Key Points - The company, Nanshan Zhishang Technology Co., Ltd., has issued convertible bonds totaling 6,995,800 units, with a net fundraising amount of approximately RMB 691.99 million after deducting related expenses [1][2] - The initial conversion price for the bonds was set at RMB 12.33 per share, which was later adjusted to RMB 12.17 due to profit distribution in 2022 [2][3] - A further downward adjustment of the conversion price to RMB 9.52 per share will take effect on May 29, 2024, following a decline in the stock price [3][4] - The bonds are subject to conditional redemption, which was triggered as the stock price exceeded 130% of the conversion price for at least 15 trading days [4][6] - The redemption price for the bonds is set at RMB 100.38 per unit, including accrued interest, with the redemption date scheduled for March 26, 2025 [7][8] - As of March 25, 2025, there were 10,400 units of the convertible bonds remaining unconverted, with a total redemption payment of approximately RMB 1.04 million [8][9] - The total number of shares increased by 74,705,856 due to the conversion of the bonds, which may dilute the earnings per share in the short term [9]

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。 特别提示： 1、"智尚转债"赎回日：2025 年 3 月 26 日 2、投资者赎回款到账日：2025 年 4 月 2 日 3、"智尚转债"摘牌日：2025 年 4 月 7 日 一、可转换公司债券基本情况 1、可转换公司债券发行情况 | 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-053 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"摘牌的公告 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）同意 注册，山东南山智尚科技股份有限公司（以下简称"公司"）向不特定对象发行 可转换公司债券（以下简称"可转债"）699.58 万张，发行价格为每张人民币 100.00 元，募集资金总额为人民币 699,580,000.00 元，扣除承销保荐费人民币 5,596,640.00 元（不含税）后实际收到的金额为人民币 693,98 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于山东南山智尚科技股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0098 号 致：山东南山智尚科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《山 东南山智尚科技股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会 议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 宜，出具 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-052 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"赎回结果的公告 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 1、可转换公司债券发行情况 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）同意 注册，山东南山智尚科技股份有限公司（以下简称"公司"）向不特定对象发行 可转换公司债券（以下简称"可转债"）699.58 万张，发行价格为每张人民币 100.00 元，募集资金总额为人民币 699,580,000.00 元，扣除承销保荐费人民币 5,596,640.00 元（不含税）后实际收到的金额为人民币 693,983,360.00 元。另 减除审计费用、律师费用、信息披露费用、资信评级费用和发行手续费等与发行 可转债直接相关的外部费用 1,995,090.26 元（不含税）后，公司本 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-054 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、股东大会召开的时间：2025 年 4 月 3 日 2、股东大会召开的地点：山东省烟台市龙口市南山国际会议中心三楼白玉 厅 3、本次会议由山东南山智尚科技股份有限公司(以下简称"公司")董事会 召集，会议由董事长赵亮先生主持，并采取现场投票和网络投票相结合的方式召 开及表决，本次股东大会的召开及表决方式符合《公司法》《证券法》《深圳证 券交易所创业板股票上市规则》等相关法律法规及《公司章程》的规定，会议召 开合法有效。 4、出席会议的股东及其持有股份情况 出席会议的股东和代理人人数合计为 139 人，出席会议的股东所持有表决权 的股份总数为 264,385 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-051 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于 2025 年第一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。 特别提示： 1、智尚转债（债券代码：123191）转股期限为 2023 年 10 月 16 日至 2025 年 3 月 25 日；最新有效的转股价格为人民币 9.35 元/股。 2、2025 年第一季度，共有 6,433,552.00 张"智尚转债"（票面金额人民币 643,355,200.00 元）完成转股，合计转成 68,804,392.00 股"南山智尚"（股票代 码：300918）股票。 3、截至 2025 年第一季度末，公司剩余可转债 10,400.00 张，剩余可转债票面 总金额为人民币 1,040,000.00 元，剩余可转债将按照 100.38 元/张（含当期应计利 息，当期年利率为 0.40%，且当期利息含税）的价格被强制赎回。 根据《深圳证券交 ...

Core Viewpoint - The event showcased the potential of fine wool fabrics through innovative designs by young Chinese designers, highlighting the strategic transformation of Nanshan Zhishang towards a full-category apparel provider [1][2]. Group 1: Event Overview - The Nanshan Zhishang Cup Fashion Design Competition and New Product Trend Release Show took place during China International Fashion Week on March 26 [1]. - The event was guided by the China National Textile Industry Council and co-hosted by the China Fashion Designers Association and Nanshan Zhishang Technology Co., Ltd. [1]. Group 2: Strategic Developments - Nanshan Zhishang is focusing on innovative designs in down jackets and outdoor apparel, marking a strategic shift towards a full-category apparel business [2]. - The company has received the Woolmark Gold certification, underscoring its leading position in the fine wool textile industry [2]. - A joint venture contract was signed with PT TIDEZEN NEW TEXTILE MATERIALS to establish a new apparel production project in Indonesia, aiming to produce 160,000 sets of suits, workwear, and shirts annually [2]. Group 3: Future Directions - Through collaborations with various designers, Nanshan Zhishang is exploring the application potential of fine wool fabrics across different apparel categories [3]. - The company aims to transition from a traditional fine wool fabric supplier to a comprehensive solution provider for the entire apparel category [3][4]. - Nanshan Zhishang will continue to uphold innovation and enhance its entire industry chain system in the apparel sector [4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2024, the company is projected to achieve revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a decrease of 5.82% year-on-year [2][3]. - The decline in profit is attributed to weak performance from downstream apparel brands affecting the fine woolen fabric business and increased interest expenses due to convertible bond issuance [3][4]. - The company has successfully initiated trial production of an 80,000-ton high-performance differentiated nylon filament project, marking the beginning of a second growth curve [4][9]. - The demand for tendon materials made from ultra-high molecular weight polyethylene fibers is expected to grow rapidly with the increase in humanoid robots [10]. Summary by Sections Financial Performance - In 2024, the fine woolen fabric business generated revenue of 810 million yuan, down 9.54% year-on-year, while the apparel segment achieved revenue of 611 million yuan, up 4.45% year-on-year [3]. - The ultra-high fiber segment saw revenue of 176 million yuan, a significant increase of 94.75% year-on-year, with a sales volume of 3,303.61 tons, up 119.69% [3][10]. Business Development - The company has a production capacity of 44,000 tons of PA6 filament, with equipment sourced from Japan and Germany, primarily used in various apparel applications [4][9]. - The high-strength polyethylene (PE) segment currently has a capacity of 3,600 tons, producing various specifications suitable for multiple applications, including defense and robotics [10]. Future Outlook - The company forecasts net profits of 266 million yuan, 328 million yuan, and 384 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61 yuan, 0.76 yuan, and 0.88 yuan [11][13]. - The projected P/E ratios for the same years are 32.8X, 26.6X, and 22.7X, indicating a positive outlook for the company's valuation [11].

Core Viewpoint - Zhonghang Securities initiates coverage on Nanshan Zhishang with a "Buy" rating, highlighting the company's stable main business and its entry into the robotics industry [1][2] Company Overview - Nanshan Zhishang, originally in the textile and apparel industry, has developed new materials such as ultra-high molecular weight polyethylene fibers and nylon through group resources [2] - The company is a subsidiary of Nanshan Group, a top 500 enterprise in China, with diversified operations including aluminum, petrochemicals, new materials, and finance [2] Business Performance - The traditional textile and apparel business remains stable, with revenue from the fine woolen fabric segment at 810 million yuan (down 9.5%) and a gross margin of 35.5% (up 1.54 percentage points) [2] - The clothing segment achieved revenue of 610 million yuan (up 4.5%) with a gross margin of 36.6% (up 0.75 percentage points) [2] - The new materials segment showed significant growth, with ultra-high fiber revenue reaching 180 million yuan (up 94.8%), although gross margin decreased to 10.2% (down 9.7 percentage points) due to pricing pressures [2] Financial Data - The company experienced increased financial expenses primarily due to convertible bond interest and construction costs for the nylon project [2] - Asset impairment losses were significant due to inventory depreciation and changes in contract asset valuation [2] - Cash flow from financing increased due to the repayment of operating loans and a high base from share buybacks in the previous year [2] New Material Capacity Expansion - The company has a current capacity of 3,600 tons for ultra-high molecular weight polyethylene, expected to reach full operational status by July 2024 [2] - An investment of 1.5 billion yuan is allocated for an 80,000-ton nylon filament project, with trial production expected to start in November 2024 and mass production in 2025 [2] Entry into Robotics Materials Industry - Nanshan Zhishang aims to align with industry leaders like DSM, leveraging its product advantages in strength, wear resistance, and insulation for applications in robotics [2] - The company’s nylon 66 products are expected to open new application spaces in the robotics sector [2] Synergy with Yulong Petrochemical - Yulong Petrochemical, a major investment project of Nanshan Group, is set to enhance the company's raw material cost efficiency and create opportunities for new materials projects [2] Investment Outlook - The company is projected to achieve revenues of 2.21 billion yuan, 2.83 billion yuan, and 3.53 billion yuan from 2025 to 2027, with year-on-year growth rates of 36.4%, 28.2%, and 25.0% respectively [2] - Expected net profits for the same period are 270 million yuan, 340 million yuan, and 410 million yuan, with corresponding growth rates of 40.3%, 25.1%, and 21.5% [2]

Core Insights - The article discusses the emerging opportunities and challenges in the robotic tendon market, highlighting the importance of materials in enhancing the performance of robotic hands [1] Technological Evolution - Traditional robotic joints relied on torque springs, which had limitations such as size, response time, and energy consumption. The introduction of tendons, mimicking human muscle mechanisms, significantly improved the lightweight and flexibility of robotic hands [2] - Mainstream tendon materials include high-strength steel wire and ultra-high molecular weight polyethylene (UHMWPE) fibers. High-strength steel wire is known for its load-bearing capacity, while UHMWPE is preferred for lightweight designs due to its low density and high wear resistance [2][3] - Companies like Daye Co. (大业股份) and Jiangsu Jiuzhou Star (江苏九州星际) are key players in the tendon material market, with Daye Co. focusing on steel wire and Jiuzhou Star leading in UHMWPE production [2][4] Industry Chain Landscape - Daye Co. is transitioning into the tendon market with plans to establish a subsidiary for tendon research and development, although their products have not yet been mass-produced [4] - Henghui Security (恒辉安防) is expanding its UHMWPE capacity, with a current production of 3,000 tons and plans for an additional 4,800 tons, although they have not yet secured orders for robotic applications [5] - Tongyi Zhong (同益中) has a near-full capacity of 8,000 tons of UHMWPE and is positioned to respond quickly to customized demands despite not having direct orders from robot manufacturers [7] - Nanshan Zhishang (南山智尚) has a production capacity of 3,600 tons and is in discussions with multiple robot manufacturers, with their products meeting basic requirements for robotic applications [8] Market Outlook - The cost of tendons represents about 10% of the total cost of robotic hands, with UHMWPE being significantly cheaper than steel wire, potentially accelerating the replacement of traditional materials [9] - The demand for tendon materials is expected to grow exponentially as humanoid robots become more prevalent, with UHMWPE also applicable in various other robotic components [9] - Current tendon business contributions to company revenues are minimal, with most companies still in the research and testing phase [9] Conclusion - The competition in the robotic tendon market is fundamentally about material innovation and industry chain collaboration, with UHMWPE likely to become mainstream while high-strength steel wire remains irreplaceable in specific scenarios [10] - Key factors for investors to monitor include technological breakthroughs, production capacity expansions, and order validations from leading manufacturers like Tesla [10]