本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、误导性陈述或者重大 遗漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002937 证券简称：兴瑞科技 公告编号：2025-088 债券代码：127090 债券简称：兴瑞转债 宁波兴瑞电子科技股份有限公司关于"兴瑞转债"预计触发转股价格修正条件的提示性公告 特别提示： 1、股票代码：002937 股票简称：兴瑞科技 2、债券代码：127090 债券简称：兴瑞转债 3、转股价格：人民币25.50元/股 4、转股起止时间：2024年1月29日至2029年7月23日 5、本次触发转股价格修正条件的期间从2025年10月23日起算，截至2025年11月5日，宁波兴瑞电子科技 股份有限公司（以下简称"公司"）股票在连续三十个交易日中已有十个交易日的收盘价低于当期转股价 格的85%，预计后续可能触发转股价格向下修正条件。若触发转股价格修正条件，公司将按照深圳证券 交易所（以下简称"深交所"）相关规定及《宁波兴瑞电子科技股份有限公司向不特定对象发行可转换公 司债券募集说明书》（以下简称"《募集说明书》"）的约定及时履行后续审议程序和信 ...

| 证券代码：002937 | 证券简称：兴瑞科技 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | | 宁波兴瑞电子科技股份有限公司 关于"兴瑞转债"预计触发转股价格修正条件的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 特别提示： 4、转股起止时间：2024 年 1 月 29 日至 2029 年 7 月 23 日 若公司决定向下修正转股价格，公司将在深交所和中国证监会指定的上市公 司信息披露媒体上刊登股东大会决议公告以及转股价格修正公告，公告修正幅度 和股权登记日及暂停转股期间。从股权登记日后的第一个交易日（即转股价格修 正日）起恢复转股申请并执行修正后的转股价格。若转股价格修正日为可转债持 有人转股申请日或之后、转换股票登记日之前，该类转股申请按修正后的转股价 格执行。 经中国证券监督管理委员会"证监许可（2023）1429 号"文同意注册，并 经深交所同意，公司于 2023 年 7 月 24 日向不特定对象发行可转换公司债券（债 券简称：兴瑞转债；债券代码 ...

| 证券代码：002937 | 证券简称：兴瑞科技 | 公告编号：2025-087 | | --- | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | | 宁波兴瑞电子科技股份有限公司 根据公司《关于回购公司股份方案的公告》，若公司在回购实施期间内，实 施资本公积转增股本、派发股票或现金红利、股票拆细、缩股及其他等除权除息 事项，自股价除权除息之日起，按照中国证监会及深圳证券交易所的相关规定相 应调整回购股份价格上限。因实施 2024 年年度权益分派，自 2025 年 5 月 29 日 起，公司回购股份价格上限由人民币 31 元/股相应调整为不超过 30.70 元/股。因 实施 2025 年半年度权益分派，自 2025 年 9 月 30 日起，公司回购股份价格上限 由人民币 30.70 元/股相应调整为不超过 30.60 元/股。 根据《上市公司股份回购规则》《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，公司在回购期间应当在每个月的前三个交易日 内公告截至上月末的回购进展情况。现将回购股份的进展情况公告如下： 一、公司回购股份的具体情况 截至 2025 ...

兴瑞科技公告称，公司于2025年4月通过回购股份议案，拟以6000万 - 1.20亿元回购股份用于激励。因 权益分派，回购价上限由31元/股调至30.60元/股。截至10月31日，公司以集中竞价回购50,000股，占总 股本0.02%，最高成交价16.889元/股，最低16.739元/股，累计支付841,992元（不含交易费）。公司后续 将按规定继续实施回购并披露信息。 ...

Core Viewpoint - Xingrui Technology, established in 2001 and listed in 2018, is a precision electronic component manufacturer with strong technical capabilities in the automotive electronics sector, focusing on mold technology and advanced manufacturing techniques [1] Group 1: Business Performance - In Q3 2025, Xingrui Technology reported revenue of 1.328 billion yuan, ranking 24th among 36 companies in the industry, significantly lower than the top competitor, Yujing Electronics, which had revenue of 45.844 billion yuan [2] - The net profit for the same period was 118 million yuan, placing the company 19th in the industry, again trailing behind Yujing Electronics and another competitor, with an industry average net profit of 217 million yuan [2] Group 2: Financial Ratios - The asset-liability ratio for Q3 2025 was 36.92%, slightly up from 36.69% in the previous year, but still below the industry average of 44.11%, indicating good debt repayment capability [3] - The gross profit margin was reported at 24.01%, down from 26.96% year-on-year, yet still above the industry average of 19.46%, reflecting a competitive edge in profitability [3] Group 3: Executive Compensation - The chairman, Zhang Zhongliang, received a salary of 1.2 million yuan in 2024, an increase of 450,000 yuan from 2023 [4] - The general manager, Chen Songjie, earned 1.597 million yuan in 2024, a decrease of 88,400 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.61% to 19,200, while the average number of circulating A-shares held per shareholder decreased by 7.93% to 15,400 [5] Group 5: Business Highlights - A strategic cooperation framework agreement was signed with Shenzhen Green Cloud Map to enhance production and technology development for liquid cooling server products, indicating a potential expansion into high-growth markets [6] - The production of a new automotive parts base in Ningbo is expected to boost capacity, alongside future expansion projects in Suzhou and overseas [6] - Longcheng Securities maintains a "buy" rating, projecting net profits of 245 million yuan, 275 million yuan, and 323 million yuan for 2025 to 2027 [6]

Core Viewpoint - The company, Ningbo Xingrui Electronic Technology Co., Ltd., has released its third-quarter financial report for 2025, highlighting various financial metrics and changes in its financial position compared to the previous year [4][12]. Financial Data Summary - The company confirmed that the quarterly report is accurate and complete, with no false records or significant omissions [2]. - The third-quarter financial report has not been audited [3]. - The company reported a non-recurring gain from long-term equity investment income amounting to 2,919,390.20 yuan [4]. - The net cash flow from operating activities decreased by 68.2 million yuan compared to the same period last year, primarily due to reduced customer payments [6]. - The net cash flow from investing activities decreased by 159 million yuan, attributed to increased cash payments for fixed assets and long-term investments [6]. - The company has repurchased 50,000 shares as part of its share repurchase plan [7]. - A cash dividend of 29.77 million yuan was distributed, amounting to 1 yuan per 10 shares [7]. Changes in Financial Metrics - The increase in convertible bond interest and exchange rate fluctuations impacted the profit and loss statement [5]. - The company recognized increased investment income from its associate, Huazhi Xingrui [5]. - The provision for bad debts on accounts receivable increased compared to the same period last year [5]. - The company reported a decrease in gains from asset disposals and a reduction in tax expenses due to lower taxable income [5]. Shareholder Information - The company has not disclosed any changes in the number of shareholders or the status of preferred shareholders [6]. - The company will continue to implement its share repurchase plan based on market conditions [7].

| 证券代码：002937 | 证券简称：兴瑞科技 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | | 宁波兴瑞电子科技股份有限公司 第四届董事会第三十五次会议决议公告 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。 1、审议通过《关于公司<2025 年第三季度报告>的议案》 表决结果：同意 11 票、反对 0 票、弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司同日披露在《证券时报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）的《2025 年第三季度报告》。 三、备查文件 1、第四届董事会第三十五次会议决议 特此公告。 宁波兴瑞电子科技股份有限公司董事会 2025 年 10 月 28 日 一、董事会会议召开情况 宁波兴瑞电子科技股份有限公司（以下简称"公司"）第四届董事会第三十 五次会议通知于 2025 年 10 月 24 日以电子邮件等方式向公司全体董事发出。会 议于 2025 年 10 月 28 日以电子邮件表决方式召开。本 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥457,640,715.22, a decrease of 3.50% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2025 was ¥35,346,054.04, down 21.14% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥34,982,152.98, reflecting a decline of 20.38% compared to the previous year[5]. - Total operating revenue for the current period is CNY 1,328,139,371.71, a decrease of 10.1% compared to CNY 1,477,902,217.38 in the previous period[23]. - The net profit for the current period is CNY 117,864,791.81, a decrease of 38.5% compared to CNY 191,911,815.43 in the previous period[24]. - The total profit for the current period is CNY 133,307,549.95, down from CNY 217,072,253.36, reflecting a decline of 38.5%[24]. - Operating profit decreased to CNY 133,950,621.06 from CNY 218,055,627.43, representing a drop of 38.5%[24]. - The total comprehensive income for the current period is CNY 112,024,628.72, a decrease from CNY 188,116,979.76 in the previous period[24]. - Basic and diluted earnings per share for the current period are both CNY 0.40, down from CNY 0.64 in the previous period[25]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,542,311,434.89, an increase of 0.23% from the end of the previous year[5]. - The company's total liabilities are CNY 938,735,090.35, a marginal increase from CNY 937,702,764.30[22]. - The equity attributable to shareholders increased to CNY 1,603,175,319.69 from CNY 1,598,341,050.76, a growth of 0.4%[22]. - The company's cash and cash equivalents decreased to CNY 665,481,402.63 from CNY 880,238,534.57, a decline of 24.4%[20]. - The cash and cash equivalents at the end of the period stand at CNY 632,970,715.75, down from CNY 682,368,715.55 at the end of the previous period[26]. - The company's total liabilities decreased by 88.68% in contract liabilities, amounting to ¥294,661.91 from ¥2,603,180.75[10]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥201,331,215.87, a decrease of 25.30% compared to the previous year[5]. - The net cash flow from operating activities decreased by 25.30% to ¥201.33 million compared to ¥269.54 million in the same period last year[12]. - Cash flow from operating activities generated a net amount of CNY 201,331,215.87, down 25.3% from CNY 269,535,662.70 in the previous period[25]. - Cash flow from investing activities resulted in a net outflow of CNY 233,119,951.49, compared to a smaller outflow of CNY 74,278,151.79 in the previous period[26]. - The net cash flow from investing activities saw a significant increase of 213.85%, dropping to -¥233.12 million from -¥74.28 million year-on-year, primarily due to increased cash payments for fixed assets and long-term investments[12]. - The net cash flow from financing activities slightly decreased by 2.08%, amounting to -¥155.68 million, mainly due to increased dividend payments during the reporting period[12]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,245, with no preferred shareholders[15]. - Zhejiang Zheqi Investment Holding Group Co., Ltd. holds the largest share at 24.27%, with 72,259,670 shares, and has pledged 35,830,000 shares[15]. - The company repurchased a total of 50,000 shares as part of its share buyback plan, which will continue based on market conditions[18]. - A cash dividend of ¥29.77 million was distributed during the semi-annual equity distribution, with a payout of ¥1 per 10 shares[18]. - The company issued convertible bonds "Xingrui Convertible Bonds" with a coupon rate of 0.40%, distributing ¥4.00 per 10 bonds during the reporting period[18]. Investment and Income - The company reported a significant increase in investment income of 431.35%, amounting to ¥5,627,743.87 compared to ¥1,059,146.47 in the previous year[9]. - The long-term equity investment increased by 45.20%, reaching ¥105,763,167.53 from ¥72,837,777.33[10]. - Net profit from investments is CNY 5,627,743.87, significantly higher than CNY 1,059,146.47 in the previous period[23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the stock market's rally since July, the medium - and short - term market may experience consolidation, and there could be a re - balance between large - and small - cap styles. Since October, the year - to - date cumulative return of the CSI 2000 (representing small - and medium - cap stocks) has approached that of the ChiNext Index [2][9]. - Small - and medium - cap stocks in the high - end manufacturing sector are worth attention. Some companies in this sector have stable main - business profits and are shifting strategies towards computing power and humanoid robots, opening up growth prospects [2][9]. - Small - and medium - cap high - end manufacturing convertible bonds can enhance portfolio elasticity. It is recommended to increase attention to equity - like convertible bonds, focusing on new bonds and those with non - call provisions, while being aware of call risks [2][9]. - Five convertible bonds related to small - and medium - cap high - end manufacturing are recommended: Songsheng Convertible Bond, Yingbo Convertible Bond, Fuli Convertible Bond, Xizhen Convertible Bond, and Xingrui Convertible Bond [3][10]. 3. Summaries According to Catalogs 3.1 Overall Logic and Layout Ideas - The stock market is in a trading volume contraction trend. After the rally since July, partial profit - taking may occur. The inflow of funds through ETFs and mutual funds has driven the strength of large - cap growth stocks. With the weakening of market beta, the style between large - and small - cap stocks may re - balance [2][9]. - Small - and medium - cap stocks in high - end manufacturing are promising. Against the backdrop of a technology - driven and industrial - upgrading nation, some companies' main - business profits are stable, and strategic shifts towards computing power and humanoid robots open up growth expectations [2][9]. - From the perspective of convertible bonds, small - and medium - cap high - end manufacturing convertible bonds can increase portfolio elasticity. Due to the high volatility of small - cap stocks, they often have high valuations. Equity - like convertible bonds are recommended, along with attention to call risks and a focus on new bonds and those with non - call provisions [2][9]. 3.2 Individual Bond Selections 3.2.1 Songsheng Co., Ltd. / Songsheng Convertible Bond - The company is a leading manufacturer of medium - and high - power LED driving power supplies in the LED lighting field. The global LED plant lighting market is expected to grow from $1.315 billion in 2024 to $2.056 billion in 2029, with a CAGR of 9.4% [15]. - Energy storage inverter products have achieved batch sales. In H1 2025, the company's household and industrial energy storage products obtained numerous certifications, and the energy storage core component business received orders from large domestic energy companies [16]. - In June 2025, the company entered the robot track by jointly developing harmonic reducers and other products with Chongqing Jinggang Transmission and others. As of October, the project is progressing, and its subsidiary is seeking orders [16][17]. 3.2.2 Yingboer / Yingbo Convertible Bond - Yingboer is a leading enterprise with independent R & D and production capabilities in new - energy vehicle drive and power systems. It has established cooperation with many well - known vehicle manufacturers in various fields [20]. - The company has obtained project approvals from multiple eVTOL leading enterprises. With the government's support for the low - altitude economy, eVTOL has great development potential, and the company's "Integrated Chip" technology meets its needs [20][21]. - In April 2025, Yingboer cooperated with Fengli Intelligent to develop joint modules for humanoid robots, expanding its business scope [22]. 3.2.3 Fuliwang / Fuli Convertible Bond - The company focuses on the R & D, manufacturing, and sales of precision metal parts, serving multiple downstream industries. It has mature MIM process capabilities applicable to humanoid robot parts manufacturing [24]. - In early 2025, the company extended into the humanoid robot industry and sent samples of micro - planetary roller screws to leading customers. As of September, it had sent samples to 5 industry leaders and started delivering other metal parts [25]. 3.2.4 Wuxi Zhenhua / Xizhen Convertible Bond - The company is deeply involved in the automotive parts industry, with main business segments including stamping parts, sub - assembly processing, mold, and selective precision electroplating [27]. - New - energy customers such as Tesla, Li Auto, and Xiaomi provide new growth opportunities. In H1 2025, the sub - assembly processing business increased by 16.65% year - on - year [28]. - The precision electroplating business has high gross margins. In September, the company obtained environmental assessment approvals for new projects, which will open up new business areas in the new - energy field [28]. 3.2.5 Xingrui Technology / Xingrui Convertible Bond - Xingrui Technology is a precision component manufacturing and R & D enterprise focusing on new - energy vehicle electrical systems, intelligent terminals, and consumer electronics, providing customized solutions for high - end customers [30]. - In H1 2025, the company's server business won multiple new project approvals, expanding its product portfolio. In July 2025, it established a strategic partnership with Green Cloud Map for R & D and production of liquid - cooled server - related products [30].

Core Viewpoint - Anqing Xingrui Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various technology and service sectors, particularly in artificial intelligence and smart devices [1] Company Overview - The company is legally represented by Cheng Wei [1] - The registered capital is 500,000 RMB [1] Business Scope - The business operations include internet sales (excluding licensed goods), video production services, and intellectual property services (excluding patent agency services) [1] - The company is involved in the manufacturing and sales of wearable smart devices, smart instruments, and various intelligent equipment [1] - It also offers services related to artificial intelligence, including hardware sales, application software development, and industry application system integration [1] - Additional services include health consulting (excluding medical treatment), remote health management, and marketing planning [1] - The company engages in the retail of pet products and daily chemical products, among other general merchandise [1]