证券代码：600397 证券简称：江钨装备公告编号：2026-021 江西江钨稀贵装备股份有限公司 关于股票交易风险提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 江西江钨稀贵装备股份有限公司（以下简称"公司"或"本公司"）股票价格自2026年2月10日以来多次 发生较大幅度上涨，多次触及《上海证券交易所交易规则》规定的股票交易异常波动，具体详见公司于 2026年2月13日和2026年2月26日披露的《江西江钨稀贵装备股份有限公司股票交易异常波动公告》（公 告编号：2026-019）及《江西江钨稀贵装备股份有限公司股票交易异常波动暨风险提示公告》（公告编 号：2026-020）。截至2026年2月27日，公司股票再次涨停，鉴于近期公司股票价格短期波动较大，敬 请广大投资者注意二级市场交易风险，理性决策，审慎投资。 ● 针对有媒体发布相关报道称，公司可能择机注入矿山资产，经公司自查，公司无注入矿山资产的安排 或活动，公司目前主营业务为磁选装备的研发、生产与销售，主营业务未发生变化。 ● 公司生产经 ...

2月27日晚间，江钨装备发布股票交易风险提示性公告称，有媒体发布相关报道称公司可能择机注入矿 山资产，经公司自查，公司无注入矿山资产的安排或活动。 本次的发行对象为包括江钨控股在内的不超过35名（含35名）符合条件的特定投资者，股票发行数量不 超过本次向特定对象发行前公司总股本的30%，即不超过2.97亿股。 图片来源：公司公告 2月27日，江钨装备股价再度涨停，报21.53元/股，成交额为20.6亿元，市值超213亿元。自2月11日以 来，江钨装备7个交易日收获5个涨停。今年以来，江钨装备股价累计上涨逾183%。 正筹划收购控股股东旗下公司 这已经是江钨装备自2月13日以来第三次发布股票异常波动或交易风险提示性公告。 2月27日晚，江钨装备公告称，针对有媒体发布相关报道称公司可能择机注入矿山资产，经公司自查， 公司无注入矿山资产的安排或活动。公司目前主营业务为磁选装备的研发、生产与销售，主营业务未发 生变化。 值得注意的是，公司正在筹划2026年度向特定对象发行A股股票事项。江钨装备2月11日晚公告称，公 司拟向特定对象发行股票募集资金总额不超过18.82亿元，扣除发行费用后将用于收购控股股东江钨控 股全资 ...

每经AI快讯，2月27日，江钨装备（600397）(600397.SH)发布股票交易风险提示性公告，针对有媒体发 布相关报道称，公司可能择机注入矿山资产，经公司自查，公司无注入矿山资产的安排或活动，公司目 前主营业务为磁选装备的研发、生产与销售，主营业务未发生变化。 ...

江钨装备发布异动公告，公司股票价格自2026年2月10日以来多次发生较大幅度上涨，多次触及《上海 证券交易所交易规则》规定的股票交易异常波动。针对有媒体发布相关报道称，公司可能择机注入矿山 资产，经公司自查，公司无注入矿山资产的安排或活动，公司目前主营业务为磁选装备的研发、生产与 销售，主营业务未发生变化。公司生产经营活动正常，市场环境、行业政策没有发生重大调整、生产成 本和销售等情况没有出现大幅波动、内部生产经营秩序正常。 ...

Group 1 - The stock price of Jiang Tung Equipment (600397) closed at 15.49 yuan on February 13, 2026, marking a historical high with an increase of 8.25% on that day and a cumulative rise of 40.95% over the past five days, despite the company expecting a net loss of 258 million to 308 million yuan for the full year of 2025 and having reported losses for three consecutive years from 2023 to 2025 [1] - The strong stock performance is primarily driven by expectations of a significant asset restructuring, with the company announcing plans to raise no more than 1.882 billion yuan through a targeted issuance to acquire 100% equity of Jiang Hard Company, Huamao Company, and Jiuye Company, which are projected to achieve a combined net profit of approximately 132 million yuan in 2025 [1] - The acquisition will add tungsten and tantalum-niobium product businesses, facilitating the company's transition from coal trading to a dual main business model of "magnetic separation equipment + new materials," which is viewed positively by the market regarding resource integration prospects [1] Group 2 - The trading environment is characterized by intense capital competition, with a single-day transaction volume of 2.717 billion yuan and a turnover rate of 17.62% on February 13, 2026, despite a net outflow of 408 million yuan from main funds, retail and speculative funds collectively saw a net inflow of 408 million yuan, indicating active participation from short-term speculative investors [2] - Technical indicators are strong, with the stock price breaking through all key moving averages (5-day, 20-day, and 60-day), the MACD histogram remaining positive, and the KDJ indicator's J line reaching 107.27, indicating an overbought condition, which supports short-term upward momentum [2] Group 3 - The small metals sector has recently shown active performance, with stocks like Zhangyuan Tungsten Industry (002378) hitting the daily limit, and stocks related to power grid equipment and state-owned enterprise reform being favored by investors, making Jiang Tung Equipment, as a small-cap stock with a circulating market value of 15.3 billion yuan, more susceptible to sector sentiment [3] - The company's transformation direction aligns with policy-supported areas such as high-end equipment and new materials, leading to high growth expectations from the market after shedding its loss-making coal business [3] Group 4 - Attention is needed regarding whether the targeted issuance plan can successfully pass regulatory approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, as well as the profitability stability of the acquired assets [4] - The company faces significant short-term financial risks, with a debt-to-asset ratio of 88.28% and a current ratio of 0.52 as of the third quarter of 2025, indicating substantial repayment pressure [4] - If the transformation does not meet expectations, the company may continue to experience performance losses [4]

2月5日，江钨装备跌5%，截至发稿，报10.82元/股，成交4.56亿元，换手率4.10%，总市值107.11亿元。 资料显示，江西江钨稀贵装备股份有限公司位于江西省南昌市南昌高新技术产业开发区火炬大街188 号，成立日期1999年12月30日，上市日期2002年7月2日，公司主营业务涉及磁选装备的研发、生产、销 售。主营业务收入构成为：煤炭及焦炭贸易69.71%，煤炭收入17.93%，仓储码头转运5.88%，其他(补 充)3.81%，煤矿托管业务2.22%，矿山物资销售0.37%，煤层气发电收入0.07%，其他0.02%。 从江钨装备十大流通股东角度 数据显示，万家基金旗下1只基金位居江钨装备十大流通股东。万家战略发展产业混合A（010611）三 季度新进十大流通股东，持有股数389.54万股，占流通股的比例为0.39%。根据测算，今日浮亏损失约 222.04万元。 万家战略发展产业混合A（010611）成立日期2021年1月13日，最新规模5.66亿。今年以来收益 23.93%，同类排名54/8873；近一年收益99.27%，同类排名161/8119；成立以来收益64.86%。 声明：市场有风险，投资需谨 ...

Core Viewpoint - Jiangxi Jiangtong Rare and Precious Equipment Co., Ltd. has experienced fluctuations in stock price and significant changes in financial performance, indicating potential investment opportunities and risks in the coal and mining sector [1][2]. Financial Performance - As of September 30, 2025, Jiangtong Equipment reported a revenue of 2.452 billion yuan, a year-on-year decrease of 36.25% [2]. - The net profit attributable to shareholders was -307 million yuan, reflecting a year-on-year decline of 64.90% [2]. - The company has cumulatively distributed 806 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - On November 25, the stock price rose by 2.02% to 6.57 yuan per share, with a trading volume of 18.6652 million yuan and a turnover rate of 0.29% [1]. - The stock has increased by 55.69% year-to-date, but has seen declines of 4.78% over the last five trading days, 15.55% over the last 20 days, and 10.98% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on September 29, where it recorded a net buy of -459.227 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 11.59% to 49,700, while the average circulating shares per person decreased by 10.39% to 19,920 shares [2]. - The top ten circulating shareholders include Wan Jia Strategic Development Industry Mixed A, which holds 3.8954 million shares as a new shareholder [3]. Business Overview - Jiangtong Equipment, established on December 30, 1999, and listed on July 2, 2002, primarily engages in the research, production, and sales of magnetic separation equipment [2]. - The company's revenue composition includes coal and coke trading (69.71%), coal revenue (17.93%), and other business segments [2].

Core Viewpoint - The report highlights the ongoing trend of mergers and acquisitions (M&A) in the market, with companies focusing on high-quality industrial acquisitions to enhance productivity and inject vitality into the capital market [4][8]. Group 1: M&A Activity - Aikodi has completed the acquisition of 71% equity in Zhaolbo, with the share registration for the acquisition finalized on October 10 [4]. - Since the third quarter, at least eight companies listed on the Shanghai Stock Exchange, including Zongyi Co. and Guangxi Broadcasting, have successfully completed M&A transactions [5]. - Anfu Technology has increased its stake in Anfu Energy from 62.25% to 93.26% through a share issuance and cash payment for 31% equity [6]. Group 2: Regulatory Approvals - Several companies have received registration approvals from the China Securities Regulatory Commission (CSRC) for their M&A plans, facilitating the completion of these transactions [6][7]. - For instance, on October 1, Yuanda Environmental announced that its acquisition of 100% equity in Wuling Power and 64.93% equity in Changzhou Hydropower received CSRC approval [7]. Group 3: Industry Integration - The trend of horizontal and vertical integration is evident, with companies acquiring peers or upstream/downstream businesses to achieve synergies and enhance product offerings [8]. - Aikodi's acquisition of Zhaolbo aims to improve its automotive parts supply chain, while Changying Tong's acquisition of Shengyisheng Optoelectronics seeks to achieve upstream and downstream collaboration in the optical communication sector [8]. Group 4: Transformation and Restructuring - Companies are also pursuing transformation through restructuring, as seen with Jiangtong Equipment's exit from coal-related businesses and Guangxi Broadcasting's divestment of its broadcasting operations [9]. - The restructuring efforts are aimed at shedding unprofitable segments and focusing on more promising areas, thereby creating opportunities for future growth [9].

Summary of Key Points Core Viewpoint - The independent financial advisor, CITIC Securities, has issued a verification opinion regarding the major asset swap and related transactions of Anyuan Coal Industry Group Co., Ltd, confirming that the transaction has been executed in compliance with relevant laws and regulations [1][18]. Group 1: Transaction Overview - The transaction involves Anyuan Coal swapping its existing coal-related assets and liabilities, excluding certain retained assets, with Jiangxi Jiangtong Holding Development Co., Ltd for a 57% stake in Ganzhou Jinhui Magnetic Selection Technology Equipment Co., Ltd [5][12]. - The estimated value of the assets being swapped has been assessed, with the net asset value of the assets to be disposed of being RMB 369.77 million and the value of the assets to be acquired being RMB 368.69 million, resulting in a cash difference of RMB 1.07 million to be paid by Jiangtong [6][13]. Group 2: Asset Valuation and Pricing - The valuation of the assets to be acquired was conducted using both income and asset-based approaches, with the income approach being selected as the final valuation method, resulting in a total equity value of Ganzhou Jinhui of RMB 368.69 million [5][6]. - The assets to be disposed of were evaluated using the asset-based method, confirming a net asset value of RMB 369.77 million, which was agreed upon by both parties as reasonable [6]. Group 3: Implementation Status - As of the date of the verification opinion, the necessary decision-making and approval processes for the transaction have been completed, including approval from the board of directors [12][18]. - The transfer of the 8.55 million shares of Ganzhou Jinhui to Anyuan Coal and the transfer of 100% equity of Jiangxi Coal to Jiangtong have been successfully completed [12][13]. Group 4: Financial and Legal Compliance - The transaction has been executed in accordance with the relevant legal frameworks, including the Company Law and Securities Law, and there are no significant discrepancies between the implementation status and previously disclosed information [12][18]. - There have been no instances of the company's funds or assets being misappropriated by actual controllers or related parties during the transaction process, and all guarantees provided for the disposed assets have been released [16][18].