Report Summary 1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The company has confidence in the improvement of the macro - environment and business conditions. In H1 2025, the company's revenue and net profit improved compared to the previous year, and domestic government - end accounts receivable are steadily decreasing. The company is actively exploring markets along the Belt and Road and non - government industries, seizing opportunities in new infrastructure and AI development, maintaining its competitive edge in audio - video core technologies, and increasing efforts in overseas markets and new business development [27][28] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Suzhou Keda, belonging to the computer equipment industry. The reception time was September 15, 2025, and the listed company's reception staff is not specified [17] 3.2 Detailed Research Institutions - The relevant personnel of the institutions are investors and others, and the reception object type includes investors and other types [20] 3.3 Research Institution Proportion - No information provided 3.4 Main Content Data - **Revenue in H1 2025**: The company achieved an operating revenue of 474.9151 million yuan from January to June 2025, a year - on - year increase of 13.24%. Overseas revenue accounted for 31.23%, with a year - on - year increase of over 100% [24] - **Manpower Situation**: At the end of 2024, the company had 3601 employees, with R & D personnel accounting for 39.85%. In H1 2025, the total number of employees was about 3400, and the number has been decreasing in recent years [24] - **New Business (Edge Computing Service)**: As an important provider of audio - video basic software and hardware products, industry digital solutions, and comprehensive services, the company believes there will be more AI application scenarios and related needs at the edge. It is closely following industry trends and expanding product applications but did not disclose specific business progress [24] - **Overseas Order Delivery**: A 320 million US - dollar overseas order won in 2024 is being advanced as planned. Some city projects have been completed with partners. The whole project will take about three years to complete delivery under all conditions [26] - **Joint - Venture Company Progress**: The progress of the joint - venture company established with Saudi N&B Company has been delayed compared to the original plan. The company and its partners are actively promoting the registration of the joint - venture company and the construction of the overseas smart factory [26] - **Cooperation with Huawei**: The company and Huawei have a good cooperative relationship, with common ground in technological innovation and market expansion. Specific cooperation projects involve confidentiality clauses and cannot be disclosed [26]

| 证券代码：603660 | 证券简称：苏州科达 | 公告编号：2025-051 | | --- | --- | --- | | 转债代码：113569 | 转债简称：科达转债 | | 苏州科达科技股份有限公司 关于剩余股票期权注销完成的公告 本次注销剩余部分股票期权事项符合《上市公司股权激励管理办法》等有关 法律、法规及本激励计划的规定，不存在损害公司及全体股东特别是中小股东利 益的情况。本次注销剩余部分股票期权合法、有效。本次注销的股票期权尚未行 权，注销后不会影响公司股本, 不会对公司的财务状况和经营成果产生重大影 响。 特此公告。 苏州科达科技股份有限公司董事会 2025 年 9 月 12 日 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法律责任。 苏州科达科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 24 日 和 2025 年 5 月 19 日召开第五届董事会第五次会议及 2024 年年度股东大会，审 议通过了《关于 2023 年股权激励计划第二个解锁条件未成就暨回购注销部分限 制性股票与股票期权的 ...

Core Viewpoint - Suzhou Keda Technology Co., Ltd. has completed the cancellation of remaining stock options due to unmet performance targets in the second exercise period of the 2023 incentive plan [1] Group 1 - The company has agreed to cancel a total of 3,702,600 stock options that were granted but not exercised [1] - The cancellation was approved in meetings held in April and May 2025 [1] - The company submitted the cancellation application to the China Securities Depository and Clearing Corporation, and the matter was completed on September 11 [1] Group 2 - The cancellation complies with relevant regulations and does not harm shareholder interests [1] - Since the stock options were not exercised, the cancellation will not affect the company's share capital [1] - The financial and operational results of the company will not be significantly impacted by this cancellation [1]

Core Points - The company has issued convertible bonds known as "Keda Convertible Bonds" with a total issuance amount of 516 million yuan, and the bonds are set to mature in 2026 [3][4] - The current conversion price for the bonds is 6.38 yuan per share, which has been adjusted multiple times due to various corporate actions [3][4][5] - If the company's stock price remains above 130% of the conversion price for a specified period, the company may choose to redeem the bonds [2][7] Summary of Convertible Bond Issuance - The company received approval from the China Securities Regulatory Commission to issue 516 million convertible bonds, with a face value of 100 yuan each, totaling 51.6 million yuan [3] - The bonds were listed on the Shanghai Stock Exchange on April 8, 2020, and can be converted into common stock starting from September 14, 2020 [3] - The initial conversion price was set at 14.88 yuan per share, which has been adjusted down to 6.38 yuan per share as of January 24, 2025 [3][4][5] Conditional Redemption Terms - The company has outlined conditions under which it may redeem the convertible bonds, including if the stock price exceeds 130% of the conversion price for at least 15 out of 30 trading days [5][7] - The company has indicated that from August 25 to September 10, 2025, the stock price has met the criteria for potential redemption [2][7] - The board of directors will decide whether to redeem the bonds based on the conditions set forth in the offering prospectus [5][7]

Core Viewpoint - Suzhou Keda Technology Co., Ltd. has announced that its convertible bond, "Keda Convertible Bond," is expected to meet the redemption conditions based on stock price performance [2][8]. Group 1: Convertible Bond Issuance Overview - The company issued 5.16 million convertible bonds with a total amount of 516 million yuan, which were listed on April 8, 2020 [3]. - The initial conversion price was set at 14.88 yuan per share, which has been adjusted multiple times, with the latest conversion price being 6.38 yuan per share [3][5]. Group 2: Conditional Redemption Terms - The conditional redemption clause allows the company to redeem all or part of the unconverted bonds if the stock price meets certain criteria [6]. - Specifically, if the stock price remains above 130% of the conversion price for a specified number of trading days, the company can decide to redeem the bonds [8]. Group 3: Expected Trigger Conditions - From August 25, 2025, to September 10, 2025, the company's stock has closed above 8.294 yuan (130% of the conversion price) for ten trading days [2][8]. - If, in the following seventeen trading days, the stock closes above the conversion price for five trading days, the redemption clause will be triggered [8].

Core Viewpoint - Suzhou Keda announced that its stock price has been above 130% of the current conversion price of its convertible bonds for ten consecutive trading days, which may trigger a conditional redemption clause for the bonds [1] Group 1 - The stock price of Suzhou Keda has been at least 8.294 CNY per share, which is 130% of the conversion price of 6.38 CNY per share [1] - If the stock price remains above the conversion price for five out of the next seventeen trading days, the company may redeem the convertible bonds [1] - The board of directors has the authority to decide whether to redeem all or part of the unconverted convertible bonds at face value plus accrued interest [1]

| 证券代码：603660 | 证券简称：苏州科达 | 公告编号：2025-050 | | --- | --- | --- | | 转债代码：113569 | 转债简称：科达转债 | | 苏州科达科技股份有限公司 重要内容提示： ● 自 2025 年 8 月 25 日至 2025 年 9 月 10 日，苏州科达科技股份有限公司 （以下简称"公司"）股票已有十个交易日收盘价格不低于"科达转债"当期转 股价格 6.38 元/股的 130%（即 8.294 元/股）。若在未来连续十七个交易日内 有五个交易日公司股票的收盘价不低于当期转股价格的 130%（含 130%），将触 发"科达转债"的有条件赎回条款，根据公司《公开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，届时公司董事会有权决定是否 按照债券面值加当期应计利息的价格赎回全部或部分未转股的"科达转债"。 一、可转债发行上市概况 关于"科达转债"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，并对其内容的真实性、准确性和完整性承担法律责任。 经中国证券监督管理委员会"证监许 ...

Group 1 - Suzhou Keda (603660) experienced a trading halt today with a daily turnover rate of 6.38% and a transaction amount of 296 million yuan, showing a fluctuation of 9.49% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 9.58%, with institutional investors net selling 6.59 million yuan [2][3] - The top five trading departments accounted for a total transaction amount of 119 million yuan, with a net buying amount of 48.08 million yuan [2][3] Group 2 - The stock saw a net inflow of 114 million yuan from main funds today, with a significant single order net inflow of 123 million yuan, while large orders saw a net outflow of 8.91 million yuan [3] - The latest margin trading data shows a total margin balance of 271 million yuan, with a financing balance of 271 million yuan and a securities lending balance of 11.86 thousand yuan [3] - The company's semi-annual report released on August 27 indicated a total revenue of 475 million yuan for the first half of the year, representing a year-on-year growth of 13.24%, but a net loss of 21.7 million yuan [3]

Market Performance - The computer equipment sector rose by 1.5% on September 1, with Xuanji Information leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Xuanji Information (300324) closed at 7.72, up 20.06%, with a trading volume of 4.4031 million shares and a transaction value of 3.361 billion [1] - Yutong Optical (300790) closed at 33.49, up 12.87%, with a trading volume of 516,700 shares and a transaction value of 1.647 billion [1] - Suzhou Keda (603660) closed at 8.88, up 10.04%, with a trading volume of 339,500 shares and a transaction value of 296 million [1] Top Losers - Chunzong Technology (603516) closed at 96.71, down 4.62%, with a trading volume of 183,200 shares and a transaction value of 1.771 billion [2] - Aerospace Intelligent Equipment (300455) closed at 19.21, down 3.03%, with a trading volume of 405,000 shares and a transaction value of 777 million [2] - Kailait (301391) closed at 54.11, down 2.57%, with a trading volume of 21,800 shares and a transaction value of 120 million [2] Capital Flow - The computer equipment sector saw a net inflow of 274 million from institutional investors, while retail investors contributed a net inflow of 330 million [2] - The sector experienced a net outflow of 604 million from speculative funds [2] Individual Stock Capital Flow - Zhongke Shuguang (603019) had a net inflow of 73.5 million from institutional investors, while it faced a net outflow of 31.9 million from speculative funds [3] - Xuanji Information (300324) saw a net inflow of 63.7 million from institutional investors, with a net outflow of 41.3 million from speculative funds [3] - Guandian Yuntong (002152) had a net inflow of 14.4 million from institutional investors, while facing a net outflow of 46.775 million from speculative funds [3]

Core Viewpoint - Suzhou Keda (SH603660) experienced a significant stock surge, reaching a limit up price of 8.98 yuan, with a 10.04% increase, driven by business diversification, overseas growth, and reduced losses [1][2]. Group 1: Business Performance - The company is undergoing a critical phase of business transformation and governance optimization, actively expanding into the automotive sector with new sales and parts businesses, which has attracted market attention [2]. - Overseas revenue has seen rapid growth, with a year-on-year increase of over 100%, now accounting for 31.23% of total revenue, becoming a key growth driver for the company [2]. - The company's losses narrowed by 16.25% year-on-year in the first half of 2025, indicating an improvement in operational conditions and boosting investor confidence [2]. Group 2: Market Dynamics - The recent performance of technology and automotive-related sectors has been strong, with Suzhou Keda's business transformation aligning with these hot concepts, creating a synergistic effect in the market [2]. - Data from Dongfang Caifu indicates significant capital inflow into technology and automotive sectors on the day of the stock surge, contributing to the rise of related stocks [2]. Group 3: Technical Analysis - Technical indicators such as MACD and BOLL suggest potential bullish signals, with MACD forming a golden cross and BOLL showing signs of breakout, supported by significant net buying from major funds [2].