长川科技涨超7%，续创历史新高；英集芯、盛美上海、京仪装备、正帆科技、中微公司等跟涨。 (本文来自第一财经) ...

Group 1 - The report highlights the top ten convertible bonds for October, emphasizing companies like Zhengfan Technology, Wentai Technology, and Huanxu Electronics, which are positioned for growth in their respective sectors [1][2][57]. - Zhengfan Technology's non-equipment business is a key driver of its continuous performance growth, focusing on high-tech industries such as integrated circuits and biopharmaceuticals [8][9]. - Wentai Technology is recognized as a global leader in automotive semiconductors, with a strong focus on high ASP products that support its future growth [38][39]. Group 2 - Huanxu Electronics provides comprehensive manufacturing services for electronic products, with a strong presence in cloud computing and data centers, indicating robust demand in these sectors [46][48]. - The report suggests that the "反内卷" (anti-involution) trend may create opportunities for midstream sectors like new energy and steel, which could see price recoveries [2][58]. - The report anticipates that the inflow of fixed-income funds into the convertible bond market will continue, supporting valuations and reducing the likelihood of significant declines in October [2][58]. Group 3 - The report identifies specific convertible bonds to watch, including those from companies like TianNeng Heavy Industry, which is a domestic leader in wind power tower manufacturing, and is expected to benefit from increasing demand in the renewable energy sector [42][43]. - The agricultural chemical sector is highlighted through Hebang Biological, which is experiencing improved profitability due to favorable supply-demand dynamics in glyphosate products [24][27]. - The report also notes that companies like Youfa Group are poised to benefit from the new round of supply-side reforms, enhancing their national and international market presence [19][20].

国泰海通证券股份有限公司 关于上海正帆科技股份有限公司向不特定对象发行 可转换公司债券 证券简称：正帆科技 证券代码：688596 债券简称：正帆转债 债券代码：118053 2025 年度第二次临时受托管理事务报告 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 《公司债券受托管理人执业行为准则》《上海正帆科技股份有限公司 2023 年向 不特定对象发行可转换公司债券受托管理协议》（以下简称"《受托管理协议》"） 等相关规定和约定、公开信息披露文件以及上海正帆科技股份有限公司（以下简 称"公司"、"正帆科技"或"发行人"）出具的相关说明文件以及提供的相关 资料等，由受托管理人国泰海通证券股份有限公司（以下简称"国泰海通"）编 制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断。 1 一、"正帆转债"开始转股 （一）第一次调整 公司于 2025 年 6 月 13 日召开 2024 年年度股东大会，审议通过了《关于公 司 2024 年度利润分配预案的议案》，同 ...

Core Insights - The company reported a revenue of 2.02 billion yuan for H1 2025, representing a year-on-year growth of 8.9%, while the net profit attributable to shareholders was 90 million yuan, a decline of 10.2% year-on-year [1] - The gross margin for H1 2025 was 23.7%, down 3.2 percentage points compared to the previous year, primarily due to intense market competition and increased fixed asset depreciation costs [1] - In Q2 2025, the company achieved a revenue of 1.34 billion yuan, a year-on-year increase of 6.1% and a quarter-on-quarter increase of 98%, with a net profit of 60 million yuan, down 25.3% year-on-year but up 73.8% quarter-on-quarter [1] Business Segment Performance - The non-equipment (OPEX) business segment's revenue share increased to 37.3% in H1 2025, growing at a significantly higher rate than the equipment business [1] - The core component product, Gas Box, has broken foreign monopolies and is now supplying major domestic semiconductor equipment manufacturers, leading the domestic supplier market [1] - The company is advancing its capacity construction in gases and advanced materials, with the Tongling precursor manufacturing base entering trial production, covering over 20 products across four categories [1] - A subsidiary, Xintesi, was established to provide maintenance services for semiconductor manufacturing equipment, enhancing customer loyalty while expanding business [1] Strategic Developments - The company has completed the acquisition of Han Jing Semiconductor, which specializes in high-precision quartz and advanced ceramic materials, thereby extending its core component business into high-barrier, low-replacement-rate areas [2] Financial Projections - Revenue projections for 2025-2027 are 6.98 billion, 8.71 billion, and 10.96 billion yuan, with net profits expected to be 660 million, 880 million, and 1.16 billion yuan respectively, leading to an EPS of 2.25, 3.02, and 3.95 yuan [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the product structure of the company is continuously improving, and external mergers and acquisitions are poised to drive growth [1] - In the first half of 2025, the company achieved operating revenue of 2.02 billion yuan, a year-on-year increase of 8.9%, while the net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 10.2% [4][5] - The gross profit margin for the first half of 2025 was 23.7%, down 3.2 percentage points year-on-year, primarily due to intense market competition and increased fixed asset depreciation costs [4][5] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 6.1% and a quarter-on-quarter increase of 98% [4] - The net profit attributable to the parent company for Q2 2025 was 60 million yuan, a year-on-year decrease of 25.3% but a quarter-on-quarter increase of 73.8% [4] - The gross profit margin for Q2 2025 was 22.3%, down 4.4 percentage points year-on-year and down 4.1 percentage points quarter-on-quarter [4] Business Segments - The non-equipment (OPEX) business revenue share increased to 37.3% in the first half of 2025, growing significantly faster than the equipment business [5] - The core component product, Gas Box, has broken foreign monopolies and is now supplied in bulk to leading domestic semiconductor equipment manufacturers [5] - The company is advancing its capacity construction in gas and advanced materials, with a manufacturing base in Tongling entering trial production [5] - A subsidiary, Xintesi, has been established to enter the semiconductor equipment maintenance service market, enhancing customer stickiness [5] Mergers and Acquisitions - The company has completed the acquisition of Han Jing Semiconductor, which specializes in high-precision quartz and advanced ceramic materials, expanding its core component business into high-barrier, low-replacement-rate areas [6] Financial Projections - Revenue projections for 2025-2027 are 6.98 billion, 8.71 billion, and 10.96 billion yuan, respectively, with net profits of 660 million, 880 million, and 1.16 billion yuan [7] - The expected EPS for 2025-2027 is 2.25, 3.02, and 3.95 yuan, with corresponding PE ratios of 16.41, 12.21, and 9.33 times [7]

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-061 | | --- | --- | --- | | 转债代码：118053 | 转债简称：正帆转债 | | 上海正帆科技股份有限公司 关于可转债投资者适当性要求的风险提示性公告 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： 根据相关法律法规规定及《上海正帆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》（以下简称"《募集说明书》"）的约定，上海 正帆科技股份有限公司（以下简称"公司"）本次发行的"正帆转债"自 2025 年 9 月 24 日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交易所 科创板股票投资者适当性要求的投资者所持"正帆转债"不能转股的风险，提示 如下： 一、可转换公司债券发行上市概况 根据中国证券监督管理委员会出具的《关于同意上海正帆科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕342 号）， 公司于 2025 年 3 月 1 ...

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-060 | | --- | --- | --- | | 转债代码：118053 | 转债简称：正帆转债 | | 上海正帆科技股份有限公司 重要内容提示： 根据相关法律法规规定及《上海正帆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》（以下简称"《募集说明书》"）的约定，上海 正帆科技股份有限公司（以下简称"公司"）本次发行的"正帆转债"自 2025 年 9 月 24 日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交易所 科创板股票投资者适当性要求的投资者所持"正帆转债"不能转股的风险，提示 如下： 一、可转换公司债券发行上市概况 根据中国证券监督管理委员会出具的《关于同意上海正帆科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕342 号）， 公司于 2025 年 3 月 18 日向不特定对象发行了 10,410,950 张可转换公司债券，每 张面值为人民币 100.00 元，发行总额为 1,041,095,000.00 元。 经上海证券交易所自律监管 ...

上海正帆科技股份有限公司 | 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-059 | | --- | --- | --- | | 转债代码：118053 | 转债简称：正帆转债 | | 关于可转债投资者适当性要求的风险提示性公告 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： 根据相关法律法规规定及《上海正帆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》（以下简称"《募集说明书》"）的约定，上海 正帆科技股份有限公司（以下简称"公司"）本次发行的"正帆转债"自 2025 年 9 月 24 日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交易所 科创板股票投资者适当性要求的投资者所持"正帆转债"不能转股的风险，提示 如下： 一、可转换公司债券发行上市概况 根据中国证券监督管理委员会出具的《关于同意上海正帆科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕342 号）， 公司于 2025 年 3 月 1 ...

国泰海通证券股份有限公司 关于上海正帆科技股份有限公司 2025 年度持续督导半年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：正帆科技 | | --- | --- | | 保荐代表人姓名：张一鸣、谭同举 | 被保荐公司代码：688596 | 经中国证券监督管理委员会《关于同意上海正帆科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2025〕342 号）批复，上海 正帆科技股份有限公司（以下简称"上市公司"、"公司"或"发行人"）向不 特定对象发行 10,410,950 张可转换公司债券，每张面值人民币 100 元，期限 6 年，募集资金总额为人民币 104,109.50 万元，扣除发行费用后，实际募集资金净 额为人民币 102,636.15 万元。本次发行证券已于 2025 年 4 月 3 日在上海证券交 易所上市。国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"） 担任其持续督导保荐机构，持续督导期间为 2025 年 4 月 3 日至 2027 年 12 月 31 日。 在 2025 年 4 月 3 日至 2025 年 6 月 30 日持续 ...

Company Overview - Zhengfan Technology Co., Ltd. is located in Minhang District, Shanghai, and was established on October 10, 2009. The company went public on August 20, 2020. Its main business includes the design, production, installation, and supporting services of gas chemical supply systems, production and sales of high-purity special gases, and cleanroom supporting system design and construction [2]. Financial Performance - For the first half of 2025, Zhengfan Technology achieved operating revenue of 2.017 billion yuan, representing a year-on-year growth of 8.88%. However, the net profit attributable to the parent company was 94.241 million yuan, a decrease of 10.20% year-on-year [2]. - Since its A-share listing, Zhengfan Technology has distributed a total of 222 million yuan in dividends, with 163 million yuan distributed over the past three years [3]. Stock Performance - As of September 18, Zhengfan Technology's stock price decreased by 2.00%, trading at 36.66 yuan per share, with a total market capitalization of 10.739 billion yuan. The stock has seen a year-to-date increase of 3.94%, a 5-day increase of 2.20%, a 20-day decrease of 3.32%, and a 60-day increase of 9.63% [1][2]. - The stock's trading volume on September 18 was 483 million yuan, with a turnover rate of 4.40% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhengfan Technology was 10,200, a decrease of 7.70% from the previous period. The average circulating shares per person increased by 8.51% to 28,582 shares [2]. - Among the top ten circulating shareholders, Dongfang Artificial Intelligence Theme Mixed A (005844) ranked as the fourth largest shareholder, holding 9.1481 million shares, a decrease of 681,400 shares from the previous period [3].