债券代码：123212 债券简称：立中转债 证券代码：300428 证券简称：立中集团 立中四通轻合金集团股份有限公司 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 （郑州市郑东新区商务外环路 10 号中原广发金融大厦） 二○二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《立中 四通轻合金集团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协议》 （以下简称"《受托管理协议》"）、《立中四通轻合金集团股份有限公司向不特定 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》"）、《立中四通 轻合金集团股份有限公司 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以及发行人出具的相关说明和提供的相关资料等，由本 次债券受托管理人中原证券股份有限公司（以下简称"中原证券"）编制。中原证 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，投资者应对相关 事 ...

Core Viewpoint - The credit rating agency has maintained a stable credit rating outlook for the company, indicating its strong market position and diversified regional layout, while also highlighting potential risks related to raw material price fluctuations and increasing debt levels [3][7]. Company Overview - The company, known as Lichong Group, operates in three major business segments: recycled aluminum alloy, aluminum alloy wheels, and functional intermediate alloys, all of which are leaders in their respective niche markets [3][5]. - The company has a diverse production base across multiple regions in China and has established subsidiaries in countries such as Thailand, the USA, South Korea, Brazil, and Mexico, which helps mitigate operational and marketing costs [5][16]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 272.46 billion yuan, a significant increase from 233.65 billion yuan in 2023, reflecting a growth rate of approximately 16.54% [4][12]. - The net profit for 2024 was recorded at 7.16 billion yuan, up 16.45% from the previous year [4][12]. - The company's total debt increased to 133.78 billion yuan in March 2025, compared to 119.02 billion yuan in 2024, indicating a rapid growth in debt levels [4][12]. Operational Challenges - The company faces increased cost pressures due to fluctuations in raw material prices, particularly for electrolytic aluminum and recycled aluminum, which could impact sales revenue and profitability [5][6]. - The scale of accounts receivable and inventory has significantly increased, reaching a combined total of 119.72 billion yuan by March 2025, which constitutes 51.82% of total assets, raising concerns about working capital management [6][13]. Market Environment - The automotive industry in China is expected to continue growing, with the company benefiting from strong demand in the downstream automotive supply chain [10][11]. - The company has a strong customer base, including major clients like Great Wall Motors and General Motors, with the top five customers accounting for 22.63% of total sales in 2024, indicating a relatively low concentration risk [14][16]. Future Outlook - The company is expected to expand its business further as new production capacities come online, although the utilization rates for some segments remain uncertain [7][17]. - The company is actively involved in the recycling of aluminum and has developed a dual-cycle procurement system for recycled aluminum, enhancing its competitive edge in the market [15][16].

立中四通轻合金集团股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【335】号 01 中证鹏元资信评估股份有限公司 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报 ...

| 证券代码：300428 | 证券简称：立中集团 | 公告编号：2025-051 | 号 | | --- | --- | --- | --- | | 债券代码：123212 | 债券简称：立中转债 | | | 立中四通轻合金集团股份有限公司 关于"立中转债"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内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： "立中转债"将于本次权益分派股权登记日后的第一个交易日（2025 年 6 月 23 日）起恢复转股，敬请"立中转债"债券持有人留意。 特此公告。 立中四通轻合金集团股份有限公司董事会 2025 年 6 月 18 日 1、债券代码：123212 债券简称：立中转债 2、转股期限：2024 年 2 月 2 日至 2029 年 7 月 26 日 3、暂停转股时间：2025 年 6 月 12 日至 2025 年 6 月 20 日 4、恢复转股时间：2025 年 6 月 23 日 立中四通轻合金集团股份有限公司（以下简称"公司"）因实施 2024 年度权 益分派（以下简称"本次权益分派"），根据《立中四通轻合金集团股份有限公司 向不特 ...

Group 1 - The event organized by the Shanghai Futures Exchange and the Chongqing Securities and Futures Industry Association focused on the listing of casting aluminum alloy futures and options, aiming to enhance the professional capabilities of industry personnel and better serve enterprises in risk management [1] - The listing of casting aluminum alloy futures and options is a significant step in supporting China's "dual carbon" strategy and promoting the green and low-carbon development of the aluminum industry, while also improving price risk management tools for aluminum industry chain enterprises [1][2] - The training included insights from experts on the contract rules of casting aluminum alloy futures and options, as well as the current situation of the upstream and downstream of the casting aluminum alloy supply chain [1] Group 2 - Casting aluminum alloy (recycled) is primarily used for producing castings and is made from waste aluminum, significantly saving energy and water compared to traditional electrolytic aluminum production, thus reducing carbon emissions [2] - The production cost of the mainstream recycled casting aluminum alloy ADC12 is approximately 19,700 yuan/ton, with a year-on-year increase of over 6%, while the selling price is around 19,953 yuan/ton, resulting in a profit margin of only 200 yuan/ton [2] Group 3 - Future growth in the recycled aluminum industry is driven by policy support and increasing demand for low-carbon aluminum alloy materials, although there is a need to reduce homogeneous competition and seek differentiated development [3] - The end consumption of recycled casting aluminum alloys is mainly concentrated in the automotive sector, and understanding the supply and demand dynamics of both the upstream and downstream is crucial for pricing [3] Group 4 - The aluminum industry chain can be divided into primary aluminum and recycled aluminum, with the latter having advantages in cost and carbon emissions, as it produces only about 2% of the carbon emissions compared to electrolytic aluminum [4] - The new regulations for the delivery of casting aluminum alloy futures require specific procedures for the issuance of VAT invoices, which differ from other products in the exchange [4] Group 5 - The Lichung Group's new facility in Chongqing is set to officially open by the end of 2024, with a planned annual production capacity of 100,000 tons of high-performance integrated aluminum alloy materials [5] - The facility is positioned as a production base and sales center for aluminum alloys in the southwest region, directly supplying aluminum alloy liquid to local customers [5] Group 6 - Lichung Group is one of the first companies to engage in transactions after the listing of casting aluminum alloy futures, benefiting from price discovery and improved risk management tools [6] - The company's "AOEM" brand casting aluminum alloy has become one of the first registered delivery brands for the futures market, enhancing sales channels and profitability [6]

债券代码：123212 债券简称：立中转债 证券代码：300428 证券简称：立中集团 立中四通轻合金集团股份有限公司 向不特定对象发行可转换公司债券 2025 年第一次临时受托管理事务报告 债券受托管理人 （郑州市郑东新区商务外环路 10 号中原广发金融大厦） 二○二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《立中 四通轻合金集团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协议》 （以下简称"《受托管理协议》"）、《立中四通轻合金集团股份有限公司向不特定 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、第三方中介机构出具的专业意见以及发行人出具的相关说明和提 供的相关资料等，由本次债券受托管理人中原证券股份有限公司（以下简称"中 原证券"）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内容据以作为中原证券所作的承诺或声 明。请投资者独立征询专业机构意见，在任何情况下，投资者依据本报告所进行 的任何作为或不作为，中原证券不承担任何责任。 如无特别说明，本 ...

Key Points - The company issued 8,998,000 convertible bonds with a total amount of 899.8 million RMB, with a maturity of 6 years, and the bonds were listed on August 16, 2023 [1] - The initial conversion price was set at 23.57 RMB per share, which was later adjusted to 23.55 RMB on November 16, 2023, and further adjusted to 23.42 RMB on May 20, 2024 [2][3] - The conversion price was subsequently revised down to 19.09 RMB on July 5, 2024, and then to 19.08 RMB on November 2024 [3][4] - As of the latest announcement, the conversion price is set at 19.00 RMB per share, effective from May 13, 2025 [4] - The company plans to adjust the conversion price based on various corporate actions such as stock dividends, capital increases, and cash dividends, following specific formulas outlined in the announcement [5] - The company’s total share capital increased from 633,352,960 shares to 639,496,790 shares due to the conversion of bonds and stock incentive plans [6] - The cash dividend distribution plan is set at 3.37 RMB per 10 shares, with a total cash dividend of approximately 214.6 million RMB [7] - The conversion price will be adjusted to 18.66 RMB per share effective June 23, 2025, based on the cash dividend distribution [8]

Core Viewpoint - The company announced its 2024 annual profit distribution plan, which includes a cash dividend of 3.37 RMB per 10 shares, based on a total share capital adjusted for repurchased shares [2][4]. Group 1: Share Capital Changes - The total share capital of the company increased from 633,352,960 shares to 639,496,790 shares due to the vesting of stock options and the conversion of convertible bonds [1][3]. - The number of shares eligible for profit distribution is 636,808,232 shares after excluding the repurchased shares [2][4]. Group 2: Profit Distribution Details - The total cash dividend to be distributed amounts to 214,604,374.18 RMB, which includes tax [2][3]. - The cash dividend will be distributed to all shareholders registered by the equity registration date of June 20, 2025, with the ex-dividend date set for June 23, 2025 [5][6]. Group 3: Convertible Bonds Adjustment - The conversion price of the company's convertible bonds will be adjusted from 19.00 RMB per share to 18.66 RMB per share, effective June 23, 2025 [6].

| 股票代码：300428 | 股票简称：立中集团 | 公告编号：2025-049 号 | | --- | --- | --- | | 债券代码：123212 | 债券简称：立中转债 | | 立中四通轻合金集团股份有限公司 特别提示： 1、自本次利润分配预案公布后至本公告披露期间，公司 2022 年限制性股票 激励计划首次授予部分第三个归属期及预留授予（第二批次）第二个归属期归属 暨股份上市，合计归属数量为 6,143,794 股，上市流通日为 2025 年 5 月 13 日； 公司可转换公司债券共计转股 36 股。因上述原因致使公司总股本发生变动，公 司总股本由 633,352,960 股变更为 639,496,790 股。 截止本公告披露日，公司回购专户持有股份 2,688,558 股，根据《深圳证 券交易所上市公司自律监管指引第 9 号—回购股份》的相关规定，上述股份不 享有本次 2024 年度利润分配权利。故本次实际参与权益分派的股本为扣除回购 专用证券账户中持有的 2,688,558 股后的 636,808,232 股。 2、按公司总股本（含回购股份）折算每 10 股现金分红金额=现金分红总额 ÷公 ...

| | | 立中四通轻合金集团股份有限公司 关于立中转债转股价格调整的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 一、可转债基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意立中四 通轻合金集团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〔2023〕1460 号），立中四通轻合金集团股份有限公司（以下简称"公司"） 于 2023 年 7 月 27 日向不特定对象发行了 8,998,000 张可转换公司债券，每张面 值 100 元，发行总额 89,980.00 万元，债券期限为 6 年。本次发行可转换公司债 券的上市时间为 2023 年 8 月 16 日，债券简称为"立中转债"，债券代码为"123212"。 根据《深圳证券交易所创业板股票上市规则》及《立中四通轻合金集团股份有限 公司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》"） 的规定，公司发行的"立中转债"自 2024 年 2 月 2 日起进入转股期，初始转股 价格为人民币 23.57 元/股。 二、历次转股价格调整情 ...