Group 1 - The company plans to convert 35,000 yuan of convertible bonds "BaiDian Convertible Bonds" into 4,525 shares of stock between January 1, 2025, and March 31, 2025 [1] - The company intends to revise certain provisions of its Articles of Association in accordance with relevant laws and regulations, with no substantial changes to other provisions [2] - The proposed changes will require approval at the 2024 annual general meeting of shareholders, and the company will handle the necessary registration and filing procedures after approval [3][4] Group 2 - The company held meetings on April 28, 2025, where the board and supervisory committee approved the revision and formulation of certain governance systems [6] - The revisions and formulations have been approved by the board and supervisory committee, with the "External Guarantee Management System" still needing shareholder approval [9] - The company disclosed that daily related transactions are necessary for normal operations and will not affect the company's independence or create reliance on related parties [8][10]

证券代码：300488 证券简称：恒锋工具 债券代码：123239 债券简称：锋工转债 2025 年 4 月 29 日-4 月 30 日投资者关系活动记录表 编号：2025-007 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | √现场参观 | | | √其他 线上电话会议 交银施罗德: 谢欣怡；途灵资管：赵梓峰；诺安基金：李顺 | | | 帆；广发基金：曾质彬；开源机械：罗悦；国海证券：杜先 | | | 康；野村东方：高沁；开源机械：朱珠；信达机械：王锐； | | 参与单位名称及 | 西部机械：牛先智；国投机械：赵梦妮；银河机械：王霞举； | | 人员姓名 | 华安机械：陶俞佳；华创机械：胡明柱；甬兴机械: 凌展翔； | | | 民生机械：占豪；天风机械：赵博源；东方财富证券：周旭 | | | 辉、李京波 | | 时间 | 2025 年 4 月 29 日 16:00-17:00 电话会议 | | | 2025 年 4 月 30 日 10:00-11:00 现场调研 | | 地点 | ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 4 月转债新券点评合集 报告摘要： [Table_Summary] 2025 年 4 月合计发行 3 只转债： 一、安集转债 4 月 2 日，安集科技发布公告，拟于 2025 年 4 月 7 日通过网上发行可转 债，公司本次计划发行可转换公司债券募集资金总额不超过 8.31 亿元， 其中：①3.49 亿元拟用于投资"上海安集集成电路材料基地项目"，总投 资 3.80 亿元；②0.90 亿元拟用于投资"上海安集集成电路材料基地自动 化信息化建设项目"，总投资 0.90 亿元；③0.6 亿元拟用于投资"宁波安 集新增 2 万吨/年集成电路材料生产项目"，总投资 0.80 亿元；④1.10 亿 元拟用于投资"安集科技上海金桥生产基地研发设备购置项目"，总投资 1.10 亿元；⑤2.20 亿元拟用于补充流动资金。随着本次募集资金投资项 目的建设与投产，将进一步扩大公司产能，有助于企业把握市场机遇， 进一步增强公司综合竞争力。 二、清源转债 4 月 3 日，清源股份发布公告，拟于 2025 年 4 月 8 ...

恒锋工具 20250429 摘要 • 2024 年恒丰工具营收 1.04 亿元，同比下降 3.17%，主要受可转债利息 影响。扣除利息影响，净利润同比增长 12.04%至 1.51 亿元。2025 年一 季度收入 1.48 亿元，同比增长 19%；净利润 2,829 万元，同比增长 8%，整体业绩平稳增长。 • 2024 年精密复杂类产品收入增长约 1,000 万元，精密高效类产品如钢板 钻、螺纹工具分别增长约 1,300 万元和 1,000 万元，螺纹工具营收达 1,800 万元。各细分品类累计实现约 8%的营收增长。 • 2025 年一季度，恒丰工具在手订单同比增长约 15%，显示需求端保持稳 健。但美国关税对直接出口业务影响较小（占比 3%-4%），间接影响需 关注国内客户对美业务情况，目前对全年展望难以明确判断。 • 人形机器人领域客户对接数量增加，但尚未达到产业化放量阶段，对公司 整体业绩影响有限。公司材料方面对进口依赖性较低，70%使用国产材料。 • 公司倾向于通过市场价格变化实现可转债自然转股，目前剩余债务约 4.5 亿元，公司持有约 1.5 亿元现金。未来是否强赎将视市场价格而定。 Q&A 恒 ...

Core Viewpoint - Convertible bonds are increasingly accepted and recognized in the market as a financing tool that balances equity and debt characteristics [1] Group 1: Company Announcements - Weibo Hydraulic plans to raise 100 million yuan through a private placement of convertible bonds for project construction and working capital [2][3] - The funds will be used for the development of high-end intelligent hydraulic power systems and core components, as well as the establishment of a research and development center [2] - The project aims to enhance production capacity, core competitiveness, and diversify product offerings, thereby increasing the company's resilience and profitability [2] Group 2: Market Trends - Weibo Hydraulic's announcement marks the third convertible bond refinancing project disclosed in the North Exchange this year, following announcements from Youji Co. and Wantong Hydraulic [3] - Youji Co. plans to raise 120 million yuan for technology upgrades and expansion projects, aligning with national industrial policies and enhancing market competitiveness [3] - Wantong Hydraulic aims to raise 150 million yuan, with a significant portion expected to be subscribed by Pangu Intelligent [4] Group 3: Industry Developments - The North Exchange is expanding its range of financing tools, including various types of bonds such as convertible bonds, green bonds, and bonds supporting rural revitalization [5] - The China Securities Regulatory Commission has emphasized the importance of developing the North Exchange to attract innovative small and medium-sized enterprises [5] - The North Exchange's convertible bond market is expected to grow rapidly, although its unique positioning may limit its overall market scale [6]

作为兼顾股性和债性的融资品种，可转债以其独特的优势，逐步受到市场主体的接受和认可。 4月26日，北交所上市公司威博液压披露可转债再融资预案，拟通过向特定对象发行可转换公司债券，募集资金 1亿元，用于项目建设和补充流动资金。据证券时报记者统计，威博液压披露的可转债再融资预案是继优机股 份、万通液压后，今年以来北交所市场披露的第三单可转债再融资项目。 年内3家北交所上市公司公布可转债发行预案 据威博液压的公告，公司此次拟通过向特定对象发行可转换公司债券，募集资金1亿元，用于高端智能液压动力 系统及核心部件、研发中心建设项目和补充流动资金。 威博液压主要从事液压动力单元及核心部件的研发、生产与销售，构建起以直流电机、交流电机、外啮合齿轮 泵、内啮合齿轮泵、溢流阀、缓冲阀等核心元件为主导的集成式液压动力单元产品体系。 公司表示，高端智能液压动力系统及核心部件项目将依托于公司现有生产场地、已有的技术基础及生产管理经 验，通过购置先进生产制造设备，以满足高端智能液压动力系统及核心部件生产的工艺及技术需求，项目建成 后，将提升公司高端产品的生产能力，增强公司核心竞争力，同时丰富公司产品种类，增加公司抗风险能力以 及盈利能力 ...

Group 1 - The company achieved a revenue of 2.02 billion yuan in 2024, representing a year-on-year increase of 33.04%, with a net profit attributable to shareholders of 126 million yuan, up 24.47% year-on-year [1] - In Q1 2025, the company reported a revenue of 446 million yuan, a year-on-year increase of 11.14%, but a quarter-on-quarter decrease of 31.31%, with a net profit attributable to shareholders of 23 million yuan, down 42.00% year-on-year [1] - The company's gross profit margin in Q1 2025 was 23.72%, a decrease of 4.61 percentage points year-on-year, indicating short-term pressure on profitability due to declining margins and rising expenses [1] Group 2 - The revenue from the company's vehicle-mounted and energy information sector reached 1.17 billion yuan in 2024, a year-on-year increase of 52.24%, accounting for 57.9% of total revenue [2] - The company is committed to technological innovation, with R&D expenses of 165 million yuan in 2024, a year-on-year increase of 24.83%, and an R&D expense ratio of 8.18% [2] - The company plans to issue convertible bonds to raise funds for projects related to connector intelligence and supercharging industry upgrades, as well as for the construction of a new base in East China [2]

三、转债供需：可转债基金对转债需求仍较强 证券研究报告 | 债券定期报告 2025 年 04 月 29 日 截至上周五，上市转债余额为 7026.36 亿元，较前一周增加 20.50 亿元，加权 剩余期限为 2.7 年。发行动态方面，有 3 只转债上市，为清源转债、安集转债 和鼎龙转债，累计发行规模为 22.41 亿元；无转债发布发行公告；有 12 家公司 更新转债发行动态，累计拟发行转债规模为 155.42 亿元。 转债风格或将开始切换 可转债策略周报（0421-0425） 成交久期缩短，收益率回落 一、一周行情回顾：转债市场随权益市场小幅上涨 截至上周五，万得全 A 指数收于 4,956.16 点，一周上涨 1.15%；上证指数收于 3,295.06 点，一周上涨 0.56%；中证转债收于 422.21 点，一周上涨 0.90%；可 转债正股指数收于 1,717.08 点，一周上涨 2.77%。 权益市场方面，上周上证指数缩量上涨。主要股指除上证 50 外均上涨，深证综 指、创业板指领涨。节奏上，上周各指数多震荡上行，周一、周三涨幅较大。 分行业看，汽车、美容护理、基础化工、机械设备和公用事业行业表现较好 ...

Core Viewpoint - The company, Milkwell (603713), reported significant growth in revenue and net profit for the fiscal year 2024 and the first quarter of 2025, despite facing challenges such as high debt levels and negative investment cash flow [2][3][5]. Financial Performance - For the fiscal year 2024, the company achieved a revenue of 12.118 billion yuan, representing a year-on-year increase of 24.26%, and a net profit attributable to shareholders of 565 million yuan, up 31.04% [3][5]. - In the first quarter of 2025, the company reported a revenue of 3.342 billion yuan, a 15.40% increase year-on-year, and a net profit of 172 million yuan, reflecting a 14.02% growth [3][5]. Debt and Cash Flow - The company's debt ratio stands at 68.33%, attributed to increased operational scale and debt financing for acquiring long-term assets [5]. - The negative investment cash flow in 2024 is primarily due to strategic investments in fixed and intangible assets [2][5]. Impact of Tariffs - The U.S. tariff increases have a limited impact on the company's global freight forwarding business, which constitutes about 30% of total revenue, with the U.S.-Canada route accounting for approximately 25% of that segment [2][3]. - The company has adjusted its shipping routes, leading to an increase in cargo volume on European and Southeast Asian routes since the second half of 2024 [2][3]. Future Growth Drivers - Future profit growth is expected to be driven by effective management and market recognition of the company's value, as outlined in the 2024 annual report [3][4]. Industry Context - The company operates in the modern logistics sector, providing comprehensive logistics services, including freight forwarding, warehousing, and transportation, primarily for the chemical supply chain [4].

Core Viewpoint - The significant decline in Feikai Convertible Bond and Huaxiang Convertible Bond is primarily due to the announcement of early redemption by both companies, leading to a negative conversion premium in the current market environment [1][4][5]. Group 1: Market Reaction - Feikai Convertible Bond dropped by 10.18%, closing at 113.534 CNY per bond, while Huaxiang Convertible Bond fell by 6.97%, closing at 122.764 CNY per bond [2]. - Both convertible bonds experienced a negative conversion premium, indicating a rapid decrease in their time value due to the early redemption announcements [1][4]. Group 2: Company Announcements - Feikai announced that from March 27 to April 25, its stock price had met the condition for early redemption, with 15 trading days closing above 120% of the conversion price of 15.30 CNY per share [4][5]. - Huaxiang similarly triggered its early redemption clause, with its stock price closing above 130% of the conversion price of 11.65 CNY per share for 15 out of 25 trading days [5]. Group 3: Implications of Early Redemption - The early redemption of convertible bonds reduces their time value, compressing the conversion premium to near zero, which negatively impacts bond prices [6]. - Investors are advised to closely analyze the terms of the bonds and adjust their positions to mitigate potential losses from the early redemption [1][6]. Group 4: Broader Market Concerns - Investors should also be aware of the potential delisting risks associated with convertible bonds, particularly as some underperforming companies may trigger delisting scenarios [7][8]. - The case of Puli Pharmaceutical illustrates the risks, as its stock and convertible bonds faced significant declines due to impending delisting, with the convertible bond dropping by 18.13% [8][10].