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。 重要内容提示： 宏发科技股份有限公司（以下简称"公司"或"本公司"）于2021 年 10 月 28 日发行的可转换公司债券（以下简称"可 转债"）将于 2025年 10 月28日开始支付自 2024 年 10 月 28 日至 2025 年 10 月 27 日期间的利息。根据《宏发科技 股份有限公司公开发行可转换公司债券募集说明书》（以下简称"募集说明书"） 有关条款的规定，现将有关事项 公告如下： 本次发行的可转债采用每年付息一次的付息方式，到期归还本金和最后一年利息。 （1）年利息计算 年利息指可转债持有人按持有的可转债票面总金额，自可转债发行首日（2021年10月28日，T日）起每满一年可享 受的当期利息。年利息的计算公式为： I=B×i I：指年利息额； B：指本次发行的可转债持有人在计息年度（以下简称"当年"或"每年"）付息债权登记日持有的可转债票面总金 额； i：指可转债当年票面利率。 （2）付息方式 ①本次发行的可转债采用每年付息一次的付息方式，计息起始日为可转 ...

证券日报网讯 10月21日晚间，宏发股份发布公告称，公司于2021年10月28日发行的可转换公司债券将 于2025年10月28日开始支付自2024年10月28日至2025年10月27日期间的利息。 （文章来源：证券日报） ...

来源：上海证券报·中国证券网 上证报中国证券网讯 10月16日，中证转债指数早盘收跌0.22%，报481.12点。其中，武进转债、升24转 债、景兴转债、振华转债、松霖转债跌幅居前，分别跌6.17%、5.86%、5.61%、5.57%、5.10%。泰瑞转 债、丰山转债、冠中转债、宏发转债、晨丰转债涨幅居前，分别涨6.99%、4.90%、4.34%、3.77%、 3.43%。 ...

Report Title - Local Boom in Convertible Bond Gold Mining (1) [2] Report Date and Analysts - Report Date: September 28, 2025 - Analysts: Luo Yunfeng (SAC No.: S1050524060001), Yang Feiran (SAC No.: S1050524070001) [3] Core Views - The core driving force of the market in this round has been the improvement of risk appetite, which is an endogenous variable of profitability. Since September, considering the decline in equity trading volume, the narrowing gap between the growth and value of equities, and the increase in the proportion of the same - direction movement of stocks and bonds, it is believed that the repair of risk appetite is basically in place. In the future, risk appetite will fluctuate within a range along with profitability, with the upper and lower limits corresponding to the levels in early January (the week of January 6) and early September (the week of September 8) respectively. On September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [4]. - The recent shift of the market from "banks + micro - cap stocks" to technology has a profit foundation, that is, the overall economy is bottoming out but there are local upturns. The private - sector debt growth rate is used as a proxy variable for profitability, and its downward bottom appeared in October 2024 and has not reached a new low as of July 2025 [4]. - The long - term cycle of convertible bonds is synchronized with equities. The periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Therefore, short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets [6]. 01 Risk Appetite Will Follow Profitability in Range - bound Fluctuations - The repair of risk appetite in this round may be basically in place. The highest point of risk appetite since data became available was in 2007, and the lowest point was on April 7, 2025. Excluding the impact of event - driven factors, the lowest point was in January 2025. The private - sector debt growth rate, as a proxy variable for profitability, reached its bottom in October 2024 and has not set a new low as of July 2025. The risk appetite may enter a range - bound fluctuation, and on September 25, 2025, it approached the lowest level in recent years on October 12, 2024 [8]. - The overall economic fundamentals are still in the bottom - grinding stage. In the second quarter, the real GDP grew by 5.2% year - on - year, 0.2 percentage points lower than in the first quarter. Investment has been sluggish due to the real estate sector, and infrastructure investment has declined at an accelerating pace since mid - year. Consumption has been affected by the high - then - low national subsidies at the beginning of the year, and the CPI has been in a slump. Industrial product prices have shown a trend of price increases with volume contraction. From the perspective of Wind All - A earnings data, the overall economic fundamentals are still bottoming out [11][14]. 02 Fundamental Local Boom Corresponds to the Double - Innovation Market - In terms of revenue, the improvement of the Science and Technology Innovation 50 and the ChiNext Index is leading, while the Micro - cap and Dividend Indexes have the most obvious decline. In 2025Q2, the revenue growth rate of the ChiNext Index increased by 5 percentage points to 9.3%, and the Science and Technology Innovation 50 ended its relative disadvantage for three consecutive quarters. The revenue of the Micro - cap and Dividend Indexes decreased by 7.8% and 5.9% respectively in 2025Q2 [18]. - In terms of gross profit margin, compared with 2024Q2, the Science and Technology Innovation 50 and the SSE 50 had the most significant increase in gross profit margin in 2025Q2, up 2.5 and 2.0 percentage points respectively. The ChiNext Index had a gross profit margin of 24.5% in 2025Q2, still the highest among broad - based indexes [21]. - Most indexes' year - on - year growth rate of net profit attributable to shareholders in 2025Q2 declined quarter - on - quarter. The Science and Technology Innovation Board had a significant improvement in net profit in 2025Q2, and the ChiNext Index continued to lead other broad - based indexes in terms of growth rate [24]. - In terms of specific industries, in 2025Q2, the industries with the highest year - on - year growth rate of net profit attributable to shareholders were gaming (104%), steel (82%), precious metals (76%), etc. The industries with the largest decline were real estate (- 132%), coal (- 37%), etc. The industries with positive growth in 2025Q2 and an improvement compared with 2025Q1 were banks, insurance, etc. Combining the historical percentile of valuation, the industries with high performance growth and still some room for valuation are power equipment, new energy, gaming, and consumer electronics [29][30] 03 Convertible Bonds Follow Equities to Explore Locally Booming Sectors - The long - term cycle of convertible bonds is synchronized with equities. The short - term periodic recovery of convertible bond valuations provides signals for left - hand side position - adding and profit - taking. Short - term fluctuations may be leading and amplifying signals of equities. Recently, although convertible bond valuations have been actively adjusted, they are still at a relatively high level. After the holiday, attention should be paid to locally booming industries and performance - realizing targets. Convertible bond targets with good performance in 2025Q2 are concentrated in power equipment, electronics, etc. [45] - The All - A Index can basically explain most of the long - term fluctuations of convertible bonds. The regression results show that the performance of convertible bonds mainly follows the equity market, and the equity market trend can explain 91.4% of the price fluctuations of the convertible bond market. The convertible bond market follows equities in this round, and is less affected by the bond market [48][59] - The short - term fluctuations of convertible bond valuations provide signals for left - hand side position - adding and profit - taking. From June 23 to August 25, the active increase in convertible bond valuations was greater than that of the underlying stocks. Therefore, the convertible bond market entered the downward - oscillation cycle earlier than the equity market on August 27 and had a larger decline due to the return of valuations [61] - ETF share fluctuations have a relatively small impact on the price fluctuations of underlying convertible bond targets. Since September, the growth rate of convertible bond ETF shares has decreased significantly, which may mainly reflect sentiment and valuation [64] - Convertible bonds with good profitability have larger increases and are more resistant to declines. From June 23 to August 25, convertible bonds followed the underlying stocks in a sharp rise, with the growth sector leading. Some convertible bonds in individual sectors outperformed the underlying stocks, mainly concentrated in industries and targets with excellent performance. From August 25 to September 23, convertible bonds led the All - A Index in decline, and their subsequent performance was weaker than that of equities, mainly due to the periodicity of convertible bond valuation fluctuations [70][77] - The new energy sector under the goal of carbon peaking by 2030 may be one of the most certain trading directions in the next five years. The new energy vehicle penetration rate continues to increase, and the energy storage market has an important turning point. The report focuses on Keli Convertible Bonds and Hongfa Convertible Bonds in the new energy field [83] - Keli Convertible Bonds: Kodal Precision is the global leader in precision structural parts. The company's performance has been growing steadily. The convertible bond has a relatively large issuance scale, and the current price is around 140 yuan, with a conversion premium rate of 18.6%. It is an offensive convertible bond with high - quality underlying stocks and has no risk of forced redemption for the time being [87][89][92] - Hongfa Convertible Bonds: Hongfa Co., Ltd. is the world's largest relay manufacturer. The company's performance has been growing steadily. The convertible bond has a large issuance scale, and the current price is around 134 yuan, with a conversion premium rate of 18.2%. The downward - adjustment clause is relatively loose [95][98][101]

Group 1 - The core point of the article is the approval of the 2025 semi-annual report and the proposed changes to the company's capital structure and governance, including the cancellation of the supervisory board and the establishment of an audit committee [5][20][24]. - The company reported a basic earnings per share of 0.5784 yuan for the first half of 2024, with a diluted earnings per share of 0.5784 yuan after the capital increase [1][8]. - The company plans to increase its registered capital by 417,070,554 shares, resulting in a new registered capital of 1,459,746,940 yuan [8][25]. Group 2 - The board of directors held a meeting on July 28, 2025, where all members were present, and the meeting was conducted in accordance with legal regulations [4][7]. - The company will no longer have a supervisory board; its functions will be transferred to the audit committee under the board of directors [20][24]. - The company is committed to improving governance and operational efficiency as part of its "Quality Improvement and Efficiency Enhancement" action plan [13].

Summary of Key Points Core Viewpoint The announcement details the changes in registered capital and the revision of the company's articles of association following the conversion of convertible bonds and the capital reserve increase. Group 1: Changes in Registered Capital - The company issued 20 million convertible bonds with a total value of 2 billion RMB, approved by the China Securities Regulatory Commission [1] - As of June 30, 2025, the total number of shares increased by 240 shares due to the conversion of bonds, resulting in a registered capital increase of 240 RMB [2] - The registered capital is now 1,459,746,940 RMB, with a total of 1,459,746,940 shares issued, all of which are ordinary shares [2] Group 2: Revision of Articles of Association - The company revised its articles of association to comply with regulatory requirements and improve corporate governance, including the removal of the supervisory board [2] - The new articles enhance the requirements for directors, the board of directors, and specialized committees, and the supervisory board's functions will be taken over by the audit committee [2] - The revised articles will take effect immediately upon approval, and previous internal regulations related to the supervisory board will be abolished [2]

Summary of Key Points Core Viewpoint - The announcement provides an update on the conversion of convertible bonds into common shares by Hongfa Technology Co., Ltd, highlighting the low conversion rate and the remaining unconverted bonds. Convertible Bond Issuance Overview - The company issued convertible bonds amounting to 2 billion yuan, which began trading on November 23, 2021, with an initial conversion price of 72.28 yuan per share [2]. - The conversion period for the bonds is from May 5, 2022, to October 27, 2027 [3]. Conversion Status - As of June 30, 2025, a total of 521,000 yuan worth of convertible bonds have been converted into 8,345 shares, representing 0.001% of the total shares before conversion [1][3]. - The amount of unconverted convertible bonds stands at 1,999,479,000 yuan, which is 99.9740% of the total issuance [1][3]. Share Capital Changes - The total share capital before the conversion was 1,042,676,326 shares. After the conversion and capital increase, the total share capital is now 1,459,746,940 shares [6]. - The company decided to increase capital by 0.4 shares for each share held, resulting in an increase of 417,070,554 shares [6]. Other Information - The company has provided contact information for investor inquiries, indicating a commitment to transparency [7].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 annual profit distribution plan, resulting in a decrease from 32.32 CNY per share to 22.72 CNY per share, effective from June 19, 2025 [1][4]. Summary by Sections Bond Information - The company issued 20 million convertible bonds with a total value of 200 million CNY on October 28, 2021, with an initial conversion price of 72.28 CNY per share [1]. - The latest conversion price before the adjustment was 32.32 CNY per share [1]. Profit Distribution Plan - The company plans to distribute a total cash dividend of 536,978,215.19 CNY (including tax) based on a total share capital of 1,042,676,146 shares as of December 31, 2024 [2]. - Each share will receive a cash dividend of 0.51500 CNY (including tax) and a capital reserve transfer of 0.4 shares [3]. Conversion Price Adjustment - The conversion price adjustment is based on the profit distribution and capital reserve transfer plan approved at the 2024 annual shareholders' meeting [2]. - The adjustment formula for the conversion price is defined in the company's convertible bond prospectus, taking into account cash dividends and capital increases [4]. - The new conversion price of 22.72 CNY per share was calculated using the formula, effective from June 19, 2025 [4]. Trading Suspension - The convertible bonds will be suspended from conversion from June 10, 2025, until June 18, 2025, and will resume conversion on June 19, 2025 [5].

Core Viewpoint - The announcement details the implementation of the profit distribution and capital increase plan for Hongfa Technology Co., Ltd. for the year 2024, which includes a cash dividend and a stock bonus for shareholders [1][2]. Summary by Sections Profit Distribution and Capital Increase Plan - The total share capital before the distribution is 1,042,676,386 shares, with a cash dividend of 0.51500 CNY per share (tax included) and a capital increase of 0.4 shares per share from capital reserves [2][4]. - The plan was approved at the annual general meeting on April 21, 2025 [1]. Important Dates - The record date for the cash dividend is June 18, 2025, with the last trading day and ex-dividend date both on June 19, 2025 [3][4]. Implementation Method - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [4][5]. - Shareholders who have not completed designated transactions will have their dividends held until such transactions are completed [4]. Taxation Information - For individual shareholders, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for less than one month and a reduced rate of 10% for shares held between one month and one year [5][6]. - For qualified foreign institutional investors (QFII), a 10% withholding tax applies, resulting in a net cash dividend of 0.4635 CNY per share [5][6]. Changes in Share Capital Structure - After the capital increase, the total number of shares will rise to 1,459,746,940 shares, with the number of unrestricted circulating shares increasing significantly [8]. - The diluted earnings per share for the fiscal year 2024 is projected to be 1.12 CNY based on the new total share capital [8]. Adjustment of Convertible Bonds - The conversion price for the company's convertible bonds will be adjusted from 32.32 CNY per share to 22.72 CNY per share, effective from the ex-dividend date [8].

Core Viewpoint - The company has adjusted its profit distribution plan for the year 2024, specifically the cash dividend per share, due to changes in the total share capital resulting from the conversion of convertible bonds [1][3]. Summary by Sections 1. Profit Distribution Adjustment - The cash dividend per share has been adjusted from 0.515 yuan (including tax) to 0.51500 yuan (including tax) [1][3]. - The adjustment is due to the increase in total share capital to 1,042,676,386 shares as a result of the conversion of the "Hongfa Convertible Bonds" from January 1, 2025, to June 9, 2025 [1][2]. 2. Basic Situation of the 2024 Profit Distribution Plan - The company held its annual general meeting on April 21, 2025, where the profit distribution and capital reserve transfer plan was approved [1]. - The total share capital as of March 31, 2025, was 1,042,676,146 shares, with a proposed cash dividend distribution totaling 536,978,215.19 yuan (including tax) [1][3]. 3. Details of the Adjusted Cash Dividend - The adjusted cash dividend per share is calculated as the total cash dividend amount divided by the total share capital at the time of the equity distribution registration date [3]. - The total cash dividend amount to be distributed is approximately 536,978,338.79 yuan (including tax) based on the adjusted cash dividend per share [3]. 4. Capital Reserve Transfer - The company plans to transfer 0.4 shares for every share held from the capital reserve, resulting in a total transfer of 417,070,554 shares [3]. - After the transfer, the total share capital will increase to 1,459,746,940 shares [3].