I) 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 新世纪评级关于终止宁波震裕科技股份有限公司 主体及可转换公司债券信用评级的公告 受宁波震裕科技股份有限公司(简称"震裕科技"或"公司")委托,上 海新世纪资信评估投资服务有限公司(简称"新世纪评级"或"本评级机构") 对公司主体及 2023 年宁波震裕科技股份有限公司向不特定对象发行可转换 公司债券(简称"震裕转债")进行了信用评级。除因本次评级事项使本评级 机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在 任何影响评级行为独立、客观、公正的关联关系。 2024年6月18日,本评级机构出具《2023年宁波震裕科技股份有限公 司向不特定对象发行可转换公司债券定期跟踪评级报告》。通过对震裕科技主 要信用风险要素的分析,本评级机构评定公司个体信用级别 aa",主体信用等 级 AA,展望为稳定;震裕转债信用级别为 AA。 E-mail: mail@shxsj.com 1 图表 1. 公司主体及存续债评级情况 个体信用级别 支持因素 ...

一、可转债基本情况 | 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 宁波震裕科技股份有限公司 关于震裕转债摘牌的公告 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、可转债发行情况 经中国证券监督管理委员会《关于同意宁波震裕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〕1995 号）同意注册， 公司于 2023 年 10 月 20 日向不特定对象发行了 11,950,000 张可转换公司债券（以 下简称"可转债"），每张面值为人民币 100 元，按面值发行，发行总额为人民币 119,500.00 万元。本次向不特定对象发行的可转债向公司在股权登记日收市后登记 在册的原股东优先配售，原股东优先配售后余额部分（含原股东放弃优先配售部分） 通过深交所交易系统网上向社会公众投资者发行，认购金额不足 119,500.00 万元 的部分由主承销商余额包销。本次发行可转债募集资金由中汇 ...

关于震裕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、可转债基本情况 | 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 宁波震裕科技股份有限公司 1、可转债发行情况 经中国证券监督管理委员会《关于同意宁波震裕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〕1995 号）同意注册， 公司于 2023 年 10 月 20 日向不特定对象发行了 11,950,000 张可转换公司债券（以 下简称"可转债"），每张面值为人民币 100 元，按面值发行，发行总额为人民币 119,500.00 万元。本次向不特定对象发行的可转债向公司在股权登记日收市后登记 在册的原股东优先配售，原股东优先配售后余额部分（含原股东放弃优先配售部分） 通过深交所交易系统网上向社会公众投资者发行，认购金额不足 119,500.00 万元 的部分由主承销商余额包销。本次发行可转债募集资金由中汇会计师事 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [5]. Core Insights - The company reported a revenue of 7.129 billion yuan for 2024, representing an 18.45% year-on-year increase, and a net profit attributable to shareholders of 254 million yuan, up 493.77% year-on-year [1]. - The company is focusing on its humanoid robot business, having invested in Martin Robotics, and is positioned to become a joint integrator in the humanoid robot industry [2]. - The company has established a semi-automated production line for planetary roller screws, with a daily capacity of 50 sets, and is expanding its production capabilities to meet market demand [2]. Financial Summary - The company's revenue is projected to grow from 7.129 billion yuan in 2024 to 12.957 billion yuan in 2027, with corresponding net profits increasing from 254 million yuan to 642 million yuan [3][9]. - The expected net profit for 2025, 2026, and 2027 is 409 million yuan, 566 million yuan, and 642 million yuan, respectively, with price-to-earnings (PE) ratios of 44.75, 32.36, and 28.55 [2][3]. - The gross margin is expected to improve, with a forecasted gross margin of 14.8% for 2026 and 2027 [10]. Business Segment Performance - The motor core segment generated 1.509 billion yuan in revenue, down 11.78% year-on-year, while the lithium battery structural components segment saw a revenue increase of 29.84% to 4.240 billion yuan [1]. - The company is experiencing a significant increase in revenue from its other business segments, which grew by 32.24% to 963 million yuan [1]. Production and Development - The company has built a semi-automated production line for planetary roller screws and is planning to construct a fully automated production line to enhance production consistency and stability [2]. - The company is also developing capabilities to provide component processing for harmonic reducers used in rotating joints, leveraging its existing core processing capabilities [2]. Market Position and Future Outlook - The humanoid robot business is expected to become a key growth driver, with the company aiming to capture a significant position in the humanoid robot supply chain [2]. - The company anticipates a recovery in its motor core segment in 2025 due to new customer acquisition and the introduction of new production techniques [1].

Group 1: Company Overview and Financial Performance - Ningbo Zhenyu Technology Co., Ltd. specializes in the R&D, design, production, and sales of precision progressive stamping molds and downstream precision structural components [3] - In 2024, the company achieved a revenue of CNY 7.129 billion, a year-on-year increase of approximately 18.45%, and a net profit attributable to shareholders of CNY 254 million, up about 494% [3] - For Q1 2025, the company reported a revenue of CNY 1.793 billion, a year-on-year growth of approximately 24.24% [3] Group 2: Business Segments and Growth - Revenue from lithium battery structural components grew by 30% year-on-year, with a gross profit margin increase of 42.4% [3] - The motor core segment saw a revenue decline of approximately 12%, but gross profit increased by 2.41% [3] - The mold segment's revenue increased by about 33% year-on-year, with a gross profit margin rise of 4.97% [3] Group 3: Strategic Initiatives and Future Outlook - The company plans to enhance production line automation and expand its customer base to achieve scale benefits [3][4] - A focus on R&D investment to develop new products and improve gross margins is part of the strategic plan [3] - The company aims to establish a subsidiary to focus on precision components for emerging fields like humanoid robots, despite the long development cycles and associated risks [3][11] Group 4: Risk Management and Market Conditions - The company acknowledges the risks associated with the long development cycles in emerging industries and the need for significant investment in technology and team building [3] - Recent changes in payment methods from a key customer have led to an increase in accounts receivable, which the company plans to manage more effectively [5] - The impact of recent tariff increases on the company's business is minimal, as direct export revenue has been low, accounting for 1.9%, 2.96%, and 2.22% over the past three years [5] Group 5: Shareholder Returns and Profit Distribution - The company has consistently returned at least 10% of its net profit to shareholders as cash dividends in recent years [5] - A proposal for a stock split of 10 shares for every 4 shares is under consideration to enhance stock liquidity [5]

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

民生证券股份有限公司关于 宁波震裕科技股份有限公司 首次公开发行股票并在创业板上市 之持续督导保荐总结报告书 一、发行人基本情况 | 项目 | 基本情况 | | --- | --- | | 发行人名称 | 宁波震裕科技股份有限公司 | | 法定代表人 | 蒋震林 | | 董事会秘书 | 彭勇泉 | | 证券简称 | 震裕科技 | | 证券代码 | 300953 | | 注册资本 | 人民币 元 102,784,211 | | 注册地址 | 宁海县西店 | | 办公地址 | 浙江省宁波市宁海县滨海新城东港南路 6 号 | | 经营范围 | 模具、电机的研发、制造、加工；五金件、塑料件的制造、加工； 自营和代理货物和技术的进出口，但国家限定经营或禁止进出口的 | | | 货物和技术除外。 | 二、本次发行情况概述 宁波震裕科技股份有限公司（以下简称："震裕科技"或"公司"）经中国证 券监督管理委员会证监发行字[2021]354 号文核准，由主承销商民生证券股份有 限公司（以下简称："民生证券"、"保荐人"或"保荐机构"）通过深圳证券交易 所所系统采用向战略投资者定向配售、网下向符合条件的网下投资者询价配售和 网上 ...

民生证券股份有限公司关于 宁波震裕科技股份有限公司 向特定对象发行股票并在创业板上市 之持续督导保荐总结报告书 一、发行人基本情况 | 项目 | 基本情况 | | --- | --- | | 发行人名称 | 宁波震裕科技股份有限公司 | | 法定代表人 | 蒋震林 | | 董事会秘书 | 彭勇泉 | | 证券简称 | 震裕科技 | | 证券代码 | 300953 | | 注册资本 | 人民币 102,784,211 元 | | 注册地址 | 宁海县西店 | | 办公地址 | 浙江省宁波市宁海县滨海新城东港南路 6 号 | | 经营范围 | 模具、电机的研发、制造、加工；五金件、塑料件的制造、加工； 自营和代理货物和技术的进出口，但国家限定经营或禁止进出口的 | | | 货物和技术除外。 | 二、本次发行情况概述 经中国证券监督管理委员会《关于同意宁波震裕科技股份有限公司向特定对 象发行股票注册的批复》(证监许可[2022]1879 号)核准，并经深圳证券交易所同 意，宁波震裕科技股份有限公司（以下简称："震裕科技"或"公司"）向 2 名特 定对象发行人民币普通股(A 股) 9,702,850.00 股(每股面 ...

| 证券代码：300953 | 证券简称：震裕科技 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：123228 | 债券简称：震裕转债 | | 宁波震裕科技股份有限公司 关于披露《2025 年第一季度报告》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。 宁波震裕科技股份有限公司（以下简称"公司"）于2025年4月24日召开了 第五届董事会第六次会议、第五届监事会第四次会议，审议通过了《关于<2025 年第一季度报告>的议案》。 公司《2025年第一季度报告》于2025年4月28日在中国证监会指定的信息披 露网站巨潮资讯网站（www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 宁波震裕科技股份有限公司董事会 2025年4月28日 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,792,743,904.10, representing a 24.24% increase compared to ¥1,442,965,206.55 in the same period last year[5] - Net profit attributable to shareholders was ¥72,861,040.92, up 38.90% from ¥52,457,241.26 year-on-year[5] - The net profit excluding non-recurring gains and losses increased by 71.01%, amounting to ¥65,232,165.08 compared to ¥38,144,642.31 in the previous year[5] - The basic earnings per share rose to ¥0.60, a 17.65% increase from ¥0.51 in the same period last year[5] - Net profit for the current period was ¥72,966,384.92, representing a 39.2% increase from ¥52,457,241.26 in the previous period[26] - Basic earnings per share increased to ¥0.60 from ¥0.51, while diluted earnings per share rose to ¥0.54 from ¥0.42[27] - The company reported a total comprehensive income of ¥76,384,750.60, compared to ¥52,457,241.26 in the previous period, reflecting a significant increase[27] Cash Flow - The company reported a net cash flow from operating activities of -¥47,843,852.30, an improvement of 76.12% from -¥200,388,702.57 year-on-year[5] - Cash inflow from operating activities totaled ¥781,513,913.48, down 29.5% from ¥1,108,618,636.72 in the previous period[28] - The net cash flow from operating activities was -47,843,852.30, compared to -200,388,702.57 in the previous period, indicating an improvement[29] - The company reported a total cash outflow from operating activities of 829,357,765.78, compared to 1,309,007,339.29 previously[29] - The cash received from investment recoveries was 1,194,358,396.65, significantly higher than 708,000,000.00 in the previous period[29] - The company incurred cash payments for investments totaling 1,177,503,000.00, compared to 499,000,000.00 previously[29] - The cash flow impact from exchange rate changes was 1,087,055.15, compared to 594,882.62 in the prior period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,319,845,495.26, a slight decrease of 0.93% from ¥11,425,589,229.33 at the end of the previous year[5] - Current assets amounted to CNY 6,312,397,253.84, down from CNY 6,570,873,420.69, indicating a decline of approximately 3.93%[22] - Cash and cash equivalents decreased to CNY 930,118,738.28 from CNY 1,025,516,234.53, reflecting a reduction of about 9.28%[21] - Accounts receivable increased to CNY 3,320,482,275.01 from CNY 3,034,039,445.43, representing a growth of approximately 9.46%[21] - Inventory rose to CNY 1,002,615,865.61 from CNY 990,163,679.48, showing an increase of about 1.45%[22] - Total liabilities decreased to ¥7,591,273,501.72 from ¥8,432,309,417.02, reflecting a reduction of approximately 10%[23] - Total equity attributable to shareholders increased to ¥3,728,466,649.54 from ¥2,993,279,812.31, marking a growth of 24.5%[23] Research and Development - Research and development expenses increased by 48.45% to ¥7,831.46 million, driven by the need to develop new market products[10] - Research and development expenses rose to ¥78,314,605.98, up 48.6% from ¥52,755,564.45 in the previous period, indicating a focus on innovation[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,282[13] - The total number of shares repurchased as of March 31, 2025, was 2,648,525, accounting for 2.19% of the total share capital[15] Other Financial Metrics - The weighted average return on equity improved to 6.67%, up 4.67% from 2.00% in the previous year[5] - The company decided to exercise the early redemption right for "Zhenyu Convertible Bonds" based on current market conditions[19] - The company’s fixed assets increased to CNY 3,812,736,302.47 from CNY 3,787,278,264.09, reflecting a growth of about 0.67%[22]