Core Viewpoint - As of November 13, 2023, Xusheng Group's stock price has shown a year-to-date increase of 12.14%, despite recent declines in the last five and twenty trading days [1][2] Company Overview - Xusheng Group, established on August 25, 2003, and listed on July 10, 2017, is located in Ningbo, Zhejiang Province. The company specializes in the research, production, and sales of precision aluminum alloy components, focusing on lightweight automotive solutions [1] - The revenue composition of Xusheng Group is as follows: automotive sector 81.35%, other sectors 14.23%, industrial sector 1.99%, mold sector 1.49%, and others 0.94% [1] Financial Performance - For the period from January to September 2025, Xusheng Group reported a revenue of 3.226 billion yuan, a year-on-year decrease of 1.48%, and a net profit attributable to shareholders of 300 million yuan, down 7.16% year-on-year [2] - Since its A-share listing, Xusheng Group has distributed a total of 1.002 billion yuan in dividends, with 657 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Xusheng Group had 54,600 shareholders, a decrease of 8.71% from the previous period. The average circulating shares per person increased by 12.45% to 17,910 shares [2] - Notable shareholders include Yongying Advanced Manufacturing Mixed Fund A, which is the fourth largest shareholder with 18.4291 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 1.4737 million shares [3]

Core Points - The announcement from Xusheng Group indicates that the last conversion day for the "Sheng 24 Convertible Bond" is November 13, 2025, with only one trading day left before this date [1] - After the early redemption, the "Sheng 24 Convertible Bond" will be delisted from the Shanghai Stock Exchange starting November 14, 2025 [1] - Investors holding the "Sheng 24 Convertible Bond" can either trade in the secondary market within the specified time or convert at a price of 12.51 CNY per share, otherwise, they will face a forced redemption at a price of 100 CNY per bond plus accrued interest of 0.1677 CNY per bond, totaling 100.1677 CNY per bond [1] - The company warns that forced redemption may lead to significant investment losses for bondholders [1] - Trading of the "Sheng 24 Convertible Bond" has been suspended, and the company advises holders to pay attention to the deadline for conversion or sale [1]

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-083 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 关于实施"升 24 转债"赎回暨摘牌的 最后一次提示性公告 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，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 自 2025 年 11 月 11 日起，"升 24 转债"停止交易。 根据公司《募集说明书》相关条款规定，"升 24 转债"的有条件赎回条款 如下： 最后转股日：2025 年 11 月 13 日 截至 2025 年 11 月 12 日收市后，距离 11 月 13 日（"升 24 转债"最后转股 日）仅剩 1 个交易日，11 月 13 日为"升 24 转债"最后一个转股日。 宁波旭升集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 16 日 至 2025 年 10 月 15 日，已有十五个交易日的收盘价格不低于"升 24 转债"当期 赎回登记日：20 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Insights - In Q3 2025, the company achieved operating revenue of 1.13 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year increase of 70.4% [2][4][11]. - The company is expanding its product matrix in aluminum die-casting, extrusion, and forging for automotive components, while also accelerating its layout in magnesium alloys and actively entering the robotics sector [6][11]. - The company aims to establish a triangular production capacity network across China, North America, and Southeast Asia, positioning itself as a global aluminum platform enterprise [6][11]. Summary by Sections Financial Performance - In Q3 2025, the company reported a gross margin of 21.5%, which improved by 3.7 percentage points year-on-year but decreased by 1.3 percentage points quarter-on-quarter due to lower capacity utilization [11]. - The company’s operating expenses ratio was 11.8%, an increase of 1.9 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [11]. - The net profit margin for Q3 2025 was 8.8%, reflecting a year-on-year increase of 3.6 percentage points [11]. Market Position and Strategy - The company has successfully secured approximately 1.9 billion yuan in orders from mainstream North American electric vehicle manufacturers and has concentrated on key projects with leading domestic new energy vehicle manufacturers [11]. - The company’s overseas production facility in Mexico began operations in June 2025, and a new base in Thailand broke ground in July 2025, supporting its global expansion strategy [11]. - The company is also advancing its energy storage business, achieving approximately 300 million yuan in revenue from related projects in the first half of 2025, surpassing the total revenue for 2024 [11]. Future Outlook - The company forecasts net profits attributable to shareholders of 430 million yuan, 580 million yuan, and 740 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 35.3X, 26.0X, and 20.4X [6][11].

Core Viewpoint - On November 11, Xusheng Group announced that investors holding the "Sheng 24 Convertible Bond" can either continue trading in the secondary market within the specified time or convert at a price of 12.51 CNY per share. If forced redemption occurs, investors may face significant losses [1] Group 1 - Investors can trade the "Sheng 24 Convertible Bond" in the secondary market or convert it at a price of 12.51 CNY per share [1] - In case of forced redemption, investors will receive 100 CNY per bond plus accrued interest of 0.1677 CNY per bond, totaling 100.1677 CNY per bond [1] - The announcement highlights the potential for substantial investment losses if forced redemption takes place [1]

● 会议召开时间：2025年11月19日（星期三）下午15:00－16:00 ● 会议召开地点：证券日报网路演平台（http://www.zqrb.cn/huiyi/lyhd/inde x.html） ● 会议召开方式：文字网络互动 ● 投资者可在业绩说明会召开日前（11月12日-11月18日），提前将需要了 解 的 情 况 和 有 关 问 题 通 过 电 子 邮 件 发 送 至 公 司 董 事 会 办 公 室 邮 箱 xsgf@nbxus.com。公司将在本次业绩说明会上对投资者关注的问题进行交流。 | 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | | 宁波旭升集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 独立董事：彭力明先生 宁波旭升集团股份有限公司（以下简称"公司"）已于2025年10月31日在 ...

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-081 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 关于实施"升 24 转债"赎回暨摘牌的 第十三次提示性公告 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，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 自 2025 年 11 月 11 日起，"升 24 转债"停止交易。 最后转股日：2025 年 11 月 13 日 截至 2025 年 11 月 11 日收市后，距离 11 月 13 日（"升 24 转债"最后转股 日）仅剩 2 个交易日，11 月 13 日为"升 24 转债"最后一个转股日。 宁波旭升集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 16 日 至 2025 年 10 月 15 日，已有十五个交易日的收盘价格不低于"升 24 转债"当期 转股价格 12.51 元/股的 130%（含 16.26 元/股）。根据《宁波旭升集团股份有限 ...

Core Viewpoint - On November 10, Xusheng Group announced that investors holding the "Sheng 24 Convertible Bond" can either continue trading in the secondary market within the specified time or convert at a price of 12.51 CNY per share. If not, they will face mandatory redemption at a price of 100 CNY per bond plus accrued interest of 0.1677 CNY per bond, totaling 100.1677 CNY per bond, which may lead to significant investment losses [1] Group 1 - Xusheng Group issued a notice regarding the options available to investors holding the "Sheng 24 Convertible Bond" [1] - Investors can trade in the secondary market or convert their bonds at a specified price [1] - Mandatory redemption could result in substantial losses for investors if they do not act within the given timeframe [1]

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个别及连带责任。 重要内容提示： 自 2025 年 11 月 11 日起，"升 24 转债"停止交易。 关于实施"升 24 转债"赎回暨摘牌的 第十二次提示性公告 | 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-080 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 赎回登记日：2025 年 11 月 13 日 赎回价格：100.1677 元/张 赎回款发放日：2025 年 11 月 14 日 最后交易日：2025 年 11 月 10 日 最后转股日：2025 年 11 月 13 日 截至 2025 年 11 月 10 日收市后，距离 11 月 13 日（"升 24 转债"最后转股 日）仅剩 3 个交易日，11 月 13 日为"升 24 转债"最后一个转股日。 宁波旭升集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 16 日 至 2025 ...

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-079 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 宁波旭升集团股份有限公司 关于实施"升 24 转债"赎回暨摘牌的 第十一次提示性公告 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，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 截至 2025 年 11 月 7 日收市后，距离 11 月 10 日（"升 24 转债"最后交易日） 仅剩 1 个交易日，11 月 10 日为"升 24 转债"最后一个交易日。 最后转股日：2025 年 11 月 13 日 截至 2025 年 11 月 7 日收市后，距离 11 月 13 日（"升 24 转债"最后转股日） 仅剩 4 个交易日，11 月 13 日为"升 24 转债"最后一个转股日。 宁波旭升集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 16 日 至 2025 年 10 月 15 日，已有十五个交易日的收盘价格不低于"升 24 转 ...