可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 8月28日，洛凯转债盘中下跌2.02%报143.714元/张，成交额3808.63万元，转股溢价率20.02%。 资料显示，洛凯转债信用级别为"AA-"，债券期限6年（第一年0.20%、第二年0.40%、第三年0.80%、第 四年1.50%、第五年2.00%、第六年2.50%），对应正股名称为洛凯股份，转股开始日为2025年4月23 日，转股价15.33元。 根据最新一期财务数据，2025年1月-3月，洛凯股份实现营业收入4.681亿元，同比增加7.45%；归属净 利润2793.24万元，同比增加52.05%；扣非净利润2688.8万元，同比增加83.73%。 截至2025年3月，洛凯股份筹码集中度非常集中。十大股东持股合计占比76.5%，十大流通股东持股合 计占比76.5%。股东人数1.038万户，人均流通股1.541万股，人均 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of Luokai Convertible Bonds, which have a current price of 151.045 yuan per bond and a conversion premium rate of 20.85% [1] - Luokai Convertible Bonds have a credit rating of "AA-" and a maturity period of 6 years with varying interest rates from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for Luokai shares is set at 15.33 yuan, with the conversion period starting on April 23, 2025 [1] Group 2 - Jiangsu Luokai Electromechanical Co., Ltd. is located in Changzhou, a part of the Yangtze River Delta, and specializes in the R&D, production, sales, and service of key components for high and low voltage distribution electrical appliances [2] - The company has a management team with over 50 years of experience and is recognized as a leading enterprise in the distribution electrical appliance component industry in China [2] - Luokai's products are exported to various countries including the USA, France, Netherlands, India, and Italy, and the company has notable domestic and international customers [2] Group 3 - For the first quarter of 2025, Luokai achieved a revenue of 468.1 million yuan, representing a year-on-year increase of 7.45% [2] - The net profit attributable to shareholders was 27.93 million yuan, showing a year-on-year increase of 52.05%, while the net profit excluding non-recurring items was 26.88 million yuan, up by 83.73% year-on-year [2] - As of March 2025, the concentration of shares among the top ten shareholders is very high, accounting for 76.5% of total shares, with an average holding amount of 220,900 yuan per shareholder [2]

Core Viewpoint - The demand for smart ring network cabinets is significantly influenced by the State Grid Corporation of China, which is a major user of distribution equipment and plays a leading role in the construction of smart grids and new power systems in China. The total tender volume for smart ring network cabinets is expected to reach 36,631 units in 2024, reflecting a year-on-year increase of 40.02% [1][10]. Market Policy - The smart ring network cabinet falls under the category of "C38 Electrical Machinery and Equipment Manufacturing" in China's national economic industry classification. The development of this industry is supported by various policies aimed at enhancing the safety and efficiency of the power system, including guidelines for rural power grid enhancement and the promotion of intelligent manufacturing [4][6]. Industry Chain - The upstream of the smart ring network cabinet industry includes suppliers of metals such as copper, aluminum, and steel, as well as insulation materials and electronic components. The downstream market primarily consists of applications in urban residential areas, secondary substations, and industrial enterprises [7]. Development Status - The primary customers for smart ring network cabinets are subsidiaries of the State Grid, which imposes strict quality and technical requirements on distribution equipment. The demand from the State Grid serves as a barometer for the market's development [9][10]. Competitive Landscape - The smart ring network cabinet market in China is characterized by a fragmented competitive landscape, with 296 companies winning tenders in 2024, totaling 14.6 billion yuan. Key players include Guodian NARI Technology Co., Ltd., Beijing Haochuang Ruitong Electric Equipment Co., Ltd., and Keda Intelligent Electric Technology Co., Ltd. [13][14]. Development Trends - Future advancements in technologies such as 5G, IoT, big data, and AI are expected to enhance the capabilities of smart ring network cabinets, enabling faster response times and more efficient data processing. The demand for high-capacity ring network cabinets is anticipated to grow due to increasing power needs and the expansion of the power grid [21].

8月14日，洛凯转债盘中下跌2.0%报145.95元/张，成交额3689.44万元，转股溢价率21.47%。 根据最新一期财务数据，2025年1月-3月，洛凯股份实现营业收入4.681亿元，同比增加7.45%；归属净 利润2793.24万元，同比增加52.05%；扣非净利润2688.8万元，同比增加83.73%。 资料显示，洛凯转债信用级别为"AA-"，债券期限6年（第一年0.20%、第二年0.40%、第三年0.80%、第 四年1.50%、第五年2.00%、第六年2.50%），对应正股名称为洛凯股份，转股开始日为2025年4月23 日，转股价15.33元。 截至2025年3月，洛凯股份筹码集中度非常集中。十大股东持股合计占比76.5%，十大流通股东持股合 计占比76.5%。股东人数1.038万户，人均流通股1.541万股，人均持股金额22.09万元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在 ...

Group 1 - The core point of the news is the performance and characteristics of Luokai Convertible Bonds, which have seen a price increase and a specific conversion premium rate [1] - Luokai Convertible Bonds have a credit rating of "AA-" and a maturity period of 6 years with varying interest rates over the years [1] - The conversion price for the bonds is set at 15.33 yuan, with the conversion starting on April 23, 2025 [1] Group 2 - Jiangsu Luokai Electromechanical Co., Ltd. is located in Changzhou, part of the Yangtze River Delta, and specializes in the R&D, production, sales, and service of key components for high and low voltage distribution electrical appliances [2] - The company has a strong management team with over 50 years of experience and is recognized as a leading enterprise in the distribution electrical appliance component industry in China [2] - Luokai's products are exported to various countries, including the USA, France, the Netherlands, India, and Italy, and the company has established relationships with well-known domestic and international customers [2] Group 3 - For the first quarter of 2025, Luokai achieved a revenue of 468.1 million yuan, representing a year-on-year increase of 7.45%, and a net profit attributable to shareholders of 27.93 million yuan, up 52.05% year-on-year [2] - The concentration of shareholding is very high, with the top ten shareholders holding a combined 76.5% of the shares, and the average holding amount per shareholder is 220,900 yuan [2]

Summary of AIDC Circuit Breaker Conference Call Industry Overview - The domestic circuit breaker industry is experiencing opportunities for de-foreignization and expansion into overseas markets, particularly in North America where demand is strong and solutions are rapidly evolving [1][2] - The global supply landscape is currently dominated by foreign companies such as Westinghouse, Siemens, and Schneider, which hold over 90% market share [2] Key Insights and Arguments - Domestic circuit breaker prices are approximately 0.2 to 0.3 yuan per unit, while overseas prices can double to 0.5 to 0.6 yuan per unit, with even higher prices for direct current solutions [3] - The domestic circuit breaker industry has high technical barriers and is concentrated among a few competitive companies, such as Liangxin Co., which has maintained a gross margin above 30% over the past two years, indicating high technical content in its products [1][5] - Liangxin Co. is well-positioned in the industry with strong growth potential, but replacing foreign production will take time. Institutional interest in these leading companies is a positive signal [6] Important but Overlooked Content - Luokai, a core supplier, holds a 10%-20% share in the circuit breaker value chain and has over 50% market share in the high-end market, indicating its critical role in the industry [7][9] - The operation mechanism of circuit breakers accounts for about 10%-20% of the overall value chain, with higher value in high-end applications [8] - Luokai's revenue is projected to reach 150 million yuan in 2025, with a growth rate of 20%-30% expected in the next two to three years [10] Market Trends and Future Outlook - The overseas market for circuit breakers is robust, with expectations of price increases in 2026 due to strong demand [11] - The value disparity between domestic and overseas markets is significant, with domestic single-unit value at approximately 0.3 yuan per watt, while the overall cabinet price is three times that, indicating potential for price increases [12] - Domestic supply chains are expected to capture over 50% of the international market share, as they face less competition from traditional foreign manufacturers [15][16] Liangxin Co. and Luokai's Future Potential - Liangxin Co. has reduced its real estate business to about 10% and is expected to see over 30% growth in its main business this year, with projected revenues of 9 to 10 billion yuan next year [17] - The trend towards integrated cabinets is a key development direction for Liangxin, enhancing its competitiveness and market position [18] - Future trends in the circuit breaker market include a shift towards integrated cabinet manufacturing and increased demand for direct current and solid-state solutions, which will elevate the value of circuit breakers [19][20] Conclusion - Liangxin Co. is currently undervalued and has significant potential for growth in both domestic and international markets, particularly in the areas of integrated solutions, direct current, and solid-state technology [21]

Group 1 - The core point of the news is the performance and characteristics of Luokai Convertible Bonds, which have seen a decline in price and a specific conversion premium rate [1] - Luokai Convertible Bonds have a credit rating of "AA-" and a maturity period of 6 years with varying interest rates over the years [1] - The conversion price for Luokai shares is set at 15.33 yuan, with the conversion starting on April 23, 2025 [1] Group 2 - Jiangsu Luokai Electromechanical Co., Ltd. is located in Changzhou, part of the Yangtze River Delta, and specializes in the R&D, production, sales, and service of low and high voltage distribution electrical accessories [2] - The company has a management team with over 50 years of experience and is recognized as a leading enterprise in the distribution electrical accessories industry in China [2] - Luokai's products are exported to various countries, including the USA, France, the Netherlands, India, and Italy, and the company has notable domestic and international customers [2] Group 3 - For the first quarter of 2025, Luokai achieved a revenue of 468.1 million yuan, representing a year-on-year increase of 7.45% [2] - The net profit attributable to shareholders was 27.93 million yuan, showing a significant year-on-year increase of 52.05% [2] - The concentration of shares is high, with the top ten shareholders holding a combined 76.5% of the shares, and the average holding amount per shareholder is 220,900 yuan [2]

8月8日，洛凯转债盘中上涨2.13%报145.0元/张，成交额5217.94万元，转股溢价率16.31%。 资料显示，洛凯转债信用级别为"AA-"，债券期限6年（第一年0.20%、第二年0.40%、第三年0.80%、第 四年1.50%、第五年2.00%、第六年2.50%），对应正股名称为洛凯股份，转股开始日为2025年4月23 日，转股价15.33元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，江苏洛凯机电股份有限公司坐落于长江三角洲地带——常州市。公司专注于高低压配电电器 关键部附件的研发、生产、销售及服务,是上海证券交易所A股主板的上市企业(股票代码:603829)。公司 的主要经营管理团队从创业至今已有50多年的历史,已成为我国配电电器部附件行业的领军企业之一。 公司拥有包括上海电气股份有限公司人民电器厂、上海良信电器、浙江正泰电气、德力西电气集团、许 继 ...

| 证券代码：603829 | 证券简称：洛凯股份 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：113689 | 债券简称：洛凯转债 | | 江苏洛凯机电股份有限公司 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： 累计转股情况：江苏洛凯机电股份有限公司（以下简称"公司"）向不 特定对象发行的可转换公司债券（以下简称"洛凯转债"或"可转债"）自 2025 年 4 月 23 日起可转换为本公司股份，截至 2025 年 6 月 30 日，"洛凯转债"累计 转股金额 128,000 元，累计因转股形成的股份数量为 8,269 股，占可转债转股前 公司已发行股份总额的 0.0052%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"洛凯转债" 金额为 403,303,000 元，占"洛凯转债"发行总量的 99.9683%。 本季度转股情况：2025 年 4 月 23 日至 2025 年 6 月 30 日期间，"洛凯转 ...

| 证券代码：603829 | 证券简称：洛凯股份 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：113689 | 债券简称：洛凯转债 | | 江苏洛凯机电股份有限公司 关于使用部分闲置募集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个别及连带责任。 重要内容提示： 履行的审议程序：江苏洛凯机电股份有限公司（以下简称"洛凯股份"或"公 司"）于 2024 年 11 月 29 日召开第三届董事会第二十五次会议、第三届监事会第二 十四次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意 公司在确保不影响可转换公司债券募集资金项目建设和募集资金使用的情况下，使 用单日最高余额不超过 12,000 万元的闲置募集资金进行现金管理，使用期限为董事 会审议通过该议案起 12 个月内，在上述额度及期限内，资金可以滚动使用。 一、前次使用闲置募集资金进行现金管理到期赎回情况 公司前次使用闲置募集资金购买了中信银行股份有限公司的理财产品，具体内 容详见公司在上海证 ...