with Shandong Haohua's investment not exceeding 2.32 billion yuan and Mengyan Group's investment not exceeding 800 million yuan [1] - Other investors will be determined when the equity is listed on the property exchange [1] Group 2: Strategic Partnerships and Benefits - The strategic investors, Shandong Haohua and Mengyan Group, have extensive experience in the soda ash and salt product processing sectors, which aligns closely with Zhongyan Alkali Industry's business [1] - The capital increase is expected to reduce the company's financial costs, optimize the capital structure of Zhongyan Alkali Industry, diversify investment risks, and ensure the rapid construction and production of its natural soda resource development project [1]

Core Viewpoint - The company plans to increase the registered capital of Zhongyan Alkali Industry to 8 billion yuan to support the funding needs for the natural soda project and intends to introduce strategic investors to raise up to 3.92 billion yuan [1] Group 1: Capital Increase Details - The company will increase its investment in Zhongyan Alkali Industry by no more than 4.88 billion yuan, with the actual amount to be determined after the introduction of strategic investors [1] - Shandong Haohua Co., Ltd. and Inner Mongolia Mengyan Salt Industry Group Co., Ltd. have agreed to invest in Zhongyan Alkali Industry, with Shandong Haohua's investment not exceeding 2.32 billion yuan and Mengyan Group's investment not exceeding 800 million yuan [1] Group 2: Strategic Investor Benefits - The strategic investors, Shandong Haohua and Mengyan Group, have extensive experience in the soda ash and salt product processing sectors, which aligns well with Zhongyan Alkali Industry's business [1] - The capital increase is expected to reduce the company's financial costs, optimize the capital structure of Zhongyan Alkali Industry, diversify investment risks, and ensure the rapid construction and production of the natural soda resource development project [1]

Core Viewpoint - Shandong Haihua plans to invest 2.32 billion yuan to acquire a 29% stake in Zhongyan (Inner Mongolia) Alkali Industry Co., Ltd. through a capital increase and listing removal method, aiming to enhance its profitability and ensure sustainable development [1][2] Group 1: Investment Details - The total investment amount for acquiring the stake in Zhongyan Alkali Industry is 2.32 billion yuan [1] - The company has signed a cooperation investment framework agreement with Zhongyan Alkali Industry, Zhongyan Chemical, and Inner Mongolia Mengyan Salt Industry Group [1] - Zhongyan Alkali Industry has obtained the natural soda mining rights in the Daqintala area of Tongliao City, Inner Mongolia, for 6.80866 billion yuan [1] Group 2: Project Overview - The natural soda project will deploy a total of 730 wells, with an initial deployment of 75 horizontal wells and 150 vertical wells [2] - The project aims to achieve a production capacity of 5 million tons of soda ash by 2028, with a total investment of approximately 26.1 billion yuan [2] - The registered capital of the target company is 8 billion yuan, with the remaining 18.1 billion yuan to be raised through bank project loans [2] Group 3: Strategic Implications - Participation in the natural soda resource development is expected to provide stable investment returns and create a new profit growth point for the company [2] - This investment is seen as a way to effectively compensate for the decline in profitability of existing products, contributing to the company's ongoing development [2]