| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-045 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 附件：保荐代表人李昕简历 李昕先生：高级经理，保荐代表人，硕士研究生，曾参与永贵电器向不特定对象 发行可转换公司债券项目，具有较为丰富的投资银行工作经验。李昕先生在保荐 业务执业过程中严格遵守《证券发行上市保荐业务管理办法》等相关规定，执业 记录良好。 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。 无锡市振华汽车部件股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日收到公司保荐机构东方证券股份有限公司（以下简称"东方证券"）《关于更换 无锡市振华汽车部件股份有限公司向不特定对象发行可转换公司债券持续督导 保荐代表人的通知》。东方证券原指派石军先生、刘广福先生担任公司向不特定 对象发行可转换公司债券项目的保荐代表人，负责公司持续督导工作。刘广福先 生因工作变动，不再继续担任公司保荐代表人。为保证持 ...

Market Overview - The Shanghai Composite Index increased by 0.45%, the CSI 300 rose by 0.24%, the STAR Market 50 gained 0.58%, the CSI 1000 went up by 1.09%, the ChiNext Index climbed by 0.66%, and the Hang Seng Index saw a slight increase of 0.03% on August 6 [3][4] - The best-performing sectors on August 6 were defense and military (+3.07%), machinery (+1.98%), coal (+1.89%), textiles and apparel (+1.36%), and computers (+1.3%). The worst-performing sectors included pharmaceuticals and biotechnology (-0.65%), retail (-0.23%), construction materials (-0.23%), social services (-0.19%), and banking (-0.14%) [3][4] - The total trading volume for the A-share market on August 6 was 17,592.42 billion yuan, with a net inflow of 9.486 billion HKD from southbound funds [3][4] Key Recommendations - The report highlights Wuxi Zhenhua (605319) as a key investment opportunity, emphasizing its strong ties with Xiaomi and the rapid growth in automotive production, which is expected to drive significant profit increases [2][5] - The recommendation logic is based on the high profitability of the business, with significant profit elasticity and strong sales from downstream clients like Xiaomi and SAIC [5] - The company’s revenue projections for 2025-2027 are 3,430 million yuan, 4,438 million yuan, and 5,231 million yuan, with growth rates of 35.50%, 29.40%, and 17.90% respectively. The net profit forecasts are 513 million yuan, 649 million yuan, and 786 million yuan, with growth rates of 35.70%, 26.60%, and 21.20% respectively [5]

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Wuxi Zhenhua, which has seen a price increase and notable trading volume [1] - The convertible bond has a credit rating of "AA-" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.30% in the sixth year [1] - The bond's conversion price is set at 31.98 yuan, with the conversion starting on December 24, 2025, and a redemption price of 113 yuan at maturity [1] Group 2 - Wuxi Zhenhua Automotive Parts Co., Ltd. has established itself as a key supplier in the automotive parts sector, serving major clients such as SAIC Motor, Tesla, and Xiaomi [2] - For the first quarter of 2025, Wuxi Zhenhua reported a revenue of 600.5 million yuan, reflecting a year-on-year increase of 22.48%, and a net profit of 94.54 million yuan, also up by 22.2% [2] - The company's shareholder structure is highly concentrated, with the top ten shareholders holding a combined 69.61% of shares, indicating strong ownership among a few investors [2]

Core Viewpoint - The credit rating for Wuxi Zhenhua Automotive Parts Co., Ltd. remains stable at AA-, reflecting the company's strong position in the automotive parts industry, particularly in the stamping and assembly of passenger vehicle body components, despite facing challenges such as high customer concentration and potential impacts from EU anti-subsidy investigations [4][9][10]. Company Overview - Wuxi Zhenhua is a leading specialized supplier in the stamping and assembly of passenger vehicle body components, with core clients including SAIC Group, Tesla, Li Auto, and Xiaomi [7][15]. - The company has maintained a stable credit rating outlook, benefiting from its established relationships with high-quality clients and an increase in cooperative vehicle models [7][9]. Financial Performance - The company's total assets increased from 33.42 billion in 2022 to 51.27 billion in 2025, while total debt rose from 3.90 billion to 9.28 billion during the same period [4][5]. - Revenue for 2024 is projected at 25.31 billion, up from 23.17 billion in 2023, with net profit expected to reach 3.78 billion, compared to 2.77 billion in the previous year [4][5]. - The company reported a gross profit margin of 30.03% in 2024, an increase from 28.15% in 2023, indicating improved profitability [4][5]. Industry Environment - The automotive market in China is expected to grow steadily, with total vehicle sales projected to reach 31.44 million units in 2024, a 4.5% increase year-on-year [7][12]. - The demand for automotive parts is anticipated to rise, driven by the continued growth of both traditional fuel vehicles and new energy vehicles, with the latter expected to see sales of 12.87 million units in 2024, a 35.5% increase [12][14]. - The competitive landscape for automotive parts suppliers remains intense, with pressures on pricing and payment cycles affecting profit margins [12][14]. Risks and Challenges - The company faces significant risks due to high customer concentration, with the top five clients accounting for 73.51% of sales, which could lead to increased volatility in performance if any major client underperforms [8][17]. - The assembly business is particularly vulnerable to the EU's anti-subsidy investigations, which could adversely affect revenue and profit margins [8][17]. - Short-term debt repayment indicators are weak, with a cash-to-short-term debt ratio of 0.49, indicating potential liquidity challenges [8][17].

Core Viewpoint - Wuxi Zhenhua Automotive Parts Co., Ltd. maintains its credit ratings for both its corporate and convertible bonds at "AA-" with a stable outlook, indicating consistent financial health and stability in its operations [1][2]. Group 1: Credit Ratings - The previous credit rating for the convertible bonds was "AA-" and the corporate rating was also "AA-", with a stable outlook [1]. - The current credit rating for the convertible bonds remains "AA-" and the corporate rating is unchanged at "AA-", with a stable outlook [2]. - The tracking credit rating report was conducted by China Chengxin Securities Rating Co., Ltd. based on a comprehensive analysis of the company's operational and financial conditions [2].

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-043 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于向不特定对象发行可转换公司债券 2025 年跟踪评级结果的提示性公告 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。 重要内容提示： 根据《上市公司证券发行注册管理办法》《上海证券交易所股票上市规则》 等相关规定，无锡市振华汽车部件股份有限公司（以下简称"公司"）委托信用 评级机构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 2025 年 6 月发行的"锡振转债"进行跟踪信用评级。 公司前次主体信用评级结果为"AA-"，前次评级展望为"稳定"，前次债券 信用评级结果为"AA-"，评级机构为中证鹏元，评级时间为 2024 年 8 月 27 日。 中证鹏元对公司经营情况、财务状况等进行综合分析与评估的基础上，于 2025 年 7 月 28 日出具了《无锡市振华汽车部件股份有限公司相关债券 2025 ...

无锡市振华汽车部件股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【1063】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 ...

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-042 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于签署募集资金专户存储四方监管协议的公告 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、募集资金基本情况 根据中国证券监督管理委员会《关于同意无锡市振华汽车部件股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕995 号），公 司于 2025 年 6 月 18 日向不特定对象发行面值总额 52,000.00 万元可转换公司债 券，期限 6 年，每张面值为人民币 100 元，发行数量 520.00 万张，募集资金总 额为人民币 52,000.00 万元。本次募集资金总额在扣除发行费用人民币 841.51 万 元（不含税）后，募集资金净额为人民币 51,158.49 万元。上述募集资金到位情 况已经天健会计师事务所（特殊普通合伙）验证，并由其出具《验证报告》（天 健审〔2025〕 ...

Summary of Conference Call on Xiaomi's Automotive Industry Company and Industry Involved - **Company**: Xiaomi Corporation - **Industry**: Automotive Industry, specifically focusing on electric vehicles and automotive supply chain Core Points and Arguments 1. **Xiaomi's Second Vehicle Launch**: Xiaomi is expected to enter the launch cycle for its second vehicle, which is anticipated to have a high probability of becoming a best-seller, positively impacting Xiaomi's long-term growth and supply chain dynamics [1][2][3] 2. **Investment Opportunities**: Key beneficiaries of Xiaomi's automotive expansion include companies like Huayang Group, Wuxi Zhenhua, and others, indicating a strong investment direction in the domestic market for mid-to-high-end vehicle replacements [2][3] 3. **Market Trends**: The domestic SUV market is projected to account for 50% of total passenger vehicle sales by 2024, with a significant shift towards larger, spacious models, which aligns with Xiaomi's new vehicle offerings [7][8] 4. **Product Features**: The new vehicle is expected to feature advanced technology, including Nvidia chips and a spacious design, which are critical for its market success [5][9] 5. **Brand Positioning**: Xiaomi's brand is solidifying its position in the mid-to-high-end market, with a stable consumer base, particularly among young female consumers [4][10] 6. **Profitability Trends**: Xiaomi's automotive business is expected to show improved profitability, with single-vehicle losses narrowing from over 60,000 yuan in Q2 to 10,000 yuan by Q4 of 2024 [12][13] 7. **Supply Chain Dynamics**: The automotive supply chain is expected to benefit from Xiaomi's entry into full-scale vehicle deliveries, enhancing the profitability of key suppliers [12][13] 8. **Technological Advancements**: The introduction of new automotive electronic products and technologies is anticipated to drive revenue growth and profitability for Xiaomi and its suppliers [14][15] 9. **Competitive Landscape**: Xiaomi is positioning itself against established brands by enhancing its performance attributes and brand image through participation in motorsport events [10][11] Other Important but Possibly Overlooked Content 1. **Supplier Relationships**: The call emphasized the importance of maintaining strong relationships with key suppliers, such as Huayang Group and Wuxi Zhenhua, which are crucial for Xiaomi's automotive strategy [12][19] 2. **Future Catalysts**: Upcoming events, including the launch of new models and delivery milestones, are expected to serve as significant catalysts for the automotive supply chain and investment opportunities [13][21] 3. **Market Perception**: There is a noted discrepancy in market perception regarding Xiaomi's automotive profitability, which may lead to investment opportunities as the market adjusts its expectations [12][13] This summary encapsulates the key insights from the conference call regarding Xiaomi's automotive strategy and the broader implications for the industry and its supply chain.

Core Points - The company approved the use of raised funds to replace self-raised funds previously invested in fundraising projects and paid issuance costs amounting to 251.56 million yuan [1][2] - The company also approved the use of raised funds to provide loans to its wholly-owned subsidiary for the implementation of fundraising projects, amounting to 172.61 million yuan [2] Summary by Sections Meeting Details - The third supervisory board meeting was held on July 15, 2025, with all three supervisors participating in the voting, ensuring the meeting's legality and effectiveness [1] Fund Usage Approvals - The supervisory board agreed to use raised funds to replace self-raised funds, which complies with legal regulations and does not affect the normal implementation of fundraising projects [1] - The board also approved the provision of loans to the wholly-owned subsidiary to support the implementation of fundraising projects, ensuring no change in the purpose of the raised funds [2]