1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent 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 was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent 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 was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent 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 was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: 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 [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent 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 was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent 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 was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent 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 was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent 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 was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent 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 was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent 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 was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].

Core Points - Aorite (605116.SH) announced a share buyback program, having repurchased a total of 2.3502 million shares as of November 30, 2025, which represents 0.58% of the company's total share capital [1] - The highest price paid for the repurchased shares was 22.59 CNY per share, while the lowest price was 18.83 CNY per share [1] - The total amount spent on the share buyback was approximately 48.9994 million CNY, excluding transaction fees [1]

| 证券代码：605116 | 证券简称：奥锐特 | 公告编号：2025-086 | | --- | --- | --- | | 债券代码：111021 | 债券简称：奥锐转债 | | 奥锐特药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/1/22 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 1 月 | 21 日~2026 | 年 | 1 | 月 | 20 日 | | 预计回购金额 | 6,000万元~12,000万元 | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | √用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 2,350,238股 | | | | | ...

Group 1 - The company’s executive Zhao Zhenping held 250,000 shares before the reduction plan, accounting for 0.06% of the total share capital, with shares obtained through equity incentives [1] - Zhao Zhenping planned to reduce his holdings by up to 62,500 shares, representing no more than 0.02% of the total shares, due to personal financial needs, with the reduction period set for three months after the announcement [1] - As of the announcement date, Zhao Zhenping successfully reduced his holdings by 62,500 shares, completing the reduction plan [1] Group 2 - The reduction plan was fully implemented, and the actual reduction matched the previously disclosed plan [2] - The reduction was completed within the specified time frame, confirming that the plan was executed as intended [2] - There was no early termination of the reduction plan [2]

Core Viewpoint - Aorete announced the completion of a stock reduction plan by executive Zhao Zhenping, indicating a strategic move in the company's stock management [2] Group 1: Company Actions - Aorete received a notification from executive Zhao Zhenping regarding the completion of a securities trading plan on November 25, 2025 [2] - Zhao Zhenping reduced his holdings by 62,500 shares, which represents 0.02% of the company's total share capital [2] - The stock reduction plan has been fully implemented as of the announcement date [2]

| 证券代码：605116 | 证券简称：奥锐特 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：111021 | 债券简称：奥锐转债 | | 奥锐特药业股份有限公司 高管减持股份结果公告 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。 减持计划的实施结果情况 公司于 2025 年 8 月 5 日披露了《奥锐特药业股份有限公司关于部分高管减 持股份计划公告》（公告编号：2025-054），赵珍平先生因个人资金需求，拟通过 集中竞价方式减持公司股份数量不超过 62,500 股，减持比例为不超过公司股份 总数的 0.02%，减持期间为减持股份计划公告发布之日起 15 个交易日后的 3 个 月内，若减持期间公司有派发红利、送红股、转增股本、增发新股或配股等股份 变动事项，拟减持数量将进行相应调整。 公司于 2025 年 11 月 25 日收到高管赵珍平先生《关于证券交易计划实施完 成的告知函》。截至本公告披露日，赵珍平先生通过集中竞价方式减持公司股票 62,500 股，占公司总股本 ...

Core Viewpoint - The company announced that executive Zhao Zhenping has reduced his shareholding by selling 62,500 shares, which represents 0.02% of the total share capital, due to personal financial needs [1] Summary by Relevant Sections - **Share Reduction Details** - The share reduction took place from November 4, 2025, to November 25, 2025 [1] - The selling price ranged from 22.00 to 23.50 yuan per share [1] - The total amount raised from the share reduction was 1.4163 million yuan [1] - **Compliance with Previous Plans** - The actual reduction aligns with the previously disclosed reduction plan, confirming that the plan has been fully executed [1]

Core Viewpoint - Aorite Pharmaceutical Co., Ltd. has received approval from the National Medical Products Administration for the registration of a combined packaging of estradiol tablets and estradiol/dydrogesterone tablets, which is expected to enhance the company's market competitiveness and positively impact its operating performance [1][5][6]. Group 1: Drug Registration Information - The drug is named estradiol tablets/estradiol/dydrogesterone tablets combined packaging, with a registration number of 2025S03486 [1]. - The formulation includes estradiol 2mg and dydrogesterone 10mg [1]. - The drug is classified as a Class 4 chemical drug and is produced by Aorite's subsidiary, Yangzhou Aorite Pharmaceutical Co., Ltd. [1][2]. Group 2: Market Situation - The drug is indicated for the treatment of menopausal syndrome caused by natural or surgical menopause [2]. - The drug was originally developed by Abbott B.V. and was approved for domestic sale in 2015 under the brand name "Fentam." [3]. - As of now, there are two companies, Abbott and Yangzhou Aorite, that have passed the consistency evaluation for this drug in China [3]. Group 3: Financial Investment - As of October 31, 2025, the company has invested approximately 12.64 million RMB in the research and development of this drug [4]. - The hospital sales revenue for "Fentam" is projected to be 564 million RMB in 2024 [4]. Group 4: Impact on Company - The approval of the drug registration is expected to enhance the company's competitiveness in the pharmaceutical market [5]. - The new product's market entry is anticipated to have a positive effect on the company's financial performance [5].

Group 1 - The core point of the article is that Aorite has received a drug registration certificate for a combined packaging of estradiol tablets and estradiol/dydrogesterone tablets from the National Medical Products Administration [2] Group 2 - Aorite's wholly-owned subsidiary, Yangzhou Aorite Pharmaceutical Co., Ltd., is the entity that received the approval [2]

Core Viewpoint - Aorite (605116.SH) has received approval from the National Medical Products Administration for the registration of a combined packaging of estradiol tablets and dydrogesterone tablets, which is expected to enhance the company's market competitiveness and positively impact its operating performance [1] Group 1 - Aorite's wholly-owned subsidiary, Yangzhou Aorite, has been granted a drug registration certificate for the combined packaging of estradiol tablets and dydrogesterone tablets [1] - The drug, developed by Abbott B.V., is intended for the treatment of menopausal syndrome caused by natural or surgical menopause [1] - The combined packaging was initially approved for import in 2015 under the brand name "Feminine" [1] Group 2 - The new drug registration is classified under the new registration method for chemical drugs, which is expected to improve the company's competitive position in the pharmaceutical market [1] - The approval of this product for domestic sales is anticipated to have a positive effect on the company's financial performance [1]