| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于提前赎回"精锻转债"的第四次提示性公告 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、"精锻转债"赎回价格：100.45 元/张（含当期应计利息，当期年利率为 1.0%， 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"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 3 日 3、停止交易日：2025 年 7 月 28 日 4、赎回登记日：2025 年 7 月 30 日 5、赎回日：2025 年 7 月 31 日 6、停止转股日：2025 年 7 月 31 日 7、赎回资金到账日（到达中国结算账户）：2025 年 8 月 5 日 8、投资者赎回款到账日：2025 年 8 月 7 日 9、赎回类别：全部赎回 10、根据安排，截至 2025 年 7 月 30 日收市 ...

2、赎回条件满足日：2025 年 7 月 3 日 3、停止交易日：2025 年 7 月 28 日 | 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 关于提前赎回"精锻转债"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、"精锻转债"赎回价格：100.45 元/张（含当期应计利息，当期年利率为 1.0%， 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"中国结算"）核准的价格为准。 股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限，若债券持有人不符合创业板股 票适当性管理要求的，不能将所持"精锻转债"转换为股票，特提醒投资者关注不能 转股的风险； 12、风险提示：根据安排，截至 2025 年 7 月 30 日收市后仍未转股的"精锻转 债"，将按照 100.45 元/张的价格强制赎回，因目前"精锻转债"二级 ...

江苏太平洋精锻科技股份有限公司 关于提前赎回"精锻转债"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。 | 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 特别提示： 1、"精锻转债"赎回价格：100.45 元/张（含当期应计利息，当期年利率为 1.0%， 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"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 3 日 3、停止交易日：2025 年 7 月 28 日 4、赎回登记日：2025 年 7 月 30 日 5、赎回日：2025 年 7 月 31 日 6、停止转股日：2025 年 7 月 31 日 7、赎回资金到账日（到达中国结算账户）：2025 年 8 月 5 日 8、投资者赎回款到账日：2025 年 8 月 7 日 9、赎回类别：全部赎回 10、根据安排，截至 2025 年 7 月 30 日收市 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Viewpoints - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Industry Overview - Humanoid robots have completed the basic functionality phase and are now focusing on software generalization and hardware optimization for commercial applications [3][4]. - The iterative direction for hardware includes high load capacity, lightweight design, high thermal dissipation, low energy consumption, stability, flexibility, and cost reduction [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report highlights the advantages of cycloidal reducers over traditional planetary and harmonic reducers, particularly in high-load scenarios [4][5]. Market Potential - The global market for cycloidal reducers is expected to reach 17 billion RMB by 2029, with significant penetration in humanoid robot joints anticipated [5]. - The report estimates that the market for humanoid robot cycloidal reducers could exceed 14 billion RMB by 2030, indicating substantial growth potential [5]. Key Companies and Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to benefit from technological upgrades in the humanoid robot sector [6][7].

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Insights - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Market Trends - The humanoid robot sector has completed the basic functionality phase and is now focusing on software and hardware upgrades [3]. - The report highlights the need for improvements in load capacity, lightweight design, heat dissipation, energy efficiency, stability, flexibility, and cost reduction in hardware [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report discusses the advantages and disadvantages of various reducer types, including harmonic, planetary, RV, and cycloidal reducers, emphasizing the unique benefits of cycloidal reducers in high-load applications [22][23]. Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to capitalize on the growth in the humanoid robot market [6][7].

Core Viewpoint - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, with a focus on the optimization and coupling of hardware and software for future iterations [2]. Group 1: Industry Development - Humanoid robots have completed the basic functionality phase, but there is still room for improvement before large-scale commercial and household applications can be realized [2]. - The future iterations will focus on hardware aspects such as high load capacity, lightweight design, high heat dissipation, low energy consumption, stability, flexibility, and cost reduction [2]. Group 2: Gearbox Technology - The current humanoid robot joint modules primarily use planetary and harmonic gearbox solutions, each with its advantages and disadvantages [78]. - Planetary gearboxes are simple and cost-effective but have high backlash that affects precision, while harmonic gearboxes offer high precision but have limitations in high-load scenarios due to material fatigue [78][94]. - The cycloidal gearbox is expected to be a new direction for humanoid robot applications, combining precision and load capacity advantages [78][95]. Group 3: Market Potential - The market for new cycloidal gearboxes in humanoid robots is projected to exceed 14 billion yuan by 2030, driven by the increasing demand for humanoid robots [6][100]. - The global market for cycloidal gearboxes, excluding humanoid robots, is expected to reach 2.36 billion USD by 2029, indicating significant growth potential in this sector [6][100]. Group 4: Competitive Landscape - The precision gearbox market is currently dominated by foreign brands, particularly Japanese companies, which hold significant market shares in harmonic and RV gearboxes [69][71]. - Domestic players are gradually increasing their market share in the harmonic gearbox segment, with companies like Lide Harmonic leading with a 25% market share [74]. - The cycloidal gearbox market has high barriers to entry due to complex design and manufacturing processes, which may favor established players with strong engineering capabilities [62][67].

Core Viewpoint - Jiangsu Pacific Precision Forging Technology Co., Ltd. has announced the early redemption of its convertible bonds, "Precision Convertible Bonds," due to the stock price meeting the conditions for redemption as specified in the offering prospectus [1][2][7]. Group 1: Convertible Bond Redemption Announcement - The company will redeem the "Precision Convertible Bonds" at a price of 100.45 CNY per bond, which includes accrued interest [8][9]. - The redemption is triggered by the stock price being at least 130% of the current conversion price for 15 out of 30 consecutive trading days [2][7]. - The redemption process will conclude with the bonds being delisted from the Shenzhen Stock Exchange [1][10]. Group 2: Convertible Bond Details - The company issued 9.8 million convertible bonds at a face value of 100 CNY each, totaling 980 million CNY, with a net fundraising amount after expenses [2]. - The initial conversion price was set at 13.09 CNY per share, which has been adjusted to 12.97 CNY and subsequently to 9.46 CNY due to profit distribution and other factors [3][6][7]. - The conversion period for the bonds started on August 21, 2023, and will last until February 14, 2029 [3]. Group 3: Redemption Conditions and Procedures - The company has outlined the conditions under which the bonds can be redeemed, including the calculation of accrued interest based on the bond's face value and interest rate [7][9]. - The redemption will be executed for all bondholders registered with China Securities Depository and Clearing Corporation Limited by the redemption registration date [9][10]. - Bondholders are advised to convert their bonds into shares before the redemption date to avoid potential losses [1][2].

关于提前赎回"精锻转债"的第一次提示性公告 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、"精锻转债"赎回价格：100.45 元/张（含当期应计利息，当期年利率为 1.0%， 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"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 7 月 3 日 | 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 江苏太平洋精锻科技股份有限公司 5、赎回日：2025 年 7 月 31 日 6、停止转股日：2025 年 7 月 31 日 7、赎回资金到账日（到达中国结算账户）：2025 年 8 月 5 日 8、投资者赎回款到账日：2025 年 8 月 7 日 9、赎回类别：全部赎回 10、根据安排，截至 2025 年 7 月 30 日收市后仍未转股的"精锻转债"将被强制 赎回，本次赎回完成后，"精锻转债"将在深圳证券交易所（以下简称 ...

Core Viewpoint - Jiangsu Pacific Precision Forging Technology Co., Ltd. has announced the early redemption of its convertible bonds, "Precision Convertible Bonds," at a price of 100.45 yuan per bond, including accrued interest, due to the triggering of conditional redemption clauses based on stock price performance [1][2][6]. Group 1: Convertible Bond Redemption Details - The redemption price for "Precision Convertible Bonds" is set at 100.45 yuan per bond, which includes an accrued interest of approximately 0.45 yuan per bond calculated based on a 1.0% annual interest rate over 166 days [1][7]. - The conditional redemption clause was triggered as the company's stock price closed at or above 130% of the bond's conversion price of 9.46 yuan per share for at least 15 trading days within a 30-day period [2][6]. - The company issued 9.8 million convertible bonds at a total amount of 980 million yuan, with a net fundraising amount of approximately 968.13 million yuan after deducting issuance costs [2][3]. Group 2: Bond Conversion and Price Adjustments - The initial conversion price for the bonds was set at 13.09 yuan per share, which was adjusted to 12.97 yuan per share after a cash dividend distribution on June 9, 2023 [3][4]. - The conversion price was further adjusted to 9.46 yuan per share following a downward revision approved by the board on January 13, 2025 [5][6]. - The conversion period for the bonds is from August 21, 2023, to February 14, 2029, allowing bondholders to convert their bonds into shares during this timeframe [3][6]. Group 3: Redemption Process and Timeline - The redemption process will involve all bondholders registered with China Securities Depository and Clearing Corporation by the close of trading on July 30, 2025, with the redemption funds expected to be transferred to their accounts shortly thereafter [7][8]. - Following the completion of the redemption, "Precision Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [1][8]. - The company has provided contact information for inquiries regarding the redemption process, including a dedicated phone number and email address [8].

Group 1 - The company, Jiangsu Pacific Precision Forging Technology Co., Ltd., is issuing convertible bonds totaling RMB 980 million, with a maturity of six years starting from February 2023 [2][11] - The bonds will have an annual interest rate of 0.3% in the first year, 0.5% in the second year, and 1.0% in the third year [2][3] - The initial conversion price for the bonds is set at RMB 13.09 per share, subject to adjustments based on various corporate actions [5][6] Group 2 - The bonds will be redeemable at 115% of their face value plus the last interest payment within five trading days after maturity [8][11] - The company has the right to redeem the bonds early if the stock price exceeds 130% of the conversion price for a specified period [11][14] - Holders of the convertible bonds can sell them back to the company under certain conditions, particularly if the stock price falls below 70% of the conversion price during the last two interest years [9][10] Group 3 - The company will provide regular updates to bondholders regarding the redemption process and related matters [12][14] - The bonds are not secured, and the trustee for the bond issuance is Guotou Securities [11][14] - The company has confirmed that the early redemption of the bonds will not adversely affect its daily operations or debt repayment capabilities [14]