Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has announced a spin-off plan for its subsidiary, Kason Technology Co., Ltd. (卡松科技), which has submitted an application for listing on the National Equities Exchange and Quotations (新三板) without involving new share issuance [1][2]. Group 1: Spin-off Details - The spin-off will allow Yanzhou Coal to maintain a 51% stake in Kason Technology, ensuring control remains unchanged [1]. - The spin-off is seen as a step towards professionalizing operations, although there are concerns regarding the actual benefits and asset quality [1][2]. - The process is straightforward as it does not require financing or shareholder approval, only needing approval from the Hong Kong Stock Exchange and the National Equities Exchange [1][2]. Group 2: Financial Overview of Kason Technology - Kason Technology's total assets are reported at 355 million yuan, with net assets of 206 million yuan and total liabilities of 149 million yuan as of June 2025 [1]. - For the first half of 2025, Kason Technology achieved revenue of 154 million yuan and a net profit of 4.36 million yuan, indicating a need for improved growth and profitability stability compared to its 2024 full-year performance of 333 million yuan in revenue and 10.64 million yuan in net profit [2]. Group 3: Strategic Intentions - The spin-off aims to create independent financing channels for Kason Technology, reducing its reliance on the parent company and enhancing its market competitiveness [4]. - It is expected to improve corporate governance transparency and brand value, as Kason Technology will need to enhance its information disclosure and internal controls as a public company [4]. - The listing is anticipated to provide a market-based valuation reference, helping Yanzhou Coal to realize the value of its quality assets [4]. Group 4: Market Context and Challenges - The New Third Board market is expanding, with 158 new companies listed in the first half of 2025, a 41.07% increase from the previous year [7]. - Kason Technology's revenue of 333 million yuan is significantly below the average revenue of 1.03 billion yuan for new companies listed in the same period, indicating a competitive disadvantage [7]. - Despite favorable policies aimed at supporting small and micro enterprises, the effectiveness of these measures in driving growth for Kason Technology will depend on its operational capabilities and industry competitiveness [7][8].

(c)建议分拆过程中，卡松科技将按照监管要求完善财务制度、信息披露机制和内部控制体系等管理及 经营体制，这不仅有利于卡松科技提升管理水準与财务透明度，降低经营风险，提高运营效率，也有利 于公司在集团层面建立更加完善的治理及管控框架，向公司股东提供更为清晰的业务及财务状况。 (d)建议分拆完成后，新三板为卡松科技企业估值提供市场价格参考，可更好地反映卡松科技自身的价 值，有利于资本市场对集团各业务板块进行合理估值，使公司优质资产价值得以在资本市场充分体现， 实现股东利益最大化;及 (e)建议分拆完成后，公司仍将控制卡松科技，并继续将卡松科技的财务报表合并入账。公司将继续享 有卡松科技未来业务发展及增长所带来的裨益。 建议分拆的主要理由及裨益如下： (a)建议分拆若获成功，将有利于卡松科技拓宽融资渠道，加大在工业润滑业务领域的投入，巩固市场 竞争力，进一步拓展业务范围、丰富产品线，实现跨越式发展，从而进一步增强集团高端装备制造板块 的盈利能力和综合竞争力，帮助公司实现持续、健康的长远发展。 (b)建议分拆有利于卡松科技获得更多的市场曝光和媒体关注，提升知名度和品牌形象，在客户、供应 商、合作伙伴中树立更强的信誉， ...