Core Viewpoint - The company and its wholly-owned subsidiary are planning to establish a partnership for investment in innovative technology companies and other enterprises with significant market potential [1] Group 1: Investment Details - The company intends to contribute RMB 980 million, representing 49.00% of the total committed capital for the partnership [1] - The subsidiary will contribute RMB 20 million, accounting for 1.00% of the total committed capital [1] - The investment constitutes a related party transaction and requires approval from the shareholders' meeting [1] Group 2: Investment Objectives - The partnership aims to invest in technology innovation enterprises and other companies with substantial market development potential [1]

Core Viewpoint - The company plans to establish an investment platform through a joint venture with an associated party, which involves a significant financial commitment of 2 billion yuan [1] Group 1: Investment Details - The company and its wholly-owned subsidiary, Dongfeng Consumer Products, will jointly invest 2 billion yuan with Chuzhou Zhisheng to set up Chuzhou Zhifeng Equity Investment Partnership [1] - Dongfeng Consumer Products will act as the general partner, contributing 20 million yuan, which represents a 1% stake [1] - Chuzhou Dongfeng and Chuzhou Zhisheng will be limited partners, contributing 980 million yuan and 1 billion yuan, representing 49% and 50% stakes respectively [1] Group 2: Related Party Transaction - The investment constitutes a related party transaction as Chuzhou Zhisheng is an associated party [1] - The company will seek authorization for management to handle the registration and filing procedures for the establishment of the partnership [1]

Core Insights - Dongfeng Motor's "Key Technologies and Industrialization for Vehicle Energy Saving and Emission Reduction" project has been recognized as reaching "international advanced" level by experts, showcasing a comprehensive technological breakthrough across the entire vehicle chain from power source to transmission efficiency and vehicle control [1] Group 1: Engine Technology - The M9T hybrid engine, with a displacement of 2.3 liters, has improved overall thermal efficiency from 41.3% to 46.2%, significantly enhancing energy utilization efficiency [3] - The M9T engine can reduce vehicle fuel consumption by 20%-30% per 100 kilometers when applied [3] Group 2: Transmission System - The planetary gear coupling assembly, developed independently by Dongfeng, achieves a transmission efficiency of 91.22%, effectively reducing transmission losses and operating costs [5] - The application of this system can lead to a 2% reduction in fuel consumption per 100 kilometers and a 1% increase in vehicle range [5] Group 3: Vehicle Control Innovations - Dongfeng's 4.5T hybrid light truck integrates fuel consumption simulation with real vehicle energy flow testing, achieving a low fuel consumption of 6.8L/100km under CHTC-LT conditions [5] - This innovation provides a solution for the integration of hybrid systems in the light commercial vehicle sector [5] Group 4: Production and Future Plans - The first hybrid light truck equipped with the M9T engine and planetary gear coupling has rolled off the production line at Dongfeng's Xiangyang factory, with plans to produce 500 units by the end of 2025 [7] - Dongfeng aims to enhance its R&D investment to support energy-saving and carbon reduction initiatives, contributing to the green transformation of the industry [8]

Group 1 - The company focuses on the light commercial vehicle sector and has not yet ventured into the energy storage business [1]

Group 1: Industry Overview - The lithium battery separator industry shows signs of recovery in the first three quarters of 2025, with over 50% of listed companies reporting positive revenue growth year-on-year [3][4] - Major players like Enjie and Xingyuan Materials reported revenue growth of 27.85% and 13.53% respectively [4][6] - The overall net profit of the lithium battery separator industry is on the rise, contrasting with the decline seen in 2024, with over half of the listed companies turning from negative to positive net profit [6][8] Group 2: Company Performance Analysis Xingyuan Materials - In the first three quarters of 2025, Xingyuan Materials achieved revenue of 29.58 billion, a year-on-year increase of 13.53%, but net profit fell by 67.25% to 1.14 billion [13][11] - The company's gross margin decreased by 7.64 percentage points, while net margin dropped by 8.71 percentage points [13][9] Enjie - Enjie reported revenue of 95.43 billion in the first three quarters of 2025, marking a 27.85% increase, but net profit fell to -0.86 billion, a decline of 119.46% [16][17] - The gross margin decreased by 5.06 percentage points, and net margin fell by 7.19 percentage points [16][9] Cangzhou Mingzhu - Cangzhou Mingzhu achieved revenue of 20.78 billion, a 5.9% increase, with net profit rising slightly by 0.99% to 1.4 billion [20][21] - The gross margin increased by 1.27 percentage points, while net margin decreased by 0.32 percentage points [20][9] Zhongcai Technology - Zhongcai Technology reported revenue of 217 billion, a 29.09% increase, and net profit of 14.8 billion, a significant rise of 143.24% [25][26] - Both gross and net margins improved, with gross margin up by 1.87 percentage points and net margin up by 3.5 percentage points [25][9] Putailai - Putailai's revenue reached 108.3 billion, a 10.06% increase, with net profit growing by 37.25% to 17 billion [28][29] - The company saw improvements in both gross margin (up 3.36 percentage points) and net margin (up 2.59 percentage points) [28][9] Henglian Petrochemical - Henglian Petrochemical reported revenue of 157.5 billion, a decline of 11.46%, with net profit slightly down by 1.61% to 50.23 billion [32][31] - Despite the revenue drop, both gross and net margins increased, with gross margin up by 3.1 percentage points and net margin up by 0.31 percentage points [32][9] Meilian New Materials - Meilian New Materials experienced a revenue decline of 1.69% to 12.47 billion, with a net loss of 0.37 billion, a significant drop of 201.86% [34][35] - The company faced reductions in both gross margin (down 7.88 percentage points) and net margin (down 8.61 percentage points) [34][9] Dongfeng Co. - Dongfeng Co. reported revenue of 70.11 billion, a decrease of 12.13%, but net profit increased by 188.57% to 1.02 billion [38][39] - The company improved its gross margin by 0.48 percentage points and net margin by 2.89 percentage points [38][9] Changyang Technology - Changyang Technology's revenue fell by 19.38% to 8.09 billion, with a net loss of 0.05 billion, a decline of 128.82% [41][42] - The gross margin improved by 6.66 percentage points, while net margin decreased by 2.51 percentage points [41][9]

Core Insights - The launch of the first light truck equipped with the advanced M9T hybrid engine and planetary gear coupling assembly marks a significant breakthrough in Dongfeng's research and development capabilities in the hybrid light commercial vehicle sector [1][9]. Group 1: Engine Technology - The M9T hybrid engine has achieved a thermal efficiency of 46.2%, setting a new industry benchmark, with improvements made in combustion, friction, thermal management, and intelligence [3][4]. - The engine has a displacement of 2.3 liters and is compatible with various vehicle types, including pickups, light vans, light trucks, and SUVs [4]. Group 2: Transmission Efficiency - The planetary gear coupling assembly, developed entirely in-house by Dongfeng, boasts a transmission efficiency of 91.22%, effectively addressing transmission loss issues through a power-splitting architecture [6]. Group 3: Fuel Efficiency - The 4.5T hybrid light truck achieves a fuel consumption rate as low as 6.8L/100km under CHTC-LT conditions, demonstrating over 30% fuel savings per 100 kilometers, thanks to innovative energy management algorithms and dual-source thermal management strategies [7][9]. Group 4: Market Impact - The successful launch of the hybrid light truck represents a key achievement in Dongfeng's transition to new energy in light commercial vehicles, enhancing the competitiveness of its products in the logistics and transportation market [9].

Core Insights - Dongfeng Motor Corporation's "Key Technologies for Energy Saving and Emission Reduction in Complete Vehicles" project has been recognized as "internationally advanced" by a panel of eight experts at a recent technical appraisal meeting in Wuhan [1][3]. Group 1: Engine Technology - The M9T hybrid engine, with a displacement of 2.3 liters, has improved its effective thermal efficiency from 41.3% to 46.2%, addressing a core challenge in the new diesel engine technology iteration [3]. - The M9T engine is designed to reduce fuel consumption by 20%-30% per 100 kilometers when integrated into vehicles [4]. Group 2: Transmission Efficiency - The planetary gear coupling assembly, developed independently by Dongfeng, achieves a transmission efficiency of 91.22%, significantly reducing transmission losses and placing it at an internationally advanced level [4]. - The integration of this assembly is expected to lower fuel consumption by 2% per 100 kilometers and enhance vehicle range by 1% [4]. Group 3: Vehicle Control Innovations - The 4.5T hybrid light truck features innovative fuel consumption simulation and real vehicle energy flow testing, achieving a fuel consumption rate as low as 6.8L/100km under CHTC-LT conditions [4]. - This development provides an efficient solution for the integration of hybrid systems in the light commercial vehicle sector [4]. Group 4: Production and Future Plans - The first hybrid light truck equipped with the M9T engine and planetary gear coupling assembly has successfully rolled off the production line at Dongfeng's Xiangyang factory, with plans to achieve mass production of 500 units by the end of 2025 [7]. - Dongfeng aims to enhance its R&D investment to support energy-saving and carbon reduction initiatives, contributing to the green transformation of the industry [7].

| 证券代码：601515 | 证券简称：衢州东峰 | 公告编号：临 2025-088 | | --- | --- | --- | | 转债代码：113030 | 转债简称：东风转债 | | 衢州东峰新材料集团股份有限公司 关于"东风转债"到期兑付暨摘牌的 第三次提示性公告 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： 自 2025 年 12 月 19 日至 2025 年 12 月 23 日，"东风转债"持有人仍可以依 据约定的条件将"东风转债"转换为公司普通股。 经中国证券监督管理委员会《关于核准汕头东风印刷股份有限公司公开发行 可转换公司债券的批复》（证监许可[2019]2549 号）核准，衢州东峰新材料集 团股份有限公司（原公司名称为"汕头东风印刷股份有限公司"，以下简称"公 司"）于 2019 年 12 月 24 日公开发行可转换公司债券 2,953,280 张，每张面值 100 元，发行总额人民币 29,532.80 万元，期限六年（即自 2019 年 12 月 24 日 至 2025 年 12 月 ...

Core Points - The company announces the maturity and redemption of the "Dongfeng Convertible Bonds" on December 23, 2025 [2][3] - The bonds will stop trading on December 19, 2025, with the last trading day being December 18, 2025 [4][5] - The redemption amount will be RMB 112 per bond, including tax, with funds distributed on December 24, 2025 [5][6] Summary by Sections Redemption Plan - The company will redeem all unconverted bonds at 112% of the face value, including the last interest payment, within five trading days after the bonds mature [3][6] Trading and Conversion - "Dongfeng Convertible Bonds" will cease trading on December 19, 2025, with the last conversion date being December 23, 2025 [4][5] - Holders can still convert the bonds into common stock until the conversion period ends [4][6] Financial Details - The total issuance of the convertible bonds was RMB 29,532.80 million, with a maturity period of six years [2] - The coupon rates for the bonds increase annually, starting from 0.40% in the first year to 2.00% in the sixth year [2] Contact Information - For further inquiries, the company’s Securities and Legal Affairs Department can be contacted at 0754-88118555 [7]

Core Viewpoint - The company announced that the "Dongfeng Convertible Bond" will cease trading on December 19, 2025, and will be delisted from the Shanghai Stock Exchange on December 24, 2025 [2] Summary by Category - **Company Announcement** - The company, Quzhou Dongfeng, has officially stated the timeline for the cessation of trading and delisting of the "Dongfeng Convertible Bond" [2] - **Trading and Delisting Dates** - Trading will stop on December 19, 2025, and delisting will occur on December 24, 2025 [2]