Core Viewpoint - The announcement details the conversion of "Yonggui Convertible Bonds" into shares of Yonggui Electric, highlighting the bond's conversion status and the company's share capital changes in the fourth quarter of 2025 [1][2][3]. Group 1: Convertible Bond Details - The "Yonggui Convertible Bonds" (bond code: 123253) have a conversion period from September 19, 2025, to March 12, 2031, with the latest effective conversion price set at 18.23 CNY per share [2][4]. - A total of 749 bonds were converted in the fourth quarter of 2025, amounting to a face value of 74,900 CNY, resulting in the issuance of 4,100 shares of Yonggui Electric [2][7]. - As of the end of the fourth quarter of 2025, there are 9,798,827 bonds remaining, with a total face value of 979,882,700 CNY [3][7]. Group 2: Share Capital Changes - The increase in share capital due to the conversion of "Yonggui Convertible Bonds" in the fourth quarter is 4,100 shares [7]. - The company also implemented a restricted stock incentive plan, resulting in an increase of 1,079,060 shares due to the first grant of the third vesting period and the second vesting period [7]. - A total of 54,698 shares were repurchased and canceled due to performance completion rates and employee turnover, while 442,552 shares became unrestricted from the third and second vesting periods [7].

| 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2026-002 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 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、"永贵转债"（债券代码：123253）转股期限为 2025 年 9 月 19 日至 2031 年 3 月 12 日止；最新有效转股价格为 18.23 元/股。 2、2025 年第四季度，共有 749 张"永贵转债"完成转股（票面金额共计 74,900 元人民币），合计转成 4,100 股"永贵电器"股票（股票代码：300351）。 3、截至 2025 年第四季度末，"永贵转债"剩余 9,798,827 张，剩余票面总 金额为 979,882,700 元人民币。 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》等有关规定，浙江永贵电器股份有限 公司（以下简称"公司"或"永贵电器"）现将可转换公司债券（以下简称"可 转债"）2025 年第四季度转股及公司股 ...

浙江永贵电器股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第五届董事会第十九次会议，并于 2025 年 9 月 15 日召开 2025 年第二次临时股 东大会，审议通过了《关于变更注册资本、修订<公司章程>并办理工商变更登 记的议案》，具体内容详见公司于 2025 年 8 月 29 日在中国证监会指定创业板信 息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露的《关于变更注册资本、 修订<公司章程>并办理工商变更登记及制定、修订、废止公司管理制度的公告》 （公告编号：2025-064）。 公司已于近日完成了相关工商变更登记和备案等手续，并取得了浙江省市场 监督管理局换发的营业执照，现将相关情况公告如下： | 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2026-001 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 浙江永贵电器股份有限公司 关于变更注册资本并完成工商变更登记的公告 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。 成立日 ...

Summary of Key Points Core Viewpoint - The actual controllers of Yonggui Electric (300351.SZ), Mr. Fan Jijun and Mr. Fan Yonggui, have notified the company about their reduction in holdings of "Yonggui Convertible Bonds" through block trading, indicating a significant change in ownership structure [1] Group 1: Shareholding Changes - Mr. Fan Jijun reduced his holdings by 763,043 "Yonggui Convertible Bonds" [1] - Mr. Fan Yonggui reduced his holdings by 217,000 "Yonggui Convertible Bonds" [1] - The Fan family collectively reduced their holdings by 980,043 "Yonggui Convertible Bonds," accounting for 10.00% of the total issuance [1] Group 2: Remaining Holdings - After the reduction, the Fan family holds a total of 1,141,428 "Yonggui Convertible Bonds," which represents 11.65% of the total issuance [1] - Mr. Fan Yonggui's remaining holdings amount to 1,141,428 "Yonggui Convertible Bonds" [1]

| 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2025-087 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 浙江永贵电器股份有限公司 关于债券持有人可转债持有比例变动达 10%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。 一、可转换公司债券基本概况及配售情况 2025 年 12 月 31 日 根据中国证券监督管理委员会《关于同意浙江永贵电器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〔2025〕223 号），公司于 2025 年 3 月 13 日向不特定对象发行面值总额 98,000.00 万元可转换公司债券，期限 6 年，每张面值为人民币 100 元，发行数量 980.00 万张，债券简称"永贵转债"， 债券代码"123253"。 公司实际控制人范氏家族通过原股东优先配售，合计认购"永贵转债" 4,759,438 张，占本次发行总量的 48.57%。其中：范永贵先生认购数量为 1,358,428 张，范正军先生认购数量为 792,121 张，范纪军 ...

Investment Rating - The report maintains an "Overweight" rating for the railway equipment industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The railway investment in China is projected to remain a highly certain direction, with a total investment of 753.8 billion yuan from January to November 2025, reflecting a year-on-year growth of 5.9%. If this growth rate continues in December, the total railway fixed asset investment for the year is expected to exceed 900 billion yuan, setting a historical record [4]. - The report anticipates that by 2035, the national railway network will reach approximately 200,000 kilometers, including around 70,000 kilometers of high-speed rail, significantly enhancing connectivity to major urban areas and resource-rich regions [4]. - The economic and flexible advantages of railway transportation are highlighted, with a projected increase in both passenger and freight volumes. For instance, the freight volume reached 4.83 billion tons, a year-on-year increase of 2.4%, while passenger volume hit 4.279 billion, growing by 6.6% [4]. - The vehicle segment is expected to benefit the most in the long term, with an additional 20,000 kilometers of high-speed rail planned and a growing demand for new trains as older models reach the end of their lifespan [4]. - The report recommends focusing on the high-speed train industry chain, particularly core suppliers such as CRRC Corporation Limited (for complete trains and key components) and other related companies [4]. Summary by Sections Railway Investment - The total railway investment for 2025 is projected to exceed 900 billion yuan, marking a historical high [4]. - The "14th Five-Year Plan" aims for a railway network of 200,000 kilometers by 2035, enhancing connectivity to major cities and resource areas [4]. Transportation Advantages - The railway system's capacity and cost-effectiveness are emphasized, with a significant increase in both freight and passenger volumes expected [4]. - The government aims to reduce logistics costs, with targets set for 2027 to improve the share of railway freight [4]. Vehicle Segment - The demand for new high-speed trains is expected to rise, with a current fleet of 5,233 high-speed trains, including 2,248 Fuxing trains [4]. - The report notes a significant increase in the bidding for high-speed trains, indicating strong demand [4]. Recommended Companies - Key companies to watch include CRRC Corporation, Sifang Control, and others involved in the high-speed rail supply chain [4].

Core Viewpoint - The actual controllers of Yonggui Electric (300351.SZ) have notified the company about their plan to reduce their holdings in "Yonggui Convertible Bonds" through block trading, indicating a significant divestment by the controlling family [1] Group 1: Shareholder Actions - The actual controller, Mr. Fan Zhengjun, reduced his holdings by 260,121 bonds through block trading [1] - Ms. Lou Aiqin reduced her holdings by 453,846 bonds through block trading [1] - Ms. Lu Suzhen and Ms. Wang Minhua each reduced their holdings by 429,283 bonds through block trading [1] - The total reduction by the Fan family amounts to 1,572,533 bonds, which represents 16.05% of the total issuance of these bonds [1]

| 证券代码：300351 | 证券简称：永贵电器 | 公告编码：2025-086 | | --- | --- | --- | | 债券代码：123253 | 债券简称：永贵转债 | | 浙江永贵电器股份有限公司 关于债券持有人可转债持有比例变动达 10%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。 二、债券持有人可转债持有比例变动情况 公司收到实际控制人范正军先生、娄爱芹女士、卢素珍女士及汪敏华女士的 通知，获悉 2025 年 12 月 11 日至 2025 年 12 月 25 日期间，范正军先生以大宗交 易方式减持"永贵转债"260,121 张；娄爱芹女士以大宗交易方式减持"永贵转 债"453,846 张；卢素珍女士以大宗交易方式减持"永贵转债"429,283 张；汪敏 华女士以大宗交易方式减持"永贵转债"429,283 张；实际控制人范氏家族共计 减持"永贵转债"1,572,533 张，占本次债券发行总量的 16.05%。 本次变动后，实际控制人范氏家族合计持有"永贵转债"2,121,471 张，占 本次债券发行总量的21.65%。其中：范永贵 ...

Market Performance - The rail transit equipment sector increased by 0.89% compared to the previous trading day, with Yonggui Electric leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Individual Stock Performance - Yonghui Electric (300351) closed at 18.63, up 7.32% with a trading volume of 525,300 shares and a transaction value of 28.66 million [1] - Langjin Technology (300594) closed at 20.47, up 7.06% with a trading volume of 81,700 shares and a transaction value of 164 million [1] - Tongye Technology (300960) closed at 25.98, up 6.17% with a trading volume of 47,700 shares and a transaction value of 122 million [1] - Tianyi New Material (688033) closed at 7.05, up 4.75% with a trading volume of 131,990 shares and a transaction value of 222 million [1] - Other notable stocks include Jiaokong Technology (688015) up 3.23%, and Xianghe Industry (603500) up 2.52% [1] Capital Flow Analysis - The rail transit equipment sector saw a net inflow of 32.9 million from institutional investors, while retail investors contributed a net inflow of 46.57 million [2] - However, there was a net outflow of 79.47 million from speculative funds [2] Detailed Capital Flow for Key Stocks - Yonghui Electric had a net inflow of 74.36 million from institutional investors, but a net outflow of 48.45 million from speculative funds [3] - Tongye Technology experienced a net inflow of 22.31 million from institutional investors, with a minor net outflow from speculative funds [3] - Other stocks like Zhongguo Tiewu (000927) and Xianghe Industry (603500) also showed varied capital flows, indicating mixed investor sentiment [3]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 3940.95 points, above the six-month moving average, reflecting a gain of 0.53% [1] Group 1: Market Performance - The total trading volume of A-shares reached 1,897.242 billion yuan today [1] - A total of 193 A-shares have surpassed the six-month moving average, indicating strong market interest [1] Group 2: Individual Stock Performance - The stocks with the highest deviation rates from the six-month moving average include: - Xinjingang (300629) with a deviation rate of 10.73%, closing at 22.66 yuan after a 20.02% increase [2] - Puni Testing (300887) with a deviation rate of 10.50%, closing at 9.32 yuan after a 19.95% increase [2] - Pulit (002324) with a deviation rate of 9.18%, closing at 14.42 yuan after a 9.99% increase [2] - Other notable stocks with significant performance include: - Anhui Heli (600761) with a 9.98% increase and a deviation rate of 7.99% [2] - Wuzhou Special Paper (605007) also increased by 9.97% with a deviation rate of 7.99% [2] - Beijing Culture (000802) saw a 10.11% increase with a deviation rate of 7.39% [2]