Core Points - The company announced the early redemption and delisting of "Hongfa Convertible Bonds" effective December 12, 2025 [1][3][13] - The last trading day for "Hongfa Convertible Bonds" is December 8, 2025, and the last conversion day is December 11, 2025 [2][5][12] Redemption Details - The redemption price is set at 100.2219 CNY per bond, which includes accrued interest of 0.2219 CNY [9][11] - The redemption registration date is December 11, 2025, and the redemption payment date is December 12, 2025 [5][11] - The company triggered the conditional redemption clause as the stock price exceeded 130% of the conversion price for 15 trading days [4][7] Investor Guidance - Investors are advised to convert or sell their bonds within the specified timeframe to avoid forced redemption [3][17] - The company will freeze all unconverted bonds after the redemption registration date, and they will be redeemed at the specified price [10][17] - The current market price of the bonds is significantly higher than the redemption price, indicating potential losses for investors who do not act [17]

Core Viewpoint - Hongfa Co., Ltd. announced that investors holding convertible bonds can either continue trading in the secondary market within the specified time or convert at a price of 22.72 yuan per share. If forced redemption occurs, investors may face significant losses [1] Summary by Relevant Sections - **Convertible Bond Trading Options** - Investors can trade convertible bonds in the secondary market or convert them at a price of 22.72 yuan per share [1] - **Forced Redemption Details** - If investors do not act within the specified timeframe, they will only have the option of forced redemption at a face value of 100 yuan per bond plus accrued interest of 0.2219 yuan per bond, totaling 100.2219 yuan per bond [1] - **Investor Warning** - The company warns holders of "Hongfa Convertible Bonds" to pay attention to the deadline for conversion or selling to avoid potential losses [1]

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-054 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 关于实施"宏发转债"赎回暨摘牌的 第二次提示性公告 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： 易日） 仅剩 4 个交易日，12 月 8 日为"宏发转债"最后一个交易日。 最后转股日：2025 年 12 月 11 日 截至 2025 年 12 月 2 日收市后，距离 12 月 11 日（"宏发转债"最后 转股日） 仅剩 7 个交易日，12 月 11 日为"宏发转债"最后一个转股日。 宏发科技股份有限公司（以下简称"公司"）股票自 2025 年 10 月 31 日 赎回登记日：2025 年 12 月 11 日 赎回价格：100.2219 元/张 赎回款发放日：2025 年 12 月 12 日 最后交易日：2025 年 12 月 8 日 截至 2025 年 12 月 2 日收市后 ...

Core Points - The company announced the early redemption and delisting of "Hongfa Convertible Bonds" effective December 12, 2025 [1][3][13] Summary by Sections Important Content Reminder - As of the market close on December 1, 2025, there are 5 trading days left until the last trading day on December 8, 2025, for "Hongfa Convertible Bonds" [2] - The last conversion date is December 11, 2025, with 8 trading days remaining [2] Redemption Details - After the early redemption, "Hongfa Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting December 12, 2025 [3][13] - Investors can either trade the bonds in the secondary market within the specified time or convert them at a conversion price of 22.72 CNY per share, or face forced redemption at 100 CNY per bond plus accrued interest of 0.2219 CNY per bond, totaling 100.2219 CNY per bond [3][5] Conditions for Early Redemption - The company triggered the conditional redemption clause as the stock price was above 130% of the conversion price (29.536 CNY) for 15 trading days from October 31 to November 20, 2025 [4][7] - The redemption registration date is December 11, 2025, with a redemption price of 100.2219 CNY per bond [5][9] Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends [10] - Redemption funds will be distributed on December 12, 2025, through the designated trading institutions [11] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.1775 CNY per bond after tax [14] - Qualified foreign institutional investors will receive the full pre-tax redemption amount of 100.2219 CNY per bond [15]

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-053 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 关于实施"宏发转债"赎回暨摘牌的 第一次提示性公告 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： 截至 2025 年 12 月 1 日收市后，距离 12 月 11 日（"宏发转债"最后 转股日） 仅剩 8 个交易日，12 月 11 日为"宏发转债"最后一个转股日。 宏发科技股份有限公司（以下简称"公司"）股票自 2025 年 10 月 31 日 易日） 仅剩 5 个交易日，12 月 8 日为"宏发转债"最后一个交易日。 赎回登记日：2025 年 12 月 11 日 赎回价格：100.2219 元/张 赎回款发放日：2025 年 12 月 12 日 最后交易日：2025 年 12 月 8 日 截至 2025 年 12 月 1 日收市后，距离 12 月 8 日（"宏发转债"最后交 ...

Core Viewpoint - The announcement details the early redemption and delisting of "Hongfa Convertible Bonds" by Hongfa Technology Co., Ltd, highlighting the conditions and timeline for bondholders to act before the bonds are forcibly redeemed [1][4][14]. Redemption Details - The redemption registration date is set for December 11, 2025, with the last trading day for the bonds on December 8, 2025 [2][6]. - The last conversion date for the bonds is also December 11, 2025 [3][6]. - The redemption price is established at 100.2219 CNY per bond, which includes accrued interest of 0.2219 CNY [10][12]. Conditions for Early Redemption - The early redemption was triggered as the company's stock price exceeded 130% of the conversion price (22.72 CNY) for at least 15 trading days from October 31, 2025, to November 20, 2025 [5][8]. - The company’s board approved the early redemption on November 20, 2025, based on the conditions outlined in the bond issuance prospectus [5][8]. Redemption Process - The company will issue a notice regarding the redemption process before the end of the redemption period [11]. - All bonds registered with the China Securities Depository and Clearing Corporation will be frozen after the redemption registration date [11][18]. - The redemption funds will be distributed on December 12, 2025, through the designated trading institutions [12][18]. Tax Implications - Individual investors are subject to a 20% tax on interest income from the bonds, resulting in a net redemption amount of 100.1775 CNY per bond after tax [15][16]. - For qualified foreign institutional investors, the bonds will be redeemed at the gross amount of 100.2219 CNY per bond [16].

Group 1 - The company Hongfa Co., Ltd. announced that the last trading day for its convertible bond, "Hongfa Convertible Bond," will be December 8, 2025, with only 6 trading days remaining until that date [2] - The last conversion day for the "Hongfa Convertible Bond" is set for December 11, 2025, with 9 trading days left until then [2] - The "Hongfa Convertible Bond" will be delisted from the Shanghai Stock Exchange starting December 12, 2025 [2]

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 关于实施"宏发转债"赎回暨摘牌的公告 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。 本次提前赎回完成后，"宏发转债"将自 2025 年 12 月 12 日起在上海证 券交易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 22.72 元 / 股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应计利 息 0.2219 元/张（即 100.2219 元/张）被强制赎回。若被强制赎回，可能面 临较大投资损失。 重要内容提示： 证券停复牌情况：适用 因提前赎回"宏发转债",本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - The stock price of Hongfa Technology Co., Ltd. decreased by 2.01% on November 28, trading at 28.23 CNY per share with a market capitalization of 41.826 billion CNY [1] - The company has seen a year-to-date stock price increase of 26.25%, but a decline of 0.77% over the last five trading days and 7.35% over the last twenty days [1] Financial Performance - For the period from January to September 2025, Hongfa achieved a revenue of 12.914 billion CNY, representing a year-on-year growth of 18.82%, and a net profit attributable to shareholders of 1.470 billion CNY, up 15.78% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 2.987 billion CNY, with 1.370 billion CNY distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 49,500, a rise of 66.96%, while the average number of circulating shares per person decreased by 40.11% to 29,476 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 314 million shares, an increase of 16.917 million shares from the previous period [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.76 [4][9]. Core Views - The company achieved a revenue of 12.914 billion yuan in the first three quarters of 2025, representing an increase of 18.82%, and a net profit attributable to shareholders of 1.470 billion yuan, up 15.78% [1][4]. - In Q3 alone, the revenue reached 4.567 billion yuan, a year-on-year increase of 25.54%, with a net profit of 506 million yuan, up 18.95% [1][4]. - The company is transitioning from single components to modular solutions in the automotive sector, which is expected to enhance the value per vehicle [1]. - The demand for high-voltage direct current relays in data centers is anticipated to grow, driven by the trend towards higher power and direct current applications [2]. Financial Summary - Revenue projections for 2025-2027 are 17.058 billion yuan, 19.570 billion yuan, and 21.813 billion yuan, with growth rates of 21.0%, 14.7%, and 11.5% respectively [2][8]. - Net profit forecasts for the same period are 1.939 billion yuan, 2.245 billion yuan, and 2.579 billion yuan, with growth rates of 18.9%, 15.8%, and 14.9% respectively [2][8]. - Earnings per share (EPS) are projected to be 1.30 yuan, 1.50 yuan, and 1.73 yuan for 2025, 2026, and 2027 respectively [2][8]. - The company maintains a stable gross margin, with projections of 36.8% in 2025, 37.1% in 2026, and 37.2% in 2027 [8].