Core Points - Hongfa Co., Ltd. announced that holders of "Hongfa 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 [2] - If investors do not convert or sell in time, they may face significant investment losses due to forced redemption at a face value of 100 yuan per bond plus accrued interest [2] - The company urges bondholders to understand the relevant rules regarding convertible bond redemption and its potential impacts, and to pay attention to future announcements [2]

| 股票代码：600885 | 公司简称：宏发股份 | 公告编号：临 | 2025-051 | | --- | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | | 宏发科技股份有限公司 关于提前赎回"宏发转债"的提示性公告 ●公司于 2025 年 11 月 20 日召开第十一届董事会第十次会议，审议通过了 《关于提前赎回"宏发转债"的议案》，决定行使"宏发转债"的提前赎回权， 按照债券面值加当期应计利息的价格对赎回登记日登记在册的"宏发转债"全部 赎回。 ●投资者所持"宏发转债"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 息被强制赎回。若被强制赎回，可能面临较大投资损失。 ●特提醒"宏发转债"持有人注意在期限内转股或卖出。投资者如未及时转股 或卖出，可能面临较大投资损失。敬请广大投资者详细了解相关规则（可转债 赎回）及其潜在影响，并关注公司后续公告，注意投资风险。 一、"宏发转债"提前赎回的有关事项 公司股票自 2025 年 10 月 31 日起至 2025 年 11 月 2 ...

Core Viewpoint - Hongfa Technology Co., Ltd. has shown a significant increase in stock price this year, with a year-to-date rise of 29.82%, despite a recent decline in the last five trading days [1][2]. Financial Performance - For the period from January to September 2025, Hongfa achieved a revenue of 12.914 billion yuan, representing a year-on-year growth of 18.82%, and a net profit attributable to shareholders of 1.470 billion yuan, up 15.78% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 49,500, a rise of 66.96%, while the average circulating shares per person decreased by 40.11% to 29,476 shares [2]. - The company has distributed a total of 2.987 billion yuan in dividends since its A-share listing, with 1.370 billion yuan distributed in the last three years [3]. Stock Market Activity - On November 24, Hongfa's stock price rose by 2.04% to 29.03 yuan per share, with a trading volume of 354 million yuan and a turnover rate of 0.84%, leading to a total market capitalization of 43.011 billion yuan [1]. - The net outflow of main funds was 7.5195 million yuan, with large orders showing a buy of 51.2397 million yuan and a sell of 57.8643 million yuan [1]. Business Overview - Hongfa specializes in the production and sales of relays, with relay products accounting for 91.22% of its main business revenue, followed by electrical products at 4.63% and other products at 3.81% [1]. - The company is categorized under the power equipment industry, specifically in grid automation equipment, and is involved in sectors such as rural power grids, solar energy, and smart grids [1].

Group 1 - The high-voltage index experienced a decline of 2% during intraday trading, with most constituent stocks falling [1] - China XD Electric saw a significant drop of 6.90%, while TBEA and Jinpan Technology fell by 4.78% and 4.01% respectively [1] - Hongfa Technology and Sifang Holding also reported declines of 3.47% and 3.28% respectively [1]

Core Viewpoint - The announcement details the equity changes of Youge Investment, the controlling shareholder of Hongfa Technology Co., Ltd., which has reduced its shareholding from 27.67% to 26.94% due to share dilution from convertible bond conversions and capital increases [1][2][4]. Group 1: Shareholding Changes - Youge Investment reduced its shareholding by selling 2,395,230 shares through block trading from November 3, 2020, to November 19, 2025 [1][2]. - The total share capital of Hongfa Technology increased from 744,761,552 shares to 1,481,599,738 shares due to the conversion of "Hongfa Convertible Bonds" and capital increases [2][4]. Group 2: Convertible Bond Details - Hongfa Technology issued 20 million convertible bonds with a total value of 200,000 million yuan, with a maturity of 6 years and a coupon rate that increases over the years, starting from 0.3% in the first year to 2.0% in the sixth year [8][13]. - The initial conversion price was set at 72.28 yuan per share, which has been adjusted multiple times, with the latest conversion price being 22.72 yuan per share [9][10]. Group 3: Conditional Redemption of Convertible Bonds - The company has triggered the conditional redemption clause for the "Hongfa Convertible Bonds" as the stock price has been above 130% of the conversion price for 15 trading days [7][14]. - The board of directors has approved the early redemption of the bonds, which will be redeemed at face value plus accrued interest [15][17].

Summary of Key Points - The company Hongfa Co., Ltd. announced on November 20 that from November 3, 2020, to November 19, 2025, Youge Investment Co., Ltd. will reduce its shareholding through block trading by 2,395,230 shares [1] - Due to the conversion of "Hongfa Convertible Bonds" and the implementation of a capital increase plan, the total share capital of the company has increased, resulting in Youge Investment's shareholding percentage decreasing from 27.67% to 26.94% [1]

Core Viewpoint - Hongfa Co., Ltd. has announced the decision to exercise the early redemption of its "Hongfa Convertible Bonds" at the face value plus accrued interest, as approved in the board meeting held on November 20, 2025 [1] Group 1 - The company will hold its 11th Board of Directors' 10th meeting on November 20, 2025, to review the early redemption proposal [1] - The decision involves redeeming all registered "Hongfa Convertible Bonds" on the redemption registration date [1]

格隆汇11月20日丨宏发股份(600885.SH)公布，2020年11月3日至2025年11月19日期间，有格创业投资有 限公司通过大宗交易方式减持公司股份239.52万股，同时公司因"宏发转债"转股、实施股本转增方案导 致公司总股本增加，使有格投资持股比例由27.67%减少至26.94%，权益变动触及1%刻度。 ...

| 证券代码：600885 | 证券简称：宏发股份 | 公告编号：2025- 049 | | --- | --- | --- | | 债券代码：110082 | 债券简称：宏发转债 | | 宏发科技股份有限公司 关于控股股东权益变动触及 1%刻度的提示性公告 投资者保证向本公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | | | 重要内容提示： 权益变动方向 比例增加□ 比例减少☑ 权益变动前合计比例 27.67% 权益变动后合计比例 26.94% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否☑ 是否触发强制要约收购义务 ...

证券代码：600885 证券简称：宏发股份 债券代码：110082 债券简称：宏发转债 东方证券股份有限公司 关于宏发科技股份有限公司 公开发行可转换公司债券 第一次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年十一月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《宏发科技股份有限公司可转换公司债券受托管理协议》（以下简称"《受托管 理协议》"）《宏发科技股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）等相关公开信息披露文件、第三方中介机构出具的专 业意见等，由债券受托管理人东方证券股份有限公司（以下简称"东方证券"） 编制。东方证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验 证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担 任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为东方证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，东方证 券不承担任何责任。 东方证券股份有限公司（ ...