Summary of Key Points from the Conference Call Industry Overview - The fusion energy research in China is experiencing rapid and diversified development, with multiple key projects expected to make continuous progress in technological routes and commercialization exploration [1][2][3]. Key Projects and Investments - The "Fusion Spark One" project in Jiangxi is a benchmark for fission-fusion hybrid reactors, with an initial investment of 16 billion yuan (total investment of 30 billion yuan), designed to achieve a Q value exceeding 15 [2][3]. - The Hefei BEST project by the Chinese Academy of Sciences plans to adopt hybrid magnet technology and aims for completion by 2027, with the first demonstration of fusion energy generation globally [3]. - The Circulation 3 project is focused on a pure deuterium-tritium route, aiming for 100% high-temperature superconducting operation, expected to enter the demonstration phase around 2045 [3]. - The CFETR project, a major national scientific infrastructure, is progressing with subsequent funding, with plans for completion before 2035 [3]. Domestic Component Replacement - There is an acceleration in the domestic replacement of core components, highlighting investment opportunities within the core industrial chain [4]. Core Components of Fusion Devices - Key components of compact tokamak devices include superconducting magnets, first walls, vacuum vessels, core pumps and valves, cooling systems, and divertors [5]. Cost Structure Insights - According to the breakdown of ITER construction costs, core cost components such as magnets and vacuum vessels account for over 50% of the total construction costs [6]. Upstream Material Requirements - The fusion industry chain involves upstream material requirements, including special metals and superconducting tapes. Special metals include special steel, tungsten, and copper, while superconducting tapes are categorized into low-temperature superconducting materials (niobium-titanium, niobium-tin) and high-temperature superconducting materials (YBCO) [7]. Investment Recommendations - Key materials and device segments should be prioritized for investment, as they are expected to benefit from orders during the accelerated deployment of fusion devices [8]. - Recommended stocks include: - **Top Picks**: Jingda Co., Ltd. (subsidiary Shanghai Superconducting involved in high-temperature superconducting materials), Lianchuang Optoelectronics (superconducting magnet preparation), and Yingjie Electric, Aike Saibo in power and drive systems. - **Watch List**: Yongding Co., Ltd., Guoguang Electric, Antai Technology in first wall and divertor segments, and Hailu Heavy Industry, Hezhong Intelligent in vacuum pressure vessel segments [9].

Market Overview - The Shanghai Composite Index is at 3305.11 points, below the six-month moving average, with a change of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 272 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongcheng Technology: 14.42% deviation, with a price increase of 14.99% [1] - Oulutong: 10.01% deviation, with a price increase of 11.78% [1] - Jiusheng Electric: 9.22% deviation, with a price increase of 19.97% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Yongdong Co., Sumeida, and Yuhua Tian, which have just crossed the six-month line [1] Additional Stocks with Notable Performance - Other stocks with notable performance include: - Benlang New Materials: 8.45% deviation, with a price increase of 10.35% [1] - Quanzhu Co.: 8.00% deviation, with a price increase of 9.85% [1] - Chuanrun Co.: 7.95% deviation, with a price increase of 10.03% [1]

Core Viewpoint - The company has provided guarantees for its wholly-owned subsidiaries and has reported no overdue guarantees, indicating a stable financial position and controlled risk exposure [7][21][23]. Financial Data - As of March 31, 2025, the company reported a total asset value of 588,974 million RMB and a net asset value of 343,232 million RMB, which represents 58.28% of the net assets [7][23]. - The company has not experienced any overdue guarantees, reflecting a strong financial management strategy [23]. Subsidiary Information - The company has several wholly-owned subsidiaries, including: - **Copper Ling Precision Enamel Wire Co., Ltd.**: As of December 31, 2024, it had total assets of 347,529.64 million RMB and a net profit of 12,525.26 million RMB [9]. - **Guangdong Precision Enamel Wire Co., Ltd.**: As of December 31, 2024, it had total assets of 214,644.78 million RMB and a net profit of 6,029.02 million RMB [12]. - **Copper Ling Precision New Technology Development Co., Ltd.**: As of December 31, 2024, it had total assets of 85,650.94 million RMB and a net profit of 5,903.46 million RMB [16]. - **Guangdong Precision Special Wire Co., Ltd.**: As of December 31, 2024, it had total assets of 39,348.65 million RMB and a net profit of 3,638.72 million RMB [20]. Guarantee Details - The total guarantee amount provided by the company is 343,232 million RMB, all of which is for its subsidiaries and does not include any overdue guarantees [7][23]. - The board of directors believes that these guarantees are necessary and reasonable for the subsidiaries' operational needs and will not harm the interests of shareholders [21][22].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥5,527,240,329.76, representing a 22.00% increase compared to ¥4,530,499,857.49 in the same period last year[4] - Net profit attributable to shareholders was ¥125,263,612.32, up 14.80% from ¥109,110,954.36 year-on-year[4] - Basic and diluted earnings per share increased by 20.00% to ¥0.06 from ¥0.05 in the same period last year[4] - Total revenue for Q1 2025 reached ¥5,527,240,329.76, an increase of 22.0% compared to ¥4,530,499,857.49 in Q1 2024[18] - Net profit for Q1 2025 was ¥130,696,941.66, representing a 16.0% increase from ¥112,458,321.39 in Q1 2024[19] - Earnings per share for Q1 2025 were ¥0.06, compared to ¥0.05 in Q1 2024[20] Cash Flow - The net cash flow from operating activities improved significantly to ¥398,676,687.11, a 178.36% increase from a negative cash flow of ¥508,761,949.45 in the previous year[4] - In Q1 2025, the company reported cash inflows from operating activities of approximately ¥5.96 billion, a 29.3% increase from ¥4.61 billion in Q1 2024[21] - The net cash flow from operating activities for Q1 2025 was ¥398.68 million, compared to a negative cash flow of ¥508.76 million in Q1 2024[22] - Cash outflows for operating activities totaled ¥5.56 billion in Q1 2025, up from ¥5.12 billion in Q1 2024, indicating increased operational costs[22] - The company recorded cash inflows from investment activities of ¥272.28 million in Q1 2025, down from ¥323.42 million in Q1 2024[22] - Net cash flow from investment activities was negative at ¥122.89 million in Q1 2025, compared to a negative cash flow of ¥110.35 million in Q1 2024[22] - Cash inflows from financing activities were ¥1.12 billion in Q1 2025, a decrease from ¥1.43 billion in Q1 2024[22] - The net cash flow from financing activities was positive at ¥6.77 million in Q1 2025, compared to ¥702.91 million in Q1 2024[22] - The ending cash and cash equivalents balance for Q1 2025 was approximately ¥992.68 million, down from ¥1.12 billion in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥13,064,273,295.92, reflecting a 3.47% increase from ¥12,626,655,985.48 at the end of the previous year[5] - Total liabilities rose to ¥7,040,263,864.45 in Q1 2025, compared to ¥6,736,912,802.17 in Q1 2024[16] - Shareholders' equity increased to ¥6,024,009,431.47 in Q1 2025, up from ¥5,889,743,183.31 in Q1 2024[16] - As of March 31, 2025, the company's total current assets amounted to CNY 10,234,013,401.47, an increase from CNY 9,809,750,311.28 as of December 31, 2024, reflecting a growth of approximately 4.3%[14] Investments and Income - The company reported a significant increase in government subsidies, contributing to a 93.32% rise in non-operating income[8] - The company experienced a 242.97% increase in construction in progress due to increased equipment renovation expenditures[8] - The company’s investment income surged by 2,743.75%, attributed to increased returns from wealth management products and equity investments[8] - The company reported an investment income of ¥1,792,375.64 in Q1 2025, compared to a loss of ¥67,796.72 in Q1 2024[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 112,807[10] - The company reported a total of 195,395,729 shares held by Hu'an Property Insurance Co., Ltd., accounting for 9.09% of total shares[11] - The top shareholder, Qiao Xiaohui, holds 170,000,000 shares, representing 7.91% of total shares, with 114,000,000 shares pledged[11] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending activities[12] Operational Insights - There are no significant reminders or additional important information regarding the company's operational situation during the reporting period[13] - Total operating costs for Q1 2025 were ¥5,369,608,459.77, up 22.2% from ¥4,391,735,523.31 in Q1 2024[18] - Research and development expenses for Q1 2025 were ¥24,750,046.95, slightly down from ¥25,714,643.62 in Q1 2024[19] - Other comprehensive income after tax for Q1 2025 was -¥979,812.85, an improvement from -¥1,955,138.25 in Q1 2024[20] Asset Composition - Cash and cash equivalents increased to CNY 1,319,700,335.71 from CNY 1,117,554,428.04, representing a growth of about 18.1%[14] - Accounts receivable stood at CNY 4,030,498,843.16, slightly decreasing from CNY 4,075,005,086.78, indicating a decline of approximately 1.1%[14] - Inventory increased to CNY 1,917,782,522.92 from CNY 1,780,064,213.26, showing a growth of around 7.7%[14] - The company's long-term equity investments were valued at CNY 426,656,528.81, a slight increase from CNY 425,385,489.15[14] - Fixed assets decreased to CNY 1,674,579,840.77 from CNY 1,698,183,735.75, reflecting a decline of about 1.4%[14] Accounting Standards - The company did not apply new accounting standards for the year 2025[23]

重要内容提示： ●被担保人名称：天津精达漆包线有限公司（以下简称"天津精达"）、广东精 迅特种线材有限公司（以下简称"广东精迅"）、铜陵精达漆包线有限公司(以下 简称"铜陵精达")、铜陵精达新技术开发有限公司（以下简称"精达新技术"）、 广东精达漆包线有限公司（以下简称"广东精达"）、铜陵顶科线材有限公司（以 下简称"铜陵顶科"）、铜陵科锐新材制造有限公司（以下简称"铜陵科锐"）。 ●担保金额：截至 2025 年 4 月 28 日，公司累计对外担保额度为人民币 343,232 万元，占公司最近一期净资产（经审计）588,974 万元的 58.28%，公司没有逾期的 对外担保。 ●本次担保是否有反担保：无 ●无逾期对外担保情况 一、担保情况概述 | 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 关于为全资子公司、孙公司提供担保的进展公告 本公司董事会及全体董事保证本公司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 ...

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 关于实施 2024 年年度权益分派时"精达转债" 停止转股的提示性公告 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： 证券停复牌情况：适用 1、联系部门：公司董秘办 2、联系电话：0562-2809086 特此公告。 1、铜陵精达特种电磁线股份有限公司（以下简称"公司"或"精达股份"） 2024 年年度利润分配方案为：以实施权益分派股权登记日登记的总股本为基准， 向全体股东每 10 股派发现金股利 0.50 元（含税）。在实施权益分派的股权登记日 前，因可转债转股致使公司总股本发生变动的，公司拟维持每股分配比例不变， 相应调整分配总额。 2、本次权益分派方案已经 2025 年 4 月 16 日召开的 2024 年年度股东大会审 议通过，具体详见公司于2025年4月17日在上海证券交易所网站（w ...

证券代码：600577 证券简称：精达股份 公告编号：2025-026 债券代码：110074 债券简称：精达转债 铜陵精达特种电磁线股份有限公司 关于可转换公司债券 2025 年跟踪评级结果的公告 本公司董事会及全体董事保证本公司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: ●前次债券评级:"AA"，主体评级:"AA"，评级展望：稳定 ●本次债券评级:"AA"，主体评级:"AA"，评级展望：稳定 根据中国证券监督管理委员会《上市公司证券发行管理办法》、《公司债券发 行与交易管理办法》和上海证券交易所《股票上市规则》等有关规定，铜陵精达 特种电磁线股份有限公司（以下简称"公司"）委托信用评级机构联合资信评估 股份有限公司（以下简称"联合资信"）对公司已发行的可转换公司债券（转债 简称"精达转债"）进行了跟踪信用评级。 公司前次主体长期信用评级结果为"AA"；精达转债前次评级结果为"AA"； 评级展望为"稳定"，评级机构为联合资信，评级时间为 2024 年 4 月 12 日。 评级机构联合资信在对公司进行综合分析与评估的基础上，于 202 ...

铜陵精达特种电磁线股份有限公司 向不特定对象发行可转换公司债券 信用评级报告 | | | www.lhratings.com 联合〔2025〕2162 号 联合资信评估股份有限公司通过对铜陵精达特种电磁线股份有 限公司及其拟向不特定对象发行可转换公司债券的信用状况进行综 合分析和评估，确定铜陵精达特种电磁线股份有限公司主体长期信 用等级为 AA，铜陵精达特种电磁线股份有限公司向不特定对象发 行可转换公司债券信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年四月十七日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受铜陵精达特种电磁线股份有限公司（以下简 称"该公司"）委托所出具，除因本次 ...

债券代码：110074 债券简称：精达转债 证券代码：600577 证券简称：精达股份 公告编号：2025-025 铜陵精达特种电磁线股份有限公司 关于 2023 年员工持股计划 第二个锁定期届满暨解锁条件成就的公告 本公司董事会及全体董事保证本公司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。 铜陵精达特种电磁线股份有限公司（以下简称公司）于 2025 年 4 月 17 日召开 第九届董事会第一次会议审议通过《关于公司 2023 年员工持股计划第二个锁定期届 满暨解锁条件成就的议案》，董事会认为公司 2023 年员工持股计划第二个解锁期解 锁条件已成就，根据《上海证券交易所市公司自律监管指引第 1 号——规范运作》、 《精达股份 2023 年员工持股计划》等规定，现将具体情况公告如下： 一、2023 年员工持股计划的基本情况 公司分别于 2023 年 3 月 18 日和 2023 年 4 月 11 日召开第八届董事会第十四次 会议、第八届监事会第十一次会议和 2022 年年度股东大会，审议通过了《2023 年 员工持股计划（草案）及摘要》等相关议案，同 ...