Core Viewpoint - The company announces the redemption of its convertible bond "Jing 23 Convertible Bond" (景23转债), with the last trading day on September 25, 2025, and the last conversion day on September 30, 2025, leading to its delisting on October 9, 2025 [2][3][8]. Redemption Details - The redemption price is set at 100.515 CNY per bond, which includes the face value and accrued interest [11][12]. - The accrued interest is calculated based on a 1.0% annual coupon rate over 188 days, resulting in an interest of 0.515 CNY per bond [12]. - The company has triggered the conditional redemption clause due to the stock price exceeding 130% of the conversion price for 15 trading days [6][9]. Important Dates - Last trading day for "Jing 23 Convertible Bond" is September 25, 2025 [2]. - Last conversion day is September 30, 2025 [3]. - Redemption registration date is September 30, 2025 [6]. - Redemption payment date is October 9, 2025 [15]. Investor Guidance - Investors are advised to convert or sell their bonds within the specified time frame to avoid forced redemption at a lower price [4][16]. - The company emphasizes the importance of understanding the convertible bond regulations and the potential risks involved [5][16].

Core Points - Jingwang Electronics announced that the last trading day for the "Jing 23 Convertible Bond" is September 25, 2025, and the last conversion day is September 30, 2025 [1] - After the early redemption, the "Jing 23 Convertible Bond" will be delisted from the Shanghai Stock Exchange on October 9, 2025 [1] - Investors can either continue trading the bond in the secondary market within the specified time or convert it at a price of 23.91 CNY per share, or face forced redemption at a value of 100 CNY per bond plus accrued interest, totaling 100.515 CNY per bond [1] - Forced redemption may lead to significant investment losses for investors [1]

| 证券代码：603228 | 证券简称：景旺电子 | 公告编号：2025-112 | | --- | --- | --- | | 债券代码：113669 | 债券简称：景 转债 23 | | 深圳市景旺电子股份有限公司 关于实施"景 23 转债"赎回暨摘牌的第五次提示性 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、准确性和完整性承担法律责任。 本次提前赎回完成后，"景 23 转债"将自 2025 年 10 月 9 日起在上海证 券交易所（以下简称"上交所"）摘牌。 投资者所持的"景 23 转债"除在规定时限内通过二级市场继续交易或按 照 23.91 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价值加当期 应计利息（即 100.515 元/张）被强制赎回。若被强制赎回，可能面临较大投资损 失。 赎回登记日：2025 年 9 月 30 日 赎回价格：100.515 元/张 赎回款发放日：2025 年 10 月 9 日 最后交易日：2025 年 9 月 25 日 特提醒"景 23 转债"持有人注意在限期内转股或卖出。 敬请广大投资者详 ...

Group 1 - The OLED concept sector increased by 3.03%, ranking 10th among concept sectors, with 126 stocks rising, including Jiangfeng Electronics which hit a 20% limit up [1] - Notable gainers in the OLED sector include Tongcheng New Materials, Beifang Huachuang, and Glinda, all reaching the limit up, while Jingwang Electronics, Lihexing, and Hanbo High-tech saw significant declines [1][2] - The OLED sector attracted a net inflow of 5.884 billion yuan from main funds, with 91 stocks receiving net inflows, and 21 stocks exceeding 100 million yuan in net inflows [2] Group 2 - The top net inflow stocks in the OLED sector include Beifang Huachuang with 1.215 billion yuan, followed by Haowei Group, Jiangfeng Electronics, and Lens Technology [2] - The net inflow ratios for Glinda, Tongcheng New Materials, and Taiji Industry were the highest at 25.46%, 19.66%, and 17.32% respectively [3][4] - Jiangfeng Electronics had a trading volume of 54.518 million yuan and a net inflow ratio of 14.50% [3][4] Group 3 - The overall market performance showed a mixed trend, with some sectors like the third-generation semiconductors and advanced packaging also experiencing gains [2] - The market dynamics indicate a strong interest in OLED technology, reflected in the significant capital inflows and stock performance [2][3]

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. has announced the early redemption of its "Jing 23 Convertible Bonds" due to the triggering of conditional redemption clauses, urging investors to take action before the deadline [1] Group 1 - The company will exercise its early redemption rights for the "Jing 23 Convertible Bonds" from August 20 to September 9, 2025, following the stock price triggering the redemption conditions [1] - The redemption registration date is set for September 30, with a redemption price of 100.515 CNY per bond, and the payment date for the redemption is October 9 [1] - The last trading day for the "Jing 23 Convertible Bonds" is September 25, and the last conversion day is September 30, after which the bonds will be delisted from the Shanghai Stock Exchange on October 9 [1] Group 2 - Investors who do not convert their bonds or sell them will face forced redemption of the unconverted portion, which may lead to significant losses [1] - The company advises bondholders to convert or sell their bonds within the specified period to mitigate investment risks [1]

Market Overview - On September 24, the component sector declined by 3.54%, with Jingwang Electronics leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the component sector included: - Shangluo Electronics (300975) with a closing price of 13.57, up 6.68% and a trading volume of 959,100 shares [1] - Yuandiwei (832491) with a closing price of 35.04, up 6.25% and a trading volume of 103,300 shares [1] - Zhongying Technology (300936) with a closing price of 40.32, up 6.02% and a trading volume of 49,500 shares [1] - Major decliners included: - Jingwang Electronics (603228) with a closing price of 70.34, down 6.20% and a trading volume of 581,900 shares [2] - Huadian Co., Ltd. (002463) with a closing price of 74.45, down 4.43% and a trading volume of 597,100 shares [2] - Shengyi Technology (600183) with a closing price of 56.30, down 3.97% and a trading volume of 494,000 shares [2] Capital Flow - The component sector experienced a net outflow of 3.442 billion yuan from institutional investors, while retail investors saw a net inflow of 3.082 billion yuan [2] - Notable capital flows included: - Shangluo Electronics (300975) with a net inflow of 151 million yuan from institutional investors [3] - Pengding Holdings (002938) with a net inflow of 105 million yuan from institutional investors [3] - Super Sonic Electronics (000823) with a net inflow of 31.64 million yuan from institutional investors [3]

Core Insights - As of September 23, a total of 99 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stocks with the longest streak of net financing inflows are Dike Co., Ltd. and Jingwang Electronics, both achieving this for 12 consecutive trading days [1] - Other notable stocks with significant net financing inflows include Seres, Chipone Microelectronics, Dongtianwei, Huaxia Bank, Xiaogoods City, Shandong Publishing, Weiteng Electric, and Xutian Salt Industry [1]

Group 1 - The CPO and PCB sectors, which are part of the computing hardware industry, experienced a decline in stock prices [1] - Guangku Technology saw a drop of over 10% in its stock price [1] - Jingwang Electronics approached the limit down, indicating significant selling pressure [1] Group 2 - Tianfu Communication's stock fell by over 6% [1] - Shenghong Technology and Simi Electronics both experienced declines of over 5% [1] - Multiple stocks, including Zhongji Xuchuang and Xinyi Sheng, dropped by over 4% [1]

Group 1 - The core viewpoint of the news is that Jingwang Electronics experienced a 6% decline in stock price, reaching 70.49 yuan per share, with a trading volume of 475 million yuan and a turnover rate of 0.71%, resulting in a total market capitalization of 66.433 billion yuan [1] - Jingwang Electronics, established on March 9, 1993, and listed on January 6, 2017, is primarily engaged in the research, production, and sales of printed circuit boards, with 94.67% of its revenue coming from this main business and 5.33% from other supplementary activities [1] Group 2 - From the perspective of fund holdings, Changsheng Fund has one fund heavily invested in Jingwang Electronics, specifically the Changsheng Craft Research Mixed A (014885), which reduced its holdings by 33,500 shares in the second quarter, now holding 83,000 shares, accounting for 2.67% of the fund's net value, ranking as the tenth largest holding [2] - The Changsheng Craft Research Mixed A fund, established on July 5, 2022, has a latest scale of 88.8702 million yuan, with a year-to-date return of 40.11%, ranking 1752 out of 8173 in its category, and a one-year return of 82.08%, ranking 1197 out of 7996 [2] - The fund manager, Guo Kun, has a tenure of 9 years and 322 days, managing total assets of 2.531 billion yuan, with the best fund return during his tenure being 104.04% and the worst being -4.45% [2]

Core Viewpoint - A public letter from a former employee of Jingwang Electronics has sparked controversy, highlighting allegations of workplace misconduct and legal violations during her pregnancy, despite the company's stock price reaching new highs [1][7]. Company Performance - As of September 23, Jingwang Electronics' stock price reached 81.41 yuan per share, marking a historical high with a market capitalization exceeding 700 billion yuan [2][8]. - In the first half of 2025, Jingwang Electronics reported a revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, but its net profit attributable to shareholders was 650 million yuan, a decline of 1.06% [9][10]. - The company is considered a follower in the PCB industry, having invested over 6 billion yuan in capacity expansion in 2023 and announcing an additional investment of 5 billion yuan in August 2025 to enhance high-end production capabilities [2][10]. Market Context - Jingwang Electronics' stock performance has been positively influenced by its inclusion in Nvidia's qualified supplier list, with its high-end HDI products passing Nvidia's supply chain verification [9]. - Competitors such as Shenghong Technology and Shenzhen South Circuit have reported significant profit growth, with net profits increasing by 366.89% and 37.75% respectively, contrasting with Jingwang's performance [9][10]. - The company is facing challenges in achieving market expectations as it attempts to catch up in the high-end market segment, where competitors have already capitalized on early entry advantages [10].