1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Core Insights - Aorite (605116.SH) released its Q3 2025 report on October 31, 2025, indicating significant institutional investor interest with a total of 168 million shares held, representing 41.39% of the company's total equity [1] Institutional Holdings - As of October 30, 2025, four institutional investors disclosed their holdings in Aorite, with a combined shareholding of 168 million shares, accounting for 41.39% of the total equity [1] - The institutional holding percentage decreased by 2.57 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 61 public funds were not disclosed compared to the previous quarter, including notable funds such as Southern CSI 1000 ETF, Fortune Steady Growth Mixed A, and Huaxia Hope Bond A [1]

Group 1 - The core point of the article is that Aorite (SH 605116) held its 17th meeting of the third board session on October 29, 2025, to review the proposal for the company's Q3 2025 report [1] - For the first half of 2025, Aorite's revenue composition was as follows: 85.12% from self-produced raw materials and intermediates, 11.64% from formulations, 2.74% from trade, and 0.5% from other businesses [1]

Core Viewpoint - Aorite (SH 605116) reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance despite market challenges [1] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 1.237 billion yuan, representing a year-on-year increase of 13.67% [1] - Net profit attributable to shareholders was approximately 354 million yuan, reflecting a year-on-year increase of 24.58% [1] - Basic earnings per share were 0.87 yuan, which is a year-on-year increase of 24.29% [1]

Core Points - Aorete announced the approval of the cancellation of the supervisory board, changes to registered capital, and amendments to the articles of association during the third board meeting and the first extraordinary general meeting of 2025 [2] - The company has completed the industrial and commercial change registration procedures and obtained a new business license from the Zhejiang Provincial Market Supervision Administration [2]

Core Insights - The company reported a revenue of 415,085,513.31 yuan for the third quarter of 2025, representing a year-on-year growth of 16.05% [1] - The net profit attributable to shareholders of the listed company was 118,642,714.53 yuan, showing a year-on-year increase of 24.62% [1] Financial Performance - Revenue for Q3 2025: 415,085,513.31 yuan, up 16.05% year-on-year [1] - Net profit for Q3 2025: 118,642,714.53 yuan, up 24.62% year-on-year [1]

Core Points - Aorete (605116) announced the third unlock period of its 2022 restricted stock incentive plan, indicating the achievement of the unlock conditions and the listing of shares for circulation [1] - The type of shares being listed is equity incentive shares, with a total of 2,066,000 shares set to be listed for circulation [1] - The listing date for these shares is scheduled for November 7, 2025 [1]

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。 证券代码：605116 证券简称：奥锐特 公告编号：2025-075 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 关于完成工商变更登记并换发营业执照的公告 住所：浙江省天台县八都工业园区 法定代表人：彭志恩 注册资本：肆亿零陆佰壹拾玖万伍仟贰佰叁拾肆元 成立日期：1998 年 03 月 05 日 经营范围：化学药品原料药、化学药品制剂、化学原料和化学制品研发、制 造（以上产品不含危险化学品和易制毒化学品）及相关技术服务、技术转让、售 后服务及仓储；化工产品（不含危险化学品和易制毒化学品）销售；经营本企业 自产产品及技术的出口业务和本企业所需的设备、零配件、原辅材料及技术的进 口业务。（依法须经批准的项目，经相关部门批准后方可开展经营活动）。 经奥锐特药业股份有限公司（以下简称"公司"）第三届董事会第十五次会议、 2025 年第一次临时股东大会审议通过了《关于取消监事会、变更注册资本及修订< 公司章程>并办理工商变更登记的议案》，同意公司变更注册资本并修订《 ...

证券代码：605116 证券简称：奥锐特 公告编号：2025-076 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 第三届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 奥锐特药业股份有限公司（以下简称"公司"）第三届董事会第十七次会议 于 2025 年 10 月 29 日在公司会议室以通讯方式召开。本次会议的通知于 2025 年 10 月 24 日以邮件方式送达全体董事及高级管理人员，会议由董事长彭志恩召 集并主持，应到董事 9 人，实到董事 9 人。 本次会议的通知、召开、表决程序符合《中华人民共和国公司法》《奥锐特 药业股份有限公司章程》以及相关法律、法规的有关规定，会议形成的决议合法 有效。 二、董事会会议审议情况 1、审议通过《关于公司<2025 年第三季度报告>的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）上披露的 《奥锐特药业股份有限公司 2025 年 ...

证券代码：605116 证券简称：奥锐特 公告编号：2025-078 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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。 一、通知债权人的原由 2025年10月29日，奥锐特药业股份有限公司（以下简称"公司"）召开第三 届董事会第十七次会议，审议通过了《关于回购注销2022年限制性股票激励计划 部分限制性股票的议案》，公司2022年限制性股票激励计划授予的激励对象中1 人已与公司解除劳动合同，公司将回购注销其不得解除限售的限制性股票共计 12,000股，回购价格为10.33元/股并支付中国人民银行同期存款利息，回购资金 来源为公司自有资金。具体内容详见公司同日在上海证券交易所网站 （www.sse.com.cn）披露的《奥锐特药业股份有限公司关于回购注销2022年限制 性股票激励计划部分限制性股票的公告（公告编号：2025-077）。 本次公司应注销股份共计12,000股，上述股份注销完成后，公司总股本将由 406,19 ...