证券代码：300969 证券简称：恒帅股份 公告编号：2025-053 宁波恒帅股份有限公司 第二届监事会第二十二次会议决议公告 本公司及监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、监事会会议召开情况 表决结果：3 票同意，0 票反对，0 票弃权。 （二）、审议通过了《关于增加使用部分闲置募集资金进行现金管理的议案》 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《关 于增加使用部分闲置募集资金进行现金管理的公告》。 表决结果：3 票同意，0 票反对，0 票弃权。 本项议案尚需提交股东大会审议。 （三）、审议通过了《关于增加使用闲置自有资金进行现金管理的议案》 宁波恒帅股份有限公司（以下简称"公司"）第二届监事会第二十二次会议 于 2025 年 6 月 6 日在公司会议室以现场方式召开，会议通知于 2025 年 5 月 30 日以电子邮件与电话相结合的方式发出。本次会议由监事会主席邬赛红女士召集 并主持，会议应到监事 3 人，实到监事 3 人。本次会议召集和召开程序及参会人 员符合《公司法》及《公司章程》的规定，表决所形成决议合 ...

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。 证券代码：300969 证券简称：恒帅股份 公告编号：2025-052 宁波恒帅股份有限公司 第二届董事会第二十五次会议决议公告 一、董事会会议召开情况 宁波恒帅股份有限公司（以下简称"公司"）第二届董事会第二十五次会议于 2025 年 6 月 6 日在公司会议室以现场的方式召开。会议通知于 2025 年 5 月 30 日以 电子邮件与电话相结合的方式发出。本次会议由公司董事长许宁宁先生召集并主持， 会议应到董事 5 名，实到董事 5 名，本次会议召集和召开程序及参会人员符合《公 司法》及《公司章程》的规定，表决所形成决议合法、有效。公司监事、高级管理 人员列席了会议。 二、董事会会议审议情况 出席会议的董事认真审议了下述议案，并以记名投票表决的方式审议通过如下 议案： （一）、审议通过了《关于调整募投项目募集资金投资额的议案》 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于调 整募投项目募集资金投资额的公告》。 本项议案已经公司董事会审计委员会审议通过。保荐机构对本议案出具 ...

保荐人（主承销商）：国金证券股份有限公司 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。 宁波恒帅股份有限公司（以下简称"发行人"）向不特定对象发行可转换公 司债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许可〔2025〕 为本次发行的保荐人（主承销商）。本次发行的可转债简称为"恒帅转债"，债 券代码为"123256"。 本次发行的可转债规模为 32,759.00 万元，每张面值为人民币 100 元，共计 记日（2025 年 5 月 28 日，T-1 日）收市后中国证券登记结算有限责任公司深圳 分公司（以下简称"中国结算深圳分公司"）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）通过深圳证券交易所交易 系统网上向社会公众投资者发行。认购金额不足 32,759.00 万元的部分由保荐人 （主承销商）余额包销。 一、 本次可转债原股东优先配售结果 证券代码：300969 证券简称：恒帅股份 公告编号：2025-044 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券 发行结果公告 保荐人（主承销商）：国金证券股份有 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2025-044 保荐人（主承销商）：国金证券股份有限公司 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。 宁波恒帅股份有限公司（以下简称"发行人"）向不特定对象发行可转换公 司债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许可〔2025〕 224 号文同意注册。国金证券股份有限公司（以下简称"保荐人（主承销商）"） 为本次发行的保荐人（主承销商）。本次发行的可转债简称为"恒帅转债"，债 券代码为"123256"。 本次发行的可转债规模为 32,759.00 万元，每张面值为人民币 100 元，共计 3,275,900 张，按面值发行。本次向不特定对象发行的可转债向发行人在股权登 记日（2025 年 5 月 28 日，T-1 日）收市后中国证券登记结算有限责任公司深圳 分公司（以下简称"中国结算深圳分公司"）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）通过深圳证券交易所交易 系统网上向社会公众投资者发行。认购金额不足 32,759.00 万元的部分由保荐人 （ ...

证券代码：300969 证券简称：恒帅股份 公告编号：2025-045 宁波恒帅股份有限公司 | 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。 | 关于变更持续督导工作保荐代表人的公告 特此公告。 宁波恒帅股份有限公司董事会 2025 年 6 月 5 日 宁波恒帅股份有限公司（以下简称"恒帅股份"、"公司"）于近日收到国金证券 股份有限公司（以下简称"国金证券"）出具的《关于更换恒帅股份保荐代表人的函》， 国金证券股份有限公司作为公司首次公开发行股票并在创业板上市项目（以下简称 "首发项目"）的持续督导机构，负责持续督导工作的保荐代表人为吴小鸣先生与胡 国木先生。公司首发项目的持续督导期已于 2024 年 12 月 31 日结束，但由于募集 资金尚未使用完毕，国金证券需要对公司剩余募集资金的使用和管理继续履行督导 义务。 鉴于国金证券担任公司 2025 年向不特定对象发行可转换公司债券项目（以下 简称"可转债项目"）的保荐机构，本次可转债项目的签字保荐代表人为胡国木先生 和夏景波先生（简历详见附件）。为保证公司相关持续督导工作的有序进 ...

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The target price of Hengshuai Convertible Bonds on the first day is estimated to be between 129 - 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 30% - 35%, corresponding to a target price of around 124 - 129 yuan [3][18]. - The estimated first - day new - bond subscription winning rate is around 0.0009% - 0.0011% [4][19]. 3. Summary According to Relevant Catalogs 3.1 Hengshuai Convertible Bonds New - Bond Subscription Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Hengshuai Convertible Bonds are priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 328 million yuan, the initial conversion price is 62.55 yuan. As of May 29, the closing price of the underlying stock was 59.79 yuan, and the bond parity was 95.59 yuan. The calculated pure bond value is 83.86 yuan. The game terms, including the downward revision, redemption, and put - back terms, are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is weak, and the bond floor protection is acceptable [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of automotive motor technology and fluid technology - related products. The funds raised from this issuance will be mainly used for the "Thailand New Automotive Parts Production Base Project", the "Annual Production of 19.54 Million Pieces of Automotive Micro - motors, Cleaning and Cooling System Parts Reconstruction and Expansion and R & D Center Expansion Project", and the "R & D Center Reconstruction and Expansion Project" [3][17]. - The target price of Hengshuai Convertible Bonds on the first day is 129 - 134 yuan, and investors are advised to actively subscribe. Considering the market environment and parity level, the conversion premium rate on the first - day of listing is expected to be in the range of 30% - 35%, corresponding to a target price of around 124 - 129 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0009% - 0.0011%. As of May 29, the top two major shareholders held 71.45% of the company's shares, and the top ten major shareholders held 78.6%. Assuming the old - shareholder placement ratio is 71% - 79%, the scale available for the market is 70 million - 94 million yuan. Assuming the online effective subscription volume is 8.21 million households, the winning rate is estimated to be around 0.0009% - 0.0011% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Upstream and Downstream of the Industry - The company's main business is the R & D, production, and sales of automotive motor technology and fluid technology - related products, including various motors, actuators, pumps, and other products [20]. - The upstream industries mainly include hardware, rubber, plastic materials, electronic components, and wires. The downstream industry is the automotive manufacturing industry. The prosperity of the automotive industry has a significant impact on this industry. The recovery of global automotive production and sales has driven the market demand for the motor industry, but price competition in the automotive industry may squeeze the profit margins of upstream suppliers [21]. 3.2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating revenues were 739 million yuan, 920 million yuan, 960 million yuan, and 203 million yuan respectively, with year - on - year growth rates of 26.4%, 24.99%, 4.21%, and - 16.04%. The company's quarterly revenues showed slight fluctuations but remained generally stable [23]. - From 2022 to Q1 2025, the company's comprehensive gross profit margins were 33.15%, 36.25%, 34.79%, and 32.22% respectively, and the net profit margins were 19.7%, 21.89%, 22.21%, and 20.61% respectively. The comprehensive gross profit margin remained relatively stable [27]. - From 2022 to Q1 2025, the company's total period expenses were 60 million yuan, 72 million yuan, 60 million yuan, and 16 million yuan respectively, and the period expense ratios were 8.12%, 7.85%, 6.23%, and 7.86% respectively. The R & D expenses gradually increased, and the R & D expense ratio in 2024 increased rapidly [28]. - From 2022 to Q1 2025, the company's accounts receivable turnover rates were 4.33 times/year, 4.1 times/year, 3.75 times/year, and 3.47 times/year respectively. The accounts receivable management ability was good [34]. - From 2022 to Q1 2025, the company's net profits attributable to the parent company were 146 million yuan, 202 million yuan, 214 million yuan, and 42 million yuan respectively, with year - on - year growth rates of 25.90%, 38.87%, 5.75%, and - 35.48%. The profitability showed slight fluctuations [39]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two major shareholders held 71.45% of the shares, and the top ten major shareholders held 78.6%. The controlling shareholder was Hengshuai Investment, and the actual controllers were Xu Ningning and Yu Guomei. The company had 7 major subsidiaries and 1 affiliated company [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in customer resources, quality and cost control, intelligent fully - automated production line R & D, technology and R & D, industrial chain vertical integration, and quality control. These advantages help the company maintain competitiveness in the market [46][47][48]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise a maximum of 328 million yuan. 200 million yuan will be invested in the "Thailand New Automotive Parts Production Base Project", 61 million yuan in the "Annual Production of 19.54 Million Pieces of Automotive Micro - motors, Cleaning and Cooling System Parts Reconstruction and Expansion and R & D Center Expansion Project", and 67 million yuan in the "R & D Center Reconstruction and Expansion Project" [1][12][50].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-03 宏观策略 [Table_MacroStrategy] 宏观点评 20250530：市场进入快速轮动末期，行业风格向稳定板块切换 资金流向的指引 成交额成为市场短期交易的重要指引因素，换手率 和成交额均值的持续下行反映出资金面的分歧，即使市场指数出现了突 破式上涨，但上涨的当日未见明显的成交额突破。从行业来看，各板块无 论是否突破前高，都出现了明显的成交额收缩，说明行业上行的动力有待 加强，短期市场进入蓄势期。本轮行情的结构性特征较为明显，因此，近 期市场变化的方向也更倾向于结构性轮动调整。目前，市场大盘相对小盘 表现有所提升，也说明场内资金风格在逐步发生变化，近期市场风格可能 由结构性上涨进入再均衡的阶段。轮动变化的节奏来看，当前资金形态和 风格节奏与 2024 年末以及 2025 年 3 月末的风格轮动或有类似。初期均 以 TMT 板块表现为主，随后在量能逐步收窄的过程中，向上游资源、金 融轮换，随后短期向消费、制造板块和 TMT 等相对强势的板块略反弹， 最后轮动回资源和金融板块。参考 2024 年末的市场变化，当前宏观经济 基本面相 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2025-043 本次发行在发行流程、申购、缴款和投资者弃购处理等环节的重要提示如 下： 定对象发行可转换公司债券中签号码公告》履行资金交收义务，确保其资金账 户在 2025 年 6 月 3 日（T+2 日）日终有足额的认购资金，投资者款项划付需遵 守投资者所在证券公司的相关规定。投资者认购资金不足的，不足部分视为放 弃认购，由此产生的后果及相关法律责任，由投资者自行承担。根据中国结算 深圳分公司的相关规定，放弃认购的最小单位为 1 张。网上投资者放弃认购的 部分由保荐人（主承销商）包销。 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券 中签号码公告 保荐人（主承销商）：国金证券股份有限公司 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。 特别提示 宁波恒帅股份有限公司（以下简称"恒帅股份"、"发行人"或"公司"） 和国金证券股份有限公司（以下简称"国金证券"或"保荐人（主承销商）"） 根据《中华人民共和国证券法》《证券发行与承销管理办法》（证监会令〔第 《深圳证券交易所上市公司证券发行与承销业务实施 ...

保荐人（主承销商）：国金证券股份有限公司 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。 特别提示 宁波恒帅股份有限公司（以下简称"恒帅股份"、"发行人"或"公司"） 和国金证券股份有限公司（以下简称"国金证券"或"保荐人（主承销商）"） 根据《中华人民共和国证券法》《证券发行与承销管理办法》（证监会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕）、 《深圳证券交易所上市公司证券发行与承销业务实施细则（2025 年修订）》（深 证上〔2025〕268 号）、《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（2025 年修订）》（深证上〔2025〕223 号）和《深圳证券交 易所创业板上市公司自律监管指南第 1 号——业务办理（2025 年修订）》（深 证上〔2025〕398 号）等相关规定组织实施本次向不特定对象发行可转换公司债 券（以下简称"可转债"或"恒帅转债"）。 证券代码：300969 证券简称：恒帅股份 公告编号：2025-043 宁波恒帅股份有限公司 向不特定对象发行可转换公司债券 中签号码 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The equity market is expected to continue the pattern of index fluctuations and internal theme rotation, waiting for the progress of the technology industry to drive a new round of technology market upward. The bond market interest rate remains low, meaning the opportunity cost of convertible bonds is extremely low, and the potential allocation power of convertible bonds is abundant. If a large - balance convertible bond is downgraded in rating, it may be a good opportunity to increase positions in convertible bonds. In the stage of strong macro - uncertainty, the inconsistency of driving factors between the dividend and technology sectors can be used to reduce portfolio fluctuations, and targets supported by performance or (and) valuation drivers can be sought [2][18]. 3. Summary by Relevant Catalogs Market Trends (2025/5/26 - 2025/5/30) - **Stock Market**: The equity market fluctuated and closed down last week. The market hotspots rotated rapidly. The automobile sector adjusted significantly. The Shenwan primary industries showed more gains than losses, with environmental protection (+3.42%), medicine and biology (+2.21%), national defense and military industry (+2.13%), agriculture, forestry, animal husbandry and fishery (+1.79%), and computer (+1.77%) leading the gains, while the automobile (-4.11%), power equipment (-2.44%), non - ferrous metals (-2.40%), and comprehensive (-1.94%) sectors lagged behind [7][8]. - **Bond Market**: The bond market performance was differentiated. The 10 - year treasury bond interest rate closed at 1.67% on Friday, down 4.96bp from the previous week, while the 10 - year CDB bond interest rate rose slightly by 0.56bp [8]. - **Convertible Bond Market**: About half of the convertible bond individual bonds closed up. The CSI Convertible Bond Index rose 0.23% for the whole week, the median price rose 0.02%, the calculated arithmetic average parity rose 1.12% for the whole week, and the whole - market conversion premium rate decreased by 1.08% compared with the previous week. Most industries in the convertible bond market closed up, with media (+2.72%), building materials (+1.84%), banks (+1.82%), and beauty care (+1.72%) leading the gains, while household appliances (-2.42%), communication (-1.51%), automobile (-1.38%), and social services (-1.26%) lagged behind. The total turnover of the convertible bond market last week was 277.083 billion yuan, with an average daily turnover of 55.417 billion yuan, basically the same as the previous week [8][11][15]. Views and Strategies (2025/6/3 - 2025/6/6) - **Equity Market Outlook**: The equity market is expected to continue the pattern of index fluctuations and internal theme rotation, waiting for the progress of the technology industry to drive a new round of technology market upward [2][18]. - **Bond Market Outlook**: After the implementation of reserve requirement ratio cuts and interest rate cuts, the interest rate has not broken through the previous low, but the credit spread has significantly narrowed. Under the subsequent dominance of allocation power, the interest rate is difficult to rise or fall significantly [2][18]. - **Convertible Bond Investment Strategy**: If a large - balance convertible bond is downgraded in rating, it may be a good opportunity to increase positions in convertible bonds. In the stage of strong macro - uncertainty, the following three types of targets can be considered: - **Performance - Driven**: High - frequency data products, industries with excellent first - quarter performance, and stocks whose performance is driven by large customers [18]. - **Event - Catalyzed**: Industries affected by geopolitical conflicts, overseas technology blockades, innovation drug BD authorizations, and supply - side constraints [18]. - **Dividend and Defensive**: High - dividend assets and the power industry in the peak summer electricity consumption season [18]. Valuation Overview - As of May 30, 2025, the average conversion premium rates of convertible bonds in different price ranges of equity - biased convertible bonds are at different percentile levels since 2010 and 2021. The average YTM of debt - biased convertible bonds with a parity below 70 yuan is at the 15%/7% percentile level since 2010/2021. The average implied volatility of all convertible bonds is at the 50%/25% percentile level since 2010/2021, and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stock is at the 10%/15% percentile level since 2010/2021 [19]. Primary Market Tracking - **Last Week (2025/5/26 - 2025/5/30)**: The Hengshuai Convertible Bond was issued, and no convertible bonds were listed. As of now, there are 85 convertible bonds to be issued, with a total scale of 131.39 billion yuan, including 10 that have been approved for registration, with a total scale of 15.89 billion yuan, and 4 that have passed the listing committee, with a total scale of 3.23 billion yuan [28][29]. - **Next Week (2025/6/3 - 2025/6/6)**: As of the announcement on May 30, there are no convertible bonds announced for issuance or listing [29].