Group 1 - The company announced an adjustment to the conversion price of its convertible bonds, "Honglu Convertible Bonds," due to a cash dividend distribution [1][2] - The company issued 18.80 billion yuan worth of convertible bonds in October 2020, with a face value of 100 yuan per bond [1] - The adjusted conversion price is set at 32.08 yuan per share, effective from June 20, 2025, after a cash dividend of 3.60 yuan per 10 shares [4][3] Group 2 - The company will distribute a total cash dividend of approximately 247.45 million yuan based on the adjusted total share capital of 687,363,309 shares [4][2] - The adjustment formula for the conversion price is based on the company's profit distribution plan and follows specific regulatory guidelines [2][1] - The conversion period for the "Honglu Convertible Bonds" is from April 15, 2021, to October 8, 2026 [4][3]

Core Viewpoint - Anhui Honglu Steel Structure (Group) Co., Ltd. has announced a profit distribution plan for the year 2024, which includes a cash dividend of 3.60 RMB per 10 shares, totaling approximately 247.45 million RMB, with specific adjustments for shares held in the company's repurchase account [1][2][4]. Summary by Sections Profit Distribution Plan - The company will distribute a cash dividend of 3.60 RMB for every 10 shares held, based on a total share count of 690,013,309 shares, excluding 2,650,000 shares held in the repurchase account, resulting in a participating share count of 687,363,309 shares [2][3]. - The total cash dividend amount is calculated as 687,363,309 shares multiplied by 3.60 RMB divided by 10, equating to 247,450,791.24 RMB [4]. Ex-Dividend and Record Dates - The record date for the profit distribution is set for June 19, 2025, and the ex-dividend date is June 20, 2025 [3]. Adjustments to Share Price - Following the profit distribution, the ex-dividend price will be adjusted by subtracting the cash dividend per share (0.3586174 RMB) from the closing price on the record date [2][4]. - The conversion price for the company's convertible bonds ("Honglu Convertible Bonds") will also be adjusted from 32.44 RMB to 32.08 RMB per share, effective from June 20, 2025 [4]. Taxation on Dividends - The company will not withhold individual income tax on dividends at the time of distribution; instead, tax will be calculated based on the holding period when shares are sold [2][3]. Consultation and Documentation - For inquiries, the company has provided contact details for consultation, including a phone number and address [4]. - Relevant documents regarding the profit distribution and bond conversion price adjustments will be published in major financial newspapers and on the company's official website [4].

| | | 证券代码：002541 证券简称：鸿路钢构 公告编号：2025-039 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"转股价格调整的公告 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、债券代码：128134 2、债券简称：鸿路转债 3、本次调整前转股价格：人民币 32.44 元/股 4、本次调整后转股价格：人民币 32.08 元/股 5、转股价格调整生效日期：2025 年 6 月 20 日 一、关于可转换公司债券转股价格调整的相关规定 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 日公开发行了 1,880 万张可转换公司债券，每张面值 100 元，发行总额 18.80 亿元（债券简称：鸿路转债；债券代码：128134），并于 2020 年 11 月 2 日在深 圳证券交易所挂牌交易。 上述三项同时进行：P1＝（P0－D+A×k）/（1+n+k） 其中：P0 为调整前转股价，n 为送股或转增股本率，k 为增发新股或配股率， A 为增发新股价或配股价，D 为每股派送现金股利，P1 为调整后 ...

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-038 | | --- | --- | --- | | 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 2024 年年度权益分派实施公告 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、根据《公司法》、《深圳证券交易所上市公司自律监管指引第 9 号——回 购股份》等相关规定，安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"） 通过回购专用证券账户持有的本公司股份不享有参与利润分配的权利。公司 2024 年度权益分派方案为:以实施分配方案时股权登记日的总股本，扣除公司回 购账户股份数后为基数，向全体股东每 10 股派 3.60 元人民币现金（含税），合 计派发现金红利 247,450,791.24 元，具体金额以实际派发为准，不送红股，不 以资本公积转增股本。 2、因公司回购股份专户中的股份不参与利润分配，本次权益分派实施后， 根据股票市值不变原则，实施权益分派前后公司总股本保持不变，现金分红总额 分摊到每一股的比例将减小。 ...

Core Viewpoint - The company, Anhui Honglu Steel Structure (Group) Co., Ltd., announces the suspension of the conversion of its convertible bonds, "Honglu Convertible Bonds," during the implementation of its 2024 equity distribution, effective from June 13, 2025, until the first trading day after the equity registration date [1][2]. Group 1 - The suspension of bond conversion will last from June 13, 2025, until the first trading day after the equity distribution registration date [1]. - The convertible bonds will continue to trade normally during the suspension period [2]. - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1]. Group 2 - The adjustment of the conversion price will occur in accordance with the company's equity distribution, including stock dividends, capital increases, and cash dividends [2][3]. - Specific formulas for adjusting the conversion price are provided, depending on the type of equity changes [2]. - The company will announce any adjustments to the conversion price and the suspension period through official channels, ensuring the protection of bondholders' rights [3].

| 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号:2025-037 | | --- | --- | --- | | 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 董事会 二〇二五年六月十一日 关于实施权益分派期间"鸿路转债"暂停转股的公告 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： 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 6 月 13 日起 恢复转股时间：公司 2024 年度权益分派股权登记日后的第一个交易日 鉴于安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）将于近日 实施公司 2024 年度权益分派，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》中"转股价格的调整方法及计算公式"（详 见附件）相关条款的规定，自 2025 年 6 月 13 日起至本次权益分派股权登记日止， 公司可转换公司债券（债券简称：鸿路转债；债券代码：128134 ...

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-036 | | --- | --- | --- | | 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 关于为子公司担保事项的进展公告 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。 一、对外担保情况概述 安徽鸿路钢结构（集团）股份有限公司（以下简称：公司或本公司）分别于 2024 年 11 月 20 日召开第六届董事会第十五次会议、2024 年 12 月 9 日召开 2024 年第二次临时股东大会，审议通过了《关于 2025 年度公司对子公司提供担保额 度的议案》；分别于 2025 年 4 月 17 日召开第六届董事会第二十次会议、2025 年 5 月 9 日召开 2024 年度股东大会，审议通过了《关于 2025 年度公司对子公司 增加担保额度的议案》，同意公司为安徽鸿翔建材有限公司等 17 家子公司银行 融资提供担保总额度 159.43 亿元，具体担保额度明细如下表： | 被担保人名称 | 资产负 | 贷款银行 | 担保金额 | | - ...

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Anhui Honglu Steel Structure (Group) Co., Ltd. at AA, with a stable outlook for both the company and its convertible bonds, indicating strong operational management and competitive advantages in the domestic steel structure industry [1][3][4]. Company Overview - Anhui Honglu Steel Structure (Group) Co., Ltd. was established in 2002 and listed on the Shenzhen Stock Exchange in January 2011, focusing on steel structure manufacturing and related engineering services [7]. - As of March 2025, the company has a registered capital of 690 million yuan, with the controlling shareholders holding a combined 46.97% stake [7]. Financial Performance - The company reported total assets of 252.41 billion yuan and equity of 96.14 billion yuan by the end of 2024, with total revenue of 215.14 billion yuan and a profit of 8.29 billion yuan [7][6]. - As of March 2025, the company’s total assets were 251.13 billion yuan, with a revenue of 48.15 billion yuan for the first quarter [7]. Production Capacity and Operations - The company’s production capacity is projected to reach 5.2 million tons per year by the end of 2024, with ten production bases strategically located across various regions [3][4]. - The company emphasizes intelligent manufacturing and has made significant investments in upgrading production processes to enhance efficiency and precision [4][13]. Market Position and Competitive Advantage - The company maintains a strong competitive position in the steel structure sector, benefiting from economies of scale and a well-established supply chain [4][13]. - The company’s ability to handle complex manufacturing orders with high precision and tight deadlines is a key competitive advantage [4][13]. Industry Analysis - The steel structure industry in China is expected to grow, driven by increasing demand for prefabricated buildings and government policies promoting green construction [10][12]. - The industry faces challenges such as fluctuating raw material prices, which can impact operational costs and profit margins [5][10]. Future Outlook - The company plans to continue investing in research and development to maintain its technological leadership in the steel structure manufacturing sector [16]. - The company aims to enhance production efficiency through further automation and smart manufacturing initiatives [16].

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 2025 年跟踪评级报告 China Lianhe Credit Rating Co.,Ltd. 1 www.lhratings.com 联合资信评估股份有限公司 联合〔2025〕3926 号 联合资信评估股份有限公司通过对安徽鸿路钢结构(集团)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 维持安徽鸿路钢结构（集团）股份有限公司主体长期信用等级为 AA， 维持"鸿路转债"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： 二〇二五年六月六日 跟踪评级报告 | 2 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安徽鸿路钢 ...