关于 山西华翔集团股份有限公司 北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R. China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 提前赎回可转换公司债券 的 法律意见书 康达法意字【2025】第 0199 号 $$\Xi{\cal O}{\underline{{{-\mp}}}}\hbar\rlap{/}\mp|\Pi|\rlap{/}\mp$$ 1 北京市康达律师事务所 关于山西华翔集团股份有限公司提前赎回可转换公司债券 的法律意见书 康达法意字[2025]第 0199 号 致：山西华翔集团股份有限公司 北京市康达律师事务所（以下简称"本所 ...

证券代码：603112 证券简称：华翔股份 公告编号：2025-035 转债代码：113637 转债简称：华翔转债 山西华翔集团股份有限公司 关于提前赎回"华翔转债"的公告 经上交所自律监管决定书[2022]15号文同意，公司80,000万元可转换公司债券于2022年1月20日起在上交 所挂牌交易，债券简称"华翔转债"，债券代码"113637"。 "华翔转债"自2022年6月28日起可转换为公司股份，转股起止日期为2022年6月28日至2027年12月21日。 初始转股价格为12.99元/股，最新转股价格为11.65元/股。 二、"华翔转债"赎回条款与触发情况 （一）有条件赎回条款 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： ● 山西华翔集团股份有限公司（以下简称"公司"或"华翔股份"）股票自2025年3月21日至2025年4月25 日，在连续二十五个交易日中已有十五个交易日的收盘价不低于当期转股价格11.65元/股的130%，即 15.15元/股。按照《山西华翔集团股份有限公司公开发行可转换公司债券募集说 ...

| 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-035 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 关于提前赎回"华翔转债"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： 山西华翔集团股份有限公司（以下简称"公司"或"华翔股份"）股票 自 2025 年 3 月 21 日至 2025 年 4 月 25 日，在连续二十五个交易日中已有十五个 交易日的收盘价不低于当期转股价格 11.65 元/股的 130%，即 15.15 元/股。按照 《山西华翔集团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》"）的相关约定，"华翔转债"已触发有条件赎回条款。 公司于 2025 年 4 月 25 日召开第三届董事会第二十七次会议，审议通过 《关于提前赎回"华翔转债"的议案》，公司董事会决定行使"华翔转债"的提 前赎回权利，对赎回登记日登记在册的"华翔转债"按照债券面值加当期应计利 息 ...

Group 1: Market Overview - The Shanghai Composite Index closed at 3297 points, with a slight increase of 0.03% over one day, but a decrease of 2.16% over five days and an increase of 0.52% over one month [1] - The Shenzhen Composite Index closed at 1910 points, showing a decline of 0.71% over one day and 6.84% over five days, while increasing by 1.56% over one month [1] - The performance of large-cap, mid-cap, and small-cap indices showed mixed results, with large-cap indices slightly up by 0.02% over one day but down 3.55% over one month [1] Group 2: Industry Performance - The personal care products industry saw a significant increase, with a daily rise of 5.25%, a one-month increase of 10.48%, and a six-month increase of 29.78% [1] - The feed industry also performed well, with a daily increase of 2.84%, a one-month increase of 7.54%, and a six-month increase of 13.23% [1] - In contrast, the IT services sector experienced a decline of 2.6% over one day and 11.67% over one month, indicating a challenging environment [1] Group 3: Company-Specific Insights - The report on Beixin Building Materials highlighted a revenue of 6.25 billion yuan for Q1 2025, representing a year-on-year growth of 5.1% and a quarter-on-quarter growth of 14.45% [15] - The net profit for Beixin Building Materials in Q1 2025 was 840 million yuan, showing a year-on-year increase of 2.5% and a quarter-on-quarter increase of 67.8% [15] - New Yangfeng reported a revenue of 4.668 billion yuan for Q1 2025, reflecting a year-on-year increase of 40% and a quarter-on-quarter increase of 46% [16] Group 4: Future Outlook - The report anticipates that the price of gold will fluctuate between 3209 and 3905 USD per ounce in 2025, driven by macroeconomic factors and policy uncertainties [14] - The agricultural sector, particularly the compound fertilizer market, is expected to see continued growth due to increasing demand and market consolidation favoring leading companies [20] - The international business segment of Beixin Building Materials is projected to grow significantly, with a year-on-year revenue increase of 73% in Q1 2025 [18]

Core Insights - The company's Q1 2025 performance met expectations with revenue of 975 million yuan, a year-on-year increase of 3.55%, and a net profit attributable to shareholders of 133 million yuan, up 25.81% year-on-year [1] Group 1: Business Performance - The white goods business benefited from high downstream demand, with household air conditioner sales reaching 5,887 thousand units in Q1 2025, a year-on-year increase of 15.3% [2] - The automotive parts business is accelerating, with China's automotive production and sales reaching 7.561 million and 7.47 million units respectively in Q1 2025, representing year-on-year growth of 14.5% and 11.2% [2] - The company has formed a strategic partnership with Huayu Automotive to enhance its automotive parts processing business, aiming to improve profitability and core competitiveness [2] Group 2: Financial Metrics - The company achieved a gross profit margin of 23.97% in Q1 2025, an increase of 3.85 percentage points year-on-year, marking the highest level for the same period since its listing [3] - The net profit margin reached 13.16%, up 2.40 percentage points year-on-year, also the best level since the company's listing [3] - The company maintains its profit forecast for 2025-2027, expecting net profits of 603 million, 708 million, and 812 million yuan respectively, with corresponding P/E ratios of 12, 10, and 9 times [3]

国泰海通证券股份有限公司 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：华翔股份 | | --- | --- | | 保荐代表人姓名：李翔、李丹 | 被保荐公司代码：603112 | 经中国证券监督管理委员会《关于核准山西华翔集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]3088 号）批复，山西华翔集团股份有 限公司（以下简称"上市公司"、"公司"或"发行人"）获准向社会公众公开 发行 8.00 亿元可转换公司债券，扣除承销及保荐费、审计及验资费、律师费、 用于本次发行的信息披露费和发行手续费等与本次发行可转债直接相关的外部 费用等费用合计 1,348.93 万元（不含税），实际募集资金净额为人民币 78,651.07 万元。本次发行证券已于 2022 年 1 月 20 日起在上海证券交易所市交易。国泰海 通证券股份有限公司（以下简称"保荐机构"或"国泰海通"）担任其持续督导 保荐机构。 经中国证券监督管理委员会《关于同意山西华翔集团股份有限公司向特定对 象发行股票注册的批复》（证监许可[2024]1028 号）批复，公司获准发行人民币 普通股（A 股）26,649, ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance slightly exceeded expectations, with a net profit margin reaching a record high since its listing [6] - The white goods business benefits from a high demand environment, while the automotive parts business is accelerating [6] - The company is focusing on digital transformation and exploring diversified business opportunities, including robotics [6] - The net profit margin continues to improve, achieving the best level for the same period since its listing [6] - The forecast for net profit from 2025 to 2027 is expected to grow significantly, maintaining a "Buy" rating [6] Financial Data and Earnings Forecast - Total revenue for Q1 2025 was 975 million yuan, a year-on-year increase of 3.6% [5] - Net profit attributable to the parent company for Q1 2025 was 133 million yuan, a year-on-year increase of 25.8% [5] - The company expects to achieve net profits of 603 million yuan, 708 million yuan, and 812 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 17%, and 15% [6][5] - The gross profit margin for Q1 2025 was 23.97%, an increase of 3.85 percentage points year-on-year [6] - The return on equity (ROE) for Q1 2025 was 4.0% [5]

二、监事会会议审议情况 经与会监事审议表决，通过如下议案： （一）审议通过了《关于公司 2025 年第一季度报告的议案》 监事会认为：（1）公司 2025 年第一季度报告的编制和审议程序符合法律、 行政法规、中国证券监督管理委员会、上海证券交易所、《公司章程》和公司内 部管理制度的各项规定；（2）公司 2025 年第一季度报告的内容和格式符合中国 证监会和上海证券交易所的各项规定，所披露的信息真实、准确，不存在虚假记 载、误导性陈述或重大遗漏；（3）在提出上述意见前，未发现参与 2025 年第一 季度报告编制和审议人员有违反保密规定的行为。 | 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-033 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 第三届监事会第二十四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 山西华翔集团股份有限公司（以下简称"公司"）第三届监事会第二十四次 会 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 975,491,104.79, representing a 3.55% increase compared to CNY 942,069,516.07 in the same period last year[3] - Net profit attributable to shareholders was CNY 132,978,099.51, a 25.81% increase from CNY 105,693,403.17 year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 114,856,227.52, up 28.09% from CNY 89,666,913.95 in the previous year[3] - The basic earnings per share increased to CNY 0.27, reflecting a 17.39% rise from CNY 0.23 in the same quarter last year[3] - Operating profit for Q1 2025 was ¥146,951,730.29, up 30.0% from ¥113,133,777.10 in Q1 2024[20] - Net profit for Q1 2025 after tax expenses of ¥17,539,763.53 was ¥128,409,555.83, compared to ¥101,358,279.63 in Q1 2024[20] - The total comprehensive income for the first quarter was CNY 127,975,162.84, compared to CNY 99,656,112.14 in the previous year, indicating a growth of approximately 28.4%[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,295,524,017.64, a 3.38% increase from CNY 6,089,426,570.58 at the end of the previous year[4] - Total current assets increased to ¥4,066,750,013.74 as of March 31, 2025, up from ¥3,863,077,098.86 at the end of 2024, representing a growth of 5.3%[14] - Total liabilities as of March 31, 2025, were ¥2,906,564,753.28, compared to ¥2,833,580,247.90 at the end of 2024, indicating an increase of 2.6%[16] - Total assets reached ¥6,295,524,017.64 as of March 31, 2025, up from ¥6,089,426,570.58 at the end of 2024, marking a growth of 3.4%[16] Cash Flow - The net cash flow from operating activities was negative at CNY -145,740,668.36, a significant decrease of 202.35% compared to CNY 142,396,792.49 in the previous year[3] - Operating cash inflow for the first quarter was CNY 476,686,642.02, down from CNY 569,236,135.03, a decrease of about 16.3%[24] - The cash flow from investing activities generated a net inflow of CNY 72,495,298.36, compared to a net outflow of CNY -172,746,957.37 in the same quarter last year[25] - The cash flow from financing activities resulted in a net inflow of CNY 91,715,310.07, an increase from CNY 44,002,174.08 in the previous year[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,700[8] - The weighted average return on equity increased to 4.00%, up 0.23 percentage points from 3.77% in the previous year[3] - The other comprehensive income attributable to the parent company was CNY 379,025.09, a significant recovery from a loss of CNY -1,699,594.62 in the previous year[22] Inventory and Investments - Inventory levels increased to ¥731,328,654.49 as of March 31, 2025, compared to ¥696,917,088.19 at the end of 2024, reflecting a rise of 4.9%[13] - Long-term equity investments remained stable at ¥10,490,000.00, unchanged from the previous period[14] - The company reported a significant increase in cash and cash equivalents, rising to ¥627,062,697.05 from ¥557,088,300.72, a growth of 12.5%[13]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company has achieved a revenue of 3.828 billion yuan in 2024, representing a year-on-year growth of 17.28%, and a net profit attributable to shareholders of 471 million yuan, up 20.95% year-on-year [4][5] - The company is expanding into the robotics sector, having established two wholly-owned subsidiaries focused on this area, indicating a strategic shift and growth potential [7][9] Financial Performance - The company’s core business growth significantly outpaced industry averages, with a record performance since its establishment, including a sales volume of over 3.5 billion processed parts and 450,000 tons of core products [5] - The gross margin decreased by 2.22 percentage points to 21.72%, while the net profit margin increased by 0.64 percentage points to 11.80% [6] - The company has a projected net profit of 573 million yuan for 2025, with expected growth rates of 21.8%, 26.2%, and 22.6% for the following years [9][11] Market Position and Strategy - The company has solidified its market leader position, with strategic partnerships, particularly with Huayu Automotive, enhancing its automotive parts business [6][9] - The company is leveraging its manufacturing experience and technology advantages to explore new growth avenues in the robotics industry, supported by long-term relationships with major clients like Midea [7][9] Future Outlook - The company anticipates continued growth in the automotive, air conditioning, and refrigerator sectors, with domestic production and sales expected to remain strong [9] - The forecast for revenue growth is robust, with estimates reaching 6.484 billion yuan by 2027, reflecting a compound annual growth rate of approximately 17.2% [11][14]