| 证券代码：300793 | 证券简称：佳禾智能 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码:123237 | 债券简称:佳禾转债 | | 佳禾智能科技股份有限公司 关于出售控股子公司 51%股权暨完成工商变更的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 一、交易概述 根据佳禾智能科技股份有限公司（以下简称："公司"或"佳禾智能"）业 务发展规划，降低公司运营成本，公司与重庆正德科技股份有限公司（以下简称 "正德科技"）签署了《股权转让协议》，将持有的中创广通科技（广东）有限 公司（以下简称"中创广通"）51%的股权以人民币1,410,668.35元的价格转让给 正德科技。本次股权转让完成后，公司将不再持有中创广通的股权，中创广通的 财务报表也不再纳入公司合并报表范围。 公司与正德科技无关联关系，上述交易不构成关联交易，亦不构成《上市公 司重大资产重组管理办法》规定的重大资产重组。根据相关法律法规、《公司章 程》及《公司对外投资管理制度》的规定，本次出售控股子公司中创广通股权的 事项在公司总经理审批权 ...

Group 1: Acquisition and Business Synergy - The company is progressing with the acquisition of Baia, having signed a conditional acquisition agreement on June 6, 2025, and is currently conducting audits and evaluations with intermediary agencies [1] - Post-acquisition, the company aims to leverage Baia's brand strength in the high-end audio sector to enhance brand operation capabilities and profitability [3] - The collaboration is expected to combine consumer and professional audio product strengths, broadening the customer base and meeting diverse market demands [3] Group 2: AI and AR Glasses Development - The company is actively producing and shipping AI/AR glasses for existing clients while maintaining close ties with new customers to facilitate product development [4] - Various configurations of glasses have been developed, providing comprehensive hardware and software solutions to the market [4] - The company plans to promote these solutions to accelerate commercialization [4] Group 3: Impact of Tariffs on Overseas Business - The company acknowledges that changes in tariff policies in certain countries introduce uncertainties for export businesses [5] - It will utilize its production bases in Dongguan, Vietnam, and Jiangxi to adapt to customer needs and order situations flexibly [5] Group 4: Future Strategy in Traditional Acoustics - The company will continue to focus on electroacoustic products and smart wearable devices, increasing R&D investment and nurturing high-end research talent [6] - It aims to explore new product categories in line with market demands while leveraging capital market resources to enhance profitability [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Group 1: Core Insights - A-share companies are experiencing significant overseas expansion, with notable achievements in infrastructure, biomedicine, and equipment manufacturing, leading to large overseas orders [2][3] - The shift in Chinese enterprises' overseas strategy is moving from cost-driven to innovation-driven, leveraging advanced supply chains, international talent, and digital technologies [2] Group 2: Large Orders and Competitive Strength - A-share companies have secured substantial overseas contracts, particularly in the infrastructure sector, with notable projects including a $1.6 billion contract for a gas processing plant in Iraq and contracts totaling approximately 5.34 billion yuan for the China-Kyrgyzstan-Uzbekistan railway [3][4] - In the biomedicine sector, companies like Rongchang Bio are accelerating internationalization, exemplified by a licensing agreement with Vor Bio worth up to $4.1 billion [4] - Equipment manufacturing firms are also making strides, with agreements such as a $406 million contract for a conveyor system in Guinea, enhancing their international market presence [4] Group 3: Accelerated Overseas Capacity Layout - Several A-share companies are intensifying their overseas production capacity, viewing local production as a key driver for global competitiveness [6] - Companies like Linglong Tire are investing $1.193 billion in a production base in Brazil, aiming for an annual output of 14.7 million high-performance tires [6] - Other firms, such as North Special Technology and Zhongke Electric, are also establishing production bases in Thailand and Oman, respectively, to enhance their global supply chain [7] Group 4: Rising Trend of Overseas Mergers and Acquisitions - The number of disclosed overseas mergers and acquisitions by A-share companies has surpassed 60 in the first half of the year, with a focus on electronics, automotive parts, and machinery [9] - Companies are pursuing overseas acquisitions to enter emerging markets and enhance their technological capabilities, as seen with Dongshan Precision's dual acquisitions in the optical communication sector [9][10] - The strategy of overseas mergers and acquisitions is aimed at resource and market integration, with firms like Luoyang Molybdenum consolidating their overseas mineral resource reserves [10]

3、截至2025年6月30日，公司剩余可转债为4,317,374张，剩余票面总金额为 431,737,400元。 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》的有关规定，佳禾智能科技股份有限公 司（以下简称"公司"）现将2025年第二季度可转换公司债券（以下简称"佳禾 转债"）转股及公司总股本变化情况公告如下： | 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-058 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 关于 2025 年第二季度可转债转股情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记 载、误导性陈述或者重大遗漏。 特别提示： 1、佳禾转债（债券代码：123237）转股期为2024年7月10日至2030年1月3日； 最新转股价为13.46元/股。 2、2025年第二季度：共有160张佳禾转债完成转股（票面金额共计16,000元）， 合计转成1,177股佳禾智能 A 股股票（股票代码：300793）。 一、可转换公司债 ...

| 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-057 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 1 | 中国建设 | 中国建设银行广 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 银行股份 | 东分行单位人民 币定制型结构性 | 结构性存款 | 10,000.00 | 2025/6/12 | 2025/9/10 | 0.65%-2.40% | | 有限公司 | | | | | | | | | 存款 | | | | | | | 中国建设 | 中国建设银行广 | | | | | | | 银行股份 | 东分行单位人民 | 结构性存款 | 10,000.00 | 2025/6/13 | 2025/9/15 | 0.65%-2.40% | | | 币定制型结构性 | | | | | | | 有限公司 | | | | | | | | | 存款 | | | | | | 二、关联关系说明 关于使用暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保 ...

| 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-056 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 关于使用自有资金进行现金管理的进展公告 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。 佳禾智能科技股份有限公司（以下简称"公司"）于2024年12月24日召开 第三届董事会第二十一次会议、第三届监事会第十五次会议，审议通过了《关 于使用自有资金进行现金管理的议案》，同意公司在确保不影响正常运营情况下， 使用不超过7.5亿元（含本数）自有资金进行现金管理，投资由商业银行等金融 机构发行的安全性高、流动性好、短期（不超过12个月）的投资理财品种，上述 额度有效期为自2025年1月30日起至2025年12月31日止，在前述额度和期限范围 内，可循环滚动使用。上述内容详见2024年12月24日公司刊登在巨潮资讯网 （www.cninfo.com.cn）《关于使用自有资金及闲置募集资金进行现金管理的公 告》（公告编号：2024-120）。 一、 使用闲置自有资金购买理财产品基本 ...

2024 年佳禾智能科技股份有限公 司向不特定对象发行可转换公司 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【150】号 01 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 ...

证券代码：300793.SZ 证券简称：佳禾智能 转债代码：123237.SZ 转债简称：佳禾转债 佳禾智能科技股份有限公司 可转换公司债券 受托管理事务报告（2024 年度） 发行人：佳禾智能科技股份有限公司 （广东省东莞市松山湖园区科苑路 3 号） 受托管理人：招商证券股份有限公司 如无特别说明，本报告中相关用语具有与《募集说明书》中相同的含义。 2 （广东省深圳市福田区福田街道福华一路 111 号） 2025 年 6 月 1 重要声明 依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《佳禾 智能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》（以下简 称"《募集说明书》"）、《佳禾智能科技股份有限公司与招商证券股份有限公司 关于佳禾智能科技股份有限公司可转换公司债券受托管理协议》（以下简称"《受 托管理协议》"）等相关规定及约定，招商证券股份有限公司（以下简称"招商证 券"、"受托管理人"）作为本次债券的受托管理人编制本报告。招商证券编制 本报告的内容及信息均来源于公开信息、佳禾智能科技股份有限公司（以下简称 "佳禾智能"、"公司"、"发行人"）对外发布的 2024 年年度报告等公 ...

| 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-055 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 关于公司与全资子公司互相担保的进展公告 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。 一、担保情况概述 佳禾智能科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第三届董事会第二十三次会议、第三届监事会第十七次会议，审议通过《关于 公司与全资子公司或全资子公司之间互相担保的议案》。并于 2025 年 5 月 20 日 召开了 2024 年度股东大会审议通过上述议案。 为满足公司与全资子公司经营发展及向银行申请授信所需，同意公司及其 全资子公司拟向银行申请综合授信不超过 38 亿元，用于向相关银行申请流动资 金贷款、项目贷款、固定资产贷款、并购贷款、收购贷款、银行承兑汇票、网 络供应链、保函、保理、开立信用证、押汇、贸易融资、票据贴现、融资租赁、 衍生品交易等融资业务（最终以各银行实际审批的授信额度为准）。融资担保 方式包括但不限于：信用、公司 ...