财信证券股份有限公司 关于湘潭电化科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） （湖南省长沙市岳麓区茶子山东路 112 号滨江金融中心 T2 栋（B 座）26 层） 二〇二五年五月 湘潭电化科技股份有限公司 发行保荐书 声 明 财信证券股份有限公司（以下简称"财信证券"、"保荐机构"或"保荐 人"）接受湘潭电化科技股份有限公司（以下简称"湘潭电化"、"公司"或"发 行人"）的委托，担任其本次向不特定对象发行可转换公司债券（以下简称"本 次发行"）的保荐机构。 本保荐机构及保荐代表人根据《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》"）、《证券 发行上市保荐业务管理办法》（以下简称"《保荐管理办法》"）、《上市公司 证券发行注册管理办法》（以下简称"《注册管理办法》"）、《发行证券的公 司信息披露内容与格式准则第 27 号——发行保荐书和发行保荐工作报告》（以 下简称"《准则第 27 号》"）、《保荐人尽职调查工作准则》《可转换公司债 券管理办法》（以下简称"《可转债管理办法》"）等有关法律、行政法规和中 国证券监督 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 湘潭电化科技股份有限公司 关于召开2024年度股东大会的提示性公告 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。 湘潭电化科技股份有限公司（以下简称"公司"）于2025年4月23日在《证券时报》《中国证券报》《上 海证券报》《证券日报》和巨潮资讯网上刊登了《关于召开2024年度股东大会的通知》（公告编号： 2025-018），公司将于2025年5月13日召开2024年度股东大会，现将本次股东大会的有关事宜提示如 下： 一、召开会议的基本情况 1、股东大会届次：本次股东大会是公司2024年度股东大会。 2、股东大会的召集人：本次股东大会由公司董事会召集，公司2025年4月21日召开的第九届董事会第五 次会议审议通过了《关于召开2024年度股东大会的议案》。 证券代码：002125 证券简称：湘潭电化 公告编号：2025-023 3、会议召开的合法、合规性：本次股东大会召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的规定。 4、会议召开的日期和时间： （1）现场会议召开时间：2025年5月13日（星 ...

本资产评估报告依据中国资产评估准则编制 因股权划转涉及的湘潭环境水务投资有限公 司(含六家子公司)股东全部权益价值 资产评估报告 湘正佳资评字[2024]第 D009 号 湖南正佳房地产土地评估有限公司 二○二四年十二月十八日 | | | | 资产评估报告附件 27 | | --- | 资产评估报告 资产评估师声明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协会 发布的资产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定及本资 产评估报告载明的使用范围使用资产评估报告；委托人或者其他资产评估报告使用 人违反前述规定使用资产评估报告的，本资产评估机构及资产评估师不承担责任。 三、本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报 告使用人和法律、行政法规规定的资产评估报告使用人使用；除此之外，其他任何 机构和个人不能成为资产评估报告的使用人。 四、本资产评估机构及资产评估师提示资产评估报告使用人应当正确理解评估 结论，评估结论不等同于评估对象可实现价格，评估结论不应当被认为是对评估对 象可实现价格的保证。 五、本资产评估机构及资 ...

证券代码：002125 证券简称：湘潭电化 公告编号：2025-023 湘潭电化科技股份有限公司 关于召开2024年度股东大会的提示性公告 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。 4、会议召开的日期和时间： （1）现场会议召开时间：2025年5月13日（星期二）15:00。 （2）网络投票时间：通过交易系统投票的时间为2025年5月13日9:15-9:25， 9:30-11:30和13:00-15:00；通过互联网投票系统投票的时间为2025年5月13日 9:15至15:00期间的任意时间。 湘潭电化科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在《证 券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网上刊登了《关 于召开 2024 年度股东大会的通知》（公告编号：2025-018），公司将于 2025 年 5 月 13 日召开 2024 年度股东大会，现将本次股东大会的有关事宜提示如下： 一、召开会议的基本情况 1、股东大会届次：本次股东大会是公司2024年度股东大会。 2、股东大会的召集人：本次股东大会由公司董事会 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - In the stage of strong macro - uncertainty, the low - volatility attribute of convertible bonds is prominent. In the short term, market pricing is expected to shift from macro - driven to industry - driven, and the combination of technology and dividend is still the best strategy [2][17]. 3. Summary by Related Catalogs 3.1 Market Focus Last Week (April 28 - April 30, 2025) - **Stock Market**: The equity market fluctuated narrowly before the holiday. The robot and AI - related industrial chains performed well, driving up sectors such as TMT, automobile, and machinery. Defensive sectors like banks and coal adjusted significantly. Most Shenwan primary industries closed down, with real estate (-3.04%), comprehensive (-2.75%), social services (-2.63%), and coal (-2.50%) leading the decline, while media (+2.69%), computer (+2.47%), beauty care (+2.46%), machinery and equipment (+1.59%), and electronics (+1.34%) performed well [8][9]. - **Bond Market**: The bond market rose significantly last week. With the central bank's support across months, the capital market was loose. Coupled with the expectation of weakening PMI and the lack of substantial progress in Sino - US tariff negotiations, bond market sentiment was positive. The 10 - year Treasury bond yield closed at 1.62% on Wednesday, down 3.63bp from the previous week [9]. - **Convertible Bond Market**: Approximately half of the convertible bond issues closed higher. The CSI Convertible Bond Index decreased by 0.07% for the whole week, the median price increased by 0.12%, the arithmetic average parity increased by 1.21%, and the overall market conversion premium rate decreased by 0.84% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds in the par value ranges of [90,100), [100,110), and [110,120) changed by -0.09%, -0.04%, and -0.51% respectively, at the 36%, 48%, and 33% quantiles since 2021 [1][9]. 3.2 Views and Strategies (May 6 - May 9, 2025) - **Macro Environment and Market Trends**: Although the US initiated a tariff war in April, the probability of a marginal easing of tariff conflicts is higher in the short term. After the disclosure of annual and first - quarter reports, the impact of performance on the market has cleared. In May, the proportion of macro factors in stock market pricing may decrease, and the market is expected to return to being driven by industry logic. The "new economy" sector may be more cost - effective [2][17]. - **Bond Market**: The monetary policy was hawkish in the first quarter. Considering the long - term trade - war risk and the expectation of reserve requirement ratio cuts and interest rate cuts, the risk of a significant bond market adjustment is low. The low bond market interest rate means the opportunity cost of convertible bonds is extremely low, and the potential allocation power of convertible bonds is abundant [2][17]. - **Convertible Bond Market**: The average conversion premium rates in multiple par value ranges have returned to the levels in mid - January, significantly lower than during the spring market. The median price has returned to February 5, and the equal - weighted index of underlying stocks is around February 10. The low - volatility attribute of convertible bonds is prominent, which can reduce portfolio volatility while maintaining exposure to equity assets [2][17]. - **Investment Directions**: - **Dividend and Defensive Assets**: When the market tumbled on April 7, Hong Kong stock dividends were a direction for capital to increase positions. After the adjustment of the conversion price of some high - dividend convertible bonds, the par value increased by more than 5%. The power industry may see stock price increases from May to June [17]. - **Technology**: It includes opportunities in humanoid robots, semiconductor equipment localization, innovative drugs and related industrial chains, and the intelligent driving market [17]. 3.3 Valuation Overview - As of April 30, 2025, for equity - biased convertible bonds, the average conversion premium rates in different par value ranges are at different quantiles since 2010 and 2021. For debt - biased convertible bonds, the average YTM of those with a par value below 70 yuan is at the 31%/36% quantiles since 2010/2021. The average implied volatility of all convertible bonds is at the 52%/27% quantiles since 2010/2021 [18]. 3.4 Primary Market Tracking - **Last Week (April 28 - April 30, 2025)**: No convertible bond issuance was announced, and Weice Convertible Bond was listed. Weice Technology is a well - known third - party integrated circuit testing service enterprise. The issued convertible bond scale is 1.175 billion yuan, with a credit rating of AA [27]. - **Future Week (May 6 - May 9, 2025)**: No convertible bond issuance or listing is announced. As of April 30, there are 80 convertible bonds to be issued, with a total scale of 125.58 billion yuan, including 7 approved for registration with a total scale of 13.45 billion yuan and 6 approved by the listing committee with a total scale of 3.82 billion yuan [28].

2025 年 05 月 05 日 权益震荡市预期下转债估值有望强 支撑 证 券 研 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 张杰 A0230524050002 zhangjie@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 张杰 (8621)23297818× zhangjie@swsresearch.com 债 券 研 究 ——转债周度跟踪 20250430 ⚫ 1. 转债估值 本研究报告仅通过邮件提供给 中庚基金 使用。1 | 1. 转债估值 | | 4 | | --- | --- | --- | | 2. 条款统计 | | 5 | | 2.1 | 赎回 | 5 | | 2.2 | 下修 | 6 | | 2.3 回售 | | 8 | | 3. 一级发行 | | 8 | | 4. 周观点及展望 | | 9 | | 5. 附录 | | 9 | 请务必仔细阅读正文之后的各项信息披露与声明 债 券 周 评 究 报 告 相关研究 - ⚫ 本周转债弱于正股，转债整体百元平价溢价率小幅下降， ...

证券代码：002125 证券简称：湘潭电化 公告编号：2025-022 湘潭电化科技股份有限公司 关于变更公司证券事务代表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 湘潭电化科技股份有限公司（以下简称"公司"）原证券事务代表沈圆圆女 士因内部工作调整，不再担任公司证券事务代表职务，调整后仍担任公司董事会 工作部部长。 公司于 2025 年 4 月 29 日召开第九届董事会第六次会议，审议通过了《关于 聘任公司证券事务代表的议案》，同意聘任王悦女士（简历附后）为公司证券事 务代表，任期自本次董事会审议通过之日起至第九届董事会届满之日止。王悦女 士已取得深圳证券交易所颁发的董事会秘书资格证书，具备相关的专业能力与从 业经验，其任职资格符合《深圳证券交易所股票上市规则》等相关规定，其联系 方式如下： 电话：0731-55544048 通讯地址：湖南省湘潭市岳塘经开区湘潭电化科技股份有限公司总部大楼 3 特此公告。 湘潭电化科技股份有限公司董事会 二〇二五年四月二十九日 楼 传真：0731-55544101 邮箱：zqb@chinaemd.com 邮编：4 ...

湘潭电化科技股份有限公司 第九届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 湘潭电化科技股份有限公司（以下简称"公司"）第九届董事会第六次会议 通知于 2025 年 4 月 28 日以电话、微信等方式送达公司各位董事,会议于 2025 年 4 月 29 日以通讯表决方式召开，会议应参加董事 9 名，实际参加董事 9 名， 会议的召开和表决程序符合《公司法》及《公司章程》的有关规定，经过审议并 表决，通过如下决议： 一、通过《2025 年第一季度报告》； 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 证券代码：002125 证券简称：湘潭电化 公告编号：2025-020 具体内容详见公司 2025 年 4 月 30 日刊登于《证券时报》《中国证券报》《上 海证券报》《证券日报》和巨潮资讯网上的《2025 年第一季度报告》（公告编 号：2025-021）。 二、通过《关于聘任公司证券事务代表的议案》。 同意聘任王悦女士为公司证券事务代表，任期自本次董事会审议通过之日起 至第九届董事会届满之日止。 表决结果：同意票 9 票 ...

证券代码：002125 证券简称：湘潭电化 公告编号：2025-019 湘潭电化科技股份有限公司 公司董事会将根据上述批复文件和相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向不特定对象发行可转换公司债券的相关事宜， 并及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 关于向不特定对象发行可转换公司债券申请 获得中国证券监督管理委员会同意注册批复的公告 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。 湘潭电化科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日收 到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意湘 潭电化科技股份有限公司向不特定对象发行可转换公司债券注册的批复》（证 监许可〔2025〕908 号），批复文件主要内容如下： 一、同意你公司向不特定对象发行可转换公司债券的注册申请。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方 案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及 时报告深圳证券 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 417,808,438.86, representing a 16.15% increase compared to CNY 359,704,613.62 in the same period last year[5] - Net profit attributable to shareholders decreased by 2.54% to CNY 47,328,658.27 from CNY 48,562,556.94 year-on-year[5] - Total operating revenue for the current period reached ¥417,808,438.86, an increase of 16.14% compared to ¥359,704,613.62 in the previous period[19] - Net profit for the current period was ¥47,346,516.92, slightly down by 1.29% from ¥47,966,924.51 in the previous period[19] - Earnings per share remained stable at ¥0.08 for both the current and previous periods[21] Cash Flow - The net cash flow from operating activities was CNY 2,060,435.60, down 11.85% from CNY 2,337,316.11 in the previous year[5] - Operating cash inflow for the current period was CNY 340,828,320.86, an increase of 11.93% from CNY 304,510,965.84 in the previous period[22] - Cash inflow from financing activities decreased significantly to CNY 84,700,000.00 from CNY 400,000,000.00, a drop of 78.75%[23] - Net cash flow from financing activities improved significantly, reaching CNY 3,418,253.52, compared to a negative CNY 117,317,054.03 in the same period last year, marking a 102.91% increase[9] - The ending cash and cash equivalents balance was CNY 366,873,898.27, compared to CNY 307,905,263.87 in the previous period, an increase of 19.14%[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,902,928,507.78, a slight decrease of 0.43% from CNY 4,924,010,880.57 at the end of the previous year[5] - Total liabilities decreased to ¥1,814,218,245.03 from ¥1,885,029,192.52, a reduction of 3.74%[18] - The equity attributable to shareholders increased by 1.66% to CNY 3,044,605,769.81 from CNY 2,994,895,053.76 at the end of the previous year[5] - Owner's equity increased to ¥3,088,710,262.75 from ¥3,038,981,688.05, marking a growth of 1.64%[18] Investments and Joint Ventures - The company plans to issue convertible bonds to raise up to RMB 487 million for a project to produce 30,000 tons of lithium manganese oxide battery materials and to supplement working capital[13] - The company has invested RMB 600,000 in a joint venture, holding a 30% stake in Hunan Kunlun Benzheng Materials Co., Ltd., which focuses on the application of manganese in marine anti-fouling coatings[14] - Long-term equity investments were valued at RMB 744,754,579.39, slightly up from RMB 736,913,186.91[16] Operational Metrics - The company reported a significant increase of 86.45% in notes receivable, rising to CNY 18,466,251.86 from CNY 9,904,243.92[9] - Contract liabilities surged by 152.99% to CNY 16,995,734.67, compared to CNY 6,717,815.59 at the beginning of the period[9] - The company experienced a 49.86% increase in taxes and surcharges, amounting to CNY 4,925,531.92, compared to CNY 3,286,817.27 in the previous year[9] - The company reported a 316.14% increase in other operating income, totaling CNY 669,389.53, compared to CNY 160,856.48 in the previous year[9] - Research and development expenses rose to ¥21,361,655.45, up 28.06% from ¥16,700,518.83 in the previous period[19] Current Assets - As of March 31, 2025, the company's total current assets amounted to RMB 1,461,543,573.30, a decrease from RMB 1,498,349,479.94 at the beginning of the period[16] - The company's cash and cash equivalents decreased to RMB 367,498,434.55 from RMB 487,719,347.22[16] - Accounts receivable stood at RMB 396,020,479.82, down from RMB 410,305,502.09[16] - Inventory increased to RMB 428,182,992.56 from RMB 376,471,837.59, indicating a rise in stock levels[16] Shareholding Structure - The company has no pledged shares among its major shareholders, indicating a stable ownership structure[12] - The largest shareholder, Xiangtan Electric Chemical Group Co., Ltd., holds 29.54% of the shares, totaling 185,928,027 shares[12] - The company has not reported any changes in the shareholding structure due to securities lending activities[12] Audit Status - The company did not conduct an audit for the first quarter report[24]