Core Viewpoint - Huaxiang Co., Ltd. (603112.SH) announced the completion of a share reduction plan by Huaxiang Industrial, which involved the reduction of 16.2051 million shares, accounting for 3.00% of the company's total share capital [1] Summary by Category Share Reduction Details - Huaxiang Industrial reduced its holdings through two methods: centralized bidding and block trading, with 5.4017 million shares sold via centralized bidding and 10.8034 million shares sold through block trading [1] - The share reduction plan was disclosed and executed within a specified time frame, which concluded on February 12, 2026 [1]

控股股东持股的基本情况 本次减持计划实施前，山西华翔集团股份有限公司（以下简称"公司"）控 股股东山西临汾华翔实业有限公司（以下简称"华翔实业"）持有公司股份 297,784,820 股，占公司总股本的 55.13%，其中，271,135,074 股为无限售条件流 通股，26,649,746 股为有限售条件流通股。 减持计划的实施结果情况 证券代码：603112 证券简称：华翔股份 公告编号：2026-015 山西华翔集团股份有限公司 控股股东减持股份结果公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 披露的减持时间区间届满 | 股东名称 | 山西临汾华翔实业有限公司 | | | | | --- | --- | --- | --- | --- | | 减持计划首次披露日期 | 2025 年 10 月 22 日 | | | | | 减持数量 | 16,205,085股 | | | | | 减持期间 | 2025 年 12 月 1 日～2026 | 年 2 | 月 | 12 日 | | 减持方式及对 ...

Group 1 - The core point of the article is that Huaxiang Co., Ltd. announced a share reduction plan by its controlling shareholder, Shanxi Linfen Huaxiang Industrial Co., Ltd., which involved a total reduction of 16,205,085 shares, accounting for 3.00% of the company's total share capital [1] - The share reduction occurred between December 1, 2025, and February 12, 2026, through centralized bidding and block trading methods [1] - The reduction included 5,401,674 shares sold through centralized bidding and 10,803,411 shares sold through block trading, with a total reduction amounting to 293 million yuan [1] Group 2 - The share reduction price range was between 16.42 yuan per share and 20.05 yuan per share [1] - After the completion of the reduction, Shanxi Linfen Huaxiang Industrial Co., Ltd. holds 281,579,735 shares, which represents 52.13% of the total share capital [1] - The reduction plan was nearly completed, with only 31 shares remaining to reach the original planned limit [1]

Core Viewpoint - Huaxiang Co., Ltd. (603112.SH) announced the completion of a share reduction plan by Huaxiang Industrial, which involved the reduction of 16.2051 million shares, accounting for 3.00% of the company's total share capital [1] Summary by Category Share Reduction Details - Huaxiang Industrial reduced its holdings through two methods: centralized bidding and block trading, with 5.4017 million shares sold via centralized bidding and 10.8034 million shares sold through block trading [1] Timeline - The share reduction plan was disclosed and executed within a specified time frame, which concluded on February 12, 2026 [1]

Event Overview - On February 6, 2026, the company announced a revised plan for issuing convertible bonds to unspecified objects, with a total fundraising amount not exceeding RMB 1,301.02 million (including principal) [3][14] - The bonds will have a term of six years from the date of issuance, with the conversion period starting from the first trading day after six months from the end of the bond issuance until the maturity date [3][14] - On December 10, 2025, the company announced the production launch of the first production line for "humanoid robot components" at its Guangdong Shunde factory [4][14] Fundraising and Investment Plans - The raised funds will be used for enhancing the production capacity of core components and extending the industrial chain, as well as supplementing working capital [5][15] - The total investment for the core component capacity enhancement and industrial chain extension project is RMB 1.16 billion, with RMB 1.06 billion planned to be funded from the raised capital [5][15] - Investments in three major areas include RMB 512 million for smart home components, RMB 432 million for automotive components, and RMB 113 million for engineering machinery [5][15] - An additional RMB 240 million will be allocated for working capital and debt repayment to support the company's rapid growth [5][15] Production Capacity and Technology Enhancement - The smart home component capacity enhancement project aims to expand the production scale, covering the entire process from casting to precision machining, thereby increasing the added value of smart home components [5][15] - The automotive component capacity enhancement project will extend the industrial chain to the machining stage [5][15] - Both projects plan to introduce automated AI visual inspection equipment to reduce reliance on manual inspection, improve efficiency and accuracy, and lower waste losses [5][15] Production Line Details - The first production line for humanoid robot precision components has completed the installation and debugging of all high-precision core equipment and has achieved stable production [6][16] - The project focuses on manufacturing high-precision and complex components such as joint modules and reducer core structural parts, establishing a top-tier precision processing capability cluster [6][16] - The project has invested in and integrated multiple advanced processing systems, including international top multi-axis precision machining centers, ultra-precision grinding equipment, ultra-precision turning centers, micron-level wire cutting machines, and additive manufacturing systems for special materials [6][16] Financial Forecast - The company maintains its profit forecast, expecting revenues of RMB 4.2 billion, RMB 5.0 billion, and RMB 5.8 billion for the years 2025, 2026, and 2027, respectively [7][17] - The projected net profit attributable to shareholders is RMB 580 million, RMB 720 million, and RMB 850 million for the same years, with corresponding EPS of RMB 1.07, RMB 1.34, and RMB 1.57 [7][17] - Based on the closing price of RMB 17.17 on February 6, 2026, the corresponding PE ratios are 15, 12, and 10 times [7][17]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

山西华翔集团股份有限公司 Shanxi Huaxiang Group Co.,Ltd. 向不特定对象发行可转换公司债券 募集说明书 （修订稿） 保荐机构（主承销商） 中国（上海）自由贸易试验区商城路 618 号 二〇二六年二月 证券代码：603112 证券简称：华翔股份 （山西省临汾市洪洞县甘亭镇华林村） 根据《公司法》《证券法》《上市公司证券发行注册管理办法》等相关法律 法规规定，公司对申请向不特定对象发行可转换公司债券的资格和条件进行了认 真审查，认为本公司符合关于向不特定对象发行可转换公司债券的各项资格和条 件。 山西华翔集团股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证 ...

关于山西华翔集团股份有限公司 向不特定对象发行可转换公司债券申请文件 审核问询函的专项核查意见 容诚专字[2026]215Z0034 号 容诚会计师事务所(特殊普通合伙) 中国·北京 | | | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于山西华翔集团股份有限公司 向不特定对象发行可转换公司债券申请文件 审核问询函的专项核查意见 容诚专字[2026]215Z0034 号 上海证券交易所： 贵所于 2026 年 1 月 7 日出具的《关于山西华翔集团股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2026〕 3 号）（以下简称"审核问询函"）已收悉。容诚会计师事务所（特殊普通合伙） （以下简称"申报会计师"）对审核问询函中涉及本所的有关问题进行了专项核 查。 说明： 1、除另有说明外，本 ...

关于山西华翔集团股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 上海证券交易所： 贵所于 2026 年 1 月 7 日出具的《关于山西华翔集团股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2026〕 3 号）（以下简称"审核问询函"）已收悉。 根据贵所的要求，山西华翔集团股份有限公司（以下简称"公司""发行人" 或"华翔股份"）与国泰海通证券股份有限公司（以下简称"国泰海通"或"保 荐人"）、北京市康达律师事务所（以下简称"发行人律师"或"康达律师"） 和容诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"或"容诚会计 师"）对审核问询函所列问题进行了逐项落实，现回复如下，请予审核。 如无特别说明，本审核问询函回复所使用的简称或名词释义与《山西华翔集 团股份有限公司向不特定对象发行可转换公司债券募集说明书（申报稿）》（以 下简称"募集说明书"）中的释义相同。 | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 审核问询函问题回复 | 宋体（不加 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京西安深圳海口上海广州杭州沈阳南京天津 菏泽成都苏州呼和浩特香港武汉郑州长沙厦门重庆合肥宁波济南 昆明 南昌 北京市康达律师事务所 关于山西华翔集团股份有限公司 向不特定对象发行可转换公司债券 的 补 充 法 律 意 见 书 （一） 在本《补充法律意见书（一）》中，除非文义另有所指，下列词语具有下述涵义： | 简称 | - | 含义 | | --- | --- | --- | | 华翔股份/发行人/公司 | 指 | 山西华翔集团股份有限公司 | | 本次发行/本次向不特 | 指 | 山西华翔集团股份有限公司向不特定对象发行可转换公司 | | 定对象发行可转债 | | 债券的行为 | | 本所 | 指 ...