（编辑 姚尧） 证券日报网讯 11月25日晚间，华锐精密发布公告称，公司于2025年11月25日召开第三届董事会第二十 一次会议，审议通过了《关于"华锐转债"转股价格调整的议案》，同意调整可转换公司债券的转股价 格。调整前转股价格为64.79元/股，调整后转股价格为62.49元/股，转股价格调整实施日期为2025年11 月27日。 ...

截至发稿，华锐精密市值为70亿元。 （记者 曾健辉） 2024年1至12月份，华锐精密的营业收入构成为：制造业占比98.82%，其他业务占比1.18%。 每经AI快讯，华锐精密（SH 688059，收盘价：75.3元）11月25日晚间发布公告称，公司第三届第二十 一次董事会会议于2025年11月25日以现场表决与通讯结合的方式召开。会议审议了《关于"华锐转债"转 股价格调整的议案》等文件。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 ...

华锐精密公告称，因向特定对象发行股票新增股份640.82万股，公司总股本由8715.9999万股增至 9356.8201万股。"华锐转债"转股价格自11月27日起由64.79元/股调整为62.49元/股。"华锐转债"于11月 26日全天停牌，11月27日起恢复转股。 ...

Policy and Industry Trends - The humanoid robot industry is entering a stage driven by both policy and application scenarios, with significant government support and strategic focus on embodied intelligence and smart robotics[1] - Local governments are actively implementing special action plans to accelerate the industrialization of humanoid robots, indicating a robust policy environment[14] Market Opportunities - The market for humanoid robots is shifting from concept-driven to industrialization, with long-term investment value emerging in the sector[8] - Key components such as actuators, sensors, and lightweight materials are critical areas of focus, with a notable lack of software-related investment vehicles in the convertible bond market[1] Component Analysis - The core value of humanoid robots is highly concentrated in the components sector, particularly in actuators, dexterous hands, and sensors, which are essential for their functionality[29] - Actuators, including lead screws, reducers, and motors, are expected to contribute nearly half of the overall value in mass production stages, with significant growth potential[32] Investment Highlights - Notable convertible bonds include Yinlun Convertible Bond (Yinlun) and Daotong Convertible Bond (Daotong), which are leading in the exploration of the humanoid robot industry[2] - The Yinlun Convertible Bond focuses on thermal management systems and has established a product system for humanoid robots, while the Daotong Convertible Bond is leveraging AI for inspection robots[24] Risk Factors - Potential risks include the humanoid robot industry's slower-than-expected industrialization and unexpected changes in industrial policies[4]

Group 1 - The report indicates that the convertible bond market experienced significant fluctuations in August, with the convertible bond index showing an upward trend but facing adjustments towards the end of the month due to various factors including the weakening of the banking sector and an increase in strong redemption of convertible bonds [3][6][7] - The strategy for September suggests a cautious approach towards convertible bonds, with expectations for lower returns due to the "dumbbell" style weakening and the potential for short-term adjustments in the market [3][33] - The report highlights the validation of the "potential yield" indicator system, which indicated a significant risk of short-term adjustments in the convertible bond market as the implied three-month yield fell below -5% [3][19][22] Group 2 - The report outlines a revised monthly strategy composition for September, which includes three components: short-term high-odds selection, low-price enhancement strategy, and active selection, reflecting the current market environment [3][35] - Specific convertible bonds are recommended for attention in September, including the high-odds selection of Pudong Development Bank Convertible Bond, and low-price enhancement strategies focusing on Jia Yuan, Jingke, Southeast, and Fangyuan Convertible Bonds [3][36][37] - The active selection strategy emphasizes avoiding bonds with a high likelihood of strong redemption while maintaining a focus on sectors with growth potential [3][38]

Core Points - The company held its 17th meeting of the 3rd Board of Directors on August 14, 2025, where all 7 directors attended and the meeting was deemed legally valid [1] - The Board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's financial status and operational results without any misleading statements [1][2] - The Board also approved a special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with relevant regulations and proper use of funds [2] - A semi-annual evaluation report on the quality improvement and efficiency enhancement action plan for 2025 was also approved by the Board [2][3] - The Board approved an adjustment to the issuance price and quantity of shares for a specific group following the implementation of the 2024 annual equity distribution, with the price adjusted from 44.29 yuan to 31.21 yuan and the number of shares increased from 4,515,692 to 6,408,202 [3]

Summary of Key Points Core Viewpoint - The company, Zhuzhou Huari Precision Tools Co., Ltd., has announced the interest payment schedule for its convertible bonds, which will begin on June 24, 2025, following the issuance of 4 million convertible bonds in 2022, totaling 400 million yuan [1][2]. Group 1: Convertible Bond Issuance Overview - The company issued 4 million convertible bonds with a face value of 100 yuan each, totaling 400 million yuan, with a maturity period of six years from June 24, 2022, to June 23, 2028 [1][2]. - The coupon rates for the bonds are structured as follows: 0.30% for the first year, 0.50% for the second year, 1.00% for the third year, 1.80% for the fourth year, 2.50% for the fifth year, and 3.00% for the sixth year [1][2]. Group 2: Interest Payment Details - The interest payment for the third year will be calculated for the period from June 24, 2024, to June 23, 2025, at a rate of 1.00%, resulting in an interest payment of 1.00 yuan per bond (before tax) [3][4]. - The interest payment dates are set as follows: the record date for interest payment is June 23, 2025; the ex-dividend date is June 24, 2025; and the payment date is also June 24, 2025 [4][5]. Group 3: Tax Implications for Investors - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 0.80 yuan per bond after tax [5]. - Non-resident enterprises holding the bonds are exempt from corporate income tax on the interest income until December 31, 2025, allowing them to receive the full interest amount of 1.00 yuan per bond [5]. Group 4: Contact Information - The company and its associated institutions have provided contact details for inquiries regarding the bond issuance and interest payments [6].

Group 1 - The company's credit rating remains at "A+" with a stable outlook for both the company and the convertible bonds [1][2] - The tracking credit rating report was issued by Zhongceng Pengyuan on June 16, 2025, confirming the previous ratings [2] - The previous credit rating was conducted on June 24, 2024, with the same results [1][2] Group 2 - The company issued convertible bonds to unspecified investors in June 2022 [1] - The rating agency conducted a comprehensive analysis of the company's operational status and related industries [2]

Core Points - The company announced the implementation of the 2024 annual profit distribution plan, which includes a cash dividend of 0.60 CNY per share and a capital increase of 0.40 shares for every share held [3][5][10] - The total cash dividend distribution amounts to approximately 37.35 million CNY, and the capital increase will result in a total share capital of 87.16 million shares after the distribution [5][10] - The adjustment of the convertible bond conversion price from 91.31 CNY to 64.79 CNY per share will take effect on June 25, 2025, following the profit distribution [11][15][16] Profit Distribution and Capital Increase - The profit distribution and capital increase plan was approved at the company's annual general meeting on May 22, 2025 [3][4] - The distribution is based on a total share capital of 62,257,132 shares, with a cash dividend of 0.60 CNY per share and a capital increase of 0.40 shares per share [5][10] - The total cash dividend to be distributed is 37,354,279.20 CNY, and the capital increase will add 24,902,852 shares [5][10] Convertible Bond Adjustment - The adjustment of the convertible bond conversion price is based on the profit distribution plan, with the new conversion price set at 64.79 CNY per share [11][15][16] - The conversion price adjustment formula considers the cash dividend and the capital increase ratio [13][15] - The adjustment will be effective from June 25, 2025, after the profit distribution [11][16] Cash Management of Idle Funds - The company plans to use up to 70 million CNY of temporarily idle convertible bond funds for cash management, investing in low-risk, liquid financial products [18][20][22] - The cash management strategy aims to enhance the efficiency of fund utilization without affecting the ongoing projects funded by the convertible bonds [20][26] - The board of directors and the supervisory board have approved this cash management plan, ensuring compliance with relevant regulations [30][31][42]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds in conjunction with the 2024 annual profit distribution and capital reserve increase plan, which includes a cash dividend and a stock bonus distribution [3][4][6]. Group 1: Securities Suspension and Resumption - The company's securities will be suspended and resumed trading due to the implementation of the 2024 annual profit distribution [1]. Group 2: Annual Shareholder Meeting Decisions - The company held its 2024 annual shareholder meeting on May 22, 2025, where it approved a cash dividend of 6 yuan (including tax) for every 10 shares and a capital reserve increase of 4 shares for every 10 shares [3]. Group 3: Adjustment of Conversion Price - The adjustment formula for the conversion price of the convertible bonds is specified, taking into account various scenarios such as stock dividends, capital increases, and cash dividends [4][5]. - The conversion price will be adjusted from 91.31 yuan per share to 64.79 yuan per share, effective from June 25, 2025 [6][8]. - The calculation for the new conversion price is based on the cash dividend of 0.60 yuan per share and a capital increase rate of 0.4 [7][8].