Core Viewpoint - The company, Zhejiang Southeast Steel Structure Co., Ltd., is actively involved in the construction steel structure industry and has issued convertible bonds to support its projects and working capital needs. The company is facing challenges in its construction business due to declining new orders and fluctuating material prices, but it maintains a stable credit outlook supported by its strong brand and financing capabilities [3][4][6]. Company Overview - Zhejiang Southeast Steel Structure Co., Ltd. is a leading enterprise in the space steel structure sector, with strong capabilities in design, manufacturing, and contracting [3][4]. - The company has a robust brand image and emphasizes technological research and development in its operations [3]. Financial Performance - The company issued convertible bonds worth 2 billion yuan in January 2024, with 1.5 billion yuan allocated for project construction and 500 million yuan for working capital [4][6]. - The company's revenue for 2024 is projected to decline to 11.24 billion yuan, down from 12.99 billion yuan in 2023, primarily due to a decrease in construction business revenue [10][12]. Industry Context - The construction steel structure industry is experiencing pressure from increased competition and a decline in new project orders, leading to a decrease in production and new order amounts for many large steel structure enterprises in 2024 [7][9]. - The demand for steel structures is expected to grow due to urbanization and increased investment in public infrastructure, although the penetration rate of steel structures in downstream sectors remains low, indicating potential for growth [7][8]. Market Dynamics - The average price index for steel in China decreased by 9.02% in 2023, impacting the pricing strategies of steel structure companies [8]. - The company is adapting to market conditions by shifting its order structure towards engineering contracting, which is expected to provide more stable cash flow [12][15]. Future Outlook - The company anticipates maintaining stable credit quality in the coming months, with a focus on improving operational performance and managing financial risks [4][10]. - The construction steel structure market is projected to benefit from government policies promoting green and low-carbon building practices, which may enhance the industry's growth prospects [8][9].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》和《深圳证 券交易所公司债券上市规则》的相关规定，浙江东南网架股份有限公司（以下简 称"公司"）委托信用评级机构上海新世纪资信评估投资服务有限公司（以下简 称"新世纪"）对公司 2024 年发行的可转换公司债券（以下简称"东南转债"） 进行了跟踪评级。 公司前次主体信用评级结果为"AA"，评级展望为"稳定"，"东南转债" 前次信用评级为"AA"。评级机构为新世纪，评级时间为 2024 年 6 月 13 日。 证券代码：002135 证券简称：东南网架 公告编号：2025-049 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于可转换公司债券 2025 年跟踪评级结果的公告 浙江东南网架股份有限公司 董事会 2025 年 6 月 21 日 本次新世纪在通过对公司主体及相关债券的信用状况进行跟踪分析和评估， 于 2025 年 6 月 19 日出具了《2024 年浙江东南网架股份有限公司向不特定对象 发行可转换公司债券定期跟踪评级报告》， ...

内部编号:2025060120 2024年浙江东南网架股份有限公司 向不特定对象发行可转换公司债券 定期限踪评级报告 胡 颖 项目负责人: == , 5:2 huying@shxs j.com 杨亿 460ml yangyi@shxs j.com 项目组成员: 张明海 2-161 评级总监: 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站:www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外，本评级机构、评级人员与评级对象不存在任何 影响评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务,所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断，未因评级对象和其他 任何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或已经正式对外公布的信 ...

一、担保概述 （一）本次担保基本情况 证券代码：002135 证券简称：东南网架 公告编号：2025-048 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （二）本次担保事项履行的内部决策程序 浙江东南网架股份有限公司（以下简称"公司"）因全资子公司天津东南钢 结构有限公司（以下简称"天津东南"）生产经营发展需要，近日与中国民生银 行股份有限公司天津分行（以下简称"民生银行天津分行"）签署了《最高额保 证合同》，同意为全资子公司天津东南与债权人民生银行天津分行办理各类融资 业务所发生的债权债务提供保证担保，本次保证担保的最高债权本金额为人民币 10,000 万元整。 际担保金额以最终签订的担保合同为准。在上述额度范围内，公司及子（孙）公 司因业务需要办理上述担保范围内业务，无需另行召开董事会或股东大会审议。 本次担保额度有效期限为自公司 2025 年第一次临时股东大会审议通过之日起 12 个月。董事会提请授权公司总经理在本次预计的担保额度范围内审批对各子公司 ...

证券代码：002135 证券简称：东南网架 公告编号：2025-047 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保概述 票、信用证、保理、保函、融资租赁等融资业务；担保种类包括保证、抵押、质 押等。上述担保的额度，可在子（孙）公司之间进行担保额度调剂；但在调剂发 生时，对于资产负债率超过 70%的担保对象，仅能从资产负债率超过 70%的担 保对象处获得担保额度；以上担保额度包括新增担保及原有担保展期或续保，实 际担保金额以最终签订的担保合同为准。在上述额度范围内，公司及子（孙）公 司因业务需要办理上述担保范围内业务，无需另行召开董事会或股东大会审议。 本次担保额度有效期限为自公司 2025 年第一次临时股东大会审议通过之日起 12 个月。董事会提请授权公司总经理在本次预计的担保额度范围内审批对各子公司 提供担保事宜及子公司之间担保额度的调剂，并授权公司总经理签署相关协议及 文件。 具体内容详见 2025 年 1 月 21 日刊登于《证券时报》《中 ...

Group 1 - The report highlights that fixed asset investment growth has slowed down, with manufacturing and real estate under pressure, while infrastructure investment remains relatively stable, supported by public utilities and water conservancy [3][5][10] - Regional investment is expected to gain elasticity with the national strategic layout, particularly in 2025, which is a pivotal year for the "14th Five-Year Plan" and the planning of the "15th Five-Year Plan," with opportunities arising from the transfer of industries to the central and western regions, urban renewal, low-altitude economy, and the "Belt and Road" initiative [3][24][62] - The report indicates that undervalued state-owned enterprises (SOEs) are likely to see valuation recovery, as the market has discounted their long-term cash flow and asset realizability due to concerns over asset quality, despite stable dividend policies [3][24][62] Group 2 - The report emphasizes that investment will be a key focus, with strong fiscal capabilities in major economic provinces driving investment in urban renewal and low-altitude economy, while weaker regions will attract social capital to complement central and local government financing [26][30] - The report notes that the central and western regions are expected to see increased investment opportunities due to policy guidance for industrial transfer, with significant potential in areas like Sichuan, Xinjiang, and the Chengdu-Chongqing region [30][62] - The report identifies specific companies to watch for investment opportunities, including Sichuan Road and Bridge, Xinjiang Communications Construction, and companies involved in urban renewal and low-altitude economy [3][62] Group 3 - The report discusses the low valuation of construction companies, which are primarily asset-backed by accounts receivable, leading to market skepticism about their cash flow and asset realizability [3][68] - It highlights that the construction industry is capital-intensive and relies heavily on financing for balance sheet expansion, which has resulted in a low pricing of assets in the market [68]

Group 1 - The company held its 17th meeting of the 8th Supervisory Board on May 23, 2025, with three supervisors present, and the meeting was legally valid [1] - The Supervisory Board approved the proposal to temporarily use part of the idle raised funds to supplement working capital, which is expected to enhance the efficiency of fund usage and reduce financial costs [2] - The company is authorized to use up to RMB 400 million of idle raised funds for a period not exceeding 12 months from the date of approval by the Board, without affecting the normal operation of the investment projects [2]

Core Viewpoint - The company plans to temporarily use part of its idle raised funds to supplement working capital, ensuring that this does not affect the normal operation of its fundraising investment projects [1][6][7]. Fundraising Basic Situation - The company has received approval from the China Securities Regulatory Commission to issue 20 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 200,000 million, with a net amount of RMB 1,986,231,480.13 after deducting issuance costs [1][2]. Fundraising Usage Situation - As of April 30, 2025, the company has used RMB 149,377.31 million of the raised funds, with a remaining balance of RMB 4,777.25 million [2][3]. Previous Use of Idle Funds - The company previously approved the use of up to RMB 45,000 million of idle funds to supplement working capital, with a usage period not exceeding 12 months [3][4]. Current Plan for Using Idle Funds - The company plans to use up to RMB 40,000 million of idle funds to supplement working capital, with a similar 12-month usage period, aiming to improve fund efficiency and reduce financial costs [5][6]. Reasonableness and Necessity of Current Plan - The company justifies the use of idle funds by the increasing demand for working capital due to its expanding operations, estimating a potential savings of approximately RMB 12.4 million in financial costs [6][7]. Review Procedures and Opinions - The board and supervisory committee have approved the plan, confirming that it meets legal requirements and does not affect the normal operation of fundraising investment projects [7][8].

开源证券股份有限公司 关于浙江东南网架股份有限公司 使用部分闲置募集资金暂时补充流动资金之核查意见 开源证券股份有限公司（以下简称"开源证券"、"保荐机构"）作为浙江 东南网架股份有限公司（以下简称"东南网架"、"公司"、"上市公司"） 向 不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理 办法》《深圳证券交易所股票上市规则》《上市公司募集资金监管规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法 律法规和规范性文件的规定，对东南网架使用部分闲置募集资金暂时补充流动资 金事项进行了审慎核查，核查情况如下： 在上述授权额度及期限内，根据募集资金使用安排，公司实际用于暂时补充 流动资金的闲置募集资金共计 45,000 万元。公司对该部分资金进行了合理的安 排与使用，没有影响募集资金使用计划的正常进行，不存在改变或变相改变募集 资金用途的情形。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江东南网架股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1845 号）同意注册， 公司于 2024 年 1 月 3 日向不特 ...

证券代码：002135 证券简称：东南网架 公告编号：2025-046 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江东南网架股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日召开 的第八届董事会第二十四次会议和第八届监事会第十七次会议，审议通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资 金投资项目建设的前提下，使用额度不超过人民币 40,000 万元的闲置募集资金 暂时补充流动资金，使用期限自本次董事会审议通过之日起不超过 12 个月。公 司将随时根据募集资金投资项目的进展及需求情况及时归还至募集资金专用账 户。现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江东南网架股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1845 号）同意注册， 公司于 2024 年 1 月 3 日向不特定对象发行可转换公司债券 2,000 万 ...