2 025 ( ) IK XSJ!1!2025100021!08-02!224706 | )1006541 | | --- | 1 | 1 | | | --- | --- | | L | ] | | 发行人本次评级模型分析表 | | | --- | --- | | 适用评级方法与模型:工商企业评级方法与模型(通用)FM-GS001 (2025.5) | | | 评级要素 | 结果 | | 业务风险 | 4 | | 财务风险 | 2 | | 初始信用级别 | aa | | 合计调整(子级数量) | 1 1 | | 其中:1流动性因素 | 1 | | 个体信用 2ESG 因素 | 1 | | 3科技赋能 调整因素 | | | 4跨业多元化 | 1 | | 5表外因素 | 1 | | 6其他因素 | + 1 | | 个体信用级别 | aa | | 外部支持 支持因素 | 1 | | 主体信用级别 | aa | l) (/) | 相关评级技术文件及研究资料 | | | --- | --- | | 相关技术文件与研究资料名称 | 链接 | | 《新世纪评级方法总论（2022 版）》 | http://www.shxsj ...

上海凯众材料科技股份有限公司 关于使用募集资金向全资子公司提供借款 以实施募投项目的公告 | 证券代码：603037 | 证券简称：凯众股份 | 公告编号：2025-067 | | --- | --- | --- | | 转债代码：113698 | 转债简称：凯众转债 | | 转债代码：113698 转债简称：凯众转债 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。 上海凯众材料科技股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日召开第五届董事会第二次会议，审议通过《关于使用募集资金向全资子公司提 供借款以实施募投项目的议案》，公司向不特定对象发行可转换公司债券募投项 目"南通生产基地扩产项目"实施主体为全资子公司凯众汽车零部件（江苏）有 限公司(以下简称 "凯众江苏")。公司拟使用募集资金向募投项目实施主体凯 众江苏提供借款用于实施上述募投项目。现就相关事宜公告如下: 一、募集资金基本情况 根据公司《上海凯众材料科技股份有限公司向不特定对象发行可转换公司 债券募集说明书》及其他发行申请文件，公司本次募集资 ...

| 证券代码：603037 | 证券简称：凯众股份 公告编号：2025-066 | | --- | --- | | 转债代码：113698 | 转债简称：凯众转债 | 二、董事会会议审议情况 （一）、审议通过关于使用募集资金向全资子公司提供借款以实施募投项目 的议案 同意将本次募集资金中21,192.83万元分次逐步向全资子公司-凯众汽车零部 件（江苏）有限公司提供无息借款，用于募投项目的实施。董事会授权公司管理 层全权办理上述事项具体工作及后续等相关事宜。 本议案已经公司审计委员会审议并同意提交董事会审议。 表决结果：9 票同意，0 票反对，0 票弃权。 具体详见公司于同日在上海证券交易所网站(www.sse.com.cn)披露的关于使 用募集资金向全资子公司提供借款以实施募投项目的公告。 上海凯众材料科技股份有限公司 第五届董事会第二次会议决议公告 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。 一、董事会会议召开情况 上海凯众材料科技股份有限公司（以下简称"公司"）第五届董事会第二次 会议于 2025 年 10 月 15 ...

上海新世纪资信在对公司经营状况、行业情况进行综合分析与评估的基础 上，于 2025 年 10 月 14 日出具了《2025 年上海凯众材料科技股份有限公司向不 特定对象发行可转换公司债券定期跟踪评级报告》（报告编号：【新 世 纪 跟 踪 （2025）100654】），对公司发行的"凯众转债"的信用状况进行了跟踪评级， 维持公司的主体信用评级为"AA-"，维持评级展望为"稳定"，维持"凯众转 债"的信用等级为"AA-"。 本 次 跟 踪 评 级 报 告 全 文 公 司 已 披 露 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn），敬请广大投资者查阅。 特此公告。 | 证券代码：603037 | 证券简称：凯众股份 | 公告编号：2025-068 | | --- | --- | --- | | 转债代码：113698 | 转债简称：凯众转债 | | 上海凯众材料科技股份有限公司 关于"凯众转债"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： 根据《上市公司证券 ...

国泰海通证券股份有限公司 关于上海凯众材料科技股份有限公司 使用募集资金向全资子公司提供借款以实施募投项目 的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为上海 凯众材料科技股份有限公司（以下简称"凯众股份"或"公司"）2025 年度向不特定 对象发行可转换公司债券持续督导保荐机构，根据《证券发行上市保荐业务管理 办法》《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，就 公司使用募集资金向全资子公司凯众汽车零部件（江苏）有限公司（以下简称"凯 众江苏"）提供借款以实施募投项目的事项进行了审慎核查，并发表如下核查意 见： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海凯众材料科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕1244 号）同意， 公司向不特定对象发行面值总额 30,844.70 万元可转换公司债券，期限 6 年，每 张面值为人民币 100 元，发行数量 3 ...

Investment Rating - The industry rating is "Outperform the Market" [6][54]. Core Insights - The low-altitude economy sector is currently experiencing a period of stagnation, with expectations for a rebound driven by industry catalysts and supportive policies [4][29]. - The focus for the low-altitude industry this year is on infrastructure development and the implementation of drone applications, which are seen as essential for the sector's growth [5][30]. - The market is awaiting significant policy support and advancements in the industry, with local governments actively working on practical measures such as airspace planning and low-altitude flight management [4][29]. Summary by Sections Market Review - The Wind Low Altitude Economy Index decreased by 0.55% this week, ranking 164 out of 338, underperforming the market as the Shanghai Composite Index rose by 0.21% [3][13]. - The top five gainers in the A-share and Hong Kong stock markets included: Kaizhong Co. (up 15.44%), Xingwang Yuda (up 11.84%), Shencheng Transportation (up 10.13%), Aerospace Nanhua (up 5.99%), and Zongheng Co. (up 5.78%) [3][16]. Industry Dynamics - Recent developments include strategic partnerships and policy announcements aimed at fostering the low-altitude economy, such as the signing of a cooperation agreement between Hefei City and a helicopter company, and the release of support policies for low-altitude economic development in Shanghai [33][36]. - The Guangdong low-altitude economy has reached a scale of over 100 billion, with more than 15,000 related enterprises, accounting for over 30% of the national low-altitude economy industry chain [37]. Investment Strategy - The report suggests focusing on infrastructure companies such as Les Information and Suzhou Planning, as well as drone-related companies like Jifeng Technology and Henghe Precision [6][32]. - The low-altitude industry is seen as having the potential for a rebound, with the right conditions and catalysts expected to drive growth in the coming months [4][29].

股票简称：凯众股份 股票代码：603037 债券简称：凯众转债 债券代码：113698 国泰海通证券股份有限公司 关于上海凯众材料科技股份有限公司 向不特定对象发行可转换公司债券 第二次临时受托管理事务报告 （2025 年度） 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办 法》《公司债券受托管理人执业行为准则》《上海凯众材料科技股份有限公司 （发行人）与国泰海通证券股份有限公司（受托管理人）之上海凯众材料科技 股份有限公司向不特定对象发行可转换公司债券受托管理协议》（以下简称 《受托管理协议》）等相关规定、公开信息披露文件以及上海凯众材料科技股 份有限公司（以下简称"公司"、"凯众股份"或"发行人"）出具的相关说 明文件以及提供的相关资料等，由受托管理人国泰海通证券股份有限公司（以 下简称"受托管理人"、"国泰海通"）编制。 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国泰海通所作的 承诺或声明。请投资者独立征询专业机构意见 ...

Group 1 - The core viewpoint of the news is that Kaizhong Co., Ltd. has shown a significant increase in stock price and trading activity, indicating investor interest and market performance [1][2]. - As of September 26, Kaizhong's stock price rose by 2.03% to 13.60 CNY per share, with a total market capitalization of 3.646 billion CNY [1]. - Year-to-date, Kaizhong's stock price has increased by 40.73%, with a recent 5-day increase of 11.66% [2]. Group 2 - Kaizhong Co., Ltd. specializes in the research, production, and sales of special damping components for chassis suspension systems and lightweight pedal assemblies, with main business revenue composition being 67.82% from damping components and 26.26% from pedal assemblies [2]. - As of June 30, the number of shareholders increased by 49.92% to 36,300, while the average circulating shares per person decreased by 6.62% to 7,342 shares [2]. - For the first half of 2025, Kaizhong reported operating revenue of 349 million CNY, a year-on-year increase of 0.89%, while net profit attributable to the parent company was 37.79 million CNY, a decrease of 15.20% year-on-year [2]. Group 3 - Kaizhong has distributed a total of 590 million CNY in dividends since its A-share listing, with 198 million CNY distributed over the past three years [3].

Core Viewpoint - The article emphasizes the importance of "hard technology" as a strategic pillar for driving a new wave of technological revolution and industrial transformation in China, highlighting the need for rational, value, and long-term investment approaches in the capital market [1] Group 1: Event Overview - The event titled "Value and Investment" is initiated by the Shanghai Stock Exchange and Yicai Media to enhance the demonstration effect of state-owned enterprises and companies listed on the Sci-Tech Innovation Board [1] - The event aims to provide a professional platform for listed companies to convey investment value accurately and to offer investors understandable and trustworthy investment logic [1] Group 2: Industry Insights - The article discusses the significance of "hard technology" industries, which include areas such as reasoning chips, storage chips, AI algorithms, large models, new materials, and new energy, as crucial for overcoming development bottlenecks and achieving high-quality growth in China [1] - The event features discussions on how frontier industries can accelerate commercialization and value enhancement through scenario-based applications, with insights from industry leaders [1] Group 3: Participants and Contributions - Key speakers include Chen Ning, CEO of Yuntian Lifei, Yang Jiangang, Chairman of Kaizhong Co., and Yang Chunyu, Vice President and CTO of Kaipu Cloud, who will share their perspectives on the advancement of frontier industries [1] - Jin Di, Deputy Director of the Research and Development Department at China Securities Index Co., will provide a multi-perspective index analysis framework for investors [1]

Core Viewpoint - The article highlights the strategic moves of Tianqi Materials in the lithium battery industry, focusing on large supply agreements, an upcoming IPO in Hong Kong, and advancements in solid-state technology as a comprehensive strategy to secure market position and future growth [3][8][12]. Group 1: Supply Agreements - Tianqi Materials has signed an 800,000-ton electrolyte supply agreement with Ruipu Lanjun, effective until 2030, ensuring a monthly supply capacity of up to 20,000 tons, reflecting a new industry logic of deep partnerships among leading companies [3][6]. - In July, Tianqi Materials also reached a 550,000-ton supply agreement with Chuangneng New Energy, and last year, a 58,600-ton agreement with CATL, indicating a growing order matrix from top battery manufacturers [5][6]. - GGII data shows that the top five companies in the electrolyte industry held over 70% market share in the first half of 2025, with one leading company exceeding 36% [6]. Group 2: Financial Performance - Tianqi Materials reported a revenue of 7.03 billion yuan in the first half of 2025, a year-on-year increase of 29.0%, and a net profit of 268 million yuan, up 12.79%, despite a decline in lithium hexafluorophosphate prices [7]. Group 3: IPO and Global Strategy - On the same day as the supply agreement with Ruipu Lanjun, Tianqi Materials submitted an IPO application to the Hong Kong Stock Exchange, marking a strategic shift from its previous GDR plan to better support its global operations [8][10]. - The IPO aims to raise funds for overseas business, with 80% of the proceeds allocated to international projects, including a 150,000-ton electrolyte project in Morocco, which is strategically located to facilitate trade with Europe [8][10]. Group 4: Technological Advancements - Tianqi Materials is also investing in next-generation technology, specifically in sulfide solid electrolytes, which are seen as essential for future competitiveness in the industry [11][12]. - The company has achieved kilogram-level production of lithium sulfide, with plans to reach hundred-kilogram sample production by the end of the year, indicating significant progress in solid-state technology [12][14]. Group 5: Strategic Framework - The three-pronged strategy of securing large orders, pursuing a global IPO, and investing in solid-state technology forms a complete strategic loop for Tianqi Materials, as articulated by its chairman [14][15]. - This approach is seen as a model for leading companies in the lithium battery materials sector, emphasizing the need to balance current orders, global expansion, and future technological innovations to thrive in a restructuring industry [15].