Group 1 - The core point of the news is that Shudao Group has increased its stake in Hongda Co., which is expected to alleviate the company's debt pressure and improve its financial structure through a capital increase of 2.85 billion yuan [2][4][3] - Hongda Co. plans to use the funds raised from the issuance to repay debts, including 423 million yuan in profit return and 223 million yuan in delayed performance payments, as well as short-term loans totaling 680 million yuan, resulting in a significant reduction in its high debt burden [3][4] - After the capital increase, Shudao Group's direct and indirect holdings in Hongda Co. will rise to 1.246 billion shares, increasing its ownership stake to 47.17% [2][4] Group 2 - Hongda Co. has experienced fluctuating profits in recent years, with a peak profit of only around 300 million yuan, indicating that the company is unlikely to resolve its debt issues solely through its own earnings [4][3] - The capital increase aims to optimize Hongda Co.'s capital structure and improve liquidity to enhance profitability, while also stabilizing Shudao Group's control over the company [4][3] Group 3 - Shudao Group, a large state-owned enterprise with total assets of 1.5 trillion yuan, has interests in various sectors, including energy and resources, which creates a competitive relationship with Hongda Co. in the mining and chemical sectors [5][4] - The Clear Peace Phosphate Mine, which is in direct competition with Hongda Co., has a production capacity of 1 million tons of phosphate rock per year and 200,000 tons of monoammonium phosphate, indicating significant overlap in their business operations [5][6] Group 4 - The total share capital of Hongda Co. will increase from 2.032 billion shares to 2.642 billion shares after the issuance, which may dilute earnings per share [8][7] - The company needs to inject larger and more profitable assets beyond just the Clear Peace Phosphate Mine to support its growth and profitability [8][7] Group 5 - The Dulong Copper Mine, considered one of the last undeveloped world-class copper mines in China, is expected to have an annual production capacity of 300,000 to 310,000 tons of copper, which could significantly enhance Hongda Co.'s profitability if developed successfully [9][11] - If the Dulong Copper Mine achieves a profit of 5 billion yuan, it could contribute over 1.6 billion yuan in investment income to Hongda Co., providing strong support for its earnings [11][10]

华泰联合证券有限责任公司 关于 四川宏达股份有限公司 收购报告书 之 财务顾问报告 财务顾问 二〇二五年七月 财务顾问声明 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司收购管 行动人已作出承诺，保证其所提供的资料均为真实、准确、完整的原始书面资料 或副本资料，副本资料或复印件与其原始资料或原件一致，所有文件的签名、印 章均是真实的；所有文件和材料不存在虚假记载、误导性陈述或重大遗漏，并对 所提供信息的真实性、准确性和完整性承担法律责任。 证，未发现虚假记载、误导性陈述或者重大遗漏，并对此承担相应的责任。 《收购报告书》的内容不存在实质性差异。 并同意出具此专业意见。 取严格的保密措施，严格执行风险控制和内部隔离制度，不存在内幕交易、操纵 市场和证券欺诈问题。 购相关各方及其关联公司的任何投资建议；投资者根据本财务顾问核查意见所作 出的任何投资决策而产生的相应风险，本财务顾问不承担任何责任。 判断、确认或批准。 一致行动人出具的《收购报告书》以及相关的上市公司公告全文和备查文件。 中列载的信息和对本财务顾问报告做任何解释或者说明。 财务顾问承诺 理办法》及《公开发行证券的公司信息披露内容与 ...

Group 1 - The acquisition is led by Shudao Group, which aims to optimize the capital structure of Hongda Co., improve liquidity, and enhance control over the company [13][14] - Shudao Group will acquire 609,600,000 shares of Hongda Co. at a price of 4.68 yuan per share, totaling approximately 2.85 billion yuan [16][17] - After the acquisition, Shudao Group will hold 1,245,914,805 shares, representing 47.17% of Hongda Co.'s total share capital [14][15] Group 2 - Shudao Group is a state-owned enterprise controlled by the Sichuan Provincial State-owned Assets Supervision and Administration Commission, with a registered capital of 54.226 billion yuan [6][7] - Hongda Co. has faced financial difficulties, including bankruptcy restructuring, but the restructuring plan has been approved and completed [9][13] - The financial data of Shudao Group shows total assets of approximately 150 billion yuan and net profit of about 590 million yuan for the latest fiscal year [8][9] Group 3 - The acquisition has been approved by the necessary corporate governance bodies, including the board of directors and the shareholders' meeting of Hongda Co. [14][15] - The acquisition is structured to ensure that the controlling shareholder and actual controller of Hongda Co. remain unchanged post-acquisition [14][15] - Shudao Group and its concerted actors have not faced any significant legal or administrative penalties in the last five years [9][11]

证券研究报告：基础化工 | 公司点评报告 发布时间：2025-06-26 股票投资评级 增持 |首次覆盖 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 宏达股份 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 8.00 | | --- | --- | | 总股本/流通股本（亿股）20.32 | / 20.32 | | 总市值/流通市值（亿元）163 | / 163 | | 52 周内最高/最低价 | 9.14 / 5.36 | | 资产负债率(%) | 82.9% | | 市盈率 | 449.44 | | 第一大股东 | 蜀道投资集团有限责任 | | 公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 宏达股份(600331) 集团支持加码，世 ...

股票代码：600331 股票简称：宏达股份 四川宏达股份有限公司 SICHUAN HONGDA CO., LTD （四川省德阳市什邡市师古镇九里埂村） 向特定对象发行股票 募集说明书 （注册稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年五月 四川宏达股份有限公司 募集说明书 声 明 本公司全体董事、监事、高级管理人员承诺本募集说明书不存在任何虚假记 载、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 中国证监会、上交所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责，由此变化引致的投资风险，由投资者自行负责。 四川宏达股份有限公司 募集说明书 重大事项提示 一、风险提示 本公司特别提示投资者对下列重大风险给 ...

补充法律意见书 北京中银律师事务所 关于 四川宏达股份有限公司 向特定对象发行股票的 补充法律意见书（一） （修订稿） 二〇二五年五月 补充法律意见书 目 录 补充法律意见书 北京中银律师事务所 关于四川宏达股份有限公司向特定对象发行股票的 补充法律意见书（一）（修订稿） 致：四川宏达股份有限公司 北京中银律师事务所（以下简称"本所"）接受四川宏达股份有限公司（以 下简称"发行人"、"宏达股份"或"公司"）的委托，担任发行人向特定对象 发行股票的专项法律顾问。本所于 2025 年 1 月 27 日出具了《北京中银律师事务 所关于四川宏达股份有限公司向特定对象发行股票的法律意见书》（以下简称 "《法律意见书》"）、《北京中银律师事务所关于四川宏达股份有限公司向特 定对象发行股票的律师工作报告》（以下简称"《律师工作报告》"）。根据上 海证券交易所 2025 年 2 月 26 日下发的《关于四川宏达股份有限公司向特定对象 发行股票申请文件的审核问询函》（以下简称"《问询函》"）、2025 年 3 月 5 日下发的《关于四川宏达股份有限公司向特定对象发行股票申请文件的专项核查 函》（以下简称"《专项核查函》"），本 ...

证券代码：600331 证券简称：宏达股份 公告编号：临2025-045 四川宏达股份有限公司 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况（不含税） 单位：元/吨 | 主要产品 | 2025 | 年 1-3 | 2024年1-3月 | 2024 年 10-12 月平均 | 同比变动 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | | | | 月平均售价 | 平均售价 | 售价 | 比率 | 比率 | | 磷酸盐系列产品 | | 3545 | 3533 | 3570 | 0.34% | -0.70% | | 复合肥 | | 2393 | 2770 | 2405 | -13.61% | -0.50% | （二）主要原材料的价格变动情况（不含税） 单位：元/吨 | 主要产品 | 2025年1-3月 | 2024 | 年 | 1-3 | 2024 10-12 | 年 月平均 | 同比变动 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 平均进价 | ...