Core Viewpoint - Anning Co., Ltd. plans to acquire 100% equity of Jingzhi Mineral through a cash payment of 650,768.80 million yuan, participating in the substantial merger and reorganization of Jingzhi Mineral and its associated enterprises [1][5] Group 1: Transaction Details - The transaction involves a staged cash payment of 650,768.80 million yuan for the acquisition of Jingzhi Mineral, which will become a wholly-owned subsidiary of Anning Co., Ltd. [1] - The court approved the substantial merger and reorganization of Jingzhi Mineral and its associated companies on May 26, 2023, and appointed a management team to oversee the process [1] - The management team will sign the reorganization investment agreement and manage the distribution of funds to creditors or investors based on the reorganization plan [1] Group 2: Financial Status of Target Company - The target company has been in a state of suspension since 2015, resulting in no operating revenue and significant losses [2] - Most of the target company's receivables and other assets have been fully impaired or written off [2] Group 3: Valuation and Financial Impact - The valuation report indicates that the estimated value of Jingzhi Mineral's equity after reorganization is 688,762.28 million yuan, representing an increase of 653,111.13 million yuan in the consolidated financial statements, with a value increase rate of 1,831.95% [5] - The transaction price was determined based on previous bidding results and the synergistic effects between Anning Co., Ltd. and the target company [5] Group 4: Company Financial Data - As of March 31, 2025, Anning Co., Ltd. reported total assets of 1,095,723.90 million yuan and total liabilities of 253,031.11 million yuan, resulting in total equity of 842,692.79 million yuan [6] - The company’s net profit for the first quarter of 2025 was 23,032.30 million yuan, with a total profit of 28,723.03 million yuan [7] Group 5: Shareholder Information - The actual controller of Anning Co., Ltd., Luo Yangyong, holds 28.81% of the company's shares directly and controls a total of 64.83% of the shares through indirect means [5] - The transaction does not involve any changes in share issuance or control of the company [5]

Group 1: Consumer Price Index (CPI) Analysis - In June, the Consumer Price Index (CPI) in Guangdong showed a year-on-year decline of 0.4%, consistent with the previous month, while the month-on-month decline expanded [2][3] - Food prices decreased by 1.0% year-on-year, with a larger decline of 0.2 percentage points compared to the previous month, contributing approximately 0.20 percentage points to the CPI decline [2] - Non-food prices also saw a year-on-year decrease of 0.3%, maintaining the same decline as the previous month, impacting the CPI by about 0.21 percentage points [2] Group 2: Producer Price Index (PPI) Analysis - In June, the Producer Price Index (PPI) in Guangdong experienced a year-on-year decline of 1.8%, with the decline remaining unchanged from the previous month [4] - The prices of production materials fell by 2.5% year-on-year, while living materials saw a decrease of 0.4%, affecting the overall PPI by 1.63 and 0.12 percentage points respectively [4] - The PPI showed a month-on-month decline of 0.3%, with production materials prices decreasing by 0.4% and living materials prices down by 0.1% [5]

Core Viewpoint - Xinjiang Baodi Mining Co., Ltd. plans to acquire 87% equity of Xinjiang Congling Energy Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds from specific investors [6][9][24]. Group 1: Transaction Overview - The company intends to purchase 82% equity of Congling Energy from Kizilsu Congling Industrial Co., Ltd. and 5% equity from JAAN INVESTMENTS CO. LTD. [9][24]. - The total cash consideration for the transaction amounts to 68,512.50 million yuan, with 5,000 million yuan payable to Congling Industrial and 3,937.50 million yuan to JAAN [14][22]. - The company plans to raise up to 56,000 million yuan through the issuance of shares to not more than 35 specific investors, including Xinjiang Geological Mining Investment (Group) Co., Ltd. [20][21]. Group 2: Financial Details - The issuance price for the shares is set at 5.1125 yuan per share, which is not less than 80% of the average stock price over the last 120 trading days prior to the pricing benchmark date [11][12]. - The company will issue a total of 116,528,117 shares to Congling Industrial as part of the transaction [15]. - The funds raised will be allocated for cash consideration, project construction, and to supplement the working capital of both the company and Congling Energy [21][22]. Group 3: Regulatory Compliance - The transaction complies with relevant laws and regulations, including the Major Asset Restructuring Management Measures and the Securities Issuance Registration Management Measures [7][24]. - The company has engaged Tianjin Huaxia Jinxin Asset Appraisal Co., Ltd. and Beijing Jingwei Asset Appraisal Co., Ltd. for asset evaluation and appraisal of mining rights [34]. - The independent evaluation and pricing of the assets have been confirmed to be fair and reasonable [34].

Core Insights - The report highlights a significant increase in domestic excavator sales, with a year-on-year growth exceeding 20% in the first half of the year, indicating a recovery in the construction machinery sector [5] - The investment in ultra-high voltage projects is accelerating, with expected investments surpassing 650 billion yuan in 2025, suggesting strong growth potential in the energy sector [5] - Global semiconductor sales reached 59 billion USD in May, marking a year-on-year increase of 19.8%, reflecting robust demand in the technology sector [5] Industry Updates - The National Development and Reform Commission has allocated an additional 10 billion yuan for central budget investments to support employment initiatives, which is expected to create jobs for 310,000 key groups [4] - Seven departments have issued a document to expedite the development of a universal childcare service system, indicating a focus on social infrastructure [4] - The Hong Kong Securities and Futures Commission is expanding the range of institutions participating in the southbound trading scheme, which may enhance market liquidity [4] Company Focus - Wanma Co., Ltd. (002276) is set to increase its annual production capacity to 60,000 tons after the completion of its high-performance polymer insulation project, raising its market share from 15% to approximately 20% [6] - United Chemical (301209) plans to invest 120 million yuan in Zhuoguangrui Technology, acquiring a 19.35% stake post-investment [6] - Jinling Mining (000655) anticipates a net profit growth of 66.48% to 111.54% year-on-year for the first half of the year, driven by increased sales of its main product, iron concentrate [6] - Keda Intelligent (300222) has a subsidiary that holds an 18% stake in a company supplying charging piles for Xiaomi's electric vehicles, indicating strategic partnerships in the EV sector [6] Market Review and Outlook - On July 8, the market opened slightly higher and experienced a steady upward trend, with the Shanghai Composite Index closing up 0.7% at 3,497 points, reaching a new high for the period [7] - The trading volume in the Shanghai and Shenzhen markets increased to 1.4 trillion yuan, up 240 billion yuan from the previous trading day, indicating heightened market activity [7] - The report notes a rotation in market sentiment, with funds shifting from defensive dividend sectors to undervalued growth sectors, particularly in the ChiNext index, which shows greater elasticity [8] - The recent emphasis on anti-involution policies and supply-side reforms suggests potential investment opportunities in sectors aligned with these themes [8]

Core Viewpoint - The establishment of Henan Songqin Intelligent Mining Co., Ltd. marks a significant development in the mining industry, with a registered capital of 50 million RMB and a focus on various services related to mining and technology [1] Company Summary - Company Name: Henan Songqin Intelligent Mining Co., Ltd. [1] - Legal Representative: Zhang Xinhua [1] - Registered Capital: 50 million RMB [1] - Shareholders: - Anhui Ronglian Venture Capital Co., Ltd. (80%) - Lushi County Jinchuan Mining Co., Ltd. (20%) [1] - Business Scope: - Mineral resource evaluation services - Park management services - Environmental emergency management services - Ecological protection area management services - Industrial engineering design services - Technical services, development, consulting, and transfer [1] - Company Type: Other limited liability company [1] - Business Duration: Until July 4, 2025, with no fixed term [1] - Registration Authority: Zhengzhou Market Supervision Administration Free Trade Zone Service Center [1] Industry Summary - Industry Classification: Mining industry, specifically black metal mining and selection [1] - Address: 19 Yu Lin North Road, A Building, 10th Floor, Room 1001, Zhengzhou Free Trade Zone [1]

Core Insights - In May 2025, the national industrial producer's ex-factory prices decreased by 3.3% year-on-year and 0.4% month-on-month, while the purchasing prices fell by 3.6% year-on-year and 0.6% month-on-month [1][3] Industrial Producer Price Year-on-Year Changes - In May, the ex-factory prices of production materials dropped by 4.0%, contributing approximately 2.98 percentage points to the overall decline in ex-factory prices. The mining industry saw a significant price drop of 11.9%, while raw materials and processing industries experienced declines of 5.4% and 2.8%, respectively. Consumer goods prices fell by 1.4%, with food prices also down by 1.4% [1][3] - The purchasing prices for fuel and power decreased by 9.8%, black metal materials by 7.3%, and chemical raw materials by 5.4%. Conversely, prices for non-ferrous metal materials and wires increased by 4.6% [1][2] Industrial Producer Price Month-on-Month Changes - In May, the ex-factory prices of production materials decreased by 0.6%, impacting the overall ex-factory price level by approximately 0.44 percentage points. The mining industry prices fell by 2.5%, while raw materials and processing prices decreased by 0.9% and 0.3%, respectively. Consumer goods prices remained stable [1][3] - The purchasing prices for fuel and power fell by 2.1%, chemical raw materials by 1.2%, and black metal materials by 0.6%. Prices for agricultural products remained unchanged [2][3] Key Industry Price Changes - The coal mining and washing industry saw a price drop of 3% year-on-year, while the oil and gas extraction industry experienced a decline of 5.6%. The black metal mining industry prices decreased by 0.9%, whereas the non-ferrous metal mining industry prices increased by 0.8% [3][4] - In the food manufacturing sector, prices fell by 0.3% year-on-year, while the beverage and refined tea manufacturing industry saw a slight increase of 0.1% [4]

Company Overview - Xinjiang Baodi Mining Co., Ltd. was established on November 14, 2001, and was transformed into a joint-stock company in 2013. The company is listed on the Shanghai Stock Exchange with stock code 601121 and operates in the black metal mining industry, primarily producing iron concentrate [1][2]. Restructuring Transaction - The company plans to acquire 82% of Xinjiang Congling Energy Co., Ltd. from Congling Industrial Co., Ltd. and 5% from JAAN INVESTMENTS CO.LTD through a combination of issuing shares and cash payments. Following the transaction, Congling Energy will become a wholly-owned subsidiary of the company [2][4]. - The total amount of funds raised in this transaction will not exceed 560 million yuan, which is 100% of the asset purchase price. The issuance of shares will not exceed 30% of the company's total share capital before the transaction [4][5]. Financial Reporting Basis - The pro forma financial statements are prepared under the assumption that the restructuring is completed on January 1, 2024, and reflect the company's sustainable operations. The financial statements are based on the assumption that the relevant proposals will be approved by the shareholders' meeting and the China Securities Regulatory Commission [7][12]. - The estimated purchase price for the 87% equity stake in Congling Energy is 685.125 million yuan, with 89.375 million yuan paid in cash and 595.75 million yuan through share issuance [7][9]. Important Accounting Policies - The company adheres to the Chinese Accounting Standards, ensuring that the financial statements accurately reflect the financial position and operating results as of March 31, 2025 [14][15]. - The company uses a 12-month operating cycle for asset and liability liquidity classification and recognizes financial instruments based on their cash flow characteristics and management business model [23][29].

Core Viewpoint - The Longhua County Forestry and Grassland Bureau has imposed a significant penalty on Xincun Mining Co., Ltd. for illegally occupying forest and grassland without approval, amounting to 312,156 RMB, and has mandated the restoration of the damaged vegetation [1][5]. Group 1: Company Violations - Xincun Mining Co., Ltd. illegally occupied 0.52 hectares (7.8 acres) of general commodity forest land and 0.984 hectares (14.76 acres) of grassland from May 2021 to the end of 2023 without the necessary government approval [4]. - The company’s actions violated the Forest Law and the Grassland Law of the People's Republic of China, which require approval for land occupation and strict protection of grassland vegetation [4][5]. Group 2: Penalty Details - The penalty includes a fine of 312,156 RMB, which is three times the estimated cost of restoring the forest land and production conditions, calculated at 104,052 RMB [5]. - Xincun Mining Co., Ltd. is required to restore the occupied land by December 13, 2025, and must pay the fine within 15 days of receiving the penalty notice [5]. Group 3: Company Background - Xincun Mining Co., Ltd. was established in 2003 as a joint venture between Beijing Shougang Mining Investment Co., Ltd. and Hebei Yuantong Mining Co., Ltd., with each holding a 50% stake and a registered capital of 100 million RMB [7]. - The company operates in the metallurgical mining sector, focusing on the extraction of low-grade iron ore containing phosphorus and titanium, as well as the processing and sales of iron, phosphorus, titanium powder, and construction sand [7].

金融界2025年6月20日消息，国家知识产权局信息显示，北京华夏建龙矿业科技有限公司、河北省建筑 科学研究院有限公司、滦平建龙矿业有限公司、衡水苏兴商品砼有限公司取得一项名为"一种尾矿微粉 及其制备方法"的专利，授权公告号CN116273448B，申请日期为2023年03月。 天眼查资料显示，北京华夏建龙矿业科技有限公司，成立于2003年，位于北京市，是一家以从事科技推 广和应用服务业为主的企业。企业注册资本10875万人民币。通过天眼查大数据分析，北京华夏建龙矿 业科技有限公司共对外投资了36家企业，参与招投标项目10次，专利信息47条，此外企业还拥有行政许 可5个。 河北省建筑科学研究院有限公司，成立于2001年，位于石家庄市，是一家以从事研究和试验发展为主的 企业。企业注册资本23900万人民币。通过天眼查大数据分析，河北省建筑科学研究院有限公司共对外 投资了18家企业，参与招投标项目975次，财产线索方面有商标信息5条，专利信息326条，此外企业还 拥有行政许可16个。 滦平建龙矿业有限公司，成立于2003年，位于承德市，是一家以从事黑色金属矿采选业为主的企业。企 业注册资本2000万人民币。通过天眼 ...

Summary of Key Points Core Viewpoint The report outlines the independent financial advisory opinion regarding the acquisition of assets by Xinjiang Baodi Mining Co., Ltd. through the issuance of shares and cash payment, along with the associated fundraising and related party transactions. Group 1: Transaction Overview - The transaction involves issuing shares and cash to acquire 87% equity in Xinjiang Congling Energy Co., Ltd. from two parties: 82% from Kexin Congling Industrial Co., Ltd. and 5% from JAAN Investments Co., Ltd. [5] - The total transaction price for the 87% equity is approximately 68,512.50 million RMB, with cash payment of 8,937.50 million RMB and share issuance of 59,575.00 million RMB [5][6]. Group 2: Financial Impact - Post-transaction, the total assets of the company are projected to increase from 653,127.28 million RMB to 773,057.87 million RMB, reflecting an 18.36% growth [7]. - The company's net profit attributable to shareholders is expected to rise from 13,829.89 million RMB to 20,931.56 million RMB, indicating a 51.35% increase [7]. - The basic earnings per share is anticipated to improve from 0.17 to 0.23, a 35.29% increase [8]. Group 3: Strategic Benefits - The acquisition will enhance the company's iron ore resource volume from 3.8 billion tons to approximately 4.6 billion tons, a 21.75% increase, thereby strengthening its operational capabilities [6][7]. - The transaction aligns with the company's core business of iron ore mining and processing, providing synergies and expanding its market presence in Xinjiang [5][6]. Group 4: Regulatory Compliance - The transaction has undergone necessary decision-making processes, including independent board meetings and compliance with relevant laws and regulations [7][8]. - The company has committed to protecting the rights of minority investors through strict adherence to information disclosure obligations and fair pricing practices [7][8].