[股权转让]西部矿业:西宁特殊钢集团有限责任公司拟股权转让项目涉及的肃北县博伦矿业开发有限责任公司股东全部权益价值评估项目..
西宁特殊钢集团有限责任公司拟股权转让项目涉及的 肃北县博伦矿业开发有限责任公司 股东全部权益价值评估项目 资产评估报告 ..............2018....153.. ................ .......................................... .................................. 目 录 资产评估报告 ·声明............................................................................................................ 1 资产评估报告 ·摘要............................................................................................................ 2 资产评估报告 ·正文............................................................................................................ 5 ........................................人 ............................................................... 5 ..........的 ............................................................................................................................... 12 ..............................明 ................................................................................... 13 ..................义 ............................................................................................................. 14 ............日 .......................................................................................................................... 15 ..........据 ............................................................................................................................... 15 ..........法 ............................................................................................................................... 18 ........................况 ................................................................................................ 30 ..........设 ............................................................................................................................... 32 ..........论 ............................................................................................................................... 33 ................明 ...................................................................................................................... 34 ........................明 .................................................................................................... 37 ..............日 .......................................................................................................................... 38 资产评估报告附件： ......................件 ........................告 ................................照 ......................................料 ................................函 ......................函 ..........................告 ..........................照 ............................书 ............................表 ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 西宁特殊钢集团有限责任公司拟股权转让项目涉及的 肃北县博伦矿业开发有限责任公司 股权全部权益价值评估项目 资产评估报告 ·声明 ..........（ 2018..第 153.. ...................................................................... ........................................ ........................................................................ ............................................................................ .............................................................. ........................................................................ ............................................................................ .............................. ........................................................................ ............................................................................ .................................... .......................................................................... ........................................................ ........................................................................ ............................................................................ ........................................................ ........................................................................ .................................................... ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 1 西宁特殊钢集团有限责任公司拟股权转让项目涉及的 肃北县博伦矿业开发有限责任公司 股东全部权益价值评估项目 资产评估报告 ·摘要 ..........（ 2018..第 153.. ........................................................................ ............................................................................ ............................................................................ ..........................................在 2018年 6月 30...................... ........................................................ 一、评估目的：.......................................................... ............................................................................ ...................... 二、评估对象与评估范围：................................................ ............................................................................ ............................................................................ ................。 三、价值类型：........。 四、评估基准日： 2018年 6月 30..。 五、评估方法：..................。 六、评估结论及其使用有效期： ............日 2018年 6月 30.............................................. ....................为 45,105.65.............................................. 为 114,637.26............为 69,531.61............为 154.15%.. ....................................日 2018年 6月 30....至 2019年 6月 29.... 七、对评估结论产生影响的特别事项 ........................................................................ ................................................................ ..................................（ 010..66090385 ........................路 21..................厦 B座 8层 2 ........................................................................ ............................................................................ ...... ........................................................................ ............................................................................ ............................................................................ .................................................................... ........................................................................ ............................................................................ ............................................................................ ............................................................................ .... ..................的 SBM-16-6..SBM-16-4.................................. ................................计 21790..............值 451,387.47............ ..于 2016年 7月 18............................................................ ............................................................................ ........................ .......................................................................... ............................................................................ .............. ......................................................于 2012年 9........ ............................................................................ .................................. ..................................于 2015年 7............................ ....................................于 2019.................................. ........................................................ ......2018年 6月 6..................................................备 310 ............备 155....................................................期 1.. ........额 5,600.00..................为 62010120180000442.................. ..................................（ 010..66090385 ........................路 21..................厦 B座 8层 3 62100220180007988.... ........................................................................ ............................................................................ ....................................................于 2018年 7月 6.......... ......2018..甘 0923..初 100.................................. .................................................. ...................... ................ .... .................................................. ........ .................. ..司 300,000,000.00.. .................................................. ........ .................. ..司 100,000,000.00.. ..计 400,000,000.00 ....................项 1...........................................至 2018年 4月 21.............. ............................................................................ ............................。 2. ....................................量 2994.65......V2O5 226703.77...... ............................................................................ .................................... ........................................................................ ............................................................................ ............................................................................ ............................................................................ ........................................................................ .................................... .............................................................. ............................................为 1..............日 2018年 6 月 30......至 2019年 6月 29...... 以上内容摘自评估报告正文，欲了解本评估项目的详细情况和合理理解评估结论， 应当阅读评估报告正文。 ..................................（ 010..66090385 ........................路 21..................厦 B座 8层 4 西宁特殊钢集团有限责任公司拟股权转让项目涉及的 肃北县博伦矿业开发有限责任公司 股东全部权益价值评估项目 资产评估报告 ·正文 ..............2018......153.. 西宁特殊钢集团有限责任公司： ........................................................................ .............................................................................. ............................................................................ ............................................................................ ...................... 一、委托人、被评估单位及其他评估报告使用人 ........................................................................ .................. .................. .................................... .......................... ............................52.. ................ ..........379420.00.... ..........1996....01....31.. ..................91630000226591309Y .......................................................................... .............................................................................. ............................................................................ ............................................................................ ............................................................................ ......................................010..66090385 ............................21......................B....8.. 5 ............................................................................ ............................................................................ ............................................................................ .............................................. ...................... 1......... .................................................................... ...................... ................................................ ................ ..........9243...... ..........2003....12....01.. ..........2003....12....01......2023....12....31.. ..................9162092375655250X4 .................................................................... ............................................................ 2......... ......................................2003....12....01...................... ....................................50........ 2004....9............................950.................................. ..........400..................................550.............................. ............45........5............50.......................................... ............................1,000.00.................... ................................ 1........................550.00 55% 2............................450.00 45% ......1000.00 100% 2004....11....................1,000.00........................................ 550.00......................................450.00.............................. ....2,000.00.................... ......................................010..66090385 ............................21......................B....8.. 6 .............................. 1......................1,100.00 55% 2..........................900.00 45% ....2,000.00 100% 2005年 8..................为 4,000.00...................................... 资 2,200.00..................................资 1,800.00........................ ......为 6,000.00.................... .............................. 1......................3,300.00 55% 2..........................2,700.00 45% ....6,000.00 100% 2006年 5..................为 470.00...................................... ....资 470.00..............................为 6,470.00.................... .............................. 1......................3,300.00 51% 2..........................3,170.00 49% ....6,470.00 100% 2009年 7月 21............................................................ ............................................................................ ............................................................................ ........................： T62120080702027136.................................. ......................................................［ 2009..第 28............ ......为 32,406.90......................为 25,000.00......................本 2,773.00 ..............................为 9,243.00.................... .............................. 1......................3,300.00 35.70% 2..........................3,170.00 34.30% 3 ..........................2,773.00 30.00% ....9,243.00 100.00% ......................................以 2.5.............................. .................................................................. .............................. 1......................6,470.00 70.00% 2 ..........................2,773.00 30.00% ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 7 ....9,243.00 100.00% 2017年 11................................的 70.00%........................ ........................................................ .............. .............................. 1..........................6470.0070% 2..........................2773.0030% ....9243.00100% 3................. ........................................................................ ........ ..1............................ ........................................................................ ............................................................................ ....................................位 63....计 30,314.43.... ..2........................................................ ........................................................................ 共 4........................................................................ ....................................于 2008..至 2014...... ........................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ .......................... ........................................................................ ........................................................ ........................................................................ ............................................................................ ........PE................................................................ ........................................................................ ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 8 ............................................................................ ..............................128,781.80m..............2,170,096.68m..............2.01 ....145.96..........0....90............................................ ........................................................................ ............................................................................ ........................................................................ ............................................................................ ............................................................................ ................2015....7...................................................... ........................2012....9.......................................... ........................................................................ ............................................................................ ............................................................................ ............ ........................4664CC JTMHT05J................SCT6492E4.......... ......ZK6102D..................CA6570J2E4................CC1031PA28.............. EQ3126K3G1..................CFA6470LA..................KY25KS.................. ...................................................................... ..3...................................................................... ...................................... ..4..................................。 ........-..................................................： .................................... 1 .............. ...................... ........ .................. .... 2 ............ ...................... ...... .................. .......... 3 ............ ...................... ...... .................. .......... 4 .................. ........ .............. .... .............. ................ 2015/1/12.......... 2011/6/3........ ...... 2011/6/3........ ...... 2016/7/18.......... .... .... 50505050 .... .... .... ...... .... ...... .... ...... .... ...... .................. 6,710.00 268,855.25 49,901.38 7,833.00 5 .................. ...... .............. .... ................2016/7/8..........50.... ......13,957.00 ........-.............................................................. ................................................ ......................................010..66090385 ............................21......................B....8.. 9 ....................................................矿 ..........C620002010082220071887 ..........2016年 4月 21..至 2018年 4月 21日 ..........5.0592......里 ............250..../年 4............. ........................................................................ ....................................镇 65.................................... ................................于 2012...................................... ............ ............................2015..........粉 92.05................入 43,621.21 ....。 2016..........粉 78.33................入 34,974.87....。 2017..........粉 81.40................入 47,808.87....。 2018年 1-6..........粉 37.74................入 25,828.78....。 5....................... ..........工 453........................................................ ........................................。 6................... ......................................................： ........表 .............. ..目 2018.6.30 2017.12.31 2016.12.31 2015.12.31 ......产 107,812.66 92,936.20 113,829.29 149,790.25 ........产 235,496.02 243,589.16 237,201.25 223,981.23 ................资 3,111.82 3,305.79 3,413.14 3,153.58 ......产 138,091.56 148,156.92 153,952.96 155,915.81 ......程 57,673.74 58,075.63 45,699.50 32,728.63 ......产 22,529.10 23,174.17 24,464.31 25,700.45 ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 10 ..目 2018.6.30 2017.12.31 2016.12.31 2015.12.31 ..........权 22,139.53 22,766.52 24,020.49 25,273.91 ..........用 2,055.29 2,214.76 2,241.21 2,549.16 ............产 11,574.50 8,201.89 7,270.14 3,773.60 ............产 460.00 460.00 160.00 160.00 ......计 343,308.68 336,525.36 351,030.54 373,771.47 ......债 285,634.74 280,698.54 289,655.87 295,217.35 ........债 12,568.29 560.78 3,153.04 9,799.10 ......计 298,203.03 281,259.31 292,808.91 305,016.44 ........益 45,105.65 55,266.05 58,221.63 68,755.03 .......... .............. .... 2018..1-6.. 2017.. 2016.. 2015.. ............25,828.78 47,808.87 34,974.87 43,621.21 ............11,968.16 25,958.32 26,088.48 29,348.91 ..............2,515.76 1,744.23 700.71 383.04 ........1,713.60 8,481.62 8,033.69 10,475.33 ........2,051.42 4,727.29 4,609.64 5,252.57 ........4,984.14 10,296.77 9,969.81 8,725.61 ............16,012.14 344.29 -9.66 4,417.53 ............-12.44 -107.34 259.56 3.58 ............-13,428.88 -3,850.99 -14,158.25 -14,978.21 ..............2.04 170.65 7.75 12.38 ..............81.73 110.90 -- ............-13,508.57 -3,791.23 -14,150.50 -14,965.83 ..:..........-3,372.62 -931.75 -3,496.54 -3,676.79 ..........-10,135.95 -2,859.48 -10,653.96 -11,289.04 ........................， 2015...................................................... ........字 [2016]48120062....................， 2016....2017....及 2018年 1-6.............. ................................................字 [2018]第 1-03087....................。 7......................... ..1.............. ..................................（ 010..66090385 ........................路 21..................厦 B座 8层 11 ........................................................................ ..............-........................33....................76..............2006 ....2....15......................42............................................ .............................................................................. ....................1....1........12....31........................................ .... ..2.......... ................ ........16%.................................... .................................... .................................... .... ........3%.................................... ........ ................5%............ ............3%............ ................2%............ ............25%.............. ................................................ .................................................... ................................ ........................................................................ .............. 二、评估目的 ................ ........................................................................ .......................................................... ........................................ ........................................................................ ................[2018]36.... ......................................010..66090385 ............................21......................B....8.. 12 三、关于评估对象和评估范围的说明 ............象 ......................................................。 ............围 ........................................................................ ..................343,308.68....................298,203.03...................... 45,105.65........................................ ................ .................. 1 ..........107,812.66 2 ............235,496.01 3 ....................3,111.82 4 .............. 5 ..........138,091.56 6 ..........57,673.74 7 ..........22,529.10 8 ..............2,055.29 9 ................11,574.50 10 ................460.00 11 ..........343,308.68 12 ..........285,634.74 13 ............12,568.29 14 ..........298,203.03 15 ........45,105.65 1....................................................................... ............................................................................[2018] ....1-03087........................ 2......................................... ........................................................................ .............. 3...............................况 ............................................。 ........-..................................................： ......................................010..66090385 ............................21......................B....8.. 13 .................................... 1 .............. .................... ........ .................. .... 2 ............ .................... ...... .................. .......... 3 ............ .................... ...... .................. .......... 4 .................. ........ .............. .... .............. ................ 2015/1/12.......... 2011/6/3........ ...... 2011/6/3........ ...... 2016/7/18.......... .... .... 50505050 .... .... .... ...... .... ...... .... ...... .... ...... .................. 6,710.00 268,855.25 49,901.38 7,833.00 5 .................. ...... .............. .... ................2016/7/8..........50.... ......13,957.00 ........-.............................................................. ................................................ ...................................................... ..........C620002010082220071887 ..........2016....4....21......2018....4....21.. ..........5.0592........ ............250..../.... 4...........................量 ..........................。 5................. ..............................................................221,395,310.03 ......................2018....6....30........................333..+..334............ ........7256.48................30.36%....332..+..333..+..334..............2994.65.. ....V2O5........226719.46..............0.757%.. ........................................................................ ............................................2018..H09.......................... ............................................................................ ....90949.70.................................................................. ............................................................................ ...................................... 四、价值类型及其定义 ........................................................................ ...................................................... ......................................010..66090385 ............................21......................B....8.. 14 ........................................................................ ............................................................ 五、评估基准日 ........................2018....6....30.... ........................................................................ ............................................................................ .......... 六、评估依据 ........................................................................ .............................. .................... 1.............................................................[2018]36........ 2.................。 ................据 1...............................2016....7....2............................ ................................ 2.............................................................86........ 3...........................2013....12....28.................. 4...........................2014....8....31.................. 5.............................2007....3....16................................ ............ 6.....................................2007....8....30............ 7.................................2017....2....24............ 8...................................2008....10....28...................... .................................. 9.....................................................91...... ......................................010..66090385 ............................21......................B....8.. 15 10....................................................................... [1992]36........ 11....................................................................... ..........2001..102........ 12...............................................14.......... 13.................<............................>.......... ......[2001]801.... 14.................<............................>............[2001]802........ 15...................................2011....1....8............ 16...................................2003......................3........ 17...................................2016..................32.......... 18...................................2005..................12.......... 19.................................................................[2006]274 ........ 20...................................................[2006]306........ 21..................................................... ..........[2009]941.... 22...........<................................>........................2013.... 64........ 23...........................................................2014..95........ 24.......................................2014....7....29............ 25...........................................2013....12....7............ 26.........................................2017....2....24............ 27...................................2017....11....19............ 28...........................................2017....11....19............ 29.......................。 ............据 1.............................2017..43........ 2...................................2017..30...... ......................................010..66090385 ............................21......................B....8.. 16 3...................——........................2017..31........ 4...................——........................2017..32........ 5...................——............................2017..33........ 6...................——........................2017..34........ 7...................——..................................2017..35........ 8...................——....................2017..36........ 9...................——....................2017..37........ 10...................——..................2017..38........ 11...................——....................2017..39........ 12.......................................2017..42........ 13...........................................2017..46........ 14.......................................2017..47........ 15...........................................2017..48...... ................ 1............................... 2............................................................... 3............... 4....................... 5......................... 6..................................................... 7............... 8............... ................ 1....................................................... 2...........<............................>........ (....[2016]504..).... 3...............................................................2012......12 ......................................010..66090385 ............................21......................B....8.. 17 ........ 4........................................... 5.........................................[1984]....678........ 6...............................2013...... 7...............................2013...... 8...............................2013...... 9.........................................2018....2........ 10....................................................................... ........................................[2016]119........ 11.....................2018...... 12....................................... 13........................................................... 14....................................................................... 15................................................. 16............................................. 17............................................. 18..................................................... 19................................. 20......................................................................... .................. 21....................................................................... ................................ 七、评估方法 .................... .......................................................................... ........................................................................ ......................................010..66090385 ............................21......................B....8.. 18 ............................................................................ .................. ........................................................................ ............................................................................ .................................................................. ........................................................................ ............................................................................ ........ ...................... .......................................................................... ............................................................................ ............................................................................ .......................................... ........................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................ ........................................................................ ............................................................................ ............................................................................ ............................................................................ ...................................... ................................................ ................ 1..... ........................——................................................ ......................................010..66090385 ............................21......................B....8.. 19 ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ........................................................。 2......... ........................................................................ ............................................................................ ..............................（ DCF.......................................... ..................................................................。 3.......型 ........................： ................=..............+............-..........值 ..1................ ........................................................................ ............................................................................ ............................................................................ ...................................................................... . .... ..=....(1+..) .. ...... ......Ri..第 i.................... r........ n..........期 ①................ ..........................： R = ............................................................额 ②...... ........................................................................ ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 20 ....................Capital Asset Pricing Model or..CAPM......CAPM................ ............................................................： Re=Rf+....MRP+Rs ....： Re ............率 Rf ..............率 β ..........数 MRP ..............价 Rs .......................... ..2...................................... .......................................................................... ............................................................................ ............................................................................ ..............................................................。 ..Ci C1..C2 ....： C1........................................ C2............................................................ ..3.................. ........................................................................ ............................................................................ ................................................................。 (..).......... .......................................................................... ............................................................................ ......................： 1..................... ........................................................................ ............................................................................ ............................................................................ ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 21 .......... ..1...................................................................... ............................................................................ ............................................ ..2...................................................................... ............................................................................ ............................................................................ ............................................................................ ............................................................ ..3...................................................................... ............................................................................ ............................................................................ .............................................................................. ............................................................................ ........................................................................“.... ....”................ ..4...................................................................... ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............ ..5...................................................................... ........................................................................ ..6............................ ........................................................................ ............................................................................ .................................................. ..................................（ 010..66090385 ........................路 21..................厦 B座 8.. 22 ........................................................................ .............................................................................. ............................................................................ ................................ ..7...................................................................... ............................................................................ ................................ ..8...................................................................... ............................................................................ ........。 2................. ..1.............. ..............................................计 2................司 （未完）  |