Core Viewpoint - The financial performance of Kairun Co., Ltd. shows a significant increase in revenue and net profit, driven primarily by a strategic acquisition, yet the company's stock price has declined, indicating potential underlying issues in cash flow and inventory management [1][2][3]. Financial Performance - Kairun Co., Ltd. reported a revenue of 4.24 billion yuan for 2024, a year-on-year increase of 36.6%, and a net profit of 381 million yuan, soaring by 229.5% [2]. - In Q1 2025, the company achieved a revenue of 1.24 billion yuan, up 35.57%, and a net profit of 85 million yuan, an increase of 20.12% [2]. - The acquisition of Shanghai Jiale was a key driver of this performance, contributing 848 million yuan in revenue and 28 million yuan in net profit in just six months post-acquisition [3]. Acquisition Details - Kairun Co., Ltd. acquired a 15.9% stake in Shanghai Jiale for approximately 200 million yuan, raising its total ownership to 51.85% [2]. - The acquisition allowed Kairun to consolidate Shanghai Jiale's financials, which had previously been a long-term investment [2][3]. - Shanghai Jiale is a core supplier for major brands like Uniqlo, Adidas, and Puma, enhancing Kairun's customer base [2]. Operational Challenges - Despite the impressive growth figures, Kairun's original business growth was insufficient to support the over 200% increase in net profit without the acquisition [4]. - The company faces challenges in cash flow management, with accounts receivable rising by 77.57% to 1.05 billion yuan, significantly outpacing revenue growth [7][9]. - The increase in inventory also poses risks, with stock levels rising by 76.02% to 868 million yuan, leading to a 169% increase in inventory impairment losses [8][9]. Financial Health - Kairun's operating cash flow decreased by 47% year-on-year to 232 million yuan, resulting in a cash flow to net profit ratio of only 0.58, indicating potential liquidity issues [8][9]. - The company has a short-term debt structure, with current liabilities of 1.5 billion yuan against cash reserves of 901 million yuan, raising concerns about its ability to meet short-term obligations [9]. - The acquisition has resulted in a high goodwill of 330 million yuan on the balance sheet, which could be at risk of impairment if Shanghai Jiale does not perform as expected [9].

Core Viewpoint - The credit rating of Anhui Kairun Co., Ltd. remains at A+/Stable, supported by the expansion of its OEM manufacturing business and improved profitability, despite facing challenges from intense market competition in the luggage and apparel industry [1][5]. Company Overview - Anhui Kairun has diversified its OEM manufacturing business by incorporating Shanghai Jiale Co., Ltd., enhancing its product offerings and client base [1][7]. - The company has established relationships with well-known clients, contributing to a significant increase in profitability during the tracking period [1][9]. Financial Performance - Total assets increased from 35.16 billion in 2022 to 53.69 billion in 2025, while total liabilities rose from 17.49 billion to 27.01 billion during the same period [4][12]. - Operating revenue grew from 27.41 billion in 2022 to 42.40 billion in 2024, with a notable increase in net profit from 0.55 billion to 4.01 billion [4][12]. - The company's EBITDA increased significantly, reflecting improved operational efficiency and profitability [10][12]. Market Environment - The luggage and apparel industry is characterized by fierce competition, with a need for the company to optimize its debt structure and manage production capacity effectively [3][5]. - The global luggage market is projected to reach 170.2 billion by 2025, with China's market expected to grow at a rate of 5.9% [5][6]. Operational Insights - The company has expanded its production capacity, particularly in the apparel sector, but faces challenges in achieving optimal utilization rates [7][9]. - The acquisition of Shanghai Jiale has allowed the company to enter the textile and apparel manufacturing sector, diversifying its business model [7][10]. Risk Factors - The company must monitor the absorption of its new apparel production capacity and the impact of market competition on its operations [3][5]. - High short-term debt levels and the upcoming maturity of "Kairun Convertible Bonds" in 2025 necessitate a review of the company's debt management strategies [3][10].

Summary of Key Points Core Viewpoint - The company, Anhui Kairun Co., Ltd., is facing a potential downward adjustment of its convertible bond conversion price due to its stock price being below 85% of the current conversion price for a significant number of trading days, which may trigger a board meeting to decide on the adjustment [1][6]. Convertible Bond Basic Information - The company issued 2,230,000 convertible bonds on December 26, 2019, with a total fundraising amount of RMB 223 million, netting RMB 217.3 million after expenses [1]. - The initial conversion price was set at RMB 33.34 per share, which has been adjusted multiple times due to various corporate actions [2][3]. Conversion Price Adjustments - The conversion price has been adjusted from RMB 33.34 to RMB 29.31 as of the latest announcement, with several adjustments occurring due to profit distribution and stock repurchase actions [3][4][5]. - The latest adjustment to RMB 29.31 will take effect on May 30, 2025 [5]. Downward Adjustment Conditions - The company has the right to propose a downward adjustment of the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6]. - The adjustment proposal must be approved by at least two-thirds of the voting rights at a shareholders' meeting, excluding those holding the convertible bonds [6]. Recent Stock Performance - From June 8 to June 20, 2025, the company's stock price has been below RMB 24.91, which is 85% of the current conversion price of RMB 29.31, indicating a potential trigger for a price adjustment [6][7].

编号：信评委函字[2025]跟踪 0728 号 安徽开润股份有限公司 2025 年度 跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 20 日 2 安徽开润股份有限公司 2025 年度跟踪评级报告 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国 ...

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、证券代码：300577 证券简称：开润股份 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于预计触发转股价格向下修正条件的提示性公告 2、债券代码：123039 债券简称：开润转债 5、自 2025 年 6 月 8 日至 2025 年 6 月 20 日，公司股票已有 10 个交易日的 收盘价低于当期转股价格的 85%。若后续公司股票收盘价格继续低于当期转股 价格的 85%，预计将有可能触发转股价格向下修正条件。若触发条件，公司将 于触发条件当日召开董事会审议决定是否修正转股价格，并及时履行信息披露 义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准安徽开润 股份有限公司公开发行可转换公司债券的批复》（证监许可[2019]2577 号 ...

Core Insights - The FT account has become a significant tool for companies to enhance their global resource allocation capabilities after 11 years of innovation and exploration since its pilot in Shanghai in May 2014 [1] - The "Action Plan" aims to expand the functions and application scenarios of FT accounts, with financial institutions in Shanghai actively exploring new applications [1][5] Group 1: FT Account Impact - The number of FT accounts reached 177,400 by April 2025, with an annual growth rate of over 30% for cross-border receipts and payments in foreign currencies [2] - Companies like Kairun Co. have opened multiple FT accounts to facilitate their global operations, significantly improving their cross-border fund management efficiency [1][2] - Agricultural Bank of China (ABC) has established a dedicated WeChat group to provide real-time policy support for companies utilizing FT accounts [1] Group 2: Digitalization and Efficiency - ABC is set to complete a foreign exchange monitoring system in 2024, optimizing review processes and data sharing, which will reduce transaction times from 1-2 working days to instant processing [2] - The integration of FT accounts into high-frequency trade scenarios has led to a 40% reduction in manual review costs, enhancing the efficiency of cross-border transactions [2] Group 3: Financial Support for Enterprises - Banks like China Construction Bank (CCB) and Shanghai Pudong Development Bank (SPDB) are providing comprehensive financial services to support companies in their international expansion efforts [3][4] - CCB has developed a financial service solution for companies like Bright Dairy, helping them manage funding challenges during international operations [3] - SPDB has facilitated cross-border mergers and acquisitions for companies like Shanghai Xirui Technology, significantly improving transaction efficiency [4] Group 4: Future Prospects - The FT account innovation is expected to play a crucial role in stabilizing foreign investment and supporting the internationalization of the RMB [5] - Companies are increasingly looking to expand their operations in markets like Indonesia, with expectations of doubling their business scale in the next 3-5 years [5]

国浩律师（上海）事务所 关于安徽开润股份有限公司 调整 2022 年限制性股票激励计划 及第二个归属期归属条件成就事项 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二五年六月 国浩律师（上海）事务 所 法律意见书 目 录 国浩律师（上海）事务所 法律意见书 释 义 在本法律意见书中，除非上下文另作解释，否则下列简称和术语具有以下含 义： 公司 指 安徽开润股份有限公司 本次激励计划 指 安徽开润股份有限公司 2022 年限制性股票激励计划 《安徽开润股份有限公司 2022 年限制性股票激励计 《激励计划》 指 划》 第二类限制性股票，公司根据本次激励计划规定的条件 和价格，授予激励对象一定数量的公司股票，符合本次 限制性股票 指 激励计划授予条件的激励对象，在满足相应归属条件 后，按约定比例分次获得并登记的公司 A 股普通股股 票 依照本次激励计划规定，获得限制性股 ...

证券代码：300577 证券简称：开润股份 公告编号：2025-047 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 关于调整公司 2022 年限制性股票激励计划股票授予价格的公告 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。 安徽开润股份有限公司（以下简称"公司""本公司"）于 2025 年 6 月 9 日召 开第四届董事会二十五次会议、第四届监事会第十七次会议审议通过了《关于调 整公司 2022 年限制性股票激励计划股票授予价格的议案》，根据《上市公司股权 激励管理办法》（以下简称"《管理办法》"）、公司《2022 年限制性股票激励计 划（草案修订稿）》 （以下简称"《激励计划》"或"本次激励计划"）等规定和公司 元/股调整为 7.14 元/股。现将有关事项说明如下： 一、2022 年限制性股票激励计划已履行的审批程序 事会第二十九次会议，审议通过《关于 <安徽开润股份有限公司 ensp="ensp" 年限制性股="年限制性 股"> 票激励计划（草案）>及其摘要的议案》及其他与本次激励计划相关的议案，公 司独立董事对本次激励计划相关事 ...

三、备查文件 | 证券代码：300577 公告编号：2025-050 证券简称：开润股份 | | | | | --- | --- | --- | --- | | 债券代码：123039 债券简称：开润转债 | | | | | 安徽开润股份有限公司 | | | | | 公司董事王海岗先生保证向本公司提供的信息内容真实、准确、完整，没有 | | | | | 虚假记载、误导性陈述或重大遗漏。 | | | | | 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | | | | | 安徽开润股份有限公司（以下简称"公司"）于 2025 年 日披露了《关 | | | 5 月 14 | | 于部分董事、高级管理人员减持股份的预披露公告》 | | | | | （公告编号：2025-036）。近 | | | | | 日，公司收到董事王海岗先生出具的《关于股份减持计划实施完毕的告知函》， | | | | | 其股份减持计划实施完毕，减持股份总数未超过计划减持股份数量。现将相关情 | | | | | 况公告如下： | | | | | 一、股东减持情况 | | | | | （一）股东减持股份情况 | | | | ...

名单的核查意见 本公司及监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。 安徽开润股份有限公司（以下简称"公司""本公司"）监事会依据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"） 和《安徽开润股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，对公 司 2022 年限制性股票激励计划（以下简称"本激励计划"）第二个归属期归属名 单进行审核，发表核查意见如下： 证券代码：300577 证券简称：开润股份 公告编号：2025-049 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 监事会关于公司2022年限制性股票激励计划第二个归属期归属 公司 2022 年限制性股票激励计划第二个归属期 3 名激励对象符合《公司法》 《证券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格，符合 《管理办法》等法律、法规和规范性文件规定的激励对象条件，符合本激励计划 规定的激励对象范围，其作为公司 2022 年限制性股票激励计划激励对象的 ...