| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-052 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"赎回结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、可转换公司债券基本情况 1、可转换公司债券发行情况 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）同意 注册，山东南山智尚科技股份有限公司（以下简称"公司"）向不特定对象发行 可转换公司债券（以下简称"可转债"）699.58 万张，发行价格为每张人民币 100.00 元，募集资金总额为人民币 699,580,000.00 元，扣除承销保荐费人民币 5,596,640.00 元（不含税）后实际收到的金额为人民币 693,983,360.00 元。另 减除审计费用、律师费用、信息披露费用、资信评级费用和发行手续费等与发行 可转债直接相关的外部费用 1,995,090.26 元（不含税）后，公司本 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-054 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、股东大会召开的时间：2025 年 4 月 3 日 2、股东大会召开的地点：山东省烟台市龙口市南山国际会议中心三楼白玉 厅 3、本次会议由山东南山智尚科技股份有限公司(以下简称"公司")董事会 召集，会议由董事长赵亮先生主持，并采取现场投票和网络投票相结合的方式召 开及表决，本次股东大会的召开及表决方式符合《公司法》《证券法》《深圳证 券交易所创业板股票上市规则》等相关法律法规及《公司章程》的规定，会议召 开合法有效。 4、出席会议的股东及其持有股份情况 出席会议的股东和代理人人数合计为 139 人，出席会议的股东所持有表决权 的股份总数为 264,385 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-051 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于 2025 年第一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的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、智尚转债（债券代码：123191）转股期限为 2023 年 10 月 16 日至 2025 年 3 月 25 日；最新有效的转股价格为人民币 9.35 元/股。 2、2025 年第一季度，共有 6,433,552.00 张"智尚转债"（票面金额人民币 643,355,200.00 元）完成转股，合计转成 68,804,392.00 股"南山智尚"（股票代 码：300918）股票。 3、截至 2025 年第一季度末，公司剩余可转债 10,400.00 张，剩余可转债票面 总金额为人民币 1,040,000.00 元，剩余可转债将按照 100.38 元/张（含当期应计利 息，当期年利率为 0.40%，且当期利息含税）的价格被强制赎回。 根据《深圳证券交 ...

Core Viewpoint - The event showcased the potential of fine wool fabrics through innovative designs by young Chinese designers, highlighting the strategic transformation of Nanshan Zhishang towards a full-category apparel provider [1][2]. Group 1: Event Overview - The Nanshan Zhishang Cup Fashion Design Competition and New Product Trend Release Show took place during China International Fashion Week on March 26 [1]. - The event was guided by the China National Textile Industry Council and co-hosted by the China Fashion Designers Association and Nanshan Zhishang Technology Co., Ltd. [1]. Group 2: Strategic Developments - Nanshan Zhishang is focusing on innovative designs in down jackets and outdoor apparel, marking a strategic shift towards a full-category apparel business [2]. - The company has received the Woolmark Gold certification, underscoring its leading position in the fine wool textile industry [2]. - A joint venture contract was signed with PT TIDEZEN NEW TEXTILE MATERIALS to establish a new apparel production project in Indonesia, aiming to produce 160,000 sets of suits, workwear, and shirts annually [2]. Group 3: Future Directions - Through collaborations with various designers, Nanshan Zhishang is exploring the application potential of fine wool fabrics across different apparel categories [3]. - The company aims to transition from a traditional fine wool fabric supplier to a comprehensive solution provider for the entire apparel category [3][4]. - Nanshan Zhishang will continue to uphold innovation and enhance its entire industry chain system in the apparel sector [4].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2024, the company is projected to achieve revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a decrease of 5.82% year-on-year [2][3]. - The decline in profit is attributed to weak performance from downstream apparel brands affecting the fine woolen fabric business and increased interest expenses due to convertible bond issuance [3][4]. - The company has successfully initiated trial production of an 80,000-ton high-performance differentiated nylon filament project, marking the beginning of a second growth curve [4][9]. - The demand for tendon materials made from ultra-high molecular weight polyethylene fibers is expected to grow rapidly with the increase in humanoid robots [10]. Summary by Sections Financial Performance - In 2024, the fine woolen fabric business generated revenue of 810 million yuan, down 9.54% year-on-year, while the apparel segment achieved revenue of 611 million yuan, up 4.45% year-on-year [3]. - The ultra-high fiber segment saw revenue of 176 million yuan, a significant increase of 94.75% year-on-year, with a sales volume of 3,303.61 tons, up 119.69% [3][10]. Business Development - The company has a production capacity of 44,000 tons of PA6 filament, with equipment sourced from Japan and Germany, primarily used in various apparel applications [4][9]. - The high-strength polyethylene (PE) segment currently has a capacity of 3,600 tons, producing various specifications suitable for multiple applications, including defense and robotics [10]. Future Outlook - The company forecasts net profits of 266 million yuan, 328 million yuan, and 384 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61 yuan, 0.76 yuan, and 0.88 yuan [11][13]. - The projected P/E ratios for the same years are 32.8X, 26.6X, and 22.7X, indicating a positive outlook for the company's valuation [11].

Core Viewpoint - Zhonghang Securities initiates coverage on Nanshan Zhishang with a "Buy" rating, highlighting the company's stable main business and its entry into the robotics industry [1][2] Company Overview - Nanshan Zhishang, originally in the textile and apparel industry, has developed new materials such as ultra-high molecular weight polyethylene fibers and nylon through group resources [2] - The company is a subsidiary of Nanshan Group, a top 500 enterprise in China, with diversified operations including aluminum, petrochemicals, new materials, and finance [2] Business Performance - The traditional textile and apparel business remains stable, with revenue from the fine woolen fabric segment at 810 million yuan (down 9.5%) and a gross margin of 35.5% (up 1.54 percentage points) [2] - The clothing segment achieved revenue of 610 million yuan (up 4.5%) with a gross margin of 36.6% (up 0.75 percentage points) [2] - The new materials segment showed significant growth, with ultra-high fiber revenue reaching 180 million yuan (up 94.8%), although gross margin decreased to 10.2% (down 9.7 percentage points) due to pricing pressures [2] Financial Data - The company experienced increased financial expenses primarily due to convertible bond interest and construction costs for the nylon project [2] - Asset impairment losses were significant due to inventory depreciation and changes in contract asset valuation [2] - Cash flow from financing increased due to the repayment of operating loans and a high base from share buybacks in the previous year [2] New Material Capacity Expansion - The company has a current capacity of 3,600 tons for ultra-high molecular weight polyethylene, expected to reach full operational status by July 2024 [2] - An investment of 1.5 billion yuan is allocated for an 80,000-ton nylon filament project, with trial production expected to start in November 2024 and mass production in 2025 [2] Entry into Robotics Materials Industry - Nanshan Zhishang aims to align with industry leaders like DSM, leveraging its product advantages in strength, wear resistance, and insulation for applications in robotics [2] - The company’s nylon 66 products are expected to open new application spaces in the robotics sector [2] Synergy with Yulong Petrochemical - Yulong Petrochemical, a major investment project of Nanshan Group, is set to enhance the company's raw material cost efficiency and create opportunities for new materials projects [2] Investment Outlook - The company is projected to achieve revenues of 2.21 billion yuan, 2.83 billion yuan, and 3.53 billion yuan from 2025 to 2027, with year-on-year growth rates of 36.4%, 28.2%, and 25.0% respectively [2] - Expected net profits for the same period are 270 million yuan, 340 million yuan, and 410 million yuan, with corresponding growth rates of 40.3%, 25.1%, and 21.5% [2]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-050 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"即将停止转股暨赎回前最后半个 交易日的重要提示性公告 1、最后转股日：2025 年 3 月 25 日 截至公告披露日，距离"智尚转债"停止转股仅剩最后半个交易日（即 2025 年 3 月 25 日下午交易时段），2025 年 3 月 25 日收市后，未实施转股的"智尚 转债"将停止转股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强 制赎回，投资者可能面临投资损失。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期内转股。 特别提示： 1、"智尚转债"赎回价格：100.38 元/张（含当期应计利息，当期年利率 为 0.40%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任 公司深圳分公司（以下简称"中国结算"）核准的价格为准。 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-049 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"即将停止转股暨赎回前最后一个 交易日的重要提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转股，剩余可转债将按 照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者可能面临投资损失。 截至 2025 年 3 月 24 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 1 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期内转股。 特别提示： 1、 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses Nanshan Zhishang, a company involved in the production of ultra-high molecular weight polyethylene fibers, which are increasingly used in tendon-driven systems for humanoid robots. The industry is shifting towards this technology, with companies like Tesla and Yaskawa adopting it [2][6]. Key Points and Arguments - **Tendon-Driven Systems**: Tendon-driven systems are becoming mainstream for precision transmission in humanoid robots due to their flexible arrangement, adaptability to small spaces, and safety features. Major companies like Tesla and Yaskawa have already implemented this solution [2][6]. - **Material Preference**: Ultra-high molecular weight polyethylene fibers are preferred over steel wires due to their superior tensile strength (15 times that of steel) and lightweight properties (one-seventh the density of steel). The industry has largely moved away from steel wires [2][7]. - **Market Adoption**: Companies such as Zhaowei Electromechanical and Tesla have adopted tendon-driven solutions, indicating a global trend towards precision transmission in robotics [2][8]. - **Nanshan Zhishang's Position**: Among domestic producers, Nanshan Zhishang and Sichuan Meifeng focus on military applications, with Nanshan Zhishang being more proactive in project progress and downstream integration [2][9]. - **Collaborations**: Nanshan Zhishang has made significant progress in collaborations with downstream companies like Micro-Electromechanical Systems, Weichuang Electric, and others, with some entering the third round of sample submissions, indicating potential bulk orders [2][10]. Financial Insights - **Profit Potential**: The value of a single tendon for Tesla's robot is approximately 6,000 yuan. If the market reaches 1 million units, it could represent a market size of 6 billion yuan, with a potential profit of 1.2 billion yuan at a 20% net profit margin. Nanshan Zhishang could achieve 360 million yuan in profit from this market [3][11]. - **Future Earnings**: Nanshan Zhishang is projected to earn 1.9 billion yuan in 2024, increasing to 2.6 to 2.7 billion yuan in 2025, driven by reduced convertible bond interest and contributions from new projects [12][13]. Additional Important Information - **Market Dynamics**: The discussion highlights a divergence in material choices for tendon systems, with a clear preference for ultra-high molecular weight polyethylene due to its advantages in weight and strength, despite its lower melting point [7]. - **Investment Recommendation**: Nanshan Zhishang is recommended as a strong investment opportunity due to its technological capabilities and proactive approach in the market, positioning it favorably against competitors [9]. This summary encapsulates the key insights from the conference call, focusing on the company's strategic positioning within the evolving robotics industry and its financial outlook.

的重要提示性公告 | 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-048 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"赎回实施暨即将停止转股 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 3 月 25 日 2025 年 3 月 24 日至 2025 年 3 月 25 日收市前，持有"智尚转债"的投资者 仍可进行转股，2025 年 3 月 25 日收市后，未实施转股的"智尚转债"将停止转 股，剩余可转债将按照 100.38 元/张的价格被强制赎回。若被强制赎回，投资者 可能面临投资损失。 截至 2025 年 3 月 24 日收市后，距离 2025 年 3 月 26 日（"智尚转债"赎回 日）仅剩 1 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"智尚转债"转换为股票，特提请投资者关注不 能转股的风险。 3、特提醒"智尚转债"持有人注意在限期 ...