限公司公开发行可转换公司债券 中鹏信评【2025】跟踪第【72】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委 ...

作为国家级专精特新"小巨人"企业，利德东方坚持创新发展，持续开展关键核心技术攻关，主要产品包括汽车管路、轨道交通类橡胶制品，以 及新能源、航空航天、海洋工程等新兴市场类橡胶管路、密封制品，部分甚至打破了国外技术垄断。近年来，乘着我国汽车工业高速发展"东 风"，利德东方新能源汽车流体管路项目订单源源不断，配套比亚迪、奇瑞、长城等整机厂。 抢抓发展机遇，今年来，利德东方开足马力赶订单，在企业总装厂自动化车间等生产车间里，产线全部全天候满负荷运转。在前不久举行的第 137届广交会第一期现场，公司发布新品——新能源汽车热管理系统空调管总成。据悉，该产品主要配套车型为比亚迪海豹DM-i，将引领企业 业绩持续增长。"今年，我们将继续推动产业升级，争取销售收入实现25%的增幅，确保研发费用占比保持在5%以上，开发更多高性能、高附 加值的新产品，拓展数据中心、新能源、海洋工程、钢铁冶金、矿山石油等领域，扩大商业版图。"公司总经理王春明说。 利德东方一季度"乘风破浪"，是六合企业攀"高"逐"新"实现高质量发展的一个生动缩影。今年，六合把"产业强区 富民强村"作为高质量发展主 题主线，出台了《2025年经济发展提速增效行动方案》 ...

转债简称：弘亚转债 转债代码：127041 广州弘亚数控机械股份有限公司 投资者关系活动记录表 编号：20250507 | | 特定对象调研 分析师会议   | | | --- | --- | --- | | 投资者关系活 |  媒体采访  业绩说明会 | | | 动类别 |  新闻发布会 路演活动 |  | | | 现场参观 其他   | | | 参与单位名称 | 投资者网上提问 | | | 及人员姓名 | | | | 时间 | 2025 年 5 月 7 日（周三）下午 15:30~17:00 | | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开 2024 年度网上业绩说明会 | | | 上市公司 接待人员姓名 | 董事长、总经理李茂洪先生 | | | | 副总经理、董事会秘书莫晨晓先生 | | | | 副总经理、财务负责人许丽君女士 | | | | 独立董事林雪锋先生 | | | | 公司管理层就投资者在本次说明会中提出的问题进行了 回复： | | | 投资者关系活 | Q：近三四年以来，房地产行业及整个 ...

国内市场需求：去年同期国内需求相对较好，今年国内需 求较为疲软，预计今年上半年国内订单需求仍然有一定压力， 下半年同期基数低，在下游需求保持稳定的情况下有望逐步改 善。 证券简称：弘亚数控 证券代码：002833 转债简称：弘亚转债 转债代码：127041 广州弘亚数控机械股份有限公司 投资者关系活动记录表 编号：20250506 投资者关系活 动类别 特定对象调研 媒体采访 新闻发布会 现场参观 分析师会议 业绩说明会 路演活动 其他 电话会议 参与单位名称 及人员姓名 详见附件 时间 2025 年 5 月 6 日 9:30 地点 公司会议室 上市公司 接待人员姓名 副总经理、董事会秘书 莫晨晓 证券部高级部长 马涵 投资者关系活 动主要内容介 绍 公司副总经理、董事会秘书莫晨晓及证券部高级部长马涵 与投资者交流了公司 2025 年第一季度经营情况，主要内容如 下： （一）报告期内公司经营情况 1、财报与业绩相关 2025 年 Q1 业绩：2025 年 1 至 3 月，公司实现营收 6.54 亿元，归母净利润 1.32 亿元，扣非净利润 1.07 亿元，经营性 现金流净额 1.4 亿元，超过归母净利润和扣非 ...

Core Insights - Naxing Equipment Co., Ltd. reported a significant decline in key financial metrics for the 2024 annual report, with net profit dropping by 201.08% and operating cash flow decreasing by 37.12%, raising market concerns [1] Revenue Decline and Market Competition - In 2024, Naxing achieved revenue of 3.332 billion yuan, an 8.18% decrease from 3.629 billion yuan in the previous year [2] - The specialized equipment segment saw revenue of 1.817 billion yuan, down 16.91%, primarily due to a downturn in the downstream furniture market [2] - IDC business revenue increased by 5.06% to 1.515 billion yuan, but gross margin slightly declined due to intensified market competition [2] - Revenue from automatic edge banding machines fell by 27.59% to 833 million yuan, while CNC drilling and multi-row drilling revenue decreased by 9.18% to 394 million yuan [2] - The company needs to strengthen its core products while increasing investment and market promotion for growth-oriented products [2] Profitability Concerns - The net profit attributable to shareholders was -175 million yuan, a decline of 201.08% compared to 173 million yuan in the previous year [3] - The net profit excluding non-recurring gains and losses was -186 million yuan, down 222.86% [3] - Major factors for the profit decline include reduced revenue, rising costs, and asset impairment, with goodwill impairment provision of 364 million yuan significantly impacting net profit [3] - Basic earnings per share fell to -0.5928 yuan, a decrease of 201.09% [3] Cost Control and R&D Investment - Total expenses for 2024 were 3.665 billion yuan, a 1.49% increase from 3.611 billion yuan in the previous year, indicating stable overall expense control [4] - Sales expenses rose by 2.66% to 59.016 million yuan, primarily for market promotion and sales channel expansion [4] - R&D expenses were 139 million yuan, a slight increase of 0.33%, with a total of 534 patents granted, including 129 invention patents [4] - The company needs to evaluate R&D direction and effectiveness to ensure that R&D outcomes translate into market competitiveness [4] Cash Flow Deterioration - The net cash flow from operating activities was 365 million yuan, a 37.12% decrease due to reduced revenue and declining net profit [5] - The net cash flow from investing activities was -334 million yuan, a 4.62% decrease, while financing activities generated -173 million yuan, an increase of 32.31% due to reduced cash dividends [5] - Overall cash flow conditions have worsened, necessitating optimization of operational strategies to ensure financial stability [5] Market Risks and Challenges - Naxing faces market risks, particularly in the furniture industry, which is influenced by macroeconomic conditions, policies, and real estate regulations, potentially affecting the specialized equipment business [6] - Inventory impairment risks are significant, as market or downstream customer changes could lead to unsold inventory [6] - The IDC business is also challenged by intensified competition, limited bandwidth resource procurement, and rising costs [6] - The company must actively respond to market changes, optimize business structure, control costs, and enhance R&D innovation to improve financial health and profitability [6]