Core Viewpoint - Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. maintains a stable credit rating of AA for its main entity and its convertible bonds, indicating strong financial health and operational stability [1][4][10]. Company Overview - The company primarily engages in the production of automotive aluminum materials and components, with a focus on lightweight and high-performance aluminum products [4][10]. - As of March 2025, the company has a registered capital of 1.252 billion yuan and operates under the stock code "002540.SZ" [10]. Financial Performance - The company reported total revenue of 74.33 billion yuan in 2024, with a profit of 5.02 billion yuan [10][21]. - The EBITDA for 2024 was 8.86 billion yuan, reflecting a strong operational performance despite a slight decline in gross margin due to increased costs from external procurement [8][21]. - The company’s total debt stood at 16.57 billion yuan at the end of 2024, with a debt-to-equity ratio of 22.95%, indicating a low debt burden [6][10]. Operational Highlights - The company has maintained a strong competitive position through technological advancements and a solid customer base, including partnerships with major clients like Bosch and Valeo [4][16]. - Research and development investment reached 252 million yuan in 2024, accounting for 3.39% of total revenue, showcasing the company's commitment to innovation [5][10]. Risk Factors - The company faces operational risks due to safety incidents at subsidiaries, which have impacted production capacity and project timelines [4][21]. - The automotive aluminum market is experiencing increased competition, leading to potential pricing pressures on products [6][21]. Future Outlook - The company has several ongoing projects aimed at increasing production capacity, with a target of reaching 400,000 tons per year upon completion [4][21]. - The outlook remains stable, with expectations for continued demand in the automotive sector, particularly in lightweight materials for electric vehicles [4][10].

记载、误导性陈述或重大遗漏。 证券代码：002540 证券简称：亚太科技 公告编号：2025-049 债券代码：127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司 关于可转换公司债券2025年跟踪评级结果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 亚科转债前次信用评级等级为"AA"，公司主体长期信用评级等级为"AA"， 评级展望为"稳定"；评级机构为联合资信，评级时间为 2024 年 6 月 19 日。 重要内容提示： 1、前次债券评级：公司主体信用等级为"AA"，"亚科转债"的信用等级为"AA"， 评级展望为"稳定"； 2、本次债券评级：公司主体信用等级为"AA"，"亚科转债"的信用等级为"AA"， 评级展望为"稳定"； 3、本次评级结果较前次没有变化。 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》《上市公司 证券发行管理办法》和《深圳证券交易所股票上市规则》等相关规定，江苏亚太 轻合金科技股份有限公司（以下简称"公司"）委托信用评级机构联合资信评估股 份有限公司（以下简称"联合资信"）对公司于 2023 年 3 月 7 日发行的可转换公 司债券（以 ...

江苏亚太轻合金科技股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 跟踪评级报告 | 0 www.lhratings.com . 联合〔2025〕4431 号 联合资信评估股份有限公司通过对江苏亚太轻合金科技股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持江苏亚太轻合金科技股份有限公司主体长期信用等级为 AA，维 持"亚科转债"信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十日 跟踪评级报告 | 1 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受江苏亚太轻合金科技股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公 ...

Group 1 - In 2024, China's bauxite production is expected to be approximately 93 million tons, remaining stable compared to 2023 due to environmental regulations and mining restrictions [1] - China's alumina production is projected to reach about 85.52 million tons in 2024, reflecting a year-on-year growth of 3.9% [2] - The output of electrolytic aluminum in China is estimated to be around 44.01 million tons in 2024, showing a year-on-year increase of 4.6% [4] Group 2 - China's recycled aluminum production is anticipated to be about 10.5 million tons in 2024, continuing its growth trend despite previous slowdowns [5][8] - The production of aluminum processing materials in China is expected to be around 64.6 million tons in 2024, with a year-on-year growth of 4.2%, accounting for 67.15% of the global total [9]

Group 1 - The global aluminum profile industry has evolved from initial industrial applications to multiple high-tech and traditional fields [1] - Guinea holds the largest aluminum ore reserves globally, accounting for 25.52% of total reserves [2] - Guinea, Australia, and China each contribute over 20% to global aluminum ore production, with respective shares of 28.99%, 22.22%, and 20.67% [5] Group 2 - The total global aluminum profile production is projected to be approximately 39.18 million tons in 2024, with China accounting for 50%-55% of this total [7] - There is an increasing demand for lightweight aluminum profiles, particularly in the automotive and aerospace sectors, driven by technological innovations and the rapid development of industries such as new energy vehicles and photovoltaics [9]

Investment Rating - The report maintains a "Most Preferred" rating for several companies in the APAC Tech sector, including TSMC, SK Hynix, and Samsung Electronics, all rated as "Buy" [11][12]. Core Views - The report highlights the significant impact of tariff outcomes on end-demand, indicating that while the effect is material, the exact degree is difficult to quantify [9]. - AI demand is confirmed to be on track, with Nvidia's supply chain accelerating [9]. - A weakening memory cycle is anticipated, with expectations of oversupply for NAND and DDR DRAM from Q3 2025 to Q2 2026 [9]. Summary by Sections Market Overview - The smartphone unit growth forecast has been lowered to flat YoY for 2025-2026, while PC growth is expected at +2% for both years [10]. - The report forecasts that the 3MMA YoY semiconductor revenue growth peaked in April 2025, with the next trough expected in Q2 2026 [10]. Key Stock Coverage - Top picks include TSMC and SK Hynix, both rated "Buy," with price targets indicating significant upside potential [11]. - Other recommended stocks include Samsung Electronics, SEMCO, and LG Innotek, all with favorable ratings and price targets suggesting substantial upside [12]. Sector Preferences - The report categorizes APAC Tech stocks into "Most Preferred" and "Least Preferred," with a clear bias towards value stocks in the technology sector [12]. - The report indicates an overweight position in leading-edge foundries and memory semiconductors, while being underweight in back-end equipment and displays [12]. Model Portfolio Performance - The "Most Preferred" portfolio has shown a year-to-date return of -8.5%, while the "Least Preferred" portfolio has returned 9.0% [13]. - Overall, the portfolio has achieved a significant return since inception, indicating strong long-term performance despite recent volatility [13].

部分股票期权注销完成的公告 证券代码：002540 证券简称：亚太科技 公告编号：2025-048 债券代码：127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司 关于第一期股票期权和限制性股票激励计划 本次注销部分股票期权事项，符合《管理办法》等相关法律法规、本激励计 划的规定及公司 2023 年第三次临时股东大会的授权，已履行必要的审批程序。 本次注销股票期权后，不会对公司股本结构造成影响，也不会对公司的财务状况 和经营成果产生实质性影响，不存在损害公司及全体股东利益的情形。 特此公告。 江苏亚太轻合金科技股份有限公司董事会 2025 年 6 月 6 日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏亚太轻合金科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日 召开第六届董事会第二十六次会议与第六届监事会第十九次会议，审议通过《关 于第一期股票期权和限制性股票激励计划第二个行权期行权条件未成就及注销 部分股票期权的议案》。根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等相关法律法规、公司《第一期股票期权 ...

Core Viewpoint - The legal opinion letter from Jiangsu Century Tongren Law Firm confirms the adjustment of the stock option exercise price for Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.'s first stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][4][5]. Group 1: Approval and Authorization - The adjustment of the stock option exercise price from 5.355 yuan to 5.155 yuan per share has been approved by the company's board and is within the authorization scope granted by the shareholders' meeting [4][5]. - The adjustment does not require further approval from the shareholders' meeting as it falls under the board's authority [4]. Group 2: Specifics of the Adjustment - The adjustment is based on the company's profit distribution plan, which includes a cash dividend of 2.00 yuan per 10 shares (including tax) to all shareholders [5]. - The formula for adjusting the exercise price is P = P0 - V, where P0 is the original exercise price, and V is the cash dividend per share [5]. Group 3: Conclusion - The law firm concludes that the adjustment has received the necessary approvals and complies with the relevant laws, regulations, and the incentive plan draft [4][5].

Core Viewpoint - The company has announced an adjustment to the exercise price of stock options under its first stock option and restricted stock incentive plan, reducing the exercise price from 5.355 yuan to 5.155 yuan per share following a cash dividend distribution [1][4][6] Summary by Sections Approval Process and Disclosure - The company held several meetings to approve the incentive plan and its related matters, including independent opinions from directors and verification from the supervisory board [1][2] - The company conducted an internal public notice regarding the proposed incentive objects, with no objections received during the public notice period [1][2] Adjustment of Stock Option Exercise Price - The adjustment of the exercise price was based on the cash dividend distribution of 2.00 yuan per 10 shares, totaling 247.15 million yuan distributed to shareholders [3][4] - The new exercise price is calculated as follows: P = P0 - V = 5.355 - 0.2 = 5.155 yuan per share, ensuring the adjusted price remains above 1 yuan [4] Impact of Adjustment - The adjustment of the exercise price is not expected to have a significant adverse impact on the company's financial status or operational results, and the management team will continue to fulfill their responsibilities diligently [4][5] Supervisory Board Opinion - The supervisory board has reviewed the adjustment and confirmed that it complies with relevant laws and regulations, as well as the company's incentive plan, and does not harm the interests of the company or its shareholders [4][5]

Core Viewpoint - The company has approved an adjustment to the exercise price of stock options under its first stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][2]. Group 1 - The sixth supervisory board meeting of Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. was held on May 30, 2025, with all three supervisors present [1]. - The meeting unanimously approved the proposal to adjust the exercise price of stock options, with a vote of 3 in favor, 0 against, and 0 abstentions [1]. - The supervisory board confirmed that the adjustment aligns with the company's incentive plan and does not harm the interests of the company or its shareholders [1]. Group 2 - The company has published a detailed announcement regarding the adjustment on the Giant Tide Information Network and in the Securities Times [2].