| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-080 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 关于实施 2025 年前三季度权益分派调整可转债转股价 格的公告 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： 证券停复牌情况：适用 因实施 2025 年前三季度权益分派，本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 118009 | 华锐转债 | 可转债转股复牌 | | | 2026/1/7 | 2026/1/8 | 一、转股价格调整依据 株洲华锐精密工具股份有限公司（以下简称"公司"）已于 2025 年 12 月 19 日召开了 2025 年第四次临时股东会，审议通过了《关于 2025 年前三季度利润分 配 ...

具体内容详见公司同日刊登在上海证券交易所网站（www.sse.com.cn)的《关 于实施 2025 年前三季度权益分派调整可转债转股价格的公告》（公告编号： 2025-080）。 株洲华锐精密工具股份有限公司（以下简称"公司"）第三届董事会第二十三 次会议于 2025 年 12 月 30 日以现场表决与通讯结合的方式召开，会议通知已于 2025 年 12 月 25 日以专人、邮寄及电子邮件等方式发出。本次会议应出席董事 7 人，实际出席董事 7 人，会议由董事长肖旭凯先生召集并主持。本次会议的召集、 召开方式符合相关法律、行政法规、部门规章、规范性文件和《株洲华锐精密工 具股份有限公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过了《关于实施 2025 年前三季度权益分派调整可转债转股价 格的议案》 根据中国证券监督管理委员会关于可转换公司债券发行的有关规定及公司 于 2022 年 6 月 22 日刊载于上海证券交易所网站（www.sse.com.cn）的《株洲华 锐精密工具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》的相关 条款，董事会审议通过《关于实施 2025 年 ...

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 以实施权益分派股权登记日的总股本为基数，公司拟向全体股东每 10 股派 发现金红利 6 元（含税）。截至 2025 年 11 月 30 日，公司总股本 93,568,201 股， 以此计算合计拟派发现金红利 56,140,920.60 元（含税）。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总股 本发生变动的，公司拟维持每股分配比例不变，相应调整分配总额。如后续总股 株洲华锐精密工具股份有限公司 关于调整2025 年前三季度利润分配现金分红总额的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 现金分红总额：株洲华锐精密工具股份有限公司（以下简称"公司"）2025 年前三季度拟向全体股东每 10 股派发现金红利 6 元（含税） ...

| 转债代码：118009 | 转债简称：华锐转债 | | | --- | --- | --- | | 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-082 | 株洲华锐精密工具股份有限公司 2025年前三季度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2026/1/7 | 2026/1/8 | 2026/1/8 | 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 12 月 19 日的2025年第四次临时股东会审议 通过。 二、分配方案 1. 发放年度：2025年前三季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本93,568,345股为基数，每股派发现金 是否涉及差 ...

Overview - The mechanical equipment sector has shown strong performance, with a 30.48% increase from January to November 2025, ranking sixth among 31 primary industry indices [20][21][22] - Multiple sub-sectors have outperformed the Shanghai Composite Index and CSI 300, with significant gains in electric motors, general equipment, and specialized equipment [20][22] General Sector - The PMI and new orders PMI for the general sector showed a trend of rising and then falling, indicating stable manufacturing demand, with inventory levels remaining reasonable [2][32] - The peak growth rate for finished product inventory PMI was 2.56%, suggesting a stable inventory situation [2][32] - Companies to watch include Inovance Technology, Okuma, Huari Precision, New Sharp, Naipu Mining Machinery, and Jereh [2][39] Engineering Machinery Sector - The engineering machinery industry is experiencing a recovery in domestic demand and high overseas demand, with a focus on electrification and technological transformation [3] - Key players like SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are noted for their advantages in technology research and global channels [3] Rail Transit Equipment Sector - The growth rates for passenger and freight transport have exceeded the annual expectations set by the China National Railway Group, with significant investment in the railway sector [4] - From January to October 2025, passenger volume reached 3.95 billion, up 6.4% year-on-year, and freight volume was 4.37 billion tons, up 2.6% [4] - Companies to focus on include CRRC Corporation, China Railway Signal & Communication, and Siwei Control [4][39] Quantum Technology Sector - The national strategy increasingly emphasizes quantum technology, with expectations for continued investment and policy support [8] - The development of quantum technology is anticipated to drive demand for related hardware and software, benefiting core equipment manufacturers [8][39] Low-altitude Economy Sector - The low-altitude economy has been highlighted in government work reports, with local governments actively promoting development plans [9] - By 2025, local low-altitude economic industry funds are expected to exceed 100 billion, providing financial support for development [9][39] Export Chain Sector - The export chain is advised to focus on the U.S. market and emerging markets, with potential recovery in consumer spending if the U.S. continues to lower interest rates [10] - Companies to monitor include Jack Technology, Honghua Digital, Yindu Co., and Yizhiming [10][39]

Summary of Huari Precision's Conference Call Company Overview - **Company**: Huari Precision - **Industry**: Tool manufacturing, specifically focusing on cutting tools and solutions for the manufacturing sector Key Points and Arguments Financial Performance - Huari Precision has shown continuous growth in performance from Q1 to Q3, with significant year-on-year and quarter-on-quarter increases, driven by industry demand recovery and inventory rebound [2][4] - The company's revenue is projected to reach between 180 million to 200 million yuan in 2025, and 250 million to 300 million yuan in 2026, supported by price increases and new product launches [9][22] Strategic Initiatives - The company is actively expanding into emerging fields such as humanoid robots and gas turbines, becoming a leading player in the domestic humanoid robot cutting tool market [2][4][7] - Huari Precision is transitioning from non-standard tools to standardized tools, focusing on the mid-to-high-end market and increasing R&D investment [2][5][10] - The introduction of the "Smart Home Industrial Software System" aims to monitor tool processing status in real-time, with around 10,000 units of intent signed for promotion [2][21] Market Dynamics - The tool industry is closely linked to the manufacturing sector's health, with domestic tools capable of replacing Japanese and Korean brands in general scenarios, though high-end markets still require improvement [3][14] - Domestic supply accounts for 70-80% of quantity but only about 40% of value, indicating significant room for domestic replacement [14][16] Challenges and Responses - Huari Precision is addressing rising raw material costs through a price transmission mechanism, which is expected to enhance profitability in the latter half of 2025 and early 2026 [8][22] - The company is benefiting from market share consolidation as smaller competitors face operational challenges [8] Future Outlook - The company is optimistic about its growth trajectory, with expectations of continued revenue and profit increases driven by new product releases and strategic market expansions [5][9][15] - The potential for software and hardware integration could create a dual-driven growth model, particularly in the humanoid robot sector [18] R&D and Innovation - Huari Precision has developed targeted processing solutions for humanoid robots, enhancing its competitive edge in the market [20] - The company is also expanding its overseas presence through subsidiaries in Shanghai, Hong Kong, and Germany, aiming to boost export volumes [17] Management Background - The founding team, including Chairman Xiao, has extensive industry experience, providing a solid foundation for strategic decision-making and long-term development [11] Additional Important Insights - The tool industry is experiencing a shift towards higher precision and efficiency, with hard alloy tools becoming increasingly dominant due to improved domestic manufacturing capabilities [13] - The company’s proactive approach in R&D and market engagement positions it well for future growth, especially in high-demand sectors like humanoid robotics and advanced manufacturing solutions [20][21]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as commercial aerospace [1]. Core Insights - The report highlights the rapid growth in demand for high-performance servers, GPUs, and advanced PCBs driven by the surge in AI technology and applications. The global PCB industry is projected to grow from $73.6 billion in 2024 to $96.4 billion by 2029, with a CAGR of 5.6% [7][22]. - The report emphasizes the importance of advancements in PCB equipment and consumables, particularly in drilling and exposure equipment, which are expected to see significant market growth due to the increasing complexity of AI applications [22][24]. - The commercial aerospace sector is entering a critical phase with the successful launch of reusable rockets, which could significantly reduce satellite launch costs and accelerate satellite networking processes [7][24]. Summary by Sections Industry and Company Investment Views - The report discusses the impact of AI on PCB demand, noting that the need for high-density and high-layer PCBs is increasing, which will drive the demand for advanced drilling and exposure equipment [22][24]. - Key companies to watch include Dingtai High-Tech and Zhongtung High-New in the consumables sector, and Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [7][24]. - The report suggests that the equipment industry is entering a golden age due to the expansion of AI infrastructure, with significant growth expected in drilling and exposure equipment markets [22][24]. Key Data Tracking - The report provides macroeconomic data, including the manufacturing PMI index and fixed asset investment growth rates, which are crucial for understanding the overall health of the mechanical industry [26][30]. - The mechanical sector has shown a strong performance, with a 4.5% increase in the sector index, outperforming the broader market indices [11][16]. Company Earnings Forecasts and Valuations - The report includes earnings forecasts and valuations for key companies in the mechanical sector, with several companies rated as "Strong Buy," indicating strong expected growth in earnings per share (EPS) and favorable price-to-earnings (PE) ratios [2][8].

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-079 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 关于实施2025年前三季度权益分派时可转债转股价格调整暨 转股连续停牌的提示性公告 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： 证券停复牌情况：适用 因实施 2025 年前三季度权益分派，本公司的相关证券停复牌情况如下：权益 分派公告前一交易日（2025 年 12 月 30 日）至权益分派股权登记日间，本公司可 转债将停止转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 118009 | 华锐转债 | 可转债转股停牌 | 2025/12/30 | | | | 因实施权益分派，"华锐转债"将相应调整转股价格，从调整前的 62.49 元/ 股调 ...

Summary of the Conference Call on the Tungsten Price Surge and Tool Industry Changes Industry Overview - The tungsten powder price has surged threefold, creating operational pressures for small and medium-sized tool companies due to insufficient inventory and procurement difficulties, leading to order losses and price increases for products [1][2] - Large companies like Huari and Oke Yi benefit from sufficient inventory and higher gross margins, allowing them to better cope with rising costs and potentially increase market share [1][2] Key Points and Arguments - **Tungsten Price Fluctuations**: Tungsten powder prices rose from 316 RMB/kg at the beginning of the year to 1,031 RMB/kg by December 19, 2025, marking an increase of nearly three times [2] - **Impact on Small and Medium Enterprises**: These companies have low inventory levels and face significant operational pressures due to rising costs and procurement challenges, with the cost of 10 tons of tungsten powder increasing from approximately 300-350 thousand RMB to 800-900 thousand RMB by year-end [2] - **Performance of Large Enterprises**: Companies like Huari and Oke Yi reported a turnaround in Q3 2025, achieving a net profit of around 50 million RMB each, with expectations for better performance in Q4 [2][10] - **Export Trends**: China's tool exports by weight decreased by 1.88% year-on-year, indicating a consumption of overseas tungsten inventory. China is reassessing tungsten's strategic value and limiting exports, which may enhance the profitability of domestic tool manufacturers [2][13] Market Dynamics - **Foreign vs. Domestic Tool Manufacturers**: Foreign tool manufacturers hold about one-third of the market share in China. They quickly sold out their inventory after price increases in September 2025 and ceased taking orders in Q4. In contrast, domestic companies like Huari and Oke Yi continue to receive orders and ship products [4] - **Pricing Strategies**: Domestic brands have room to increase prices by 20%, while foreign brands may see price points of 15-20 RMB, allowing domestic brands to potentially increase their prices by 30-40% [4] Future Demand Outlook - **High-End CNC Tool Demand**: The demand for high-end CNC tools is primarily driven by sectors such as military, new energy, and high-temperature alloys, with a stable growth rate of 1.5% to 2% per year for tungsten products [5][7] - **Electric Vehicle Industry**: Despite potential declines in shipment volumes due to competition, production levels remain stable, ensuring continued demand for CNC tools. The trend of import substitution is expected to facilitate a smoother transition for domestic market share by 2025 [8] Company Performance and Financial Health - **Cash Flow Status**: Tool companies are currently in a strong cash collection phase, with some requiring 100% prepayment for new contracts due to raw material shortages. Huari Precision reported a net cash flow of nearly 10 million RMB for two consecutive quarters [11] - **Fixed Asset Investment**: Major companies have ceased new capacity investments since Q2 2025, indicating a comfortable operational state where existing capacity and inventory can meet market demand [12] Strategic Insights - **Future of Chinese Tool Manufacturers**: As global tungsten resources become scarcer, large Chinese tool manufacturers with procurement and channel advantages are expected to thrive, enhancing their profitability through increased market share and improved gross and net margins [14]

Core Viewpoint - The company, Huarui Precision, has announced the establishment of a special settlement account for cash management of raised funds with CITIC Securities, aimed at managing temporarily idle raised funds [2] Group 1 - The company has opened a cash management special settlement account [2] - The account is specifically for managing temporarily idle raised funds [2] - The announcement was made on the evening of December 19 [2]