| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-050 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于"爱玛转债"转股结果暨股份变动公告 根据有关规定和《爱玛科技集团股份有限公司公开发行可转换公司债券募集 说明书》的约定，公司本次发行的"爱玛转债"自 2023 年 9 月 1 日起可转换为 本公司股份，初始转股价格为 61.29 元/股。因公司实施 2022 年年度权益分派， "爱玛转债"转股价格于 2023 年 5 月 19 日起调整为 39.99 元/股；因公司实施 2023 年半年度权益分派，"爱玛转债"的转股价格于 2023 年 9 月 22 日起调整为 39.64 元/股；因公司实施 2023 年年度权益分派，"爱玛转债"的转股价格于 2024 年 7 月 12 日起调整为 39.11 元/股；因回购注销 2021 年激励计划首次授予部分 离职人员的限制性股票，"爱玛转债"的转股价格于 2024 年 8 月 7 日起调整为 39.12 元/股；因公司实施 2024 年半年度权益分派，" ...

Report Overview - The report presents the top ten convertible bonds for July 2025, along with an analysis of the issuing companies [1][2][11] Company Summaries 1. Zhongte Convertible Bond (Zhongte Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 109.399 yuan; Conversion premium rate: 108.66%; PE - TTM of the underlying stock: 11.5 [5][11] - Company is a global leader in special steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [11][12] - In 2024, revenue was 109.203 billion yuan (down 4.22% YoY), net profit attributable to shareholders was 5.126 billion yuan (down 10.41% YoY). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% YoY), net profit attributable to shareholders was 1.384 billion yuan (up 1.76% YoY) [11] - Company highlights: largest variety - specification range, leading cost - control, and potential expansion through asset injection [12] 2. Shanlu Convertible Bond (Shanlu Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 113.766 yuan; Conversion premium rate: 50.91%; PE - TTM of the underlying stock: 3.9 [5][20] - Company focuses on road and bridge construction and maintenance, with a comprehensive business system [20] - In 2024, revenue was 71.348 billion yuan (down 2.3% YoY), net profit attributable to shareholders was 2.322 billion yuan (up 1.47% YoY). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% YoY), net profit attributable to shareholders was 0.249 billion yuan (up 1.89% YoY) [20] - Company highlights: state - owned background, potential in debt - resolution, local infrastructure opportunities, and overseas expansion [21] 3. Jintong Convertible Bond (Jintong Zhuanzhai) - Bond Rating: AA+; 6 - month - end closing price: 128.025 yuan; Conversion premium rate: 5.74%; PE - TTM of the underlying stock: 20.7 [5][31] - Company engages in non - ferrous metal processing, providing materials for emerging industries [31] - In 2024, revenue was 124.161 billion yuan (up 12.36% YoY), net profit attributable to shareholders was 0.462 billion yuan (down 12.29% YoY). In Q1 2025, revenue was 27.285 billion yuan (up 9.89% YoY), net profit attributable to shareholders was 0.151 billion yuan (up 38.55% YoY) [31] - Company highlights: rebound in copper processing, growth in rare - earth permanent magnets, and expansion in electromagnetic flat wire business [32] 4. Aima Convertible Bond (Aima Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 123.919 yuan; Conversion premium rate: 37.61%; PE - TTM of the underlying stock: 14.1 [5][40] - Company is a leading player in the electric two - wheeler industry [40] - In 2024, revenue was 21.606 billion yuan (up 2.71% YoY), net profit attributable to shareholders was 1.988 billion yuan (up 5.68% YoY). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% YoY), net profit attributable to shareholders was 0.605 billion yuan (up 25.12% YoY) [40] - Company highlights: subsidy - driven demand, new national standard benefits, and potential margin improvement [41] 5. Xingye Convertible Bond (Xingye Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.495 yuan; Conversion premium rate: 13.03%; PE - TTM of the underlying stock: 6.4 [5][52] - Company is a large - scale joint - stock commercial bank with multiple financial licenses [52] - In 2024, revenue was 212.226 billion yuan (up 0.66% YoY), net profit attributable to shareholders was 77.205 billion yuan (up 0.12% YoY). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% YoY), net profit attributable to shareholders was 23.796 billion yuan (down 2.22% YoY) [52] - Company highlights: stable growth in net interest income, stable asset quality, and expanding scale [53] 6. Youfa Convertible Bond (Youfa Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 126.782 yuan; Conversion premium rate: 6.47%; PE - TTM of the underlying stock: 14.7 [5][64] - Company is the largest welded steel pipe manufacturer in China [64] - In 2024, revenue was 54.822 billion yuan (down 10.01% YoY), net profit attributable to shareholders was 0.425 billion yuan (down 25.46% YoY). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% YoY), net profit attributable to shareholders was 0.133 billion yuan (up 9680.17% YoY) [64] - Company highlights: national layout, overseas market expansion, and high dividend policy [65] 7. Chongyin Convertible Bond (Chongyin Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 125.956 yuan; Conversion premium rate: 12.15%; PE - TTM of the underlying stock: 7.3 [5][77] - Company is a regional joint - stock commercial bank in the upper reaches of the Yangtze River [77] - In 2024, revenue was 13.679 billion yuan (up 3.54% YoY), net profit attributable to shareholders was 5.117 billion yuan (up 3.8% YoY). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% YoY), net profit attributable to shareholders was 1.624 billion yuan (up 5.33% YoY) [77] - Company highlights: regional economic development opportunities, asset scale growth, and strategic risk management [78] 8. Baidian Convertible Bond (Baidian Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 131.325 yuan; Conversion premium rate: 2.85%; PE - TTM of the underlying stock: 24.3 [5][88] - Company is a high - tech enterprise in power distribution equipment [88] - In 2024, revenue was 4.985 billion yuan (up 15.12% YoY), net profit attributable to shareholders was 0.196 billion yuan (up 79.05% YoY). In Q1 2025, revenue was 0.976 billion yuan (up 4.68% YoY), net profit attributable to shareholders was 0.037 billion yuan (up 11.47% YoY) [88] - Company highlights: improving profitability and strong order backlog [89] 9. Huayuan Convertible Bond (Huayuan Zhuanzhai) - Bond Rating: AA -; 6 - month - end closing price: 129.19 yuan; Conversion premium rate: 14.24%; PE - TTM of the underlying stock: 26.3 [5][101] - Company focuses on the vitamin D3 industrial chain [101] - In 2024, revenue was 1.243 billion yuan (up 13.58% YoY), net profit attributable to shareholders was 0.309 billion yuan (up 60.76% YoY). In Q1 2025, revenue was 0.326 billion yuan (down 1.18% YoY), net profit attributable to shareholders was 0.097 billion yuan (up 5.5% YoY) [101] - Company highlights: leading products in the industry, product expansion, and new drug approvals [102] 10. Yushui Convertible Bond (Yushui Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.888 yuan; Conversion premium rate: 30.54%; PE - TTM of the underlying stock: 26.6 [5][112] - Company is the largest water supply and drainage enterprise in Chongqing [112] - In 2024, revenue was 6.999 billion yuan (down 3.52% YoY), net profit attributable to shareholders was 0.785 billion yuan (down 27.88% YoY). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% YoY), net profit attributable to shareholders was 0.237 billion yuan (up 28.91% YoY) [112] - Company highlights: stable local business, market expansion, and cost control [113]

北京海润天睿律师事务所 朝阳区建外大街甲14号广播大厦5层、9层、10层、13层、17层 邮政编码：100022 电话：010-65219696 传真：010-88381869 二〇二五年六月 北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 部分股权激励限制性股票回购注销实施的法律意见书 致：爱玛科技集团股份有限公司 关于爱玛科技集团股份有限公司 部分股权激励限制性股票回购注销实施的法律意见书 中国·北京 北京海润天睿律师事务所（以下简称"本所"）接受爱玛科技集团股份有限 公司（以下简称"爱玛科技"或"公司"）的委托，担任公司"2024 年限制性 股票激励计划"（以下简称"本激励计划"）的法律顾问。根据现行有效适用的 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等有关法律法规的规定，为公司回购注销部分限制性股票 （以下简称"本次回购注销"）相关事项，出具本法律意见书。 为出具本法律意见书，本所律师审阅了《爱玛科技集团股份有限公司2024 年限制性股票激励计划（草案）》（以下简称"《激励 ...

证券代码：603529 证券简称：爱玛科技 公告编号：2025-049 转债代码：113666 转债简称：爱玛转债 爱玛科技集团股份有限公司 关于 2024 年限制性股票激励计划部分限制性股票回购注销实 施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次限制性股票回购注销的决策与信息披露 于提请股东大会授权董事会办理股权激励相关事宜的议案》。公司股东大会授权董 事会在出现 2024 年限制性股票激励计划所列明的需要回购注销激励对象尚未解除 限售的限制性股票，办理该部分限制性股票回购注销所必需的全部事宜，包括但 不限于修改公司章程、公司注册资本的变更登记。具体内容详见公司于 2024 年 3 月 1 日在上海证券交易所网站（www.sse.com.cn）及指定披露媒体刊登的公告。 十四次会议，审议通过了《关于调整 2024 年限制性股票激励计划回购价格的议案》 《关于 2024 年限制性股票激励计划第一个解除限售期解除限售条件未成就暨回购 注销部分限制性股票的议案》，同意公司因权益分派实施调整 20 ...

Group 1: Passenger Vehicles - The report anticipates a strong performance in Q3 2025, with a projected wholesale volume of 16.25 million units, reflecting a year-on-year increase of 5% and a month-on-month increase of 21% [1] - The sales of new energy vehicles (NEVs) are expected to reach 9.3 million units, with a year-on-year growth of 23% and a month-on-month growth of 42% [1] - The market share of domestic brands is projected to increase from 62% in 2024 to 69% in 2025, driven by strong performances from BYD, Geely, and Chery [20][24] Group 2: Motorcycles and Electric Two-Wheelers - The motorcycle industry is focusing on overseas expansion, particularly in Europe, where a high growth period is expected from January to October [2] - The electric two-wheeler market is anticipated to see strong sales growth in Q3, supported by policies and a demand upgrade, with a cumulative replacement volume of 6.5 million units by May 2025 [2][12] - The report highlights that the high-end electric two-wheeler market is becoming increasingly competitive, while the mid-to-low-end market is expected to consolidate, benefiting leading companies like Aima and Yadea [2] Group 3: Auto Parts - The report notes that tariffs are accelerating the globalization of domestic auto parts companies, with a focus on capacity relocation to regions like Mexico and Southeast Asia [3] - The optimization of supplier payment terms to within 60 days is expected to improve the health of the industry chain, particularly benefiting leading auto parts suppliers [3] Group 4: Intelligent Driving and Robotics - The Robo X initiative is gaining momentum, with significant advancements in logistics cost reduction and the commercialization of Robotaxi services [4] - The report emphasizes the importance of technological iterations in the intelligent driving sector, with a notable increase in the penetration rate of high-end driving assistance features in vehicles priced below 200,000 yuan [4][19] - In the robotics sector, the investment paradigm is shifting towards companies that can deliver real orders and have a strong technological and production capacity [5]

Group 1: Core Competencies and Advantages - The company focuses on "leading basic component technology and deep application in industry equipment," positioning itself as a global leader in intelligent manufacturing equipment solutions [2] - It has over 20 years of development, showcasing vertical integration advantages from basic components to complete equipment and process solutions [2] - The company leverages various advantages, including industry policy support, comprehensive technology, sales and service network, customer resources, and brand effect [2] Group 2: New Energy Sector Performance - The growth focus in the lithium battery equipment industry is shifting from domestic to overseas markets, with partnerships with major clients like CATL and others [4] - The company aims to enhance its market competitiveness and share in the power battery and energy storage battery equipment sectors through innovation and refined management [4] - In the photovoltaic equipment sector, the company has secured bulk orders for core equipment from mainstream battery manufacturers despite a decrease in capital expenditure from downstream clients [4] Group 3: Semiconductor Sector Overview - The company provides intelligent manufacturing equipment for the semiconductor sector, including laser cutting and testing equipment [5] - Its subsidiary, Shenzhen Dazhu Semiconductor Technology Co., focuses on semiconductor packaging equipment, which is currently expanding its market presence [5] Group 4: General Industrial Laser Processing Equipment Market - The company has achieved significant sales with its self-developed 3D five-axis cutting head, generating over 50 million in its first year [6] - It launched the world's first 150KW ultra-high power cutting machine, enhancing its influence in high-end markets [6] - The company is expanding its coverage in the mid-to-low-end market, steadily increasing its market share in high-power laser cutting equipment [7] Group 5: Overseas Expansion Strategy - The company is expanding its overseas R&D and sales teams to capture market opportunities arising from supply chain diversification, particularly in Southeast Asia [8] - The PCB market in Southeast Asia is expected to grow significantly, with projected compound growth rates exceeding those of mainland China [8] - The IC packaging substrate market in the US and Europe is anticipated to grow at compound rates of 18.3% and 40.6% over the next five years, respectively [8] Group 6: Share Buyback Completion - The company completed a share buyback of 22,589,592 shares, representing 2.15% of its total share capital, with a total expenditure of approximately RMB 500 million [9] - The total share capital will decrease from 1,052,193,000 shares to 1,029,603,408 shares following the cancellation of the repurchased shares [9] Group 7: Pledge Situation - The actual controller and major shareholders have a share pledge ratio of 75.98% [10]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-049 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于 2024 年限制性股票激励计划部分限制性股票回购注销实 施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购注销原因：爱玛科技集团股份有限公司（以下简称"公司"）2024 年 限制性股票激励计划 10 名激励对象因个人原因离职，不再具备激励对象资格，公 司对其持有的已获授但尚未解除限售的限制性股票合计 270,000 股予以回购注销； 2024 年限制性股票激励计划第一个解除限售期解除限售条件未成就，激励对象对 应考核当年计划解除限售的限制性股票合计 3,591,000 股需由公司回购注销。综 上，本次限制性股票回购注销事项涉及激励对象 183 名，回购注销限制性股票共 计 3,861,000 股。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | | | ...

北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 部分股权激励限制性股票回购注销实施的法律意见书 中国·北京 朝阳区建外大街甲14号广播大厦5层、9层、10层、13层、17层 邮政编码：100022 电话：010-65219696 传真：010-88381869 二〇二五年六月 所提供的副本或复印件与正本或原件内容一致，所有文件上的印章与签名都是真 实的。对于至关重要而又无法得到独立证据支持的事实，本所依赖有关政府部门、 爱玛科技或其他有关单位出具的证明文件作出合理判断。 北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 部分股权激励限制性股票回购注销实施的法律意见书 致：爱玛科技集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受爱玛科技集团股份有限 公司（以下简称"爱玛科技"或"公司"）的委托，担任公司"2024 年限制性 股票激励计划"（以下简称"本激励计划"）的法律顾问。根据现行有效适用的 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等有关法律法规的规定，为公司回 ...

Summary of Conference Call Records Industry Overview - The electric two-wheeler market is significantly influenced by national subsidy policies, with sales expected to grow in Q2 2025. Brands like Ninebot and Niu are benefiting notably, but the sustainability of subsidy policies remains a key uncertainty for future market performance [1][4][29]. - The implementation of new national standards is anticipated to impact the electric two-wheeler market, with brands actively developing models that comply with these standards, expected to launch new products in the second half of 2025 [1][9]. - Traditional electric vehicle brands such as Yadea and Aima face competitive pressure from emerging brands in terms of smart features and price transparency, despite efforts to catch up in smart technology [1][15]. Key Points on Sales and Market Dynamics - As of June 2025, single-store sales are approximately 130 to 140 units, with national standard vehicles accounting for 80% and electric motorcycles for 20% of sales [2]. - Overall sales in Q2 2025 doubled compared to the same period last year, with sales structure remaining consistent [3]. - The primary driver for sales growth in Q2 2025 is the national subsidy policy rather than promotional activities [4]. - Current inventory levels are at 500 to 600 units, significantly higher than usual, to prepare for the upcoming sales peak [5]. - The national subsidy policy has increased significantly compared to the previous year, with a commitment from the business bureau to maintain the policy throughout the year [6]. Profitability and Competitive Landscape - Dealer profits are under pressure, with electric motorcycle profit margins stabilizing around 10%, while electric bicycle margins are lower [12]. - The most popular price segment for electric motorcycles is between 4,000 to 5,000 yuan, accounting for about 60% of total sales [12]. - Traditional brands are struggling to compete with electric two-wheeler brands in terms of price transparency and sales strategies, leading to a significant difference in consumer perception and purchasing behavior [14]. Future Outlook - The market performance in Q3 2025 is expected to remain stable, but a potential halt in national subsidies could lead to a significant downturn in consumer purchasing willingness [14]. - The transition to electric motorcycles is seen as beneficial for dealers, potentially reducing regulatory issues and improving market operations [11]. - The introduction of new models that comply with the 2024 national standards is still in the development phase, with expected launches around July 2025 [34]. Additional Insights - The impact of promotional activities, such as the 618 shopping festival, has been mixed, with some brands experiencing significant sales boosts while others see minimal effects [26][30]. - The competitive landscape is evolving, with brands like Spring Wind benefiting from improved international brand image and proactive market strategies, leading to increased sales [21]. - The overall sentiment among dealers is cautiously optimistic for Q3, with expectations of increased sales driven by new model launches and seasonal demand [80]. This summary encapsulates the key insights from the conference call records, highlighting the dynamics of the electric two-wheeler market, sales performance, profitability challenges, and future outlook.

The provided content does not contain any quantitative models or factors, nor does it include any related construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on industry analysis, company updates, and market trends across various sectors such as light manufacturing, exports, new tobacco products, home furnishings, and others. There is no mention of quantitative models or factors in the provided text.