| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-069 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 福立旺精密机电（中国）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。 重要内容提示： 累计转股情况：截至 2025 年 9 月 30 日，累计共有人民币 285,730,000 元"福立转债"已转换为公司股票，累计转股数量为 19,035,833 股，占"福立 转债"转股前公司已发行股份总额的 10.92%。 未转股可转债情况：截至 2025 年 9 月 30 日，"福立转债"尚未转股的 可转债金额为人民币 414,270,000 元，占"福立转债"发行总量的 59.18%。 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 日期间，"福 立转债"共有人民币 13,864,000 元已转换为公司股票，转股数量为 930,391 股。 因公司 2023 年年度利润分配及 ...

Group 1 - The company Fuliwang reported that as of September 20, 2025, the number of shareholders is 9,731 [1]

| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-068 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 福立旺精密机电（中国）股份有限公司 2025年第三次临时股东会决议公告 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。 2、 董事会秘书尤洞察先生出席本次会议；其他高管列席本次会议。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 9 月 26 日 （二） 股东会召开的地点：江苏省苏州市昆山市千灯镇玉溪西路 168 号 1 号楼 105 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 58 | | --- | --- | | 普通股股东人数 | 58 | | 2、出席会议的股东所持有的表决权数量 | 104,507,615 | | 普通股股东所持有表决权数量 | 104,507,61 ...

国浩律师（苏州）事务所 苏州工业园区 旺墩路 269 号圆融星座商务广场 1 幢 28 楼 邮编：215028 28/F, Tower 1, Harmony City, No.269 Wangdun Road, SIP, Suzhou 215028 电话/Tel: (86-512) 62720177 传真/Fax: (86-512) 62720199 网址/Website: http://www.grandall.com.cn 二〇二五年九月 关 于 福立旺精密机电（中国）股份有限公司 2025 年第三次临时股东会 之 法律意见书 国浩律师（苏州）事务所 法律意见书 国浩律师（苏州）事务所 关于福立旺精密机电（中国）股份有限公司 2025 年第三次临时股东会 之 法律意见书 致：福立旺精密机电（中国）股份有限公司 1 国浩律师（苏州）事务所 法律意见书 公司所提供的相关文件和有关事实进行了核查和验证，现出具法律意见如下： 一、本次股东会的召集、召开程序 国浩律师（苏州）事务所（以下简称"本所"）接受福立旺精密机电（中国） 股份有限公司（以下简称"公司"）的委托，指派本所律师出席并见证了公司 2025 年第三次 ...

Summary of the Conference Call for 福立旺 Industry and Company Overview - 福立旺 is positioned to benefit from the 3C product boom in 2026-2027, particularly due to the new product cycle from Apple, enhancing its performance in connectors and custom springs [2][3] - The company has entered the automotive sector through self-developed products, covering sunroofs, headlights, and precision components for power systems, capitalizing on the trend of automotive intelligence [2][3] - Despite short-term profit declines due to convertible bond issuance and a sluggish photovoltaic industry, the company expects to stabilize its gross margin and see a net profit rebound by 2026 as capacity utilization improves [2][4] Core Insights and Arguments - 福立旺's core competitiveness lies in its exceptional ability in micro-component manufacturing, allowing it to maintain optimal quality and cost control across various sectors including 3C, automotive, power tools, and robotics [3] - The company anticipates significant growth in the 3C sector, particularly in the second half of 2025, driven by new Apple product launches [3][5] - Revenue projections for 2025-2027 are set at 2 billion, 2.4 billion, and 3 billion respectively, with net profits expected to reach 160 million, 250 million, and 300 million, reflecting substantial growth primarily from the 3C business recovery and new business expansions [3][12] Financial Performance - From 2020 to 2024, the compound annual growth rate (CAGR) of revenue reached 25.5%, with continued strong growth in the first half of 2025 [6] - The company faced losses in the first half of 2025 due to early construction of a new factory and extensive hiring to meet North American client orders, but expects to turn profitable in the third quarter [7] - The gross margin for precision components related to 3C remains around 35%, while the overall gross margin is expected to stabilize as capacity utilization increases [7] Business Segment Performance - In the 3C sector, 福立旺 produces connectors, custom springs, and turned keys for laptops, smartphones, and headphones, with a strong focus on North American clients [5] - The automotive segment is seeing increased demand for precision components due to the trend towards vehicle intelligence, with a growing market penetration in sunroofs [5] - The electric tools business is recovering, and while the photovoltaic sector currently has low profitability, signs of improvement are anticipated [5] Robotics Sector Development - 福立旺 is actively expanding into the robotics field, particularly in producing micro four-bar linkages and related components, with expectations of benefiting from the rapid growth of humanoid robots [2][9] - The company collaborates with leading equipment manufacturers to develop micro four-bar processing solutions and is investing in production and R&D bases [10] MIM Technology Application - The company has successfully applied Metal Injection Molding (MIM) technology, transitioning from 3C components to the robotics sector for manufacturing micro gears and bearings [11] - MIM technology allows for the production of complex-shaped small components that traditional machining methods cannot efficiently produce [11] Future Profit Forecast and Valuation - Revenue forecasts for 2025-2027 indicate growth rates of 40%, 35%, and 36%, with net profit growth rates of 200%, 50%, and 22% respectively [12] - The company's valuation remains relatively low compared to peers, with potential market value reaching 15 to 20 billion based on projected profits and contributions from the robotics sector [12]

Core Points - The company Fuliwang announced that its stock has triggered the conditional redemption clause for its convertible bonds due to the closing price being above 130% of the conversion price for 15 out of 30 trading days [2] - The board of directors decided not to exercise the early redemption rights for the convertible bonds during the specified period [2] - The company will reassess the situation after December 26, 2025, if the redemption clause is triggered again [2]

| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-067 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 福立旺精密机电(中国)股份有限公司 关于不提前赎回"福立转债"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 自 2025 年 9 月 5 日至 2025 年 9 月 25 日期间，福立旺精密机电(中国) 股份有限公司（以下简称"公司"）股票满足在连续三十个交易日中有十五个交 易日的收盘价不低于"福立转债"当期转股价格的 130%（含 130%），即 19.37 元/股，已触发《福立旺精密机电(中国)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》（以下简称"《募集说明书》"）中规定的有条件赎回条款。 公司于 2025 年 9 月 25 日召开第四届董事会第五次会议，审议通过《关 于不提前赎回"福立转债"的议案》，决定本次不行使"福立转债"的提前赎回 权利，不提前赎回"福立转债"。 因公司实施 2023 年年度 ...

中信证券股份有限公司 关于福立旺精密机电（中国）股份有限公司 不提前赎回"福立转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为福立旺 精密机电（中国）股份有限公司（以下简称"福立旺"或"公司"）向不特定对 象发行可转换公司债券并在科创板上市项目的保荐人，根据《可转换公司债券管 理办法》《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 等有关规定，对公司本次不提前赎回"福立转债"的事项进行了核查，具体情况 如下： 根据公司《募集说明书》，"福立转债"的赎回条款如下： 根据相关规定及《福立旺精密机电（中国）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》（以下简称"《募集说明书》"）的约定，公司本次发 行的"福立转债"自 2024 年 2 月 19 日起可转换为公司股份，初始转股价格为 21.28 元/股。 因公司办理完成 2022 年限制性股票激励计划预留授予部分第一个归属期的 股份登记工作，"福立转债"的转股价格自 2024 年 2 月 5 日起调整为 21.27 元/ 股，具体内容详见公司于2024年2月5日在上海证券交易所网站（www.sse.co ...

Group 1 - Nanjing University of the Arts and Insta360 signed a strategic cooperation agreement to establish the "Insta360-Nanjing University of the Arts Panoramic Imaging Joint Innovation Laboratory" [1] - Insta360 will launch the "Image Creator Program" at Nanjing University of the Arts, aiming to foster creativity and provide a platform for students to showcase their talents [1] - The collaboration will involve joint research projects, curriculum integration, project incubation, and practical internships, enhancing the learning and development opportunities for students [1] Group 2 - Insta360, founded in 2015, is a leading imaging brand and smart hardware unicorn, recognized in the 2025 MIT Technology Review's "50 Smartest Companies" list and awarded the 2025 Engineering, Science, and Technology Emmy Award [2] - The company has received multiple international awards, including CES Innovation Awards, Red Dot Design Awards, and iF Design Awards, highlighting its strong position in the industry [2] - The event included a salon session where Insta360's market manager and department directors discussed industry trends and talent needs, engaging with students in an interactive format [2]

Macro Strategy - The September FOMC meeting resulted in a 25bps rate cut, with guidance indicating two more cuts within the year and an additional cut next year, which is more hawkish than market expectations [1][17] - Powell's statements on employment and inflation were consistent with the August Jackson Hole meeting, lacking significant dovish information, leading to volatile movements in major asset classes [1][17] - The focus is shifting towards the independence of the Federal Reserve, with potential political pressures influencing future rate cuts and increasing dollar credit risks [1][17] Fixed Income - The convertible bond market experienced fluctuations, with high-priced bonds outperforming mid and low-priced ones, indicating a highly structured opportunity landscape driven by the current equity market [2][19] - The China convertible bond index has risen over 30% since its low in August 2024, with a corresponding increase in the premium rate of about 8-12 percentage points [2][19] - The issuance of green bonds totaled approximately 20.052 billion yuan this week, a significant increase from the previous week, indicating strong market interest [4][23] Industry Insights - In the semiconductor equipment sector, domestic equipment manufacturers are expected to benefit significantly from the development of domestic computing power chips [12] - The oil service equipment industry is poised to gain from Saudi Aramco's plan to initiate 85 major projects over the next three years, with specific recommendations for companies like Jereh and Neway [13] - The precision manufacturing sector, particularly in 3C electronics, is highlighted for its growth potential, with companies like Fuliwang expected to see significant profit increases from 2025 to 2027 [16]