Core Viewpoint - The credit rating report for Jiangsu Wujin Stainless Steel Co., Ltd. indicates a stable outlook, reflecting the company's strong position as a major supplier of industrial stainless steel pipes in China, despite challenges in the petrochemical sector affecting revenue [2][4]. Company Overview - Jiangsu Wujin Stainless Steel Co., Ltd. is a leading supplier of industrial stainless steel pipes in China, with stable relationships with major clients such as Sinopec and PetroChina [4][11]. - The company has achieved significant certifications, including those from Saudi Aramco, enhancing its brand strength and international sales [4][14]. Financial Performance - The company's total assets as of March 2025 were 40.83 billion, with equity attributable to shareholders at 26.28 billion [2][3]. - Revenue for 2024 is projected to decline significantly, with a year-on-year decrease of 54.34% in the petrochemical sector, leading to a total revenue of 4.83 billion [3][21]. - The net profit for the first quarter of 2025 was 0.30 billion, down from 1.26 billion in the same period of 2024 [3][21]. Market Environment - The stainless steel pipe industry in China is characterized by ample capacity, with the petrochemical sector being the primary consumer, although demand has weakened since 2024 [10][11]. - The company faces competition from both domestic and international players, with a low industry concentration and varying regional demands [10][11]. Operational Challenges - High inventory levels pose operational challenges, necessitating effective inventory management and increased working capital requirements [4][5]. - The company has a significant reliance on raw materials, with stainless steel round bars and plates constituting over 70% and 80% of production costs for seamless and welded pipes, respectively [18][19]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating steady demand in the boiler and nuclear power sectors, despite current challenges in the petrochemical industry [4][6]. - The company is actively expanding its presence in international markets, particularly in the Middle East and South America, with a projected 56.82% increase in foreign sales [21].

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. maintains its credit rating of "AA" with a stable outlook for both the company and its convertible bonds, indicating consistent financial health and stability in its operations [1][2]. Group 1: Credit Rating Information - The company commissioned China Chengxin International Credit Rating Co., Ltd. to conduct a follow-up credit rating for its convertible bonds issued on July 10, 2023 [1]. - The previous credit rating for the company was "AA" with a stable outlook, and the same rating applies to the Wujin Convertible Bonds [2]. - The follow-up rating report was issued on June 26, 2025, confirming that there were no changes in the credit ratings from the previous assessment [2]. Group 2: Regulatory Compliance - The company’s actions are in accordance with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the issuance and rating of securities [1]. - The follow-up rating report is publicly available on the Shanghai Stock Exchange website, ensuring transparency and compliance with disclosure requirements [2].

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 化。 本次跟踪评级报告详见公司同日于上海证券交易所网站（www.sse.com.cn） 披露的《2023 年江苏武进不锈股份有限公司向不特定对象发行可转换公司债券 2025 年跟踪评级报告》。 特此公告。 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》、《上海 证券交易所公司债券上市规则》等有关规定，江苏武进不锈股份有限公司（以下 简称"公司"）委托中证鹏元资信评估股份有限公司（以下简称"中证鹏元"） 对公司于 2023 年 7 月 10 日发行的可转换公司债券（以下简称"武进转债"）进 行了跟踪信用评级。 公司前次主体信用等级为"AA"，评级展望为"稳定"；"武进转债"前 次债券信用等级为"AA"；评级机构为中证鹏元，评级时间 2024 年 6 月 21 日。 中证鹏元在对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 26 日出具了《2023 年江苏武进不锈股份有限公司向不特定对象发行可转 ...

江苏武进不锈股份有限公司相关 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【656】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权 ...

Summary of Key Points Core Viewpoint - The company Jiangsu Wujin Stainless Steel Co., Ltd. has experienced a decline in revenue and net profit for the year 2024, while also announcing a bond issuance to fund a new project [2][4]. Group 1: Financial Performance - For the year 2024, the company reported a revenue of RMB 2,651,650,094.54, representing a year-on-year decrease of 24.57% [2][4]. - The net profit attributable to shareholders for 2024 was RMB 125,714,250.52, which is a significant decline of 64.25% compared to the previous year [2][4]. Group 2: Bond Issuance - The company announced a bond issuance totaling RMB 310,000,000.00, with a net fundraising amount of RMB 299,766,509.45 after deducting issuance costs [2]. - The raised funds will be allocated to a project aimed at producing 20,000 tons of high-end stainless steel seamless pipes [2]. Group 3: Management Changes - The company's chairman, Zhu Guoliang, resigned on May 14, 2024, and the vice chairman, Zhu Qi, has taken over the chairman's responsibilities [2][4]. - The company completed the election of the board of directors and supervisory board, along with the appointment of senior management personnel on August 5, 2024 [2]. Group 4: Credit Ratings - The company's credit rating is classified as "AA" with a stable outlook, while the "Wujin Convertible Bond" also holds an "AA" credit rating [2].

Group 1 - The company Jiangsu Wujin Stainless Steel Co., Ltd. issued convertible bonds totaling RMB 310 million, with 3,100,000 bonds at a face value of RMB 100 each [3][19][26] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [4][10] - The initial conversion price for the bonds is set at RMB 8.55 per share, with provisions for adjustments based on stock dividends and other corporate actions [6][7][10] Group 2 - The company reported a significant decline in net profit for 2024, amounting to RMB 125.71 million, a decrease of 64.25% compared to the previous year, primarily due to downturns in the petrochemical industry [20][26] - The total revenue for 2024 was RMB 2.65 billion, reflecting a 24.57% decrease from RMB 3.52 billion in 2023 [20][26] - The company’s total assets at the end of 2024 were RMB 4.05 billion, down 4.98% from RMB 4.26 billion in 2023 [20][26] Group 3 - The company has established a special account for managing the raised funds, with agreements signed with multiple banks to ensure proper oversight [19][21] - As of July 25, 2024, the company had permanently supplemented its working capital with surplus funds amounting to approximately RMB 14.89 million [25][26] - The company’s credit rating is "AA" with a stable outlook, indicating a strong capacity to meet its financial obligations [19][26]

证券代码： 603878 证券简称：武进不锈 债券代码： 113671 债券简称：武进转债 重要声明 江苏武进不锈股份有限公司 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） 债券受托管理人 （中国（上海）自由贸易试验区商城路618号） 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》"） 《公司债券受托管理人执业行为准则》《江苏武进不锈股份有限公司向不特定对象 发行可转换公司债券之债券受托管理协议》（以下简称"《受托管理协议》"）《江 苏武进不锈股份有限公司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》"）《江苏武进不锈股份有限公司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，由本次债券受托管理人国泰 海通证券股份有限公司（以下简称"国泰海通"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事 宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的承诺或声 明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，国泰海通不承 担任何责任。 | 第一节 | 本次债券概况 4 | ...

| 证券代码：603878 | 证券简称：武进不锈 公告编号：2025-031 | | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | 江苏武进不锈股份有限公司 关于实施 2024 年度权益分派调整"武进转债"转股价 格的公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113671 | 武进转债 | 可转债转股复牌 | | | 2025/6/19 | 2025/6/20 | 调整前转股价格：8.02 元/股 调整后转股价格：7.93 元/股 "武进转债"本次转股价格调整实施日期：2025 年 6 月 20 日 一、可转债发行上市概况 公司 2024 年度权益分 ...

差异化分红事项的核查意见 国泰海通证券股份有限公司 关于江苏武进不锈股份有限公司 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 江苏武进不锈股份有限公司（以下简称"武进不锈"或"公司"）2023 年度向不 特定对象发行可转换公司债券的持续督导保荐机构，根据《中华人民共和国证券 法》《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关法律、行政法规、部门规章及其他规范性文件的相 关规定，对武进不锈 2024 年年度利润分配所涉及的差异化分红进行了核查，核 查情况及核查意见如下： 一、本次差异化分红的原因 2024 年 9 月 9 日，公司召开了第五届董事会第三次会议、第五届监事会第 三次会议，审议通过了《关于以集中竞价交易方式回购股份方案的议案》，同意 公司以自有资金通过集中竞价交易方式回购公司发行的人民币普通股（A 股）。 回购的股份拟用于实施员工持股计划或者股权激励。回购的价格不超过人民币 8.28 元/股（含），回购的资金总额不低于人民币 2,000 万元（含），不超过人民币 3,000 万元（含）。回购期限自董事会审议通过回购股份方案 ...

债券代码：113671 债券简称：武进转债 证券代码：603878 证券简称：武进不锈 公告编号：2025-032 江苏武进不锈股份有限公司 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.09元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 根据《上海证券交易所交易规则》《上海证券交易所上市公司自律监管指南第 2 号—业务 办理：第五号—权益分派》相关规定，公司本次将按照以下公式计算除权除息开盘参考价： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司 ...