Group 1 - The company issued convertible bonds totaling RMB 1,435.01 million, with a net amount of RMB 1,421.31 million after deducting issuance costs [1][2] - The convertible bonds were listed on the Shanghai Stock Exchange on November 18, 2022, with an initial conversion price of RMB 499.89 per share, currently adjusted to RMB 115.50 per share [2] - The conversion price can be adjusted downwards if the company's stock price closes below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3] Group 2 - The adjustment proposal for the conversion price must be approved by more than two-thirds of the voting rights at the shareholders' meeting, excluding bondholders from voting [3] - If the conversion price is adjusted, the new price will not be lower than the average trading price of the company's stock over the 20 trading days prior to the shareholders' meeting [3] - There is a potential trigger for the conversion price adjustment, as the company's stock has closed below 85% of the current conversion price for ten trading days from July 18 to July 31, 2025 [4]

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-050 | | --- | --- | --- | | 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"奕瑞转债"预计满足转股价格修正条件的 提示性公告 二、可转债转股价格修正条款与可能触发情况 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、可转债发行上市概况 经中国证券监督管理委员会《关于同意上海奕瑞光电子科技股份有限公司向 不特定对象发行可转债注册的批复》（证监许可[2022]2167 号）同意注册申请， 奕瑞电子科技集团股份有限公司（以下简称"公司"）向不特定对象共计发行 14,350,100 张可转换公司债券，每张面值为人民币 100 元，按面值发行。本次发 行可转债募集资金总额为人民币 143,501.00 万元；扣除发行费用（不含增值税） 人民币 1,369.65 万元后，募集资金净额为人民币 142,131.35 万元，上述资金已全 部到位，经立信会计师事务所（特殊普通合伙）审验并于 ...

Core Viewpoint - The company Yirui Technology, known as the "first stock of digital X-ray detectors" on the Sci-Tech Innovation Board, is facing dual challenges from capital withdrawal and industry changes [1][2]. Group 1: Capital Movements - Early investors Sequoia Capital are planning to reduce their holdings by up to 2%, potentially cashing out approximately 350 million yuan at the current closing price, marking their sixth round of reductions [1][2]. - Sequoia Capital has cumulatively cashed out nearly 1.86 billion yuan over six rounds of reductions since 2021, with their current holding dropping to a historical low of 6.66% if the latest reduction is fully executed [2]. Group 2: Financial Performance - Yirui Technology has experienced a decline in profits for three consecutive years, with projected revenue of 1.831 billion yuan in 2024 (down 1.74% year-on-year) and a non-net profit of 439 million yuan (down 25.84% year-on-year) [3]. - In Q1 2025, the company reported revenue of 482 million yuan (down 1.92% year-on-year) and a non-net profit of 141 million yuan (down 9.19% year-on-year) [3]. - Shareholders are increasingly selling off their stakes, with a recent transaction involving a major shareholder selling shares at a 14% discount to market price, reflecting cautious expectations for short-term stock performance [3]. Group 3: Strategic Moves - In response to operational challenges, Yirui Technology is investing over 3 billion yuan in two major expansion projects, including an 1.8 billion yuan investment in a micro-display backplane project and an 1.174 billion yuan X-ray vacuum device project [4]. - The expansion projects represent 37% of the company's total assets for 2024 and are closely linked to the chairman's other company, Shiya Technology, which is preparing for an IPO despite not yet being profitable [4]. Group 4: Market Outlook - There are signs of potential recovery in the medical equipment procurement market, with a reported 41% year-on-year increase in procurement scale for the first half of 2025, particularly in CT and DR equipment, which are core applications for Yirui's detectors [5]. - However, Yirui Technology faces significant competition in the silicon-based OLED market from global giants like Sony, which dominate a market worth over 500 million USD, posing challenges in technology accumulation and cost control [6].

Core Viewpoint - The strategic cooperation between Yisray Technology and Brazil's VMI Group marks a significant step in enhancing bilateral trade and investment opportunities between China and Brazil, particularly in the medical and industrial sectors [1]. Group 1: Strategic Cooperation - Yisray Technology signed a strategic cooperation agreement with Brazil's VMI Group to deepen collaboration in the Brazilian market and explore opportunities in Latin America [1]. - VMI Group is a leading local manufacturer of X-ray imaging equipment in Brazil with 35 years of industry experience and a mature localized service network [1]. - This partnership aligns with China's Belt and Road Initiative and Brazil's Development Plan, showcasing a strong synergy between the two countries' economic strategies [1]. Group 2: Global Expansion and Production Capacity - As of 2024, Yisray Technology's products are sold in over 80 countries and regions, supported by nine technical service centers globally [2]. - The company has established a comprehensive customer service system and has set up overseas sales or service platforms in various countries, including the USA, Germany, and Brazil [2]. - Yisray Technology is expanding its production capacity with investments in its Hefei and Taicang production bases, aiming to enhance its global manufacturing footprint [2]. Group 3: Brand Development and Market Penetration - Yisray Technology is focused on enhancing its international brand influence while exploring new customer segments in various fields such as dental, industrial, and veterinary [3]. - The company actively participates in major global industry exhibitions to strengthen its market presence and customer engagement [3]. - The collaboration with VMI Group is expected to accelerate the penetration of X-ray technology in medical and industrial sectors, benefiting a wider audience [3].

Group 1 - The medical device industry experienced a decline of 0.17% on July 29, with a net outflow of 351 million yuan in main funds, where 55 stocks rose and 43 fell [1] - The companies with the highest net outflow of main funds included Yirui Technology (14.03 million yuan), Meihao Medical (13.99 million yuan), Aohua Endoscopy (13.90 million yuan), Kangzhong Medical (13.42 million yuan), and Microelectrophysiology (12.50 million yuan) [1] Group 2 - Notable stock performance included BGI Genomics with a price of 53.69 and a rise of 3.17%, attracting a net inflow of 745.64 million yuan, representing 10.25% of the main fund [2] - Other companies with significant movements included Nanwei Medical, which fell by 1.27% to 84.08, with a net inflow of 535.99 million yuan (11.35%); Sanofi Biological, which dropped by 6.62% to 21.44, with a net inflow of 507.66 million yuan (6.33%); and Haooubo, which rose by 2.86% to 124.82, with a net inflow of 426.62 million yuan (18.96%) [2]

Core Viewpoint - Tianjin Sequoia and Beijing Sequoia plan to reduce their holdings in Yirui Technology by up to 4.0044 million shares, representing no more than 2% of the total shares, due to their own funding needs [1][2] Group 1: Shareholding and Reduction - The total amount from the maximum reduction is approximately 351 million yuan, based on the closing price of 87.99 yuan per share on the announcement date [1] - As of the announcement date, Tianjin Sequoia and Beijing Sequoia hold 11.7859 million shares and 5.5473 million shares of Yirui Technology, accounting for 5.89% and 2.77% of the total share capital, respectively [2] - The Sequoia group has been invested in Yirui Technology for thirteen years, participating in A and B round financing in 2012 and 2014 [1] Group 2: Historical Performance and Market Trends - Yirui Technology's stock price has been weak, with a decline of over 10% year-to-date, and the stock price was reported at 85.3 yuan per share, with a total market value of approximately 17.08 billion yuan [2] - The company’s revenue for 2022 to 2024 is reported as 1.549 billion yuan, 1.864 billion yuan, and 1.831 billion yuan, while the net profit attributable to shareholders is 641 million yuan, 607 million yuan, and 465 million yuan, respectively [2] - In the first quarter of 2025, Yirui Technology's revenue was 482 million yuan, showing a year-on-year decline of 1.92%, while the net profit attributable to shareholders was 143 million yuan, reflecting a year-on-year growth of 2.74% [2]

Group 1 - Zhongyuan Tong plans to establish a joint venture with Zhengzhou Zhengfang Technology with a registered capital of 10 million yuan, where Zhongyuan Tong will contribute 5.1 million yuan for a 51% stake [1] - Weiguang Co. reported a net profit of 172 million yuan for the first half of 2025, representing a year-on-year increase of 11.32%, with total revenue reaching 750 million yuan, up 10% [1] - Tianlu Technology's actual controller plans to reduce his stake by up to 2%, amounting to 220,640 shares [1][2] Group 2 - Igor received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, valid for 12 months [2] - Hualing Cable also received approval from the China Securities Regulatory Commission for a similar stock issuance [2] - Hongchang Technology's employee stockholding platform plans to reduce its stake by up to 2.56%, equating to 331,630 shares [3][4] Group 3 - Saiyi Information intends to invest 10 million yuan in Douma Technology to acquire a 3.23% stake [5] - Meino Biological's major shareholder plans to reduce his stake by up to 1%, which is 140,780 shares [5] - New Light Optoelectronics' shareholder plans to reduce his stake by up to 3%, totaling 3 million shares [6] Group 4 - Shenzhen Energy plans to invest 7.897 billion yuan in the construction of the Shantou Honghaiwan offshore wind power project, with 1.581 billion yuan from its own funds [7][8] - Zhongqi Co. plans to reduce its stake by up to 3%, which amounts to 39,717,000 shares [9] - Yirui Technology's two shareholders plan to reduce their combined stake by up to 2%, equating to 400,440 shares [11] Group 5 - Wenkai Co. is planning debt restructuring involving approximately 2.22 billion yuan in receivables and 1.24 billion yuan in cash payments [12] - Guangnong Sugar's application for a stock issuance to specific investors has been approved by the Shenzhen Stock Exchange [13] - Dalian Shengya is planning a stock issuance that may lead to a change in control, resulting in continued trading suspension [15] Group 6 - ST Saiwei has received a court decision for pre-restructuring and appointed a management team for the process [18] - Gaozheng Minexplosion's major shareholder reduced his stake by 128,100 shares during a period of stock price fluctuation [19] - Zhongfu Information's chairman has been detained, with responsibilities temporarily assigned to the deputy general manager [20] Group 7 - Huayu Mining plans to adjust the valuation of its 40% stake in Guizhou Yatai Mining and acquire an additional 11% stake for a total transaction value of 809 million yuan [21] - ST Jinbi intends to invest 50 million yuan in Cangqiong Digital, acquiring a 2.56% stake [23] - Xinxing Casting is planning to publicly transfer its 51% stake in Xinjiang Mining with a starting price of 205 million yuan [25]

Group 1 - The core point of the article is that Sequoia Capital has initiated a share reduction plan for Yirui Technology, which is known as the "first stock of digital X-ray detectors" [1][2] - Sequoia Capital's Tianjin and Beijing branches currently hold a combined 17.33 million shares of Yirui Technology, representing 8.66% of the total share capital [1] - The planned reduction involves selling up to 4.0044 million shares, which is no more than 2% of the total share capital, potentially generating approximately 350 million yuan based on the current share price [1][2] Group 2 - Yirui Technology is a supplier of digital X-ray core components and comprehensive solutions, with applications in medical, dental, radiotherapy, veterinary, and industrial fields [2] - The company's performance has been under pressure, with a revenue decline of 1.74% year-on-year to 1.831 billion yuan in 2024, and a net profit drop of 25.84% to 439 million yuan [2] - In the first quarter of 2025, Yirui Technology reported a revenue of 482 million yuan, down 1.92% year-on-year, and a net profit of 141 million yuan, down 9.19% year-on-year [2]

Core Viewpoint - Several companies have announced uncertainties regarding their potential involvement in the "Yarlung Tsangpo River downstream hydropower project," reflecting the cautious sentiment in the market about this project and its related opportunities [3][4][5][6]. Group 1: Company Announcements on Yarlung Tsangpo Project - Kailong Co., Ltd. has noted uncertainty about its participation in the Yarlung Tsangpo hydropower project, as it primarily operates in the civil explosives industry [3]. - *ST Zhengping has also expressed uncertainty regarding its potential involvement in the Yarlung Tsangpo hydropower project, leveraging its extensive experience in high-altitude construction management [4]. - Huaxin Cement has indicated that it has the capacity to provide construction materials for the Yarlung Tsangpo hydropower project but acknowledges uncertainty about the revenue and profit it may derive from this project [5]. - Dayu Water-saving has emphasized that it currently does not have any contracts related to the Yarlung Tsangpo project, despite its experience in water conservancy projects in Tibet [6]. - ST Xifa has clarified that its main business is beer production and does not involve any projects related to hydropower station construction [7]. Group 2: Financial Performance and Market Position - Rongzhi Rixin expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 2027.62% to 2.18 billion yuan, driven by the digital transformation across various industries [16]. - Weiguang Co., Ltd. reported a total revenue of 750 million yuan for the first half of 2025, reflecting a year-on-year growth of 10% [17]. Group 3: Major Contracts and Projects - Nantian Information plans to sign a procurement framework contract worth 58.27 million yuan with its controlling shareholder, which will span three years [18]. - China Communication Signal has won seven important projects in the rail transit market, with a total bid amount of approximately 1.431 billion yuan, accounting for 4.41% of its projected revenue for 2024 [19]. - Beixin Road and Bridge announced that its subsidiaries have won contracts totaling 1.629 billion yuan for highway projects, which is expected to positively impact future performance [20]. Group 4: Shareholding Changes - Tiancheng Zikong announced that Yunnan Trust plans to reduce its stake in the company by up to 1% [21]. - Baobian Electric has disclosed that the Equipment Finance Group intends to reduce its stake by up to 1% as well [22][23]. - Hongchang Technology's employee shareholding platform plans to reduce its stake by up to 2.56% [24].

Core Viewpoint - Tianjin Sequoia and Beijing Sequoia plan to reduce their holdings in Yirui Technology by up to 2% due to their own funding needs, marking the second reduction plan in the past year [2][3] Shareholding Reduction Plan - The reduction will be executed through block trading, with a total of up to 4,004,400 shares being sold, representing no more than 2% of Yirui Technology's total shares, to be implemented within three months from August 15 to November 14 [3] - The estimated market value of the shares to be sold is approximately 352 million RMB, based on the closing price of 87.99 RMB per share on July 23 [7][10] Previous Reduction History - In the previous reduction from September 30 to November 1, 2024, Tianjin Sequoia and Beijing Sequoia sold a total of 2,855,772 shares at prices ranging from 113.42 RMB to 123.03 RMB per share [8][10] Financial Performance - Yirui Technology has experienced a decline in net profit over recent years, with net profits of 641 million RMB in 2022, 607 million RMB in 2023, and 465 million RMB in 2024, reflecting a decrease of 23.43% year-on-year [11][12] - The company's revenue for 2024 was approximately 1.83 billion RMB, a decrease of 1.74% compared to 2023 [12] - In the first quarter of 2025, Yirui Technology reported a net profit of 143 million RMB, a year-on-year increase of 2.74%, but a decrease of 9.19% in net profit after excluding non-recurring items [13][14] Market Context - As of July 23, Yirui Technology's stock price was 87.99 RMB, with a market capitalization of 17.62 billion RMB, reflecting a decline of 2.46% [16]