Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue of 1.549 billion yuan, a year-on-year increase of 14.22%, and a net profit attributable to shareholders of 471 million yuan, up 20.61% [1] - In Q3 2025, the company achieved revenue of 482 million yuan, a significant year-on-year growth of 46.18%, and a net profit of 136 million yuan, which is a 64.43% increase compared to the same period last year [1][2] Growth Analysis - The revenue growth in Q3 2025 is attributed to several factors: the domestic medical equipment replacement policy boosting demand, stable partnerships with leading dental equipment manufacturers, recovery in industrial inspection demand from lithium battery manufacturers, and significant growth in new core components and solutions [2] - The net profit growth in Q3 is supported by scale advantages and effective cost control, with a notable increase in profitability expected as industry conditions improve [2] Profitability Analysis - For the first three quarters of 2025, the company's gross profit margin was 51.98%, a decrease of 2.30 percentage points year-on-year, primarily due to changes in product mix [2] - The net profit margin increased to 29.48%, up 1.57 percentage points year-on-year, driven by reductions in sales, management, and financial expense ratios [2] Operational Efficiency and Cash Flow - The company improved its inventory turnover days to 296.96 days, a decrease of 59.05 days year-on-year, indicating better inventory management [3] - Accounts receivable turnover days also improved to 125.41 days, down 13.22 days year-on-year, reflecting enhanced operational efficiency [3] - Operating cash flow showed a significant recovery, with a net cash flow from operating activities of 1.099 billion yuan, a year-on-year increase of 453.59% [3] R&D Investment - The company maintained high levels of R&D investment, with R&D expenses of 228 million yuan for the first three quarters, accounting for 14.71% of revenue [3] - The company made substantial progress in intellectual property, with 28 new applications for various types of IP in the first half of 2025, including 14 invention patent applications [3] Stock Incentive Plans - In October 2025, the company completed its stock incentive plans, granting 1.863 million shares of restricted stock and 410,000 stock appreciation rights to 199 individuals, including key executives [4] - The incentive plans are designed to support the company's long-term growth, with performance targets set for net profit growth in 2026 and 2027 [4] Future Outlook - The company is expected to maintain rapid revenue growth due to recovering demand in the industry and ongoing product and technology advancements [2][4] - Forecasted net profits for 2025, 2026, and 2027 are 642 million yuan, 793 million yuan, and 963 million yuan, respectively, with corresponding price-to-earnings ratios indicating a positive outlook [4]

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

Market Overview - In October 2025, the equity market experienced an overall upward trend, with the Shanghai Composite Index breaking through 3900 points and reaching a historical high of 3950.3, marking a monthly increase of 0.42% [5] - The bond market remained volatile, influenced by expectations of further monetary policy easing and high risk aversion due to the uncertain Sino-US trade situation. The yield on 10-year government bonds rose by 0.20 basis points to 1.849% by October 24 [5] - The convertible bond market saw a stabilization after an initial valuation compression, with the average price of convertible bonds decreasing by 3.00% to 114.34 yuan, and the median price dropping by 0.48% to 131.01 yuan [5][11] Convertible Bond Strategy - The report suggests a balanced approach to convertible bond investments, emphasizing the need for a wave-like strategy in asset management. It highlights the importance of selecting bonds with high potential for price appreciation while managing risks associated with high premiums and frequent redemptions [17] - The report identifies sectors with high win rates and high odds for convertible bond investments, including lithium batteries, semiconductor equipment, and agricultural chemicals, which are expected to benefit from recent price increases and market demand [17] "Top Ten Convertible Bonds" Portfolio - The report lists the "Top Ten Convertible Bonds" for November 2025, highlighting their respective industries, credit ratings, and reasons for recommendation. For instance, the "Xingye Convertible Bond" is recommended due to its attractive dividend yield of over 5% [19][20] - The portfolio includes bonds from various sectors such as banking, battery manufacturing, medical devices, and semiconductor industries, showcasing a diverse investment strategy aimed at capturing growth across different market segments [19] Sector-Specific Insights - The banking sector, represented by Xingye Bank, is noted for its stable revenue growth and strong asset quality, with a projected dividend yield of 4.6% [20][21] - The battery sector, particularly represented by Yiwei Lithium Energy, is experiencing rapid growth in energy storage battery shipments, positioning the company as a leader in the market [31][34] - The medical device sector, led by Yirui Technology, is benefiting from increased demand for digital X-ray detectors and core component breakthroughs, indicating strong growth potential [43][46] - The semiconductor sector, represented by Weier Technology, is capitalizing on the recovery in consumer electronics demand and the expansion of automotive electronics, leading to significant revenue growth [68][71] - The communication sector, represented by Zhongbei Communication, is seeing explosive growth in its intelligent computing business, driven by the increasing demand for AI-related services [80][83] Conclusion - The report emphasizes the importance of a strategic approach to investing in convertible bonds, focusing on sectors with strong growth potential and favorable market conditions. The "Top Ten Convertible Bonds" portfolio serves as a guide for investors looking to capitalize on these opportunities while managing associated risks [17][19]

Group 1 - Chuanfa Longmang's wholly-owned subsidiary plans to invest 660 million yuan to establish a joint venture for a 175,000 tons/year high-pressure lithium iron phosphate project in Sichuan Mianzhu, with a total investment of 1.961 billion yuan [1] - The joint venture will be co-owned by Jiangxi Shenghua New Materials (51%) and Deyang Chuanfa Longmang (49%) [1] - Chuanfa Longmang specializes in the production and sales of various phosphate products, including lithium iron phosphate [1] Group 2 - Sino Medical's COMETIU self-expanding intracranial drug-coated stent system registration application was not approved by the National Medical Products Administration [2] - Sino Medical focuses on the research, development, production, and sales of high-end interventional medical devices [3] Group 3 - Jincheng Pharmaceutical's subsidiaries have been selected for the 11th batch of national drug centralized procurement [3] - Jincheng Pharmaceutical is engaged in the research, development, production, and sales of pharmaceutical intermediates and formulations [3] Group 4 - Zhongke Lanyun reported a 4.29% increase in revenue to 1.302 billion yuan and a 2.17% increase in net profit to 211 million yuan for the first three quarters [4] - The company specializes in wireless audio SoC chip research, design, and sales [5] Group 5 - Dabo Medical achieved a 22.69% increase in revenue to 1.876 billion yuan and a 77.03% increase in net profit to 425 million yuan for the first three quarters [6] - Dabo Medical focuses on the production, research, and sales of high-value medical consumables [7] Group 6 - Dayang Electric reported a 3.81% increase in revenue to 9.180 billion yuan and a 25.95% increase in net profit to 845 million yuan for the first three quarters [8][9] - The company operates in the electric motor sector, focusing on building and home appliance motors and automotive components [9] Group 7 - Fudan Microelectronics reported a 12.70% increase in revenue to 3.024 billion yuan but a 22.69% decrease in net profit to 330 million yuan for the first three quarters [10][11] - The company specializes in the design, development, and testing of large-scale integrated circuits [11] Group 8 - Shaanxi Energy reported a 2.83% decrease in revenue to 16.359 billion yuan and a 3.23% decrease in net profit to 2.417 billion yuan for the first three quarters [12][13] - The company is involved in thermal power generation and coal production and sales [13] Group 9 - Runhe Software reported a 12.86% increase in revenue to 2.719 billion yuan but a 29.01% decrease in net profit to 78.57 million yuan for the first three quarters [14][15] - The company focuses on financial technology, smart IoT, and smart energy [15] Group 10 - Shenzhen Gas reported an 8.63% increase in revenue to 22.528 billion yuan but a 13.08% decrease in net profit to 918 million yuan for the first three quarters [16][17] - The company specializes in urban gas supply and comprehensive energy services [17] Group 11 - Light Media reported a 150.81% increase in revenue to 3.616 billion yuan and a 406.78% increase in net profit to 2.336 billion yuan for the first three quarters [18][19] - The company is engaged in the investment, production, and distribution of film projects [19] Group 12 - Dazhong Mining's subsidiary obtained a mining license for the Hunan Jijiao Mountain lithium mine, with a resource amount of 490 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate [19] - The company specializes in iron ore mining and production [19] Group 13 - Yirui Technology reported a 14.22% increase in revenue to 1.549 billion yuan and a 20.61% increase in net profit to 471 million yuan for the first three quarters [20] - The company focuses on the research, production, and sales of digital X-ray detectors and related solutions [20] Group 14 - TCL Zhonghuan reported a 4.48% decrease in revenue to 121.572 billion yuan and a net loss of 5.777 billion yuan for the first three quarters [21][22] - The company specializes in the research, production, and sales of photovoltaic silicon wafers, cells, and modules [22] Group 15 - Huangshan Tourism reported an 8.75% increase in revenue to 1.535 billion yuan but an 11.02% decrease in net profit to 253 million yuan for the first three quarters [23][24] - The company provides tourism and leisure services [24] Group 16 - Mountain Outside Mountain reported a 39.79% increase in revenue to 584 million yuan and a 68.68% increase in net profit to 105 million yuan for the first three quarters [25][26] - The company specializes in the research, production, and sales of blood purification equipment and services [26] Group 17 - Huajin Capital reported a 16.36% increase in revenue to 349 million yuan and a 185.62% increase in net profit to 104 million yuan for the first three quarters [27] - The company focuses on investment management and electronic device manufacturing [27] Group 18 - Datang Power reported a 1.82% decrease in revenue to 89.345 billion yuan but a 51.48% increase in net profit to 6.712 billion yuan for the first three quarters [28][29] - The company primarily engages in thermal power generation [29] Group 19 - Datang Power announced the acquisition of a 50% stake in Anhui Electric Power for 1 yuan, which will result in full ownership of Anhui Electric Power [30] - The company focuses on thermal power generation [30] Group 20 - Kairun Co. reported a 22.94% increase in revenue to 3.719 billion yuan but a 13.38% decrease in net profit to 278 million yuan for the first three quarters [31] - The company specializes in the research, design, production, and sales of leisure bags and related products [31] Group 21 - Dafu Technology reported a 1.95% increase in revenue to 1.764 billion yuan but a net loss of 170 million yuan for the first three quarters [32] - The company focuses on the research, production, and sales of RF products and automotive components [32] Group 22 - Dafu Technology plans to publicly transfer 49% of its stake in Dasheng Graphite [34] - The company specializes in the research, production, and sales of RF products and automotive components [34]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 153.17, up from the previous RMB 143.6, corresponding to a PE of 49 times for 2025 [6][5]. Core Insights - The company reported Q3 revenue of RMB 482 million, a year-over-year increase of 46.18%, but a quarter-over-quarter decrease of 17.55%. The net profit attributable to the parent company was RMB 136 million, up 64.43% year-over-year but down 28.97% quarter-over-quarter. For the first three quarters of 2025, total revenue reached RMB 1.549 billion, a year-over-year increase of 14.22%, with a net profit of RMB 471 million, up 20.61% year-over-year [1][2]. - The company expects rapid growth in its core components and solutions, with significant contributions from new business lines such as CT tubes, X-ray sources, and silicon-based OLED microdisplay backplanes [1][2]. - The gross margin for Q3 was 49.8%, down 4.9 percentage points year-over-year, while the net margin improved by 3.6 percentage points to 27.3%, attributed to a decrease in expense ratios across various categories [3]. Revenue and Profitability - The company experienced a recovery in revenue and profit in Q3, with a notable acceleration in growth compared to Q2. The core components and solutions business saw revenue growth of 17% and 110% respectively in the first half of 2025 [2]. - The company has successfully delivered C-arm solutions to major domestic clients and has entered the South Korean market, indicating strong demand for its products [2]. Financial Forecast and Valuation - The company has slightly raised its profit forecast for 2025, projecting net profits of RMB 610 million, RMB 854 million, and RMB 1.104 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41, 29, and 23 times [5][10]. - The report highlights that the company's estimated PE for 2025 is 53 times, suggesting a premium valuation compared to peers [5][20].

Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company's operating revenue reached 482 million, representing a year-on-year increase of 46.18% [1] - The net profit attributable to shareholders was 136 million, showing a year-on-year increase of 64.43% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 111 million, reflecting a substantial year-on-year increase of 121.53% [1]

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-091 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 第三届董事会第二十一次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 2025 年 10 月 27 日，奕瑞电子科技集团股份有限公司（以下简称"公司"或"奕 瑞科技"）以现场及通讯方式召开了第三届董事会第二十一次会议（以下简称"本 次会议"），会议通知已于 2025 年 10 月 17 日以电子邮件形式发出。本次会议由 董事长 Tieer Gu 先生主持，会议应出席董事 8 人，实际出席并表决的董事 8 人。 本次会议的召开及表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 等相关法律、法规以及《奕瑞电子科技集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于公司<2025 年第三季度报告>的议案》 ...

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-092 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 关于向 2025 年限制性股票激励计划激励对象 首次授予限制性股票的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 《奕瑞电子科技集团股份有限公司 2025 年限制性股票激励计划（草案）》（以 下简称"本次激励计划"或"《激励计划》"）规定的奕瑞电子科技集团股份有限公 司（以下简称"公司"）2025 年限制性股票授予条件已经成就，根据公司 2025 年 第三次临时股东大会授权，公司于 2025 年 10 月 27 日召开的第三届董事会第二 十一次会议，审议通过了《关于向 2025 年限制性股票激励计划激励对象首次授 予限制性股票的议案》，确定 2025 年 10 月 27 日为授予日，以 100.00 元/股的授 予价格向 188 名激励对象首次授予 186.30 万股限制性股票。现将有 ...

（3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； 董事会薪酬与考核委员会 关于 2025 年限制性股票激励计划首次授予激励对象名单的 核查意见（截至授予日） 奕瑞电子科技集团股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法 规及规范性文件和《奕瑞电子科技集团股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，对公司 2025 年限制性股票激励计划（以下简称"本次激励 计划"）首次授予激励对象名单（截至授予日）进行了核查，发表核查意见如下： 1、公司本次激励计划所确定的激励对象均不存在《管理办法》规定的不得 成为激励对象的下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定 ...

奕瑞电子科技集团股份有限公司 2025 年股票增值权激励计划首次授予激励对象名单 2、本计划首次授予激励对象不包括独立董事。 3、合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 奕瑞电子科技集团股份有限公司董事会 2025 年 10 月 27 日 | 姓名 | 职务 | 国籍 | 获授的股票 增值权数量 | 占本激励计划拟 授出权益数量的 | 占授予时公司 股本总额比例 | | --- | --- | --- | --- | --- | --- | | | | | （万份） | 比例 | | | Tieer Gu | 董事长、总经 理、核心技术 人员 | 美国 | 20.00 | 45.45% | 0.09% | | 董笑瑜 | 副总经理 | 中国 | 5.00 | 11.36% | 0.02% | | Richard Aufrichtig | 董事 | 美国 | 3.00 | 6.82% | 0.01% | | 赵东 | 副总经理 | 中国 | 3.00 | 6.82% | 0.01% | | 黄翌敏 | 副总经理 | 中国 | 2.00 | 4.55% | 0.01% | | 方志强 ...