Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Alliance Electronics, which has seen a price increase and notable trading volume [1] - The convertible bond has a credit rating of "A" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for the bond is set at 20.94 yuan, with the conversion period starting on March 18, 2024 [1] Group 2 - For the first quarter of 2025, Alliance Electronics reported a revenue of 21.113 million yuan, reflecting a year-on-year increase of 48.01% [2] - The net profit attributable to shareholders was -0.15 billion yuan, showing a year-on-year increase of 30.88%, while the net profit excluding non-recurring items was -0.195 billion yuan, up 26.22% year-on-year [2] - The shareholding structure is highly concentrated, with the top ten shareholders holding a combined 49.52% of shares, and the top ten circulating shareholders holding 49.54% [2]

Summary of Key Points Core Viewpoint - The announcement provides an update on the conversion results and share changes related to the "Mengsheng Convertible Bonds" issued by Chengdu Mengsheng Electronics Technology Co., Ltd, highlighting the total amount converted and the remaining convertible bonds. Group 1: Convertible Bond Issuance Overview - The company issued 3 million convertible bonds on September 12, 2023, with a total value of 300 million yuan and a maturity of six years [2] - The coupon rates for the bonds are set to increase progressively from 0.20% in the first year to 2.50% in the sixth year [2] - The bonds began trading on the Shanghai Stock Exchange on October 17, 2023, under the name "Mengsheng Convertible Bonds" [2] Group 2: Conversion Status - As of June 30, 2025, a total of 176,092,000 yuan has been converted into company shares, amounting to 8,345,063 shares, which is 5.19754% of the total shares before conversion [1][8] - The amount of convertible bonds that have not yet been converted stands at 123,908,000 yuan, representing 41.30267% of the total issuance [1][8] Group 3: Share Capital Changes - The initial conversion price was set at 42.72 yuan per share, which was subsequently adjusted downwards to 35.00 yuan due to specific conditions outlined in the offering document [3] - Following further adjustments, the current conversion price is now 20.94 yuan per share, effective from March 11, 2025 [5][7] Group 4: Other Information - Investors seeking detailed information about the "Mengsheng Convertible Bonds" can refer to the offering document published on September 8, 2023 [10]

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： | 证券代码：688311 | 证券简称：盟升电子 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | | 成都盟升电子技术股份有限公司 关于"盟升转债"转股结果暨股份变动的公告 累计转股情况：截至 2025 年 6 月 30 日，"盟升转债"累计共有人民币 176,092,000 元已转换为成都盟升电子技术股份有限公司（以下简称"公司"） 股票，转股数量为 8,345,063 股，占"盟升转债"转股前公司已发行股份总额 5.19754%； 未转股可转债情况：截至 2025 年 6 月 30 日，"盟升转债"尚未转股的可 转债金额为 123,908,000 元，占"盟升转债"发行总量的 41.30267%； 转股情况："盟升转债"自 2024 年 3 月 18 日起开始进入转股期，自 2025 年 4 月 1 日起至 2025 年 6 月 30 日，"盟升转债"共有人民币 23,0 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of Mengsheng Convertible Bonds, which closed at 221.166 yuan per share with a trading volume of 600 million yuan and a conversion premium rate of 7.58% [1] - Mengsheng Convertible Bonds have a credit rating of "A" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The underlying stock for the convertible bonds is Mengsheng Electronics, which is engaged in satellite navigation, satellite communication, electronic countermeasures, and data link technology [1] Group 2 - For the first quarter of 2025, Mengsheng Electronics reported a revenue of 21.113 million yuan, representing a year-on-year increase of 48.01% [2] - The net profit attributable to shareholders was -0.15 billion yuan, showing a year-on-year increase of 30.88%, while the net profit excluding non-recurring items was -0.195 billion yuan, up by 26.22% year-on-year [2] - As of March 2025, the concentration of shareholding in Mengsheng Electronics is high, with the top ten shareholders holding a combined 49.52% and the top ten circulating shareholders holding 49.54% [2]

Group 1 - Chengdu M&S Electronics Technology Co., Ltd. issued 3 million convertible bonds with a total fundraising amount of RMB 300 million, which was fully received by September 18, 2023 [1][16] - The bonds have a maturity period of six years, with a face value of RMB 100 per bond and a tiered interest rate starting from 0.20% in the first year to 2.50% in the sixth year [1][16] - The initial conversion price for the bonds is set at RMB 42.72 per share, with provisions for adjustments based on various corporate actions [7][9] Group 2 - The company specializes in satellite application technology, focusing on the research, development, and manufacturing of satellite navigation and communication terminal equipment [16][17] - The company reported a significant decline in revenue, achieving RMB 139.36 million in operating income, a decrease of 57.94% year-on-year, and a net loss attributable to shareholders of RMB -271.65 million, an increase in loss of 382.41% [17] - The company maintains a dual focus on military and civilian applications, providing products and technical services across various sectors including national defense and aviation [17]

证券代码：688311 证券简称：盟升电子 债券代码：118045 债券简称：盟升转债 成都盟升电子技术股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《成都盟 升电子技术股份有限公司（作为发行人）与华泰联合证券有限责任公司（作为受 托管理人）关于成都盟升电子技术股份有限公司向不特定对象发行可转换公司债 券之债券受托管理协议》（以下简称"受托管理协议"）、《成都盟升电子技术股份 有限公司向不特定对象发行可转换公司债券并在科创板上市募集说明书》（以下 简称"募集说明书"）、《成都盟升电子技术股份有限公司 2024 年年度报告》等相 关公开信息披露文件、第三方中介机构出具的专业意见等，由本期可转换公司债 券受托管理人华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制。 华泰联合证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验 证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担 任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐 ...

Core Viewpoint - Chengdu Mingsheng Electronics Technology Co., Ltd. has undergone a credit rating adjustment for its convertible bonds and corporate entity, with both now rated at A, reflecting a stable outlook [1][2]. Group 1: Credit Rating Adjustment - The previous rating for "Mingsheng Convertible Bonds" was A+ and the corporate entity rating was also A+, both with a stable outlook [1]. - The new ratings, effective from June 23, 2025, are A for both the "Mingsheng Convertible Bonds" and the corporate entity, maintaining a stable outlook [2]. Group 2: Rating Agency Analysis - The credit rating agency, Dongfang Jincheng International Credit Evaluation Co., Ltd., conducted a comprehensive analysis of the company's operational status and industry conditions before issuing the new ratings [2].

Core Viewpoint - The credit rating of Chengdu Mingsheng Electronic Technology Co., Ltd. has been downgraded to A with a stable outlook due to declining profitability and increased financial pressures [1][8]. Company Overview - Chengdu Mingsheng Electronic Technology Co., Ltd. focuses on the research and production of satellite navigation and communication systems, primarily serving military applications [13]. - The company is a national-level specialized "little giant" enterprise, with its major shareholder being Chengdu Rongtou Innovation Investment Co., Ltd. [13]. Financial Performance - As of March 2025, the company's total assets were 2.27 billion yuan, with total liabilities of 0.63 billion yuan, resulting in a debt-to-asset ratio of 26.74% [15]. - The company reported a total revenue of 0.139 billion yuan and a net profit of -0.325 billion yuan for 2024, indicating a significant loss [15]. Industry Analysis - The military electronics industry is driven by increased defense spending, modernization of military equipment, and domestic substitution [24]. - In 2025, China's defense budget is projected to be 1.78 trillion yuan, reflecting a 7.2% increase, indicating ongoing growth potential in the military electronics sector [24]. - The industry faces competition primarily from large state-owned enterprises, with smaller private firms focusing on niche markets [24][25]. Competitive Position - The company maintains a strong competitive position in niche areas such as satellite navigation and phased array antennas, with a notable increase in R&D investment [8][9]. - Major clients include large state-owned military groups, ensuring stable customer relationships and a substantial order backlog [8][9]. Risks and Challenges - The company faces challenges such as delayed project approvals, increased competition in the civilian market, and rising costs affecting profitability [8][9]. - The company's reliance on military contracts and the lengthy payment cycles for its products contribute to financial strain, with accounts receivable expected to rise [9][10].

| 证券代码：688311 | 证券简称：盟升电子 | 公告编号：2025-051 | | --- | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | | 成都盟升电子技术股份有限公司 评级机构东方金诚在对本公司经营状况、行业情况进行综合分析与评估的基 础上，于 2025 年 6 月 23 日出具了《成都盟升电子技术股份有限公司主体及"盟 升转债"2025 年度跟踪评级报告》（东方金诚债跟踪评字【2025】0264 号），本 次公司主体信用评级结果为 A；"盟升转债"评级结果为 A，评级展望为稳定。 本次信用评级报告《成都盟升电子技术股份有限公司主体及"盟升转债"2025 年度跟踪评级报告》详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 成都盟升电子技术股份有限公司董事会 2025 年 6 月 25 日 调整前"盟升转债"评级：A+；主体评级：A+；评级展望：稳定 调整后"盟升转债"评级：A；主体评级：A；评级展望：稳定 关于"盟升转债"评级调整的公告 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 ...

信用等级通知书 东方金诚债跟踪评字【2025】0264 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），声明如下： 东方金诚债跟踪评字【2025】0264 号 成都盟升电子技术股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"盟 升转债"信用状况进行了跟踪评级，经信用评级委员会评定，此次 跟踪评级下调贵公司主体信用等级为 A，评级展望为稳定，同时下 调"盟升转债"的信用等级为 A。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十三日 1.本次评级为委托评级，东方金诚与评级对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受 评级对象和第三方组织或个人的干预和影 ...