Core Points - The company has issued convertible bonds with a total amount of RMB 2 billion, with a maturity of 6 years and a tiered interest rate structure [3] - The initial conversion price of the bonds was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions [4] - There is a potential trigger for a downward adjustment of the conversion price due to the stock price being below 80% of the current conversion price for 10 trading days [2][7] Convertible Bonds Overview - The company issued 20 million convertible bonds at a face value of RMB 100 each, totaling RMB 2 billion, approved by the China Securities Regulatory Commission [3] - The bonds are listed on the Shanghai Stock Exchange under the name "精工转债" with the code "110086" [3] - The conversion period for these bonds is from October 28, 2022, to April 21, 2028 [3] Conversion Price Adjustment Mechanism - The conversion price can be adjusted downward if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [5] - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's price [5] - The company is required to hold a board meeting to decide on the adjustment and disclose the decision promptly [7] Current Situation - As of July 18 to July 31, 2025, the company's stock price has been below the threshold of RMB 3.83 for 10 trading days, indicating a potential for triggering the conversion price adjustment [2][6][7] - If the conditions are met in the next 20 trading days, the company will need to convene a board meeting to discuss the adjustment [7]

Core Viewpoint - The company, Jiangsu Jinggong Steel Structure Group Co., Ltd., is expected to trigger the condition for a downward adjustment of the conversion price of its convertible bonds due to its stock price being below 80% of the current conversion price for 10 consecutive trading days [2][5]. Group 1: Convertible Bond Basic Information - The company issued 20 million convertible bonds with a total value of RMB 2 billion, with a maturity of 6 years and a face value of RMB 100 per bond [3]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions, currently standing at RMB 4.79 per share [4][6]. Group 2: Conversion Price Adjustment Conditions - The conversion price can be adjusted downwards if the stock price is below 80% of the conversion price for 15 out of 30 consecutive trading days [5]. - The company will hold a board meeting to decide on the adjustment if the conditions are met, and must disclose the decision promptly [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002135 证券简称：东南网架 公告编号：2025-057 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保概述 （一）本次担保基本情况 浙江东南网架股份有限公司（以下简称"公司"）因全资子公司成都东南钢结构有限公司（以下简称"成 都东南"）生产经营发展需要，近日与上海浦东发展银行股份有限公司成都分行（以下简称"浦发银行成 都分行"）签署了《最高额保证合同》，同意为全资子公司成都东南与债权人浦发银行成都分行办理各 类融资业务所发生的债权债务提供保证担保，本次保证担保的主债权本金余额最高不超过人民币7,000 万元整。 （二）本次担保事项履行的内部决策程序 1、公司于2025年1月20日召开第八届董事会第十九次会议、2025年2月10日召开的2025年第一次临时股 东大会审议通过了《关于公司2025年度对外担保额度预计的议案》，同意公司为合并报表范围内子 （孙）公司提供总额不超过805,000 ...

国浩律师（上海）事务所 关于 长江精工钢结构（集团）股份有限公司 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编： 200085 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二五年七月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 法律意见书 律师应当声明的事项 本所律师依据本法律意见书出具之日以前已发生或存在的事实和我国现行 法律、法规和中国证监会的有关规定发表法律意见，并声明如下： （一）本所律师是依据《公司法》《证券法》等相关法律、法规及规范性文 件的规定及本法律意见书出具之日以前已发生或存在的相关事实，就公司本次召 开股东大会相关事宜发表法律意见。 国浩律师（上海）事务所 关于长江精工钢结构（集团）股份有限公司 之 法律意见书 致：长江精工钢结构（集团）股份有限公司 作为具有从事中国法律业务资格的律师事务所，国浩律师（上海）事务所（以 下简称"本所"）接受长江精工钢结构（集团）股份有限公司（以下简称"公司 ...

（文章来源：证券日报） 证券日报网讯 7月29日晚间，精工钢构发布公告称，公司2025年第二次临时股东大会审议通过了《关于 取消公司监事会、变更经营范围暨修订的议案》等多项议案。 ...

Summary of Conference Call on the Construction Industry Industry Overview - The construction industry has initiated an anti-involution campaign, with responses from state-owned enterprises (SOEs), national enterprises, and private enterprises aimed at avoiding unfair competition such as bid-rigging and lowest-bid wins, which is expected to improve the industry ecosystem [1][2] - Major infrastructure projects like the Yalong River Hydropower Station, with an investment scale of 1.2 trillion yuan, are anticipated to become new growth points for infrastructure demand, alongside projects like the Zhejiang-Jiangxi-Guangdong Canal and the Pinglu Canal [1][3] Core Insights and Arguments - The construction industry is currently at the bottom of the chip, stock price, and supply-demand structure, with a strong push for steel structure buildings expected to increase penetration rates, shifting market expectations from pessimistic to optimistic [1][3] - Historical data indicates that supply-side contraction can lead to economic improvement, and reducing vicious competition can enhance corporate profit levels; policy support and improved market conditions are crucial for the sustainable development of the construction industry [1][4][5] - The construction industry does not have fixed capacity, allowing for flexible adjustments based on demand changes, which differentiates it from other cyclical industries like cement and steel [7] Investment Recommendations - Focus on Honglu Steel Structure, which is expected to benefit from rising steel prices, leading to a dual boost in valuation and performance; it has greater earnings elasticity compared to traditional SOEs [1][6] - Attention should also be given to undervalued SOEs such as China Power Construction and China Energy Construction, which may see valuation recovery as competition improves [9] - Other recommended stocks include high-dividend SOEs like China State Construction and Sichuan Road & Bridge, which are expected to improve operational quality [9] Marginal Changes and Policy Catalysts - The construction industry is experiencing its first revenue decline in 2024 due to severe internal competition, with leading firms reporting economic profits of only 1-2% [2] - The anti-involution measures, including avoiding bid-rigging and illegal subcontracting, are expected to bring about significant industry changes [2] Future Development Conditions - The sustainable development of the construction industry relies on continued policy support and market environment improvements, including the promotion of large-scale infrastructure projects [5] - Reducing vicious competition and enhancing corporate profitability are essential for future growth [5] Potential Risks and Opportunities - The steel structure industry may see similar opportunities as the steel sector experiences price increases due to potential joint production cuts and rising demand expectations [8] - Companies like Zhongcai International and Zhonggong International, which serve downstream cement and steel plants, may face short-term challenges due to reduced capital expenditures but could benefit from improved cash flow conditions in the long run [9]

Core Viewpoint - Wang Feng, a skilled worker in the steel structure industry, has made significant contributions through innovation and technology, earning over 60 national patents and recognition as a national labor model by 2025 [3][6]. Group 1: Background and Achievements - Wang Feng has over 20 years of experience in the steel structure industry and has participated in the development of key welding technologies, receiving the Hubei Provincial Science and Technology Progress Second Prize in 2020 [3][4]. - He started his career in a steel structure company in Shenzhen in 2002, where he balanced work and training, eventually becoming a mechanical repair supervisor [4]. - In 2009, he joined Hubei Honglu Steel Structure Co., Ltd., where he emphasized strict quality control in equipment operation [5]. Group 2: Innovations and Contributions - As a technician responsible for welding robots, Wang Feng identified and addressed issues such as the waste of welding wire, leading to the development of a new device that improved efficiency by redesigning the way welding wire is fed to the robots [5]. - His innovative approach includes creating simple yet effective tools, such as a fixture for quickly clamping and unloading workpieces, enhancing both safety and productivity in the welding process [3][5]. Group 3: Philosophy and Impact - Wang Feng believes that frontline workers should not only execute technology but also innovate, stating that anyone can become a technical expert with dedication and research [6].

Core Viewpoint - Changjiang Jinggong Steel Structure (Group) Co., Ltd. is holding its second extraordinary general meeting of shareholders in 2025 to discuss significant governance changes, including the cancellation of the supervisory board and amendments to the company's articles of association. Group 1: Meeting Details - The meeting is scheduled for July 29, 2025, at 14:00 in Shanghai [1] - Shareholders can participate through both on-site and online voting systems, with specific time slots for voting [1][2] Group 2: Governance Changes - The company plans to cancel the supervisory board, transferring its responsibilities to the audit committee of the board of directors, which aims to enhance governance efficiency [4] - The cancellation of the supervisory board will not affect the internal supervision mechanisms [4] Group 3: Business Scope Changes - The company intends to modify its business scope to include surveying services, construction engineering design, and project management, among others [4][5] - The previous scope included international bidding for steel structure projects and related services [4] Group 4: Articles of Association Amendments - Amendments to the articles of association will align with the new governance structure and business scope [5][6] - Key changes include the definition of the legal representative and the responsibilities of the board of directors [6][7] Group 5: Voting and Shareholder Rights - Shareholders have the right to vote based on their shareholdings, with each share granting one vote [3] - The voting process will be conducted through a combination of on-site and online methods, ensuring transparency and efficiency [3][2] Group 6: Legal Compliance - The company will ensure compliance with relevant laws and regulations during the meeting and in the execution of the proposed changes [2][4] - Legal opinions will be provided by a law firm to validate the proceedings of the meeting [3]

Group 1 - The company announced an additional temporary proposal for the second extraordinary general meeting of shareholders scheduled for July 29, 2025, which includes a resolution to provide financing guarantees for controlled enterprises [1][3] - The original notice of the shareholders' meeting remains unchanged, with the equity registration date set for July 22, 2025 [1][2] - The meeting will be held at the specified location in Shanghai, and shareholders can participate through both on-site and online voting systems [1][2] Group 2 - The online voting system will be available on the day of the meeting, with specific time slots for trading and internet voting [2] - The company has disclosed the proposals for voting, and there are no related shareholders required to abstain from voting [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Insights - The company has made significant advancements in intelligent manufacturing, establishing a dedicated R&D team for smart manufacturing, and achieving progress in areas such as laser cutting, intelligent assembly, intelligent welding, and intelligent spraying [2][6][55] - The projected annual steel structure production for 2024 is 4.51 million tons, with estimated welding labor costs of 319 RMB per ton. If the robot replacement rate reaches 50%, labor costs could decrease by over 100 RMB per ton [7][2] Summary by Sections Traditional Steel Structure Production Process - The traditional steel structure manufacturing process consists of nine main steps: raw material treatment, cutting and beveling, assembly and positioning, main weld seam welding, assembly and hole-making, secondary welding, surface spraying, and quality inspection [5][17] Breakthroughs in Intelligent Manufacturing - The company has initiated intelligent manufacturing R&D early, focusing on laser cutting, intelligent assembly, intelligent welding, and intelligent spraying. Key developments include: 1. Laser cutting machines: Over 800 units have been implemented since 2022, achieving smart cutting through digital integration [6][65] 2. Master Riveting Workstation: Set to upgrade in 2025, enhancing efficiency and quality in assembly [6][67] 3. Welding robots: Transitioning from external procurement to in-house development, with significant contracts signed for robot purchases [6][70] 4. Intelligent spraying: Continuous advancements in smart spraying lines to improve efficiency and quality [6][55] Future Profit Gains from Intelligent Production - The replacement of welders with robots is expected to significantly reduce labor costs, with potential cost savings of over 100 RMB per ton at a 50% replacement rate. Increased production capacity could further lower costs, with estimates suggesting a reduction of 15-30 RMB per ton as production scales up to 6 million and 8 million tons respectively [7][2]