Group 1 - The stock price of Fuliwang increased by 2.25% on September 19, reaching 32.75 CNY per share, with a trading volume of 1.26 billion CNY and a market capitalization of 8.491 billion CNY [1] - Year-to-date, Fuliwang's stock price has risen by 122.03%, with a 16.13% increase over the last five trading days, 20.54% over the last 20 days, and 75.32% over the last 60 days [1] - Fuliwang has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on April 10, where it recorded a net purchase of 17.186 million CNY [1] Group 2 - Fuliwang Precision Electromechanical (China) Co., Ltd. was established on May 18, 2006, and listed on December 23, 2020, specializing in the R&D, design, production, and sales of various springs, connectors, automotive sunroof components, and other hardware accessories [2] - The company's main business revenue composition includes 54.94% from 3C precision components, 17.12% from electric tool components, 14.66% from automotive precision components, 7.89% from diamond wire and brass wire, and 4.55% from other components [2] - As of September 10, the number of Fuliwang shareholders was 8,392, a decrease of 11.56% from the previous period, with an average of 30,894 circulating shares per person, an increase of 13.07% [2] Group 3 - Fuliwang has distributed a total of 232 million CNY in dividends since its A-share listing, with 129 million CNY distributed over the past three years [3] - As of June 30, 2025, among the top ten circulating shareholders, Guoshou Anbao Wisdom Life Stock A held 3.1869 million shares, an increase of 150,000 shares from the previous period [3] - Guotai Juxin Value Advantage Flexible Allocation Mixed A reduced its holdings by 202,000 shares, while Guangfa Shengjin Mixed A exited the top ten circulating shareholders list [3]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Fuliwang (688678.SH) based on several positive factors [1] - The company is deeply engaged in precision metal components, indicating an imminent profit reversal [1] - Fuliwang is focused on its core business of precision manufacturing, with collaborative growth across 3C, automotive, and power tool sectors [1] - The importance of micro screw technology is highlighted, with the company having a dual layout in technical equipment [1]

Core Viewpoint - The company, Fuliwang Precision Electromechanical (China) Co., Ltd., has announced that its convertible bonds ("Fuli Convertible Bonds") are expected to meet the redemption conditions based on recent stock performance [2][9]. Group 1: Convertible Bond Issuance Overview - The company has been approved to issue 7 million convertible bonds with a face value of 100 RMB each, raising a total of 700 million RMB [3]. - The bonds have a six-year term from August 14, 2023, to August 13, 2029, with a tiered interest rate starting at 0.30% in the first year and increasing to 3.00% in the sixth year [3]. - The initial conversion price is set at 21.28 RMB per share, which will be adjusted based on certain corporate actions [3][4][5]. Group 2: Redemption Terms and Expected Trigger Conditions - The redemption terms include a mandatory redemption at 115% of the face value after maturity and conditional redemption if the stock price meets specific criteria [7][8]. - The stock price must remain at or above 130% of the conversion price for a specified number of trading days to trigger the conditional redemption [2][9]. - As of September 5 to September 18, 2025, the stock has already met the condition for 10 trading days, and if it continues to meet the criteria for 20 trading days, the company may decide to redeem the bonds [2][9].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is a leading manufacturer of precision metal components in China, with products widely used in high-growth sectors such as 3C consumer electronics, automotive, new energy, and power tools. The company is expected to enter the screw rod field, which will further enhance its growth potential [5]. Summary by Sections 1. Deepening Precision Metal Components, Profit Reversal Imminent - The company builds competitive barriers through "high-end customer binding + industrial synergy expansion" as a core player in the precision metal components sector on the Sci-Tech Innovation Board [2]. - The company has a growth trajectory characterized by "technological breakthroughs → capital empowerment → boundary expansion," with plans to enter the micro screw rod field by 2025 [2]. - The product layout includes a matrix of "3C + automotive + power tools + emerging fields," leveraging micron-level processing capabilities to penetrate diverse sectors such as consumer electronics and humanoid robots, supporting multiple growth drivers [2]. 2. Focus on Precision Manufacturing, Multi-Line Collaborative Growth in 3C, Automotive, and Power Tools - In the 3C sector, the company has a comprehensive product system for precision metal components, widely used in laptops, tablets, smartphones, and wireless earphones, with strong ties to major global customers, particularly in North America [3]. - In the automotive sector, the company has achieved mass delivery and technical accumulation in core areas such as sunroofs, headlights, and power systems, continuously expanding its diversified product lines [3]. - The power tools sector is showing clear recovery in 2024, with the company leveraging its technological advantages in precision manufacturing and smart production to establish a solid customer base [3]. 3. Importance of Micro Screw Rods, Dual Layout of Technology and Equipment - The company is expanding into the micro screw rod market, leveraging its existing capabilities and collaborating with leading machine tool manufacturers to overcome technical barriers [4]. - The micro screw rod is currently in the research and sample testing phase, with plans to establish a subsidiary in Suzhou dedicated to humanoid robot projects, investing 1 billion yuan, with construction expected to start in mid-2025 [4]. - The company’s MiM technology offers significant advantages in producing complex gear components, enabling it to manufacture high-precision gears and gear rings that traditional machining cannot achieve [4]. 4. Earnings Forecast and Investment Recommendations - The company is expected to achieve a net profit of 1.62 billion yuan in 2025, 2.49 billion yuan in 2026, and 3.01 billion yuan in 2027, with corresponding dynamic P/E ratios of 47, 30, and 25 times [5].

Core Viewpoint - Fuliwang announced that from September 5 to September 18, 2025, its stock price has closed at or above 130% of the current conversion price of "Fuli Convertible Bonds," which is 19.37 yuan per share [1] Summary by Relevant Sections - The company stated that if the stock price continues to meet the condition of being at or above 130% of the current conversion price for 5 out of the next 20 trading days, it will trigger the conditional redemption clause of the "Fuli Convertible Bonds" [1] - Upon triggering the redemption clause, the company has the right to decide whether to redeem all or part of the unconverted "Fuli Convertible Bonds" at face value plus accrued interest [1] - The company will determine whether to redeem the "Fuli Convertible Bonds" based on the provisions of the prospectus and relevant laws and regulations, and will fulfill its information disclosure obligations in a timely manner [1]

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 会议资料 二〇二五年九月 | 议案一：《关于控股子公司对外投资的议案》 5 | | --- | 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会议资料 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会议须知 会议进行中只接受股东及股东代理人发言或提问。发言或提问应围绕本次会 议议题进行，简明扼要，时间不超过 5 分钟。发言或提问时需说明股东名称及所 持股份总数。每位股东及股东代理人发言或提问次数不超过 2 次。 六、股东及股东代理人要求发言或提问时，不得打断会议报告人的报告或其 他股东及股东代理人的发言。在股东会进行表决时，股东及股东代理人不再进行 －1－ 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会议资料 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证本 次股东会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东会规则》以及《福立旺精密机电（中国）股份有限公司章程》（以 下简称"《公司章程》"）《福立旺精密机电（中国）股份有限公司股东会议 ...

| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-066 | | --- | --- | --- | | 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"福立转债"预计满足赎回条件的提示性公告 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 福立旺精密机电(中国)股份有限公司（以下简称"公司"）股票自 2025 年 9 月 5 日至 2025 年 9 月 18 日已有 10 个交易日的收盘价不低于当期转股价 格的 130%（即 19.37 元/股），若未来连续 20 个交易日内，公司股票有 5 个交 易日的收盘价格不低于当期转股价的 130%（含 130%），将触发《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。若触发条件，公司将于触发 条件当日召开董事会审议决定是否赎回，并及时履行信息披露义务。 一、可转债发行上市概况 根据中国证券监督管理委员会出 ...

Core Viewpoint - The latest conversion price for "Fuli Convertible Bonds" is set at 14.90 CNY per share, with the stock price exceeding 130% of this conversion price for 10 trading days, indicating potential for conditional redemption [1] Group 1 - The stock price has been above 19.37 CNY per share, which is 130% of the current conversion price, for 10 consecutive trading days [1] - If the stock price continues to meet this condition for several more trading days, it will trigger the conditional redemption clause [1] - Upon triggering, the company will convene a board meeting to decide on the redemption and disclose the information [1]

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 2025 年半年度持续督导跟踪报告 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"或"上市公司"） 公开发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》、 《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职 责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 26 日、2025 年 9 月 1 日、2025 年 9 月 4 日对 公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际控制人及其关联方的资金往 ...

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Fuliwang Precision Electromechanical Co., Ltd, indicating a significant increase in stock price and trading activity [1][2] - As of September 12, Fuliwang's stock price rose by 95.93% year-to-date, with a recent trading volume of 1.38 billion yuan and a market capitalization of 7.493 billion yuan [1] - The company has a diverse revenue structure, with 54.94% from 3C precision components, 17.12% from power tool components, and 14.66% from automotive precision components [2] Group 2 - Fuliwang has experienced a net profit decline of 138.73% year-on-year, with a reported net loss of 17.7376 million yuan for the first half of 2025 [2] - The company has distributed a total of 232 million yuan in dividends since its A-share listing, with 129 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include notable funds, with changes in holdings reflecting market dynamics [3]