证券代码：002645 证券简称：华宏科技 债券代码：127007 债券简称：华宏转债 江苏华宏科技股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年五月 1、债券简称和债券代码：华宏转债、127077 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《关于江苏华宏科技股份有限公司公开发行可转换公司债券受托管理协议》（以 下简称"《受托管理协议》"）《江苏华宏科技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》"）等相关公开信息披露文件、 第三方中介机构出具的专业意见等，由本期债券受托管理人申万宏源证券承销保 荐有限责任公司（以下简称"申万宏源承销保荐"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为申万宏源承销保荐所 作的承诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为， 申万宏源承销保荐不承担任何责任。 2 第一章 可转换公司债券概要 一、核准文件和核准规模 经中国证券监督管理委员会出具《关于核准江 ...

关于江苏华宏科技股份有限公司 2024年度保荐工作报告 | 保荐人名称：申万宏源证券承销保荐有限责任公司 | 被保荐公司简称：华宏科技 | | --- | --- | | 保荐代表人姓名：胡古月 | 联系电话：18601708062 | | 保荐代表人姓名：卓继伟 | 联系电话：13585642876 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 2 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 ...

Core Viewpoint - The company's revenue from recycling equipment has declined, and goodwill impairment in the elevator components business is expected to drag down performance in 2024. However, rare earth prices have stabilized, leading to a turnaround in Q1 2025, with expectations for the release of rare earth and magnetic material production capacity [1][3]. Financial Performance - The company has adjusted its net profit forecasts for 2025-2027 to 0.97 billion (originally 2.66 billion), 1.16 billion (originally 3.68 billion), and 1.39 billion, respectively, with corresponding EPS of 0.17, 0.20, and 0.24 [2]. - In 2024, the company achieved operating revenue of 55.76 billion, a year-on-year decline of 19%, and a net profit loss of 3.56 billion, a year-on-year decrease of 124% [2]. - The significant increase in loss is attributed to a goodwill impairment of 3.34 billion for the elevator components subsidiary, Weierman, and declines in revenue from recycling equipment, waste recycling, and rare earth resource utilization, which fell by 12%, 40%, and 41%, respectively [2]. Rare Earth and Magnetic Material Business - In Q1 2025, the company achieved operating revenue of 14.36 billion, a year-on-year increase of 19%, and a net profit of 0.31 billion, marking a turnaround from losses [3]. - The improvement in performance is due to the stabilization and recovery of rare earth prices, better performance in rare earth resource utilization, and a reduction in inventory impairment provisions compared to the same period last year [3]. - The company sold 5,834 tons of rare earth resources in 2024 and currently has an annual recycling capacity of over 12,000 tons. The magnetic material sales volume reached 11,800 tons, with an annual production capacity of 15,000 tons [3]. Policy Support for Recycling Business - The government is increasing support for recycling businesses, with a doubling of support for the "old-for-new" program, allocating 3 trillion in long-term special treasury bonds to boost consumer recycling [4]. - In 2024, over 1.38 million electric bicycles were recycled, with subsidies exceeding 600 million, leading to sales of 3.74 billion. The program will expand in 2025 [4]. - The automotive sector will also see expanded coverage for scrapping old vehicles and optimized processes for subsidy approvals, which is expected to enhance recycling rates and benefit the company's recycling business [4].

Core Viewpoint - Huahong Technology reported a significant decline in both revenue and net profit for 2024, indicating substantial operational challenges despite some positive developments in specific business segments [1]. Group 1: Financial Performance - The company achieved total revenue of 5.576 billion yuan in 2024, a year-on-year decrease of 18.96% [1]. - The net profit attributable to shareholders was -356 million yuan, representing a drastic decline of 123.89% year-on-year [1]. - The non-recurring net profit also showed poor performance, amounting to -451 million yuan, down 65.51% year-on-year [1]. Group 2: Business Segments - The recycling equipment and operation segment, a core business area, faced revenue and profit declines despite some growth driven by policy incentives and overseas orders [4]. - The high-end manufacturing of elevator components was negatively impacted by a goodwill impairment of 334 million yuan, which significantly affected net profit [4][5]. - The rare earth resource utilization and magnetic materials segment showed signs of recovery, with major rare earth product prices stabilizing and the segment turning profitable [6]. - The company made progress in the rare earth magnetic materials business, with significant increases in production and sales, as well as improved gross margins [6]. Group 3: Market Environment - The overall market environment remains weak, impacting the company's profitability across various segments [4]. - Increased competition and fluctuations in raw material prices pose uncertainties for future growth in the rare earth segment [6]. - The company needs to optimize its business structure and enhance core competitiveness to navigate market challenges effectively [6].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown significant improvement in Q1 profits, turning losses into gains, with a revenue of 5.576 billion yuan in 2024, a year-on-year decrease of 19.0%. However, excluding goodwill impairment of 334 million yuan, the operational performance has greatly improved compared to 2023 [1]. - The company is positioned as a leader in the recycling resource sector, with strong technical and business integration advantages. The recovery of rare earth prices and the subsequent capacity release are expected to drive rapid growth in performance [3]. - The rare earth industry has a promising outlook, with the company expected to produce over 12,000 tons of recycled rare earth oxides in 2024, leading the industry in capacity [2]. Financial Performance Summary - In 2024, the company achieved a gross margin of 6.6%, an increase of 2.8 percentage points year-on-year, while the net margin was -6.3%, down 3.5 percentage points [2]. - The company reported a net cash flow from operating activities of 90 million yuan in 2024, a decrease of 83.9% year-on-year, primarily due to increased procurement expenses related to the expansion of rare earth recovery and magnetic material businesses [2]. - The forecast for net profit for 2025, 2026, and 2027 is 129 million yuan, 231 million yuan, and 324 million yuan respectively, with corresponding P/E ratios of 33.0, 18.4, and 13.1 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown significant improvement in Q1 profits, turning losses into gains, with a revenue of 5.576 billion yuan in 2024, a year-on-year decrease of 19.0%. However, excluding goodwill impairment of 334 million yuan, the operational performance has improved significantly compared to 2023 [1][2]. - The company is positioned as a leader in the recycling resource sector, with strong technical and business integration advantages. The recovery and utilization of rare earth resources present a vast market opportunity, especially as rare earth prices stabilize and production capacity is expected to be released [3][4]. Financial Performance Summary - In 2024, the company achieved a gross margin of 6.6%, an increase of 2.8 percentage points year-on-year, while the net margin was -6.3%, down 3.5 percentage points [2]. - The company reported a net cash flow from operating activities of 90 million yuan in 2024, a decrease of 83.9% year-on-year, primarily due to increased procurement expenses related to the expansion of rare earth recovery and magnetic materials businesses [2]. - For Q1 2025, the company achieved a gross margin of 9.2%, an increase of 8.7 percentage points year-on-year, and a net margin of 2.3%, up 3.7 percentage points year-on-year [2]. Earnings Forecast - The company is expected to achieve a net profit of 129 million yuan in 2025, with projected profits of 231 million yuan in 2026 and 324 million yuan in 2027, reflecting a significant recovery from previous losses [3][4]. - The estimated P/E ratios for 2025, 2026, and 2027 are 33.0, 18.4, and 13.1, respectively, indicating a potential for growth as the market stabilizes [3][4].

Financial Performance - The company achieved significant profit growth in Q1 2025, with total revenue reaching 1.436 billion yuan, an increase of 18.76% year-on-year [1] - The net profit attributable to shareholders was 31.13 million yuan, a substantial increase of 212.29% year-on-year; the net profit excluding non-recurring items was 26.54 million yuan, up 135.75% year-on-year [1] - The gross margin was 9.18%, reflecting a year-on-year increase of 2146.15%; the net margin was 2.31%, showing a year-on-year increase of 263.08% [1] Cost Control - The total of selling, administrative, and financial expenses amounted to 73.43 million yuan, with these expenses accounting for 5.11% of revenue, a decrease of 10.12% year-on-year [2] Cash Flow and Debt Situation - The operating cash flow per share was -0.27 yuan, a decline of 189.74% year-on-year; cash and cash equivalents were 600 million yuan, down 29.03% from the same period last year [3] - Accounts receivable reached 682 million yuan, an increase of 38.70% year-on-year, indicating potential pressure in accounts receivable management [3] - Interest-bearing debt was 1.416 billion yuan, up 32.05% year-on-year, with an interest-bearing asset-liability ratio of 23.26%; financial expenses accounted for 54.63% of the average operating cash flow over the past three years, indicating significant pressure in debt repayment [3] Overall Summary - Overall, the company showed significant improvement in profitability in Q1 2025, but still faces challenges in cash flow management and debt control [4]

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2025-040 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 关于以债转股方式向全资子公司增资的公告 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。 江苏华宏科技股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开 第七届董事会第二十七次会议、第七届监事会第十一次会议，审议通过了《关于 以债转股方式向全资子公司增资的议案》，现将有关情况公告如下： 一、本次增资事项概述 为满足北京华宏再生资源利用有限公司（以下简称"北京华宏"）的经营发 展需要，并优化其资产负债结构，提升市场竞争力，增强盈利能力，公司将应收 北京华宏部分债权 2,000 万元转作对其的增资，本次增资完成后，北京华宏的注 册资本将由人民币 8,000 万元增加至人民币 10,000 万元，公司仍持有北京华宏 100%股权，北京华宏仍为公司的全资子公司。 根据《深圳证券交易所股票上市规则》和《公司章程》的相关规定，本次增 资事项的批准权限在公司董事会的 ...

Group 1 - The company announced a capital increase of 20 million RMB to Beijing Huahong Recycling Resources Co., Ltd. to meet its operational development needs [1] - After the capital increase, the registered capital of Beijing Huahong will rise from 80 million RMB to 100 million RMB, with the company retaining 100% ownership [1] - The purpose of this capital increase is to optimize the asset-liability structure, enhance market competitiveness, and improve profitability [1]

| 证券代码：002645 | 证券简称：华宏科技 公告编号：2025-038 | | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | 江苏华宏科技股份有限公司 第七届监事会第十一次会议决议的公告 本公司及监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、监事会会议召开情况 江苏华宏科技股份有限公司（以下简称"公司"）第七届监事会第十一次会 议于 2025 年 4 月 25 日以书面专人送达和电子邮件方式发出通知。会议于 2025 年 4 月 29 日以现场与通讯结合方式召开。本次会议由监事会主席王凯先生召集 并主持。会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集和召开符合 《中华人民共和国公司法》和《江苏华宏科技股份有限公司章程》的规定，会议 合法有效。 具体内容详见同日刊登于《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）的《关于以债转股方式向全资子公司增资的公告》。 经核查，监事会认为：本次以债转股方式向全资子公司增资事项是公司基于 经营管理需要，进一步提高全资子公司整体竞争实力，合理 ...