1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Views - The Xizhen Convertible Bond (111022.SH) began online subscription on June 18, 2025, with a total issuance scale of 520 million yuan. After deducting issuance fees, the net raised funds will be used for the Langfang Zhenhua Quanjing Shen Automobile Parts Project [4]. - The current bond floor valuation is 95.23 yuan, with a YTM of 2.81%. The convertible bond has a 6 - year term, and its pure - bond value offers good protection [4]. - The current conversion parity is 100.3 yuan, with a parity premium rate of - 0.31%. The conversion period is from December 24, 2025, to June 17, 2031 [4]. - The bond terms are standard, and the total equity dilution rate is 6.11%, with a relatively small dilution pressure on the equity [4]. - It is estimated that the listing price of the Xizhen Convertible Bond on the first day will be between 123.58 and 137.42 yuan, and the subscription success rate is expected to be 0.0018%. It is recommended to subscribe actively [4]. - Wuxi Zhenhua's main business includes stamping parts, sub - assembly processing, mold, and selective precision electroplating processing. The company has a complete technical system and stable cooperation with many well - known customers [4]. - Since 2019, the company's revenue and net profit attributable to the parent have been growing steadily, with a compound growth rate of 10.23% and 27.23% respectively from 2019 - 2024 [4]. - The company's main business income accounts for a high proportion of total revenue, and the business is stable. The sales net profit margin and gross profit margin fluctuate, while the sales expense ratio remains low [4]. 3. Summary by Directory 3.1. Convertible Bond Basic Information - The Xizhen Convertible Bond's issuance and subscription schedule is from June 16 to June 22, 2025, including steps such as prospectus publication, online roadshows, priority subscription for original shareholders, and online subscription [11]. - The basic terms of the convertible bond include a 6 - year term, a face value of 100 yuan, a coupon rate ranging from 0.20% to 2.30% from the first to the sixth year, and a redemption price of 113% of the face value at maturity. The conversion price is 31.98 yuan, and the conversion period is from December 24, 2025, to June 17, 2031 [12]. - The raised funds will be used for the Langfang Zhenhua Quanjing Shen Automobile Parts Project (420 million yuan) and working capital replenishment (100 million yuan) [13]. - The bond's pure - bond value is 117.80 yuan, with a pure - bond premium rate of - 15.11% and a YTM of 2.81%. The conversion parity is 101.78 yuan, with a parity premium rate of - 1.75% [13][14]. 3.2. Investment Subscription Recommendations - Based on comparable targets and empirical results, considering the good bond floor protection, rating, and scale attractiveness of the Xizhen Convertible Bond, it is estimated that the first - day listing conversion premium rate will be around 30%, and the listing price will be between 123.58 and 137.42 yuan [16][17]. - It is estimated that the original shareholders' priority subscription ratio will be 70.89%, and the online subscription success rate will be 0.0018% [18]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Wuxi Zhenhua's main business consists of stamping parts, sub - assembly processing, mold, and selective precision electroplating processing. The company has a complete technical system and stable cooperation with many customers [19]. - From 2019 to 2024, the company's revenue and net profit attributable to the parent have grown steadily, with a compound growth rate of 10.23% and 27.23% respectively. In 2024, the net profit attributable to the parent was 378 million yuan, a year - on - year increase of 36.30% [21]. - The main business income accounts for a high proportion of total revenue, and the business is stable. The sales net profit margin and gross profit margin fluctuate, while the sales expense ratio remains low, and the financial expense ratio is slightly higher than the industry average [24]. 3.3.2. Company Highlights - Wuxi Zhenhua has a complete stamping and welding technology system, covering the entire process from pre - process design analysis and stamping mold research and development to post - stamping and welding technology, forming a unique competitive advantage [32]. - The company has established long - term stable cooperation relationships with many well - known domestic and foreign vehicle manufacturers [32]. - In 2023, the company added the selective precision electroplating processing business through the acquisition of Wuxi Kaixiang, becoming a new profit growth point [33].

1. Report Industry Investment Rating There is no mention of the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The Huachen Convertible Bond (113695.SH) will start online subscription on June 20, 2025, with a total issuance scale of 460 million yuan. After deducting issuance fees, the net raised funds will be used for the construction project of the new - energy power equipment intelligent manufacturing industrial base (Phase I), the construction project of the new - energy power equipment digital factory, and supplementing working capital [3]. - The current bond floor valuation is 84.22 yuan, and the YTM is 2.97%. The bond floor protection is average. The current conversion parity is 100.4 yuan, and the parity premium rate is - 0.42%. The convertible bond terms are mediocre, and there is a certain dilution pressure on the equity [3]. - It is expected that the listing price of the Huachen Convertible Bond on the first day will be between 118.84 and 132.40 yuan, and the subscription success rate is expected to be 0.0016%. It is recommended to actively subscribe [3]. - Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 24.34% from 2019 - 2023. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 15.25% from 2019 - 2023. The company's sales net profit margin and gross profit margin have remained stable [3]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - The Huachen Convertible Bond has a total issuance scale of 460 million yuan, a bond term from June 20, 2025, to June 19, 2031, and a credit rating of A +/A +. The initial conversion price is 23.53 yuan per share, and the conversion period is from December 26, 2025, to June 19, 2031 [3][9]. - The bond floor valuation is 84.22 yuan, and the YTM is 2.97%. The conversion parity is 100.42 yuan, and the parity premium rate is - 0.42%. The convertible bond terms are mediocre, and the total equity dilution rate is 10.63% [3][12][13]. 3.2. Investment Subscription Suggestions - By referring to comparable targets and empirical results, considering the average bond floor protection, rating, and scale attractiveness of the Huachen Convertible Bond, it is expected that the conversion premium rate on the first - day of listing will be around 25%, and the corresponding listing price will be between 118.84 and 132.40 yuan [3][14][15]. - It is expected that the priority subscription ratio of original shareholders will be 72.49%, and the online subscription success rate will be 0.0016% [16][17]. 3.3. Fundamental Analysis of the Underlying Stock 3.3.1. Financial Data Analysis - Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 24.34% from 2019 - 2023. In 2023, the company achieved an operating income of 1.51 billion yuan, a year - on - year increase of 47.40%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 15.25% from 2019 - 2023. In 2023, it achieved a net profit attributable to the parent of 121 million yuan, a year - on - year increase of 33.11% [3][19]. - Jiangsu Huachen's operating income mainly comes from dry - type transformers, and the product structure is adjusted annually. From 2021 - 2023, the proportion of dry - type transformer business revenue in the main business revenue was 57.77%, 53.26%, and 39.12% respectively [3][20][22]. - From 2019 - 2023, the company's sales net profit margin and gross profit margin remained stable, the sales expense rate first decreased and then increased, and the financial expense rate and management expense rate fluctuated [3][23]. 3.3.2. Company Highlights - The company is a national high - tech enterprise and a national specialized and sophisticated "little giant" enterprise. It has won many honors and has established a perfect R & D system and quality control system [27]. - The company has mastered multiple core technologies, has good technical reserves, and provides technical support and experience for the implementation of the fundraising projects [28].

Group 1 - The bond market has shown significant recovery since June, leading to increased investment in bond funds, with 99% of bond funds achieving positive returns in the month [1][2] - Over three trading days, 2448 bond fund products reached historical net value highs, representing over 60% of the total, with 76% of bond funds achieving this milestone within the month [3] - The inflow of funds into bond ETFs has accelerated, with a net inflow of 319.79 billion yuan in the first half of June, surpassing the total inflow for April [5] Group 2 - The demand for bond funds has improved, with many funds initiating purchase limits due to increased interest, as at least 127 bond funds announced restrictions on large purchases [3][5] - Fund companies are focusing on marketing bond funds, particularly pure bond products, to meet their semi-annual scale targets [5] - The current market sentiment is favorable for bonds, with expectations of continued low interest rates and potential opportunities for buying if short-term rates rise due to concerns about bank liabilities [6][7]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Anker Convertible Bond (123257.SZ) started online subscription on June 16, 2025, with a total issuance scale of 1.105 billion yuan. The net proceeds after deducting issuance fees will be used for multiple projects [3]. - The current bond - floor valuation is 99.26 yuan, and the YTM is 2.01%. The bond - floor protection is good [3]. - The current conversion parity is 99.41 yuan, and the parity premium rate is 0.59% [3]. - The convertible bond terms are mediocre, and the total share capital dilution rate is 1.82%, with relatively small dilution pressure on the equity [3]. - It is expected that the listing price of Anker Convertible Bond on the first day will be between 127.29 and 141.30 yuan, and the subscription rate is expected to be 0.0036%. It is recommended to actively subscribe [3]. - Since 2019, Anker Innovations' revenue has steadily increased, with a compound growth rate of 27.36% from 2019 - 2024. In 2024, the company achieved an operating income of 24.71 billion yuan, a year - on - year increase of 22.85% [3]. - Anker Innovations' operating income mainly comes from the charging business, and the product structure changes annually [3]. - Anker Innovations' sales net profit margin and gross profit margin are stable, the sales expense ratio decreases, the financial expense ratio first increases and then decreases, and the management expense ratio increases [3]. 3. Summary by Directory 3.1. Convertible Bond Basic Information - The issuance and subscription schedule of Anker Convertible Bond is clearly arranged from June 12 to June 20, 2025 [8]. - The basic terms of Anker Convertible Bond include a 6 - year term, AA +/AA+ credit rating, specific coupon rates from the first to the sixth year, and clear conversion, redemption, and repurchase terms [3][9]. - The proceeds from the issuance will be used for projects such as R & D and industrialization of portable and household energy storage products, and the total planned investment in all projects is 1.2348577 billion yuan, with 1.10482 billion yuan from the issuance [10]. - The bond - related indicators show a pure - bond value of 99.26 yuan, a pure - bond premium rate of - 11.11%, and a pure - bond YTM of 2.01%. The equity - related indicators show a conversion parity of 99.41 yuan and a parity premium rate of 0.59% [3][10]. 3.2. Investment Subscription Suggestion - By referring to comparable convertible bonds in terms of parity, rating, and scale, and using an established empirical model, it is expected that the conversion premium rate of Anker Convertible Bond on the first - day of listing will be around 35%, corresponding to a listing price between 127.29 and 141.30 yuan [13][14][15]. - It is estimated that the priority subscription ratio of original shareholders is 73.62%, and the online subscription rate is expected to be 0.0036% [16]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Anker Innovations mainly engages in R & D and sales of consumer electronics, with over 97% of its revenue from overseas sales, mainly in developed regions. The company has won many awards and recognitions [17]. - From 2019 to 2024, the company's operating income and net profit attributable to the parent company have shown growth trends, with compound growth rates of 27.36% and 22.33% respectively. In 2024, the operating income was 24.71 billion yuan, and the net profit attributable to the parent company was 2.114 billion yuan [3][19]. - The charging business is the main source of revenue, and its proportion in the main business income has increased year by year from 2022 - 2024, while the proportion of other main businesses is stable [3][20]. - The sales net profit margin and gross profit margin are stable, and are significantly higher than the industry average. The sales expense ratio decreases, the financial expense ratio first increases and then decreases, and the management expense ratio increases [22]. 3.3.2. Company Highlights - Anker Innovations is a global consumer electronics company with well - known brands. It has strong product innovation and technology integration capabilities, leading in overseas e - commerce platforms [32]. - The charging and energy storage business is the core growth engine, with significant revenue growth in 2024. The company is also actively deploying in intelligent innovation and intelligent audio - visual fields [32]. - Through a light - asset operation model, global supply chain layout, and multi - channel sales strategy, the company has achieved efficient market penetration and brand building, showing strong growth and profitability [32].

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - Bank and other financial high - quality bottom - position convertible bonds are continuously shrinking, and medium - large bottom - position convertible bonds may benefit from the capital spill - over trend. It is recommended to select targets based on credit quality, remaining term, and clause games [1][11]. - The A - share market valuation has recovered but is still at a relatively low level in the long term, with a good risk - return ratio. Domestic economic fundamentals and capital flow may gradually resonate. For convertible bonds, be vigilant about valuation callback risks, focus on the game space of downward revisions and strong redemption risks, and pay attention to short - term game opportunities of near - maturity convertible bonds [14]. - Industries worthy of attention include popular themes, domestic demand - oriented sectors, central state - owned enterprises under the China - specific valuation system, and the military industry [15]. 3. Summaries Based on Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. After the Continuous Shrinking of Bottom - Position Convertible Bonds - This week, Nanyin Convertible Bond announced a strong redemption as expected. Since this year, 4 bank convertible bonds have announced early redemptions, and 1 has matured. As of June 13, the scale of bank convertible bonds has decreased to 1519.61 billion yuan, a decrease of about 39 billion yuan from the beginning of the year. There is still 5.7 billion yuan of Hangyin and Nanyin Convertible Bonds that will be converted or redeemed [1][9]. - In the future, 50 billion yuan of Pufa Convertible Bond will mature and delist. It is advisable to select convertible bonds based on credit quality, remaining term, and clause games, and pay attention to convertible bonds with a relatively large remaining scale and a remaining term of less than 2 years among those maturing in the non - downward - revision period in June [11]. 3.1.2. Weekly Review and Market Outlook - The market fluctuated this week, with an overall weekly decline. The A - share market valuation has recovered but is still at a relatively low level. The export order rebound drove a slight improvement in the May PMI. Domestic economic fundamentals and capital flow may gradually resonate [14]. - For convertible bonds, the issuance pressure is expected to be low. Be vigilant about valuation callback risks, focus on the game space of downward revisions and strong redemption risks, and pay attention to short - term game opportunities of near - maturity convertible bonds [14]. - Industries to focus on include popular themes, domestic demand - oriented sectors, central state - owned enterprises under the China - specific valuation system, and the military industry [15]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Declined, and Cyclical Sectors such as Metals Strengthened - This week, major equity market indices declined. 13 Shenwan industry indices rose, and 18 declined. Industries such as non - ferrous metals, petroleum and petrochemicals, and agriculture, forestry, animal husbandry, and fishery led the gains, while food and beverage, household appliances, and building materials led the losses [18][20]. 3.2.2. The Convertible Bond Market Declined, and the Premium Rate per 100 - Yuan Par Value Slightly Decreased - This week, the convertible bond market declined. The average daily trading volume increased to 69.298 billion yuan, with a total weekly trading volume of 346.489 billion yuan [23]. - In terms of industries, 11 industries rose, and 18 declined. Agriculture, forestry, animal husbandry, and fishery, non - bank finance, and public utilities led the gains, while communication, media, and machinery and equipment led the losses [25]. - Most individual convertible bonds declined. The top five gainers were Jinling Convertible Bond, Jinji Convertible Bond, Haibo Convertible Bond, Liande Convertible Bond, and Zhite Convertible Bond; the top five losers were Zhengyu Convertible Bond, Huati Convertible Bond, Haomei Convertible Bond, Tianyang Convertible Bond, and Aofei Convertible Bond [26][28]. - The weighted conversion value of the whole market decreased, and the premium rate increased. The premium rate per 100 - yuan par value decreased slightly and is above the 50% quantile since 2017 [35]. 3.2.3. High - Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of equity - biased convertible bonds and balanced convertible bonds declined significantly. The valuation of convertible bonds with a par value of 80 - 90 yuan and 110 - 120 yuan increased, while most other par - value convertible bonds' valuations decreased. The valuation of convertible bonds rated A+ and below decreased, while other ratings increased. The valuation of small - cap convertible bonds decreased, while other scale - graded convertible bonds increased [44]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [44]. 3.2.3.2. Market Index Performance - This week, convertible bonds rated AA+ and above and A and below rose, while others declined. Since 2023, high - rated AAA convertible bonds have performed steadily, and low - rated convertible bonds have shown weaker downside resistance and greater rebound strength [54]. - This week, large - cap convertible bonds rose, while other scale convertible bonds declined. Since 2023, small - cap convertible bonds have recorded a 13.98% return, medium - small - cap convertible bonds 14.10%, medium - cap convertible bonds 9.60%, and large - cap convertible bonds 10.31% [54]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary - Market Issuance Plans - This week, there were no newly listed convertible bonds. Two convertible bonds (Dianhua Convertible Bond and Anke Convertible Bond) announced plans to be issued, and one (Hengshuai Convertible Bond) has been issued but not yet listed. Six convertible bonds passed the first - level approval [4][59]. - Since the beginning of 2023 to June 13, 2025, there have been 90 convertible bonds in the pipeline, with a total scale of 145.842 billion yuan [60]. 3.3.2. Downward Revision and Redemption Clauses - As of June 14, 2025, 20 convertible bonds announced that they were expected to trigger downward revisions, 7 announced no downward revisions, 1 proposed a downward revision, and 1 announced the result of a downward revision [64]. - Seven convertible bonds announced that they were expected to trigger redemptions, 3 announced no early redemptions, and 2 announced early redemptions [67][68]. - As of the end of this week, 3 convertible bonds were still in the put - option declaration period, and 33 were in the company's capital - reduction settlement declaration period [70].

Core Viewpoint - The company, Xizang Tianlu Co., Ltd., is facing challenges in its cement and construction business due to high costs and competitive pressures, leading to ongoing losses despite some improvements in profitability metrics [4][8][13]. Company Overview - Xizang Tianlu is a leading cement producer in the Tibet Autonomous Region, maintaining a significant market share and brand recognition [3][7]. - The company has a strong relationship with its major shareholder, Tibet Construction Group, which provides financial support and favorable financing conditions [4][5]. Financial Performance - The company reported a revenue decline of 23.40% in 2024, primarily due to a significant drop in construction business income, which fell by 43.24% [12][13]. - Despite a decrease in sales volume, the profitability of the cement business improved due to a larger decline in coal procurement prices compared to cement prices [8][9]. - The overall gross profit margin for the company was 0.52% in 2024, reflecting the impact of seasonal demand fluctuations and cost pressures [13]. Market Environment - The cement industry is experiencing a downturn, with a 10.30% year-on-year decline in real estate investment in 2024, which is a major driver of cement demand [9][10]. - Infrastructure investment growth remains positive, but the overall cement demand is projected to decrease by 9.50% due to weak performance in the real estate sector [9][10]. - The company’s operations are heavily influenced by regional market conditions, with significant reliance on infrastructure projects in Tibet [10][11]. Future Outlook - The company is expected to maintain its credit quality in the near term, but potential downgrades could occur if operational challenges persist [4][9]. - There is optimism for a recovery in cement demand in 2025, supported by government policies and infrastructure investments, although competition remains fierce [9][10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The disclosure rhythm of convertible bond ratings has improved compared to the same period in 2024, but it is still slightly behind the average progress in the first week of June in previous years. The downgraded convertible bonds include Dongshi, Zhongzhuang Zhuan 2, etc. [5][8] - In June, attention should be paid to the momentum of the equity market, and the tariff risk may be controllable. Under the assumption of a relatively controllable risk environment, June may be a starting point for a small - scale market repair. The probability of the monthly increase of the CSI Convertible Bond Index in June since 2017 is over 60%. After the Sino - US leaders' call, the risk preference may be restored, and the manufacturing and technology sectors in the equity market are dominant, with the valuation of convertible bonds also rising. [5][13] - The industry rotation in the convertible bond market may be weaker than that in the equity market. If the equity market maintains a rapid rotation, attention can be paid to the repair opportunities of low - level convertible bonds. [5][17][18] - The valuation of near - maturity convertible bonds has significantly回调. In the future, attention can be paid to the volatility of the underlying stocks. Incorporating the "20 - day volatility of the underlying stock" into the factor consideration, a three - factor yield surface of price change - underlying stock volatility - double - low can be constructed. [5][19] 3. Summary According to the Table of Contents 3.1 Rating Disclosure Process and Market Trend - The disclosure progress of convertible bond ratings is still slow. As of June 6, 2025, the disclosure progress is about 22.3%, with some lag compared to the average progress in previous years, but an improvement compared to 2024. [5][8] - In June, focus on the equity market. The tariff risk may be controllable, and the market may have a small - scale repair. The convertible bond market has seen an increase in valuation, with the manufacturing and technology sectors in the equity market performing well. [5][13] 3.2 Market Review 3.2.1 Weekly Market Conditions - Last week, major stock indices rose, and the convertible bond market followed. There are 476 issued and unexpired convertible bonds with a balance of 67.3552 billion yuan. The Hengshuai Convertible Bond has not been listed, and the Luwei Convertible Bond will be issued online on June 11. [24] - In the equity market, most industries in the Shenwan primary industry index rose, with communication, non - ferrous metals, etc. leading the gains. In the convertible bond market, most also rose, with communication, environmental protection, etc. leading the gains. [26] - In terms of popular concepts, most concepts rose, with optical communication, high - speed copper connection, etc. leading the gains. [26] 3.2.2 Valuation Performance - The weighted average closing price of convertible bonds was 119.88 yuan, up 1.06% from the previous Friday. Only the conversion premium rates of high - rated and large - scale convertible bonds increased, with the AAA - rated rising 0.2 pct and those over 5 billion yuan rising 0.23 pct. [32] 3.3 Terms and Supply 3.3.1 Terms - As of June 6, no convertible bond announced redemption, but Hangyin Convertible Bond announced redemption arrangements. Four convertible bonds announced no downward revision, and seven are expected to trigger downward revision. [2][48] 3.3.2 Primary Market - Last week, there was no new convertible bond listing or issuance, and the Hengshuai Convertible Bond will be issued this week. [3][50][51] - There was no new board proposal, no new shareholder meeting approval, one new approval from the issuance review committee, and no new CSRC approval, compared to - 1, + 0, + 0, - 2 respectively from the same period last year. As of June 6, 10 listed companies have obtained approval for convertible bond issuance, with a planned issuance scale of 15.885 billion yuan, and 5 companies have passed the issuance review committee, with a total scale of 3.678 billion yuan. [3][51][58]

Group 1 - Jinling Sports announced that its convertible bonds experienced significant abnormal fluctuations, with a cumulative price deviation of 39.14% over three consecutive trading days, indicating potential irrational trading behavior and high market risk [3] - Haichen Pharmaceutical reported that its solid-state battery-related business has not yet generated revenue, and the project faces risks related to industrialization and commercialization due to macroeconomic and market environment changes [4] - Jinying Co. confirmed that there have been no significant changes in its daily operations, with stable production costs and sales, and no major adjustments in market conditions or industry policies [5] Group 2 - Lingyi Technology received acceptance from the Shenzhen Stock Exchange for its plan to issue convertible bonds and acquire a 66.46% stake in Jiangsu Kedasitern Automotive Technology Co., Ltd., along with raising supporting funds [6] - Sichuan Road and Bridge announced plans to acquire 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. and other related assets to enhance its bridge component business and improve market competitiveness [7] Group 3 - Jianghuai Automobile reported May sales of 33,400 vehicles, a year-on-year decrease of 3.52%, with new energy vehicle sales dropping by 57.81% [9] - Aonong Biological announced May sales of 156,200 pigs, a year-on-year increase of 9.44%, with a total stock of 536,400 pigs at the end of May, reflecting a 22.56% year-on-year increase [10] - Juxing Agriculture reported May sales of 328,000 pigs, a significant year-on-year increase of 61.5%, generating sales revenue of 579 million yuan [12] Group 4 - Hongyuan Electronics' controlling shareholders plan to reduce their holdings by up to 1% of the company's total shares due to personal funding needs [14] - Kaichun Co. announced an increase in its share repurchase price limit from 26.625 yuan to 40 yuan per share, effective June 10, 2025 [16]

领益智造（002600）公告，公司拟通过发行可转换公司债券及支付现金的方式，购买江苏科达斯特恩汽 车股份有限公司66.46%股权并募集配套资金。公司近日收到深圳证券交易所出具的《关于受理广东领 益智造股份有限公司发行可转换为股票的公司债券购买资产并募集配套资金申请文件的通知》。深交所 认为申请文件齐备，决定予以受理。本次交易尚需通过深交所审核并取得中国证券监督管理委员会同意 注册的批复，最终能否通过审核、取得注册，以及最终通过审核、取得注册的时间仍存在不确定性。 ...

Group 1: Company Overview - The company primarily focuses on planetary gear reducers and screw-type reducers, with plans to expand based on future customer and market demands [1] - The core equipment is mainly imported, and the overall capacity utilization rate is over 60% [1] Group 2: Business Performance - The differential assembly business is expected to see stable growth in 2025, with new project confirmations from clients [1] - Revenue for 2025 is anticipated to maintain stable growth according to current customer and market expectations [1] Group 3: Financial and Investment Insights - The company has over 100 million remaining from fundraising, which is still being invested [2] - There are no current plans for forced redemption of convertible bonds; future decisions will depend on conversion ratios and other factors [1] Group 4: International Expansion - The Thailand factory has completed the first phase of construction and equipment installation, with plans to begin small-scale production in June 2025 [2] - An investment intention has been signed with the Moroccan local government, with plans to acquire land within the year [2] Group 5: Customer Impact - The impact of annual customer declines is relatively smaller due to a high proportion of foreign, joint venture, and export businesses [2]