Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the week from November 17 - 21, 2025, the stock market oscillated downward due to factors like geopolitical tensions, concerns about overseas AI bubbles, and weakening interest - rate cut expectations. The bond market had a narrow - range oscillation. The convertible bond market mostly declined, with the CSI Convertible Bond Index down 1.78% for the week, the price median down 1.89%, and the arithmetic average parity down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week [1][8][9]. - During the period from November 24 - 28, 2025, the convertible bond market showed strong resilience during the A - share adjustment. Fed officials' dovish signals may improve market sentiment, and the convertible bond asset prices have strong bottom support. Attention should be paid to sectors such as energy storage, power, semiconductor equipment and materials, photovoltaic, and chemical industries, and high - volatility underlying stocks in balanced convertible bonds or low - premium equity - biased individual bonds should be selected [2][18]. Summary by Relevant Catalogs Market Trends - **Stock Market**: In the week from November 17 - 21, 2025, the market oscillated downward. All Shenwan primary industries closed down. Banks (-0.89%), media (-1.25%), food and beverage (-1.44%), national defense and military industry (-1.72%), and household appliances (-2.30%) performed relatively well, while power equipment (-10.54%), comprehensive (-9.18%), basic chemicals (-7.47%), and commercial retail (-7.24%) performed poorly [8][9]. - **Bond Market**: At the beginning of the week, the capital was tight, and it became balanced and loose in the second half of the week. The bond market had a narrow - range oscillation, and the 10 - year Treasury bond rate closed at 1.82% on Friday, up 0.26bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond individual bonds declined. The CSI Convertible Bond Index was down 1.78% for the week, the price median was down 1.89%, and the arithmetic average parity was down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week. The total trading volume of the convertible bond market last week was 318.036 billion yuan, with an average daily trading volume of 63.607 billion yuan, a decrease from the previous week [1][9][16]. Valuation Overview - As of November 21, 2025, for equity - biased convertible bonds, the average conversion premium rates in different price ranges are at relatively high percentile values. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan is -4.27%, at the 1%/4% percentile since 2010/2021. The average implied volatility of all convertible bonds is 46.1%, at the 93%/99% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (November 17 - 21, 2025)**: Maolai Convertible Bond was announced for issuance, and Qizhong Convertible Bond was listed. Maolai Convertible Bond has a scale of 563 million yuan, and Qizhong Convertible Bond has a scale of 850 million yuan [27][28]. - **Next Week (November 24 - 28, 2025)**: Zhuomei Convertible Bond is expected to be listed, with a scale of 450 million yuan [29][30]. - **Approval Progress**: Last week, 2 companies including Aohong Electronics and Pulian Software got registration approval, 1 company including Chunfeng Power passed the listing committee review, 4 companies including Haoneng Co., Ltd. passed the general meeting of shareholders, and 1 company including Zhaomin Technology had a board of directors' plan. As of now, there are 95 convertible bonds to be issued, with a total scale of 143.93 billion yuan [31].

证券代码：688502 证券简称：茂莱光学 公告编号：2025- 086 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： | 类别 | 中签率/配售 比例（%） | 有效申购数 量（手） | 实际配售数 量（手） | 实际获配金 额（元） | | --- | --- | --- | --- | --- | | 原股东 | 100.00 | 450,200 | 450,200 | 450,200,000 | | 网上社会公众投资 者 | 0.00135186 | 8,307,061,392 | 112,300 | 112,300,000 | | 合计 | | 8,307,511,592 | 562,500 | 562,500,000 | 特别提示 南京茂莱光学科技股份有限公司（以下简称"茂莱光学"、"发行人"或"公 司"）向不特定对象发行可转换公司债券（以下简称"可转债"、"本可转债"或"茂 莱转债"）已获得中国证券监督管理委员会证监许可〔2025〕2433 号文同意注册。 本次发行的保荐人（主承销商）为中国国际 ...

证券代码：688502 证券简称：茂莱光学 公告编号：2025-087 南京茂莱光学科技股份有限公司 关于部分募集资金专户注销的公告 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。 南京茂莱光学科技股份有限公司（以下简称"公司"）首次公开发行股票募集 资金按照相关法律法规和规范性文件的规定在银行开立了募集资金专项账户。近 日，公司办理完成部分募集资金专项账户的注销手续，现将具体情况公告如下： 为规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权益， 公司按照《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所科创板股票上市规则》及《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律、法规和规范性文件的规定，结合公司实际情况， 制定了《募集资金管理制度》，对公司募集资金的存放、使用及使用情况的监管 等方面做出具体明确的规定。 根据《募集资金管理制度》，公司对募集资金实行专户存储，公司、子公司 南京茂莱精密测量系统有限公司在银行设立了募集资金专户，并连同保荐机构中 国国际金融股 ...

1. Report Industry Investment Rating - The report does not provide an industry - wide investment rating. 2. Report's Core View - The target price of Maolai Convertible Bond on the first trading day is expected to be between 133 - 137 yuan, and investors are advised to actively subscribe. The expected first - day conversion premium rate is in the range of 40% - 45% [3][22]. - The expected first - day new - bond subscription winning rate is around 0.0018% - 0.0026% [4][23]. 3. Summary by Related Catalogs 3.1 Maolai Convertible Bond New - Bond Subscription Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Maolai Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated A+. The issuance scale is 563 million yuan, the initial conversion price is 364.43 yuan. As of November 20, 2025, the conversion parity is 94.67 yuan, the pure bond value is 83.19 yuan. The game terms (down - revision, redemption, and put - back terms) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][18]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, design, manufacturing, and sales of precision optical devices, optical lenses, and optical systems. After deducting issuance fees, 420 million yuan is planned for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital. The project is expected to expand the company's mass - production capacity in the ultra - precision optical device and lens fields and increase its market share in the semiconductor ultra - precision optical segment [3][21]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 63% - 74%, the scale available for the market is 146 million - 208 million yuan. Assuming the online effective subscription volume is 8.08 million accounts, the winning rate is expected to be around 0.0018% - 0.0026% [4][23]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream - Maolai Optics is a precision optical integrated solution provider, focusing on R & D, design, manufacturing, and sales of precision optical devices, lenses, and systems. The upstream of the optical industry is mainly optical raw material manufacturing, with optical glass having the largest market share (about 70% in a 3 - billion - yuan market in 2024). The company's products are mainly used in industrial - grade precision optics, with downstream industries including semiconductors, life sciences, AR/VR testing, and unmanned driving [24][25]. 3.2.2 Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 439 million yuan, 458 million yuan, 503 million yuan, and 319 million yuan respectively, with year - on - year growth rates of 32.36%, 4.4%, 9.78%, and 32.26%. The comprehensive gross margin fluctuated slightly, and the net profit margin also had fluctuations. The company's R & D expenses trended upward, while accounts receivable increased, and the accounts receivable turnover rate generally declined. The net profit attributable to the parent company was relatively stable [27][30][31]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, Maolai Holdings is the largest shareholder with a 59.47% stake, and Fan Yi is the second - largest shareholder with a 3.41% stake. The top two shareholders hold a total of 62.88% of the shares, and the top ten shareholders hold 74.89% in total. Fan Yi and Fan Hao are the joint actual controllers, directly and indirectly controlling 66.29% of the shares [4][44]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, capital, customer resources, and talent. The precision optical industry has high barriers in technology, capital, customer resources, and talent, which are difficult for new entrants to overcome [47][51][52]. 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 563 million yuan. After deducting issuance fees, 420 million yuan is for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital [16][54].

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个别及连带责任。 特别提示 证券代码：688502 证券简称：茂莱光学 公告编号：2025-085 南京茂莱光学科技股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：中国国际金融股份有限公司 本次向不特定对象发行可转债在发行流程、申购、缴款和投资者弃购处理 等环节的重要提示如下： 1、本次发行人民币 56,250.00 万元可转债，每张面值为人民币 100 元，共计 5,625,000 张，562,500 手，按面值发行。本次发行的可转债简称为"茂莱转债"， 债券代码为"118061"。 2、原股东优先配售特别关注事项 （1）原股东优先配售均通过网上申购方式进行。本次可转债发行向原股东 优先配售证券，不再区分有限售条件流通股与无限售条件流通股，原则上原股 东均通过上交所交易系统通过网上申购的方式进行配售，并由中国结算上海分 公司统一清算交收及进行证券登记。原股东获配证券均为无限售条件流通证券。 本次发行没有原股东通过网下方式配售。 本次发行的原股东优先配售日及缴 ...

Group 1 - The core point of the article is that Maolai Optical (SH 688502) announced a board meeting on November 18, 2025, to discuss the issuance of convertible bonds to unspecified investors [1] - For the year 2024, Maolai Optical's revenue composition is heavily weighted towards electronic measuring instrument manufacturing, which accounts for 99.95% of total revenue, while other businesses contribute only 0.05% [1] - As of the report date, Maolai Optical has a market capitalization of 18.5 billion yuan [1]

股票简称：茂莱光学 股票代码：688502 南京茂莱光学科技股份有限公司 MLOPTIC Corp. （江苏省南京市江宁区经济技术开发区铺岗街 398 号） 募集说明书 摘要 保荐机构（主承销商） 中国国际金融股份有限公司 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二零二五年十一月 向不特定对象发行可转换公司债券 南京茂莱光学科技股份有限公司 向不特定对象发行可转换公司债券募集说明书摘要 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依法发 行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 南京茂莱光学科技股份有限公司 向不特定对象发行可转换公司债券募集说明书摘要 重大事项提示 本公司特别提请投资者注意 ...

证券代码：688502 证券简称：茂莱光学 公告编号：2025-083 重要内容提示： 本次发行基本信息 | 可转债代码 | 118061 | | | | | 可转债简称 | 茂莱转债 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 可转债扩位简称 | 茂莱转债 | | | | | | | | | | 原股东配售代码 | 726502 | | | | | 原股东配售简称 | 茂莱配债 | | | | 转债申购代码 | 718502 | | | | | 转债申购简称 | 茂莱发债 | | | | 发行日期及时间 | （2025 年 | | 11 | 月 | 21 | 日）（9:30-11:30,13:00-15:00） | | | | | 股权登记日 | 2025 | 年 | 11 | 月 20 | 日 | 原股东缴款日 | 年 2025 11 | 月 21 | 日 | | 摇号中签日 | 2025 | 年 | 11 | 月 24 | 日 | 发行价格 | 100.00 元 | | | | 发行总金额 | 56,250万 ...

南京茂莱光学科技股份有限公司 MLOPTIC Corp. （江苏省南京市江宁区经济技术开发区铺岗街 398 号） 向不特定对象发行可转换公司债券 募集说明书 保荐机构（主承销商） 股票简称：茂莱光学 股票代码：688502 中国国际金融股份有限公司 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二零二五年十一月 南京茂莱光学科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依法发 行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 南京茂莱光学科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 本公司特别提请投资者注意，在作出投资决 ...

证券代码：688502 证券简称：茂莱光学 公告编号：2025-084 南京茂莱光学科技股份有限公司 向不特定对象发行可转换公司债券网上路演公告 保荐人（主承销商）：中国国际金融股份有限公司 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个别及连带责任。 南京茂莱光学科技股份有限公司（以下简称"发行人"或"茂莱光学"）向不特 定对象发行可转换公司债券（以下简称"本次发行"）已获得中国证券监督管理委 员会证监许可〔2025〕2433 号同意注册。 本次发行的可转债将向在股权登记日收市后中国证券登记结算有限责任公 司上海分公司登记在册的原股东优先配售，原股东优先配售后余额部分（含原股 东放弃优先配售部分）通过上海证券交易所交易系统网上向社会公众投资者发行。 本 次 发 行 的 相 关 公 告 及 文 件 可 在 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）查询。 为便于投资者了解茂莱光学的有关情况和本次发行的相关安排，发行人和保 荐人（主承销商）将就本次发行举行网上路演，敬请广大投资者关注。 一、网上路 ...