Financial Performance - The company's operating revenue for the first half of 2025 was ¥183,571,095.34, a slight increase of 0.09% compared to ¥183,406,200.90 in the same period last year[20]. - The net profit attributable to shareholders decreased by 15.20% to ¥31,341,954.78 from ¥36,960,541.18 year-on-year[20]. - The net profit after deducting non-recurring gains and losses fell by 17.38% to ¥28,139,718.97 compared to ¥34,058,848.31 in the previous year[20]. - Basic and diluted earnings per share both decreased by 15.21% to ¥0.2798 from ¥0.3300 year-on-year[20]. - The weighted average return on equity decreased to 2.81% from 3.45% in the previous year[20]. - The company reported a significant reduction in income tax expenses, down 26.82% to $3,622,124.98, attributed to a decrease in total profit[55]. - The total profit for the first half of 2025 was $34.96 million, compared to $41.91 million in 2024, showing a decline of 16.6%[160]. Cash Flow and Investments - The net cash flow from operating activities increased significantly by 50.57% to ¥49,719,591.42 from ¥33,020,823.71 in the same period last year[20]. - The company reported a net cash flow from operating activities of CNY 53,800,478.08 for the first half of 2025, up from CNY 33,041,120.37 in the same period last year, representing a growth of 62.8%[168]. - The net cash flow from investment activities improved to -CNY 73,117,629.86, a reduction in losses from -CNY 489,859,354.72 in the previous year[167]. - The company has invested CNY 32.6 million in entrusted financial management, with CNY 10.4 million sourced from raised funds[82]. - The total investment amount for the reporting period was $758,341,120.37, representing an 8.53% increase compared to the previous year[66]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,264,387,357.33, reflecting a 1.01% increase from ¥1,251,776,093.05 at the end of the previous year[20]. - The company's fixed assets increased to $330,896,715.05, which is 26.17% of total assets, up from 23.92%[62]. - Total liabilities rose to CNY 156,429,236.57 from CNY 145,193,864.64, representing an increase of approximately 7.6%[153]. - The total equity attributable to the parent company at the end of the reporting period is CNY 1,106,582,228.41, unchanged from the previous year[170]. Market and Industry Position - The company operates in the magnesium and aluminum alloy precision die-casting industry, primarily serving the automotive sector[27]. - Magnesium alloy products accounted for 68.76% of the main business revenue, with sales increasing by 5.41% year-on-year[41]. - The proportion of revenue from products supporting new energy vehicles was 33.28% of the main business revenue[41]. - The company has received multiple project contracts for new energy vehicle powertrain components and other parts, indicating strong market demand[34]. - The company plans to enhance its core competitiveness through continuous technological innovation and product iteration in the magnesium alloy lightweight application field[30]. Research and Development - Research and development expenses increased by 20.05% to $11,453,857.00, primarily due to an increase in R&D personnel[55]. - The company has established a complete core technology system for magnesium alloy die-casting through ongoing research and development efforts[33]. - The company emphasizes the importance of continuous innovation in response to increasing technical and innovative demands from customers in the automotive lightweight, electrification, and intelligence sectors[87]. Shareholder and Capital Structure - The total number of shares increased from 80 million to 112 million, with a significant portion attributed to the conversion of capital reserves[133]. - The company has a stable profit distribution policy, ensuring reasonable returns to investors based on profitability and operational needs[103]. - The company approved the profit distribution and capital reserve conversion plan at the annual shareholders' meeting on April 29, 2025[135]. - The largest shareholder, Ningbo Yuanxing Xiong Holdings Co., Ltd., holds 60.41% of the shares, totaling 67,662,000 shares[140]. Risk Factors - The company acknowledges the risk of new product development failure, with a complete new product development process implemented to mitigate this risk[88]. - The company is exposed to macroeconomic fluctuations, particularly in the automotive sector, which could impact customer demand and financial performance[91]. - Increased competition in the magnesium alloy industry is noted, with potential impacts on product gross margins due to new entrants and capacity expansions[92]. - Currency exchange rate fluctuations pose a risk to the company's export business, necessitating proactive management strategies to mitigate this risk[94]. Corporate Governance and Compliance - The company has established a governance structure and mechanism in compliance with laws and regulations, enhancing corporate governance levels[103]. - There were no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment[115]. - The company has not reported any major guarantees or other significant contracts during the reporting period, indicating a conservative financial approach[128].

Core Viewpoint - Ningbo Xingyuan Zhuomai Technology Co., Ltd. has received approval from the Shenzhen Stock Exchange's Listing Review Committee for its application to issue convertible bonds to unspecified objects, pending further registration with the China Securities Regulatory Commission [1] Group 1 - The company’s application for the issuance of convertible bonds meets the conditions for issuance, listing, and information disclosure requirements [1] - The final approval from the China Securities Regulatory Commission remains uncertain, and the company will announce the decision once received [1]

证券代码：301398 证券简称：星源卓镁 公告编号：2025-033 宁波星源卓镁技术股份有限公司 关于向不特定对象发行可转换公司债券申请获得 深圳证券交易所上市审核委员会审核通过的公告 董事会 2025 年 8 月 25 日 1 2025 年 8 月 22 日，深圳证券交易所上市审核委员会召开 2025 年第 14 次审 议会议，对宁波星源卓镁技术股份有限公司（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"本次发行"）的申请进行了审核。根据会议审 议结果，公司本次发行的申请符合发行条件、上市条件和信息披露要求。 公司本次发行事项尚需履行中国证券监督管理委员会（以下简称"中国证监 会"）注册程序，最终中国证监会能否同意注册及其时间尚存在不确定性。公司 将在收到中国证监会作出的予以注册或不予注册的决定文件后另行公告。敬请广 大投资者注意投资风险。 特此公告。 宁波星源卓镁技术股份有限公司 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。 ...

Summary of Key Points Core Viewpoint - No IPO companies were reviewed this week, but one company, Ningbo Sinyuan Zm Technology Co., Ltd., successfully passed the refinancing review, aiming to raise 450 million yuan [1][2]. Company Overview - Ningbo Sinyuan Zm Technology Co., Ltd. is based in Zhejiang and specializes in the research, production, and sales of magnesium and aluminum alloy precision die-casting products [2]. - The company was established on July 16, 2003, and is listed on the Shenzhen Stock Exchange under the stock code 301398 [2]. Financial Performance - For the fiscal year ending March 31, 2025, the company reported total revenue of 883.38 million yuan, reflecting a year-on-year increase of 7.28% [4]. - The total profit for the same period was 189.84 million yuan, showing a decrease of 5.94% compared to the previous year [4]. - The net profit attributable to shareholders was 169.40 million yuan, a decline of 4.08% year-on-year [4]. Fundraising Project - The company plans to issue convertible bonds to raise up to 450 million yuan, which will be used for a project to produce 3 million sets of high-strength large magnesium alloy precision forming parts for automobiles annually [5][6].

Group 1 - The Shenzhen Stock Exchange's listing review committee held its 14th meeting on August 22, 2025, to review Ningbo Xingyuan Zhuomei Technology Co., Ltd.'s application for issuing convertible bonds to unspecified objects, aiming to raise a total of no more than 450 million yuan [1] - The funds raised will be used for a project to produce 3 million sets of high-strength large magnesium alloy precision die-casting parts for automobiles, with a total investment of 700 million yuan, of which 450 million yuan will be raised through this bond issuance [1] - The lead underwriter for this convertible bond issuance is Guotou Securities Co., Ltd., with representatives Cheng Jieqiong and Qiao Yan [1] Group 2 - Xingyuan Zhuomei was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 15, 2022, with a public offering of 20 million shares, accounting for 25% of the total share capital after issuance, at a price of 34.40 yuan per share [2] - The total amount raised from the stock issuance was 688 million yuan, with a net amount of 596.32 million yuan after deducting issuance costs, which was 263.97 million yuan more than the original plan [2] - The total issuance costs for Xingyuan Zhuomei amounted to 91.68 million yuan, with the lead underwriter, Anxin Securities Co., Ltd., receiving underwriting fees of 65.76 million yuan and sponsorship fees of 4 million yuan, totaling 69.76 million yuan [2]

Core Viewpoint - The Shenzhen Stock Exchange's listing review committee approved Ningbo Xingyuan Zhuomei Technology Co., Ltd.'s issuance of convertible bonds, which meets the issuance, listing, and information disclosure requirements [1]. Group 1: Fundraising Details - The company plans to raise a total of no more than 450 million yuan through the issuance of convertible bonds, which will be used for the investment in a project to produce 3 million sets of high-strength large magnesium alloy precision forming parts for automobiles [1]. - The total investment for the project is 700 million yuan, with previous excess funds of approximately 111.90 million yuan and the current fundraising amount of 450 million yuan [2]. Group 2: Financial Overview - The total amount raised from the company's previous stock issuance was 688 million yuan, with a net amount of 596.32 million yuan after deducting issuance costs, which is 263.97 million yuan more than the original plan [3]. - The total issuance costs for the new stock were approximately 91.68 million yuan, with the lead underwriter receiving around 65.76 million yuan in underwriting fees [3].

分组1 - Longi Green Energy reported a revenue of 32.81 billion yuan in the first half of 2025, a decrease of 14.83% year-on-year, with a net loss of 2.57 billion yuan, an improvement of 2.66 billion yuan compared to the previous year [1][2] - The company increased its silicon wafer shipments to 52.08 GW, with external sales of 24.72 GW, and battery module shipments of 41.85 GW, but faced losses due to market prices falling below cost levels [1][2] 分组2 - Vanke A reported a revenue of 105.32 billion yuan in the first half of 2025, a decrease of 26.23% year-on-year, with a net loss of 11.95 billion yuan, a decrease of 21.25% compared to the previous year [3][5] - The company completed the delivery of over 45,000 housing units and achieved a sales amount of 69.11 billion yuan, with a collection rate exceeding 100% [5][6] 分组3 - Tonghuashun achieved a revenue of 1.78 billion yuan in the first half of 2025, an increase of 28.07% year-on-year, with a net profit of 502 million yuan, up 38.29% [7][8] - The increase in revenue was attributed to a rise in user activity on its platform and increased demand for financial information services [7][8] 分组4 - Changan Automobile reported a revenue of 72.69 billion yuan in the first half of 2025, a decrease of 5.25% year-on-year, with a net profit of 2.29 billion yuan, down 19.09% [9][10] - The company achieved a sales volume of 1.355 million vehicles, a year-on-year increase of 1.6%, with new energy vehicle sales reaching 452,000 units, up 49.1% [9][10][11] 分组5 - Ping An Bank reported a revenue of 69.39 billion yuan in the first half of 2025, a decrease of 10.0% year-on-year, with a net profit of 24.87 billion yuan, down 3.9% [12][14] - The bank's net interest margin was 1.80%, a decrease of 16 basis points compared to the previous year [12][14] 分组6 - Longi Green Energy's net loss expanded to 4.955 billion yuan in the first half of 2025, with revenue of 40.51 billion yuan, a decrease of 7.51% year-on-year [26][28] - The company cited ongoing supply-demand imbalances in the industry as a significant challenge [26][28] 分组7 - China CNR reported a revenue of 119.76 billion yuan in the first half of 2025, an increase of 32.99% year-on-year, with a net profit of 7.25 billion yuan, up 72.48% [23][24][25] - The revenue increase was primarily driven by growth in railway equipment and new industry income [23][24] 分组8 - Jiangsu Bank reported a revenue of 448.64 billion yuan in the first half of 2025, an increase of 7.78% year-on-year, with a net profit of 202.38 billion yuan, up 8.05% [32][33] - The bank's total assets reached 4.79 trillion yuan, a growth of 21.16% compared to the previous year [32][33]

Group 1 - The automotive integrated die-casting sector leads the market with a rise of 3.73% [1] - Top Group saw a significant increase of 10.0% [1] - Yian Technology and Yizhiming both experienced gains of 7.92% and 5.48% respectively [1] Group 2 - Meilixin, Baowu Magnesium, and Xingyuan Zhuomag also reported increases exceeding 4% [1]

Group 1: Core Insights - No IPO companies are scheduled for review in the upcoming week (August 18-22) [1] - One company, Ningbo Sinyuan Zm Technology Co., Ltd. (星源卓镁), is set to raise 450 million yuan through a public offering of convertible bonds [2][3] Group 2: Company Overview - Ningbo Sinyuan Zm Technology Co., Ltd. was established on July 16, 2003, and is located in Ningbo, Zhejiang Province [3] - The company specializes in the research, development, production, and sales of magnesium and aluminum alloy precision die-casting products, primarily for the automotive industry [3] Group 3: Financial Performance - For the fiscal year ending March 31, 2025, the company reported total revenue of 883.38 million yuan, a year-on-year increase of 7.28% [5] - The net profit for the same period was 169.40 million yuan, reflecting a decrease of 4.08% compared to the previous year [5] Group 4: Fundraising Project - The funds raised from the convertible bond issuance will be used for a project aimed at producing 3 million sets of high-strength large magnesium alloy precision forming parts for automobiles [6][7]

Core Viewpoint - The company, Ningbo Sinyuan ZM Technology Co., Ltd., is issuing convertible bonds to raise funds for expanding its production capacity in the magnesium alloy sector, particularly for automotive lightweight components, in response to the growing demand driven by the rapid development of new energy vehicles and national policies promoting lightweight materials [1][11]. Company Overview - The company is based in Ningbo, Zhejiang Province, and specializes in the research, development, and manufacturing of magnesium and aluminum alloy precision die-casting products [11]. - The registered capital of the company is 112 million RMB, and it was established on July 16, 2003 [11]. Purpose of the Bond Issuance - The issuance aims to support the company's strategic plan to enhance its production capabilities in high-strength magnesium alloy components for the automotive industry, aligning with the industry's shift towards lightweight materials to meet energy-saving and emission reduction goals [11][12]. - The company plans to invest the raised funds into a project that will produce 3 million sets of high-strength magnesium alloy precision components annually, which is expected to significantly boost its market supply capacity and core competitiveness [8][12]. Market Context - The automotive industry is increasingly focusing on lightweight materials to improve fuel efficiency and reduce emissions, with magnesium alloys being a key material due to their low density and high strength [11][12]. - The demand for magnesium alloy components is expected to rise as the production of new energy vehicles in China is projected to grow significantly, with sales expected to reach approximately 12.89 million units by 2024, reflecting a compound annual growth rate of 47.14% [11][12]. Financial Overview - The company has a stable profit distribution policy, having distributed a total of 83.2 million RMB in cash dividends over the past three years, which is 115.21% of the average annual distributable profit [5][6]. - The company plans to issue convertible bonds with a total amount not exceeding 450 million RMB, with a maturity of six years and an annual interest rate to be determined based on market conditions [14][15]. Investment and Risk Factors - The company acknowledges potential risks associated with customer concentration, market competition, and international trade policies that could impact its revenue and profitability [6][7]. - The company has a robust plan to mitigate these risks by diversifying its customer base and enhancing its product offerings in response to market demands [12][13].