Group 1 - The majority of Xiaomi automotive concept stocks in the A-share market opened higher, indicating positive market sentiment towards the sector [1] - Companies such as Kaizhong Co., Wuxi Zhenhua, and others reached their daily price limit, showcasing strong investor interest [1] - Haitai Technology saw an increase of over 14%, reflecting significant upward movement in its stock price [1] Group 2 - Other companies like Ningbo Huaxiang and Zhejiang Sebao also experienced gains, suggesting a broader trend of rising stock prices within the automotive concept sector [1]

证券代码：605319 证券简称：无锡振华 公告编号：2025-034 无锡市振华汽车部件股份有限公司 保荐人（主承销商）：东方证券股份有限公司 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： 无锡市振华汽车部件股份有限公司（以下简称"发行人"或"公司"）向不 特定对象发行可转换公司债券（以下简称"可转债"）已获得中国证券监督管理 委员会证监许可〔2025〕995 号文同意注册。东方证券股份有限公司（以下简称"东 方证券""主承销商"或"保荐人（主承销商）"）为本次发行的保荐人（主承 销商）。本次发行的可转债简称为"锡振转债"，债券代码为"111022"。 | 类别 | 认购数量（手） | | 放弃认购数量（手） | | | --- | --- | --- | --- | --- | | 原股东 | 448,228 | | 0 | | | 网上社会公众投资者 | | 70,505 | | 1,267 | | 网下机构投资者 | | - | | - | | 主承销商包销数量 | | | | | | （放弃认购总数 ...

证券代码：605319 证券简称：无锡振华 公告编号：2025-034 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发行结果公告 保荐人（主承销商）：东方证券股份有限公司 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： | 类别 | 缴款认购数量 | | 缴款认购金额 | 放弃认购数量 | 放弃认购金额 | | --- | --- | --- | --- | --- | --- | | | （手） | | （元） | （手） | （元） | | 网上社会公众 | | 70,505 | 70,505,000.00 | 1,267 | 1,267,000.00 | | 投资者 | | | | | | 三、保荐人（主承销商）包销情况 无锡市振华汽车部件股份有限公司（以下简称"发行人"或"公司"）向不 特定对象发行可转换公司债券（以下简称"可转债"）已获得中国证券监督管理 委员会证监许可〔2025〕995 号文同意注册。东方证券股份有限公司（以下简称"东 方证券""主承销商"或"保荐人（主承销商）"） ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The target price of Xizhen Convertible Bond on the first day of listing is estimated to be between 130 - 134 yuan, and investors are advised to actively subscribe. The expected first - day new - bond lottery winning rate is around 0.0019% - 0.0031%. The project funded by the raised capital is in line with industry trends, which can enhance the company's market competitiveness and optimize its capital structure [3][4]. Summary by Directory 1. Tin Zhen Convertible Bond New - Issue Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Xizhen Convertible Bond are priority placement and online issuance. Its bond and issuer ratings are AA-. The issuance scale is 520 million yuan, the initial conversion price is 31.98 yuan, the bond parity is 100.66 yuan, and the pure bond value is 95.25 yuan. The game terms (lower - revision, redemption, and put - back) are normal. Overall, the bond has average issuance scale and liquidity, decent rating, and good bond - floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary - market participation [2][15]. 1.2 New - Bond Initial Listing Price Analysis - The company's main businesses include stamping parts, sub - assembly processing, selective precision electroplating processing, and mold businesses. The raised funds will be mainly used for the "Langfang Zhenhua Quanjingshen Auto Parts Project" and to supplement working capital. Considering the market environment and parity level, the conversion premium rate on the first day of listing is expected to be in the range of [29%, 33%], corresponding to a target price of around 130 - 134 yuan [3][18][19]. 1.3 Convertible Bond New - Issue Lottery Winning Rate Analysis - The expected first - day new - bond lottery winning rate is around 0.0019% - 0.0031%. Assuming an old - shareholder placement ratio of 50% - 70%, the scale available for the market is 157 million - 261 million yuan. Assuming 8.36 million online valid subscription accounts, the lottery winning rate is estimated within the above range [4][20]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Up - and Downstream Situations - The company's main businesses are stamping parts, sub - assembly processing, selective precision electroplating processing, and mold businesses. The upstream industries mainly include production equipment manufacturers and raw material suppliers such as steel and aluminum. The downstream industry is the automotive industry. China's automotive industry is in the popularization stage with large growth potential, which will drive the development of the auto - parts industry [21][22]. 2.2 Company's Operating Conditions - The company's recent operating income has been on the rise. From 2022 to Q1 2025, the operating income was 1.881 billion yuan, 2.317 billion yuan, 2.531 billion yuan, and 600 million yuan respectively, with year - on - year growth rates of 18.9%, 23.19%, 9.23%, and 22.48%. The comprehensive gross margin has been increasing year by year. The net profit attributable to the parent company has also been rising annually. The company's profitability has been on an upward trend [25][28][37]. 2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders, Wuxi Junrun and Qian Ben, held 27.53% and 22.37% of the shares respectively, with a combined shareholding ratio of 49.9%. The top ten shareholders held a combined 72.63% of the shares. The company has 9 wholly - owned subsidiaries [41]. 2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, production equipment, customer resources, industry matching, and management. It has 148 patents, advanced production equipment, stable cooperation with well - known automakers, significant industry - matching advantages, and an effective management system [44][45][48]. 2.5 Allocation of the Raised Funds - The company plans to issue convertible bonds to raise up to 520 million yuan. 420 million yuan will be invested in the "Langfang Zhenhua Quanjingshen Auto Parts Project", and 100 million yuan will be used to supplement working capital. The project, with a total investment of 648 million yuan, will increase the company's overall production capacity. After reaching full production, it will have an annual production capacity of 500,000 sets of auto parts [49].

证券代码：605319 证券简称：无锡振华 公告编号：2025-033 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 | 末尾位数 | 中签号码 | | --- | --- | | 末"6"位数 | 290297，415297，540297，665297，790297，915297，165297， | | | 040297，945993 | | 末"7"位数 | 6697023 | | 末"8"位数 | 35542359，85542359 | | 末"9"位数 | 779278095，904278095，654278095，529278095，404278095， | | | 279278095，154278095，029278095 | | 末"10"位数 | 6391273819，0492937043，1233171145，4390211047，3471175906 | 凡参与锡振转债网上申购的投资者持有的申购配号尾数与上述号码相同的， 则为中签号码。中签号码共有 71,772 个，每个中签号码只能认购 1 手（1,000 元） 锡振转债。 特此公告。 发行人：无锡市振华汽车部件股份有限 ...

Core Viewpoint - Wuxi Zhenhua Automotive Parts Co., Ltd. has successfully issued convertible bonds totaling 520 million yuan, with a significant portion allocated to existing shareholders and a limited allocation to public investors [2][4]. Group 1: Issuance Details - The company issued 520 million yuan (52,000,000) of convertible bonds, with the bond code "111022" and the name "Xizhen Convertible Bonds" [2]. - The issuance price is set at 100 yuan per bond (1,000 yuan per unit) [4]. - The subscription period for existing shareholders and public investors ended on June 18, 2025 [4]. Group 2: Subscription Results - Existing shareholders received 448,228,000 yuan (448,228 units), accounting for approximately 86.20% of the total issuance [5]. - The public subscription saw 7,862,390,684 units (7,862,390,684,000 yuan) applied for, but only 71,772 units (71,772,000 yuan) were allocated, resulting in a low allocation rate of 0.00091285% [5]. - The total effective subscription amount reached 7,862,838,912 units, with a total allocation of 520,000 units (520,000,000 yuan) [5]. Group 3: Underwriting and Risk Management - The lead underwriter, Dongfang Securities, will underwrite any shortfall in subscriptions, with a maximum underwriting limit of 30% of the total issuance, equating to 156 million yuan [3]. - If the total subscription does not reach 70% of the issuance, the company and the underwriter may consider suspending the issuance [2][3]. Group 4: Future Actions - The listing date for the convertible bonds will be announced separately [5]. - Investors are advised to check the relevant documents and announcements on the Shanghai Stock Exchange website for further details [5].

证券代码：605319 证券简称：无锡振华 公告编号：2025-032 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 网上中签率及优先配售结果公告 保荐人（主承销商）：东方证券股份有限公司 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。 主要内容提示： | 类别 | 中签率/配 售比例 | 有效申购数 量（手） | 实际配售数 量（手） | 实际获配金 额（元） | | --- | --- | --- | --- | --- | | | （%） | | | | | 原股东 | 100.00 | 448,228 | 448,228 | 448,228,000 | | 网上社会公众投资 者 | 0.00091285 | 7,862,390,684 | 71,772 | 71,772,000 | | 网下机构投资者 | - | - | - | - | | 合计 | | 7,862,838,912 | 520,000 | 520,000,000 | 3、网上投资者连续 12 个月内累计出现 3 次中签但未足额缴款的情 ...

证券代码：605319 证券简称：无锡振华 公告编号：2025-031 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发行提示性公告 保荐人（主承销商）：东方证券股份有限公司 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。 特别提示 无锡市振华汽车部件股份有限公司（以下简称"无锡振华""发行人"或"公 司"）向不特定对象发行 52,000.00 万元可转换公司债券（以下简称"锡振转债"， 代码"111022"）已获得中国证券监督管理委员会（以下简称"中国证监会"） 证监许可〔2025〕995 号文同意注册。本次发行的保荐人（主承销商）为东方证 券股份有限公司（以下简称"东方证券"或"保荐人（主承销商）"或"主承销 商"）。本次发行的《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 换公司债券募集说明书摘要》（以下简称"《募集说明书摘要》"）及《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发行公告》（以下 简称"《发行公告》"）已于 2025 年 6 月 16 日披露，投资者亦可在上海证券交 ...

Core Viewpoint - Wuxi Zhenhua is seizing new opportunities in the automotive industry by accelerating its production expansion, with plans to issue convertible bonds to fund its automotive parts project and enhance liquidity [1][2]. Group 1: Company Overview - Wuxi Zhenhua, established in 1989, specializes in the research, development, production, and sales of automotive stamping and welding parts, and has established stable partnerships with major automotive manufacturers including Tesla and Ideal Auto [5][6]. - The company went public on the Shanghai Stock Exchange in June 2021, achieving a revenue of 1.582 billion yuan in its first year, with a year-on-year growth of 11.64% [5]. Group 2: Financial Performance - Revenue projections for Wuxi Zhenhua from 2022 to 2024 are 1.881 billion yuan, 2.317 billion yuan, and 2.531 billion yuan, reflecting year-on-year growth rates of 18.9%, 23.19%, and 9.23% respectively [5][6]. - Net profit for the same period is expected to be 162 million yuan, 277 million yuan, and 378 million yuan, with significant growth rates of 77.93%, 71.23%, and 36.3% [5][6]. Group 3: Investment and Expansion Plans - The company plans to issue 520 million yuan in convertible bonds, with 80.77% of the funds allocated to the Langfang Zhenhua automotive parts project, which has a total investment of 648 million yuan [2][3]. - The project aims to enhance production capacity, with an expected annual revenue of 803 million yuan post-completion and a financial internal rate of return of 12.78% [2][3]. Group 4: Production Capacity and R&D - Wuxi Zhenhua has established nine production bases across various locations, enhancing its industry supply capabilities and market presence [1][3]. - The company has invested a total of 287 million yuan in R&D over five years, with a steady increase in R&D expenses, indicating a strong commitment to innovation [4][6].

Core Viewpoint - Wuxi Zhenhua plans to issue convertible bonds totaling 520 million yuan to fund the "Langfang Zhenhua Quanjing Shen Automotive Parts Project" and supplement working capital, aiming to enhance localized production capacity in the Beijing-Tianjin-Hebei region [2][3]. Group 1: Project Details - The total investment for the "Langfang Zhenhua Quanjing Shen Automotive Parts Project" is 648 million yuan, with 420 million yuan sourced from the bond issuance [2]. - The project will be implemented by Wuxi Zhenhua's wholly-owned subsidiary in Langfang, focusing on automotive stamping and welding components, and is expected to achieve an annual production capacity of 500,000 sets of automotive parts [2][3]. Group 2: Financial Projections - Upon completion, the project is projected to generate an annual revenue of 803 million yuan (excluding tax), with a post-tax internal rate of return of 12.78% and a payback period of 7.74 years [3]. - The company anticipates a significant increase in business revenue in the Beijing-Tianjin-Hebei region in 2024, supported by confirmed customer intentions and orders for the new capacity [3]. Group 3: Market Position and Strategy - The Beijing-Tianjin-Hebei region is a key automotive industry hub in China, with a concentrated customer base including major manufacturers like Li Auto and Xiaomi Auto [3]. - The project aims to enhance the company's ability to provide localized support to automotive manufacturers, improving delivery efficiency and reducing transportation costs [4]. - Wuxi Zhenhua is focused on the automotive parts sector, with its main revenue source being the stamping parts business, which is expected to generate 1.484 billion yuan in 2024, accounting for 61.98% of total revenue [5].