Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The underlying stock of Songsheng Convertible Bond has a small market capitalization, and its energy storage and harmonic reducer businesses are expected to build new growth curves. The underlying stock is expected to achieve a "Davis Double - click" of valuation and profit. The convertible bond has entered the equity - dominated stage, and its price is expected to fluctuate with the underlying stock, but the impact of the "forced redemption" clause on the premium rate should be considered [2][11]. - The lighting industry is undergoing a transformation from scale expansion to value improvement. The substitution demand and plant lighting are new growth drivers. The energy storage core component business of Songsheng Co., Ltd. is about to enter a period of rapid growth, and the company's forward - looking entry into the harmonic reducer track also holds potential [2][3]. Summary According to the Directory 1. Convertible Bond Basic Information - As of December 10, 2025, the remaining term of Songsheng Convertible Bond is 2.79 years, with a remaining balance of 266 million yuan. It has a credit rating of AA - by Oriental Jincheng International Credit Assessment Co., Ltd. The face value is 100 yuan, and the coupon rates from the first to the sixth year are 0.30%, 0.50%, 1.00%, 1.50%, 2.00%, and 3.00% respectively. The company's redemption price at maturity is 114.00% of the face value (including the last - period interest). The conversion period is from April 10, 2023, to September 27, 2028 [1][10]. - The bond was listed on October 24, 2022. From 2022 - 2023, its conversion value was mostly in the range of 80 - 100 yuan; in the first half of 2024, it was mostly below 70 yuan; it started to rise in Q3 2024, and entered a rapid upward phase after a short - term fluctuation in early April 2025. In 2025, when the conversion value was below 80 yuan, the convertible bond premium rate was generally higher than that in the same conversion - value range in 2023 and 2024. When the conversion value was in the range of 80 - 120 yuan, the valuation level was relatively close to the historical level. The average convertible bond premium rates in the ranges of 120 - 140 yuan, 140 - 160 yuan, and above 160 yuan in 2025 were 18.8%, 11.7%, and 7.5% respectively [2][11]. 2. Domestic Core Supplier of Medium - and High - Power LED Driver Power Products 2.1 Historical Evolution - Songsheng Co., Ltd. was founded on July 8, 2011, and is headquartered in Shenzhen. It is a national high - tech enterprise, focusing on the R & D, production, and sales of medium - and high - power LED driver power products. Its products are certified by over 420 domestic and international standards such as CCC, UL, and TUV, and its marketing network covers the world. It was listed on the Growth Enterprise Market in June 2021, established a technology center in 2013, launched an IPO in 2017, was recognized as a national high - tech enterprise in 2019, and established a subsidiary in Zhongshan in the same year. It started the construction of a smart manufacturing base in Zhongshan in 2020 and has reached strategic cooperation with companies like Osram and Zhongke Sian since 2021 [17]. 2.2 Profitability Recovery in 2025 and Continuous Increase in the Proportion of New Energy Storage Business - Since 2018, the company's operating income has shown a long - term growth trend. From 2018 - 2021, it grew rapidly from 439 million yuan to 1.101 billion yuan, with year - on - year growth rates of 29.37%, 19.15%, and 62.74% respectively. In 2022, it was 744 million yuan, a year - on - year decline of 32.42%. From 2023 to Q1 - 3 2025, it recovered to 763 million yuan, 884 million yuan, and 694 million yuan respectively, with year - on - year growth rates of 2.57%, 15.78%, and 6.48% [18]. - The company's归母 net profit has fluctuated. From 2018 - 2021, it increased from 50 million yuan to 129 million yuan. From 2019 - 2021, the year - on - year growth rates were 67.57%, 18.60%, and 29.77% respectively, with a compound growth rate of 11.71% from 2018 - 2022. However, from 2022 - 2024, it declined from 78 million yuan to - 14 million yuan, with declines of - 39.62%, - 68.92%, and - 157.34% respectively. In Q1 - 3 2025, it achieved a归母 net profit of 7 million yuan, a year - on - year decrease of 62.91% [18]. - The company's revenue mainly comes from LED driver power supplies and energy storage products. LED driver power supplies are the core revenue source, with revenues of 727 million yuan, 758 million yuan, 870 million yuan, and 410 million yuan from 2022 - 2025H1, accounting for over 90% of the revenue structure. Energy storage products have been a new revenue growth point since 2024, with revenues increasing from 7.8538 million yuan to 31.0862 million yuan from 2024 - 2025H1, and the revenue proportion rising from 0.89% to 6.92% [20]. - The company's sales gross profit margin has been relatively stable, always significantly higher than the industry average, ranging from 24.07% - 31.30% from 2018 to Q1 - Q3 2025. The sales net profit margin has shown a significant downward trend, dropping from 11.41% in 2018 to - 3.95% in 2024, and slightly rebounding but still at a low level in Q1 - 3 2025. The sales expense ratio and financial expense ratio have shown a "V" - shaped change, decreasing from 2018 - 2022 and rising from 2022 to Q1 - 3 2025 [25]. 3. Global Lighting Industry is Undergoing New and Old Kinetic Energy Transformation 3.1 Lighting Industry Transformation from Scale Expansion to Value Improvement - The Chinese lighting industry experienced an upward cycle from 2011 - 2021. In 2021, the total export value of Chinese lighting products reached a peak of $65.47 billion, about three times that of 2011. From 2022 - 2024, affected by international political and economic situations, trade frictions, etc., the export of Chinese lighting products declined. In 2024, the total export value was $56.3 billion, a year - on - year decrease of 3.3%. The export value of LED lighting products was $42.3 billion, accounting for 75% of the total export value, a year - on - year decrease of 2.5% [34]. - In the first three quarters of 2025, the total export value of Chinese lighting products was $38 billion, a year - on - year decrease of 7.8%. The export value of LED lighting products was $29.7 billion, a year - on - year decrease of 3.4%, accounting for 78.1% of the total export value, 3.5 percentage points higher than the previous year [34]. - Although the overall foreign - trade scale of the lighting industry has been adjusting for three years after the high - growth in 2021, the downward pace has gradually slowed. LED lighting products have shown strong demand resilience, and the industry is transforming from scale expansion to value improvement. In the first three quarters of 2025, the export volume of LED electric light sources was about 11.8 billion pieces, a year - on - year increase of about 38%, accounting for 91% of the export volume of general lighting electric light sources, 2 percentage points higher than the previous year [35]. 3.2 Continuous Advancement of Market Diversification and Incremental Contribution from Emerging Markets - In 2025, the export value of Chinese lighting products to Europe, Southeast Asia, and Africa increased. In the first three quarters, Europe accounted for 26.3% of China's total global lighting product exports, surpassing North America to become the largest export market. The top ten export destinations from January to September 2025 were the United States, Germany, the United Kingdom, Vietnam, Malaysia, the Netherlands, Thailand, Japan, Singapore, and India, with an export value of about $18.3 billion, a year - on - year decrease of 10%, accounting for about 49% of China's lighting exports [38]. - The United States is still the largest export destination for Chinese lighting products, but the proportion of exports to the United States has been decreasing since the tariff increase. In the first nine months of 2025, the export value of lighting products to the United States was about $7.6 billion, a year - on - year decrease of about 19%, accounting for about 20% of China's total export value, 3 percentage points lower than the previous year. The export value of lighting products to the EU this year was about $7.6 billion, a year - on - year increase of about 1%, accounting for about 20% of China's total lighting product export value, 2 percentage points higher than the previous year [39]. - The proportion of China in the US lamp import value has dropped from nearly 70% to 50%, while the proportion of Southeast Asian and South Asian countries has risen from less than 2% to over 20%. In the first three quarters of 2025, China's imports and exports with Belt and Road Initiative countries were 17.37 trillion yuan, a year - on - year increase of 6.2%, accounting for 51.7% of the total import and export value, with the proportion increasing by 1.1 percentage points. Exports to ASEAN, Latin America, Africa, and Central Asia increased by 9.6%, 3.9%, 19.5%, and 16.7% respectively [40]. 3.3 Substitution Demand and Plant Lighting as New Growth Drivers - LED has significant energy - saving effects in outdoor/industrial lighting, with energy consumption up to 70% lower than traditional light sources. The energy utilization rate of LED lamps can reach 90%, while that of incandescent lamps is only about 10%. The shipment volume of LED street lights, LED ceiling lights, and LED floodlights has been steadily increasing, and the replacement demand for the stock is accelerating. In the first half of 2025, the proportion of exported LED light sources exceeded 80%, and the total export volume of various light sources was 4.07 billion pieces, a year - on - year increase of 6.9%, including 800 million traditional light sources and 3.27 billion LED replacement light sources, a year - on - year increase of 5.5% [45][46]. - According to Trendforce, the global LED plant lighting market size was $1.315 billion in 2024, a year - on - year increase of 6.6%, and is expected to reach $1.366 billion in 2025, a year - on - year increase of 3.9%. LED plant growth lights can meet the lighting needs of plant photosynthesis, and are widely used in commercial greenhouses and indoor planting facilities. With the continuous penetration of LED, the demand for the LED plant lighting market is expected to grow rapidly, and the market size is expected to reach $2.056 billion in 2029, with a compound growth rate of 9.4% from 2024 - 2029 [47][48]. 4. Energy Storage Core Component Business is about to Enter a Period of Rapid Growth 4.1 The Energy Storage Market is in the Ascendant - According to the International Energy Agency, in 2024, global energy demand increased by 2.2% year - on - year, with the demand increment from emerging and developing economies accounting for 80%. Global electricity consumption increased by nearly 1,100 TWh in 2024, twice the average annual growth rate of the past decade. Renewable energy became the main force to meet the growth of new electricity demand, with an additional installed capacity of about 700 GW in 2024, and the global clean electricity proportion exceeded 40% for the first time [49]. - TrendForce expects that under the neutral scenario, the global new energy storage installed capacity is expected to reach 82 GW/216 GWh in 2025, a year - on - year increase of 28%/36%, with the growth rate slowing down. The average energy storage duration will increase from 2.5 hours in 2024 to 2.6 hours. From 2020 - 2023, the global new - type energy storage installed capacity increased rapidly from 11.3 GWh to 110 GWh, with an average annual compound growth rate of 113%. From 2024 - 2025, the average annual compound growth rate will slow down to 27%. China, the United States, and Europe account for 86% of the global new energy storage installed capacity [50][53]. - The European commercial and industrial energy storage market is expected to add 3.6 GWh in 2025, a year - on - year increase of over 60%, and 20 GWh in 2029, with an average annual growth rate of 54%. The Asia - Africa - Latin America region is the core area for the growth of household energy storage due to power shortages. The domestic commercial and industrial energy storage market has achieved high - speed growth under policy incentives. The Middle East is a hot spot for renewable energy investment, and Chinese enterprises have deeply participated in the process. In the first half of 2025, Chinese energy storage enterprises signed overseas orders of over 107 GWh, covering key overseas markets such as the Asia - Pacific, Europe, and the Middle East - Africa [54][61][62]. 4.2 Inverter/Converter Products are about to See Volume Growth and Build the Second Growth Curve - Songsheng Co., Ltd. mainly produces photovoltaic + energy storage hybrid inverters for household/household energy storage systems and energy storage converters for commercial and industrial energy storage systems. In the first half of 2025, Chinese energy storage enterprises' overseas order signing exceeded 107 GWh, covering key overseas markets such as the Asia - Pacific, Europe, and the Middle East - Africa. The release of overseas energy storage demand and the introduction of domestic favorable policies will help increase the installation volume of household and commercial and industrial energy storage markets, providing development opportunities for the company's energy storage core component business [62]. 5. Forward - Looking Entry into the Harmonic Reducer Track 5.1 Harmonic Reducers are the Core Transmission Components of Robot Joints - Harmonic reducers are high - precision transmission devices based on the elastic deformation principle of flexible wheels, with advantages such as small size, light weight, large and wide transmission ratio. They are widely used in industrial robots, aerospace, and precision machine tools. In 2024, the global harmonic reducer market sales reached $467 million, and it is expected to reach $2.047 billion in 2031, with a compound annual growth rate of 24.9% from 2025 - 2031. In 2024, the consumption of harmonic reducers for Chinese industrial robots reached 796,000 units, a year - on - year increase of 18.98%, and it is expected to reach 958,000 units in 2025 [69][72]. - The global harmonic reducer market shows a pattern of "one dominant and many strong". In 2024, the top four manufacturers' market share reached 74.5%. The global market leader is Harmonic Drive, with a production capacity share of 40.4%. Shinpo and Green Harmonic have a production capacity share of over 10%, at 14.7% and 12.0% respectively, and Laifu Harmonic has a 7.4% share [76]. - The global humanoid robot market is developing rapidly. In 2024, the global humanoid robot market size was about $256.2 million, and it is predicted to reach $633.9 million in 2025 and $6.4222 billion in 2030. The Chinese humanoid robot market showed strong growth momentum, with a market size of about $125.4 million in 2024,

（编辑 袁冠琳） 证券日报网讯 12月19日，崧盛股份在互动平台回答投资者提问时表示，在航空航天领域，重庆精刚传 动主要聚焦壁垒相对较高、市场竞争较少的航天级谐波减速器的生产、研发和销售，其主要客户包括银 河航天、航天科技集团、长光卫星及部分航空航天研究所、航天集团等科研院所。 ...

Core Viewpoint - The company emphasizes its commitment to the development of plant lighting LED drivers, which are essential products that have been cultivated over many years and continuous investment [1] Group 1: Product Features - The plant lighting LED drivers developed by the company can precisely match the needs of greenhouses and vertical farms [1] - These products offer advantages such as smart dimming, intelligent control, and high energy efficiency [1] - The application of these drivers is particularly suited for large-scale indoor cultivation of high-value crops [1]

Group 1 - The Shanghai Composite Index closed at 3876.97 points, above the five-day moving average, with a change of 0.17% [1] - The total trading volume of A-shares reached 16651.30 billion yuan, with 1187 A-shares breaking through the five-day moving average [1] - Notable stocks with significant deviation rates include Xingchen Technology at 18.73%, Wanlong Optoelectronics at 13.66%, and Deyi Culture at 12.84% [1] Group 2 - Stocks with smaller deviation rates that just crossed the five-day moving average include Dekeli, Tongli Technology, and Hongxing Shares [1] - The top three stocks with the highest daily increase are Xingchen Technology at 30.00%, Wanlong Optoelectronics at 20.02%, and Deyi Culture at 20.05% [1] - The trading turnover rates for these stocks are notably high, with Xingchen Technology at 38.74% and Deyi Culture at 39.21% [1]

截至发稿，沈平虹累计任职时间343天，现任基金资产总规模8.98亿元，任职期间最佳基金回报 32.75%， 任职期间最差基金回报5.44%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，永赢基金旗下1只基金重仓崧盛股份。永赢价值发现慧选混合发起A（023915）三季度持有 股数2.04万股，占基金净值比例为2.91%，位居第十大重仓股。根据测算，今日浮盈赚取约2.88万元。 永赢价值发现慧选混合发起A（023915）成立日期2025年4月23日，最新规模1562.25万。成立以来收益 35.28%。 永赢价值发现慧选混合发起A（023915）基金经理为沈平虹。 12月18日，崧盛股份涨5.09%，截至发稿，报29.13元/股，成交8487.82万元，换手率4.01%，总市值 36.14亿元。 资料显示，深圳市崧盛电子股份有限公司位于广东省深圳市宝安区新桥街道新桥社区中心路233号鹏展 汇1栋1001，成立日期2011年7月8日，上市日期2 ...

资料显示，深圳市崧盛电子股份有限公司位于广东省深圳市宝安区新桥街道新桥社区中心路233号鹏展 汇1栋1001，成立日期2011年7月8日，上市日期2021年6月7日，公司主营业务涉及中、大功率LED驱动 电源产品的研发、生产和销售业务。主营业务收入构成为：大功率LED驱动电源79.64%，中功率LED驱 动电源11.84%，储能产品6.93%，其他(补充)1.58%，小功率LED驱动电源0.01%。 数据显示，华富基金旗下1只基金位居崧盛股份十大流通股东。华富科技动能混合A（007713）三季度 新进十大流通股东，持有股数119.99万股，占流通股的比例为1.61%。根据测算，今日浮盈赚取约 169.19万元。 12月18日，崧盛股份涨5.09%，截至发稿，报29.13元/股，成交8486.94万元，换手率4.01%，总市值 36.14亿元。 从崧盛股份十大流通股东角度 截至发稿，沈成累计任职时间3年356天，现任基金资产总规模51.95亿元，任职期间最佳基金回报 45.3%， 任职期间最差基金回报-1.7%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个 ...

证券简称：崧盛股份 证券代码：301002 债券简称：崧盛转债 转债代码：123159 深圳市崧盛电子股份有限公司 向不特定对象发行可转换公司债券 2025 年度第一次临时受托管理事务报告 债券受托管理人 中国（上海）自由贸易试验区世纪大道1198号28层 二零二五年十二月 重要声明 本报告依据《可转换公司债券管理办法》、《公司债券受托管理人执业行为 准则》、《深圳市崧盛电子股份有限公司向不特定对象发行可转换公司债券募集 说明书》（以下简称"《募集说明书》"）、《深圳市崧盛电子股份有限公司与 长江证券承销保荐有限公司关于深圳市崧盛电子股份有限公司向不特定对象发行 可转换公司债券之受托管理协议》（以下简称"《受托管理协议》"）等相关规 定、公开信息披露文件、深圳市崧盛电子股份有限公司（以下简称"公司"、 "崧盛股份"或"发行人"）出具的相关说明文件以及提供的相关资料等，由受 托管理人长江证券承销保荐有限公司（以下简称"受托管理人"或"长江保 荐"）编制。 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 宜做出独立判断，而不应将本报告中的任何内容据以作为长江保荐所作的承诺或声 明。 1 第一 ...

Core Viewpoint - The company Chongqing Jingang Transmission Technology Co., Ltd., invested by Songsheng Co., Ltd. (301002.SZ), focuses on the customized R&D, production, and sales of high-precision, high-density harmonic reducers, primarily for aerospace applications. The market for harmonic reducers is expected to grow significantly due to the formation of the "Star Network" [2]. Company Summary - Chongqing Jingang specializes in high-precision and high-density harmonic reducers and components [2]. - The company aims to deepen its layout in the aerospace sector and focus on collaboration with core customers in aerospace and aviation [2]. - There is a commitment to pursuing extreme development in product technology [2]. Industry Summary - The harmonic reducer market is projected to experience significant growth driven by developments in the aerospace sector [2]. - The establishment of the "Star Network" is anticipated to be a key factor in this market expansion [2].

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、担保情况概述 深圳市崧盛电子股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召 开第三届董事会第十九次会议及第三届监事会第十四次会议、2025 年 5 月 19 日 召开 2024 年年度股东大会，审议通过了《关于 2025 年度拟向银行申请综合授信 额度及对子公司提供担保额度预计的议案》，同意公司对控股子公司深圳崧盛创 新技术有限公司（以下简称"崧盛创新"）向银行申请的综合授信业务提供不超 过人民币 10,000 万元（含本数）的担保额度，并接受崧盛创新其他股东暨公司 关联方——田年斌、王宗友及由田年斌担任执行事务合伙人的有限合伙企业按其 对崧盛创新的持股比例向公司提供的同等比例反担保。上述额度有效期为自 2024 年年度股东大会审议通过之日起至 2025 年年度股东大会召开之日止。具体 内容详见公司 2025 年 4 月 25 日披露于巨潮资讯网（www.cninfo.com.cn）的《关 于 2025 年度拟向银行申请综合授信额度及对子公司提供担保额度预计并接受关 联方担保的公告》。 ...

Group 1 - The core viewpoint of the article is that Congsheng Co., Ltd. (301002.SZ) is making a strategic investment in Chongqing Jingang, a company that supplies harmonic reducers and related components primarily for the aerospace sector [1] - Chongqing Jingang's main clients include aerospace research institutes, the Aerospace Corporation, and several well-known private commercial aviation customers [1] - The company plans to increase its investment by 20 million yuan by October 2025 to assist in expanding the product line and capacity in the industrial sector, focusing on the development of harmonic reducers for industrial robots and rotary joint reducers for humanoid robots [1]