Core Viewpoint - The company expects a significant decline in net profit for the first half of 2025, projecting a decrease of 57.06% to 59.32% compared to the same period last year [1] Financial Performance - The estimated net profit attributable to shareholders is projected to be between 90 million to 95 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 70 million to 75 million yuan, reflecting a year-on-year decline of 63.46% to 65.90% [1]

Core Insights - Songlin Technology has achieved a historic profit of 446 million yuan in 2024 and is now focusing on the robotics sector as a strategic move to leverage its unique advantages in providing differentiated robotic systems and ecological value [2][10]. Group 1: Strategic Considerations - The decision to enter the robotics field is based on a comprehensive assessment of both demand and supply sides, recognizing significant future demand for robots in societal development and industrial upgrades [3][5]. - The company has a long-term layout in the health sector, eight years of AI technology accumulation, and strong hardware manufacturing and industrial design capabilities, which align well with the robotics business [5][6]. Group 2: Business Structure and Development - The newly established Xiamen Songlin Robotics Technology Co., Ltd. serves as the core platform for the robotics business, responsible for the entire process of research, design, manufacturing, and sales [6][10]. - The product offerings will target both B2B and B2G markets, focusing on solutions for logistics, security, healthcare, and elderly care [6][10]. Group 3: Technology and Innovation - The company has formed a multi-tiered technical team with substantial experience in AI, security, logistics, and other areas, which supports innovation in robotics [8][10]. - The focus will be on developing service robots, while humanoid robots are still in the exploratory phase and not part of the core strategy [8][11]. Group 4: Market Strategy - The company aims to differentiate itself by offering complete robotic system solutions rather than standalone robots, creating a unique competitive advantage [10][11]. - Existing relationships with large B2B clients in the home furnishings sector will be leveraged to expand the robotics market share [10][12]. Group 5: Future Goals - Over the next 3-5 years, the company plans to maintain its B2B and B2G market positioning, enhance its product matrix, and increase market share, with expectations of order breakthroughs in healthcare and elderly care sectors [11][12].

Summary of Key Points Core Viewpoint - The company, Xiamen Songlin Technology Co., Ltd., has decided not to exercise the early redemption option for its convertible bonds, known as "Songlin Convertible Bonds," to protect investor interests despite meeting the conditions for redemption [1][4]. Group 1: Convertible Bond Issuance Overview - The company issued 6.1 million convertible bonds with a face value of 100 RMB each, totaling 610 million RMB, approved by the China Securities Regulatory Commission on July 20, 2022 [1][2]. - The bonds have a fixed interest rate of 1.00% in the first year, increasing to 2.00% in the sixth year [1]. Group 2: Redemption Terms and Trigger Conditions - The redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [2][3]. - The current conversion price is set at 16.58 RMB per share, with the recent trading price being 15.41 RMB per share [2]. Group 3: Decision on Early Redemption - The board of directors has unanimously decided not to redeem the bonds early, even though the stock price has met the redemption conditions from June 18 to July 8, 2025 [3][4]. - The company will reassess the situation after October 8, 2025, should the redemption conditions be triggered again [3]. Group 4: Related Party Transactions - The company's major shareholders and executives have not held or traded the convertible bonds in the six months leading up to the redemption conditions being met [4]. Group 5: Underwriter's Review - The underwriter, Guotai Junan Securities, has confirmed that the decision not to redeem the bonds early complies with relevant regulations and internal decision-making processes [4][5].

自 2025 年 6 月 18 日至 2025 年 7 月 8 日，公司股票价格已 有十五个交易日的收盘价不低于"松霖转债"当期转股价格的 130%（即不低于 20.03 元/股），已触发"松霖转债"的赎回条款。 公司董事会决定本次不行使"松霖转债"的提前赎回权利，不提 前赎回"松霖转债"。 未来三个月内（即 2025 年 7 月 9 日至 2025 年 10 月 8 日）， 如公司触发"松霖转债"的赎回条款均不行使"松霖转债"的提 前赎回权利。以 2025 年 10 月 8 日之后的首个交易日重新起算， 若"松霖转债"再次触发赎回条款，届时公司董事会将再次召开 会议决定是否行使"松霖转债"的提前赎回权利。 一、可转债发行上市概况 （一）经中国证券监督管理委员会《关于核准厦门松霖科技股 份有限公司公开发行可转换公司债券的批复》（证监许可[2022]1240 证券代码：603992 证券简称：松霖科技 公告编号：2025-049 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于不提前赎回"松霖转债"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 ...

国泰海通证券股份有限公司关于厦门松霖科技股份有限公司 不提前赎回"松霖转债"的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）作为厦门 松霖科技股份有限公司（以下简称"松霖科技"、"公司"）公开发行可转换公司债 券的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》《可转换公司债券管理办法》和《上海证券交易所上市公司自律监管 指引第 12 号——可转换公司债券》等有关规定，对公司不提前赎回"松霖转债" 的事项进行了核查，核查情况及核查意见如下： 一、可转债发行上市概况 （一）经中国证券监督管理委员会《关于核准厦门松霖科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2022]1240 号）核准，公司于 2022 年 7 月 20 日公开发行了 610 万张可转换公司债券，每张面值 100 元，发行总额 61,000 万元，期限 6 年。票面利率具体为：第一年 0.30%、第二年 0.50%、第三 年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 （二）经上交所自律监管决定书〔2022〕217 号文同意，公司 61,000 ...

Group 1 - The company has converted a total of 372,055,000 yuan of "Songlin Convertible Bonds" into shares, resulting in 23,741,425 shares, which accounts for 5.9204% of the total shares before conversion [1][3] - As of June 30, 2025, the amount of "Songlin Convertible Bonds" that has not been converted is 237,945,000 yuan, representing 39.0074% of the total issuance [4] - During the second quarter of 2025, from April 1 to June 30, the conversion amount was 0 yuan, and no new shares were created from conversions [3] Group 2 - The company issued 6.1 million convertible bonds on July 20, 2022, with a total amount of 61,000,000 yuan and a maturity of 6 years [2][26] - The coupon rates for the bonds are structured to increase over the years, starting from 0.30% in the first year to 2.00% in the sixth year [2][26] - The current conversion price for the bonds is set at 15.41 yuan per share [2][26] Group 3 - The company has redeemed 60 million yuan of structured deposits and invested 45 million yuan of temporarily idle raised funds in cash management products [9][11] - The cash management aims to enhance the efficiency of idle funds while ensuring daily operational needs and safety [11][21] - The total amount of cash management investments represents 9.55% of the company's latest cash balance and 1.37% of its net assets [21][22] Group 4 - The company has the right to redeem the convertible bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [28][30] - As of July 1, 2025, the stock price has met the condition for potential redemption, with ten trading days above the threshold [30]

（一）经中国证券监督管理委员会《关于核准厦门松霖科技股 份有限公司公开发行可转换公司债券的批复》（证监许可[2022]1240 号）核准，公司于 2022 年 7 月 20 日公开发行了 610 万张可转换公 累计转股情况：截至 2025 年 6 月 30 日，累计有 372,055,000 元"松 霖转债"已转换成厦门松霖科技股份有限公司(以下简称"公司") 股份，因转股形成的股份数量累计为 23,741,425 股，占可转债转 股前公司已发行股份总额的 5.9204%。 未转股可转债情况：截至 2025 年 6 月 30 日，公司尚未转股的"松 霖转债"金额为 237,945,000 元，占"松霖转债"发行总量的 39.0074%。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日，"松 霖转债"转股金额 0 元，本期因转股形成的股份数量为 0 股。 司债券，每张面值 100 元，发行总额 61,000 万元，期限 6 年。票面 利率具体为：第一年 0.30%、第二年 0.50%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 关于 20 ...

证券代码：603992 证券简称：松霖科技 公告编号：2025-048 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于"松霖转债"可能满足赎回条件的提示性公告 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。 一、可转债发行上市概况 当期应计利息的计算公式为：IA=B×i×t/365 IA：指当期应计利息；B：指本次发行的可转换公司债券持有人 持有的可转换公司债券票面总金额；i：指可转换公司债券当年票面 利率；t：指计息天数，即从上一个付息日起至本计息年度赎回日止 的实际日历天数（算头不算尾）。 （二）赎回条款预计触发情况 （一）经中国证券监督管理委员会《关于核准厦门松霖科技股 份有限公司公开发行可转换公司债券的批复》（证监许可[2022]1240 号）核准，公司于 2022 年 7 月 20 日公开发行了 610 万张可转换公 司债券，每张面值 100 元，发行总额 61,000 万元，期限 6 年。票面 利率具体为：第一年 0.30%、第二年 0.50%、第三年 1.00%、第四年 1.50%、 ...

证券代码：603992 证券简称：松霖科技 公告编号：2025-46 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 重要内容提示： ●已履行的审议程序：厦门松霖科技股份有限公司（以下简称"公 司"）于 2024 年 12 月 16 日召开第三届董事会第十六次会议、第三 届监事会第十五次会议，并审议通过《关于公司使用闲置募集资金 进行现金管理的议案》，同意公司使用最高额度不超过人民币 35,000 万元（含）的暂时闲置募集资金，在确保日常经营资金需求和资金 安全的前提下，公司利用闲置募集资金购买安全性高、流动性好的 产品，以增加投资收益，使用期限自董事会审议通过之日起 12 个月 内有效，公司可在上述额度及期限内循环滚动使用。公司监事会对 该事项发表了同意意见，保荐机构对该事项出具了无异议的核查意 见。 ●特别风险提示：公司使用暂时闲置募集资金进行现金管理的 1 ●本次现金管理产品种类：银行结构性存款、通知存款 ●本次受托方：兴业银行厦门文滨支行 ●本次赎回金额：人民币 6,000 万元 ●本次投资金额：人民币 4,500 万元 产品类型虽然仅限于安全性高、流动性好、单项产品期限最长不超 ...

Summary of Songlin Technology Conference Call Company Overview - Songlin Technology adopts an IDM model, differentiating itself from traditional OEM/ODM by actively conducting market research and providing complete technical solutions, particularly excelling in IoT empowerment and design innovation, having won multiple industrial design awards [2][5] - The company invests approximately 7% of its annual revenue in R&D, focusing on AI and IoT, with R&D expenses exceeding 200 million and a workforce of over 800 R&D personnel [2][6] - Songlin Technology has a global presence with clients worldwide, establishing a design center in Italy and a production base in Vietnam, along with a domestic and international sales network [2][7] Business Segments - The company operates in three main business segments: robotics, health tech hardware/software, and smart kitchen & bathroom products [3] - The smart kitchen & bathroom segment accounts for about 80% of revenue, while the health tech segment contributes approximately 10% [4][13] Market Dynamics - Exports constitute about 75% of the company's revenue, with the U.S. market accounting for approximately 20% [8][18] - Due to the changing U.S.-China trade environment, the company has shifted some production capacity to Vietnam and has begun shipping from there [9][18] Competitive Advantages - The core competitiveness lies in its unique IDM model, which emphasizes innovation and proactive market research [4] - The company has a strong design capability and manufacturing capabilities in plastics, hardware, and electronic components, enabling diversified product offerings [5] R&D and Production Capacity - The robotics R&D team is planned to consist of 80-100 personnel, focusing on algorithm talent recruitment and collaboration with universities [17] - The Vietnam factory is being built in two phases, with the first phase expected to reach production capacity by the end of 2025, aiming for $200 million in revenue [19] Pricing and Market Trends - The decline in smart kitchen product prices is attributed to changes in product structure, while the average price of complete sets and electronic products remains stable [20] - Future price trends in the health tech sector are expected to rise, driven by an increase in high-value products like beauty devices [24][26] Customer Relationships - High customer loyalty is noted due to customized development and proprietary technology, with significant clients including Kohler and TOTO [22] Financial Outlook - The company aims for a 23% profit growth in 2025 compared to 2024, but faces challenges due to insufficient order demand and rising labor costs [27] - Expectations for 2026 are optimistic, with anticipated growth in smart storage and health tech sectors, alongside the initiation of customer acquisition in the robotics segment [28]