Group 1 - The company Jiangsu Huachen Transformer Co., Ltd. is issuing convertible bonds totaling RMB 460 million, with 4.6 million bonds to be issued [3][4] - The bonds have a credit rating of A+ and will be monitored annually by a credit rating agency [6] - The bond issuance has been approved by various company meetings and regulatory bodies, including the Shanghai Stock Exchange and the China Securities Regulatory Commission [3][4] Group 2 - The purpose of the bond issuance is to raise funds for the company, which will be deposited into a designated account [3] - The company plans to absorb its wholly-owned subsidiary, Xuzhou Qinen Electric Equipment Co., Ltd., consolidating resources to improve operational efficiency and reduce management costs [6][7] - The merger will not adversely affect the company's normal operations, financial status, or the interests of shareholders, particularly minority shareholders [7]

Core Viewpoint - Jiangsu Huachen Transformer Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by the rapid development of the renewable energy sector, particularly in photovoltaic and wind power projects [1][2]. Financial Performance - The company achieved operating revenue of 938 million yuan, a year-on-year increase of 40.46% - Net profit attributable to shareholders reached 47.27 million yuan, up 18.37% compared to the previous year [1]. Business Growth Drivers - The surge in revenue is attributed to the increasing demand for dry-type transformers and box-type substations in the renewable energy sector, with the revenue share from renewable energy business rising from 28.51% to 50.98% over the past three years [1]. - Revenue from box-type substations specifically for renewable energy reached 404 million yuan, marking a substantial growth of 109.85% [1]. Market Outlook - As of the end of July, the company had an order backlog of 1.515 billion yuan, indicating strong future demand [2]. - The national electricity consumption reached 4.84 trillion kWh in the first half of 2025, reflecting a year-on-year growth of 3.7%, which supports the expansion of the power distribution and control equipment market [2]. Capital Operations - In June 2025, the company successfully issued convertible bonds, raising 460 million yuan to fund the construction of a renewable energy equipment industrial base and smart technology development [2]. - The first phase of the base will add significant production capacity for various types of transformers and substations [2]. Future Development Plans - The company plans to enhance its production capabilities for transformers with voltage ratings from 35kV to 500kV, positioning itself as one of the few manufacturers in the region with such capabilities [3]. - In the second half of 2025, the company aims to continue the construction of its renewable energy equipment industrial base and optimize its overseas market strategy, focusing on regions such as Southeast Asia, the Middle East, Europe, Africa, and the Americas [3].

| 证券代码：603097 | 证券简称：江苏华辰 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：113695 | 债券简称：华辰转债 | | 江苏华辰变压器股份有限公司 "华辰转债"2025 年第一次债券持有人会议决议公告 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。 重要内容提示 ● 根据《江苏华辰变压器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》（以下简称"《募集说明书》"）及《江苏华辰变压器股份有限公司可转换公司 债券持有人会议规则》（以下简称"《债券持有人会议规则》"）相关规定，债券持有 人会议作出的决议，须经出席会议（包括现场、通讯等方式参加会议）的二分之一以上 未偿还债券面值的债券持有人（或债券持有人代理人）同意方为有效。 ● 根据《债券持有人会议规则》相关规定，经表决通过的债券持有人会议决议对 本期可转换公司债券全体债券持有人（包括未参加会议或明示不同意见的债券持有人） 具有法律约束力。 ● 本次债券持有人会议无否决、修改、增加提案的情况。 一、会议召开 ...

股票简称：江苏华辰 证券代码：603097 债券简称：华辰转债 债券代码：113695 甬兴证券有限公司 关于 江苏华辰变压器股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 受托管理人 二〇二五年九月 重要声明 本报告依据《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》《江苏华辰变压器股份有限公司与甬兴证券有限公司之向不特定对象发 行可转换公司债券受托管理协议》（以下简称"《受托管理协议》"）及其它相 关信息披露文件，以及江苏华辰变压器股份有限公司（以下简称"发行人""江 苏华辰"或"公司"）出具的相关说明文件和提供的相关资料等，由受托管理人 甬兴证券有限公司（以下简称"甬兴证券"或"受托管理人"）编制。甬兴证券 编制本报告的内容及信息均来源于江苏华辰变压器股份有限公司提供的资料或 说明。 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 事宜作出独立判断，而不应将本报告中的任何内容据以作为甬兴证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 1 甬兴证券作为江苏华辰变压器股份有限公司向不特 ...

关于江苏华辰变压器股份有限公司 FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路一号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F，North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 "华辰转债"2025 年第一次债券持有人会议的法律意见书 致：江苏华辰变压器股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席江 苏华辰变压器股份有限公司（以下简称"公司"）"华辰转债"2025 年第一次债券 持有人会议（以下简称"本次会议"），并就本次会议的召集和召开程序、出席会 议人员和召集会议人员的资格、表决程序和表决结果等有关事宜出 ...

证券代码：603097 证券简称：江苏华辰 债券代码：113695 债券简称：华辰转债 江苏华辰变压器股份有限公司 "华辰转债"2025 年第一次债券持有人会议 会议资料 2025 年 9 月 5 日 | | | | "华辰转债"2025 | 年第一次债券持有人会议须知 | 2 | | --- | --- | --- | | "华辰转债"2025 | 年第一次债券持有人会议议程 | 4 | | 议案一 | 关于吸收合并全资子公司的议案 | 6 | 江苏华辰变压器股份有限公司 "华辰转债"2025 年第一次债券持有人会议须知 为充分尊重江苏华辰变压器股份有限公司（以下简称"公司"）全体债券持有人的 合法权益，确保本次债券持有人会议的顺利进行，根据《中华人民共和国公司法》，公 司《向不特定对象发行可转换公司债券募集说明书》和公司《可转换公司债券持有人会 议规则》等有关规定，特制定本须知： 一、公司董事会具体负责会议相关程序性事宜。务请符合本次会议出席资格的相关 人员准时到场签到并参加会议，在会议主持人宣布现场出席会议的债券持有人和债券持 有人代表人数及所持或者代表的本期可转债张数总额之前，会议现场登记即告终止。 ...

Group 1 - The company is holding the first bondholders' meeting for "Hua Chen Convertible Bonds" in 2025 to respect the rights of all bondholders and ensure the smooth conduct of the meeting [1][4] - The meeting will allow bondholders to express their opinions, ask questions, and vote on various proposals, with specific rules for speaking and voting outlined [2][3][8] - The company will absorb its wholly-owned subsidiary, Xuzhou Qinen Electric Equipment Co., Ltd., to optimize resource allocation and reduce management costs, with the merger approved by the board of directors [5][9] Group 2 - Xuzhou Qinen Electric Equipment Co., Ltd. has a registered capital of 5 million yuan and reported revenues of 707.88 million yuan and a net profit of 68.19 million yuan for the first half of 2025 [6] - The merger will not change the company's registered capital, name, or management structure, and the financial results of the subsidiary are already included in the company's consolidated financial statements [7][9] - The purpose of the merger is to enhance operational efficiency and will not adversely affect the company's normal operations or the interests of shareholders, particularly minority shareholders [9]

Core Viewpoint - Jiangsu Huachen (603097) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, while facing challenges in profit margins and rising accounts receivable [1]. Financial Performance Summary - Total revenue reached 938 million yuan, a year-on-year increase of 40.46% [1] - Net profit attributable to shareholders was 47.27 million yuan, up 18.37% year-on-year [1] - The second quarter saw total revenue of 649 million yuan, a 55.6% increase year-on-year, and net profit of 26.61 million yuan, up 58.12% [1] - Gross margin decreased to 16.84%, down 26.37% year-on-year, while net margin fell to 4.99%, down 16.29% [1] - Total operating expenses were 72.81 million yuan, accounting for 7.76% of revenue, a decrease of 26.75% year-on-year [1] - Earnings per share increased to 0.29 yuan, a rise of 16.0% year-on-year [1] Balance Sheet Changes - Cash and cash equivalents increased significantly by 787.69% due to the issuance of convertible bonds [1] - Accounts receivable rose by 31.28%, reaching 1.066 billion yuan [1] - Interest-bearing debt surged by 95.76%, totaling 874 million yuan [1] - The company reported a 44.43% increase in long-term borrowings due to new project financing [6] Operational Insights - The company is actively expanding its market presence in the renewable energy sector, focusing on wind, solar, energy storage, and charging facilities [9] - The increase in operating costs was 51.45%, correlating with the rise in revenue [10] - The net cash flow from operating activities improved by 79.53%, attributed to increased cash receipts from sales [10] Business Model and Financial Health - The company's return on invested capital (ROIC) was 7.35%, indicating average capital returns [11] - The business model relies heavily on marketing-driven strategies, necessitating further analysis of underlying drivers [12] - Concerns regarding cash flow and debt levels were raised, with a cash-to-current liabilities ratio of 70.1% [13]

Core Viewpoint - Jiangsu Huachen Transformer Co., Ltd. is convening the first bondholders' meeting for its convertible bonds, "Huachen Convertible Bonds," to discuss important resolutions regarding the bonds [2][3]. Group 1: Meeting Details - The bondholders' meeting is scheduled for September 5, 2025, at 9:00 AM, to be held at the company's conference room [3][4]. - The meeting will allow both on-site and remote voting, with a requirement that over half of the outstanding bondholders must agree for resolutions to be valid [2][4]. - The bond registration date is set for August 29, 2025, and all registered bondholders are entitled to attend the meeting [4][5]. Group 2: Bond Issuance Information - The company has received approval from the China Securities Regulatory Commission to issue 4,600,000 convertible bonds, each with a face value of RMB 100, totaling RMB 46 million, with a term of 6 years [3]. - The bonds will be listed on the Shanghai Stock Exchange starting July 10, 2025, under the code "113695" [3]. Group 3: Voting Procedures - Bondholders must register for the meeting between 9:00-11:30 AM and 2:00-6:00 PM on August 30, 2025, through direct delivery, mail, or email [5]. - Voting will be conducted via a named ballot, and duplicate votes will be disregarded, with the first valid vote counted [4][5].

Core Viewpoint - Jiangsu Huachen reported significant growth in revenue and net profit for the first half of 2025, indicating strong financial performance and operational efficiency [2] Financial Performance - The company achieved operating revenue of 938,262,170.25 yuan, representing a year-on-year increase of 40.46% [2] - The net profit attributable to shareholders was 47,272,242.45 yuan, reflecting a year-on-year growth of 18.37% [2]