Core Viewpoint - Changhong Technology announced that its stock price has been below 85% of the current conversion price for 10 trading days, which may trigger a downward adjustment of the conversion price for its convertible bonds [1] Summary by Relevant Sections - **Stock Performance** - From July 25, 2025, to August 7, 2025, the company's stock closing price has been below 22.71 yuan per share, which is 85% of the current conversion price [1] - **Convertible Bonds** - The potential trigger for the adjustment of the conversion price of "Changhong Convertible Bonds" is based on the stock performance [1] - The company will convene a board meeting on the day the trigger condition is met to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [1]

深圳市昌红科技股份有限公司 关于预计触发昌红转债转股价格向下修正条件的 | 证券代码: 300151 | 证券简称：昌红科技 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码: 123109 | 债券简称: 昌红转债 | | 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 5、自 2025 年 7 月 25 日至 2025 年 8 月 7 日，公司股票已有 10 个交易日的 收盘价低于当期转股价格的 85%（即 22.71 元/股），预计触发"昌红转债"转股价 格向下修正条件。若触发条件，公司将于触发条件当日召开董事会审议决定是否 修正转股价格，并及时履行信息披露义务。 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会出具的《关于同意深圳市昌红科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕609 号）核 准，公司本次可转换公司债券的发行规模为 46,000.00 万元，发行数量为 460.00 万张，每张面值 100.00 元， ...

Core Insights - Changhong Technology (300151) reported a closing price of 13.62 yuan as of August 1, 2025, with a decrease of 0.22% [1] - The company experienced a net outflow of main funds amounting to 11.74 million yuan, representing 11.7% of the total transaction amount [1] - The latest quarterly report shows total revenue of 249 million yuan, a year-on-year increase of 6.7%, while net profit attributable to shareholders decreased by 28.94% to 17.73 million yuan [1] Financial Performance - Total revenue for the first quarter of 2025 was 249 million yuan, reflecting a year-on-year growth of 6.7% [1] - Net profit attributable to shareholders was 17.73 million yuan, down 28.94% year-on-year [1] - The company's non-recurring net profit was 14.61 million yuan, a decrease of 14.81% year-on-year [1] - Current ratio stands at 3.440, quick ratio at 2.918, and debt-to-asset ratio at 33.51% [1] Company Overview - Changhong Technology was established in 2001 and is located in Shenzhen, primarily engaged in the metal products industry [2] - The company has a registered capital of 5.325 billion yuan and a paid-in capital of 5.025 billion yuan [1] - The legal representative of the company is Li Huanchang [1] Investment and Intellectual Property - The company has made investments in 18 enterprises and participated in 12 bidding projects [2] - It holds 14 trademark registrations and 88 patents, along with 51 administrative licenses [2]

| 证券代码：300151 | 证券简称：昌红科技 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：123109 | 债券简称：昌红转债 | | 深圳市昌红科技股份有限公司 关于 2025 年第二季度可转债转股情况的公告 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。 特别提示： 1、"昌红转债"（债券代码: 123109）转股期为 2021 年 10 月 8 日至 2027 年 3 月 31 日；初始转股价格为 28.26 元/股，最新转股价格为 26.72 元/股。 2、2025 年第二季度，"昌红转债" 因回售减少 4,800.00 元（48 张），因转股 减少 1,000.00 元（10 张），转股数量为 37 股。 3、截至 2025 年第二季度末，公司剩余可转债为 4,595,239 张，剩余可转债 票面总金额为 459,523,900.00 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，深圳市昌红科技股份 有限公司（ ...

Core Viewpoint - The credit rating of Shenzhen Changhong Technology Co., Ltd. remains stable at AA- due to its growth in revenue and net profit, strong customer relationships, and manageable debt levels, despite facing risks from raw material price fluctuations and high customer concentration [1][2][3]. Financial Performance - Total assets increased from 22.35 billion in 2022 to 25.55 billion in 2024, while total debt rose from 6.29 billion to 6.60 billion during the same period [1]. - Revenue for 2024 reached 10.39 billion, a growth of 11.56% year-on-year, with net profit increasing to 0.81 billion, reflecting a 37.19% growth in medical device and consumable revenue [1][2][14]. - EBITDA margin improved by 6.5 percentage points to 21.68% in 2024, and total asset return increased by 2.66 percentage points to 5.29% [2][3]. Business Segments - The company has established a strong customer base in the OA injection consumables and medical device sectors, with significant revenue growth driven by increased demand and capacity release [2][14]. - The semiconductor wafer carrier products are a key focus area, with several products entering the "small batch and verification" stage at major domestic wafer manufacturers [2][18]. - The company maintains a high cash flow generation capacity, with a cash-to-short-term debt ratio remaining robust [2][3]. Market Environment - The injection molding industry in China is experiencing steady growth, with the market for injection molds, particularly plastic molds, expanding significantly [7][11]. - The medical high polymer plastic consumables market is projected to grow, driven by advancements in medical technology and increasing demand for high-quality healthcare services [12][13]. - The OA equipment sector is maturing, with a slowdown in growth rates, while the semiconductor industry presents opportunities for domestic product replacement [11][18]. Risks and Challenges - The company faces risks from raw material price volatility, particularly for ABS and PP plastics, which are sensitive to oil price fluctuations [3][21]. - High customer concentration remains a concern, with the top five customers contributing 55.61% of total revenue in 2024 [3][14]. - The effectiveness of new production lines in the medical consumables sector is uncertain, as it depends on collaboration with leading medical clients and the lengthy verification processes in the semiconductor industry [2][3][22].

2021年深圳市昌红科技股份有限公司向不特定对象发行可转换公司 债券2025年跟踪评级报告 评级结果 评级观点 | | 本次评级 | 上次评级 | | --- | --- | --- | | 主体信用等级 | AA- | AA | | 评级展望 | 稳定 | 稳定 | | 昌红转债 | AA- | AA | 本次等级的评定是考虑到：深圳市昌红科技股份有限公司（以下简称 "昌红科技"或"公司"，股票代码：300151.SZ）在 OA注塑耗材与医 疗器械耗材两大注塑行业细分领域开拓了多个优质客户，合作关系稳 定；跟踪期内公司营业收入与净利润水平均有所增长，半导体晶圆载具 产品实现小批量供货，账面现金类资产规模仍较大，债务压力仍可控。 但中证鹏元关注到，公司面临原材料价格波动、在建产能消化存在不确 定性，以及较高的客户集中度等风险因素。 公司主要财务数据及指标（单位：亿元） | | 项目 | 2025.3 | 2024 | 2023 | 2022 | | --- | --- | --- | --- | --- | --- | | 评级日期 | 总资产 | 25.13 | 24.64 | 25.55 | 22.35 ...

Group 1 - The company announced the repurchase of its convertible bonds, allowing holders to sell back their bonds during a specified period at a price of RMB 100.432 per bond, including interest and tax [1][2] - The repurchase period was from June 3, 2025, to June 9, 2025, and the total valid repurchase amount was 48 bonds, totaling RMB 4,820.73, including interest and tax [2][3] - The repurchase will not significantly impact the company's financial status, capital structure, operating results, or cash flow, and will not harm its debt servicing ability or ongoing operations [3] Group 2 - Unredeemed convertible bonds will continue to be traded on the Shenzhen Stock Exchange [3]

| 证券代码: | 300151 | 证券简称：昌红科技 | 公告编号：2025-055 | | --- | --- | --- | --- | | 债券代码: | 123109 | 债券简称:昌红转债 | | 深圳市昌红科技股份有限公司 关于昌红转债回售结果的公告 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。 特别提示： 一、本次可转换公司债券回售的公告情况 深圳市昌红科技股份有限公司（以下简称"公司"）根据《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 15 号——可 转换公司债券》等法律法规的有关规定以及《深圳市昌红科技股份有限公司创业 板向不特定对象发行可转换公司债券募集说明书》的相关规定，分别于 2025 年 5 月 19 日、2025 年 5 月 20 日、2025 年 5 月 21 日、2025 年 5 月 22 日、2025 年 5 月 23 日、2025 年 5 月 26 日、2025 年 5 月 27 日、2025 年 5 月 28 日、2025 年 5 月 29 日、2025 年 5 月 30 日、2025 ...

深圳市昌红科技股份有限公司 关于昌红转债恢复转股的提示性公告 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。 特别提示： | 证券代码: | 300151 | 证券简称：昌红科技 | 公告编号：2025-054 | | --- | --- | --- | --- | | 债券代码: | 123109 | 债券简称:昌红转债 | | 经中国证券监督管理委员会出具的《关于同意深圳市昌红科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕609 号）核 准，并经深圳证券交易所审核同意，深圳市昌红科技股份有限公司（以下简称"公 司"）于 2021 年 4 月 1 日向不特定对象发行 46,000.00 万元可转换公司债券， 期限自发行之日起六年。"昌红转债"自 2021 年 10 月 8 日起可转换为公司股 份，目前处于转股期。 公司股票自 2025 年 4 月 1 日至 2025 年 5 月 16 日连续三十个交易日的收盘 价格低于当期"昌红转债"转股价格 26.79 元/股的 70%，即 18.75 元/股，且"昌 红转债"处于最后两 ...

关于昌红转债回售的第十五次提示性公告 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、回售价格：100.432 元/张（含息、税）。 2、回售条件满足日：2025 年 5 月 16 日 | 证券代码: | 300151 | 证券简称：昌红科技 | 公告编号：2025-053 | | --- | --- | --- | --- | | 债券代码: | 123109 | 债券简称:昌红转债 | | 深圳市昌红科技股份有限公司 3、回售申报期：2025 年 6 月 3 日至 2025 年 6 月 9 日 4、投资者回售款到账日：2025 年 6 月 16 日 5、回售申报期内，"昌红转债"暂停转股 6、"昌红转债"持有人有权选择是否进行回售，本次回售不具有强制性 7、风险提示：持有人本次选择回售等同于以 100.432 元/张（含当期利息、 含税）的价格卖出持有的"昌红转债"。截至目前，"昌红转债"的收盘价格高 于本次回售价格，投资者选择回售可能带来损失，敬请投资者注意风险。 深圳市昌红科技股份有限公司（以下简称"公司"）的股票自 2025 年 4 ...