Core Viewpoint - The company plans to repurchase shares through centralized bidding to convert convertible bonds, with an expected repurchase amount between 600 million to 1.2 billion yuan, adjusting the maximum repurchase price to 24.71 yuan per share due to the 2024 profit distribution [1] Summary by Relevant Sections - **Share Repurchase Plan** - The company intends to repurchase shares on January 21, 2025, with a total expected amount of 600 million to 1.2 billion yuan [1] - The initial maximum repurchase price was set at 25 yuan per share, later adjusted to a maximum of 24.71 yuan per share [1] - **Current Repurchase Status** - As of October 31, the company has repurchased 2.1249 million shares, accounting for 0.52% of the total share capital [1] - The total funds used for the repurchase amount to 44.0066 million yuan, with repurchase prices ranging from 18.83 yuan to 22.59 yuan per share [1] - **Repurchase Timeline** - The repurchase period is set to last until January 20, 2026 [1]

Group 1 - The company, Aorite (605116.SH), has announced a share buyback program, having repurchased a total of 2.1249 million shares, which represents 0.52% of its current 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 reached approximately 44.0066 million CNY, excluding transaction fees [1]

Core Viewpoint - The announcement indicates that Tian Tai Bo En and its concerted parties hold a total of 41.34% of the company's shares, with Tian Tai Bo En holding 1.63% [1] Shareholding and Reduction Plan - Tian Tai Bo En plans to reduce its holdings by up to 1 million shares, which represents no more than 0.25% of the company's total share capital [1] - The reduction will occur through centralized bidding and block trading within a specified window from November 26, 2025, to February 25, 2026, during which no shares can be sold [1] - The company's actual controller will not participate in this reduction [1]

Core Viewpoint - Aorete (605116.SH) announced that Tian Tai Bo En plans to reduce its shareholding by up to 1 million shares, representing 0.25% of the total share capital, due to the personal funding needs of some partners [1] Summary by Relevant Sections - **Share Reduction Plan** - Tian Tai Bo En intends to reduce its holdings through centralized bidding and block trading methods [1] - The reduction will occur within three months following a 15 trading day window period during which no shares can be sold [1]

格隆汇11月4日｜奥锐特公告称，2025年1月21日，公司拟以集中竞价交易方式回购股份，用于转换公司 可转债，预计回购6000万元~1.2亿元，回购价格不超25元/股，后因2024年度利润分配，调整为不超 24.71元/股。截至10月31日，公司累计回购212.49万股，占总股本0.52%，支付资金4400.66万元，回购 价格18.83元/股~22.59元/股。回购期限至2026年1月20日。 ...

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]