Group 1 - The core point of the article highlights the performance of Spring Autumn Electronics, which saw a stock increase of 5.39%, reaching 15.26 CNY per share, with a trading volume of 216 million CNY and a turnover rate of 3.28%, resulting in a total market capitalization of 6.768 billion CNY [1] - Spring Autumn Electronics, established on August 23, 2011, and listed on December 12, 2017, specializes in the research, design, production, and sales of precision structural components and related precision molds for consumer electronics [1] - The company's revenue composition is as follows: structural components account for 89.95%, communication equipment for 5.50%, molds for 2.88%, and other sources for 1.66% [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has a significant position in Spring Autumn Electronics, specifically the China Merchants CSI 2000 Enhanced Strategy ETF (159552), which held 379,700 shares, representing 0.98% of the fund's net value, ranking as the fifth-largest holding [2] - The China Merchants CSI 2000 Enhanced Strategy ETF (159552) has achieved a year-to-date return of 55.27%, ranking 338 out of 4,216 in its category, and a one-year return of 63.93%, ranking 143 out of 3,901 [2] - The fund manager of the China Merchants CSI 2000 Enhanced Strategy ETF is Deng Tong, who has been in the position for 3 years and 349 days, with the fund's total asset size at 8.712 billion CNY and a best return of 77.02% during his tenure [3]

Group 1 - The core announcement is regarding the "Chunqiu Convertible Bond," which will have its last conversion day on November 6, 2025, with only two trading days left until then [1] - After the early redemption is completed, the "Chunqiu Convertible Bond" will be delisted from the Shanghai Stock Exchange starting November 7, 2025 [1] - Investors holding the "Chunqiu Convertible Bond" can either continue trading in the secondary market within the specified time or convert at a price of 10.50 CNY per share, otherwise, they will face forced redemption at a price of 100 CNY per bond plus accrued interest, totaling 101.701 CNY per bond [1]

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 关于实施"春秋转债"赎回暨摘牌的第十九次提示性公告 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。 本次提前赎回完成后，"春秋转债"将自 2025 年 11 月 7 日起在上海证券交 易所摘牌。 投资者所持"春秋转债"除在规定时限内通过二级市场继续交易或按照 10.50 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当 期应计利息（即 101.701 元/张）被强制赎回。若被强制赎回，可能面临较 大投资损失。 特提醒"春秋转债"持有人注意在限期内转股。 敬请广大投资者详细了解可转债相关规定，注意投资风险。 《苏州春秋电子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"《募集说明书》"）的相关约定，已触发"春秋转债"的 ...

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 关于实施"春秋转债"赎回暨摘牌的第十八次提示性公告 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。 重要内容提示： 自 2025 年 11 月 4 日起，"春秋转债"停止交易。 最后转股日：2025 年 11 月 6 日 截至 2025 年 11 月 3 日收市后，距离 11 月 6 日（"春秋转债"最后转股日， 含当日）仅剩 3 个交易日，11 月 6 日为"春秋转债"最后一个转股日。 苏州春秋电子科技股份有限公司（以下简称"公司"、"春秋电子"）股票 自 2025 年 8 月 19 日至 2025 年 9 月 23 日期间，已有 15 个交易日的收盘价格不 低于"春秋转债"当期转股价格 10.50 元/股的 130%（即 13.65 元/股），根据 ...

Core Points - The company has announced the early redemption of the "Chunqiu Convertible Bonds" due to the stock price meeting the conditions for redemption [5][8][19] - The last trading day for the bonds is November 3, 2025, and the last conversion day is November 6, 2025 [1][2][17] - The redemption price is set at 101.701 CNY per bond, which includes the face value and accrued interest [10][12][16] Redemption Details - The bonds will be redeemed on November 7, 2025, and will be delisted from the Shanghai Stock Exchange on the same day [3][18] - The company has triggered the conditional redemption clause as the stock price was above 130% of the conversion price for 15 trading days [5][8][10] - Investors must convert or sell their bonds before the last trading day to avoid forced redemption [4][20] Financial Implications - The accrued interest for the bonds is calculated based on a 3.0% annual interest rate, resulting in 1.701 CNY per bond [11][12] - The total redemption amount for each bond is 101.701 CNY before tax, with a net amount of 101.361 CNY after personal income tax for individual investors [13][14] Investor Guidance - Investors are advised to be aware of the redemption conditions and to act within the specified time frame to avoid potential losses [19][20] - The company will provide further announcements regarding the redemption process and its implications for the company [15][22]

Core Points - The company, Suzhou Chunqiu Electronics Technology Co., Ltd., has announced the early redemption of its convertible bonds, "Chunqiu Convertible Bonds," due to the stock price meeting the conditions for conditional redemption [4][5][6] - The last trading day for the "Chunqiu Convertible Bonds" is November 3, 2025, and the last conversion day is November 6, 2025 [2][3][11] - Following the redemption, the bonds will be delisted from the Shanghai Stock Exchange on November 7, 2025 [4][12] Redemption Details - The redemption price is set at 101.701 CNY per bond, which includes the face value and accrued interest [7][8] - The accrued interest is calculated based on a 3.0% annual coupon rate for 207 days, resulting in an interest of 1.701 CNY per bond [7][8] - The redemption will be executed for all bonds registered as of the redemption registration date, November 6, 2025 [5][6][9] Investor Guidance - Investors are advised to either convert their bonds at the conversion price of 10.50 CNY per share or sell them in the secondary market before the last trading day to avoid forced redemption [4][11][12] - The company emphasizes the importance of understanding the convertible bond regulations and the associated risks [4][12] Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 101.361 CNY per bond after tax [8] - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds until December 31, 2025 [8]

Core Viewpoint - Spring Autumn Electronics is a significant player in the precision structural components and molds for consumer electronics, with a strong focus on R&D, design, production, and sales, and has established stable partnerships with leading global brands and manufacturers [1] Group 1: Business Performance - In Q3 2025, Spring Autumn Electronics reported revenue of 3.197 billion yuan, ranking 22nd among 88 companies in the industry, with the industry leader, Industrial Fulian, achieving revenue of 60.393 billion yuan [2] - The company's net profit for the same period was 225 million yuan, also ranking 22nd, while the industry leader's net profit was 22.522 billion yuan [2] - The company experienced a year-on-year revenue growth of 7.21% and a net profit growth of 63.91% in the first three quarters of 2025 [5] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 49.72%, down from 52.65% year-on-year but still above the industry average of 44.84% [3] - The gross profit margin for Q3 2025 was 19.19%, an increase from 15.42% year-on-year, approaching the industry average of 19.47% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.08% to 40,900, while the average number of circulating A-shares held per shareholder increased by 2.08% to 10,800 [5] - Hong Kong Central Clearing Limited became the third-largest circulating shareholder, holding 5.7876 million shares as a new shareholder [5] Group 4: Management Compensation - The chairman and general manager, Xue Gewen, received a salary of 2.5597 million yuan in 2024, an increase of 24,400 yuan from 2023 [4] Group 5: Future Outlook - The company is expected to see continued growth driven by market recovery and increased penetration of AI PCs, with stable supply relationships with leading laptop brands [5] - The projected net profits for 2025, 2026, and 2027 are 356 million yuan, 434 million yuan, and 575 million yuan, respectively, with corresponding PE ratios of 18.45, 15.12, and 11.41 [5]

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 关于实施"春秋转债"赎回暨摘牌的第十七次提示性公告 重要内容提示： 截至 2025 年 10 月 31 日收市后，距离 11 月 3 日（"春秋转债"最后交易日， 含当日）仅剩 1 个交易日，11 月 3 日为"春秋转债"最后一个交易日。 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。 最后转股日：2025 年 11 月 6 日 截至 2025 年 10 月 31 日收市后，距离 11 月 6 日（"春秋转债"最后转股日， 含当日）仅剩 4 个交易日，11 月 6 日为"春秋转债"最后一个转股日。 苏州春秋电子科技股份有限公司（以下简称"公司"、"春秋电子"）股票 自 2025 年 8 月 19 日至 2025 年 9 月 23 日期间，已有 15 个 ...

Core Viewpoint - The stock of Spring Autumn Electronics has experienced fluctuations, with a recent decline of 2.02%, while the company shows a significant year-to-date price increase of 29.40% [1] Group 1: Stock Performance - As of October 31, the stock price is reported at 15.01 CNY per share, with a trading volume of 4.32 billion CNY and a turnover rate of 6.39%, leading to a total market capitalization of 66.57 billion CNY [1] - Year-to-date, the stock has risen by 29.40%, with a 6.45% increase over the last five trading days, a 2.39% increase over the last twenty days, and a 23.03% increase over the last sixty days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on January 7, where it recorded a net purchase of 29.09 million CNY [1] Group 2: Company Overview - Spring Autumn Electronics, established on August 23, 2011, and listed on December 12, 2017, is located in Kunshan, Jiangsu Province, and specializes in the R&D, design, production, and sales of precision structural components and related molds for consumer electronics [2] - The revenue composition of the company includes 89.95% from structural components, 5.50% from communication equipment, 2.88% from molds, and 1.66% from other sources [2] - The company operates within the electronic industry, specifically in the consumer electronics sector, and is associated with concepts such as Foxconn, Apple, Samsung, and Huawei [2] Group 3: Financial Performance - For the period from January to September 2025, Spring Autumn Electronics reported a revenue of 3.197 billion CNY, reflecting a year-on-year growth of 7.21%, and a net profit attributable to shareholders of 231 million CNY, marking a significant increase of 63.91% [2] - The company has distributed a total of 359 million CNY in dividends since its A-share listing, with 107 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders stands at 40,900, a decrease of 1.08% from the previous period, with an average of 10,827 circulating shares per person, an increase of 2.08% [2][3]

Core Viewpoint - The company has significantly benefited from the recovery of the laptop industry, leading to substantial growth in its performance in 2025 [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 3.197 billion yuan, representing a year-on-year increase of 7.21% [1]. - The net profit attributable to shareholders reached 231 million yuan, marking a year-on-year growth of 63.91% [1]. - In Q3 2025, the company recorded a non-GAAP net profit of 114 million yuan, a historical high with a year-on-year increase of 452.42% [2]. Group 2: Market Position and Client Relationships - The company is one of the few notebook component suppliers with independent mold design and production capabilities, providing precision structural component modules to major manufacturers [2]. - It has established long-term stable partnerships with leading global laptop brands such as Lenovo, Dell, HP, Samsung, Toshiba, and LG, as well as with major OEMs like Wistron, Quanta, and Huaqin [2]. - The company collaborates closely with its clients in the R&D process of new products, enhancing its relationships with downstream customers [2]. Group 3: Industry Trends and Future Outlook - The company is expected to benefit from the increasing penetration of AI PCs and the recovery of the PC industry [2]. - It has mastered magnesium alloy manufacturing processes and is positioned to supply components for the growing demand in the new energy vehicle sector [3]. - The company has received certifications from several well-known automotive electronics manufacturers and has formed business relationships with various new energy vehicle manufacturers [3]. - Revenue projections for 2025-2027 are 4.629 billion, 5.639 billion, and 6.767 billion yuan, with year-on-year growth rates of 17.4%, 21.8%, and 20.0% respectively [3]. - Net profit forecasts for the same period are 334 million, 460 million, and 605 million yuan, with year-on-year growth rates of 58.2%, 37.7%, and 31.4% respectively [3].