| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"回售的公告 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 记载、误导性陈述或重大遗漏。 特别提示： 1、投资者回售选择权：根据《安徽鸿路钢结构（集团）股份有限公司公开 发行可转换公司债券募集说明书》（以下简称《募集说明书》）的约定，"鸿路 转债"持有人可回售部分或者全部未转股的"鸿路转债"。"鸿路转债"持有人 有权选择是否进行回售，本次回售不具有强制性。 2、回售价格：100.312 元/张（含息税） 3、回售条件触发日：2025 年 11 月 19 日 4、回售申报期：2025 年 12 月 5 日至 2025 年 12 月 11 日 5、发行人资金到账日：2025 年 12 月 16 日 6、回售款划拨日：2025 年 12 月 17 日 若在前述 30 个交易日内发生过转股价格因发生送股票股利、转增股本、增 发新股（不包括因本次发行的可转换公司债 ...

| | | 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"回售期间暂停转股的公告 （一）可转债发行情况 经中国证券监督管理委员会"证监许可[2020]1983 号"文核准，安徽鸿路 钢结构（集团）股份有限公司（以下简称"公司"）于 2020 年 10 月 9 日公开发 行 1,880 万张可转换公司转债，每张面值为人民币 100 元，发行总额 18.80 亿元， 期限为六年。 （二）可转债上市情况 经深圳证券交易所 "深证上[2020]971号"文同意，公司本次公开发行的可 转换公司债券于2020年11月2日在深圳证券交易所挂牌交易，债券简称"鸿路转 债"，债券代码"128134"。目前公司可转债处于转股期。 本公司及监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。 特别提示： 债券代码：128134 债券简称：鸿路转债 转股起止时间：2021 年 4 月 15 日至 2026 年 10 月 8 日 暂停转股时间：2025 年 12 月 5 日至 2025 年 12 月 11 日 恢复转股时间：2025 年 12 月 12 日 一、可转债上市发行概况 二、公司可转 ...

上海天衍禾律师事务所 法律意见书 上海天衍禾律师事务所 关于 安徽鸿路钢结构（集团）股份有限公司 可转换公司债券回售的 法律意见书 地址：上海市普陀区云岭东路 89 号长风国际大厦 2006 室 电话：（021）52830657 传真：（021）52895562 上海天衍禾律师事务所 法律意见书 上海天衍禾律师事务所 为出具本法律意见书，本所及本所律师特作如下声明： （一）本所及本所律师根据《证券法》《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等我国现行法律、法规 和规范性文件的规定及本法律意见书出具之日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查、验证， 保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、 准确，不存在虚假记载、误导性陈述或者重大遗漏，并愿意承担相应的法律责任。 （二）本法律意见书依据中国现行有效的或者公司的行为、有关事实发生或 存在时有效的法律、法规和规范性文件，并基于本所律师对该等法律、法规和规 范性文件的理解而出具。 （三）本法律意见书仅就与本次回售有关的中国境内法律问题发表 ...

Core Viewpoint - Honglu Steel Structure's stock has experienced a decline, with a current price of 17.12 CNY per share, reflecting a year-to-date drop of 2.57% and a 14.74% decrease over the past 20 trading days [1][2]. Financial Performance - For the period from January to September 2025, Honglu Steel Structure reported a revenue of 15.917 billion CNY, representing a year-on-year growth of 0.19%. However, the net profit attributable to shareholders decreased by 24.29% to 496 million CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.365 billion CNY, with 784 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 18.75% to 13,700, while the average circulating shares per person increased by 23.06% to 36,155 shares [2]. - The top ten circulating shareholders include notable funds, with changes in holdings observed among several key investors [3].

资料显示，安徽鸿路钢结构(集团)股份有限公司位于安徽省合肥市双凤工业区鸿路大厦，成立日期2002 年9月19日，上市日期2011年1月18日，公司主营业务涉及钢结构制造销售业务、绿色建材生产销售业务 及钢结构装配式建筑工程总承包业务。主营业务收入构成为：H型钢结构55.06%，箱型十字型结构 18.89%，次结构12.85%，管型结构6.25%，桁架结构3.86%，其他3.08%。 截至9月30日，鸿路钢构股东户数1.37万，较上期减少18.75%；人均流通股36155股，较上期增加 23.06%。2025年1月-9月，鸿路钢构实现营业收入159.17亿元，同比增长0.19%；归母净利润4.96亿元， 同比减少24.29%。 分红方面，鸿路钢构A股上市后累计派现13.65亿元。近三年，累计派现7.84亿元。 11月17日，鸿路钢构跌0.89%，成交额6001.93万元。两融数据显示，当日鸿路钢构获融资买入额337.44 万元，融资偿还239.40万元，融资净买入98.03万元。截至11月17日，鸿路钢构融资融券余额合计 5964.69万元。 融资方面，鸿路钢构当日融资买入337.44万元。当前融资余额5844 ...

Core Viewpoint - On November 17, a total of 13 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively, across the optical optoelectronics, general equipment, and professional engineering industries [1][3]. Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan with a target price increase of 44.60% [3] - Kede CNC was assigned a target price of 86.95 yuan, reflecting a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, indicating a 37.73% increase [3] - Other companies with significant target price increases include Zhongxin International with a target price of 159.30 yuan (35.42% increase) and Sinopec with a target price of 7.60 yuan (31.49% increase) [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - On November 17, brokerages raised ratings for 2 companies, including Sinopec's rating upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics' rating upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - On November 17, brokerages initiated coverage on 7 companies, including Wan Energy Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [8]

Core Insights - On November 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively [1][3] Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan, reflecting a 44.60% increase [3] - Kede CNC's target price is set at 86.95 yuan, indicating a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, with a 37.73% increase [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - Two companies had their ratings upgraded on November 17, including China Petroleum, which was upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics, upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - Seven companies received initial coverage on November 17, including Waneng Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co., Ltd. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [7][8]

Group 1 - The new policy financial tools have been fully deployed, supporting private investment and REITs issuance [2] - As of October 29, 500 billion yuan of new policy financial tools have been allocated, with a portion supporting key private investment projects [2] - A total of 18 private investment projects have been recommended to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [2] Group 2 - The central bank aims to maintain reasonable price levels and ensure steady growth, employment, and expectations [3] - In October, new social financing amounted to 815 billion yuan, a year-on-year decrease of 597 billion yuan [3] - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy [3] Group 3 - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy [4] - The guidelines aim to enhance the complementary development of various renewable energy sources and optimize energy structures [4] - There is a focus on improving the collaborative development of wind, solar, hydrogen, and storage technologies [4] Group 4 - Recommendations include sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure in the western region [5] - Specific stock recommendations include China Railway (601390) for copper, China Metallurgical (601618) for nickel, and China Construction (601668) for low valuation and high dividends [5] - The report also highlights opportunities in AI and low-altitude economy sectors, recommending companies like Design Institute (603357) and Huazhong International (002949) [5]

证 券 研 究 报 告 鸿路钢构（002541）2025 年三季报点评 推荐（下调） 经营性业绩稳健，现金流同比改善 目标价：24.42 元 事项： ❖ 2025 年前三季度公司实现营业收入 159.17 亿元，同比增加 0.19%；归母净利 润/扣非归母净利润 4.96/3.59 亿元，同比减少 24.29%/增加 0.78%。其中，Q3 单季度实现营业收入 53.67 亿元，同比减少 3.50%；归母净利润/扣非归母净利 润 2.08/1.21 亿元，同比减少 8.51%/增加 0.59%。 评论： ❖ 风险提示：原材料钢材等价格波动，行业竞争加剧，智能化降本增效不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 21,514 | 22,303 | 25,556 | 28,687 | | 同比增速(%) | -8.6% | 3.7% | 14.6% | 12.3% | | 归母净利润(百万) | 772 | 773 | 84 ...

Core Viewpoint - Honglu Steel Structure's stock price has shown fluctuations, with a recent increase of 2.05%, and the company has a market capitalization of 12.731 billion yuan [1]. Financial Performance - For the period from January to September 2025, Honglu Steel Structure achieved a revenue of 15.917 billion yuan, reflecting a year-on-year growth of 0.19%. However, the net profit attributable to shareholders decreased by 24.29% to 496 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.365 billion yuan, with 784 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 18.75% to 13,700, while the average number of tradable shares per person increased by 23.06% to 36,155 shares [2]. - The top ten circulating shareholders include various funds, with notable changes in holdings, such as a decrease of 3.2777 million shares for Zhonggeng Value Pioneer Stock and an increase of 100 shares for Zhonggeng Value Navigation Mixed Fund [3]. Stock Performance - Year-to-date, Honglu Steel Structure's stock price has increased by 5.00%, with a recent five-day increase of 5.43%. However, it has seen a decline of 5.53% over the past 20 days [1].