证券代码：688678 证券简称：福立旺 公告编号：2025-052 转债代码：118043 转债简称：福立转债 福立旺精密机电（中国）股份有限公司 关于 2024 年年度报告信息披露监管 问询函的回复公告 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、准确性和完整性依法承担法律责任。 福立旺精密机电（中国）股份有限公司（以下简称"公司"或"福立旺"）于 2025 年 6 月 12 日收到上海证券交易所下发的《关于福立旺精密机电（中国）股份有限公司 称"年报问询函"）。公司收到年报问询函后高度重视，根据年报问询函的要求及时组 织相关部门、中汇会计师事务所（特殊普通合伙）和中信证券股份有限公司（以下简称 "中信证券"或"保荐机构"）对年报问询函所列事项进行了认真核查、逐项落实。现 就有关事项具体回复如下： 一、关于经营业绩 别增长 27.58%、6.99%、29.60%。但 2022-2024 期间，公司净利润分别为 1.62 亿元、 请公司： （1）分产品列示不同业务前五名客户的名称、销售金额、合作时间等情况，对于 销售金额变化较大的，说明原因； （2） ...

Group 1 - The company, Freewon China Co., Ltd, has issued convertible bonds totaling 700,000 units with a face value of RMB 100 each, raising approximately RMB 690 million [2][19] - The bonds are convertible into the company's A-shares and have a maturity period of six years, with an annual interest rate starting at 0.30% in the first year [3][19] - The initial conversion price is set at RMB 21.28 per share, which is subject to adjustments based on various corporate actions [5][6] Group 2 - The company reported a net profit of RMB 54.53 million for the period, a decrease of 38.38% year-on-year, attributed to various operational challenges [23] - The revenue from the 3C precision metal components business increased by 40.26% year-on-year, driven by strong demand in the consumer electronics sector [24][25] - The automotive precision metal components segment generated revenue of RMB 22.33 million, benefiting from the growth in the automotive industry, particularly in new energy vehicles [26] Group 3 - The company is focusing on vertical integration in the photovoltaic industry, developing high-strength busbars and exploring new materials for production [27][29] - The electric tools precision metal components business saw a revenue increase of 68.71%, reflecting a recovery in the market after two years of decline [28][29] - The company is actively collaborating with research institutions to explore the application potential of new materials, aiming for sustainable development amid market challenges [29]

高测股份 20260626 摘要 高测股份一季度业绩有所改善，预计三、四季度将持续上升。光伏设备 业务受订单影响预计今年亏损，但金刚线业务盈利能力持续改善，预计 全年出货量和市占率显著增长。切片代工业务亏损收窄，有望在三、四 季度实现盈亏平衡。 公司在半导体、碳化硅、蓝宝石石材等领域拓展创新业务，预计今年将 稳定增长，收入规模预计超过去年的 2.44 亿元。长期来看，半导体和 碳化硅是主要发力点，并积极布局人形机器人领域，研发丝杠磨床设备。 人形机器人丝杠磨床设备研发处于前期阶段，利用光伏和半导体领域积 累的技术，进行国产替代。目前市场上该设备主要依赖进口，高测股份 认为存在良好的国产替代窗口期，但内螺纹磨削技术是主要难点。 新材料方面，公司已推出乌斯特神样品，包括超高分子、钨丝和碳丝三 种材质，其中钨丝在抗蠕变性等方面表现优异。目前有近 10 家客户正 在试用，但尚未进入成本和价格评估阶段。 2025 年光伏设备业务预计亏损，在手订单约 2-3 亿元。金刚线预计出 货量约 7,000 万公里，一季度已出货 1,500 多万公里。碳丝市场价格约 11 元/公里，钨丝约 22 元/公里。福斯材料在光伏产业渗透率 ...

(1)国内扩产底部反转，海外扩产有望释放设备订单：2023-2024H1国内锂电主链产能过剩，电池厂短期 内扩产意愿较低;但2024Q3以来，宁德时代、比亚迪为首的龙头企业产能稼动率提升并重启扩产。近期 宁德港股IPO募资353亿港元主要投向匈牙利德布勒森工厂，有望带来设备订单落地。(2)设备5年更新周 期：出于车企客户对于动力电池产品一致性、安全性要求，传统液态电池设备更新周期通常为5年左 右，2020-2021年为上一轮国内扩产高峰期，该行预计2026-2027年或将迎来国内锂电设备更新替换小高 峰。(3)新技术带来新增设备需求：新技术如复合铜箔、4680大圆柱、固态电池等。 光伏设备：政策加速产能出清，新技术迭代利好设备商 2024年光伏设备板块短期景气度筑底，主要系产能过剩带来的行业压力;2025年供需政策有望倒逼新技 术资本开支。从各环节来看，(1)硅片环节的新技术为低氧单晶炉+钨丝金刚线，单晶炉增加超导磁场或 超大泵来解决N型硅片的同心圆&黑心片问题，金刚线基于钨丝母线进一步细线化提高硅棒出片率。(2) 电池片环节的新技术为HJT、BC，HJT具有双面对称结构，BC正面无栅线遮挡，提高光转化效率。 ...

Core Viewpoint - The report titled "2025-2031 China Tungsten Powder Industry Development Prospect and Investment Direction Research Report" provides a comprehensive analysis of the tungsten powder industry, highlighting its market dynamics, potential investment opportunities, and future trends [1][26]. Industry Overview - The tungsten powder industry transforms tungsten ore into tungsten powder and related products, serving various sectors such as mechanical processing, mining, electronics, aerospace, and defense [1][8]. - China is one of the richest countries in tungsten resources, with significant reserves concentrated in Jiangxi, Hunan, and Henan provinces, particularly in Jiangxi, which has the highest reserves [1][12]. Market Size and Growth - The market size of China's tungsten powder industry has been increasing, reaching approximately 19.192 billion yuan in 2023 [2][15]. - The production of tungsten powder in China was 74,900 tons in 2023, with Jiangxi province accounting for 53.8% of the total production [2][17][19]. Supply Chain Dynamics - The tungsten powder industry has a clear supply chain structure, with upstream activities including tungsten mining and processing, midstream focusing on tungsten powder production, and downstream applications primarily in hard alloys and tungsten materials [10][11]. - The supply of tungsten is influenced by mining quotas, production capacity, and environmental policies, with major companies like Zhangyuan Tungsten and China Tungsten High-tech adjusting prices due to tight supply conditions [2][15]. Future Trends and Predictions - The report forecasts the development prospects of the tungsten powder industry from 2025 to 2031, analyzing market trends, competitive landscape, and investment strategies [26][31]. - The demand for tungsten powder is expected to grow due to advancements in manufacturing, aerospace, and 3D printing technologies, which will drive the need for high-efficiency cutting tools and mining tools [2][17].

信用等级通知书 东方金诚债跟踪评字【2025】0022 号 福立旺精密机电（中国）股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"福 立转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA-，评级展望为稳定，同 时维持"福立转债"的信用等级为 AA-。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年五月二十七日 东方金诚债跟踪评字【2025】0022 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信用评级 报告（以下简称"本报告"），声明如下： 的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为独立、客观、 公正的关联关系。 勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 和第三方组织或个人的干预和影响。 准确性、完整性均由资料提供方和/或发布方负责，东方金诚按照相关性、可靠性、及时性的原 则对评级信息进行合理审慎的核查分析，但不对资料提供方和/或发布方提供的信息合法性、真 实性、准确性及完整性作任何形式的保证。 诚不对发行人使用/引用本报 ...

Core Viewpoint - The company, Qingdao High-tech Technology Co., Ltd. (referred to as "High-tech Co."), is facing significant financial challenges due to the downturn in the photovoltaic industry, leading to losses in 2024 and the first quarter of 2025. The founder, Zhang Xu, announced plans to diversify into the screw grinding equipment sector to explore new business opportunities [1][3]. Financial Performance - High-tech Co. experienced a net profit of 1.461 billion yuan in 2023, but the company has since entered a deep adjustment phase in the photovoltaic industry, resulting in a substantial decline in performance. By the fourth quarter of 2024, the company reported a single-quarter loss that wiped out profits from the first three quarters, leading to an annual loss and a net cash flow from operating activities dropping to -1.261 billion yuan [3]. - As of the end of 2024, accounts receivable aged 1-2 years surged 13 times to 886 million yuan, with bad debt provisions reaching 261 million yuan [3]. Industry Context - The photovoltaic industry is currently experiencing a severe downturn, exacerbated by oversupply in the silicon wafer segment, which has caused prices to plummet. High-tech Co.'s market value has decreased from over 23 billion yuan at its peak in 2022 to less than 6 billion yuan [3]. - The company has previously navigated industry challenges, such as the 2018 "531 photovoltaic policy," which temporarily led to losses. However, it managed to recover due to increased demand and product orders [3]. Strategic Shift - High-tech Co. is now focusing on the development of precision grinding technology for humanoid robots, aiming to enhance its research and development capabilities in this area. The company plans to develop screw grinding products that meet international standards, hoping to support domestic replacements in the industry [3]. - The market for screw grinding equipment is projected to reach 50 billion yuan over the next five years, indicating a significant opportunity for High-tech Co. in this new sector [3]. Industry Response - The challenges faced by High-tech Co. reflect broader pressures on photovoltaic equipment manufacturers. To alleviate accounts receivable pressure, the company has recently engaged in a debt-to-equity swap worth 100 million yuan with Runyang Co. This strategy has been adopted by other peers in the industry as well [4]. - The shift towards new business avenues is becoming a common consensus among industry players, with High-tech Co. aiming to replicate its previous successful transitions from tire testing to photovoltaic cutting and now to robot grinding [4].

5月21日，三超新材发布公告称，公司于2025年5月20日收到新加坡国际仲裁中心（SIAC）送达的《部分裁决》，该裁决日期为2025年5月15 日。仲裁庭核心裁决如下： 1、被申请人因未通过《备忘录》下的切割测试，构成对《主合同》（经《主合同变更协议》修订）及《备忘录》违约； 2、《主合同》《主合同变更协议》《备忘录》和/或其他相关协议于2021年9月27日因被申请人违约行为而有效解除，但不具有溯及力； 3、被申请人应向申请人支付因其违约所造成的直接损失及利息，具体金额由仲裁庭进一步评估和确定； 2020年11月至2021年9月期间，江苏三超与中村超硬进行了多轮交涉，要求中村超硬尊重客观事实和相关法律，承担履约义务和违约责任，推 动双方通过商业谈判解决争议，但均无果。 为维护江苏三超的合法权益，江苏三超根据《设备买卖合同》《技术许可合同》约定的仲裁条款向新加坡国际仲裁中心申请仲裁：请求判令 中村超硬向江苏三超返还已经支付的款项共计9.9亿日元（合人民币64,701,931.53元）及利息；请求判令中村超硬向江苏三超支付直接损失 19,766,134.97元人民币及利息；请求判令中村超硬向江苏三超支付利润损失人 ...

Group 1 - The article emphasizes the importance of "precision" in manufacturing, highlighting that mastering precision is key to technological competitiveness [2][3] - New quality productivity represents a profound transformation from quantitative to qualitative changes, requiring faster speeds and updated fields while focusing on meticulous technological refinement [1][3] - The semiconductor industry showcases advancements in chip technology, with transistor density increasing significantly from 14nm to 3nm processes, demonstrating the industry's push for higher precision [1][2] Group 2 - China is making strides in fine-tuned innovation across various industries, such as the photovoltaic sector, where Longi Green Energy's adoption of diamond wire cutting technology has drastically reduced costs and improved efficiency [3][5] - In the battery industry, CATL implements over 6,800 quality control points in its production process, ensuring rigorous testing and data tracking for each battery cell [3][5] - The logistics sector is also innovating, with Cainiao's automated warehouse in Guangzhou achieving double the storage efficiency and ten times the outbound efficiency compared to traditional warehouses [3][5] Group 3 - The configuration of resources is becoming more refined, as seen in the Suzhou Industrial Park, which integrates education, technology, and talent to enhance new quality productivity [4][5] - The development of new quality productivity is described as a micro-level revolution, emphasizing the need to embed precision into every aspect of industrial innovation to transition from a follower to a leader in global competition [5]

交出一份亏损的年度"成绩单"后，三超新材（300554）在近日举行的业绩说明会上称，公司在光伏领域 的业务规划有部分调整，"但公司认为，光伏行业仍然前景可期，公司在金刚线的技术研发创新方面， 将继续投入，保持技术的领先性"。 三超新材及子公司主要从事超硬材料工具和半导体制造相关设备的研发、生产和销售。2024年度，公司 营收主要来自电镀金刚线和金刚石砂轮，金刚石砂轮中的半导体耗材营收较上年有较大增长，半导体设 备首次实现营收，但占比较小。由于光伏行业的剧烈波动，硅切片线单价和销量均大幅下滑，公司的营 业收入较上年下降明显。 针对未来行业发展趋势，三超新材强调，公司判断光伏行业仍是极具前景的行业，但金刚线行业竞争加 剧，产品价格及毛利率逐年下降；硅切片金刚线细线化接近碳钢线物理极限，钨丝正逐渐成为基材，公 司在具体产品方面，会进行策略性调整，但会坚持研发，保持技术的领先性；半导体行业用相关产品 (耗材及装备)，进口替代空间很大，是公司的重点发展方向。 三超新材表示，未来公司仍将秉持立足国内、积极开拓海外市场的策略，会积极利用各方市场资源，重 视和拓展海外市场，尤其是部分性价比具备竞争优势的相关产品，要争取逐步走 ...