Group 1 - The company announced the conversion situation of its convertible bonds for the second quarter of 2025, with the initial conversion price set at 28.70 CNY per share, now adjusted to 20.35 CNY per share [1][3] - The total amount of the remaining convertible bonds is 408,838,800 CNY, with 12,915 shares of "Songyuan Safety" stock converted [1][4] - The convertible bonds were issued with a total amount of 410 million CNY, approved by the China Securities Regulatory Commission [2] Group 2 - The convertible bonds were listed on the Shenzhen Stock Exchange on August 22, 2024, under the name "Songyuan Convertible Bonds" with the code "123244" [2] - The conversion period for the bonds started on February 7, 2025, and will last until July 31, 2030 [2] - The conversion price was adjusted due to the company's stock incentive plan, changing from 28.69 CNY to 20.35 CNY effective June 6, 2025 [3][4] Group 3 - The total share capital of the company increased from 226,188,700 shares to 226,331,260 shares due to the issuance of restricted stock [2][4] - The company plans to distribute cash dividends to shareholders, with a proposal to increase capital by 40% for every 10 shares held [3] - The total share capital after the conversion and adjustments is 316,914,122 shares [4]

| 证券代码：300893 | 证券简称：松原安全 公告编号：2025-044 | | --- | --- | | 债券代码：123244 | 债券简称：松原转债 | 浙江松原汽车安全系统股份有限公司 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。 一、可转换公司债券基本情况 （一）可转债发行情况 公司经中国证券监督管理委员会"证监许可〔2023〕2621号"文核准，于 2024年8月1日向不特定对象发行了410.00万张可转换公司债券，每张面值100元， 发行总额41,000.00万元。 （二）可转债上市情况 经深交所同意，公司41,000.00万元可转换公司债券已于2024年8月22日起在 深交所挂牌交易，债券简称"松原转债"，债券代码"123244"。 特别提示： 1、"松原转债"（债券代码：123244）转股期限为 2025 年 2 月 7 日 至 2030 年 7 月 31 日，初始转股价格为 28.70 元/股。最新有效的转股价格 为 20.35 元/股。 2、2025 年第二季度，共有 2 ...

浙江松原汽车安全系统股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《公司 信用类债券信息披露管理办法》《深圳证券交易所公司债券上市规则》（以下简 称"上市规则"）、浙江松原汽车安全系统股份有限公司（以下简称"发行人" 或"公司"）与中信建投证券股份有限公司（以下简称"中信建投证券"或"受 托管理人"）签订的债券受托管理协议（以下简称"受托管理协议"）及其它相 关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等，由受托管 理人中信建投证券编制。中信建投证券编制本报告所引用的财务数据，引自经天 健会计师事务所（特殊普通合伙）审计的 2024 年年度审计报告和发行人出具的 2024 年年度报告。本报告其他内容及信息来源于第三方专业机构出具的专业意 见以及发行人提供的资料或说明，请投资人关注并独立做出投资判断。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 ...

Core Viewpoint - Zhejiang Songyuan Automotive Safety Systems Co., Ltd. maintains a stable credit rating of A+ for its main entity and "Songyuan Convertible Bonds," reflecting its competitive advantages in technology research and customer resources within the automotive passive safety system sector [1][3][4]. Company Overview - The company, established in 2001, specializes in the research, design, production, and sales of automotive passive safety system products, including seat belts, airbags, and steering wheels [8][9]. - As of March 2025, the company has a total share capital of 226.36 million yuan, with the largest shareholder holding 46.59% [8]. Financial Performance - In 2024, the company achieved total revenue of 1.971 billion yuan, a year-on-year increase of 53.94%, and a profit of 292 million yuan, up 31.56% [5][9]. - The company's total assets reached 3.253 billion yuan by March 2025, with total liabilities increasing, indicating a growing debt burden but still maintaining a reasonable leverage level [6][9]. Operational Insights - The company has a stable customer base but faces high customer concentration, with the top five customers accounting for 71.33% of total sales in 2024, an increase of 5.91 percentage points year-on-year [5][25]. - The company is expanding its production capacity, with annual production capacities for seat belts, airbags, and steering wheels projected at 26 million, 2.6 million, and 2.6 million units, respectively [5][26]. Industry Context - The automotive parts industry is closely tied to the overall automotive market, with demand fluctuations potentially impacting the company's operations and profitability [5][6]. - The industry is experiencing growth, particularly in the electric vehicle segment, which supports the demand for automotive components [15][17]. Risk Factors - The company faces risks related to the automotive industry's cyclical nature, potential capital expenditure pressures from ongoing projects, and high reliance on major customers [4][6][19]. - Future performance may be influenced by market conditions, industry policies, and the company's ability to manage its receivables effectively [4][6][19].

联合〔2025〕4995 号 联合资信评估股份有限公司通过对浙江松原汽车安全系统股份 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 维持浙江松原汽车安全系统股份有限公司主体长期信用等级为 A+， 维持"松原转债"信用等级为 A+，评级展望为稳定。 特此公告 浙江松原汽车安全系统股份有限公 司 2025 年跟踪评级报告 1 www.lhratings.com 二、本报告系联合资信接受浙江松原汽车安全系统股份有限公司（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，联合资信、评级人员与该公司不存在任何影响评级行为独立、 客观、公正的关联关系。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合资信不 对专业机构出具的专业意见承担任何责任。 四、本次跟踪评级结果自本报告出具之日起至相应债券到期兑付日有 效；根据跟踪评级的结论，在有效期内评级结果有可能发生变化。联合资信 保留对评级结果予以调整、更新、终止与撤销的权利。 五、 ...

Core Viewpoint - Songyuan Safety has received significant orders from leading global electric vehicle manufacturers, indicating strong market recognition and growth potential in the automotive safety components sector [1][2]. Group 1: Recent Developments - On June 10, Songyuan Safety announced it received a designated notification from a leading global electric vehicle manufacturer, valued at 45 million yuan [1]. - Since 2025, Songyuan Safety has received three project designations from the same client, with the first order in April amounting to approximately 40 million yuan for 18 products [1]. - In May, the company secured a project designation from a well-known domestic automaker, with a contract value of 440 million yuan for multiple new vehicle safety systems [1]. Group 2: Financial Performance - Songyuan Safety has shown steady growth in profitability, with continuous revenue and net profit increases from 2020 to 2024 [2]. - In Q1 2025, the company reported revenue of 536 million yuan, a year-on-year increase of 45.34%, and a net profit of 73.51 million yuan, up 20.47% [2]. - The company's R&D expenses have consistently increased over the past five years, totaling 288 million yuan, with significant investments in core technologies [2]. Group 3: Asset Growth and Innovation - As of Q1 2025, Songyuan Safety's total assets reached 3.253 billion yuan, marking a historical high and a year-on-year growth of 56.02% [2]. - The company holds 113 valid patents as of December 31, 2024, covering key technologies such as seatbelt pre-tensioners and smart buckles, demonstrating its commitment to innovation [2].

Group 1 - Zhongtai Securities' controlling shareholder plans to increase its stake in the company by 300 million to 500 million yuan within three months, representing up to 0.76% of the total share capital [2] - Fangzheng Technology intends to raise no more than 1.98 billion yuan through a private placement, with the controlling shareholder participating in the subscription [4] - Kexing Pharmaceutical plans to transfer 100% equity of its wholly-owned subsidiary, Shenzhen Tong'an Pharmaceutical Co., Ltd., to Guangxi Zhuang Autonomous Region Drug Research Institute, with no significant legal obstacles [2] Group 2 - Deep Kangjia A has decided to terminate the acquisition of 78% equity in Hongjing Microelectronics due to disagreements on core terms with the counterparty [6] - Haimer Technology is planning a change in company control, with stock suspension continuing for up to three trading days [7] - Dongfang Electric Heat has signed a strategic cooperation agreement with Shanghai Zhishi to develop electronic skin for robots [8] Group 3 - Redik plans to acquire 51% equity in Chengzhan Precision Technology Co., Ltd. for a total consideration of 104 million yuan, aiming to enter the embodied intelligence field [9] - Vanke A sold 22 million A-shares on June 10, raising approximately 146 million yuan, accounting for 0.18% of the total share capital [10] - Jintai Technology has not yet engaged in any business related to stablecoin concepts, despite recent market interest [11] Group 4 - Apac Co., Ltd. received a project designation from a large domestic automotive group, with an expected total sales amount of approximately 360 million yuan over a six-year lifecycle [12] - Ice Wheel Environment won two large cold chain projects with a total bid price exceeding 190 million yuan, representing about 2.9% of the company's projected revenue for 2024 [13] - Songyuan Safety received a project designation from a well-known domestic automotive manufacturer, totaling approximately 45 million yuan [14]

Core Viewpoint - The company has received a notification from Client B to supply safety component products for certain vehicle models, with an expected value of 45 million yuan, indicating ongoing recognition of the company's product technology, quality, and durability by a leading global electric vehicle manufacturer [1] Group 1 - The collaboration with Client B, a champion in global electric vehicle sales and a benchmark for vertical integration in the entire industry chain, enhances the company's multi-client matrix and breaks the limitations of single product dependency [1] - This partnership is expected to strengthen the company's brand influence and reduce reliance on traditional fuel vehicle clients, thereby enhancing its resilience against economic cycles [1] - It is important to note that the notification does not reflect actual purchase volumes, and the actual supply volume may be influenced by various factors, which will not have a significant impact on the company's revenue and profit levels for the current year [1]

| 证券代码：300893 | 证券简称：松原安全 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：123244 | 债券简称：松原转债 | | 浙江松原汽车安全系统股份有限公司 项目定点公告 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。 一、定点通知概况 有权因采购流程所依据的制造要求发生变化而取消或推迟采购产品。同时在试制 过程中，客户若提出技术信息更改将导致产品价格、工装费用或交货时间的变化。 2、该项目量产时间尚未确定，实际供货量可能会受到汽车产业政策、市场需 求和客户生产计划等因素影响，具有不确定性。 浙江松原汽车安全系统股份有限公司（以下简称"公司"）近日收到了国内 知名汽车制造商 B 客户（限于保密要求，无法披露其名称，以下简称"B 客户"） 的定点通知书，公司获得该客户的项目定点，公司作为 B 客户合格供应商，将为 该客户部分车型提供安全件零部件产品，总计金额约 4,500 万元。 二、对上市公司的影响 B 客户作为全球新能源汽车销量冠军及全产业链垂直整合标杆企业，本次定 点为公司零部件产品再次获得其 ...

Overview - The automotive safety belt is a standard component in every vehicle, and the demand for automotive safety belts in China is continuously growing due to the steady increase in automobile production and sales, as well as the rising importance of automotive safety regulations [1][10] - In 2024, the sales revenue of China's automotive safety belt market is projected to reach 87.32 billion yuan, representing a year-on-year growth of 5.92%, with the automotive manufacturing market accounting for over 90% of this revenue [1][10] Market Policies - The Chinese government has issued several policies to support the development of the automotive parts industry, including those focused on enhancing manufacturing reliability and promoting high-quality development in the automotive sector [3][5] - These policies create a favorable environment for the growth of the automotive safety belt industry [3] Industry Chain - The automotive safety belt industry consists of upstream suppliers of raw materials (such as polyester and polypropylene), midstream manufacturers of safety belts, and downstream markets including automotive manufacturing and aftermarket services [6] Current Development - The automotive market in China has seen rapid growth, with production and sales figures for the first quarter of 2025 reaching 7.561 million and 7.47 million vehicles, respectively, indicating a year-on-year increase of 14.5% and 11.2% [8] - This growth in the automotive market provides significant opportunities for the automotive safety belt industry [8] Competitive Landscape - The automotive safety belt industry has high technical requirements and significant capital investment, resulting in high entry barriers and market concentration [12] - International brands like Autoliv and Bosch dominate the high-end market, while domestic companies such as Junsheng Electronics and Songyuan Safety are increasing their competitiveness through innovation [12][14] Representative Domestic Companies - Junsheng Electronics is a leading global automotive electronics and safety supplier, with projected total revenue of 55.86 billion yuan in 2024, of which 38.62 billion yuan comes from automotive safety systems [14][16] - Songyuan Safety is a prominent supplier of passive safety systems in China, with total revenue of 1.971 billion yuan in 2024, and 1.264 billion yuan from automotive safety belt assembly [16] Development Trends - Future trends indicate that safety belts will integrate with intelligent vehicle systems, enhancing safety features such as driver fatigue monitoring and collision warnings [18] - There is also a growing demand for lightweight materials to improve vehicle efficiency, particularly in the context of electric vehicles [18]