Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The report is optimistic about the prospects of Tai Rui Machine and Tai Rui Convertible Bonds, believing that the company has strategic advantages, overseas markets are in the harvest period, and the convertible bonds have certain investment value [5] Summary by Relevant Catalogs Information on Tai Rui Convertible Bonds - Tai Rui Convertible Bonds (113686.SH) are rated AA-. The bond balance is 336 million yuan, accounting for 99.59% of the total issuance. The remaining term is 4.58 years. The closing price on December 3rd was 142.32 yuan, with a conversion premium rate of 15.18% [1] Information on the Underlying Stock - Tai Rui Machine - Tai Rui Machine (603289.SH) is one of the major injection molding machine suppliers in China, mainly producing large and super - large customized injection molding machines. Its downstream industries are mainly automotive parts, household appliances, and 3C. From January to Q3 2025, its revenue was 868 million yuan, a year - on - year increase of 0.66%; the net profit attributable to the parent company was 66 million yuan, a year - on - year increase of 51.01%. The latest total market value is 2.954 billion yuan, with a PE TTM of 28.3x [3] Key Highlights of Tai Rui Convertible Bonds - Overseas business has become the core growth engine, and the global layout has entered the harvest period. In H1 2025, overseas revenue was 326 million yuan, accounting for 55.74% of the total revenue, and has been increasing since 2022. The gross profit margin of overseas business is significantly higher than that of the domestic market, becoming a key factor in profit growth. The company has established 6 overseas subsidiaries covering Europe, Asia, and the Americas, with a full - chain local operation system, and has successfully delivered high - end injection molding equipment to global top automotive parts suppliers and home appliance giant Electrolux [4] - Technological innovation builds high barriers. From January to Q3 2025, R & D expenses were 52.06 million yuan, accounting for 6.00% of revenue. In 2024, the company entered the aluminum alloy die - casting field. On November 19th, it disclosed a globally innovative integrated two - plate die - casting and ultra - high - pressure injection molding dual - process, achieving molecular - level combination of aluminum alloy and engineering plastics. Technological strength helps products achieve import substitution in high - end fields such as automotive, medical, 3C, and logistics [4] - A performance inflection point is looming, and the financial structure is sound. The headquarters building and smart factory in Hangzhou and the manufacturing base in Tongxiang were completed in June and July 2025 respectively. The company has a large number of pending orders. As production capacity ramps up, the company's profitability is expected to continue to improve. At the end of Q3 2025, the asset - liability ratio was 49.93% (compared to 52.25% at the end of 2024), and the monetary funds were 758 million yuan, with sufficient liquidity and a sound capital structure [5] - It is a newly - issued convertible bond, and the company has announced that it will not force redemption before January 15, 2026. The probability of continued non - forced redemption in the future is relatively high [5] Reasonable Valuation Deduction of Tai Rui Convertible Bonds - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged and no forced redemption or downward revision is considered, the reasonable valuation of Tai Rui Convertible Bonds is between 148 and 162 yuan [6]

| 证券简称：泰瑞机器 公告编号： 2025-067 | | --- | | 证券代码：603289 | 债券代码：113686 债券简称：泰瑞转债 泰瑞机器股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 二、投资者提出的主要问题和公司的回复情况 问题 1：请介绍下公司三季度的经营情况？公司近年来研发投入不断加大， 有没有产出什么成果呢？此外，海外业务增长主要是依赖哪些因素呢 答：尊敬的投资者，您好，2025 年前三季度公司实现营业总收入 8.68 亿元， 归母净利润 6,627.48 万元，同比增长 51.01%。 技术壁垒与产品创新是公司持续领跑的核心引擎。公司依托液压肘杆式全系 列产品、二板系列、全电动及多组分系列等全链条技术储备，构建了以中大型注 塑机技术、中小型高速精密注塑机技术、挤注成型技术等为核心的技术体系，并 形成多项发明专利及核心专利群。这些技术不仅支撑了国产替代欧洲、日本同行 的战略目标，更通过 SpinSure®-H 水平转盘、MultiMold™多色大师等创新技术， 为汽车、家电、3C、医疗等多领域客户提供定制化解决方案。例如，报告期内， 公司针对中东物流仓储行业对大 ...

证券简称：泰瑞机器 证券代码：603289 债券简称：泰瑞转债 债券代码：113686 财通证券股份有限公司 关于 泰瑞机器股份有限公司 向不特定对象发行可转换公司债券 2025 年第四次临时受托管理事务报告 二〇二五年十一月 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》《泰瑞机器股份有限公司与财通证券股份有限公司关于泰瑞机器股份有 限公司 2023 年向不特定对象发行可转换公司债券之受托管理协议》（以下简称 "《债券受托管理协议》"）《泰瑞机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》"）等公开信息披露文件 以及泰瑞机器股份有限公司出具的相关公告、说明文件等，由债券受托管理人财 通证券股份有限公司（以下简称"财通证券"）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财通证券所作的承诺 或声明。 1 一、本次可转债核准情况 经中国证券监督管理委员会证监许可[2024]789 号文注册同意，泰瑞机器股 份有限公司（以下简称"公司"）于 2024 年 ...

2025年第二次临时股东会决议公告 证券代码：603289 证券简称：泰瑞机器 公告编号：2025-066 债券代码：113686 债券简称：泰瑞转债 泰瑞机器股份有限公司 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 17 日 (二)股东会召开的地点：浙江省杭州市钱塘区白杨街道银海街 417 号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 88 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 148,875,882 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 50.7438 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采用现场会议、现场投票与网络投票的方式召 开。公司董事长郑建国先生主持会议 ...

上海市锦天城律师事务所 关于泰瑞机器股份有限公司 2025 年第二次临时股东会的 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于泰瑞机器股份有限公司 2025 年第二次临时股东会的 法律意见书 法律意见书 致：泰瑞机器股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受泰瑞机器股份有限公司 （以下简称"公司"）委托，就公司召开 2025 年第二次临时股东会（以下简称 "本次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》等法律、法规、规章和其他规范性文件以 及《泰瑞机器股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了必要的核查和验 ...

Group 1 - On November 14, Tai Rui Machinery executed a block trade of 900,000 shares, with a total transaction value of 9.468 million yuan, accounting for 5.58% of the total trading volume for the day [1] - The transaction price was 10.52 yuan, which represents a discount of 1.5% compared to the market closing price of 10.68 yuan [1][2] - The buying party was an institutional special account, indicating a strategic investment approach [2]

Group 1 - The core viewpoint of the news is that Tai Rui Machinery has seen a stock price increase of 5.38%, reaching 10.97 CNY per share, with a total market capitalization of 3.218 billion CNY [1] - Tai Rui Machinery, established on August 8, 2006, and listed on October 31, 2017, specializes in the manufacturing of plastic injection molding equipment and provides solutions for downstream applications [1] - The main revenue composition of Tai Rui Machinery includes injection molding machines at 94.65%, parts and services at 4.36%, and other supplementary services at 0.99% [1] Group 2 - Among the top ten circulating shareholders of Tai Rui Machinery, one fund from GF Fund Management, the GF ChiNext Index Enhanced A (025195), has entered the list, holding 930,700 shares, which is 0.32% of the circulating shares [2] - The estimated floating profit for GF ChiNext Index Enhanced A today is approximately 521,200 CNY [2] Group 3 - The fund manager of GF ChiNext Index Enhanced A is Sun Di, who has been in the position for 7 years and 338 days, with the fund's total asset size at 3.438 billion CNY [4] - During Sun Di's tenure, the best fund return was 234.15%, while the worst return was -46.52% [4]

Core Points - The company, Tai Rui Machinery, announced on November 13 that it received a notification from its actual controller, Zheng Jianguo, regarding the release of a pledge on 12,000,000 shares to Galaxy Securities Co., Ltd [2] Summary by Category - **Company Announcement** - Tai Rui Machinery has completed the procedure for the release of the pledge on 12,000,000 shares [2]

Group 1 - The company, Tai Rui Machinery, announced the release of 12 million shares previously pledged to Galaxy Securities by its actual controller, Zheng Jianguo [1] - After the release of the pledge, Zheng Jianguo and his concerted parties have a total of 16.3 million shares pledged, accounting for 10.99% of their total holdings and 5.56% of the company's total share capital [1] - For the year 2024, the revenue composition of Tai Rui Machinery is 99.65% from specialized equipment manufacturing and 0.35% from other businesses [1] Group 2 - As of the report date, the market capitalization of Tai Rui Machinery is 3.1 billion yuan [1]

| 证券代码：603289 | 证券简称：泰瑞机器 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：113686 | 债券简称：泰瑞转债 | | 泰瑞机器股份有限公司 关于实际控制人部分股份解除质押的公告 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。 | 股东名称 | 郑建国 | | | | --- | --- | --- | --- | | 本次解质股份 | 12,000,000 | 股 | | | 占其所持股份比例 | 39.03% | | | | 占公司总股本比例 | 4.09% | | | | 解质时间 | 年 2025 11 | 月 | 日 12 | | 持股数量 | 30,745,400 | 股 | | | 持股比例 | 10.48% | | | | 剩余被质押股份数量 | 股 0 | | | | 剩余被质押股份数量占其所持股份比例 | 0% | | --- | --- | | 剩余被质押股份数量占公司总股本比例 | 0% | 注：1、郑建国本次解除质押的股份暂无后续质押 ...