Summary of Haoneng Co., Ltd. Conference Call Company Overview - Haoneng Co., Ltd. has established four main business segments: synchronizers, differentials, automotive and robotic reducers, and aerospace components, with each segment managed by different subsidiaries to achieve specialization [2][4] Financial Performance - For 2024, the company expects total revenue of 2.4 billion yuan, with synchronizers contributing 1.2 billion yuan (50%), differentials contributing 470 million yuan, and aerospace components contributing 280 million yuan [2][6] - The gross margin is projected to remain between 33%-34%, with a net profit attributable to shareholders of 320 million yuan, benefiting from the ramp-up of differential and other businesses [2][6] - By 2025, revenue is expected to reach 2.9 billion yuan, a year-on-year increase of over 22%, and net profit is projected to be 490 million yuan, a growth of over 50% [3][13] Market Position and Growth Potential - Haoneng holds over 30% market share in the domestic passenger car synchronizer market, positioning it as a leading player [7] - The company has a comprehensive supply chain capability for synchronizers, serving major clients such as SAIC, FAW, Volkswagen, and BYD [7] - The domestic automotive synchronizer market is expected to reach 8 billion yuan by 2025, with the passenger car segment accounting for approximately 4 billion yuan [7] Business Segment Developments Differentials - The differential business is in a ramp-up phase, with a full supply chain layout and partnerships to accelerate technology iteration [8] - Major clients include BYD, Li Auto, Geely, and international firms like Toyota Magna and Schaeffler [8] Reducers - The company is actively developing both robotic and automotive reducers, with plans to achieve a production capacity of 2 million sets by 2027 [9][11] - The average price for automotive reducers is around 500 yuan, with revenue expected to grow as capacity is released [11] Aerospace Components - In the aerospace sector, Haoneng's subsidiary, Haoyi Qiang, is projected to generate 280 million yuan in revenue and 80 million yuan in net profit for 2024, with a gross margin of 48% [10] - The company has divested underperforming assets, anticipating improved performance in 2025 [10] Competitive Advantages - Haoneng possesses core competencies in gear manufacturing processes, including precision forging, heat treatment, and machining [14] - The company benefits from its geographical location in Sichuan, providing advantages in supporting local robotic enterprises [14] - Rapid advancements in the cycloidal pinwheel reducer segment and planned capacity expansions further enhance its competitive edge [14] Future Outlook - The growth in the main synchronizer business is driven by an expanding downstream market, increasing industry concentration, and the exploration of heavy-duty truck segments [13] - New businesses, including differentials and various reducers, are expected to rapidly release capacity and fulfill orders, supporting overall performance growth [13] - The company is well-positioned for future growth, with strong potential in both existing and new business segments [13]

Core Points - The company has issued a total of 5.5 billion yuan in convertible bonds, known as "Hao 24 Convertible Bonds," which began trading on November 20, 2024 [2] - As of June 30, 2025, a total of 166,388,000 yuan worth of "Hao 24 Convertible Bonds" has been converted into 26,284,873 shares, representing 3.1533% of the company's total shares before conversion [1][2] - The remaining unconverted "Hao 24 Convertible Bonds" amount to 383,612,000 yuan, accounting for 69.7476% of the total issuance [3] Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue 5.5 million convertible bonds at a face value of 100 yuan each [2] - The bonds have a maturity period of 6 years, from October 23, 2024, to October 22, 2030, with a tiered interest rate structure starting at 0.20% in the first year and increasing to 2.10% in the sixth year [2] Share Capital Changes - Following the conversion of bonds, the total share capital increased from 833,560,654 shares to 859,845,527 shares [3] - The conversion has resulted in changes in shareholding proportions among major shareholders, with specific changes noted for shareholders such as Xiang Chaodong and Xiang Xingxing [3][4]

累计转股情况："豪 24 转债"自 2025 年 4 月 29 日开始转股，截至 2025 年 6 月 30 日，累计共有 166,388,000.00 元"豪 24 转债"转换成公司股票，累计 因转股形成的股份数量为 26,284,873 股，占可转债转股前公司已发行股份总额的 3.1533%。 | 证券代码：603809 | 证券简称：豪能股份 | | 公告编号：2025-037 | | --- | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 | 转债 | | 成都豪能科技股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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： 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"豪 24 转债" 金额为 383,612,000.00 元，占"豪 24 转债"发行总量的 69.7476%。 一、可转债发行上市概况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于成都豪能 科技股份有限公司向不特定对象发行可转换公 ...

Core Viewpoint - The Chengfei concept stock has shown a significant increase, ranking fourth in the concept sector with a rise of 3.82% as of the market close on June 30, 2023 [1][2]. Group 1: Market Performance - Within the Chengfei concept sector, 40 stocks experienced an increase, with Chengfei Integration, Lijun Shares, and *ST Lihang hitting the daily limit up [1]. - Notable gainers include Qifeng Precision (up 17.25%), Huawu Shares (up 9.40%), and AVIC Chengfei (up 6.98%) [1]. - The sector's performance is contrasted by declines in ST Tiexin and Quanxin Shares, which fell by 1.13% and 0.25%, respectively [1]. Group 2: Capital Flow - The Chengfei concept sector attracted a net inflow of 1.019 billion yuan, with 23 stocks receiving net inflows, and 9 stocks exceeding 10 million yuan in net inflow [2]. - Chengfei Integration led the net inflow with 725.36 million yuan, followed by Lijun Shares (311.99 million yuan) and Haoneng Shares (45.32 million yuan) [2]. - The net inflow ratios for Lijun Shares, Chengfei Integration, and *ST Lihang were 57.78%, 31.83%, and 16.69%, respectively [3]. Group 3: Stock Performance Metrics - Chengfei Integration recorded a daily increase of 10.00% with a turnover rate of 16.57% and a net capital flow of 725.36 million yuan [3]. - Lijun Shares also saw a significant rise of 9.97% with a turnover rate of 8.08% and a net capital flow of 311.99 million yuan [3]. - Other notable performers include Huawu Shares (up 9.40%, turnover rate 24.90%) and Chuanhuan Technology (up 3.32%, turnover rate 11.24%) [4].

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].

Key Points - Chengdu Haoneng Technology Co., Ltd. issued convertible bonds totaling RMB 550 million, with a net amount of RMB 542.39 million after deducting issuance costs [1][5][6] - The bonds, named "Haoneng 24 Convertible Bonds," will be traded on the Shanghai Stock Exchange starting November 20, 2024 [1][4] - The initial conversion price is set at RMB 8.43 per share, which has been adjusted to RMB 6.33 per share due to a profit distribution plan [4][6] - The company reported a revenue of RMB 2.36 billion in 2024, a year-on-year increase of 21.29%, and a net profit of RMB 321.84 million, up 76.87% [3][5] - The company’s credit rating is AA- with a stable outlook, as assessed by Zhongzheng Pengyuan Credit Rating Co., Ltd. [4][6] - The funds raised will be used for projects including the construction of a key component production base for new energy vehicles, with a total investment of RMB 710.38 million [3][5] - The company has seen significant growth in its new energy vehicle segment, with revenue from this sector increasing by 63.52% [3][5]

公司代码：603809 公司简称：豪能股份 转债代码：113690 转债简称：豪24转债 成都豪能科技股份有限公司 Chengdu Haoneng Technology Co., Ltd. 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 二零二五年六月 成都豪能科技股份有限公司向不特定对象发行可转换公司债券项目 受托管理事务报告（2024 年度） 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》"） 《成都豪能科技股份有限公司可转换公司债券受托管理协议》（以下简称"《受 托管理协议》"）《成都豪能科技股份有限公司 2023 年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》"）《成都豪能科技股份 有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的 专业意见等，由本期债券受托管理人招商证券股份有限公司（以下简称"招商证 券"）编制。招商证券对本报告中所包含的从上述文件中引述内容和信息未进行 独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证 或承担任何责任。 本报告不构成对投资者进行或不进行某项行 ...

| 证券代码：603809 | 证券简称：豪能股份 | | 公告编号：2025-036 | | --- | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 | 转债 | | 成都豪能科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理 到期赎回并继续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： ● 风险提示：公司购买的现金管理产品经过严格的评估且属于安全性高、 流动性好、有保本约定的投资产品，整体风险可控。但投资的收益率水平受到宏 观经济及金融市场波动、货币政策调整等因素的影响，存在一定的不确定性。 一、前次使用部分暂时闲置募集资金进行现金管理到期赎回情况 公司子公司泸州长江机械有限公司（以下简称"长江机械"）于 2025 年 5 月 6 日使用部分暂时闲置募集资金 12,000 万元在兴业银行股份有限公司成都分 行（以下简称"兴业银行"）购买了"兴业银行企业金融人民币结构性存款产品"， 具体内容详见 2025 年 5 月 8 日刊载于上海 ...

公司、泸州长江机械有限公司、泸州豪能传动技术有限公司分别与中国进出口 银行四川省分行签订了《机器设备最高额抵押合同》具体内容如下： 公司评估净值为 248,801,289.42 元的机器设备；泸州豪能传动技术有限公司评估净值 为 122,658,644.01 元的机器设备。 证券代码：603809 证券简称：豪能股份 公告编号：2025-035 转债代码：113690 转债简称：豪 24 转债 成都豪能科技股份有限公司 关于 2025 年度向银行申请授信额度的进展公告 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。 届董事会第十一次会议，审议通过了《关于 2025 年度向银行申请授信额度的议案》， 并经 2025 年 4 月 11 日召开的 2024 年年度股东大会批准，同意公司及子公司向银行 申请总额不超过人民币 420,000.00 万元的授信额度（在不超过总授信额度范围内， 最终以各银行实际审批的授信额度为准）。本次向银行申请授信额度授权期限为公司 额度仅由公司及子公司使用，授信期限内，授信额度可循环使用。具体内容请详见 ...

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-035 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | | 成都豪能科技股份有限公司 关于 2025 年度向银行申请授信额度的进展公告 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。 2025 年 3 月 21 日，成都豪能科技股份有限公司（以下简称"公司"）召开第六 届董事会第十一次会议，审议通过了《关于 2025 年度向银行申请授信额度的议案》， 并经 2025 年 4 月 11 日召开的 2024 年年度股东大会批准，同意公司及子公司向银行 申请总额不超过人民币 420,000.00 万元的授信额度（在不超过总授信额度范围内， 最终以各银行实际审批的授信额度为准）。本次向银行申请授信额度授权期限为公司 2024 年年度股东大会审议通过之日起至 2025 年年度股东大会召开之日止。上述授信 额度仅由公司及子公司使用，授信期限内，授信额度可循环使用。具体内容请详见 2025 年 3 月 22 ...