金融界消息 截至2025年7月30日收盘，美力科技（300611）报收于24.07元，下跌3.14%，换手率 7.73%，成交量11.46万手，成交金额2.77亿元。 资金流向方面，今日主力资金净流出2341.66万元，占比成交额8.46%。其中，超大单净流出1006.28万 元、占成交额3.64%，大单净流出1335.38万元、占成交额4.83%，中单净流出流入2468.88万元、占成交 额8.92%，小单净流出127.21万元、占成交额0.46%。 美力科技最新一期业绩显示，截至2025一季报，公司营业总收入4.16亿元、同比增长37.76%，归属净利 润3398.75万元，同比增长110.90%，扣非净利润3208.31万元，同比增长116.73%，流动比率1.556、速动 比率1.170、资产负债率47.49%。 天眼查商业履历信息显示，浙江美力科技股份有限公司，成立于2002年，位于绍兴市，是一家以从事汽 车制造业为主的企业。企业注册资本21107.468万人民币，实缴资本13457.055万人民币。公司法定代表 人为章碧鸿。 通过天眼查大数据分析，浙江美力科技股份有限公司共对外投资了9家企业，参与 ...

证券日报网讯美力科技（300611）7月29日在互动平台回答投资者提问时表示，截至2025年7月18日，公 司股东总户数为31080户。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - North - Exchange convertible bonds have certain special features in terms of clause settings and transfer transactions, with relatively low overall issuance scale. In the current policy environment encouraging mergers and acquisitions, private placement convertible bonds may become an important tool for North - Exchange listed companies to introduce strategic investors and be widely used as a payment instrument for M&A. With the slowdown of new supply of public convertible bonds in the Shanghai and Shenzhen Stock Exchanges, continuous attention to North - Exchange related investment opportunities is recommended [2][13]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low. As the stock market recovers, the return of incremental funds in convertible bonds drives the valuation to a relatively high historical level, and attention should be paid to the risk of valuation correction. In terms of clauses, continue to focus on the space for lower - revision games, be vigilant against call risks, and appropriately focus on short - term game opportunities of near - maturity convertible bonds. Industries to focus on include popular themes, domestic demand - oriented sectors, central state - owned enterprises under the Chinese characteristic valuation system, and the military industry [16]. 3. Summary According to the Directory 3.1.转债周度专题与展望 3.1.1. 北交所转债怎么看？ - As of July 25, there were 5 convertible bond proposals on the North - Exchange. The current proposals are all private placement convertible bonds with an issuance scale within 150 million yuan. North - Exchange private placement convertible bonds usually do not have a "downward revision clause", suspend transfer 10 trading days before the end of the conversion period, have a clear 18 - month conversion restriction requirement, and a non - call period of at least 6 months [1][10]. - Taking the private placement convertible bonds of Youji Co., Ltd. as an example, it has obvious features in the initial conversion price, conditional call clause, non - downward revision clause, and put period. Other clauses are relatively conventional, with an issuance term of 6 years and a put trigger threshold of 70% [11][13]. 3.1.2. 周度回顾与市场展望 - This week, the three major stock indices fluctuated upward, with active trading and obvious rotation of hot sectors. The A - share market valuation is recovering. Measures such as large - scale equipment renewal and consumer goods replacement are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and the capital market is expected to gradually start [14][15]. - In terms of convertible bonds, considering the impact of refinancing policies, the subsequent issuance pressure is expected to be low. As the stock market recovers, the return of incremental funds drives the valuation to a relatively high historical level, and attention should be paid to the risk of valuation correction. Industries to focus on include popular themes, domestic demand - oriented sectors, central state - owned enterprises under the Chinese characteristic valuation system, and the military industry [16]. 3.2. 转债市场周度跟踪 3.2.1. 权益市场收涨，建材煤炭钢铁领涨 - This week, the major equity market indices rose. The market style was more inclined to small - cap value stocks. Among the 27 Shenwan industry indices, 27 rose and 4 fell. Building materials, coal, and steel industries led the market [19][22]. 3.2.2. 转债市场大涨，百元溢价率中位数抬升 - This week, the convertible bond market rose. The average daily trading volume increased. Most industries in the convertible bond market rose, with coal, building materials, and petroleum and petrochemical industries leading the gains. Only bank convertible bonds fell. Most individual bonds rose. In terms of price, the number of absolute low - price convertible bonds decreased, and the median price increased significantly. The weighted conversion value of the whole market increased, and the premium rate decreased [24][31][36]. 3.2.3. 不同类型转债高频跟踪 3.2.3.1. 分类估值变化 - This week, the valuations of equity - biased and balanced convertible bonds increased significantly, with a higher increase in balanced convertible bonds. The valuations of convertible bonds with a parity of 0 - 80 yuan and above 130 yuan decreased, while those of other parity convertible bonds increased. The valuations of most convertible bonds of each rating decreased, and the valuations of convertible bonds in each scale category decreased [51]. 3.2.3.2. 市场指数表现 - This week, convertible bonds of all ratings rose. Since 2023, high - rating AAA convertible bonds have shown stable performance, while low - rating convertible bonds have shown weaker anti - decline attributes and greater rebound strength. Convertible bonds of all scales rose this week [62][64]. 3.3. 转债供给与条款跟踪 3.3.1. 本周一级预案发行 - Two new convertible bonds were listed this week, and one was issued but not yet listed. The first - day closing prices of Libo Convertible Bonds and Guanghe Convertible Bonds were 129.46 yuan and 129.80 yuan respectively, with reasonable pricing. The scale of the to - be - listed Bo 25 Convertible Bonds is 2.802 billion yuan. There were 9 first - level approvals this week [69]. 3.3.2. 下修&赎回条款 - This week, 9 convertible bonds were expected to trigger downward revision, 9 announced no downward revision, 2 proposed downward revision, and 1 announced the downward - revision result. Thirteen convertible bonds were expected to trigger call, 4 announced no call, and 4 announced early call. As of the end of this week, 3 convertible bonds were still in the put declaration period, and 19 were in the company's capital reduction and settlement declaration period [73][77][79].

Group 1 - Haitong Development reported a net profit of 86.87 million yuan for the first half of 2025, a year-on-year decrease of 64.14% [1] - Haitong Development achieved an operating income of 1.8 billion yuan, a year-on-year increase of 6.74% [1] - Crystal Integrated expects a net profit increase of 39.04% to 108.55% for the first half of 2025, with projected revenue between 5.07 billion yuan and 5.32 billion yuan [1] Group 2 - Aerospace Universe anticipates a net profit increase of 50.59% for the first half of 2025, with a projected net profit of 34.38 million yuan [2] - Aerospace Universe's net profit excluding non-recurring gains is expected to grow by 94.90% [2] Group 3 - Guodian Power reported a total power generation of 206.03 billion kWh for the first half of 2025, a year-on-year decrease of 3.61% [3] - The company's market-based transaction electricity accounted for 91.84% of the total electricity sold [3] Group 4 - Shanghai Pharmaceuticals announced that its tranexamic acid injection has passed the consistency evaluation for generic drugs [5] - The drug is primarily used for treating various bleeding disorders [5] Group 5 - Sanyou Chemical received approval to issue up to 900 million yuan in technology innovation corporate bonds [7] - The bond issuance is valid for 24 months from the date of approval [7] Group 6 - Baiyuntian's BAT4406F injection drug has received approval for clinical trials for additional indications [9] - The drug is a next-generation fully human anti-CD20 antibody [9] Group 7 - Huason Pharmaceutical received three drug re-registration approval notices [10] - The approved drugs include Ganji Bingmei tablets and other formulations [10] Group 8 - Shanying International plans to establish the Zhiyuan Fund with a total scale of 100 million yuan [13] - The fund will primarily invest in product companies related to industrial scenarios [13] Group 9 - Yiqiu Resources announced the sale of two properties in Malaysia for a total of approximately 3.67 million yuan [15] - The sale is part of the company's asset management strategy [15] Group 10 - Guizhou Bailing plans to apply for loans totaling no more than 920 million yuan from multiple banks [16] - The loans will be used to replace maturing loans and supplement working capital [16] Group 11 - Samsung Medical's subsidiary won a transformer procurement contract in Brazil worth approximately 341 million yuan [16] - The contract is part of the company's expansion into international markets [16] Group 12 - Changying Tong expects a net profit increase of 72.12% to 110.33% for the first half of 2025 [17] - The projected revenue is between 173 million yuan and 211 million yuan [17] Group 13 - Canqin Technology anticipates a net profit increase of 50.14% to 61.85% for the first half of 2025 [17] - The expected revenue is between 286 million yuan and 290 million yuan [17] Group 14 - Daya Shengxiang signed a lease agreement with an annual rent of 17 million yuan for a production facility [18] - The lease term is for 3 years and 4 months, including a 4-month rent-free period [18] Group 15 - Zhongzai Zihuan announced the resignation of its general manager due to work adjustments [20] - The company will appoint an interim general manager while searching for a permanent replacement [20] Group 16 - Fuwei Co. received a project notification from a well-known luxury brand for seat development [22] - The total sales amount for the project is expected to reach 4.9 billion yuan [22] Group 17 - Meili Technology's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [26] - The issuance is subject to further approval from regulatory authorities [26] Group 18 - Jinzhik Technology announced a stock suspension due to potential control changes [27] - The suspension is expected to last no more than two trading days [27] Group 19 - Zhongtian Technology plans to distribute a cash dividend of 3 yuan per 10 shares [28] - The dividend distribution date is set for July 25, 2025 [28] Group 20 - Huahai Chengke plans to distribute a cash dividend of 0.2002 yuan per share [30] - The dividend distribution date is set for July 29, 2025 [30] Group 21 - Dasheng Intelligent won a smart transportation project contract worth 122 million yuan [31] - The project involves comprehensive monitoring systems for urban rail transit [31] Group 22 - Dongyue Silicon reported a fire incident affecting production operations [32] - The fire has been controlled, but the extent of damage is still being assessed [32] Group 23 - Shaanxi Guotou A reported a net profit of 726 million yuan for the first half of 2025, a year-on-year increase of 5.74% [35] - The company's operating income decreased by 2.95% [35] Group 24 - Yibo Technology announced a plan to reduce shareholding by up to 3% [37] - The reduction is due to the shareholder's funding needs [37] Group 25 - Xiling Information announced a stock suspension due to potential control changes [39] - The suspension is expected to last no more than two trading days [39] Group 26 - Tianli Lithium Energy plans to reduce shareholding by 4.55% through block trading [40] - The reduction is due to the fund's operational timeline nearing its end [40] Group 27 - Sihui Fushi announced plans for a combined shareholding reduction of up to 3% [42] - The reduction is due to the shareholders' personal funding needs [42] Group 28 - Jinma Leisure announced a plan for a combined shareholding reduction of up to 4.83% [44] - The reduction is due to personal funding needs of the controlling shareholder and executives [44] Group 29 - *ST Zitian's stock may be terminated due to financial reporting issues [46] - The company is under regulatory scrutiny for failing to rectify its financial statements [46]

Company Overview - Zhejiang Meili Technology Co., Ltd. (the "Company") was established in May 2002 and is headquartered in Shaoxing, Zhejiang Province. The Company was transformed from Zhejiang Meili Spring Co., Ltd. in November 2010 and is listed on the Shenzhen Stock Exchange since February 20, 2017 [2][3] - The Company operates in the general equipment manufacturing industry, specifically in the spring manufacturing sector, focusing on the research, production, and sales of various types of springs, including suspension system springs, body and interior springs, power system springs, and general springs [2][3] Financial Reporting - The financial statements of the Company are prepared based on the assumption of going concern, indicating no significant doubts about the Company's ability to continue operations for at least the next 12 months [3] - The Company adheres to the accounting principles set forth by the relevant enterprise accounting standards, ensuring that the financial statements accurately reflect its financial position, operating results, and cash flows [3][4] Accounting Policies - The Company employs specific accounting policies and estimates tailored to its operational characteristics, including those related to financial instruments, fixed asset depreciation, and revenue recognition [3][4] - The Company uses the Chinese Yuan (RMB) as its functional currency for accounting purposes [4] Inventory and Cost Management - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs made when necessary [16] - The Company uses a perpetual inventory system and applies a monthly weighted average method for inventory issuance [16] Long-term Investments - Long-term equity investments are accounted for based on the nature of control, with different accounting treatments for investments in controlled, jointly controlled, and significantly influenced entities [20][21] Revenue Recognition - The Company recognizes revenue based on the fulfillment of performance obligations, determining whether these obligations are satisfied over time or at a point in time [32] - Revenue is measured at the transaction price expected to be received from customers for the transfer of goods or services [32]

Core Viewpoint - Zhejiang Meili High Technology Co., Ltd. is issuing convertible bonds to raise up to RMB 300 million to support its business expansion and enhance its market competitiveness in the automotive parts industry, particularly in high-end spring products and precision injection molding [13][16]. Company Overview - Zhejiang Meili High Technology Co., Ltd. was established on May 16, 2002, with a registered capital of RMB 2,110.7468 million. The company focuses on the research, production, and sales of high-end spring products and precision injection parts, primarily serving the automotive industry [13][14]. - The company has experienced significant growth, with revenue increasing from RMB 1.087 billion to RMB 1.604 billion over the past three years, representing a growth rate of 21.44% [13][15]. Purpose of the Bond Issuance - The issuance of convertible bonds aligns with national development strategies and industry trends, aiming to optimize business layout and maintain competitive advantages [16]. - The funds raised will be used for projects that enhance production capacity and operational efficiency, particularly in response to the growing demand in the automotive sector [16][18]. Financial Performance and Dividend Policy - The company has a proactive profit distribution policy, prioritizing cash dividends. In recent years, it has distributed cash dividends totaling RMB 41.69 million, exceeding its average annual distributable profit of RMB 36.58 million by 113.96% [5][7]. - The company aims to maintain a minimum cash dividend of 20% of the distributable profit when conditions allow [4][5]. Risk Factors - The convertible bonds are rated AA- by Shanghai New Century, indicating a stable outlook. However, the bonds are unsecured, which may increase repayment risks if the company's operational performance deteriorates [8][9]. - The company faces potential risks related to market fluctuations, operational management, and the timely realization of project benefits, which could impact its financial stability and ability to meet bond obligations [8][9][10].

Core Viewpoint - Zhejiang Meili Technology Co., Ltd. is issuing convertible bonds to unspecified objects, with legal opinions provided by Beijing Deheng Law Firm, confirming the legality and compliance of the issuance process [1][3][5]. Group 1: Legal Framework and Compliance - The issuance of convertible bonds is governed by relevant laws including the Company Law and Securities Law, and the legal opinions are based on thorough due diligence and compliance with regulatory requirements [3][7][11]. - The board of directors and shareholders' meeting have legally approved the issuance, and the procedures followed are in accordance with national laws and the company's articles of association [8][10][11]. Group 2: Financial Performance and Use of Proceeds - The company reported net profits of -37.63 million yuan, 40.70 million yuan, and 106.69 million yuan for the years 2022, 2023, and 2024 respectively, indicating a positive trend in profitability [13]. - The funds raised from the bond issuance, estimated at 300 million yuan, will be used for industrial projects including the production of 2 million smart suspensions and 10 million electric and hydraulic drive elastic components, as well as for working capital [14][21]. Group 3: Corporate Structure and Governance - The company is a legally established and operational joint-stock company, with its stock publicly traded on the Shenzhen Stock Exchange since February 20, 2017 [9][10]. - The governance structure includes a board of directors, supervisory board, and various committees, ensuring compliance with the Securities Law and effective operational management [12][18]. Group 4: Independence and Related Transactions - The company maintains operational independence from its controlling shareholders and does not engage in any significant related party transactions that could harm shareholder interests [23][27]. - Measures have been taken to avoid any potential conflicts of interest or competition with related parties, ensuring transparency and fairness in operations [27].

财通证券股份有限公司 关于浙江美力科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） （住所：浙江省杭州市西湖区天目山路 198 号财通双冠大厦西楼） 浙江美力科技股份有限公司 发行保荐书 声 明 财通证券股份有限公司（以下简称"财通证券""保荐机构"或"保荐人"） 接受浙江美力科技股份有限公司（以下简称"美力科技""公司"或"发行人"） 的委托，担任其向不特定对象发行可转换公司债券（以下简称"本次发行"）的 保荐机构。 根据《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》"）、《上市公司证券发行注册管理办法》（以下简 称"《注册管理办法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保荐 管理办法》"）、《保荐人尽职调查工作准则》和《发行证券的公司信息披露内容与 格式准则第 27 号—发行保荐书和发行保荐工作报告》等有关法律、行政法规和 中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所的规定， 保荐人及其保荐代表人诚实守信、勤勉尽责，严格按照制订的业务规则、行业执 业规范和道德准则出具本发行保荐书， ...

股票简称：美力科技 股票代码：300611 浙江美力科技股份有限公司 ZHEJIANG MEILI HIGH TECHNOLOGY CO., LTD. （浙江省绍兴市新昌县文华路 1 号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐机构（主承销商） （住所：浙江省杭州市西湖区天目山路 198 号财通双冠大厦西楼） 二〇二五年七月 浙江美力科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 浙江美力科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细 ...

6-1-1 | 审计报告 … | | --- | | 二、财务报表 …………………………………………………………………………………… 第 7—14 页 | | --- | | (一）合并资产负债表…………………………………………………………………………………… 第 7 页 | | (二) 母公司资产负债表 …………………………………………………………………………………… 第 8 页 | | (三) 合并利润表 | | (四) 母公司利润表 | | (五) 合并现金流量表………………………………………………………… 第 11 页 | | (六) 母公司现金流量表………………………………………………………………………… 第 12 页 | | (七) 合并所有者权益变动表……………………………………………… 第 13 页 | | (八) 母公司所有者权益变动表 ………… ……… 第 14页 | | 三、财务报表附注 ………………………………………………………第 15-93 页 | | --- | 6-1-2 天健审〔2023〕 4708 号 浙江美力科技股份有限公司全体股东: 一、审计意见 我们审计了浙江美力科技股 ...