Core Viewpoint - Jiangsu Huahong Technology Co., Ltd. announced a passive dilution of shares and a reduction in holdings by a shareholder exceeding 1% due to the conversion of convertible bonds and a planned share reduction by shareholder Zhou Shijie [1][2][3][4]. Group 1: Shareholder Changes - Zhou Shijie's shareholding was diluted from 9.21% to 8.93% due to the conversion of 515 million yuan convertible bonds, resulting in a dilution of 0.28% [2]. - Following the announcement of a share reduction plan, Zhou Shijie intends to reduce his holdings by up to 13.38 million shares between August 28, 2025, and November 27, 2025 [3]. - As of the announcement date, Zhou Shijie held 51.53 million shares, representing 8.59% of the total share capital after the reduction [3][4]. Group 2: Rights Change Details - The rights change period is from December 26, 2023, to August 28, 2025, with a total reduction of 0.61% in Zhou Shijie's shareholding due to both passive dilution and active reduction [4]. - Before the changes, Zhou Shijie held 53.53 million shares, and after the changes, he holds 51.53 million shares [4]. - The changes comply with legal regulations, and there are no restrictions on voting rights for the shares held by Zhou Shijie [4].

证券代码：002645 证券简称：华宏科技 公告编号：2025-069 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 关于持股 5%以上股东被动稀释暨减持股份 触及 1%整数倍的提示性公告 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。 2023 年 12 月 26 日，公司披露了《关于持股 5%以上股东与其一致行动人之 间协议转让股份暨权益变动的提示性公告》《简式权益变动报告书》。2023 年 12 月 26 日至 2025 年 8 月 28 日，因公司可转债转股导致公司 A 股股份数量增加， 公司总股本由 581,521,225 股增加至 606,189,820 股，周世杰先生持股比例由 9.21%被动稀释至 8.93%。 （二）股东减持 2025 年 8 月 6 日，公司披露了《关于持股 5%以上股东、董事、高级管理人 员减持股份预披露公告》，周世杰先生拟于 2025 年 8 月 28 日至 2025 年 11 月 27 日以集中竞价和大宗交易方式合计减持本公司股份不超过 13,383,041 股。 近日，公司收到股东周世杰先生 ...

| 证券代码：002645 | 证券简称：华宏科技 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：127077 | 债券简称：华宏转债 | | 关于提前赎回"华宏转债"的第三次提示性公告 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。 特别提示: 1、"华宏转债"赎回价格：100.79 元/张（含当期应计利息，当期年利率 为 1%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 26 日 3、"华宏转债"停止交易日：2025 年 9 月 12 日 4、"华宏转债"赎回登记日：2025 年 9 月 16 日 5、"华宏转债"停止转股日：2025 年 9 月 17 日 6、"华宏转债"赎回日：2025 年 9 月 17 日 江苏华宏科技股份有限公司 7、发行人资金到帐日（到达中登公司账户）：2025 年 9 月 22 日 8、投资者赎回款到账日：2025 年 9 月 24 日 9、赎回类别：全部赎回 10、最后 ...

| 证券代码：002645 | 证券简称：华宏科技 | 公告编号：2025-067 | | --- | --- | --- | | 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 关于控股股东、实际控制人及其一致行动人持股比例被动稀释 触及 1%整数倍的提示性公告 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。 本次权益变动系江苏华宏科技股份有限公司（以下简称"公司"）可转换公 司债券（以下简称"可转债"）转股，导致控股股东江苏华宏实业集团有限公司、 实际控制人及其一致行动人胡士勇先生、胡士清先生和胡士法先生的持股比例被 动稀释，权益变动前后上述股东持股数量无变化，公司控股股东、实际控制人未 发生变化。现将有关情况公告如下： 一、本次权益变动的基本情况 经中国证券监督管理委员会《关于核准江苏华宏科技股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2022〕1121 号）核准，公司公开发行可转 换公司债券 51,500.00 万元，每张面值为 100.00 元，发行数量为 515.00 万张， 债券简称"华宏转债"，债 ...

Core Viewpoint - Jiangsu Huahong Technology Co., Ltd. has announced the early redemption of its convertible bonds, "Huahong Convertible Bonds," due to the fulfillment of redemption conditions based on the company's stock performance [4][10]. Group 1: Redemption Details - The redemption price for "Huahong Convertible Bonds" is set at 100.79 yuan per bond, including accrued interest at an annual rate of 1% [2][14]. - The conditions for redemption were met on August 26, 2025, with the bonds ceasing to trade on September 12, 2025, and the redemption date set for September 17, 2025 [3][21]. - Investors must ensure that any pledged or frozen bonds are released before the stop of conversion on September 17, 2025, to avoid forced redemption [11][12]. Group 2: Bond Issuance and Trading - The company issued a total of 515 million yuan in convertible bonds, with a face value of 100 yuan each, and the net proceeds from the issuance amounted to approximately 504 million yuan after deducting issuance costs [4][5]. - The bonds were listed on the Shenzhen Stock Exchange on January 10, 2023, under the name "Huahong Convertible Bonds" [6]. Group 3: Conversion and Price Adjustments - The initial conversion price was set at 15.65 yuan per share, which was subsequently adjusted to 15.45 yuan and later to 13.91 yuan due to corporate actions [8][9]. - The conversion price was further adjusted to 13.92 yuan and then to 11.14 yuan, effective from May 20, 2024 [9]. Group 4: Redemption Conditions - The redemption was triggered as the company's stock price closed above 14.482 yuan (130% of the conversion price) for 15 trading days within a 30-day period [10][12]. - The company has the right to redeem all or part of the unconverted bonds if the remaining balance is less than 30 million yuan [11].

| 证券代码：002645 | 证券简称：华宏科技 | 公告编号：2025-066 | | --- | --- | --- | | 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 关于提前赎回"华宏转债"的第二次提示性公告 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。 特别提示: 1、"华宏转债"赎回价格：100.79 元/张（含当期应计利息，当期年利率 为 1%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公 司深圳分公司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 26 日 3、"华宏转债"停止交易日：2025 年 9 月 12 日 4、"华宏转债"赎回登记日：2025 年 9 月 16 日 5、"华宏转债"停止转股日：2025 年 9 月 17 日 6、"华宏转债"赎回日：2025 年 9 月 17 日 7、发行人资金到帐日（到达中登公司账户）：2025 年 9 月 22 日 8、投资者赎回款到账日：2025 年 9 月 24 日 9、赎回类别：全部赎回 10、最后 ...

Group 1 - On August 28, Huahong Technology executed a block trade of 2 million shares, with a transaction amount of 32.78 million yuan, accounting for 3.35% of the total transaction volume for that day [1][2] - The transaction price was 16.39 yuan per share, which represents a discount of 1.5% compared to the market closing price of 16.64 yuan [1][2]

Core Insights - Huahong Technology (002645) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 3.159 billion yuan, up 17.17% year-on-year, and net profit attributable to shareholders at 79.6328 million yuan, up 3480.57% year-on-year [1][2] Financial Performance - The company's gross profit margin improved to 9.56%, reflecting a year-on-year increase of 95.97%, while the net profit margin rose to 2.55%, a substantial increase of 473.1% [1] - Total operating expenses, including sales, management, and financial expenses, amounted to 154 million yuan, accounting for 4.87% of revenue, down 6.24% year-on-year [1] - Earnings per share reached 0.14 yuan, a dramatic increase of 3544.74% compared to the previous year [1] Cash Flow and Debt - The net cash flow from operating activities showed a significant decline of 285.14%, attributed to increased business volume and procurement costs [2] - The company’s interest-bearing debt rose by 52.02% to 1.572 billion yuan, indicating a growing reliance on financing [1][2] Market and Business Environment - The increase in operating profit by 236.07% is linked to favorable national policies and a recovery in the domestic rare earth product market, which has positively impacted the company's resource utilization business [2] - The company has faced challenges in cash flow management, with cash and cash equivalents covering only 52.72% of current liabilities [3][4] Fund Holdings - The largest fund holding Huahong Technology is Qianhai Kaiyuan Shengxin Mixed A, which has recently entered the top ten holdings with 821,300 shares [3]

Company Overview - Huahong Technology Co., Ltd. is located in Jiangyin City, Jiangsu Province, established on August 19, 2004, and listed on December 20, 2011 [1] - The company specializes in recycling resource processing equipment, comprehensive utilization of waste resources, elevator components, and rare earth waste utilization [1] Financial Performance - For the first half of 2025, Huahong Technology achieved operating revenue of 3.159 billion yuan, a year-on-year increase of 17.17% [2] - The net profit attributable to the parent company was 79.6328 million yuan, showing a significant year-on-year growth of 3480.57% [2] - Cumulative cash dividends since the A-share listing amount to 354 million yuan, with 116 million yuan distributed over the past three years [3] Stock Performance - As of August 27, Huahong Technology's stock price increased by 152.79% year-to-date, with a recent 5-day increase of 3.36%, 20-day increase of 20.22%, and 60-day increase of 108.21% [1] - The stock reached a price of 17.24 yuan per share, with a market capitalization of 10.119 billion yuan [1] - The company has appeared on the trading leaderboard 9 times this year, with the latest appearance on August 19 [1] Shareholder Information - As of June 30, the number of shareholders was 34,700, a decrease of 26.48% from the previous period [2] - The average circulating shares per person increased by 36.03% to 14,787 shares [2] Industry Classification - Huahong Technology is classified under the environmental protection industry, specifically in the environmental equipment sector [2] - The company is associated with concepts such as automotive dismantling, rare earth permanent magnets, energy conservation and environmental protection, margin trading, and waste classification [2]

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].