证券简称：新泉股份 证券代码：603179 债券简称：新 23 转债 债券代码：113675 江苏新泉汽车饰件股份有限公司 向不特定对象发行可转换公司债券 2025 年第一次临时受托管理事务报告 江苏新泉汽车饰件股份有限公司 （住所：江苏省镇江市丹阳市丹北镇长春村） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 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》（以下简称《管理办法》）《公 司债券受托管理人执业行为准则》（以下简称《执业行为准则》）《公司信用类 债券信息披露管理办法》《证券交易所公司债券上市规则》（以下简称"上市规 则"）、江苏新泉汽车饰件股份有限公司（以下简称"发行人"或"公司"）与中信建 投证券股份有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《江苏 新泉汽车饰件股份有限公司 2023 年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"）、相关信息披露文件以及发行人提供的资料 等，由受托管理人中信建投证券编制。本报告内容及信息均来源于江苏新泉汽车 饰件股份有限公司提供的资料或说明，请投资人关注并独立做出投资判断。 本报告不构成 ...

| 证券代码：603179 | 证券简称：新泉股份 | | | 公告编号：2025-046 | | --- | --- | --- | --- | --- | | 债券代码：113675 | 债券简称：新 | 23 | 转债 | | 江苏新泉汽车饰件股份有限公司 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： 江苏新泉汽车饰件股份有限公司（以下简称"公司"）股票自 2025 年 9 月 8 日至 2025 年 9 月 29 日，已有十五个交易日的收盘价格不低于"新 23 转债" 当期转股价格 50.75 元/股的 130%（即 65.98 元/股）。根据公司《向不特定对象 发行可转换公司债券募集说明书》的相关规定，已触发"新 23 转债"的有条件 赎回条款。 公司于 2025 年 9 月 29 日召开第五届董事会第十一次会议，审议通过了 《关于提前赎回"新 23 转债"的议案》，决定行使"新 23 转债"的提前赎回权 利，按照债券面值加当期应计利息的价格对赎回登记日登记在册的"新 23 转债" 全部赎回。 关于 ...

（二）经上海证券交易所自律监管决定书[2023]202 号文同意，公司发行的 11.60 亿元可转换公司债券于 2023 年 9 月 5 日起在上海证券交易所上市交易，债 券简称"新 23 转债"，债券代码"113675"。 （三）根据有关规定和公司《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》"）的约定，公司本次发行的"新 23 转债"自 2024 年 2 月 19 日起可转换为本公司股份，初始转股价格为 51.35 元/股，最新转 股价格为 50.75 元/股。 中信建投证券股份有限公司 关于江苏新泉汽车饰件股份有限公司 提前赎回"新 23 转债"的核查意见 作为江苏新泉汽车饰件股份有限公司（以下简称"新泉股份"或"公司"）向不 特定对象发行可转换公司债券的保荐人，中信建投证券股份有限公司（以下简称 "中信建投证券"或"保荐人"）根据《可转换公司债券管理办法》《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 1 号——规范运作》《上 海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》等有关法律法 规规定，对公司提前赎回"新 23 转债"的情况 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - Recent communications with overseas investors reveal a difference in perception compared to domestic investors, with overseas investors focusing more on the long-term global competitiveness of Chinese automotive companies rather than short-term domestic market fluctuations. They view investments in companies like BYD as a hedge against their local automotive industry [4][5]. - There is a strong interest from overseas investors in new technological trends within the Chinese automotive industry, particularly in smart driving and robotics. Positive feedback has been noted regarding the advanced driving assistance features from brands like Xpeng and Li Auto, suggesting potential valuation growth for companies with core technologies and global capabilities [5]. - The report suggests a positive outlook for strong automotive manufacturers capable of successful international expansion and component manufacturers with product and cost advantages [5]. Summary by Sections Overseas Investors - Overseas investors are more concerned with the long-term competitiveness and globalization strategies of Chinese automotive companies, particularly BYD, which is expected to maintain a market cap above 750 billion RMB unless there are significant changes in its global strategy [4]. Technological Trends - The report highlights the growing interest in smart driving technologies among overseas investors, who have provided positive feedback on the driving assistance technologies of brands like Xpeng and Li Auto. This trend is expected to create new valuation opportunities for companies with strong technological capabilities [5]. Investment Recommendations - The report recommends focusing on two main themes: technology and state-owned enterprise reform. Specific recommendations include: 1. Strong domestic manufacturers like BYD, Geely, and Xpeng [5]. 2. Companies aligned with the trend of smart technology, such as Jianghuai Automobile and Seres, with a focus on Li Auto, Kobot, Desay SV, and Jingwei Hirun [5]. 3. State-owned enterprise consolidations, recommending attention to SAIC Motor, Dongfeng Motor, and Changan Automobile [5]. 4. Component manufacturers with strong performance growth and overseas expansion capabilities, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [5].

Core Insights - The automotive parts sector experienced a decline of 0.91% on September 26, with Daying Electronics leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Disengli (603335) with a closing price of 6.33, up 10.09% on a trading volume of 609,200 shares and a turnover of 382 million [1] - Yueling Co. (002725) closed at 15.79, up 10.03% with a trading volume of 311,800 shares and a turnover of 487 million [1] - Chengfei Integration (002190) closed at 42.88, up 10.01% with a trading volume of 478,500 shares and a turnover of 2 billion [1] - Conversely, Daying Electronics (603286) saw a significant decline of 10.00%, closing at 41.78 with a trading volume of 174,000 shares and a turnover of 749 million [2] - Other notable decliners included: - Mingxin Xuteng (605068) down 7.73% to 30.08 [2] - Xinquan Co. (603179) down 6.75% to 76.50 [2] Capital Flow - The automotive parts sector experienced a net outflow of 330 million from institutional investors, while retail investors saw a net inflow of 1.01 billion [2][3] - Key stocks with significant capital flow included: - Wanxiang Qianchao (000559) with a net inflow of 563 million from institutional investors, but a net outflow of 230 million from retail investors [3] - Chengfei Integration (002190) had a net inflow of 511 million from institutional investors, with a net outflow of 231 million from retail investors [3] - Blue Dai Technology (002765) saw a net inflow of 459 million from institutional investors, but a net outflow of 213 million from retail investors [3]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry, particularly focusing on the opportunities presented by humanoid robots [7][43]. Core Insights - The report emphasizes the potential for a strong performance in the robotics sector in Q4, driven by the anticipated release of Tesla's Optimus Gen3, which is seen as a catalyst for mass production in the robotics market [3][4]. - The Ministry of Science and Technology is actively promoting the application of humanoid robots in various sectors, which could lead to significant policy-driven growth in the industry [6][43]. - The report highlights the recent C-round financing of Figure, which raised over $1 billion, increasing its valuation to $39 billion, indicating strong investor confidence in humanoid robotics [4]. Summary by Sections Industry Performance - The automotive sector has shown a 3.43% increase in the CITIC Automotive Index, outperforming the broader market by 3.87 percentage points [14]. - The humanoid robot index has also seen a 5.0% increase, reflecting growing interest and investment in this area [17]. Company Recommendations - The report recommends several companies based on their potential in the humanoid robotics sector, including: - Linear joint assembly: Shuanglin Co., Dechang Electric, and Jiechang Drive [7][43]. - Screw technology: Shuanglin Co. and Rongtai Co. [7]. - Sensors: Kaite Co. and Hanwei Technology [7]. Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, indicating a bullish outlook: - Shuanglin Co.: EPS of 1.24 for 2024, PE of 37.94 [45]. - Kaite Co.: EPS of 0.77 for 2024, PE of 59.94 [45]. - Jianghuai Automobile: EPS of 0.12 for 2024, PE of 435.92 [45]. Market Trends - The report notes that the automotive market is entering a traditional peak season, with expectations for increased sales driven by government subsidies and new model launches [36][37]. - The report also highlights the positive trend in China's automotive exports, particularly in the new energy vehicle segment, which is gaining market share internationally [38].

Group 1 - The company issued 11.60 billion yuan of convertible bonds named "New 23 Convertible Bonds" on August 11, 2023, with a maturity of 6 years and a tiered interest rate structure [2] - The initial conversion price for the bonds is set at 51.35 yuan per share, which has been adjusted to 50.75 yuan per share as of the latest update [2][3] Group 2 - The redemption terms for the "New 23 Convertible Bonds" allow the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the remaining unconverted bonds are less than 30 million yuan [4] - As of September 22, 2025, the company's stock price has met the condition for potential redemption, with the closing price exceeding 65.98 yuan per share for ten trading days [6]

Core Points - The company Xinquan Co., Ltd. announced that from September 8, 2025, to September 22, 2025, its stock price has closed at or above 130% of the current conversion price of the "New 23 Convertible Bonds," which is 65.98 CNY per share [2] - If the stock price remains above 65.98 CNY per share for five out of the next nineteen trading days, it will trigger the conditional redemption clause of the "New 23 Convertible Bonds" [2] - The company has the right to decide whether to redeem all or part of the unconverted "New 23 Convertible Bonds" at face value plus accrued interest upon triggering the redemption clause [2] Company Actions - The company will convene a board meeting to review the decision on whether to redeem the "New 23 Convertible Bonds" after the redemption clause is triggered [2] - The company is committed to fulfilling its information disclosure obligations in accordance with the provisions of its prospectus and relevant laws and regulations [2]

| 证券代码：603179 | 证券简称：新泉股份 | | 公告编号：2025-045 | | --- | --- | --- | --- | | 债券代码：113675 | 债券简称：新 转债 | 23 | | 江苏新泉汽车饰件股份有限公司 （三）根据有关规定和公司《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》"）的约定，公司本次发行的"新 23 转债"自 2024 年 2 月 19 日起可转换为本公司股份，初始转股价格为 51.35 元/股，最新转股价 格为 50.75 元/股。 1、公司于 2024 年 6 月 27 日实施 2023 年年度利润分配方案，"新 23 转债" 转股价格由 51.35 元/股调整为 51.05 元/股。 2、公司于 2025 年 6 月 19 日实施 2024 年年度利润分配方案，"新 23 转债" 转股价格由 51.05 元/股调整为 50.75 元/股。 二、"新 23 转债"赎回条款与预计触发情况 关于"新 23 转债"预计满足赎回条件的提示性公告 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 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, highlighting key investment opportunities in domestic leading manufacturers and component suppliers [3][5]. Core Insights - The automotive industry experienced a significant sales increase in Q2 2025, with total sales reaching 8.18 million units, a year-on-year growth of 11.6%. Passenger vehicle sales were 7.11 million units, up 13.0% year-on-year, while commercial vehicle sales were 1.07 million units, up 3.4% year-on-year [4][21]. - The report emphasizes the performance divergence among companies, particularly in the passenger vehicle sector, where companies like BYD faced margin pressures, while others like Great Wall and Seres showed strong performance [4][28]. - The report identifies key investment themes, including technology, mid-to-high-end market focus, and state-owned enterprise reforms, recommending companies such as NIO, Xiaomi, and Xpeng for investment [5][6]. Summary by Sections 1. Industry Overview - The automotive industry showed resilience with a total sales increase, driven by government policies and export growth, alleviating previous concerns about demand [21][4]. 2. Passenger Vehicles - Passenger vehicle sales reached 7.11 million units in Q2 2025, with exports contributing significantly to growth. The sector's revenue was 724.4 billion yuan, up 13.3% year-on-year, but net profit fell by 36.0% [26][28]. - The report notes that the performance of individual companies varied, with BYD experiencing profit pressure while others like Seres and Great Wall performed well [28][32]. 3. Components Sector - The components sector reported revenue of 374.4 billion yuan, a year-on-year increase of 6.8%, with net profit rising by 5.9%. The sector's resilience is attributed to global market expansion and increased efficiency [46][47]. - The report highlights the "Matthew Effect" in the components sector, where leading companies are better positioned to withstand market pressures due to diversified customer bases and global operations [47][46]. 4. New Energy Vehicles - New energy vehicle sales reached 3.86 million units in Q2 2025, marking a 37.0% year-on-year increase, with a penetration rate of 47.2%. The sector's revenue was 331.7 billion yuan, up 18.7% year-on-year [4][25]. 5. Commercial Vehicles - The commercial vehicle sector showed signs of recovery, with bus sales increasing by 5.3% year-on-year and truck sales slightly rebounding, although profitability remains under pressure [4][25].