Core Viewpoint - Wuxi Zhenhua announced the completion of a share reduction plan by Wuxi Kangsheng, which sold 2.5 million shares, accounting for 1% of the company's total share capital as of August 20, 2025 [2] Group 1: Company Information - As of August 20, 2025, Wuxi Kangsheng has completed its share reduction plan by selling a total of 2.5 million shares [2] - The revenue composition of Wuxi Zhenhua for the year 2024 shows that the automotive parts manufacturing industry accounted for 94.6% of total revenue, while other businesses contributed 5.4% [2]

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-046 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于公司股东减持股份结果的公告 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： 股东持股的基本情况 无锡市振华汽车部件股份有限公司（以下简称 "公司"）股东无锡康盛投资 合伙企业（有限合伙）（以下简称"无锡康盛"）持有本公司股份 9,590,000 股，占 公司股份总数的 3.84%，其中无限售条件流通股 9,590,000 股，占公司股份总数 的 3.84% 上述减持主体存在一致行动人： | | 股东名称 | 持股数量 | 持股比例 | 一致行动关系 | | --- | --- | --- | --- | --- | | | | （股） | | 形成原因 | | 第一组 | 无锡君润投资合伙企业 (有限合伙) | 68,830,000 | 27.53% | 关联方持股 | | | ...

Company Overview - Wuxi Zhenhua Automotive Parts Co., Ltd. operates with nine wholly-owned subsidiaries and is located in Wuxi, Jiangsu Province [2] - The company specializes in the automotive parts sector, focusing on stamping parts, assembly processing services, mold design and manufacturing, and selective precision plating [2] - Wuxi Zhenhua has established core technological advantages and serves as a quality supplier for several leading automotive brands, including SAIC Motor, Tesla, and Xiaomi [2] Financial Performance - For the period from January to March 2025, Wuxi Zhenhua reported a revenue of 600.5 million yuan, representing a year-on-year increase of 22.48% [2] - The net profit attributable to shareholders was 94.54 million yuan, up 22.2% year-on-year, while the net profit excluding non-recurring items was 92.29 million yuan, reflecting a 20.98% increase [2] Shareholding Structure - As of March 2025, the concentration of shareholding is high, with the top ten shareholders holding a combined 69.61% of shares, and the top ten circulating shareholders holding 65.74% [2] - The number of shareholders is approximately 10,940, with an average circulating shareholding of 19,520 shares per person and an average holding amount of 605,900 yuan [2] Convertible Bond Details - The convertible bond issued by Wuxi Zhenhua has a credit rating of "AA-" and a maturity of six years, with a coupon rate increasing from 0.20% in the first year to 2.30% in the sixth year [1] - The bond's conversion price is set at 31.98 yuan, with a redemption price of 113 yuan at maturity, including the last interest payment [1] - As of August 20, the bond price increased by 2.07% to 158.155 yuan, with a trading volume of 37.44 million yuan and a conversion premium of 43.07% [1]

Group 1 - The convertible bond of Wuxi Zhenhua has seen a price increase of 2.13%, reaching 156.585 yuan per bond, with a trading volume of 21.3257 million yuan and a conversion premium rate of 40.12% [1] - The credit rating of Wuxi Zhenhua's convertible bond is "AA-", with a maturity of 6 years and a coupon rate that increases progressively from 0.20% in the first year to 2.30% in the sixth year [1] - The bond can be converted into common stock at a conversion price of 31.98 yuan, starting from December 24, 2025, with a redemption price of 113 yuan at maturity [1] Group 2 - Wuxi Zhenhua Automotive Components Co., Ltd. operates with nine wholly-owned subsidiaries and has established a strong presence in the automotive parts sector, focusing on stamping parts, assembly processing, mold design, and precision plating [2] - The company reported a revenue of 600.5 million yuan for the first quarter of 2025, reflecting a year-on-year increase of 22.48%, and a net profit of 94.5447 million yuan, also up by 22.2% year-on-year [2] - As of March 2025, the concentration of shareholding is high, with the top ten shareholders holding a combined 69.61% of shares, and the top ten circulating shareholders holding 65.74% [2]

Group 1 - The convertible bond of Wuxi Zhenhua has increased by 3.73% to 151.256 yuan per share, with a trading volume of 65.797 million yuan and a conversion premium rate of 38.46% [1] - The credit rating of Wuxi Zhenhua's convertible bond is "AA-", with a maturity of 6 years and a coupon rate that increases annually from 0.20% to 2.30% [1] - The bond can be converted into common stock starting from December 24, 2025, at a conversion price of 31.98 yuan [1] Group 2 - Wuxi Zhenhua Automotive Parts Co., Ltd. has established itself as a key supplier in the automotive parts sector, serving major clients such as SAIC Motor, Tesla, and Xiaomi [2] - For the first quarter of 2025, Wuxi Zhenhua reported a revenue of 600.5 million yuan, a year-on-year increase of 22.48%, and a net profit of 94.5447 million yuan, up 22.2% year-on-year [2] - The concentration of shareholding is high, with the top ten shareholders holding 69.61% of the shares, and the average holding amount per shareholder is 605,900 yuan [2]

Summary of Wuxi Zhenhua Conference Call Company Overview - Wuxi Zhenhua has entered the selective electroplating sector through the acquisition of Wuxi Kaixiang, focusing on providing electroplating services for core engine components. The revenue from this business is projected to reach 180 million yuan in 2024, with a gross margin of 80% [2][6][14]. Core Business Insights - The company has diversified its customer base, including major clients such as SAIC Motor, Tesla, Li Auto, and Xiaomi Auto. Xiaomi Auto is experiencing rapid growth and is expected to become a significant growth driver for Wuxi Zhenhua [2][4]. - The company has established nine production bases close to its clients in regions like North China, the Yangtze River Delta, and Central China [2][5]. Financial Performance - Wuxi Zhenhua's net profit margin has significantly improved from 4.6% in 2022 to nearly 15% in 2024, aided by the integration of the selective electroplating business and cost reduction measures. The decline in steel prices has also contributed positively to the company's overall profitability [2][6][7]. - The selective electroplating business is expected to generate revenues of 150 million yuan in 2023 and increase to 180 million yuan in 2024, maintaining a gross margin of approximately 80% [6][14]. Customer and Market Dynamics - The company has a strong relationship with SAIC Motor, which has historically been a key partner. The sales of SAIC Motor's passenger vehicles have shown an 11% year-on-year increase in the first seven months of 2025, which is expected to benefit Wuxi Zhenhua's assembly business [4][11]. - Xiaomi Auto's second factory is anticipated to commence production in August 2025, which, along with the overall increase in the automotive sector, is expected to significantly boost Wuxi Zhenhua's revenue [2][8][9]. Growth Potential - The company is projected to achieve a profit of approximately 550 million yuan in 2025, reflecting a year-on-year growth of over 35%. The valuation is currently around 15-16 times earnings, indicating potential for further expansion given the accelerating performance across multiple business segments [4][15]. - The circuit business of Wuxi Zhenhua is also performing strongly, with net profit margins around 60% in 2023 and 2024. The focus on power semiconductors, including IGBT and silicon carbide, is expected to drive future growth [4][14]. Risks and Challenges - The revenue and gross margin of the assembly business for SAIC Motor are projected to decline in 2024, primarily due to high manufacturing costs and low capacity utilization. However, recovery in overall sales is expected to enhance profitability in 2025 [11]. Conclusion - Wuxi Zhenhua is positioned for significant growth driven by its strategic acquisitions, diversified customer base, and strong financial performance. The company’s focus on selective electroplating and power semiconductors presents promising opportunities for future expansion [2][15].

Group 1 - The announcement pertains to a change in shareholder equity that has reached a 5% threshold, involving Wuxi Kangsheng Investment Partnership and its concerted actions [1][3] - The equity change is part of a previously disclosed reduction plan and does not trigger a mandatory takeover bid, with the plan still in progress as of the announcement date [3][4] - The equity change will not alter the company's controlling shareholder or actual controller, nor will it significantly impact the company's governance structure or ongoing operations [3][4] Group 2 - The company has announced a change in the designated sponsor representative for its convertible bond issuance project, with Li Xin replacing Liu Guangfu due to work changes [5][6] - The new sponsor representatives for the project are Shi Jun and Li Xin, with Li Xin having a solid background in investment banking and relevant experience in similar projects [6][8] - The company emphasizes the importance of maintaining orderly supervision during the ongoing convertible bond issuance process [5][6]

Core Viewpoint - The report outlines the equity change of Wuxi Zhenhua Automotive Parts Co., Ltd., indicating a reduction in shares held by Wuxi Kangsheng Investment Partnership (Limited Partnership) due to funding needs, with a planned reduction of up to 2,500,000 shares over a specified period [1][5]. Group 1: Company Information - The company is Wuxi Zhenhua Automotive Parts Co., Ltd., listed on the Shanghai Stock Exchange under the stock code 605319.SH [1]. - The information disclosing party is Wuxi Kangsheng Investment Partnership (Limited Partnership), with a registered address in Wuxi [1][4]. - The actual controllers of the company are Qian Jinxiang and Qian Ben, who hold significant shares [4]. Group 2: Equity Change Details - The equity change involves a reduction of shares from 9,590,000 (3.84% of total shares) to 8,539,700 (3.42% of total shares) [5]. - The reduction was executed through centralized bidding, with a total of 1,050,300 shares sold between July 24, 2025, and August 8, 2025 [5][6]. - The information disclosing party and its concerted actors collectively held 163,600,000 shares, representing 65.42% of the total shares before the reduction [5]. Group 3: Future Plans - The information disclosing party does not plan to increase its holdings in the next 12 months and has no other specific arrangements for further equity changes [5][8]. - The planned reduction period for the remaining shares is from July 24, 2025, to October 22, 2025 [5].

Summary of Key Points Core Viewpoint - The announcement details a change in shareholder equity for Wuxi Zhenhua Automotive Parts Co., Ltd, indicating a decrease in the total equity percentage held by major shareholders from 65.42% to 65.00% [1][2]. Group 1: Shareholder Information - Wuxi Kangsheng Investment Partnership (Limited Partnership) and its concerted actions, including Wuxi Junrun Investment Partnership (Limited Partnership), Qian Jinxiang, and Qian Ben, have confirmed the accuracy and completeness of the information provided [1]. - The equity change does not violate any prior commitments or plans made by the shareholders [1][2]. Group 2: Equity Change Details - The total equity percentage held by the main shareholders decreased from 65.42% to 65.00% [1][2]. - The direct shareholding change involved Wuxi Kangsheng Investment, which reduced its holdings from 959,000 shares (3.84%) to 853,970 shares (3.42%) [2]. - Other shareholders, including Wuxi Junrun Investment, Qian Jinxiang, and Qian Ben, maintained their shareholdings without any changes [2]. Group 3: Compliance and Reporting - The equity change aligns with previously disclosed plans, and the reduction in holdings is part of an ongoing plan that has not yet been fully executed [2]. - A simplified equity change report has been prepared by Wuxi Kangsheng in compliance with relevant regulations and is available for investor review [2].

Group 1 - The company Wuxi Zhenhua announced a change in the representative for the ongoing supervision of its convertible bond issuance project [2] - The original representatives from Dongfang Securities were Shi Jun and Liu Guangfu, with Liu Guangfu stepping down due to a job change [2] - Li Xin has been appointed as the new representative to ensure the continuity of the supervision work [2]