Core Viewpoint - Yongchong Intelligent's stock price has decreased by 3.21% this week, closing at 10.56 yuan, with a total market capitalization of 5.15 billion yuan as of September 5, 2025 [1] Company Announcements - The third extraordinary general meeting of shareholders was held on September 1, 2025, where 238 participants represented 223,227,729 shares, accounting for 45.7739% of the total voting shares [2] - The meeting approved 13 resolutions, including the cancellation of the supervisory board and amendments to the company's articles of association, with all resolutions passed without any objections [2][3] - The company plans to appoint Zhonghui Certified Public Accountants as the auditing firm for the 2025 fiscal year, with an audit fee of 1.2 million yuan, unchanged from the previous year [3][5] - Zhang Caiqin was elected as a representative director of the fifth board of directors, with her term starting immediately and lasting until the board's term ends [4] Financial Instruments - The company issued convertible bonds named "Yong 02 Convertible Bonds" with a total issuance amount of 610.547 million yuan, with a term from August 4, 2022, to August 3, 2028 [5] - The initial conversion price is set at 14.07 yuan per share, while the current conversion price is 9.69 yuan per share [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company has shown stable revenue growth, with a 12.85% year-on-year increase in revenue for the first half of 2025, reaching 1.902 billion yuan, and a 19.19% increase in net profit attributable to shareholders, amounting to 81 million yuan [5][6]. - The decline in net profit after deducting non-recurring gains and losses is attributed to economic cycle fluctuations, intensified market competition, and increased costs, leading to a decrease in product gross margin [6]. - The company is actively investing in research and development for new products, including flexible sterile packaging production lines and humanoid robots, with several designs already completed [7]. Summary by Sections Company Overview - Latest closing price: 10.17 yuan - Total shares: 488 million, circulating shares: 480 million - Total market value: 5 billion yuan, circulating market value: 4.9 billion yuan - Highest/Lowest price in the week: 12.13 / 5.54 yuan - Debt-to-asset ratio: 68.3% - Price-to-earnings ratio: 321.84 [4]. Financial Performance - For the first half of 2025, the company reported revenue of 1.902 billion yuan, a 12.85% increase year-on-year, and a net profit of 81 million yuan, a 19.19% increase year-on-year [5]. - The gross margin decreased by 1.55 percentage points to 26.93%, while the expense ratio decreased by 1.44 percentage points to 20.27% [6]. Market Outlook - The demand for packaging equipment in the beverage, beer, and snack food sectors remains stable, with growth in sales of standard single machines and intelligent packaging production lines [6]. - The company expects revenue growth of 11.75%, 11.66%, and 5.72% for 2025, 2026, and 2027, respectively, with net profit projections of 184 million, 233 million, and 289 million yuan for the same years [8][10]. Valuation - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 26.95, 21.31, and 17.18, respectively, indicating a favorable valuation outlook [8][10].

Trading Information Summary - On September 4, 2025, Yongchuan Intelligent (603901) closed at 10.17 yuan, down 3.05%, with a turnover rate of 2.56% and a trading volume of 122,700 shares, amounting to a total transaction value of 127 million yuan [1] - On the same day, the net outflow of main funds was 7.139 million yuan, accounting for 5.63% of the total transaction value; the net outflow of retail funds was 2.7617 million yuan, accounting for 2.18% of the total transaction value; while retail investors saw a net inflow of 9.9007 million yuan, accounting for 7.8% of the total transaction value [1][3] Company Announcement Summary - On September 2, 2025, the company held a staff representative meeting and elected Ms. Zhang Caiqin as the staff representative director of the fifth board of directors, with her term starting from the date of approval until the end of the fifth board's term. Ms. Zhang, born in 1972, holds a bachelor's degree and is a senior engineer, currently serving as a director and deputy general manager of the company [1] - The board composition remains unchanged after the election, with the number of directors concurrently serving as senior management and those representing employees not exceeding half of the total number of directors. Ms. Zhang has been with the company since 2006 and has held multiple senior management positions [1] Convertible Bond Information Summary - The company issued a report on the fourth temporary management of its publicly issued convertible bonds, named "Yong 02 Convertible Bonds" with code 113654, amounting to 610.547 million yuan, with a term from August 4, 2022, to August 3, 2028, and an increasing coupon rate [2] - The initial conversion price is 14.07 yuan per share, while the current conversion price is 9.69 yuan per share. The company's credit rating is AA-, and the convertible bonds are unsecured [2]

Core Points - The company held a staff representative meeting on September 2, 2025, to elect Ms. Zhang Caiqin as a staff representative director of the fifth board of directors, with her term starting from the approval date until the end of the fifth board's term [1] - Ms. Zhang was previously a non-staff representative director and her change does not alter the composition of the fifth board of directors [1] - The election of the staff representative director complies with relevant laws and regulations, ensuring that the total number of directors who are also senior management and those who are staff representatives does not exceed half of the total number of directors [1] Summary of Ms. Zhang Caiqin - Ms. Zhang Caiqin, born in 1972, holds a bachelor's degree and is a senior engineer, currently serving as a director and deputy general manager of the company [2] - Her previous roles include vice general manager and financial director at Hangzhou Yongchuang Machinery Co., Ltd. from 2006 to 2011, and various positions within the company from 2011 to the present [2] - As of the announcement date, Ms. Zhang has no related party relationships with shareholders holding more than 5% of the company, and has not faced any administrative penalties or investigations from the China Securities Regulatory Commission [2]

Group 1 - The company is issuing convertible bonds with a total duration of 6 years, from August 4, 2022, to August 3, 2028 [3] - The coupon rates for the bonds are structured to increase over the years, starting at 0.30% in the first year and reaching 2.50% in the sixth year [3] - The bonds will pay interest annually, with the first interest payment occurring one year after the issuance date [5] Group 2 - The initial conversion price for the bonds is set at 14.07 yuan per share, while the current conversion price is 9.69 yuan per share [6] - The company has received a credit rating of AA- from Zhongceng Pengyuan, with a stable outlook for the issuer [6] - The company plans to issue A-shares to specific investors through a simplified procedure, which has been authorized by the board and requires approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [6][7]

Core Points - Yongchong Intelligent announced the election of Ms. Zhang Caiqin as the employee representative director of the fifth board of directors during the employee representative meeting held on September 2, 2025 [1] Company Summary - The term of Ms. Zhang Caiqin as the employee representative director will last from the approval date of the employee representative meeting until the end of the fifth board of directors' term [1]

转债简称：永 02 转债 债券代码：113654 杭州永创智能设备股份有限公司 公开发行可转换公司债券 第四次临时受托管理事务报告 （2025 年度） 股票简称：永创智能 股票代码：603901 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）《杭 州永创智能设备股份有限公司与海通证券股份有限公司之杭州永创智能设备股 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》"） 《杭州永创智能设备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》"）等相关公开信息披露文件等，由本次可转债受托管理 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，未经国泰海通书面许可，不得将本报告用作其他任何用 途。 2 国泰海通作为杭州永创智能设备股份有限公司（以下简称"永创智能"、"公 司"或"发行人"）公开发行可转换公司债券 ...

Core Points - The company held a staff representative meeting on September 2, 2025, to elect Zhang Caiqin as a staff representative director of the fifth board of directors [1] - Zhang Caiqin was previously a non-staff representative director and her election does not change the composition of the board [1] - The election complies with relevant laws and regulations, ensuring that the number of directors holding senior management positions and those representing staff does not exceed half of the total number of directors [1] Summary of Zhang Caiqin's Profile - Zhang Caiqin, born in 1972, holds a bachelor's degree and is a senior engineer [2] - She has held various positions within the company, including vice general manager and board secretary, since 2006 [2] - As of the announcement date, she has no related party relationships with major shareholders or other board members and has not faced any regulatory penalties [2]

| 证券代码：603901 | 证券简称：永创智能 | 公告编号：2025-084 | | --- | --- | --- | | 转债代码：113654 | 转债简称：永 02 转债 | | 杭州永创智能设备股份有限公司 根据《中华人民共和国公司法》《公司章程》等有关规定，杭州永创智能设 备股份有限公司（以下简称"公司"）于 2025 年 9 月 2 日召开职工代表大会， 选举张彩芹女士（简历附后）为公司第五届董事会职工代表董事，任期自本次职 工代表大会审议通过之日起至第五届董事会届满之日止。 张彩芹女士原为公司第五届董事会非职工代表董事，变更为第五届董事会职 工代表董事后，公司第五届董事会构成人员不变。 上述职工代表董事符合《公司法》《公司章程》等相关法律法规和制度规定 的关于董事任职的资格和条件，本次选举完成后，公司董事会中兼任高级管理人 员职务的董事以及由职工代表担任的董事，总计未超过公司董事总数的二分之 一。 杭州永创智能设备股份有限公司董事会 2025 年 9 月 4 日 附件：职工代表董事张彩芹简历 张彩芹女士：1972 年生，本科学历，正高级工程师。现任公司董事、副总 经理。2006 年至 2 ...

Group 1 - The core point of the article is that Yongchuang Intelligent held its third extraordinary general meeting of shareholders for 2025 on September 1, 2025, where several resolutions were approved, including the proposal to cancel the supervisory board and amend related articles [2] Group 2 - The announcement indicates a significant governance change within the company, reflecting a shift in its organizational structure [2] - The meeting's resolutions may impact the company's operational efficiency and decision-making processes moving forward [2] - The timing of the meeting and the decisions made could signal strategic adjustments in response to market conditions or internal assessments [2]