Core Insights - The article provides a comprehensive list of the top 30 publicly listed companies in the die-casting industry in China, highlighting their financial performance, technological advancements, and key clients. Group 1: Company Performance - Guangdong Hongtu reported Q1 2025 revenue of 2.099 billion with a gross margin of 12.58% and holds over 500 patents in aluminum alloy technology, serving clients like Tesla and BYD [1] - Huayang Group achieved Q1 2025 revenue of 1.991 billion and a gross margin of 21.56%, focusing on automotive electronic die-casting and serving clients such as BMW and Mercedes [4] - Ningbo Top Group reported Q1 2025 revenue of 5.768 billion, being a supplier for Tesla's integrated rear cabin [7] - Wencan Co. reported Q1 2025 revenue of 1.27 billion with a gross margin of 13.43%, specializing in integrated die-casting technology [9] - Lichung Group achieved Q1 2025 revenue of 5.967 billion, with a year-on-year growth of 16.49% [16] Group 2: Technological Advancements - Yian Technology is a global leader in liquid metal die-casting, producing over 5 million magnesium alloy parts annually [3] - Shenzhen New Star has developed a high vacuum die-casting process, expecting 1 billion revenue from automotive optical business in 2025 [17] - Meili Xin reported a 60% revenue growth in the photovoltaic sector in 2023, with a global market share of 25% in photovoltaic inverter die-casting [18] Group 3: Client Relationships - Aikodi serves clients including NIO and Bosch, with a 35% increase in net profit in 2023 [6] - Cloud Metal reported a 55% growth in magnesium alloy business in 2023, serving clients like Tesla and BMW [14] - BYD has achieved over 80% self-supply rate for die-casting parts in 2023, with a 30% increase in self-developed equipment capacity [20]

Core Insights - The collaboration between Minglida and Hikvision on the "Eagle Eye Project" has successfully enhanced production efficiency and product quality through the deep integration of both companies' technologies [1] - The pilot project in Sichuan Minglida has achieved significant results, including full-process online integration, real-time data visualization, and closed-loop anomaly handling [1] - Minglida aims to become a global leader in precision structural component manufacturing by continuously optimizing and promoting this project [1]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - With the expansion of global AI demand and the capital expenditure on computing power by North American cloud - computing giants, the domestic computing hardware supply chain is expected to continue its high - growth trend. Domestic large - models are predicted to iterate rapidly in the second half of the year, and the AIDC scale is expected to further expand. The pan - AI sector is a relatively scarce high - growth area, and investment opportunities in this sector are recommended to be focused on in Q3 [1][10]. - Currently, convertible bond valuations are at a relatively high historical level due to the continuous inflow of fixed - income funds and the recovery of stock market expectations. The idea of achieving excess returns in the high - valuation range is to bet on the elasticity of the underlying stocks of convertible bonds. When the capital situation of convertible bonds is stable and the stock market expectations do not change significantly, the valuation of the convertible bond market is unlikely to shrink actively. Buying convertible bonds corresponding to high - elasticity underlying stocks (such as those in the AI sector) at a high - risk preference position can easily generate excess returns during an upward wave [1][10]. 3. Summary by Relevant Catalog 3.1 Overall Logic and Layout Ideas - The domestic computing hardware supply chain is expected to maintain high growth due to global AI demand expansion and North American cloud - computing giants' capital expenditure on computing power. Domestic large - models will iterate quickly in the second half, and AIDC will expand. The pan - AI sector is a high - growth area, and Q3 investment opportunities are recommended [1][10]. - For convertible bond investment, with high valuations, the strategy is to invest in convertible bonds of high - elasticity underlying stocks to gain excess returns in an upward market [1][10]. 3.2 Individual Bond Selection 3.2.1 Unex Electronics/Unex Convertible Bond - Unex is a global leader in electronic design and manufacturing services, leading in the SiP module field. It has 30 manufacturing service sites across four continents, providing comprehensive services to global brand customers [16]. - In 2024, its revenue was 60.691 billion yuan, almost flat year - on - year. Cloud and storage product revenue increased by 13.35% due to AI - driven server demand [16]. - In 2025, it aims to accelerate business in AI accelerator cards. It is also developing power modules and motherboards for AI servers. It participates in providing Wi - Fi SiP modules for a North American AI glasses customer's third - generation product and has obtained an order for N - in - one motherboard modules, expected to bring significant revenue in 2026 [2][22][24]. 3.2.2 Huamao Technology/Huamao Convertible Bond - Huamao is a leader in the automotive passive safety field, with products covering airbags, seat belts, etc. In 2024, it released an action plan, strengthening its automotive parts business and entering the semiconductor and computing manufacturing fields [25]. - In 2024, its revenue was 2.213 billion yuan, up 7.67% year - on - year. Net profit was 277 million yuan, up 14.64%. It plans to expand in the semiconductor and computing manufacturing sectors by increasing investment and integrating the supply chain of Fuchuang Youyue [25][30]. - Fuchuang Youyue provides one - stop electronic manufacturing services, especially in high - speed optical module manufacturing for global computing industry chains. It has shipped to 7 of the top 20 global optical module manufacturers in 2024, with over 3.5 million 800G optical module PCBA shipments [31][32]. 3.2.3 Bowei Alloy/Bo 23 Convertible Bond - Bowei's main businesses are new materials and international new energy. Its new materials are high - performance non - ferrous alloy products, widely used in AI, 6G, etc. In 2024, its alloy strip business sales increased by 42.23% and net profit increased by 171.12% [33]. - Its high - speed connector, shielding, and lead - frame materials are crucial for computing servers and data centers. Products like boway19920 and boway70318 meet the requirements of high - computing servers [35]. 3.2.4 Sangfor Technologies/Sangfor Convertible Bond - Sangfor focuses on enterprise - level network security, cloud computing, and IT infrastructure. Its network security business uses cloud security and AI for active monitoring and protection [36]. - It has been developing cloud computing since 2012, launching multiple products. In 2024, it released the AICP platform for large - model development, aiming to lower the threshold of using AI technology [37]. 3.2.5 Minglida/Mingli Convertible Bond - Minglida's products are mainly used in photovoltaic, energy storage, new - energy vehicles, and security. In 2024, its sales declined due to the inventory reduction in the photovoltaic and energy - storage industries. However, demand is recovering in 2025 [39]. - It has made breakthroughs in the new - energy vehicle business with leading global customers. It plans to expand in the robot and liquid - cooling industries and expects increased revenue from server and automotive liquid - cooling [39][43][44].

Core Points - The company announced the payment of interest for its convertible bonds, "Minglida Convertible Bonds," with a face value interest payment of RMB 5.00 for every 10 bonds [1][5][6] - The coupon rate for the current period is set at 0.50%, and the interest payment date is scheduled for August 4, 2025 [2][5] - The total issuance of the convertible bonds amounts to RMB 1 billion, with 10 million bonds issued at a face value of RMB 100 each [2] Summary by Sections Bond Issuance - The company received approval from the China Securities Regulatory Commission to issue convertible bonds, totaling 10 million bonds with a total value of RMB 1 billion [2] - The bonds will be listed on the Shenzhen Stock Exchange starting August 23, 2023, under the code "123215" [2] Interest Payment Details - The interest payment for the second year will be made on August 4, 2025, with the interest calculation period from August 3, 2024, to August 2, 2025 [5][6] - The interest payment will be made to all registered bondholders as of August 1, 2025 [6] Taxation Information - Individual bondholders will have a 20% tax withheld on interest income, resulting in a net payment of RMB 4.00 for every 10 bonds after tax [5][7] - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax on the interest income [7]

关于铭利转债 2025 年付息的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、"铭利转债"（债券代码：123215）将于2025年8月4日（原付息日2025 年8月3日为休息日，顺延至下一交易日）按面值支付第二年利息，每10张"铭利 转债"（面值1,000.00元）派发利息为人民币5.00元（含税）。 2、付息债权登记日：2025年8月1日（星期五）。 | 证券代码：301268 | 证券简称：铭利达 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：123215 | 债券简称：铭利转债 | | 深圳市铭利达精密技术股份有限公司 3、付息日：2025年8月4日（星期一）。 4、除息日：2025年8月4日（星期一）。 5、本次付息期间及票面利率：计算期间为2024年8月3日至2025年8月2日， 当期票面利率为0.50%。 6、"铭利转债"本次付息债权登记日为2025年8月1日，截至2025年8月1日 下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深圳分公司登记 在册的"铭利转债"持有人 ...

| 证券代码：301268 | 证券简称：铭利达 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：123215 | 债券简称：铭利转债 | | 深圳市铭利达精密技术股份有限公司 关于公司控股股东部分可转换公司债券 解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 深圳市铭利达精密技术股份有限公司（以下简称"公司"）于2025年7月23 日收到公司控股股东深圳市达磊投资发展有限责任公司（以下简称"达磊投资"） 与澳门国际银行股份有限公司（以下简称"澳门银行"）就其持有公司部分可转 换公司债券（以下简称"可转债"）办理了解除质押手续，具体事项如下： 一、股东可转债解除质押的基本情况 1、本次可转债解除质押的基本情况 | 股东名称 | 是否为控股股东 | 本次解除质 | 占其所持 | 占公司可转 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 | 押数量 | 可转债比 | 债余额比例 | 质押起始日 | 质押解除日 | ...

Summary of Key Points Core Viewpoint - The company, Shenzhen Minglida Precision Technology Co., Ltd., has decided to postpone certain fundraising investment projects due to market changes and operational needs, reallocating part of the raised funds to a new project in Mexico [1][10]. Group 1: Fundraising Overview - The company issued 10 million convertible bonds with a total face value of 1 billion yuan, netting approximately 991.61 million yuan after deducting issuance costs [1]. - The funds are managed in a dedicated account with strict regulatory oversight, ensuring compliance with relevant laws and regulations [5][11]. Group 2: Investment Projects - The original investment projects included the construction of precision component production bases in Anhui and Jiangxi, and a smart manufacturing project for key components [3]. - The company plans to redirect 45 million yuan (45% of total raised funds) from the postponed projects to a new project for constructing a precision component production base for electric vehicles in Mexico [4][10]. Group 3: Project Postponement Details - The project for the Jiangxi precision component production base will experience delays in reaching its operational status due to various market and operational factors [9][10]. - The postponement does not alter the investment amounts or project content, ensuring no adverse impact on shareholder interests [10][12]. Group 4: Compliance and Oversight - The company has followed necessary procedures for the project postponement, receiving approval from both the board of directors and the supervisory board [11][12]. - The sponsor, Guotai Junan Securities, has confirmed that the postponement complies with regulatory requirements and does not harm the company's or shareholders' interests [12].

Group 1 - The company held a meeting on July 18, 2025, with all three supervisors present, and the meeting was convened in accordance with relevant laws and regulations [1][2] - The meeting approved a proposal to postpone certain fundraising investment projects, which the supervisory board deemed a prudent decision based on the company's development and current circumstances [1][2] - The decision aligns with the regulations set forth in the "Regulations on the Supervision of Fundraising by Listed Companies" and other relevant guidelines [1]

Core Viewpoint - The company has announced a delay in the completion date of its precision structural components production base project in Jiangxi, extending it from August 2025 to August 2026 due to comprehensive considerations of current business operations and project implementation needs [1] Group 1 - The second meeting of the company's second board and the twenty-fifth meeting of the second supervisory board will be held on July 18, 2025 [1] - The decision to postpone the project was made after careful research and analysis [1] - The project affected is the "Minglida Jiangxi Xinfeng Precision Structural Components Production Base Construction Project (Phase I)" [1]

本公司及监事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 | 证券代码：301268 | 证券简称：铭利达 | 公告编号：2025-076 | | --- | --- | --- | | 债券代码：123215 | 债券简称：铭利转债 | | 深圳市铭利达精密技术股份有限公司 第二届监事会第二十五次会议决议的公告 表决结果：3票同意，0票反对，0票弃权。 三、备查文件 第二届监事会第二十五次会议决议。 深圳市铭利达精密技术股份有限公司监事会 2025年7月18日 一、会议的召开和出席情况 深圳市铭利达精密技术股份有限公司（以下简称"公司"）于2025年7月12 日以电子邮件的方式向全体监事发出会议通知，并于2025年7月18日在公司会议 室以现场表决的形式召开会议。本次会议应出席监事3名，实际出席监事3名，董 事会秘书杨德诚先生列席本次会议。本次会议由监事会主席陈娜女士召集并主持。 本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 二、会议审议情况 审议通过了《关于部分募集资金投资项目延期的议案》 经审核，监 ...