Core Points - The company announced the results of the third exercise period of its 2021 second stock option incentive plan, with a total of 3,134,800 shares available for exercise [1] - As of the end of Q3 2025, a total of 1,927,800 shares have been exercised, representing 61.50% of the total available [1] - The exercise price for the stock options has been adjusted multiple times, currently set at 21.30 yuan per share [4][3] Group 1: Stock Option Incentive Plan - The 2021 second stock option incentive plan was approved in November 2021, granting a total of 9,720,000 stock options to 10 incentive objects at an initial exercise price of 22.00 yuan per share [2] - The first grant of stock options occurred on December 3, 2021, with 9,220,000 options awarded [3] - The exercise period for the third phase is from December 17, 2024, to December 2, 2025, with shares listed for trading on T+2 after exercise [1][7] Group 2: Exercise and Registration Details - In Q3 2025, a total of 384,386 shares were exercised and registered, with the funds raised amounting to 8,187,421.80 yuan, which will be used to supplement the company's working capital [12] - The number of participants in the exercise was 8 out of 10 eligible individuals [6] - The shares obtained through the exercise are unrestricted and can be traded freely [8] Group 3: Convertible Bonds - The company issued convertible bonds named "Zhengfan Convertible Bonds" starting from March 18, 2025, with a total issuance amount of 1,041,095,000 yuan [18] - From September 24 to September 30, 2025, a total of 480 shares were converted from the bonds, representing 0.0002% of the total shares before conversion [15][20] - As of September 30, 2025, 1,041,076,000 yuan of the convertible bonds remained unconverted, accounting for 99.9982% of the total issuance [16][20]

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-063 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 二、可转债本次转股情况 2025 年 9 月 24 日至 2025 年 9 月 30 日期间，累计已有人民币 19,000 元"正 帆转债"转换为公司股票，累计转股数量为 480 股，占"正帆转债"转股前公司 已发行股份总额的 0.0002%。 转股情况： 上海正帆科技股份有限公司（以下简称"公司"）向不特定对象发行可 转换公司债券"正帆转债"自 2025 年 9 月 24 日开始转股。2025 年 9 月 24 日至 2025 年 9 月 30 日期间，累计已有人民币 19,000 元"正帆转债"转换为 公司股票，累计转股数量为 480 股，占"正帆转债"转股前公司已发行股份 总额的 0.0002%。 未转股可转债情况 ...

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-062 | | --- | --- | --- | | 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 2021 年第二期股票期权激励计划于 2025 年第三 季度自主行权结果暨股份变动公告 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： 本次行权数量： 上海正帆科技股份有限公司（以下简称"公司"）2021 年第二期股票期 权激励计划的第三个行权期可行权数量为 3,134,800 股，行权期为 2024 年 12 月 17 日至 2025 年 12 月 2 日（行权日须为交易日）。2025 年第三季度，累 计行权且完成登记 384,386 股，占本次可行权总量的 12.26%，截至 2025 年 9 月 30 日，累计行权且完成登记 1,927,800 股，占本次可行权总量的 61.50%。 本次行权股票上市流通时间： 公司本次行权采用自主行权模式，激励对象行权所得股票于行权日（T 日）后的第 ...

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 ...