Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The "Strengthening Ocean Economy" strategy is accelerating, with significant developments in offshore wind power, ultra-deepwater platforms, and breakthroughs in high-end shipbuilding [2] - The central government's focus on high-quality development of the marine economy presents long-term growth opportunities for deep-sea technology and related industries [3] Summary by Sections Wind Power - The wind power sector is expected to see a profit restructuring and order expansion, with high demand projected for 2025. The domestic wind power installation reached 19.96 GW from January to April 2025, with a total bidding capacity of 53.4 GW from central state-owned enterprises [3] - The deep-sea wind power projects are entering a substantial advancement phase, with notable projects like the Zhejiang deep-sea demonstration project initiating equipment bidding, creating new opportunities for suppliers [3] - Recommended stocks include XinQiangLian, with related stocks being Tongyu Heavy Industry [3] Oil and Gas Equipment - The marine oil and gas sector is becoming a crucial growth area for China's energy supply, with marine crude oil accounting for nearly 80% of the national crude oil increment [3] - China has made significant advancements in deepwater oil and gas exploration, breaking the monopoly of a few international oil companies, exemplified by the domestically designed and built sixth-generation ultra-deepwater drilling platform "Fenjin" [3] - Recommended stocks include Jereh, Neway, with related stocks being CIMC, CNOOC, PetroChina, and China Oilfield Services [3] Shipbuilding Industry - The policy support is accelerating the construction of deep-sea equipment, with high demand arising from deep-sea oil and gas development, offshore wind power, and marine fisheries [3] - Key breakthroughs have been achieved in high-end ship types such as LNG carriers and ultra-deepwater drilling platforms, with the industry experiencing high levels of new orders and deliveries [3] - Recommended stocks include China Shipbuilding, China Shipbuilding Defense, and Zhenhua Heavy Industry [3]

Financial Performance Summary - In 2024, the company achieved operating revenue of 2.946 billion yuan, representing a year-on-year increase of 4.32% compared to 2.824 billion yuan in 2023 [2] - The net profit attributable to shareholders was 65.38 million yuan, a significant decline of 82.56% from 374.84 million yuan in the previous year [2] - The net profit after deducting non-recurring gains and losses was 149.06 million yuan, down 50.23% from 299.52 million yuan in 2023 [2] - The net cash flow from operating activities was 444.72 million yuan, a substantial improvement from a negative cash flow of 79.02 million yuan in the previous year, marking a 661.52% increase [2] Q1 2025 Performance - In the first quarter of 2025, the company reported operating revenue of 926.36 million yuan, a remarkable increase of 107.46% compared to 446.53 million yuan in the same period last year [4] - The net profit attributable to shareholders was 170.48 million yuan, a turnaround from a loss of 51.77 million yuan in the previous year [4] - The net profit after deducting non-recurring gains and losses reached 124.42 million yuan, a significant increase of 415.27% from 24.15 million yuan in Q1 2024 [4] - The net cash flow from operating activities was 100.80 million yuan, a decrease of 64.09% from 280.69 million yuan in the same period last year [4] Dividend Distribution - The company proposed a profit distribution plan for 2024, which includes a cash dividend of 0.92 yuan per 10 shares, totaling approximately 33.00 million yuan to be distributed to shareholders [2]

Core Viewpoint - The announcement details the conversion of the company's bonds into shares, including adjustments to the conversion price and the impact on the company's total share capital [1][3][4]. Group 1: Convertible Bond Issuance - The company issued convertible bonds totaling 1.21 billion yuan, with the issuance approved by the China Securities Regulatory Commission [1]. - The bonds were offered to existing shareholders first, with any remaining amount sold to the public through the Shenzhen Stock Exchange [1]. Group 2: Listing and Trading - The convertible bonds, named "强联转债" with code "123161," began trading on October 27, 2022 [3]. Group 3: Conversion Price Adjustments - The initial conversion price was set at 86.59 yuan per share, which was later adjusted to 40.64 yuan per share effective from May 29, 2023 [3][4]. - Subsequent adjustments were made, with the conversion price changing to 40.91 yuan on September 21, 2023, and then to 40.36 yuan on October 31, 2023 [4][5]. Group 4: Share Capital Changes - As of June 30, 2025, the total number of shares increased from 358,745,103 to 380,902,262 due to the conversion of bonds [8]. - The remaining convertible bonds as of June 30, 2025, amounted to 7,247,947, with a corresponding convertible bond value remaining [7].

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 洛阳新强联回转支承股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 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。 根据《深圳证券交易所创业板股票上市规则》和《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，洛阳新强联回转支承股份有限公司（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"强联转债"）转股 及公司总股本变化情况公告如下： 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《关于同意洛阳新强联回转支承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〔2022〕2158号）同意注册，公司于 2022年10月11日向不特定对象发行了1,210.00万张可转换公司债券，每张面值100元， 按面值发行，发行总额为121,000万元。发行方式 ...

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 公司董事会对周波兴先生在担任持续督导保荐代表人期间所做出的贡献表示衷心 感谢！ 特此公告。 洛阳新强联回转支承股份有限公司 关于变更持续督导保荐代表人的公告 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。 洛阳新强联回转支承股份有限公司（以下简称"公司"）近日收到东兴证券股份有 限公司（以下简称"东兴证券"）出具的《关于更换持续督导保荐代表人的函》，具体 情况如下： 东兴证券作为公司向不特定对象发行可转换公司债券项目的保荐机构，目前正在履 行持续督导职责。东兴证券原委派周波兴先生、胡杰畏先生作为公司保荐代表人，负责 上述项目的持续督导工作。公司向不特定对象发行可转换公司债券项目的法定持续督导 期至 2024 年 12 月 31 日止。截至 2024 年 12 月 31 日，公司向不特定对象发行可转换公 司债券募集资金尚未使用完毕，东兴证券将继续履行对公司剩余募 ...

洛阳新强联回转支承股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【621】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。 本评级报告版权归本评级机构所有，未经授 ...

回转支承专业制造 | 证券代码：300850 | 证券简称：新强联 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：123161 | 债券简称：强联转债 | | 是否为第一大股东或实际控制人 是 否 2.本次权益变动情况 股份种类（A 股、B 股等） 减持股数（万股） 减持比例（%） A 股（集中竞价） 5.86 0.02 A 股（被动稀释） - 0.37 合计 5.86 0.39 本次权益变动方式（可多选） 通过证券交易所的集中交易 协议转让 □ 通过证券交易所的大宗交易 间接方式转让 □ 国有股行政划转或变更 □ 执行法院裁定 □ 取得上市公司发行的新股 □ 继承 □ 赠与 □ 表决权让渡 □ 其他 ☑（因可转换公司债券转股导致总 股本增加从而被动稀释股份） 3.本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股份性质 本次变动前持有股份 本次变动后持有股份 股数(万股) 占总股本比例 (%) 股数(万股) 占总股本比例 (%) 合计持有股份 2,291.2097 6.39 2,285.3497 6.00 其中：无限售条件股份 2,291.2097 ...

Group 1 - The company has approved a guarantee for its wholly-owned subsidiary, New Qianglian (Jiangsu) Heavy Industry Technology Co., Ltd., to apply for a bank credit of up to RMB 385 million from Shanghai Pudong Development Bank Suzhou Branch [2][3] - The guarantee is part of the company's development plan and is aimed at meeting the operational funding needs of New Qianglian Heavy Industry [3] - The registered capital of New Qianglian Heavy Industry has increased from RMB 30 million to RMB 160 million after introducing new minority shareholders [3] Group 2 - The company continues to provide a guarantee of up to RMB 385 million for various financing activities of New Qianglian Heavy Industry with the bank [3][4] - A counter-guarantee agreement has been signed with the new minority shareholders, who will provide unconditional and irrevocable counter-guarantees for 10% of the company's actual payments made on behalf of New Qianglian Heavy Industry [3][4] - The total amount of external guarantees provided by the company and its subsidiaries is RMB 1.0218 billion, accounting for 19.99% of the latest audited net assets [4]

回转支承专业制造 证券代码：300850 证券简称：新强联 公告编号：2025-036 债券代码：123161 债券简称：强联转债 回转支承专业制造 洛阳新强联回转支承股份有限公司 关于为子公司提供担保的补充公告 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 洛阳新强联回转支承股份有限公司（以下简称"公司"）于 2024 年 5 月 28 日召开 第四届董事会第六次会议审议通过了《关于为全资子公司提供担保的议案》，同意公司 为新强联（江苏）重工科技有限责任公司（以下简称"新强联重工"）向上海浦东发展 银行股份有限公司苏州分行（以下简称"浦发银行苏州分行"）申请银行授信提供最高 不超过 38,500 万元的连带责任保证担保，具体担保额度、担保期限以最终签订协议为 准，同时授权公司董事长及其委托代理人根据新强联重工的经营实际需要办理上述事项， 具体内容详见公司 2024 年 5 月 28 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关 于为全资子公司提供担保的公告》（公告编号：2024-028）。 二、担保进展情况 2024 ...

Group 1 - The core viewpoint of the articles highlights the positive operational developments of listed companies in the second quarter of 2025, showcasing advancements in various sectors such as semiconductors, robotics, new energy, and new materials [2][3] - Companies are actively sharing updates on project progress, new technologies, and orders, indicating a trend of industrial upgrades and strategic transformations [2][3] - High-growth sectors continue to exhibit strong growth momentum, while cyclical industries are seeking balance amid supply-demand adjustments [3] Group 2 - Chip companies are benefiting from the AI industry, with interconnect chip orders exceeding RMB 12.9 billion as of April 22, 2025, and expectations for significant growth in DDR5 memory interface chip demand [4] - Traditional cyclical industries like coal and chemicals are showing resilience through cost control and structural optimization, with companies like Guanghui Energy anticipating stabilization in coal prices due to various market factors [4][5] - Manufacturing companies are focusing on improving production efficiency and meeting customer demands, with firms like Xinqianglian and Guangxin Materials reporting strong order backlogs and plans for product launches [5] Group 3 - Many listed companies are already building momentum for annual revenue growth, particularly in emerging sectors like new energy and robotics, with plans for market expansion and quality enhancement through mergers and acquisitions [6] - Companies like Longmag Technology are localizing raw material supply to reduce production costs and enhance supply chain stability [6] - Hechuan Technology is actively developing humanoid robots and plans to launch new products in the second half of 2025 [6] Group 4 - The new merger regulations have made acquisitions a key strategy for A-share companies to optimize resource allocation, with firms like Chenhua Co. targeting investments in new materials and fine chemical agents [7] - Guoxing Optoelectronics is focusing on upstream and downstream opportunities in the LED and optical sensing sectors, while Zhenbaodao is exploring new industries through asset acquisitions [7] - Huichuan Technology is looking for overseas acquisition opportunities, concentrating on automation, digitalization, and intelligent sectors that align with its core business [7]