广发证券股份有限公司 关于洛阳建龙微纳新材料股份有限公司 2024 年年度报告的信息披露监管问询函回复之核查意见 上海证券交易所： 根据贵所出具的《关于洛阳建龙微纳新材料股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证科创公函〔2025〕0227 号）（以下简称"年报问 询函"）的要求，广发证券股份有限公司（以下简称"持续督导机构"）作为洛 阳建龙微纳新材料股份有限公司（以下简称"建龙微纳"、"公司"）向不特定 对象发行可转换公司债券并在科创板上市持续督导期间的保荐机构，对年报问询 函的相关问题进行了审慎核查，出具相关核查意见如下： 问题一、关于收入构成 年报披露：（1）本期营业收入为 7.79 亿元，同比下滑 20%；本期公司产品 销售结构和客户结构同比发生较大变化，气体分离、生命健康业务板块营收分别 同比下滑 16%和 58%，前五名客户中存在三名新进入客户；（2）本期境外收入 2.0 亿元，同比增长 13%，境外毛利率为 34%，较境内毛利率高出 7 个百分点。 请公司： （1）从下游需求、产品结构、产品价格、销量等方面的变化情况，量化分 析各业务板块及营业总收入同比变动的具体原因，与同 ...

| 证券代码：688357 | 证券简称：建龙微纳 公告编号：2025-040 | | --- | --- | | 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 可转债转股结果暨股份变动公告 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。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，"建龙 转债"未发生转股。 重要内容提示： 一、可转债发行上市概况 累计转股情况：洛阳建龙微纳新材料股份有限公司（以下简称"公司"） 向不特定对象发行的可转换公司债券"建龙转债"自 2023 年 9 月 14 日开始转股， 截至 2025 年 6 月 30 日，"建龙转债"共有人民币 12,000 元已转换为公司股票， 转股数量 150 股，占"建龙转债"转股前公司已发行股份总额的 0.00018%。 经中国证券监督管理委员会证监许可〔2023〕267 号文同意注册，公司于 2023 年 3 月 8 日向不特定对象发行了 7,000,000 张可转换公司债券，每张 ...

Core Viewpoint - The credit rating agency has assigned a stable credit rating of AA- to Luoyang Jianlong Micro-Nano New Materials Co., Ltd, reflecting its strong position in the molecular sieve industry and its comprehensive industry chain advantages [3][5][19]. Company Overview - Luoyang Jianlong Micro-Nano New Materials Co., Ltd is a leading domestic enterprise in the molecular sieve sector, possessing a complete industry chain that includes raw powder, activated powder, and formed molecular sieves [5][11]. - The company has a total asset value of 29.58 billion yuan and equity attributable to shareholders of 18.21 billion yuan as of the latest reporting period [3][4]. Financial Performance - The company reported a revenue of 7.79 billion yuan in 2024, a decrease of 19.90% year-on-year, with a net profit of 0.25 billion yuan [4][16]. - In the first quarter of 2025, the revenue was 1.78 billion yuan, down 7.39% compared to the same period in 2024 [5][16]. - The gross profit margin for the company was 30.37% in the first quarter of 2025, showing a slight recovery from 28.35% in 2024 [16]. Market Dynamics - The molecular sieve industry is experiencing pressure due to adjustments in downstream industries, particularly in gas separation and healthcare sectors, which have seen reduced demand [5][16]. - The company is actively exploring new markets in petrochemicals, renewable energy, and resource recovery to mitigate the impact of declining traditional business areas [5][17]. Production Capacity and Risks - The company plans to increase its production capacity of formed molecular sieves by 1.60 million tons over the next two years, representing a growth of 28.57% compared to the end of 2024 [7][19]. - There are concerns regarding capacity digestion risks due to the anticipated decline in revenue and the potential delay in the commissioning of new projects [6][19]. Competitive Landscape - The molecular sieve market is characterized by high technical barriers, with international giants dominating the high-end market, while domestic companies are gradually breaking through in the catalyst field [13][14]. - Luoyang Jianlong Micro-Nano is positioned as a leader in the industry but faces challenges in brand influence and comprehensive strength compared to international competitors [15][19]. Raw Material Costs - The cost structure of the company is heavily influenced by raw material prices, which have seen a decline in recent periods, alleviating some cost pressures [20][21]. - The main raw materials include sodium hydroxide, solid sodium silicate, and lithium salts, with significant price reductions observed in 2024 [20][21].

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 - The stock of Jianlong Micro-Nano (688357) shows strong potential for short-term and mid-term growth as it has recently broken through key resistance levels [1][2]. Group 1: Price and Cost Analysis - The current main cost for the stock is 28.06 yuan, with a 5-day cost of 26.79 yuan, a 20-day cost of 26.47 yuan, and a 60-day cost of 25.37 yuan [1]. - The stock has not experienced any limit-up or limit-down events in the past year [1]. Group 2: Technical Analysis - The short-term resistance level is at 27.05 yuan, while the short-term support level is at 28.00 yuan [2]. - A gap-up pattern has been identified, indicating potential upward movement if accompanied by significant trading volume [2][3]. Group 3: Fund Flow Data - On June 25, 2025, the net inflow of main funds was 245.45 million yuan, accounting for 2% of the total trading volume [2]. - Large orders saw a net inflow of 560.60 million yuan, while large orders experienced a net outflow of 315.15 million yuan [2]. Group 4: Financial Data - The latest financial report indicates earnings per share of 0.25 yuan and an operating profit of 0.28 billion yuan [2]. - The net profit reported is approximately 25.41 million yuan, with a sales gross margin of 30.368% [2][3]. Group 5: Related Industries and Concepts - The stock is associated with sectors such as non-metallic materials (1.41%), new materials (1.10%), nuclear pollution prevention (1.68%), and exhaust gas treatment (1.25%) [2][3].