Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The controllable nuclear fusion industry is experiencing accelerated progress, with increasing attention on core equipment suppliers due to recent industrial and financing catalysts [1] - Shanghai Superconductor's IPO application has been accepted, which is expected to accelerate the industrialization process of fusion. The company aims to raise 1.2 billion for the production of second-generation high-temperature superconducting tapes, with an expected annual output of 6,000 kilometers once fully operational [1] - China’s nuclear fusion roadmap indicates significant advancements, with the CFEDR engineering pile expected to be completed in the 2030s and the PFPP prototype power station in the 2050s [2] - Investment suggestions focus on core equipment suppliers benefiting from the ITER project delivery and new experimental pile construction, including companies like Lianchuang Optoelectronics, Guoguang Electric, and Xuguang Electronics [2] Summary by Sections Recent Developments - The controllable nuclear fusion industry is gaining momentum with significant financing activities and industrial advancements [1] - Shanghai Superconductor is one of the few manufacturers capable of producing over 1,000 kilometers of second-generation high-temperature superconducting tapes annually, holding over 80% market share domestically [1] Technological Progress - The current phase is the engineering feasibility verification stage, with a clear path from "fusion reaction" to "engineering" [2] - The CRAFT project is a key technological guarantee for the CFEDR engineering pile, which has achieved 70% overall progress [2] Investment Recommendations - Focus on midstream equipment suppliers and upstream material providers that are expected to benefit from the ongoing developments in the nuclear fusion sector [2]

Core Viewpoint - Shanghai Superconductor's IPO application has been accepted, aiming to raise funds for the production of second-generation high-temperature superconducting tapes and its headquarters project, with significant growth in revenue and profitability expected in the coming years [1][4]. Company Overview - Shanghai Superconductor is a high-tech enterprise focused on the research, production, and sales of high-temperature superconducting materials, recognized as one of the global leaders in this field [2]. - The company has established strong partnerships with numerous well-known domestic and international enterprises and research institutions, covering a wide range of applications including controlled nuclear fusion and advanced medical technologies [2]. Financial Performance - The company has shown rapid revenue growth, with total revenues of approximately 35.78 million yuan in 2022, 83.34 million yuan in 2023, and an expected 239.53 million yuan in 2024, reflecting a compound annual growth rate of 158.74% [4]. - The company is projected to achieve profitability in 2024, with a net profit of approximately 72.95 million yuan, after experiencing losses in the previous two years [4]. Product and Market Dynamics - The second-generation high-temperature superconducting tape is the primary revenue source, with its revenue share increasing from 69.84% in 2022 to 97.8% in 2024, driven by increased production and sales [1]. - The sales volume of the second-generation high-temperature superconducting tape is expected to rise significantly from 68.72 kilometers in 2022 to 955.47 kilometers in 2024, while the unit production cost is projected to decrease from 262 yuan per meter to 92.91 yuan per meter [9]. Customer Concentration and Competition - The company has a high customer concentration, with the top five customers accounting for over 70% of total revenue, raising concerns about dependency on a limited customer base [1][12]. - The high-temperature superconducting materials industry is characterized by high technical barriers and limited suppliers, but increasing competition is anticipated as several manufacturers, including Shanghai Superconductor, are planning to expand production capacity [10][12].

| 证券代码：600577 | 证券简称：精达股份 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：110074 | 债券简称：精达转债 | | 铜陵精达特种电磁线股份有限公司 关于为全资子公司、孙公司提供担保的进展公告 重要内容提示： ●被担保人名称：铜陵精迅特种漆包线有限责任公司（以下简称"铜陵精迅"）、 铜陵顶科线材有限公司（以下简称"铜陵顶科"）、铜陵精达漆包线有限公司(以 下简称"铜陵精达")、铜陵精达新技术开发有限公司（以下简称"精达新技术"）、 天津精达漆包线有限公司（以下简称"天津精达"）、广东精达漆包线有限公司（以 下简称"广东精达"）。 ●担保金额：截至 2025 年 6 月 25 日，公司累计对外担保额度为人民币 343,564 万元，占公司最近一期净资产（经审计）588,974 万元的 58.33%，公司没有逾期的 对外担保。 ●本次担保是否有反担保：无 ●无逾期对外担保情况 一、担保情况概述 为满足业务发展及日常经营资金实际需求，有效提高融资效率，优化担保手续 办理流程，在经公司第八届董事会第三十二次会议、2025年第一次临时股东大会批 准担 ...

Core Viewpoint - The company, Tongling Jingda Special Electromagnetic Wire Co., Ltd., is planning to issue convertible bonds to unspecified investors, which requires legal opinions to ensure compliance with relevant laws and regulations [1][2][3]. Group 1: Issuance Details - The company has obtained necessary internal approvals for the issuance of convertible bonds, including various resolutions related to the issuance plan and the use of raised funds [6][7][8]. - The total amount to be raised from the issuance is not exceeding 1.12622 billion yuan, which will be used for several projects including a 40,000-ton new energy copper-based electromagnetic wire project and an 80,000-ton new energy copper material project [12][16]. Group 2: Legal Compliance - The issuance complies with the Company Law and Securities Law, with the company having a sound organizational structure and fulfilling its obligations [10][11][14]. - The company has confirmed that the raised funds will not be used for loss compensation or non-productive expenditures, adhering to national industrial policies [16][17]. Group 3: Company Background - The company is a legally established joint-stock limited company with its shares publicly traded on the Shanghai Stock Exchange since September 11, 2002 [10][19]. - The company has maintained continuous profitability over the past three years, indicating a stable operational status [25]. Group 4: Shareholder Structure - As of the reporting period, the major shareholders include Huazhong Insurance and Qiao Xiaohui, with no single shareholder holding more than 50% of the shares, ensuring no dominant control [22][23]. - The actual controller, Li Guangrong, holds a total of 9.28% of the shares through various entities, maintaining a diversified ownership structure [22][24]. Group 5: Independence and Operations - The company operates independently from its major shareholders and has a complete production and sales system, ensuring operational autonomy [19][20]. - The company has not faced any significant legal or regulatory issues, and its business activities align with national industrial policies [25].

证券代码：600577 证券简称：精达股份 铜陵精达特种电磁线股份有限公司 TONGLING JINGDA SPECIAL MAGNET WIRE CO., LTD. （安徽省铜陵市经济技术开发区黄山大道北段 988 号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐人（主承销商） （郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年六月 1-1-1 铜陵精达特种电磁线股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-2 铜陵精达特种电磁线股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 公司特别提醒 ...

【下sM】容 诚 审计报告 铜陵精达特种电磁线股份有限公司 容诚审字[2023]230Z0202 号 容诚会计师事务所(特殊普通合伙) 中国 ·北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac-mof.gov.cn）"进行查 "进行查"或进入"注册会计师行业统一监管平台（http://acg.grcn）"进行查 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-5 | | 2 | 合并资产负债表 | 6 | | 3 | 合并利润表 | 7 | | 4 | 合并现金流量表 | 8 | | 5 | 合并所有者权益变动表 | 9-10 | | 6 | 母公司资产负债表 | 11 | | 7 | 母公司利润表 | 12 | | 8 | 母公司现金流量表 | 13 | | 9 | ·母公司所有者权益变动表 | 14-15 | | 10 | 财务报表附注 | 16-134 | 6-1-2 总所:北京市西城区星成门外大街 外经贸大厦 15层/922-926(10037 https//WWW.tsm.global/china/ ...

北京德恒律师事务所 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 | 释 义 2 | | --- | | 引 言 5 | | 正 文 7 | | 一、本次发行的批准和授权 7 | | 二、本次发行的主体资格 9 | | 三、本次发行的实质条件 9 | | 四、发行人的设立 14 | | 五、发行人的独立性 14 | | 六、发行人的控股股东及实际控制人 16 | | 七、发行人的股本及演变 17 | | 八、发行人的业务 18 | | 九、关联交易及同业竞争 19 | | 十、发行人的主要财产 20 | | 十一、发行人的重大债权债务 21 | | 十二、发行人重大资产变化及收购兼并 21 | | 十三、发行人报告期内的章程制定与修改 22 | | 十四、发行人股东大会、董事会、监事会议事规则及规范运作 22 | | 十五、发行人董事、监事和高级管理人员及其变化 23 | | 十六、发行人的税务及财政补贴 23 | | 十七、发行人的环境保护、安全生产和产品质量、技术标准 24 | | 十八、发行人募集资金的运用 2 ...

中原证券股份有限公司 关于铜陵精达特种电磁线股份有限公司 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） （郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年六月 3-1-1 铜陵精达特种电磁线股份有限公司 发行保荐书 中原证券股份有限公司 中原证券股份有限公司（以下简称"本保荐机构"）接受铜陵精达特种电磁 线股份有限公司（以下简称"发行人"）的委托，担任其向不特定对象发行可转 换公司债券的保荐机构。 本保荐机构及其保荐代表人根据《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》"）、《上市公司证券发 行注册管理办法》（以下简称"《注册管理办法》"）、《证券期货法律适用意见第 18 号》等有关法律、法规和中国证券监督管理委员会（以下简称"中国证监会"）、 上海证券交易所（以下简称"上交所"）的有关规定，诚实守信，勤勉尽责，严 格按照依法制订的业务规则、行业执业规范和道德准则出具发行保荐书，并保证 所出具文件的真实性、准确性和完整性。 | 成员 | 姓名 | 保荐业务执业情况 | | --- | --- | --- | | 保荐代表人 ...

中原证券股份有限公司 关于铜陵精达特种电磁线股份有限公司 向不特定对象发行可转换公司债券之上市保荐书 保荐机构（主承销商） （郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年六月 3-2-1 铜陵精达特种电磁线股份有限公司 上市保荐书 上海证券交易所： 作为铜陵精达特种电磁线股份有限公司（以下简称"发行人"、"精达股份"或 "公司"）向不特定对象发行可转换公司债券的保荐机构，中原证券股份有限公司 （以下简称"保荐机构"、"本保荐机构"）及其保荐代表人已根据《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》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《证券 期货法律适用意见第 18 号》、《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及上海 证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行 业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《铜陵精达特种电磁线股份有限 公司 ...

Group 1: Fusion Industry Insights - The high-temperature superconducting material company Shanghai Superconductor has received approval for its IPO, indicating that China's technology in high-temperature superconducting tape is nearing or has reached international standards, with continuous capacity expansion [11] - The company aims to raise 1.2 billion yuan to build a second-generation high-temperature superconducting tape production facility, which is expected to add 6,000 kilometers of production capacity annually once fully operational [11] - Investment from China National Petroleum Corporation into Kunlun Capital for fusion projects highlights the financial backing for the fusion industry [11] Group 2: New Oriental Education Performance Forecast - New Oriental is expected to report revenue of $1.186 billion for Q4 FY25, a year-on-year increase of 4.4%, with the education segment (including cultural tourism) projected to generate $1.034 billion, up 13.3% [12] - The company anticipates a Non-GAAP net profit of $51 million, reflecting a 39.2% increase year-on-year, with a Non-GAAP net profit margin of 4.3%, expanding by 1.1 percentage points [12] - The growth of the study abroad business is slowing, with a forecasted revenue of $298 million for overseas exam training and consulting, representing a 5% increase, which is a slowdown compared to previous periods [12][13] Group 3: Strategic Adjustments and Future Outlook - New Oriental has adjusted its revenue forecasts for FY25-FY27 to $4.84 billion, $5.7 billion, and $7.03 billion, respectively, due to the slowdown in study abroad business growth [13] - The company has increased its Non-GAAP net profit estimates for the same period to $467 million, $575 million, and $710 million, respectively, due to cost control measures and improved operational efficiency [13] - The DCF target price has been raised to $76.3, corresponding to a PE ratio of 17.1 for FY25, indicating a positive outlook for the company's market valuation [13]