| 证券代码：603982 | 证券简称：泉峰汽车 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：113629 | 转债简称：泉峰转债 | | 南京泉峰汽车精密技术股份有限公司 关于"泉峰转债"转股数量累计达到转股前公司已发 行股份总额 10%暨股份变动的公告 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： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准南京泉峰汽车精密技术股份有限公司 公开发行可转换公司债券的批复》（证监许可[2021]2511 号）核准，并经上海 证券交易所同意，南京泉峰汽车精密技术股份有限公司（以下简称"公司"）于 2021 年 9 月 14 日公开发行可转换公司债券 620 万张，每张面值为人民币 100 元， 发行总额为人民币 62,000 万元，期限 6 年。可转债票面利率为：第一年 0.4%、 第二年 0.6%、第三年 1.0%、第四年 1.5%、第五年 2.5%、第六年 3.0%。 （二）可转债上市情况 ...

证券代码：603982.SH 证券简称：泉峰汽车 可转债代码：113629.SH 可转债简称：泉峰转债 南京泉峰汽车精密技术股份有限公司 公开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 二〇二五年六月 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》"）、《关于南京泉峰汽车精密技术股份有限公司公开发行 A 股可转换公 司债券之债券受托管理协议》（以下简称"《受托管理协议》"）、《南京泉 峰汽车精密技术股份有限公司 2021 年度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》"）、《南京泉峰汽车精密技术股份有限公司 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中国国际金融股份有限公司（以下简称"中金公 司"）编制。中金公司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中金 ...

南京泉峰汽车精密技术股份有限公司（以下简称"公司"）于2025年6月25 日收到公司控股股东泉峰精密技术控股有限公司（以下简称"泉峰精密"）之一 致行动人泉峰（中国）投资有限公司（以下简称"泉峰中国投资"）的通知，泉 峰中国投资股权结构变更已完成工商变更登记手续，并取得南京市江宁区市场监 督管理局颁发的营业执照。 上述股权结构变更事项，具体详见公司于2025年3月27日于指定信息披露媒 体上披露的《关于控股股东之一致行动人股权结构拟发生变更的提示性公告》。 本次股权结构变动后，公司与控股股东及其一致行动人、实际控制人的股权 结构关系如下： | 证券代码：603982 | 证券简称：泉峰汽车 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：113629 | 转债简称：泉峰转债 | | 南京泉峰汽车精密技术股份有限公司 关于控股股东之一致行动人股权结构变更完成的公 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。 一、本次股权结构变动基本情况 请广大投资者理性投资，注意投资风险。 特此公 ...

Core Viewpoint - Nanjing Quanfeng Automotive Precision Technology Co., Ltd. maintains an A+ credit rating, but is placed on a credit rating watch list due to continuous losses, reliance on external financing, and concerns over debt levels and repayment capacity [1][2][6]. Financial Overview - Total assets increased from 62.91 billion in 2022 to 67.94 billion in 2023, with a projected increase to 69.87 billion in 2024 [4]. - Owner's equity decreased from 28.52 billion in 2022 to 23.11 billion in 2023, with further declines expected [4]. - Total liabilities rose from 34.39 billion in 2022 to 44.83 billion in 2023, indicating increasing financial leverage [7]. Business Performance - The company has experienced three consecutive years of losses, with a net profit of -1.54 billion in 2022 and -5.65 billion in 2023, improving slightly to -5.17 billion in 2024 [7]. - Operating revenue increased from 17.45 billion in 2022 to 21.35 billion in 2023, with expectations for further growth in 2024 [7]. - The company aims to raise up to 2 billion through a private placement to strengthen capital, although this has not yet been completed [5][11]. Market Position - The automotive parts industry is highly competitive, with the company holding a certain market competitiveness and technical strength in various segments [6][10]. - The company is transitioning its product structure towards new energy vehicles, with sales of related components expected to increase, contributing to revenue growth in 2024 [6][13]. Production Capacity - The company has production bases in Nanjing, Ma'anshan, and Hungary, with the Hungarian base already supplying to North American and European automakers [14][22]. - Despite the expansion, the company faces challenges in effectively utilizing new capacities, with low utilization rates reported [15][22]. Customer and Supplier Relationships - The company maintains stable relationships with major customers, but customer concentration remains high, with the top five customers accounting for 54.11% of total sales in 2024 [21]. - The procurement strategy involves stable relationships with suppliers, with raw material costs, particularly aluminum, comprising about 47% of operating costs [19][22]. Research and Development - The company is actively engaged in R&D, focusing on high-strength aluminum alloys and advanced manufacturing technologies, holding 229 patents [22].

Core Points - The company, Nanjing QuanFeng Automotive Precision Technology Co., Ltd., has announced the results of the 2025 annual tracking rating for its convertible bonds [1][2] - The previous rating indicated a company credit rating of "A+" with a stable outlook, and the same rating applies to the "QuanFeng Convertible Bonds" [1][2] - The current rating maintains the company credit rating at "A+" and the bond credit rating at "A+", with both ratings placed on a credit rating watch list [1][2] Summary by Sections - **Company Credit Rating**: The company’s credit rating remains "A+" with a stable outlook, consistent with the previous rating [1][2] - **Bond Credit Rating**: The "QuanFeng Convertible Bonds" also retain an "A+" credit rating, reflecting the company's stable financial condition [1][2] - **Rating Agency**: The ratings were conducted by China Chengxin International Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and related industry [1]

中诚信国际在对公司经营状况及相关行业进行综合分析与评估的基础上，于 2025 年 6 月 23 日出具了《南京泉峰汽车精密技术股份有限公司 2025 年度跟踪 评级报告》（信评委函字[2025] 跟踪 0919 号），维持公司主体信用等级为"A+"； 维持"泉峰转债"债券信用等级为"A+"；并将上述主体及债项信用等级列入信 用评级观察名单。 前次评级结果：公司主体信用等级为"A+"；评级展望为"稳定"；"泉 峰转债"债券信用等级为"A+"。 本次评级结果：公司主体信用等级为"A+"；"泉峰转债"债券信用等 级为"A+"；并将上述主体及债项信用等级列入信用评级观察名单。 公司可转换公司债券本次跟踪评级报告详见同日在上海证券交易所网站 （http://www.sse.com.cn）披露的《南京泉峰汽车精密技术股份有限公司 2025 年度跟踪评级报告》。 特此公告。 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： 根据中国证券监督管理委员会《上市公司证券发行管理办法》、《公司债券发 行与交易管理办法》和上海证券交易所 ...

南京泉峰汽车精密技术股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0919 号 南京泉峰汽车精密技术股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 23 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融 ...

Core Viewpoint - The financial performance of QuanFeng Automotive shows a trend of increasing revenue but persistent net losses, indicating potential challenges in profitability despite revenue growth [1][2][3]. Financial Performance Summary - The company's operating revenue for 2022, 2023, and 2024 was 1.745 billion, 2.134 billion, and 2.303 billion RMB respectively, reflecting a growth trend [1]. - The net profit attributable to shareholders for the same years was -154 million, -565 million, and -517 million RMB, indicating ongoing losses [1]. - The net profit after deducting non-recurring gains and losses was -187 million, -546 million, and -522 million RMB for 2022, 2023, and 2024 respectively [1]. - The net cash flow from operating activities improved from -527 million in 2022 to 138 million in 2024, showing a positive shift in cash flow [1]. Q1 2025 Performance - In the first quarter of 2025, the company achieved an operating revenue of 601 million RMB, a year-on-year increase of 19.36% [2][3]. - The net profit attributable to shareholders for Q1 2025 was -90 million RMB, an improvement from -141 million RMB in the same period of the previous year [2][3]. - The net cash flow from operating activities for Q1 2025 was -115 million RMB, slightly worse than -112 million RMB in Q1 2024 [2][3]. Fundraising Activities - QuanFeng Automotive raised a total of 480 million RMB through its initial public offering, with net proceeds of approximately 452 million RMB allocated for production and working capital [4]. - The company conducted a non-public offering in 2022, raising approximately 1.192 billion RMB, with net proceeds of about 1.178 billion RMB after expenses [5]. - The company plans to issue shares to a related party, Derun Holdings, with a total fundraising amount not exceeding 200 million RMB, aimed at supplementing working capital and repaying bank loans [7].

Core Viewpoint -泉峰汽车 is undertaking a private placement of shares to raise up to 200 million RMB, with the entire subscription being made by Derun Holdings, a company controlled by the actual controller of 泉峰汽车, Pan Longquan, indicating strong support for the company's long-term development and stability of control [1][2] Group 1: Fundraising and Control - The private placement aims to raise funds for working capital and repayment of bank loans, with Derun Holdings fully subscribing to the issuance, which enhances the stability of the company's control [1][2] - The funds raised will alleviate operational funding pressure and support the company's transition to new energy business [2][3] Group 2: Previous Investment Performance - 泉峰汽车 reported that previous fundraising projects did not achieve expected benefits due to high raw material prices and increased market competition, which compressed profit margins [1][4] - The company acknowledged that the net profit for previous projects significantly deviated from commitments, with losses reported in recent years [3][4] Group 3: Market Conditions and Challenges - The automotive parts industry is facing intensified competition, particularly in the new energy vehicle sector, leading to cost pressures and reduced profit margins [4][5] - Fluctuations in raw material prices, particularly aluminum, have adversely affected gross margins and profit levels [5] - The introduction of new projects requires time to improve production efficiency and product quality, contributing to the challenges faced by the company [5]

Core Viewpoint - The supplementary legal opinion letter indicates that Nanjing Quanfeng Automotive Precision Technology Co., Ltd. is proceeding with a specific issuance of A-shares, fully subscribed by DeRun Holdings, controlled by the actual controller Pan Longquan, which reflects confidence in the company's long-term development and stability of control [2][5][10]. Group 1: Issuance Details - The issuance is aimed at a specific group, with DeRun Holdings, a private company registered in Hong Kong, subscribing to all shares for cash [3][4]. - The total number of shares to be issued is 25,575,447, which will increase DeRun Holdings' stake in the company to 8.58% post-issuance [14][15]. Group 2: Compliance with Regulations - DeRun Holdings meets the requirements of the "Management Measures for Strategic Investment by Foreign Investors in Listed Companies," ensuring compliance with national laws and regulations [6][7]. - The company’s main business of automotive key components does not fall under the negative list for foreign investment, allowing DeRun Holdings to proceed with the investment [7][8]. Group 3: Funding Sources - The funding for the subscription comes from DeRun Holdings' own resources, including approximately HKD 473 million in dividends from its stake in Chervon Holdings and a short-term loan of USD 15 million to support business development [13][14]. - There are no indications of external fundraising or use of related party funds for this subscription [14][18]. Group 4: Shareholding Structure and Lock-up Period - After the issuance, Pan Longquan and his concerted actors will control 54.46% of the company, maintaining stable control [15][17]. - The lock-up period for the shares issued to DeRun Holdings complies with regulatory requirements, with a commitment not to transfer shares for 18 months if Pan Longquan's control remains above 50% [15][16]. Group 5: Related Party Transactions - The company has engaged in related party transactions, such as paying utility fees on behalf of related parties due to shared service accounts, which are deemed reasonable and compliant with disclosure requirements [19][20]. - The decision-making process for these transactions has been conducted in accordance with legal and regulatory standards, ensuring no adverse impact on the current issuance [21][22].