| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2025-056 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 可转债转股结果暨股份变动的公告 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： 一、可转换公司债券发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2022]1687号"文核准，公司于2022 年9月29日公开发行了510万张可转换公司债券，每张面值100元，发行总额51,000 万元，期限6年。 经上海证券交易所"自律监管决定书[2022]293号"文同意，公司51,000万 元可转换公司债券于2022年10月27日起在上海证券交易所挂牌交易，债券简称 "再22转债"，债券代码"113657"。 （三）可转换公司债券转股价格调整情况 根据《上海证券交易所股票上市规则》等有关规定和《重庆再升科技股份有 限公司公开发行可转换公司债券募集说明书》（以下简称"《募 ...

重庆再升科技股份有限公司董事会: 关于重庆再升科技股份有限公司 股票交易异常波动的征询函的回函 特此回函。 签字: 2025年7月1日 你公司发来的《关于股票交易异常波动的征询函》已收悉,特此 回函如下: 经核查,截止本回复日,本人作为公司控股股东及实际控制人, 不存在影响公司股票交易价格异常波动的重大事项;不存在其他应披 露而未披露的重大信息,包括但不限于重大资产重组、股份发行、重 大交易类事项、业务重组、股份回购、股权激励、破产重整、重大业 务合作、引进战略投资者等可能引起公司股票交易异常波动的其他重 大事项。 ...

Summary of the Conference Call for Zai Sheng Technology Industry and Company Overview - The focus of Zai Sheng Technology has shifted towards downstream equipment products, primarily automotive air conditioning filters and air filters, supplying clients such as Seres, Changan, GAC, and Midea [2][4] - The clean air product structure shows that ordinary clean room filters hold the largest market share, while automotive filters are experiencing rapid growth [2][6] Key Points and Arguments - **Revenue Projections**: - Expected automotive filter revenue to reach 10 million yuan by 2025, with overall revenue projected to be around 100 million yuan in 2025, driven by mass production orders [2][9] - Revenue for the previous year (2024) was in the low tens of millions, primarily concentrated from September to December [9] - **Product Performance**: - Main products include automotive air conditioning filters, air filters, traditional filters, chemical filters, and dust-free air conditioning products [4] - Chemical filter business primarily serves Huawei and Newnovel, with stable demand but growth reliant on new factory orders [10] - **Market Dynamics**: - Clean room business is heavily focused on the semiconductor and panel industries, accounting for approximately 60% of the downstream structure [11] - Ordinary filter business is expected to grow by 10%-20% due to the addition of a fully automated production line [12] - **Strategic Initiatives**: - The company is actively expanding its automotive filter client base, although there are uncertainties with designated projects [7] - Midea's air purifier project aims for significant growth, targeting a 15-fold increase over the next few years [8] - **Profitability and Margins**: - Gross margin improved in Q1 due to better raw material prices, with expectations to remain stable in Q2 [4][32] - Overall revenue is expected to grow by a few percentage points, but profits may remain flat or slightly decline due to the large base of clean air business [35] Additional Important Insights - **High-End Market Promotion**: The company is leveraging online media teams and offline showrooms to promote high-end products, expecting solid growth this year [5] - **VIP Vacuum Insulation Panels**: Anticipated significant demand growth in the second half of the year due to new energy consumption standards, with last year's revenue close to 300 million yuan [24][23] - **Global Market Context**: The global industrial filtration demand is estimated at over 300 billion yuan, with competition from large companies in the pharmaceutical and semiconductor sectors [34][38] - **Acquisition Plans**: The company is considering potential acquisitions to expand downstream or horizontal business, focusing on targets with synergistic effects [42] This summary encapsulates the key insights from the conference call, highlighting Zai Sheng Technology's strategic direction, market performance, and future outlook.

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4]. Core Views - The company's performance is expected to benefit from the new energy efficiency standards for household refrigerators, which are anticipated to drive demand for VIP boards [2][4]. - The company has shown resilience with a significant year-on-year net profit growth of 137.99% in 2024, despite a revenue decline of 10.87% due to the exclusion of a subsidiary from consolidation [1][4]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 324 million yuan, a year-on-year decrease of 4.59%, while the net profit was 33.56 million yuan, reflecting a growth of 3.69% [1]. - The company achieved a comprehensive gross margin of 21.96% in 2024, with specific margins for clean air materials, energy-efficient materials, and dust-free air conditioning at 36.15%, 13.74%, and 14.57% respectively [3]. - The forecasted revenues for 2025-2027 are projected to be 1.612 billion, 1.827 billion, and 2.140 billion yuan, with respective year-on-year growth rates of 9.25%, 13.34%, and 17.14% [4]. Product and Market Insights - The sales volume of energy-efficient materials is expected to increase by 18.38% in 2024, contributing to 52.57% of total revenue [2]. - The clean air materials segment is projected to generate 537 million yuan in revenue, accounting for 36.39% of total revenue, although it experienced a slight decline of 2.17% [2]. - The dust-free air conditioning segment is anticipated to grow by 39.67% on a comparable basis, excluding the impact of the subsidiary [2]. Profitability and Cost Management - The company’s net profit margin improved to 10.9% in Q1 2025, up by 0.9 percentage points year-on-year, attributed to a decrease in expense ratios [3]. - The comprehensive gross margin for Q1 2025 was reported at 25.1%, an increase of 3.95 percentage points compared to the previous year [3]. Valuation Metrics - The earnings per share (EPS) for 2025 is projected at 0.10 yuan, with corresponding price-to-earnings (PE) ratios of 36.16, 31.58, and 26.83 for the years 2025, 2026, and 2027 respectively [4]. - The company’s net asset return rate is expected to gradually increase from 4.16% in 2025 to 4.45% in 2027 [5].

Core Points - The company, Chongqing Zaiseng Technology Co., Ltd., has maintained its credit ratings for both its corporate and bond ratings at "AA-" with a stable outlook [1][2] - The tracking credit rating report was issued by United Ratings Co., Ltd. on June 23, 2025, following a comprehensive analysis of the company's operational status [2] Group 1 - Previous bond rating was "AA-" and the corporate rating was also "AA-" with a stable outlook [1] - The bond in question is a convertible bond issued on September 29, 2022, with the code 113657 [1] - The rating agency responsible for the assessment is United Ratings Co., Ltd., with the last rating date being June 21, 2024 [1] Group 2 - The detailed tracking rating report can be found on the Shanghai Stock Exchange website for investor reference [2]

Core Viewpoint - Chongqing Zaiseng Technology Co., Ltd. maintains a long-term credit rating of AA- with a stable outlook, reflecting its strong position in the microfiber glass wool industry and solid financial performance [3][4][5]. Company Overview - The company operates in the microfiber glass wool and products sector, focusing on clean air and energy-efficient materials [9]. - As of the end of 2024, the company had total assets of 31.05 billion yuan and equity of 22.25 billion yuan, with a revenue of 14.76 billion yuan and a profit of 1.28 billion yuan [9][20]. - The company has a complete industrial chain from upstream microfiber glass wool to downstream clean air materials and energy-efficient products [5][20]. Financial Performance - The company reported a decrease in total revenue in 2024 due to the exclusion of Suzhou Youyuan Environmental Technology Co., Ltd. from its consolidated financials [4]. - Cash assets were 8.26 billion yuan at the end of 2024, with a cash coverage ratio of 47.63 times for short-term debt [6][20]. - The company’s EBITDA increased to 2.82 billion yuan in 2024, indicating improved profitability [7][20]. Industry Analysis - The microfiber glass wool industry is expected to grow due to increasing demand for energy-efficient and environmentally friendly materials, supported by government policies on carbon neutrality [4][14]. - The market for glass fiber filter materials is expanding, driven by the rapid development of high-precision manufacturing and the growing emphasis on air quality [14][18]. - The company is positioned to benefit from the trend of domestic substitution in the clean air materials sector, leveraging its technological advantages [18][20]. Management and Governance - The company has implemented several management reforms, including the establishment of a rotating general manager system and the revision of its corporate governance structure [21][22]. - The management team remains stable, with no significant changes in the controlling shareholder or actual controller [18][21]. Future Outlook - The company is expected to enhance its market position as the demand for clean air materials and energy-efficient products continues to rise, supported by favorable government policies [4][14]. - The ongoing development of new technologies and products is likely to strengthen the company's competitive edge in the industry [20][18].

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2025-054 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 公开发行可转换公司债券跟踪评级结果的公告 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： 根据《上市公司证券发行管理办法》等有关规定，重庆再升科技股份有限公 司（以下简称"公司"或"本公司"）委托信用评级机构联合资信评估股份有限 公司对公司 2022 年 9 月 29 日发行的可转换公司债券（转债代码：113657；转债 简称：再 22 转债）进行了跟踪信用评级。 本公司前次主体信用评级结果为"AA -"；再 22 转债前次评级结果为"AA -"； 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 21 日。 联合资信评估股份有限公司在对本公司经营状况等进行综合分析与评估的 基础上，于 2025 年 6 月 23 日出具了《重庆再升科技股份有限公司公开 ...

重庆再升科技股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 | | | 评级总监： 二〇二五年六月二十三日 跟踪评级报告 | 1 www.lhratings.com 联合〔2025〕4683 号 联合资信评估股份有限公司通过对重庆再升科技股份有限公 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 重庆再升科技股份有限公司主体长期信用等级为 AA-，维持"再 22 转债"信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 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重庆再升科技股份有限公司（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 ...

| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2025-053 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 关于使用部分暂时闲置自有资金进行现金管理的 进展公告 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： 现金管理受托方：招商银行股份有限公司（以下简称"招商银行"）、 兴业银行股份有限公司（以下简称"兴业银行"）。 本次现金管理金额：合计人民币 22,000 万元。 现金管理产品名称：招商银行智汇系列看跌两层区间 27 天结构性存款 （产品代码：FCQ00163）、兴业银行企业金融人民币结构性存款产品 （CC34250604000-00000000）、兴业银行企业金融人民币结构性存款产 品（CC34250604001-00000000）。 现金管理期限：招商银行智汇系列看跌两层区间 27 天结构性存款（产 品代码：FCQ00163）产品期限为 27 天、兴业银行企业金融人民币结构 性存款（CC ...

Core Points - The company announced an adjustment to the conversion price of its convertible bonds due to the 2024 annual profit distribution, with the new conversion price set at 4.24 CNY per share, down from 4.25 CNY per share [1][2][3] - The adjustment will take effect on June 11, 2025, and the convertible bonds will be suspended from conversion from June 3 to June 10, 2025 [1][3] Summary by Sections Conversion Price Adjustment Basis - The adjustment is based on the approval of the 2024 annual profit distribution plan, which includes a cash dividend of 0.1 CNY per 10 shares [2] - The adjustment complies with the terms outlined in the bond issuance prospectus, which protects the rights of convertible bondholders [2] Conversion Price Adjustment Formula and Results - The formula for adjusting the conversion price due to cash dividends is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [3] - The previous conversion price was 4.25 CNY per share, and with a cash dividend of 0.01 CNY, the new conversion price is calculated to be 4.24 CNY per share [3] - The adjusted conversion price will be effective from June 11, 2025, following the rights issue and dividend distribution [3]