Group 1 - The company Fuda Co., Ltd. announced the completion of a non-public issuance of exchangeable bonds aimed at professional investors, with a total issuance scale of 470 million yuan [1] - The bonds, named "26 Fuda EB" with the code "137197.SH", have a term of 3 years and a coupon rate of 0.1% [1] - The initial conversion price for the bonds is set at 17.5 yuan per share, with the conversion period starting six months after the issuance date [1] Group 2 - There are reports of a potential entry of a "budget version" of the Tesla Model 3 into the Chinese market, featuring a range of 480 kilometers [1] - The U.S. market is experiencing significant adjustments regarding autonomous driving technology [1]

Core Viewpoint - The company has been integrating AI visual technology into its production processes since 2017 and is actively advancing its AI applications to enhance operational efficiency and quality development [1] Group 1: AI Technology Development - The company established an AI application leadership team and working group in 2025 to oversee technology development and implementation plans [1] - Initial steps have included completing technical architecture design and scenario demand analysis, as well as building a foundational AI platform framework [1] - The company has successfully submitted an application for "AI technology in contract signing and supply chain procurement" to the regional industrial and information technology department, which was selected for the first batch of AI products and applications in Guangxi for 2025 [1] Group 2: Strategic Goals and Collaboration - The company aims to promote the "Artificial Intelligence +" initiative across eight major scenarios, aligning with regional government directives on AI technology promotion [1] - There is a focus on enhancing resource collaboration and capability building to ensure the orderly advancement of AI applications [1] - The overarching strategy is centered on "digital intelligence leading, ecological co-creation" to support high-quality development of the enterprise [1]

Core Viewpoint - Fuda Co., Ltd. has completed the second phase of capital increase in Changban Technology, holding a total of 17% equity in the company as of August 28, 2025 [1] Group 1 - Fuda Co., Ltd. announced the completion of the second phase of capital increase in Changban Technology [1] - The company will fulfill its information disclosure obligations based on the progress of the project [1] - Investors are advised to refer to the company's publicly disclosed information for other matters [1]

Core Viewpoint - The company has been applying AI vision technology in various production scenarios since 2017 and is actively developing AI applications to enhance operational efficiency and quality [1] Group 1: AI Technology Development - In 2025, the company established an AI application leadership team and working group to oversee technology development and implementation plans [1] - The company has completed the design of the technical architecture and analysis of scene requirements, building a foundational AI platform and integrating business system data interfaces [1] - Through internal research and external benchmarking, the company has identified entry points and priorities for AI applications across its business [1] Group 2: AI Application Recognition - The company's application of AI technology in contract signing and supply chain procurement has been recognized, successfully included in the first batch of AI products and typical application scenarios in Guangxi for 2025 [1] Group 3: Strategic Direction - The company aims to promote the "Artificial Intelligence +" initiative across eight major scenarios, enhancing resource collaboration and capability building to ensure orderly advancement of AI applications [1] - The company is responding to the requirements of the regional party committee regarding the promotion and application of AI technology, supporting high-quality development [1]

Core Viewpoint - The company has been applying AI vision technology in various production scenarios since 2017 and is actively developing AI applications to enhance operational efficiency and quality [1] Group 1: AI Technology Development - In 2025, the company established an AI application leadership team and working group to oversee technology development and implementation plans [1] - The company has completed the design of the technical architecture and analysis of scene requirements, building a foundational AI platform and integrating business system data interfaces [1] - Through internal research and external benchmarking, the company has identified key entry points and priorities for AI applications across its business [1] Group 2: AI Application Recognition - The company's application of AI technology in contract signing and supply chain procurement has been recognized, successfully included in the first batch of AI products and typical application scenarios in Guangxi for 2025 [1] Group 3: Strategic Goals - The company aims to promote the "Artificial Intelligence +" initiative across eight major scenarios, enhancing resource collaboration and capability building to ensure orderly advancement of AI applications [1] - The company is responding to the regional government's call for the promotion and application of AI technology, aligning with the strategic goal of high-quality development [1]

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, covering basic elements and updates on project progress. It emphasizes that private issuance terms may change, and the final prospectus should be referred to, and the issuance progress should be consulted with the relevant lead underwriters [1] Group 3: Summary by Relevant Content New Project Information This Week - The 2025 non - publicly issued exchangeable corporate bond project of Shanxi Transportation Development and Investment Group Co., Ltd. for professional investors was approved by the exchange, with an intended issuance scale of 200 million yuan, the underlying stock being Huaxiang Co., Ltd. (603112.SH), the lead underwriter being Zhongde Securities, and the exchange update date being January 9, 2026 [1] - The 2025 non - publicly issued exchangeable corporate bond project of Fuda Holding Group Co., Ltd. for professional investors was approved by the exchange, with an intended issuance scale of 1.2 billion yuan, the underlying stock being Fuda Co., Ltd. (603166.SH), the lead underwriter being Zhongde Securities, and the exchange update date being January 5, 2026 [1] Overall Project Status (Table 1) - Multiple projects have passed the exchange review, including those of Nanshan Group Co., Ltd., Jiangsu Guotai International Group Co., Ltd., etc., with different issuance scales, underlying stocks, lead underwriters, and update dates [3] - Some projects are in the "already feedback" status, such as those of Hainan农垦 Investment Holdings Group Co., Ltd., Haixia Innovation Internet Co., Ltd., etc. [3] - One project of Northern Lingyun Industry Group Co., Ltd. is in the "already accepted" status [3]

Core Viewpoint - The company is planning a non-public issuance of exchangeable bonds backed by shares held by its controlling shareholder, Fuda Group, to ensure timely repayment and stock exchange for bondholders [1][2]. Group 1: Exchangeable Bonds Issuance - Fuda Group intends to issue exchangeable bonds using part of its shares in the company as collateral [1]. - The bonds will be managed by Zhongde Securities, which will handle the trust registration and ensure the interests of bondholders are protected [2]. Group 2: Shareholding Structure - After the completion of the trust registration, Fuda Group holds 307,210,473 shares, representing 47.58% of the company, while the shares held in the trust account amount to 35,923,567, accounting for 5.56% of the total shares [2]. - The completion of the trust registration will not change the controlling shareholder or actual controller of the company, nor will it constitute a takeover bid [2].

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个别及连带责任。 证券代码：603166 证券简称：福达股份 公告编号：2026-002 桂林福达股份有限公司 关于控股股东非公开发行可交换公司债券 对持有的部分公司股票办理完成担保及信托登记的公告 桂林福达股份有限公司（以下简称"公司""本公司"）的控股股东福达控股 集团有限公司（以下简称"福达集团"）拟以其持有的部分本公司股票为标的非公 开发行可交换公司债券（以下简称"本次可交换债券"），并拟在中国证券登记结 算有限责任公司上海分公司办理相关担保及信托登记，以保障本次可交换债券持有 人交换标的股票和本次可交换债券本息按照约定如期足额兑付。具体内容详见公司 于 2026 年 1 月 6 日在上海证券交易所网站（www.sse.com.cn）披露的《福达股份关 于控股股东非公开发行可交换公司债券及拟对持有的部分本公司股份办理担保及信 托登记的公告》（公告编号：2026-001）。 公司于 2026 年 1 月 7 日收到福达集团的通知，福达集团与本次可交换债券受托 管理人中德证券有限责任公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company’s major shareholder, Fuda Group, plans to issue a total of up to 470 million yuan in exchangeable bonds to professional investors, which will not affect the control of the company [5]. - The company has established strategic partnerships in the robotics sector, collaborating with Cheng Tian Technology and Yi You Technology on humanoid robot exoskeletons and joint modules, respectively [5]. - The company is focusing on expanding its robotics component business, aiming for mass production of planetary gear products and enhancing its capabilities in humanoid robots and intelligent equipment [5]. Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,648 million yuan in 2024 to 3,806 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [4]. - The net profit attributable to the parent company is expected to increase from 331 million yuan in 2025 to 513 million yuan in 2027, reflecting a growth rate of 24.2% [4]. - The earnings per share (EPS) is forecasted to rise from 0.51 yuan in 2025 to 0.79 yuan in 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the coming months [6]. Core Insights - The controlling shareholder, Fuda Group, plans to issue a non-public exchangeable bond totaling no more than 470 million yuan, which will not affect the control of the company [6]. - The company has established two strategic partnerships in the robotics sector, enhancing its capabilities in humanoid robots and related components [6]. - The financial forecasts for the company show significant growth in revenue and net profit over the next few years, with a projected net profit of 331 million yuan in 2025, representing a year-on-year growth of 78.9% [5][6]. Financial Data Summary - Total revenue is expected to grow from 1,352 million yuan in 2023 to 3,806 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 26.7% from 2025 to 2026 [5][8]. - The net profit is projected to increase from 104 million yuan in 2023 to 513 million yuan in 2027, with a notable increase in the return on equity (ROE) from 7.7% in 2023 to 17.0% in 2027 [5][8]. - The company’s gross margin is expected to remain stable, with a slight increase from 25.0% in 2024 to 26.9% in 2027 [5].