Core Viewpoint - The company, Luoyang Jianlong Micro-Nano New Materials Co., Ltd., has maintained its credit rating of "AA-" for both its corporate entity and its convertible bonds, with a stable outlook as assessed by Zhongzheng Pengyuan Credit Rating Co., Ltd. [1][2] Summary by Relevant Sections - Previous Bond Rating: The company's previous credit rating was "AA-" with a stable outlook, and the credit rating for the Jianlong Convertible Bonds was also "AA-" [2]. - Current Bond Rating: The current credit rating remains "AA-" for the corporate entity and "AA-" for the Jianlong Convertible Bonds, with a stable outlook [2]. - Rating Agency: The credit rating was conducted by Zhongzheng Pengyuan, which performed a comprehensive analysis of the company's operational status and related industry [1].

据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市规 则》等有关规定，洛阳建龙微纳新材料股份有限公司（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"）对公司主体 及公司向不特定对象发行的可转换公司债券（以下简称"建龙转债"）进行了跟踪 信用评级。 公司前次主体信用等级为"AA-"，评级展望为"稳定"，"建龙转债"的信用等 级为"AA-"，评级机构为中证鹏元，评级日期为 2024 年 6 月 26 日。 | 证券代码：688357 | 证券简称：建龙微纳 公告编号：2025-039 | | --- | --- | | 转债代码：118032 | 转债简称：建龙转债 | 洛阳建龙微纳新材料股份有限公司 关于"建龙转债"跟踪信用评级结果的公告 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： （www.sse.com.cn）披露。 特此公告。 洛阳建龙微纳新材料股份有限公司董事会 2025 年 7 月 1 日 评级机构中证鹏元在对公司经营状况及相关行业进行综合分 ...

洛阳建龙微纳新材料股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【396】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，未经授 ...

Group 1: Mergers and Acquisitions Overview - During the period from June 23 to June 28, 2025, four listed companies announced new mergers and acquisitions, including Guotou Zhonglu, Shaoyang Hydraulic, Longyang Electronics, and Jianlong Micro-Nano, covering industries such as agriculture, machinery, electronics, and basic chemicals [1][6][9]. Group 2: Guotou Zhonglu - Guotou Zhonglu specializes in the production and sales of concentrated fruit and vegetable juices, with its main product being concentrated apple juice. The company operates on a B2B sales model and maintains long-term stable relationships with well-known beverage and food companies [1][6]. - The target company for this transaction is China Electronic Engineering Design Institute Co., Ltd., which has a registered capital of 9,242.74508 million yuan and was established on August 27, 1992 [1][6]. Group 3: Shaoyang Hydraulic - Shaoyang Hydraulic focuses on industrial transmission and high-end manufacturing, achieving domestic substitution of hydraulic products through independent research and technological innovation. In 2024, the R&D investment was 16,007,060.18 yuan, accounting for 4.56% of revenue [2][7]. - The company is planning to issue shares and pay cash to acquire a stake in Chongqing Xincheng Hangrui Technology Co., Ltd., which is expected to constitute a major asset restructuring [2][7]. Group 4: Longyang Electronics - Longyang Electronics primarily deals with electromagnetic shielding materials, with stable and significantly growing revenue. The company has a concentrated customer base among high-end brands, ensuring strong order support [2][7]. - The company plans to acquire 100% of Suzhou Deyou New Material Technology Co., Ltd. through cash payment, with funding sourced from part of the raised funds and its own capital [2][7]. Group 5: Jianlong Micro-Nano - Jianlong Micro-Nano is engaged in the research, production, sales, and technical services of molecular sieve adsorbents and catalysts in various fields, including industrial gas separation and renewable resources [3][8]. - The company is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment, aiming to create a closed-loop integration from material research and process design to end services [3][8].

Core Viewpoint - Jianlong Micro-Nano is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through a cash payment for equity transfer, which will make Jianlong Micro-Nano the controlling shareholder of Hanxing Energy [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance collaboration in product technology, market resources, and organizational capabilities between Jianlong Micro-Nano and Hanxing Energy [1][2]. - Jianlong Micro-Nano is the first listed company on the Science and Technology Innovation Board in Henan, focusing on the research, production, and sales of molecular sieve adsorbents and catalysts for various industries [2][3]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, covering upstream hydrogen production, midstream transportation, storage, and hydrogen refueling stations [2][4]. - The company has developed a comprehensive hydrogen energy ecosystem over 20 years, focusing on hydrogen production technology and related services [2][4]. Group 3: Financial Performance - Hanxing Energy reported revenues of 296 million yuan and 389 million yuan in 2021 and 2022, respectively, with a revenue of 488 million yuan in 2023, marking a year-on-year growth of 25.45% [4][5]. - The net profit attributable to shareholders was 52.87 million yuan in 2021, 68.58 million yuan in 2022, and 73.97 million yuan in 2023, reflecting a growth of 7.85% [4][5]. Group 4: Strategic Implications - The acquisition is seen as a strategic integration of the upstream and downstream of the industry chain, enhancing the company's full-chain closed-loop capability and facilitating its transition from a material manufacturer to a technology service provider [5]. - Hanxing Energy has a strong technical reserve in the petrochemical industry and possesses numerous patents and proprietary technologies, which can be leveraged by Jianlong Micro-Nano to enhance its competitive edge [3][4].

Core Viewpoint - The article discusses the significant asset restructuring of Jianlong Micro-Nano Materials Co., Ltd. (建龙微纳) through the acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. (汉兴能源), marking the company's first major asset restructuring since its listing [1][4]. Group 1: Acquisition Details - Jianlong Micro-Nano plans to acquire a controlling stake in Hanxing Energy, which will become a subsidiary and included in the consolidated financial statements [1]. - This acquisition is significant as Hanxing Energy previously attempted an IPO on the ChiNext board but withdrew its application [4]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, providing comprehensive services including hydrogen production, transportation, storage, and refueling stations [3]. - The company has established relationships with major clients such as China National Petroleum Corporation and China Petroleum & Chemical Corporation [3]. Group 3: Financial Performance - Hanxing Energy's revenue from 2021 to 2023 was 296 million, 389 million, and 488 million yuan, respectively, with net profits of 53.1 million, 67.7 million, and 76.7 million yuan [4]. - The company faced scrutiny over its IPO fundraising plan, which allocated over 87.82% of the raised funds for working capital, exceeding the regulatory limit of 30% [5][6]. Group 4: Financial Risks - Hanxing Energy's cash flow from operating activities showed volatility, with net cash flows of -18.7 million, 9.98 million, and 64.2 million yuan from 2021 to 2023, indicating potential financial strain [7]. - The company's debt-to-asset ratio remained high at 56.81%, 57.46%, and 55.04% over the same period, raising concerns about its financial stability [7]. Group 5: Strategic Implications for Jianlong Micro-Nano - The acquisition is expected to enhance Jianlong Micro-Nano's capabilities in technology services, transitioning from a materials manufacturer to a technology service provider [9]. - The integration aims to leverage both companies' strengths in the petrochemical and energy sectors, fostering collaboration and resource sharing [9]. Group 6: Jianlong Micro-Nano's Financial Challenges - Jianlong Micro-Nano has faced declining performance, with revenues from 2020 to 2024 of 452 million, 878 million, 854 million, 972 million, and 779 million yuan, and net profits decreasing over three consecutive years [10]. - The company's debt-to-asset ratio increased from 17.57% in 2020 to 39.08% in 2024, indicating rising financial pressure [11].

Core Viewpoint - Jianlong Micro-Nano plans to acquire at least 51% of Hanxing Energy, which is expected to constitute a major asset restructuring, marking a shift from IPO aspirations to mergers and acquisitions [2][5]. Group 1: Acquisition Details - Jianlong Micro-Nano signed a cooperation intention agreement with Hanxing Energy and its shareholders to acquire a majority stake through cash payment [5]. - The final equity ratio and transaction price will be determined through further negotiations and a formal acquisition agreement [12]. Group 2: Strategic Synergy - The acquisition aims to create a dual synergy between Jianlong Micro-Nano and Hanxing Energy, enhancing product technology, market resources, and organizational capabilities [2][14]. - Jianlong Micro-Nano intends to transition from a material manufacturer to a technology service provider, establishing a full-chain capability from high-performance molecular sieve material R&D to end-customer services [2][15]. Group 3: Financial Performance of Hanxing Energy - Hanxing Energy's revenue for 2021, 2022, and 2023 was 296 million, 389 million, and 488 million yuan respectively, with net profits of approximately 52.87 million, 68.58 million, and 73.97 million yuan [17]. - The total assets of Hanxing Energy reached 1.165 billion yuan in 2023, with a debt ratio of 66.76% [18]. Group 4: Market Position and Clientele - Hanxing Energy specializes in hydrogen energy technology development and has established a strong client base, including major companies like China National Petroleum and Sinopec [15][17]. - The company has developed core technologies in various fields, including petrochemicals and industrial gases, which can be further optimized through the resources of Jianlong Micro-Nano [18]. Group 5: Financial Performance of Jianlong Micro-Nano - Jianlong Micro-Nano reported a revenue of 778.75 million yuan in 2024, a decrease of 19.90% year-on-year, with a net profit of approximately 74.76 million yuan, down 51.15% [19][20]. - The decline in performance is attributed to weak demand in the industrial gas sector and reduced operational loads of air separation equipment [21].

Group 1 - Jianlong Micro-Nano announced on June 24 that it signed a letter of intent with Shanghai Hanxing Energy Technology Co., Ltd. to acquire at least 51% of Hanxing Energy's equity through cash transfer, making Jianlong Micro-Nano the controlling shareholder after the transaction [1] - Hanxing Energy specializes in the hydrogen energy industry, focusing on upstream hydrogen production and midstream transportation, storage, and refueling stations, providing comprehensive services including technology development, consulting design, and equipment integration [1] - Hanxing Energy has developed a business system around hydrogen energy, serving over 500 clients across various industries, including petrochemicals, metallurgy, and electronics, with products exported to multiple countries and regions [1] Group 2 - Jianlong Micro-Nano is engaged in the research, production, and sales of molecular sieve adsorbents and catalysts for various fields, including industrial gas separation and renewable resources, and has strong independent R&D capabilities [2] - The main products of Jianlong Micro-Nano are molecular sieve adsorbents and catalysts, which have been successfully used in thousands of installations, achieving import substitution and competing with international companies [2] - The strategic integration with Hanxing Energy is expected to create synergies in product technology, market resources, and organizational capabilities, enhancing both companies' competitive positions [2][3] Group 3 - Hanxing Energy possesses rich technical reserves and qualifications in the petrochemical industry, which Jianlong Micro-Nano can leverage for research and market expansion in domestic substitution technologies [3] - The collaboration allows Hanxing Energy to optimize its technical solutions using Jianlong Micro-Nano's resources in molecular sieve materials, enhancing its core competitiveness [3] - The strategic integration aims to establish a complete closed-loop capability from high-performance molecular sieve material R&D to customized process design and customer service, facilitating Jianlong Micro-Nano's transformation from a manufacturer to a technology service provider [3]

| 证券代码：688357 | 证券简称：建龙微纳 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：118032 | 转债简称：建龙转债 | | 洛阳建龙微纳新材料股份有限公司 关于筹划重大资产重组暨签署《合作意向协议》 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、准确性和完整性依法承担法律责任。 重要内容提示： 洛阳建龙微纳新材料股份有限公司（以下简称"建龙微纳"、"公司"和"上市 公司"）正在筹划以支付现金受让股权的方式合计取得上海汉兴能源科技股 份有限公司（以下简称"标的公司"）不少于 51%的股份（以下简称"本次交 易"）。本次交易完成后，建龙微纳将成为标的公司的控股股东。 本次交易尚处于筹划阶段，交易相关事项尚需进一步论证协商，公司尚未就 该事项的具体方案、最终股权比例、交易价格等与交易对方达成一致意见， 本次交易各方最终能否就本次交易达成一致意见并签署相关协议存在重大 不确定性。 本次签署的《合作意向协议》（以下简称"《意向协议》"）仅为意向性协 议，具体的交易方式及交易条款以各方签署 ...

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements, policy support, and the need for domestic production capabilities in response to international trade tensions [2][9][13]. Group 1: Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a competitive landscape divided into three tiers: developed countries in the first tier, rapidly developing countries like China in the second tier, and emerging economies in the third tier [8][12]. - China's new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an average annual growth rate of 23.1% from 2010 to 2021, and is projected to reach 7.5 trillion yuan in 2022 [9][10]. Group 2: Semiconductor Sector - The global semiconductor market was valued at $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by advancements in 5G and automotive electronics [3][16]. - The semiconductor materials market in China reached $11.9 billion in 2021, growing by 22.2% year-on-year, indicating a significant increase in domestic demand [31][32]. Group 3: Display Materials - The global OLED materials market is expected to grow from approximately $900 million in 2019 to about $2.6 billion by 2024, with a compound annual growth rate (CAGR) of 23.6% [4]. - Domestic companies like Wanrun and Ruile New Materials are leading suppliers in the liquid crystal and OLED material sectors, with significant market shares [4][15]. Group 4: New Energy Materials - The new energy sector is rapidly evolving, with key materials such as composite copper foil, conductive carbon black, and sodium battery materials expected to see substantial market growth [5][15]. - The market for photovoltaic materials is projected to reach 20 billion yuan by 2025, driven by increasing demand for solar energy solutions [15]. Group 5: Environmental Materials - Traditional chemical applications are witnessing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on opportunities in molecular sieves and lubricating oil additives [6][15]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with companies like Chenguang New Materials entering this space [6][15].