Group 1 - The company, Freewon China Co., Ltd, has issued convertible bonds totaling 700,000 units with a face value of RMB 100 each, raising approximately RMB 690 million [2][19] - The bonds are convertible into the company's A-shares and have a maturity period of six years, with an annual interest rate starting at 0.30% in the first year [3][19] - The initial conversion price is set at RMB 21.28 per share, which is subject to adjustments based on various corporate actions [5][6] Group 2 - The company reported a net profit of RMB 54.53 million for the period, a decrease of 38.38% year-on-year, attributed to various operational challenges [23] - The revenue from the 3C precision metal components business increased by 40.26% year-on-year, driven by strong demand in the consumer electronics sector [24][25] - The automotive precision metal components segment generated revenue of RMB 22.33 million, benefiting from the growth in the automotive industry, particularly in new energy vehicles [26] Group 3 - The company is focusing on vertical integration in the photovoltaic industry, developing high-strength busbars and exploring new materials for production [27][29] - The electric tools precision metal components business saw a revenue increase of 68.71%, reflecting a recovery in the market after two years of decline [28][29] - The company is actively collaborating with research institutions to explore the application potential of new materials, aiming for sustainable development amid market challenges [29]

债券简称：福立转债 债券代码：118043.SH 股票简称：福立旺 股票代码：688678.SH 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 受托管理事务报告 （2024 年度） 债券受托管理人 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年六月 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息 均来源于福立旺精密机电（中国）股份有限公司（以下简称"福立旺"、"公司"、 "发行人"）对外公告的《福立旺精密机电（中国）股份有限公司2024年年度报 告》等相关公开信息披露文件、公司提供的证明文件以及第三方中介机构出具的 专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺 或声明。 1 | | | | 重要声明 1 | | | --- | --- | | 第一节 | 可转换公司债券概况 3 | | 第二节 | 债券受托管理人履行职责情况 15 | | 第三节 | 发行人 2024 年度经营情况和财务状况 17 | | ...

Investment Rating - The report maintains an "Outperform" rating for the industry [6]. Core Insights - The panoramic camera and action camera segments are still in the early stages of category cultivation, with panoramic cameras offering unique advantages such as capturing 360° panoramic images and enabling "shoot first, compose later" functionality. The rise of short videos globally is expected to drive the growth of the VLOG camera category, which has significant development potential [4]. Summary by Sections 1. Pain Points Addressed by Panoramic Cameras - Panoramic cameras provide a distinct advantage over traditional cameras by capturing three-dimensional space, allowing users to retain more exciting moments without the limitations of traditional camera angles [3][14]. - The current demand for panoramic cameras primarily includes three scenarios: extreme sports like skydiving and skiing, travel situations requiring quick captures, and creative perspective pursuits during filming [27][28]. 2. Market Potential Assessment - The global action camera market is projected to grow from $2.7 billion in 2020 to $6.6 billion by 2027, with a compound annual growth rate (CAGR) of 13.5%. The volume of action cameras is expected to increase from 13.4 million units to 29.9 million units during the same period, indicating a strong market expansion [43][46]. - The potential annual sales volume for VLOG cameras is estimated at 40 million units for the sports user segment and 16 million units for content creators, suggesting a robust demand driven by outdoor activities and content creation [54][60]. 3. Channel and Marketing Analysis - The company employs a balanced online and offline sales strategy, with significant contributions from major markets such as China, Europe, and the United States. In 2024, the revenue distribution is expected to be 24% from China, 23% from Europe, and 23% from the U.S. [70][79]. - Marketing efforts include collaborations with professional athletes and international celebrities to enhance brand visibility, alongside engaging users through content challenges that leverage the social media landscape [69][113].

Company Overview - The company, Fuliwang Precision Electromechanical (China) Co., Ltd., primarily engages in the manufacturing of precision metal components, including precision springs, special-shaped springs, and various other precision parts [6][7] - As of March 2025, the company's total assets amounted to 3.674 billion yuan, with equity of 1.910 billion yuan and a debt-to-asset ratio of 48.00% [8][19] - The company has a diverse product range that serves various sectors, including 3C electronics, automotive, and power tools [6][10] Financial Performance - In 2024, the company reported a revenue of 1.285 billion yuan, reflecting a significant increase compared to previous years [19] - The gross profit margin was recorded at 24.41%, a decrease of 3.91 percentage points from 2023, primarily due to losses in the company's diamond wire business [19] - The company’s R&D investment reached 122 million yuan in 2024, marking a year-on-year growth of 24.22% [3][5] Market Position and Competitiveness - The company maintains a competitive edge in the precision metal components market, supported by its advanced manufacturing technologies and strong partnerships with well-known enterprises in the 3C and automotive sectors [3][10] - The company’s products are essential in various applications, including computers, communications, consumer electronics, and automotive components, which enhances its market presence [6][10] - The company is positioned to benefit from the recovery in downstream demand and the expansion of new products [3][10] Industry Analysis - The precision metal components manufacturing industry is experiencing challenges due to a slowdown in global consumer electronics demand, but there are signs of recovery driven by emerging technologies like AI and 5G [10][12] - The automotive sector, particularly in new energy vehicles, is witnessing significant growth, with production and sales reaching historical highs in 2024 [13] - The industry is characterized by a low concentration level, with many companies operating independently across various segments, leading to a diverse competitive landscape [14][15] Risks and Challenges - The company faces potential risks from fluctuating trade environments and exchange rates, particularly as 50.59% of its revenue comes from overseas markets [5][10] - The diamond wire business has been adversely affected by the downturn in the photovoltaic industry, leading to significant losses and impacting overall profitability [5][19] - The company has a substantial financing requirement due to ongoing and planned projects, which may affect its short-term debt levels [5][19]

Core Viewpoint - The credit rating for Fuliwang Precision Electromechanical (China) Co., Ltd. and its convertible bonds remains unchanged at "AA-" with a stable outlook, as assessed by Dongfang Jincheng International Credit Rating Co., Ltd. [1][2] Previous Rating Situation - The previous credit rating for the company was "AA-" with a stable outlook, and the same rating applied to the Fuli Convertible Bonds, with the last assessment conducted on June 12, 2024 [1][2]. Current Rating Situation - On May 27, 2025, Dongfang Jincheng issued a tracking rating report confirming the company's credit rating and the rating for the Fuli Convertible Bonds as "AA-", indicating no change from the previous rating [1][2].

Group 1 - The report details a reduction in shareholding by WINWIN OVERSEAS GROUP LIMITED in Fuliwang Precision Electromechanical (China) Co., Ltd, resulting in a passive dilution of its shareholding percentage from 45.07% to 45.02% due to an increase in total share capital [2][3][5] - The total number of shares held by WINWIN OVERSEAS GROUP LIMITED decreased from 116,730,407 to 103,760,407, representing a reduction of 12,970,000 shares, which is 5.00% of the total share capital [4][5][8] - The increase in total share capital was due to the conversion of convertible bonds, which added 252,462 shares to the total, changing it from 259,016,374 shares to 259,268,836 shares [3][4][6] Group 2 - WINWIN OVERSEAS GROUP LIMITED has no plans to increase or further reduce its shareholding in the next 12 months [4][5] - The report confirms that there are no restrictions such as pledges or freezes on the shares held by WINWIN OVERSEAS GROUP LIMITED as of the report date [6][8] - The report states that there have been no transactions involving the buying or selling of Fuliwang shares by WINWIN OVERSEAS GROUP LIMITED in the six months prior to the report [6][8]

Key Points - The core viewpoint of the announcement is the share transfer by WINWIN OVERSEAS GROUP LIMITED, which reduces its stake in Fuliwang Precision Electromechanical (China) Co., Ltd. from 45.07% to 40.02% through the sale of 12,970,000 shares at a price of 17.66 yuan per share [1][2][3]. Group 1: Share Transfer Details - The share transfer involves a total of 12,970,000 shares, representing 5.00% of the company's total share capital [1][3]. - After the transfer, WINWIN OVERSEAS GROUP LIMITED's shareholding decreases from 116,730,407 shares (45.07%) to 103,760,407 shares (40.02%) [1][3]. - The transfer does not result in a change of control for the company, as the controlling shareholder remains the same [1][5]. Group 2: Transfer Process and Participants - The transfer was conducted through an inquiry process, with a total of 402 institutional investors receiving the subscription invitation, including 77 fund companies and 52 securities companies [5][6]. - A total of 11 valid bids were received during the subscription period, with 9 investors ultimately allocated shares at the determined price [5][6]. - The inquiry transfer process was verified by CITIC Securities, confirming compliance with relevant laws and regulations [5][6].

福立旺精密机电（中国）股份有限公司 股东询价转让结果报告书暨持股 5%以上 股东权益变动触及 5%整倍数的提示性公告 WINWIN OVERSEAS GROUP LIMITED（以下简称"转让方"）保证向福立 旺精密机电（中国）股份有限公司（以下简称"福立旺"或"公司"）提供的信息 内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完 整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118043 | 转债简称：福立转债 | | 重要内容提示： 本次询价转让的价格为17.66元/股，转让的股票数量为12,970,000股。 公司控股股东 WINWIN OVERSEAS GROUP LIMITED参与本次询价转 让。 本次权益变动为股份减持、被动稀释。本次转让不会导致公司控股股东、 实际控制人发生变化。 本次权益变动后，转让方WINWIN OVERSEAS GROUP LIMITED 持有 公司股份比例由45.0 ...

上市公司：福立旺精密机电(中国)股份有限公司 股票上市地：上海证券交易所 股票简称：福立旺 股票代码：688678 信息披露义务人：WINWIN OVERSEAS GROUP LIMITED 注册/通讯地址：Unit 8, 3/F.Quomar Trading Complex,Road Town, Tortola, British Virgin Islands VG1110 股份变动性质：股份减少及被动稀释 福立旺精密机电(中国)股份有限公司 简式权益变动报告书 签署日期：2025 年 5 月 29 日 1 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准 则第 15 号——权益变动报告书》等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券 的公司信息披露内容与格式准则第 15 号——权益变动报告书》，本报告书已全面披露 了信息披露义务人所拥有的福立旺精密机电(中国)股份有限公司权益 ...

| 证券代码：688678 | 证券简称：福立旺 | 公告编号：2025-046 | | --- | --- | --- | | 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"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： 根据中国证券监督管理委员会《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》的有关规定，福立旺精密机电（中国）股份有限 公司（以下简称"公司"）委托信用评级机构东方金诚国际信用评估有限公司（以 下简称"东方金诚"）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"福立转债"）进行了跟踪信用评级。 一、前次评级情况 公司前次主体信用评级结果为"AA-"，评级展望为"稳定"，"福立转债" 前次评级结果为"AA-"，评级机构为东方金诚，评级时间为 2024 年 6 月 12 日。 二、本次评级情况 二〇二五年五月三十日 －2－ 评级机构东方金诚在对公司经营状况及相关行业进行综合 ...