证券代码：300258 证券简称：精锻科技 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 向不特定对象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 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》"）、 《江苏太平洋精锻科技股份有限公司（作为发行人）与安信证券股份有限公司（作 为受托管理人）之江苏太平洋精锻科技股份有限公司创业板向不特定对象发行可 转换公司债券受托管理协议》（以下简称"《受托管理协议》"）、《江苏太平洋精锻 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》（以下 简称"《募集说明书》"）、《江苏太平洋精锻科技股份有限公司 2024 年年度报告》 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 管理人国投证券股份有限公司（原名安信证券股份有限公司，以下简称"国投证 券"）编制。国投证券对本报告中所包含的从上述文件中引述内容和信息未进行 独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证 或承担任何责任。 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 ...

江苏太平洋精锻科技股份有限公司 公开发行可转换公司债券 2025 年 跟踪评级报告 0 www.lhratings.com . 联合〔2025〕4336 号 联合资信评估股份有限公司通过对江苏太平洋精锻科技股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持江苏太平洋精锻科技股份有限公司主体长期信用等级为 AA-，维 持"精锻转债"信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十三日 跟踪评级报告 | 1 二、本报告系联合资信接受江苏太平洋精锻科技股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、 客观、公正的关联关系。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合资信不 对专业机构出具的专业意见承担任何责任。 四、本次跟踪评级结果自本报告出具之日起至相应债券到期兑付日有 效；根据跟踪评级 ...

经营范围：许可项目：道路货物运输（不含危险货物）（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准） 一般项目：汽车零部件研发；汽车零部件及配件制造；汽车零配件批发；锻件及 粉末冶金制品制造；锻件及粉末冶金制品销售；轴承、齿轮和传动部件制造；轴承、 齿轮和传动部件销售；模具制造；模具销售；有色金属合金制造；有色金属铸造；有 色金属合金销售；工业设计服务；货物进出口；技术进出口；进出口代理（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动） 特此公告。 经中国证券监督管理委员会"证监许可[2023]45 号"文核准，江苏太平洋精锻科 技股份有限公司（以下简称"公司"）于 2023 年 2 月 15 日向不特定对象发行了 980 万张可转换债券，每张面值 100 元，发行总额 98,000.00 万元。经深圳证券交易所同 意，公司 98,000.00 万元可转换公司债券于 2023 年 3 月 7 日起在深圳证券交易所挂 牌交易，债券简称"精锻转债"，债券代码"123174"。 自 2024 年 1 月 1 日至 2024 年 12 月 31 日，共有 28 张"精锻转债 ...

| 证券代码：300258 | 证券简称：精锻科技 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123174 | 债券简称：精锻转债 | | 2、转股起止时间：2023年8月21日至2029年2月14日 3、暂停转股时间：2025年6月4日起至2025年6月11日（2024年度权益分派股权登 记日） 4、恢复转股时间：2025年6月12日（2024年度权益分派股权登记日后的第一个交 易日） 江苏太平洋精锻科技股份有限公司（以下简称"公司"）因实施2024年年度权益分 派，根据《江苏太平洋精锻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》中相关条款，"精锻转债"自2025年6月4日起至2024年年度权益分派 股权登记日（即2025年6月11日）暂停转股。具体内容详见公司于2025年6月3日在巨 潮资讯网（www.cninfo.com.cn）披露的《关于实施权益分派期间"精锻转债"暂停转 股的公告》（公告编号：2025-056）。 根据相关规定，"精锻转债"将于2024年度权益分派股权登记日后的第一个交易 日（即2025年6月12日）恢复转股。敬请 ...

Investment Rating - The report maintains an "Outperform" rating for the humanoid robot industry, indicating expected performance above the market index by over 10% [5][57]. Core Insights - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, and with ongoing developments from major players like Figure, Zhiyuan, Huawei, Yushu, and Xiaomi, the humanoid robot industry is expected to accelerate its implementation, with 2025 projected as a pivotal year for industry growth [3][22]. - Investment opportunities are identified in various segments: - Complete assembly: Top Group, Sanhua Intelligent Control - Gear reducer: Shuanghuan Transmission, Precision Forging Technology, Zhongding Holdings - Sensors: Lingyun Holdings - Other related companies: Yinlun Holdings, Junsheng Electronics, Ruihu Mould, Meili Technology [3][5]. Market Performance - The Guosen Humanoid Robot Index increased by 1.2% during the week of June 2-6, underperforming compared to the CSI 300 Index by 0.32 percentage points and the Shanghai Composite Index by 0.07 percentage points, with a year-to-date increase of 9.8% [1][12]. - Notable stock performances include: - Top Group: down 2.33% - Sanhua Intelligent Control: up 1.16% - Zhongding Holdings: up 0.41% - Shuanghuan Transmission: up 0.88% - Lingyun Holdings: down 2.28% [1][12]. Industry Dynamics - Key developments include: - Tesla's Optimus project leadership change, with the autonomous driving team head taking over [22]. - Yushu's open-source Qmini biped robot aimed at hobbyists [23]. - Zhiyuan Robotics and PepsiCo's collaboration to launch a humanoid robot [25]. - Significant orders for humanoid robots, such as over 2000 units for Songyan Power [27]. - Government initiatives to enhance AI and manufacturing integration [41][42]. Financing Activities - Recent financing activities include: - Accelerated Evolution completing Series A funding [46]. - Diagonal Robot's capital increase to 630 million RMB [47][48]. - Strategic investments in companies like Yuan Sheng Xian Da and Fu Xing Electric [49][50] [51]. Company Earnings Forecasts - Earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are projected as follows: - Top Group: EPS of 1.78 for 2024, PE of 27 - Sanhua Intelligent Control: EPS of 0.83 for 2024, PE of 34 - Shuanghuan Transmission: EPS of 1.21 for 2024, PE of 33 - Zhongding Holdings: EPS of 0.95 for 2024, PE of 20 [5][55].

Summary of the Conference Call for Jingduan Technology Company Overview - Jingduan Technology is a leading precision gear manufacturer in China, holding approximately 10% of the global bevel gear market and 30% of the domestic market share. Major clients include Volkswagen and Tesla, which recognize the company's precision manufacturing capabilities, laying a foundation for future collaborations [2][4][5]. Core Business and Financial Performance - The company's differential assembly business is gradually increasing, with a gross margin of about 24%. In 2024, revenue is expected to be around 2 billion yuan, a year-on-year decline of 3.7%, with a net profit of approximately 160 million yuan. Revenue is anticipated to recover in 2025 due to new projects from Volkswagen, NTN, BYD, and Huawei, with the Thai factory starting small-scale production [2][6][7]. - The company has seen significant growth in revenue and profit from 2020 to 2023. The revenue for 2024 is projected to be around 2 billion yuan, with a net profit of about 160 million yuan. The gross margin is expected to remain around 24% [7][9]. Strategic Initiatives and Market Opportunities - Jingduan Technology is transitioning from differential gears to humanoid robot reducers, having invested in Wuhan Granrobo, which is expected to lead to mass production of planetary reducer products. The company is well-positioned in the humanoid robot market, particularly appealing to North American clients [3][10]. - The company is also developing cycloidal pinwheel reducers to balance the disadvantages of harmonic and planetary reducers, enhancing torque and impact resistance [3][10]. - The Thai factory's completion eliminates additional depreciation costs, marking a turning point for the company's fundamentals [4][12]. Collaborations and Client Relationships - The collaboration with Tesla is progressing well, with the company's precision manufacturing capabilities being recognized, potentially allowing for quick integration into Tesla's humanoid robot projects. Other deep partnerships include BYD, Huawei, and Xiaomi, which may further enhance development opportunities [8][9]. - The company has established a strong presence in the overseas new energy market, which is rapidly expanding, providing good opportunities for development in Europe [9]. Industry Landscape and Competitive Position - The domestic new reducer market is favorable, with competitors like Shuanghuan, Haoneng, and Jingda. Jingduan Technology's existing collaborations and support from invested companies position it well for accelerated growth in the new reducer segment [13][14]. - The domestic differential assembly market is estimated to be around 7.3 billion yuan, with Jingduan's current revenue from this segment at only 24%, indicating significant room for market share growth [9]. Conclusion - Jingduan Technology is strategically positioned for growth in both the automotive and robotics sectors, with a strong focus on precision manufacturing and innovative product development. The company's collaborations with major clients and its expansion into new markets present promising investment opportunities moving forward [2][3][4][8][9].

证券代码：300258 证券简称：精锻科技 债券代码：123174 债券简称：精锻转债 国投证券股份有限公司 关于江苏太平洋精锻科技股份有限公司 创业板向不特定对象发行可转换公司债券 第三次临时受托管理事务报告 （2025 年度） 债券受托管理人 （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二五年六月 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》"）、 《江苏太平洋精锻科技股份有限公司（作为发行人）与安信证券股份有限公司（作 为受托管理人）之江苏太平洋精锻科技股份有限公司创业板向不特定对象发行可 转换公司债券受托管理协议》（以下简称"《受托管理协议》"）、《江苏太平洋精锻 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》（以下 简称"《募集说明书》"）等相关公开信息披露文件，由本次债券受托管理人国投 证券股份有限公司（原名安信证券股份有限公司，以下简称"国投证券"）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国投证券所作的承诺 或声明。在任何情况下，投资者依据本报 ...

Group 1 - Huawei Cloud has undergone significant management changes, with Chen Lin appointed as the new president for the China region, and Zhang Xiu Zheng transitioning to a role focused on ICT business [2][3] - The Huawei Cloud Marketing and Solution Sales Department (MSSD) has been restructured to enhance sales responsibilities, with Liu Fei leading the new organization [3] - Huawei's AI computing team, led by Zhang Dongsheng, is tasked with optimizing algorithms and frameworks to promote the widespread application of AI computing [2] Group 2 - Xiaomi's founder Lei Jun announced that the company is testing robotic capabilities in its automotive factory, with new chips expected to launch soon [4] - Four-dimensional Map New has signed a strategic cooperation framework agreement with Alibaba Cloud to explore applications in large models, assisted driving, and vehicle networking [5] - The "Ben Yuan Wu Kong" quantum computer has completed over 500,000 quantum computing tasks for users across 143 countries since its launch [5] Group 3 - Tsinghua Unigroup's UCloud has officially begun the delivery of its third phase of the Wulanchabu Intelligent Computing Center, which includes 2,300 cabinets and a total area of approximately 23,000 square meters [6] - iFlytek's Super Brain platform now covers 90% of domestic intelligent robot manufacturers, with 60% utilizing a full-link interaction solution [6] Group 4 - ByteDance's ByteBrain team has developed a new VMR system that reduces inference time to 1.1 seconds while maintaining near-optimal performance [7] - The Hangzhou Embodied Intelligence Industry Alliance has been established to promote collaboration in the field of embodied intelligence [8] Group 5 - JD Smart plans to procure servers worth up to 600 million RMB to support its intelligent computing cloud services [9] - Keling AI has partnered with Lovart to enhance video generation capabilities, significantly improving content creation efficiency [10] Group 6 - ByteDance has released the SeedEdit 3.0 image editing model, capable of processing and generating 4K images with high fidelity [11] - The world's first smart aircraft hangar, developed by Eastern Airlines and Cainiao Group, has been officially put into use, integrating various smart applications [12] Group 7 - DingTalk has updated its version to make multi-dimensional tables completely free, adding over 20 AI field templates [13] - Gaode has launched its first AI navigation agent, NaviAgent, in collaboration with several companies [14] Group 8 - Alibaba has open-sourced the Qwen3-Embedding vector model, which improves performance by 40% compared to the previous version [15] - 360's founder Zhou Hongyi plans to eliminate the entire marketing department to streamline product launches [16] Group 9 - The AI startup Manus has introduced a text-to-video feature that can create complete video stories from text commands [4] - The global semiconductor market is projected to reach $700.9 billion by 2025, driven by demand in AI and cloud infrastructure [23] Group 10 - Nvidia's market value has increased by approximately $1 trillion in two months, with optimistic investor sentiment following recent earnings reports [22] - The Japanese government aims to enhance its intellectual property competitiveness through AI and advanced technologies [21]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [25]. Core Insights - The humanoid robot concept index increased by 2.33% from June 1 to June 6, 2025, outperforming the CSI 300 index by 1.45 percentage points. Year-to-date, the humanoid robot index has risen by 34.13%, surpassing the CSI 300 index by 32.72 percentage points [12][16]. - Significant investments and policy support are being directed towards the humanoid robot industry, with a 5 billion yuan investment fund established in Hubei Province to promote the sector's development [20]. - Major companies are experiencing a surge in orders, with some reporting order growth of up to 200% in the first quarter of 2025 [22]. Summary by Sections Weekly Market Review - From June 1 to June 6, 2025, the humanoid robot concept index rose by 2.33%, outperforming the CSI 300 index by 1.45 percentage points. The year-to-date performance shows a 34.13% increase, exceeding the CSI 300 index by 32.72 percentage points [12][16]. Weekly Hotspots Review Policy News - Hubei Province is accelerating the high-quality development of the humanoid robot industry, aiming to create a nationally influential R&D innovation base. The provincial government emphasizes the importance of integrating AI into production and life [18]. - The establishment of the Guangdong Artificial Intelligence and Robotics Industry Alliance marks a significant step towards industry chain integration and technological advancements [19]. Product Technology Iteration - Amazon is adopting open-source large language models for robot control and is preparing to test humanoid robots for package delivery [21]. - The humanoid robot sector is witnessing a surge in orders, with companies like Yushu Technology and Leju Robotics reporting significant order increases [22]. Investment and Financing - Precision Forging Technology plans to invest 50 million yuan in Wuhan Gelanruo Intelligent Robot Company, acquiring a 10% stake to enhance its position in the humanoid robot supply chain [22]. Key Company Announcements - iFlytek's robot super brain platform covers 90% of domestic intelligent robot manufacturers, indicating a strong market presence [23]. - Longxi Co. is still in the development phase for its humanoid robot joint bearings, highlighting the competitive and rapidly evolving nature of the market [24].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is a leader in the precision gear industry, focusing on the automotive sector and expanding into the robot reducer market, which is expected to drive future growth [7][12]. - The company has a strong market position in the differential gear segment, with a significant market share and a growing revenue stream from its complete differential assembly business [12][22]. - The transition towards electric vehicles is creating new opportunities for the company, particularly in lightweight aluminum components and robot joint technology [57][69]. Summary by Sections 1. Company Overview - Established in 1992 and listed in 2011, the company specializes in precision gears for automotive applications, including differential gears and transmission components [12]. - The company has a diverse customer base, including major domestic and international automotive manufacturers [18]. 2. Financial Performance - The company reported total revenue of 20.25 billion yuan in 2024, a decrease of 3.7% year-on-year, with a net profit of 1.60 billion yuan, down 32.8% [20]. - Revenue is projected to grow to 23.06 billion yuan by 2025, with net profit expected to reach 2.41 billion yuan [1]. 3. Market Position - The company holds the largest market share in the differential gear sector in China, benefiting from high entry barriers in the capital-intensive industry [42][43]. - The market for differential assemblies is expected to grow significantly, with projections of 71.51 billion yuan by 2025 [54]. 4. Product Development - The company is expanding its product offerings to include lightweight aluminum components, which are crucial for meeting the demands of electric vehicles [57][69]. - The company has initiated projects to produce aluminum alloy parts, with planned capacities of 700,000 and 800,000 units for steering knuckles and control arms, respectively [71]. 5. Strategic Initiatives - The company is actively pursuing partnerships in the robotics sector, having established a joint venture to develop precision reducers for robotic applications [12][56]. - The company is enhancing its production capabilities through capital increases and convertible bonds to support its growth in the differential assembly market [55].