Company Overview - Wenzhou Hongfeng Electric Alloy Co., Ltd. is located in Wenzhou, Zhejiang Province, and was established on September 11, 1997. It was listed on January 10, 2012. The company specializes in the research, production, and sales of electrical contact functional composite materials, components, and hard alloy products [2] - The main business revenue composition includes: integrated electrical contact components (33.50%), particle and fiber reinforced electrical contact functional composite materials and components (24.84%), layered composite electrical contact functional composite materials and components (16.14%), others (10.51%), hard alloys (10.11%), and lithium battery copper foil (4.91%) [2] - The company belongs to the Shenwan industry category of electrical equipment - grid equipment - distribution equipment, and is associated with concepts such as silicon carbide, solid-state batteries, lithium batteries, charging piles, and smart grids [2] Financial Performance - As of June 30, the number of shareholders for Wenzhou Hongfeng was 21,800, an increase of 14.26% from the previous period. The average circulating shares per person decreased by 12.48% to 14,087 shares [2] - For the first half of 2025, Wenzhou Hongfeng achieved operating revenue of 1.687 billion yuan, a year-on-year increase of 28.53%. However, the net profit attributable to the parent company was -3.813 million yuan, a year-on-year decrease of 45.01% [2] Stock Performance - On August 27, Wenzhou Hongfeng's stock price fell by 2.12%, trading at 7.37 yuan per share with a transaction volume of 170 million yuan and a turnover rate of 6.39%. The total market capitalization is 3.590 billion yuan [1] - Year-to-date, Wenzhou Hongfeng's stock price has increased by 34.24%. In the last five trading days, it has decreased by 1.07%, while it has increased by 1.52% over the last 20 days and by 29.98% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 18, where it recorded a net purchase of 855.068 million yuan, accounting for 20.92% of the total transaction volume [1] Dividend Information - Since its A-share listing, Wenzhou Hongfeng has distributed a total of 150 million yuan in dividends. In the past three years, the cumulative dividend distribution amounts to 19.6705 million yuan [3]

Core Insights - Wenzhou Hongfeng has established a leading position in the robot supply chain by producing electrical contact functional composite materials used in control switches [1][2] - The company is a key player in the development of national and industry standards for electrical contact materials, expanding its reach into high-end manufacturing sectors such as robotics, new energy vehicles, and semiconductors [1][3] Financial Performance - In the first half of the year, Wenzhou Hongfeng achieved approximately 1.687 billion yuan in revenue, representing a year-on-year growth of 28.53% [2] - The electrical contact and functional composite materials segment contributed about 1.257 billion yuan in main business revenue, with a year-on-year increase of 17.71% [2] Product Development and Innovation - The company has a comprehensive layout from materials to components, providing one-stop services for customers, which includes material selection and application solutions [2] - Research and development investment reached 43 million yuan, with a total of 147 valid authorized patents, including 107 invention patents and 13 international invention patents [3] Market Position and Industry Trends - The demand for electrical contact materials is increasing due to the rapid development of the intelligent manufacturing and robotics industry in China [3] - Wenzhou Hongfeng is transitioning from a traditional materials manufacturer to a high-end functional materials solution provider, gaining influence in multiple national and industry standards [3]

| 证券代码：300283 | 证券简称：温州宏丰 | 编号：2025-097 | | --- | --- | --- | | 债券代码：123141 | 债券简称：宏丰转债 | | 截至 2025 年 8 月 26 日收市后，距离"宏丰转债"赎回日（2025 年 8 月 29 日）仅剩下 2 个交易日。 温州宏丰电工合金股份有限公司 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"宏丰转债"转换为股票，特提请投资者关注 不能转股的风险。 3、特提醒"宏丰转债"持有人注意在限期内转股。 关于"宏丰转债"赎回实施暨即将停止转股的 重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 8 月 28 日 因"宏丰转债"已停止交易，本公司特提醒投资者在期限内转股。2025 年 8 月 28 日为"宏丰转债"最后一个转股日，当日收市前，持有"宏丰转债"的投 资者仍可进行转股。2025 年 8 月 28 日收市后，仍未实施转股的"宏丰转债"将 停止转股，剩余可转债将按 ...

Core Viewpoint - Wenzhou Hongfeng Electric Alloy Co., Ltd. announces the redemption of "Hongfeng Convertible Bonds" and the cessation of conversion into shares, urging investors to convert their bonds before the deadline [1][2][3] Summary by Sections Redemption Announcement - The last conversion date for "Hongfeng Convertible Bonds" is August 28, 2025, after which unconverted bonds will be redeemed at a price of 100.92 CNY per bond [1][2] - Investors are warned about the risks of not converting their bonds in time, as failure to do so may lead to losses [1][2] Bond Issuance and Trading - The company issued 3.2126 million convertible bonds on March 15, 2022, with a face value of 31,505.54 million CNY each, and the bonds began trading on April 8, 2022 [3][4] Conversion Terms - The initial conversion price was set at 6.92 CNY per share, which has been adjusted multiple times due to company actions, with the current conversion price being 5.35 CNY per share [5][6][8] Conditional Redemption Trigger - The conditional redemption clause was triggered as the company's stock price was above 130% of the conversion price for 15 trading days from July 8 to July 31, 2025 [10] Redemption Process - The redemption price is determined based on the face value plus accrued interest, calculated to be 100.92 CNY per bond [10][11] - The redemption will be executed on September 5, 2025, with funds transferred directly to bondholders' accounts [11][12] Shareholder Actions - Shareholders are advised to resolve any pledges or freezes on their bonds before the conversion deadline to avoid complications [2][11]

关于"宏丰转债"赎回实施暨即将停止转股的 重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 8 月 28 日 | 证券代码：300283 | 证券简称：温州宏丰 | 编号：2025-096 | | --- | --- | --- | | 债券代码：123141 | 债券简称：宏丰转债 | | 温州宏丰电工合金股份有限公司 因"宏丰转债"已停止交易，本公司特提醒投资者在期限内转股。2025 年 8 月 28 日为"宏丰转债"最后一个转股日，当日收市前，持有"宏丰转债"的投 资者仍可进行转股。2025 年 8 月 28 日收市后，仍未实施转股的"宏丰转债"将 停止转股，剩余可转债将按照 100.92 元/张（含税）的价格强制赎回。若被强制 赎回，投资者可能面临损失，敬请投资者注意投资风险。 截至 2025 年 8 月 25 日收市后，距离"宏丰转债"赎回日（2025 年 8 月 29 日）仅剩下 3 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所 ...

| 证券代码：300283 | 证券简称：温州宏丰 | 编号：2025-095 | | --- | --- | --- | | 债券代码：123141 | 债券简称：宏丰转债 | | 温州宏丰电工合金股份有限公司 关于实际控制人因可转债转股持股比例被动稀释 触及 1%整数倍的权益变动公告 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、本次权益变动系公司可转换公司债券转股导致公司总股本增加，致使实 际控制人陈晓先生、林萍女士合计权益比例由 38.99%被动稀释至 37.79%，触及 1%整数倍，不涉及持股数量发生变化的情况。 2、本次权益变动不涉及要约收购，不会导致公司实际控制人发生变化，不 会对公司经营及治理结构产生影响。 近日，温州宏丰电工合金股份有限公司（以下简称"公司"）因公司可转债 转股导致公司总股本增加，公司实际控制人在持股数量不变的情况下，合计权益 比例被动稀释，现将本次权益变动情况公告如下： | 1.基本情况 | | | | --- | --- | --- | | 信息披露义务人 | | 陈晓、林萍 | | 住所 | | 浙江省 ...

Group 1 - The company Wenzhou Hongfeng (300283.SZ) has indicated that some of its produced electric contact functional composite materials can be applied in the control switches of robots [1]

| 证券代码：300283 | 证券简称：温州宏丰 | 编号：2025-094 | | --- | --- | --- | | 债券代码：123141 | 债券简称：宏丰转债 | | 温州宏丰电工合金股份有限公司 关于"宏丰转债"赎回实施暨即将停止交易的 重要提示性公告 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。 重要内容提示： 1、最后交易日：2025 年 8 月 25 日 2025 年 8 月 25 日为"宏丰转债"最后一个交易日，当日"宏丰转债"简称 为"Z 丰转债"，2025 年 8 月 25 日收市后"宏丰转债"将停止交易。 3、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"宏丰转债"转换为股票，特提请投资者关注 不能转股的风险。 4、特提醒"宏丰转债"持有人注意在限期内转股。 特别提示： 1、"宏丰转债"赎回价格：100.92 元/张（含当期应计利息，当期年利率 为 2%，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、可转 ...

Core Viewpoint - Wenzhou Hongfeng (300283) reported a revenue increase but a decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.687 billion yuan, a year-on-year increase of 28.53% compared to 1.313 billion yuan in 2024 [1] - The net profit attributable to shareholders was -3.813 million yuan, a decrease of 45.01% from -2.6294 million yuan in the previous year [1] - The gross profit margin was 9.2%, down 17.09% from 11.1% in 2024, while the net profit margin improved slightly to -0.8%, an increase of 6.42% [1] - Total expenses (selling, administrative, and financial) amounted to 121 million yuan, accounting for 7.19% of revenue, a decrease of 10.27% year-on-year [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased by 92.75%, with net cash flow from operating activities decreasing by 12.49% [6] - The company’s interest-bearing debt rose to 1.93 billion yuan, an increase of 18.18% from 1.633 billion yuan [1] - The ratio of cash and cash equivalents to current liabilities is only 9.75%, indicating potential liquidity concerns [8] Operational Insights - The increase in revenue was attributed to growth across various business segments [3] - Operating costs rose by 31.27%, reflecting the increase in revenue [4] - The company experienced significant changes in contract liabilities and lease liabilities, with decreases of 59.07% and 59.41% respectively, indicating reduced prepayments [2] Historical Performance Context - The company has shown weak historical performance with a median Return on Invested Capital (ROIC) of 3.9% over the past decade, and a particularly poor ROIC of -0.73% in 2024 [7] - The company has reported a negative cash flow from operating activities for the past three years, raising concerns about its financial health [8]

Core Viewpoint - Wenzhou Hongfeng (300283) reported a revenue of 1.687 billion yuan for the first half of 2025, marking a year-on-year growth of 28.53%, but faced a slight loss of approximately 3.813 million yuan due to the underperformance of its new copper foil project [1] Group 1: Financial Performance - The company achieved a revenue of 1.687 billion yuan in H1 2025, with a year-on-year increase of 28.53% [1] - Despite the revenue growth, the net profit showed a slight loss of about 3.813 million yuan due to the copper foil project not yet being profitable [1] - The company ended a three-quarter streak of losses with positive net profits in Q2 2025, indicating a recovery trend [1] Group 2: Business Segments Growth - The revenue from the electrical contact and functional composite materials segment reached 1.257 billion yuan, growing by 17.71% year-on-year [2] - The hard alloy segment generated 171 million yuan in revenue, reflecting a year-on-year increase of 26.18% [2] - The copper foil segment saw a significant revenue increase of 76.25%, amounting to 82.7594 million yuan [2] Group 3: Segment Performance in Q2 - The electrical contact and functional composite materials segment experienced a 22.81% quarter-on-quarter revenue growth in Q2 2025, with a net profit increase of 355.37% [3] - The hard alloy segment rebounded strongly with an 80.09% quarter-on-quarter revenue growth and a net profit increase of 129.87% [3] - The copper foil segment, while still in the trial production phase, showed a 21.85% quarter-on-quarter revenue growth and a reduction in losses by 7.26% [3] Group 4: Strategic Developments - The copper foil business made significant progress, including the completion of a production base and the introduction of strategic investors to enhance funding [4] - The company is focusing on increasing R&D investment, with R&D expenses reaching 43.0046 million yuan in H1 2025 [5] - A new subsidiary, Wenzhou Hongfeng New Materials Research Institute, was established with an investment of 10 million yuan to enhance innovation capabilities [5] Group 5: Institutional Investment - International investment banks such as UBS and Barclays have increased their holdings in Wenzhou Hongfeng, indicating growing institutional interest [8] - UBS increased its stake to 2.661 million shares, while Barclays raised its holdings to 2.644 million shares [8] - Morgan Stanley also increased its holdings, reflecting a positive outlook from institutional investors [9]