Core Viewpoint - Yanzhou Coal Mining Company Limited proposes to spin off its subsidiary, Kason Technology, for listing on the National Equities Exchange and Quotations, focusing on the development, production, and sales of industrial lubricants and greases [1] Financial Summary - As of June 30, 2025, Kason Technology has total assets of 3.555 billion yuan, total liabilities of 1.492 billion yuan, and net assets of 2.063 billion yuan [1] - For the first half of 2025, Kason Technology reported revenue of 1.535 billion yuan and a net profit of 43.5512 million yuan [1] Corporate Structure - After the proposed spin-off, Kason Technology will continue to be a controlled subsidiary of Yanzhou Coal Mining Company Limited [1]

公告表示，卡松科技主要从事各类工业润滑油、润滑脂产品的研发、生产和销售。基于对未来行业形势 的分析判断，建议分拆若获成功，将有利于卡松科技在做精做强润滑油主业的基础上，充分发挥工业润 滑油及油液在线监测业务整合优势，推进油液在线监测业务等领域的技术研发与软硬件制造，实现科技 创新推动高效率成果转化，不断推动集团高端装备制造板块发展，持续扩充集团产业规模。 格隆汇9月22日丨兖矿能源(01171.HK)发布公告，公司拟将控股附属公司卡松科技股份有限公司("卡松 科技")分拆并于全国中小企业股份转让系统("全国中小企业股份转让系统"，即"新三板")挂牌("建议分 拆")。卡松科技已于2025年9月22日向全国中小企业股份转让系统有限责任公司("全国中小企业股份转 让系统有限责任公司")提交其股份于全国中小企业股份转让系统挂牌的申请。 ...

(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， ...

Core Viewpoint - Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) system, aiming to enhance its operational efficiency and market presence in the industrial lubricants sector [1] Group 1 - The proposed spin-off is expected to broaden Kason Technology's financing channels, allowing for increased investment in the industrial lubricants sector, thereby strengthening market competitiveness and expanding its product range [2] - The spin-off will enhance Kason Technology's market exposure and brand image, attracting talent and improving creditworthiness with financial institutions, which may facilitate easier access to loans and credit [2] - Kason Technology will improve its financial systems and internal controls in compliance with regulatory requirements during the spin-off process, leading to better management standards and operational efficiency [2] Group 2 - Post-spin-off, the NEEQ will provide a market price reference for Kason Technology, allowing for a more accurate reflection of its value and enabling better valuation of the group's various business segments [3] - The company will maintain control over Kason Technology after the spin-off, continuing to consolidate its financial statements, thus benefiting from Kason Technology's future growth and development [3]

Core Viewpoint - The National Market Supervision Administration has issued a notice to crack down on irregularities in the lubricating grease and chlorinated paraffin industries, particularly focusing on illegal practices that harm the environment and public health [1][2]. Group 1: Regulatory Actions - The notice mandates local market supervision departments in 12 provinces and cities to conduct thorough inspections of lubricating grease and chlorinated paraffin production enterprises [2]. - It emphasizes the need for strict enforcement against illegal production and sales, particularly targeting small and medium-sized enterprises that may be violating regulations [1][2]. - The notice outlines a collaborative approach for law enforcement, including cross-regional cooperation to address illegal activities effectively [2]. Group 2: Environmental and Health Implications - The notice highlights the upcoming implementation of the Stockholm Convention on Persistent Organic Pollutants, which will ban the production, sale, and use of short-chain chlorinated paraffin starting January 1, 2024 [1]. - It addresses the risks posed by the illegal addition of chlorinated paraffin in lubricating grease production, which can disrupt market order and endanger ecological safety and public health [1][2]. Group 3: Industry Impact - Industry representatives believe that the enforcement of these measures will help curb market disruptions caused by short-chain chlorinated paraffin and support the survival and development of environmentally friendly medium-chain chlorinated paraffin enterprises [2].

Group 1 - The core viewpoint of the articles is that Zou Cheng Rural Commercial Bank is actively implementing national policies to stabilize the economy and support businesses by offering the "Enterprise Circulation Loan" product to address the financing difficulties faced by small and micro enterprises [1][2] - Zou Cheng Rural Commercial Bank has adopted a proactive marketing model involving "active visits, precise matching, and efficient service" to effectively resolve the issues of "difficult and expensive financing" for small and micro enterprises [1] - The bank has successfully provided a 2 million yuan (approximately 0.29 million USD) revolving loan to a local mining and trade company within three working days, significantly reducing the traditional loan approval time by 50% [2] Group 2 - Since the launch of the "Enterprise Circulation Loan," Zou Cheng Rural Commercial Bank has disbursed over 80 million yuan (approximately 11.3 million USD) in credit funds to 23 small and micro enterprises, effectively alleviating their financing challenges [2] - The bank plans to continue optimizing the "Enterprise Circulation Loan" and other specialized products, enhancing tailored services for individual enterprises to provide low-cost and high-efficiency financial support, thereby injecting financial vitality into the high-quality development of the regional economy [2]

Group 1 - The core viewpoint is that goods provided for free by foreign clients, such as lubricants needed for products, must be declared to customs as "other free provided import and export goods" [1][2] - "Other free provided import and export goods" refers to items not specifically listed as gifts, donations, or other exempt categories, and is regulated under code "3339" [2][3] - The applicable scope includes items gifted by foreign businesses during trade activities, donations from foreigners, and materials provided for free by foreign clients for testing or consumption [3] Group 2 - The declaration process requires that the customs declaration form specifies "other free provided" under the regulatory method and "general taxation" under the tax nature [8] - Although the goods are free, they are not exempt from taxation, and customs will determine the taxable price based on provided documentation and market references [5][6] - Regulatory documents related to national security, quality standards, and industry protection must still be submitted, even for free goods [7]