长高电新科技股份公司 向不特定对象发行可转换公司债券预案 （三次修订稿） 二〇二五年十月 | | | | 公司声明 | | --- | | 日 求 | | 释 义… | | 一、本次发行符合法律、法规和规范性文件关于主板向不特定对象发行证券 | | 条件的说明 | | 二、本次发行概况 … | | 三、财务会计信息及管理层讨论与分析 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………13 | | 四、本次发行的募集资金用途 ……………………………………………………………………………………………29 | | 五、公司利润分配政策及执行情况 | | 六、公司董事会关于公司不存在失信情形的声明 34 | | 七、公司董事会关于公司未来十二个月内再融资计划的声明 34 | 释 义 除非文意另有所指，下列简称具有如下特定含义： 公司声明 | 释义项 | 指 | 释义内容 | | --- | --- | --- | | 长高电新/发行人/ 公司/上市公司 | 指 | 长高电新科技股份公司 | ...

Core Viewpoint - Changgao Electric New's board meeting on October 31, 2025, discussed adjustments to the total fundraising amount for issuing convertible bonds to unspecified objects, indicating strategic financial maneuvers to optimize capital structure [1] Company Summary - For the first half of 2025, Changgao Electric New's revenue composition was as follows: 93.65% from power transmission and transformation equipment, 4.8% from power energy design and services, 0.89% from new energy generation, and 0.66% from other industries [1] - As of the report, Changgao Electric New's market capitalization stood at 5.1 billion yuan [1]

Core Viewpoint - The company announced a second adjustment to the total amount of funds raised through the issuance of convertible bonds, reducing it from 855.5782 million to 758.6007 million yuan [1] Fundraising Adjustments - The fundraising amount for the Changgao Electric New Jinzhou Production Base Phase III project has been adjusted from 440.6251 million to 436.7316 million yuan [1] - The fundraising for the Changgao Electric New Wangcheng Production Base Upgrade and Expansion project has been reduced from 206.8953 million to 134.0423 million yuan [1] - The fundraising for the Changgao Green Smart Distribution Industry Park project has been decreased from 208.0578 million to 187.8269 million yuan [1] - No other changes to the issuance plan were mentioned apart from the adjustments listed above [1]

长高电新科技股份公司 向不特定对象发行可转换公司债券募集资金使用 可行性分析报告（三次修订稿） 一、本次募集资金使用计划 长高电新科技股份公司（以下简称"公司"或"长高电新"）拟向不特定对 象发行可转换公司债券（以下简称"本次发行"）募集资金总额不超过 75,860.07 万元（含本数），募集资金拟用于以下项目： 注 1：结合发行人互感器产品的商业化进程及资金安排，"长高电新望城生产基地提质 改扩建项目"中涉及互感器产品的设备投资拟调整为通过自有资金进行投入，相关产品的预 计投资金额合计 7,218.08 万元，因此相较于原募集资金使用情况，对应调减募集资金使用金 额 7,218.08 万元。 注 2：基于《证券期货法律适用意见第 18 号》第七条的相关规定和政策精神，公司公 开发行可转债调增募集资金属于发行方案重大变化进而须重新确定董事会日期，发行人将本 次发行方案的董事会决议日期调整为 2025 年 5 月 14 日。 注 3：截至 2025 年 5 月 14 日（募集资金规模调增董事会决议日）前，"金洲生产基地 三期项目"已累计投入 3,010.71 万元，其中 2,621.36 万元系通过前次募集资金 ...

向不特定对象发行可转换公司债券摊薄即期回报、填补措施 及相关主体承诺（三次修订稿） 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工 作的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市场健康发展的 若干意见》（国发[2014]17 号）和《关于首发及再融资、重大资产重组摊薄即期 回报有关事项的指导意见》（中国证券监督管理委员会公告[2015]31 号）等规定 的要求，为保障中小投资者利益，公司就本次公开发行可转换公司债券（以下简 称"本次发行"）对即期回报摊薄的影响进行了认真分析，并提出了具体的填补 回报措施，相关主体对公司填补回报措施能够得到切实履行作出了承诺，具体内 容如下： 一、本次发行摊薄即期回报对公司主要财务指标的影响 （一）财务指标计算的主要假设和前提 1、假设本次向不特定对象发行可转债方案于 2025 年 12 月底实施完毕，分 别假设所有可转换公司债券持有人于 2026 年 6 月底全部转股和 2026 年 12 月底 全部未转股两种情况，该完成时间仅用于计算本次发行对即期回报的影响，不构 成对实际完成时间承诺，最终以取得深圳证券交易所的同意审核意见、中国 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported better-than-expected performance in Q3 2025, with revenue of 1.2 billion yuan, a year-on-year increase of 6.2%, and a net profit of 200 million yuan, up 12.0% year-on-year. Q3 revenue reached 470 million yuan, with quarter-on-quarter and year-on-year growth of 16.8% and 19.6%, respectively. The net profit for Q3 was 100 million yuan, showing a significant increase of 63.1% quarter-on-quarter and 34.9% year-on-year. The main reasons for this performance include improved product delivery structure leading to higher gross margins and further loss reduction in the Huawang business [4][6] Summary by Sections Company Overview - Latest closing price: 7.64 yuan - Total shares: 620 million, circulating shares: 516 million - Total market value: 4.7 billion yuan, circulating market value: 3.9 billion yuan - 52-week high/low: 8.14/6.77 yuan - Debt-to-asset ratio: 31.5% - Price-to-earnings ratio: 18.80 [3] Financial Performance - For Q1-Q3 2025, the company achieved a gross margin of 39.4% and a net margin of 16.9%, with year-on-year increases of 3.3 percentage points and 0.9 percentage points, respectively. The sales expense ratio increased to 6.9%, while management expenses decreased to 6.4%, and R&D expenses rose significantly to 7.9% due to new product testing costs [5] Market Outlook - The investment in the power grid continues to show positive trends, with completed investments reaching 437.8 billion yuan in the first nine months of 2025, a year-on-year increase of 9.9%. The report anticipates that the unified national electricity market will advance beyond expectations during the 14th Five-Year Plan, and the penetration rate of wind and solar power is expected to accelerate [5] Earnings Forecast - The earnings forecast for 2025-2027 has been adjusted upwards, with projected revenues of 2.09 billion, 2.50 billion, and 3.00 billion yuan, and net profits of 380 million, 470 million, and 590 million yuan, respectively. The corresponding price-to-earnings ratios are expected to be 14, 11, and 9 times [6][10]

Core Viewpoint - Fute Technology (301607.SZ) announced that a shareholder holding more than 5% of shares, Changgao Electric New, plans to reduce its holdings by up to 3.465 million shares, accounting for 2.23% of the company's total share capital, due to personal funding needs [1] Group 1 - The reduction period for Changgao Electric New's shareholding is set for three months, starting from 15 trading days after the announcement, specifically from November 21, 2025, to February 20, 2026 [1] - Additionally, a strategic placement asset management plan intends to reduce its holdings by up to 3.8855 million shares, representing 2.50% of the total share capital, also due to redemption demands from holders [1] - The reduction for the strategic placement asset management plan will occur during the same three-month period as Changgao Electric New's reduction [1]

Core Insights - The new energy sector is experiencing a significant rally, with stocks such as Sifang Co., Huatong Cable, Changgao Electric, and State Grid Yingda reaching their daily limit up, contributing to a 4% surge in the Electric Grid Equipment ETF and a 3% increase in the Huaxia New Energy ETF [1] Industry Developments - The "14th Five-Year Plan" emphasizes new energy and nuclear fusion as new economic growth points, aiming to increase the supply ratio of new energy and accelerate the construction of a new energy system [2] - Sunshine Power's Q3 earnings exceeded expectations, with a net profit of 4.147 billion yuan, a year-on-year increase of 57.04%. Ganfeng Lithium turned profitable in the first three quarters, while TCL Zhonghuan significantly reduced losses in Q3. The new energy sector is seen as a core area for profit recovery [2] - According to AVIC Securities, demand from data centers will continue to drive overseas electricity and energy storage needs, opening up new applications in the energy storage industry. The rapid development of AI and information technology is expected to sustain global electricity demand growth and raise new requirements for grid reliability and intelligence [2] Notable Products and Performance - The Huaxia New Energy ETF (159368), which tracks the New Energy Index, rose by 3.25%. Key holdings include CATL (global power battery provider), Inovance Technology (automation equipment leader), Sunshine Power (inverter leader), Yiwei Lithium Energy, and XINWANDA (lithium battery giant) [3] - The Electric Grid Equipment ETF (159326), which tracks the China Securities Electric Grid Equipment Theme Index, increased by 4.19%. Major holdings include NARI Technology (domestic smart grid leader), TBEA (core supplier of global ultra-high voltage equipment), and Suyuan Electric (power equipment R&D and manufacturing) [3]

Core Viewpoint - The concept of ultra-high voltage (UHV) is experiencing a significant upward trend, with several companies in the sector seeing substantial stock price increases [1] Company Performance - Changgao Electric, Sifang Co., and State Grid Yingda have reached their daily price limit increase [1] - China XD Electric, Shunma Power, TBEA, Siyuan Electric, and Hualing Cable have also shown notable price increases, indicating strong market interest in UHV-related stocks [1]

Group 1 - The core point of the article highlights a significant increase in the ultra-high voltage index, which rose by 2.01% during the trading session [1] - Several constituent stocks performed exceptionally well, with notable gains including State Grid Yingda reaching a daily limit increase, Changgao Electric New rising by 9.16%, Jinpan Technology increasing by 6.63%, Sifang Co., Ltd. up by 6.57%, and China XD Electric rising by 6.07% [1]