Market Performance - The general equipment sector increased by 0.19% on July 29, with Jikang Technology leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Top Gainers - Jikang Technology (code: 830879) closed at 37.66, up 20.36% with a trading volume of 242,000 shares and a transaction value of 818 million [1] - Haichang New Materials (code: 300885) closed at 20.51, up 20.01% with a trading volume of 291,100 shares and a transaction value of 553 million [1] - Hexin Instruments (code: 688622) closed at 96.02, up 20.00% with a trading volume of 28,600 shares and a transaction value of 258 million [1] Top Losers - Lilang New Materials (code: 836807) closed at 19.90, down 3.86% with a trading volume of 174,000 shares and a transaction value of 350 million [2] - Kaile Shares (code: 301070) closed at 44.36, down 3.57% with a trading volume of 61,000 shares and a transaction value of 271 million [2] - Chuanrun Shares (code: 002272) closed at 11.30, down 3.50% with a trading volume of 538,100 shares and a transaction value of 610 million [2] Capital Flow - The general equipment sector experienced a net outflow of 1.245 billion from institutional investors and a net outflow of 184 million from speculative funds, while retail investors saw a net inflow of 1.429 billion [2] - Specific stocks like Haichang New Materials had a net inflow of 862.55 million from institutional investors, while it faced a net outflow of 501.02 million from speculative funds [3]

证券代码：300263 证券简称：隆华科技 公告编号：2025－034 债券代码：123120 债券简称：隆华转债 隆华科技集团（洛阳）股份有限公司 关于隆华转债 2025 年付息的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 华转债"（面值 1,000.00 元）利息为 16.00 元（含税）。 日，票面利率为 1.60%。 月 29 日（含）前买入并持有本期债券的投资者享有本次派发的利息，2025 年 7 月 隆华科技集团（洛阳）股份有限公司（以下简称"公司"）经中国证券监督管 理委员会"证监许可〔2021〕1474 号"文核准，于 2021 年 7 月 30 日向不特定对象 发行了 798.9283 万张可转换公司债券，每张面值 100 元，发行总额 79,892.83 万元。 经深圳证券交易所（以下简称"深交所"）同意，公司 79,892.83 万元可转换公司债 券已于 2021 年 8 月 23 日起在深交所挂牌交易，债券简称"隆华转债"，债券代码 "123120"。 根据《隆华科技集团（洛阳）股份有限公司向不特定对象发行可转换公 ...

| 证券代码：300263 | 证券简称：隆华科技 | 公告编号：2025－034 | | --- | --- | --- | | 债券代码：123120 | 债券简称：隆华转债 | | 隆华科技集团（洛阳）股份有限公司 关于隆华转债 2025 年付息的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、"隆华转债"将于 2025 年 7 月 30 日按面值支付第四年利息，每 10 张"隆 华转债"（面值 1,000.00 元）利息为 16.00 元（含税）。 2、债权登记日：2025 年 7 月 29 日 3、除息日：2025 年 7 月 30 日 4、付息日：2025 年 7 月 30 日 5、本次付息期间及票面利率：计息期间为 2024 年 7 月 30 日至 2025 年 7 月 29 日，票面利率为 1.60%。 6、"隆华转债"本次付息的债权登记日为 2025 年 7 月 29 日，凡在 2025 年 7 月 29 日（含）前买入并持有本期债券的投资者享有本次派发的利息，2025 年 7 月 29 日卖出本期债券的投资者不享有本次 ...

Group 1 - Longhua Technology Group (Luoyang) Co., Ltd. has applied for a patent for a "Composite Mixed Flow Air Cooler with Spike Device" with publication number CN120333187A, filed on June 2025 [1] - The patent involves a heat exchange device with multiple operational modes, including peak operation mode, summer operation mode, spring and autumn joint operation mode, water stop operation mode, and anti-freeze mode, catering to various usage scenarios [1] - The invention features innovative technologies such as mixed flow droplet cooling condensation technology and condensation recovery reheating technology, achieving multiple functions including water saving, energy saving, and fog elimination [1] Group 2 - Longhua Technology Group (Luoyang) Co., Ltd. was established in 1995 and is primarily engaged in general equipment manufacturing, with a registered capital of 904.33 million RMB [2] - The company has invested in 26 enterprises and participated in 694 bidding projects, holding 364 patents and 2 trademark registrations [2] - Longhua Technology (Luoyang) Equipment Co., Ltd. was founded in 2025, focusing on metal products with a registered capital of 10 million RMB and holding 2 patents [2]

Industry Overview - The target material industry in China has a diverse range of listed companies, covering upstream high-purity metal target material production, midstream target material manufacturing, and downstream applications in semiconductors, flat panel displays, and solar cells [1][3][10] Key Companies - Major upstream companies include Dongfang Tantalum Industry, Yuguang Gold Lead, Jinmoly Co., Zijin Mining, and Shengda Resources, focusing on deep processing of metals like copper, aluminum, silver, and tantalum [1][3] - Leading midstream companies are Jiangfeng Electronics, Ashi Chuang, Longhua Technology, Youyan New Materials, and Oulai New Materials, specializing in target material production [1][3] - Notable downstream companies include BOE Technology Group, Qianzhao Optoelectronics, CATL, and Longi Green Energy, which utilize target materials in their manufacturing processes [1][3] Financial Performance - In 2024, Youyan New Materials and Antai Technology are projected to have significant revenue, exceeding 7 billion yuan, while Jiangfeng Electronics and Ashi Chuang are expected to see revenue growth rates of 38.57% and 23.50%, respectively [6][8] - The industry is characterized by high revenue growth but fluctuating net profits, indicating a competitive and developing market [6][8] Target Material Business Performance - Jiangfeng Electronics, Ashi Chuang, Longhua Technology, and Oulai New Materials show diverse product structures and application areas, with Jiangfeng Electronics' production volume increasing by 38.29% and Ashi Chuang's by 56.88% [10][11] - Revenue from target material businesses is growing significantly, with Youyan New Materials' thin film materials business increasing by 46.53% year-on-year [12][13] Profit Margins - In 2024, Jiangfeng Electronics leads with a gross margin of 31.35% in its high-purity target material business, followed by Longhua Technology at 22.12% and Oulai New Materials at 18.69% [16] International Business - Jiangfeng Electronics achieved overseas revenue of 1.445 billion yuan, accounting for 40.10% of total revenue, with a year-on-year growth of 26.31% [19][21] - Longhua Technology's overseas revenue grew by 41.67%, while Youyan New Materials experienced a decline of 42.05% in overseas revenue [19][21] R&D Investment - Jiangfeng Electronics and Youyan New Materials have high R&D investments of 217.29 million yuan and 207.14 million yuan, respectively, indicating a focus on enhancing technological capabilities [22] Business Planning - Companies are actively planning to innovate and expand their market presence, with Youyan New Materials focusing on high-purity target materials and Longhua Technology aiming for sustainable development through new material integration [25][27]

| 证券代码：300263 | 证券简称：隆华科技 公告编号：2025－033 | | --- | --- | | 债券代码：123120 | 债券简称：隆华转债 | 隆华科技集团（洛阳）股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、证券代码：300263 证券简称：隆华科技 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所可转换公司 债券业务实施细则》的有关规定，隆华科技集团（洛阳）股份有限公司（以下简称 "公司"）现将 2025 年第二季度可转换公司债券转股及公司总股本变化情况公告如 下： 一、可转换公司债券发行上市情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可〔2021〕1474 号"文核准，隆华科技集 团（洛阳）股份有限公司（以下简称"公司"）于 2021 年 7 月 30 日向不特定对象发 行了 798.9283 万张可转换公司债券，每张面值 100 元，发行总额 79,892.83 万元。本 次发行的可转换公司债券向发行人在股权 ...

Group 1 - The core point of the article highlights the significant cost structure of the target material industry, with raw materials, particularly lead, being the largest cost component [1][2] - In 2024, the raw material cost proportion for companies like Aishi Chuang and Longhua Technology exceeds 80%, while Oulai New Materials stands at 60.17% [1] - Labor costs are relatively low, ranging from 3.5% to 8%, while manufacturing expenses fluctuate between 5% and 30% [1] Group 2 - The pricing of target materials in China is influenced by supply-side factors, manufacturing costs, value-added premiums, and consumer demand elasticity [6] - The cost structure of Aishi Chuang's target materials shows that direct materials account for around 85% from 2019 to 2024, indicating a significant impact from raw material price fluctuations [2] - Manufacturing costs have been rising, with a proportion between 9% and 16%, while direct labor costs remain below 5% [2] Group 3 - The value chain of the target material industry in China exhibits a "high middle, low ends" trend [8] - The upstream of the target material industry consists of raw material and production equipment suppliers, while the midstream includes metal, ceramic, and alloy target materials [9] - The downstream applications are primarily in emerging fields such as semiconductors, flat panel displays, and photovoltaics [9] Group 4 - The gross profit margin levels in the upstream raw materials show differentiation, with high-purity metals and ceramic materials reaching up to 85%, while the gross margin for downstream applications is projected to decline to below 15% in 2024 [11] - Midstream target material manufacturing companies can achieve gross margins between 15% and 35%, with industry leaders like Jiangfeng Electronics and Longhua Technology maintaining margins above 20% in their target material businesses [11]

Core Viewpoint - The credit rating agency maintains the credit rating of Longhua Technology Group (Luoyang) Co., Ltd. at AA- with a stable outlook, reflecting the company's competitive position and financial stability in the industrial heat exchange equipment sector [1][7]. Company Overview - Longhua Technology Group primarily engages in the production of industrial heat exchange energy-saving equipment, high polymer and composite materials, environmental water treatment, and target materials for high-temperature special functional materials [10][12]. - As of March 2025, the company has total assets of 6.97 billion yuan and equity of 3.42 billion yuan, with a debt-to-asset ratio of 51.00% [12]. Financial Performance - In 2024, the company achieved total operating revenue of 2.71 billion yuan and a profit of 193 million yuan, showing growth compared to previous years [12]. - The company’s revenue from high polymer and composite materials increased due to higher delivery volumes of PVC materials, while the target materials segment also saw growth due to increased sales of molybdenum targets [7][25]. Industry Analysis - The industrial heat exchange equipment sector is characterized by intense competition, with many small-scale manufacturers. The demand is driven by equipment updates and new project constructions, particularly in the petrochemical and power generation industries [18][20]. - The market for target materials is expanding, supported by national policies and technological advancements, with domestic manufacturers increasing their market share through improved production capabilities [21][23]. Competitive Position - Longhua Technology maintains a strong competitive edge in the petrochemical cooling equipment sector, with a solid order backlog supporting future business [7][8]. - The company is one of the first in China to fully replace imports of molybdenum and indium tin oxide (ITO) target materials, with significant production capacities established [10][11]. Recent Developments - The company has optimized its processes for molybdenum and ITO target materials, leading to increased sales and improved gross margins in the target materials segment [7][8]. - The company has also adjusted its fundraising project plans, reallocating remaining funds to permanently supplement working capital [13][17]. Market Trends - The demand for energy-efficient cooling equipment is expected to grow, driven by macroeconomic recovery and increased investments in the petrochemical and power sectors [20][21]. - The shift towards high-efficiency and environmentally friendly cooling solutions is anticipated to shape the future of the cooling equipment market [18][20].

信用等级通知书 东方金诚债跟踪评字【2025】0164 号 隆华科技集团（洛阳）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发行 的"隆华转债"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"隆华转债"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 二〇二五年六月十九日 东方金诚债跟踪评字【2025】0164 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"），本公司声明如下： 1.本次评级为委托评级，东方金诚与受评对象不存在任何影响本次评级行为独立、客观、公正 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。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充分履行了 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。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受评级对象 和第三 ...

Group 1: Industry Overview - The demand for target materials in China is increasing due to the rapid rise of downstream industries such as semiconductors, flat panel displays, and photovoltaic new energy [1] - The competitive landscape of the target material industry is intensifying, with many listed companies entering the market [1] Group 2: Competitive Landscape - Jiangfeng Electronics leads the industry with a significant revenue scale, while Longhua Technology, Ashi Chuang, Oulai New Materials, and Youyan New Materials are in the second tier [1][3] - The third tier includes companies like Yingri Technology and Xian Dao Technology Group, which have a certain operational scale in target materials [1] Group 3: Company Performance - Jiangfeng Electronics' ultra-pure metal alloy target production increased by 38.29% year-on-year, while Ashi Chuang's sputtering target production grew by 56.88% [3] - Longhua Technology's electronic new materials business saw a 39.76% increase in production, and Oulai New Materials experienced significant growth in ITO targets and other materials [3][4] Group 4: Revenue and Profitability - Jiangfeng Electronics achieved a revenue of 2.333 billion yuan in 2024, with a growth rate of 39.51%, making it the industry leader [6] - Longhua Technology's electronic new materials business revenue reached 678 million yuan, with a year-on-year growth of 43.38% [6] Group 5: International Market Presence - Jiangfeng Electronics generated 1.445 billion yuan in overseas revenue, accounting for 40.10% of total revenue, reflecting strong international market expansion [9] - Longhua Technology's overseas revenue reached 137 million yuan, with a growth rate of 41.67%, while Youyan New Materials saw a decline in overseas revenue [9] Group 6: Regional Distribution - As of May 20, 2025, there are 1,549 companies in China related to target materials, with the majority located in Jiangsu and Guangdong provinces [10] - Guangdong has the highest number of target material companies at 266, followed by Jiangsu with 234, together accounting for 32.3% of the total [10] Group 7: Competitive Dynamics - The target material industry exhibits a stable competitive environment, with high standardization of upstream raw materials and a balanced market [12] - Existing companies have technical advantages, but the industry’s attractiveness may invite new entrants due to high profit margins [12]