Core Viewpoint - Shanghai Huguang (603131) announced that its wholly-owned subsidiary, Huguang Intelligent Technology (Suzhou) Co., Ltd., has received a tax refund of 1.3167 million yuan, which has been collected [1] Summary by Relevant Sections - Tax Refund and Payment Obligations - Huguang Intelligent Technology (Suzhou) Co., Ltd. received a tax refund of 1.3167 million yuan [1] - The company is required to pay urban land use tax of 1.5044 million yuan and late fees of 0.9051 million yuan, totaling 2.4095 million yuan [1] - The company has completed the payment of the aforementioned taxes and late fees, with no administrative penalties involved [1] - Financial Impact - The net difference between the tax refund received and the taxes paid, amounting to 1.0928 million yuan, is expected to reduce the net profit attributable to shareholders of the listed company for the year 2025 by the same amount [1]

Key Points - The total amount of "Hugong Convertible Bonds" converted into company shares as of June 30, 2025, is RMB 357,000, resulting in 16,805 shares, which accounts for 0.0053% of the total shares before conversion [1][3] - As of June 30, 2025, the amount of "Hugong Convertible Bonds" that has not been converted is RMB 399,641,000, representing 99.91% of the total issuance [1][3] - The total amount of convertible bonds that have been repurchased and canceled is RMB 2,000, which is 0.0005% of the total issuance [1][3] - The bond issuance was approved by the China Securities Regulatory Commission on July 20, 2020, with a total issuance of 400 million bonds at a face value of RMB 100 each, totaling RMB 40,000 million [1][2] - The initial conversion price for the bonds was set at RMB 21.32 per share, with adjustments made due to annual profit distributions [2][3] - The conversion period for the "Hugong Convertible Bonds" is from January 25, 2021, to July 19, 2026 [3]

未转股可转债情况：截至 2025 年 6 月 30 日，已回售注销的可转债金额 为 2,000 元，占可转债发行总量的 0.0005%；尚未转股的"沪工转债"金额为人 民币 399,641,000 元，占发行总量的 99.91%。 本季度转股情况：本季度，"沪工转债"转股金额为 0 元，因转股形成的 股份数量为 0 股。 一、可转债发行上市概况 | 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：113593 | 债券简称：沪工转债 | | 上海沪工焊接集团股份有限公司 关于"沪工转债"转股结果暨股份变动公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 累计转股情况：截至2025年6月30日，"沪工转债"累计有人民币357,000 元转换为公司股份，转股数量为 16,805 股，占转股前公司已发行股份总额的 0.0053%。 股价格为 21.32 元/股，详见公司披露于上海证券交易所网站的《关于"沪工转 债"开始转 ...

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、准确性和完整性依法承担法律责任。 | 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：113593 | 债券简称：沪工转债 | | 上海沪工焊接集团股份有限公司 关于注册资本事项完成工商变更登记的公告 注册资本：人民币 31,799.1057 万元整 成立日期：1995 年 12 月 06 日 住所：上海市青浦区外青松公路 7177 号 经营范围：生产加工电气产品、电焊机、机电产品，经营本企业和成员企业 自产产品及相关技术的出口业务，经营本企业和成员企业生产、科研所需的原辅 材料、仪器仪表、机械设备、零配件及相关技术的进口业务（国家限定公司经营 或禁止进口的商品及技术除外），经营本企业或成员企业进料加工和"三来一补" 业务，销售建筑材料、金属材料、仪器仪表、五金交电、办公用品、化工产品及 上海沪工焊接集团股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开 2024 年年度股东大会，审议通过了《关于公司 ...

Core Viewpoint - Shanghai Huguang Welding Group Co., Ltd. has received an "A" credit rating for its public issuance of convertible bonds, reflecting its competitive advantages in the welding and cutting equipment manufacturing industry [1][2]. Company Overview - The company is recognized as a leading manufacturer in the domestic welding and cutting equipment sector, possessing comprehensive competitive advantages in product variety, market coverage, technology, and qualifications [2]. - During the tracking period, the company underwent a board election, resulting in changes to some directors, supervisors, and senior management, along with revisions and formulations of certain management systems, though these changes did not significantly impact overall operations [2]. Operational Performance - The company has been continuously upgrading its products and services while optimizing its business structure, benefiting from a favorable market environment, leading to increased revenue and profitability in its intelligent manufacturing business [2]. - However, the high-end equipment supporting business has faced challenges due to market conditions and industry policies, resulting in changes in customer procurement pace, which has led to a state of gross margin loss due to fixed cost allocation [2]. Financial Performance - The company's asset scale and structure have not changed significantly, with inventory and accounts receivable still occupying a certain amount of funds, but cash assets remain relatively high, indicating good overall asset quality [2]. - The company's debt scale has increased, but the overall debt burden remains at a moderate level, with good cash flow performance benefiting from reduced impairment losses and controlled period expenses, leading to a turnaround in profits and improved debt repayment capability indicators [2]. - The coverage of cash assets and operating cash inflows for the "Huguang Convertible Bonds" is high, while the coverage of net operating cash flow and EBITDA is average, indicating strong repayment capability for existing bonds [2]. - The company's shareholder, Mr. Shu Hongrui, has provided an unconditional and irrevocable joint liability guarantee for the repayment of the "Huguang Convertible Bonds," positively impacting the credit level of the bonds [2].

Core Viewpoint - Shanghai Huguang Welding Group Co., Ltd. maintains a long-term credit rating of A with a stable outlook, reflecting its competitive advantages in the welding and cutting equipment manufacturing industry and its improved financial performance despite challenges in certain business segments [1][3][4]. Company Overview - The company was established in 1995 and transformed into a joint-stock company in 2011, listed on the Shanghai Stock Exchange in 2016 [10]. - The company specializes in the research, production, and sales of welding and cutting equipment, as well as intelligent manufacturing products [10][16]. Financial Performance - In 2024, the company achieved an operating revenue of 10.79 billion yuan, with a profit of 0.18 billion yuan, marking a turnaround from a loss in the previous year [11][30]. - The net cash inflow from operating activities increased by 73.12% to 1.89 billion yuan in 2024 [5]. - The company's total assets were 22.29 billion yuan at the end of 2024, with owner’s equity of 12.29 billion yuan [11]. Business Segments - The intelligent manufacturing business has shown improvement in revenue and profitability, while the high-end equipment supporting business faced challenges, with a 64.75% decline in revenue to 0.61 billion yuan in 2024 [5][20]. - The company’s products are sold nationwide and exported to over 110 countries, with overseas sales accounting for 68.19% of total revenue in 2024 [17]. Market Environment - The welding and cutting equipment industry is closely tied to macroeconomic conditions, with demand influenced by infrastructure projects and manufacturing sectors [12][14]. - The company benefits from favorable national policies aimed at promoting high-end manufacturing and infrastructure development [13][16]. Credit Rating and Outlook - The credit rating agency maintains the company's credit rating at A, with a stable outlook, indicating confidence in its financial stability and operational capabilities [1][3]. - The company has a strong ability to cover its convertible bonds with cash flow from operations, supported by a guarantee from a major shareholder [4][10]. Challenges and Risks - The high-end equipment supporting business is currently experiencing losses due to market conditions and policy changes, impacting overall profitability [5][20]. - The company has faced delays in its convertible bond fundraising projects, with completion dates pushed to 2025 due to unforeseen circumstances [5][29]. Management and Governance - The company underwent a board and supervisory committee reshuffle in 2024, but the changes did not adversely affect its operations [20]. - The management has implemented new internal policies to enhance operational efficiency and governance [20]. Future Prospects - The company is expected to maintain its competitive edge as the market stabilizes, with ongoing projects likely to contribute positively to future performance [4][20]. - The outlook for the welding and cutting equipment industry remains cautiously optimistic, contingent on macroeconomic stability and demand recovery [12][14].

特此公告。 上海沪工焊接集团股份有限公司董事会 2025 年 6 月 21 日 重要内容提示： 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》和上海证 券交易所《股票上市规则》等有关规定，上海沪工焊接集团股份有限公司（以下 简称"公司"）委托联合资信评估股份有限公司（以下简称"联合资信"）对公 司及公开发行的可转换公司债券（以下简称"沪工转债"）进行了跟踪信用评级。 公司前次主体长期信用评级结果为"A"，前次债券评级结果为"A"，评级 展望为"稳定"，评级机构为联合资信评估股份有限公司，评级时间为 2024 年 6 月 26 日。 联合资信在对公司经营状况和相关行业进行了综合分析与评估的基础上，于 2025 年 6 月 20 日出具了《上海沪工焊接集团股份有限公司公开发行可转换公司 债券 2025 年跟踪评级报告》（联合[2025]4613 号）。本次公司主体长期信用评级 为"A"，债券评级结果为"A"，评级展望为"稳定"。本次评级结果较前次无 变化。信用评级报告详见上海证券交易所网站（www.sse.com.cn）。 | 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2025-0 ...

上海沪工焊接集团股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 1 联合〔2025〕4613 号 联合资信评估股份有限公司通过对上海沪工焊接集团股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 上海沪工焊接集团股份有限公司主体长期信用等级为 A，维持"沪 工转债"信用等级为 A，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受上海沪工焊接集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任何影响评级行 ...

Core Points - The company announced a cash dividend distribution of 0.012 CNY per share for the fiscal year 2024, approved at the shareholders' meeting on May 16, 2025 [2][4][15] - The total cash dividend to be distributed amounts to approximately 3.82 million CNY based on the total share capital of 317,991,057 shares [4][15] - The cash dividends will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [3][4] Distribution Plan - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation, with shareholders who have designated trading able to receive their dividends on the payment date [5] - Certain shareholders, including specific individuals and companies, will receive their cash dividends directly from the company [6] Tax Implications - For individual shareholders and securities investment funds, dividends are subject to different tax treatments based on the holding period, with those holding shares for over one year exempt from individual income tax [9] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied to their dividends, resulting in a net dividend of 0.0108 CNY per share [10][11] - Other institutional investors will not have taxes withheld by the company, and they will receive the full dividend of 0.012 CNY per share [11] Convertible Bond Adjustment - The company announced an adjustment to the conversion price of its convertible bonds ("沪工转债") due to the cash dividend distribution, with the new conversion price set at 21.09 CNY per share, effective from June 10, 2025 [17][18] - The conversion of the bonds will be suspended from June 3 to June 9, 2025, and will resume on June 10, 2025 [14][17]

| 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113593 | 债券简称：沪工转债 | | 因实施 2024 年年度权益分派,本公司可转债"沪工转债"自权益分派公告前一个 交易日（2025 年 6 月 3 日）至权益分派股权登记日（2025 年 6 月 9 日）期间停止 转股，2025 年 6 月 10 日起恢复转股。本公司的相关证券停复牌情况如下： | 证券代 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | | 始日 | 期间 | 日 | | | 113593 | 沪工转债 | 可转债转股复牌 | | | 2025/6/9 | 2025/6/10 | 经中国证券监督管理委员会出具的《关于核准上海沪工焊接集团股份有限公 司公开发行可转换公司债券的批复》（证监许可[2020]983 号）核准，上海沪工焊接 集团股份有限公司（以下简称"公司"）于 2020 年 7 月 20 日公开发 ...