江苏金陵体育器材股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 1 www.lhratings.com 联合〔2025〕4402 号 联合资信评估股份有限公司通过对江苏金陵体育器材股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 江苏金陵体育器材股份有限公司主体长期信用等级为 A+，维持"金 陵转债"信用等级为 A+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十九日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资信接受江苏金陵体育器材股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评 级委托关系外，联合 ...

Group 1 - The A-share entertainment products sector continues to decline, with Jinling Sports dropping over 10% [1] - Other companies such as Gaole Shares, Zhujiang Piano, Kangliyuan, and Shifeng Culture also experienced declines [1]

Core Viewpoint - The credit rating for Jiangsu Jinling Sports Equipment Co., Ltd. remains stable with a long-term credit rating of "A+" for both the company and its convertible bonds, indicating consistent financial health and stability in the company's operations [1][2]. Group 1 - The previous credit rating results indicated a long-term credit rating of "A+" and a stable outlook for the company and its convertible bonds [1][2]. - The recent credit rating assessment conducted by United Ratings on June 19, 2025, confirmed the long-term credit rating of "A+" and a stable outlook for the company and its convertible bonds, showing no change from the previous rating [2]. - The initial long-term credit rating for the company was established on July 1, 2020, with the same ratings being maintained through subsequent evaluations [1].

| 证券代码：300651 | 证券简称：金陵体育 公告编号：2025-044 | | --- | --- | | 债券代码：123093 | 债券简称：金陵转债 | 根据《上市公司证券发行管理办法》、《深圳证券交易所股票上市规则》的 有关规定，江苏金陵体育器材股份有限公司（全文简称"公司"）委托联合资信评 估股份有限公司（以下简称"联合评估"）对公司及公司于 2021年2月18日公开发 行的 A 股可转换公司债券（债券代码：123093,债券简称：金陵转债）进行了跟 踪评级。 公司首次主体长期信用等级为"A+"；评级展望为"稳定"；"金陵转债"债券信 用等级为"A+"；评级机构为联合评估，评级时间 2020年7月1日。 江苏金陵体育器材股份有限公司 关于公开发行可转换公司债券跟踪评级报告的公告 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。 ● 前次评级结果：公司主体长期信用等级为"A+"；评级展望为"稳定"；"金陵 转债"债券信用等级为"A+"。 ● 本次评级结果：公司主体长期信用等级为"A+"；评级展望为"稳定"；"金陵 转债"债券信用等级为"A+"。 ...

Core Viewpoint - Jiangsu Jinling Sports Equipment Co., Ltd. has issued convertible bonds with a potential conditional redemption clause triggered if the stock price remains above a specified threshold for a certain period [1][5][6] Group 1: Convertible Bond Basic Information - The company issued 250 million yuan worth of convertible bonds on February 18, 2021, with a maturity of six years [1][2] - The bonds are listed on the Shenzhen Stock Exchange under the name "Jinling Convertible Bonds" with the code "123093" [2] - The conversion period for the bonds is from July 26, 2021, to January 18, 2027 [2] Group 2: Conversion Price Adjustments - The conversion price was adjusted from 49.29 yuan/share to 49.19 yuan/share on June 9, 2021, following a cash dividend distribution [2] - Subsequent adjustments occurred, with the conversion price changing to 49.09 yuan/share on June 9, 2022, and to 48.97 yuan/share on June 9, 2023 [3] - The conversion price was further adjusted to 48.82 yuan/share on June 7, 2024, and finally to 20.00 yuan/share on November 18, 2024 [3] Group 3: Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for a specified period [5][6] - As of June 5 to June 18, 2025, the stock price has remained above the threshold of 25.805 yuan/share, indicating a potential trigger for redemption [5][6] - The company’s board has the authority to decide on the redemption of the bonds if the conditions are met [6]

| 证券代码：300651 | 证券简称：金陵体育 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：123093 | 债券简称：金陵转债 | | 江苏金陵体育器材股份有限公司 关于金陵转债预计触发赎回条件的提示性公告 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。 重要提示： 江苏金陵体育器材股份有限公司（以下简称"公司"）股票价格自 2025 年 6 月 5 日至 2025 年 6 月 18 日，已有连续 10 个交易日的收盘价不低于"金陵转 债"当期转股价格（19.85 元/股）的 130%（即 25.805 元/股）。如后续公司股 票收盘价格继续不低于当期转股价格的 130%，预计将有可能触发"金陵转债" 的有条件赎回条款。根据《江苏金陵体育器材股份有限公司创业板向不特定对象 发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中有条件赎 回条款的相关规定，届时公司董事会有权决定按照债券面值加当期应计利息的价 格赎回全部或部分未转股的"金陵转债"。 敬请广大投资者详细了解可转换公司债券（以下简称"可转债" ...

Core Strategy - The "10 yuan low-price ticket" strategy has activated participation across Jiangsu, generating over 300 million yuan in economic benefits, making it a remarkable case in sports economics [1] - Official ticket prices are set at 5-10 yuan, significantly lower than the Chinese Super League, attracting over 180,000 attendees, with a record single-match attendance of 30,800 in Xuzhou [2] - Scalpers are selling tickets for up to 600 yuan, indicating a market demand that is 60 times the original price [2] Cultural and Economic Impact - The event has stimulated related consumption in dining, accommodation, and tourism, with notable increases such as an 80% rise in Yangzhou fried rice sales and nearly 10% growth in tourism orders during the Dragon Boat Festival [3] - Various regions have implemented "watching matches + cultural tourism" packages, creating a consumption loop [3] - Local cultural narratives have been leveraged to enhance engagement, with competitive themes like "Taihu Battle" and "Chuhan Showdown" fostering a sense of community pride [4][5] Capital and Industry Resonance - Stocks related to the "Su Super" concept have seen explosive growth, with companies like Jinling Sports and Jiangsu Bank reaching historical highs [8] - The number of sponsors has surged from 6 to 19-20, with major brands like Yili and KFC joining, and sponsorship fees reaching 3 million yuan per seat [8][9] Sustainability Challenges and Insights - There is a tension between grassroots attributes and commercialization, with 65% of players being non-professionals, while government investment per team can reach 3 million yuan [11] - The model relies on the economic strength of Jiangsu's 13 cities, which are all in the top 100 for GDP, creating a collaborative economic environment [12] - The success of this model hinges on balancing commercialization with grassroots participation, improving competitive levels, and the feasibility of replicating this model in other regions [13]

Market Overview - As of June 12, the Shanghai Composite Index closed at 3402.66 points, with a slight increase of 0.34 points, representing a change of 0.01% [1] - The Shenzhen Component Index closed at 10234.33 points, down by 11.69 points, a decrease of 0.11% [1] - The ChiNext Index closed at 2067.15 points, up by 5.29 points, reflecting an increase of 0.26% [1] Trading Activity - A total of 128 A-shares had a turnover rate exceeding 20% on the same day, indicating significant trading activity [1] - Notably, C Haiyang and Zhongke Magnetic had turnover rates exceeding 50%, suggesting a high level of liquidity and interest in these stocks [1] Top Performing Stocks - C Haiyang (603382) had a closing price of 55.97 yuan with a turnover rate of 85.43% and a remarkable increase of 386.70% [1] - Zhongke Magnetic (301141) closed at 68.13 yuan, with a turnover rate of 67.96% and a gain of 3.20% [1] - Yingsite (301622) closed at 97.32 yuan, achieving a turnover rate of 60.53% and a rise of 20.00% [1] - Jiangnan New Materials (603124) closed at 48.20 yuan, with a turnover rate of 57.58% and an increase of 4.83% [1] - Xiongdi Technology (300546) closed at 34.41 yuan, with a turnover rate of 56.64% and a gain of 7.20% [1] Additional Notable Stocks - Kangliyuan (301287) closed at 50.52 yuan, with a turnover rate of 48.58% and a slight decrease of 0.26% [1] - Qingmu Technology (301110) closed at 72.42 yuan, achieving a turnover rate of 46.33% and a rise of 20.00% [1] - Baixinglong (833075) closed at 46.99 yuan, with a turnover rate of 44.54% and an increase of 29.99% [1] - Hengbao Co., Ltd. (002104) closed at 11.82 yuan, with a turnover rate of 44.51% and a gain of 2.34% [1] - Guokang Biochemical (300804) closed at 61.10 yuan, with a turnover rate of 42.76% and a slight increase of 1.08% [1]

Group 1: Company Overview and Strategy - Since its listing, Jinling Sports has actively positioned itself in the sports industry, focusing on brand-driven expansion and maintaining stable original business while gradually realizing the value of new business segments [2][3] - The company aims to enhance the sports consumption experience and quality by developing a sports consumption brand matrix, targeting the establishment of a century-old national sports brand [2][3] Group 2: Industry Outlook - The Chinese sports industry is expected to grow significantly, with the market size projected to reach 5 trillion yuan, and the industry's contribution to GDP anticipated to rise to 4% by 2035 [3][4] - In 2020, the sports industry accounted for only 1.0% of GDP in China, which is considerably lower than the 3%-4% seen in developed countries [3] Group 3: Recent Performance and Challenges - The company experienced a decline in sales due to a sluggish market economy and fewer events held during the reporting period, impacting service revenue significantly [5] - Major events like the Hangzhou Asian Games and Chengdu Universiade in 2023 utilized high-end equipment, but the number of events in 2024 is expected to decrease compared to the previous year [5] Group 4: Future Growth Drivers - Jinling Sports is exploring growth points in the 2C business sector, focusing on enhancing sports consumption services and experiences [6] - The company plans to leverage its reputation and experience from past large-scale events to expand domestic and international event service projects, thereby increasing service revenue [6] Group 5: Market Risks - The impact of the Scottish Premier League on the company's performance is currently minimal, but there are concerns about market volatility and irrational trading behavior in the A-share market [6]

Group 1 - The "Su Super" phenomenon has significantly boosted football-related stocks, with companies like Gongchuang Turf achieving a 7-day consecutive limit-up and Jinling Sports seeing a stock price increase of 156% from May 29 to June 9 [1][3] - The Suzhou Artificial Intelligence Industry Association is seeking innovative products and solutions to enhance the performance of the Suzhou football team, aiming for success in the 2025 Jiangsu Province City Football League [7] - The "Su Super" event has gained immense popularity, comparable to other regional events, leading to discussions about similar leagues in other provinces like "Lu Super" and "Yu Super" [7] Group 2 - Gongchuang Turf has issued multiple risk warnings following its stock price surge, stating that the domestic football events will not significantly impact its business operations or performance [8][11] - As of June 9, Gongchuang Turf's stock price had increased by 73.79% over six consecutive trading days, with a turnover rate of 12.73%, indicating a significant deviation from the Shanghai Composite Index [11] - The company emphasizes that its main revenue source remains leisure turf, which constitutes 69.93% of its income, while sports turf accounts for 20.25%, indicating that the recent football events do not alter its core business focus [11]