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].

Core Points - The specialized equipment sector increased by 0.79% on September 17, with Lihexing leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Sector Performance - Lihexing (301013) closed at 24.36, with a significant increase of 20.00% and a trading volume of 338,700 shares, amounting to a transaction value of 790 million [1] - Huayi Technology (688071) rose by 12.48% to 46.78, with a trading volume of 88,400 shares [1] - Huicheng Vacuum (301392) saw an increase of 11.50%, closing at 178.05 with a trading volume of 77,900 shares [1] - Hetai Electromechanical (001225) increased by 6.77% to 44.31, with a trading volume of 28,300 shares [1] - Kaitan Precision (871553) rose by 6.73% to 12.68, with a trading volume of 91,200 shares [1] - Dongfang Precision (002611) increased by 6.02% to 19.02, with a trading volume of 1,724,700 shares [1] - Feng'an Co. (870508) rose by 5.59% to 25.71, with a trading volume of 51,100 shares [1] - Zhengfan Technology (688596) increased by 5.41% to 37.41, with a trading volume of 160,100 shares [1] - Zhongjian Technology (002779) rose by 5.37% to 140.50, with a trading volume of 71,500 shares [1] - China Electric Research (688128) increased by 5.27% to 31.38, with a trading volume of 122,200 shares [1] Capital Flow - The specialized equipment sector experienced a net outflow of 438 million from institutional investors and 357 million from retail investors, while individual investors saw a net inflow of 794 million [1]

Core Insights - Zhengfan Technology's stock increased by 5.21% on September 17, reaching a price of 37.34 CNY per share, with a trading volume of 400 million CNY and a turnover rate of 3.73%, resulting in a total market capitalization of 10.938 billion CNY [1] Company Overview - Shanghai Zhengfan Technology Co., Ltd. was established on October 10, 2009, and went public on August 20, 2020. The company specializes in the design, production, installation, and supporting services of gas chemical supply systems, production and sales of high-purity specialty gases, and design and construction of cleanroom supporting systems [1] - The revenue composition of Zhengfan Technology includes: electronic process equipment (63.06%), core components (12.82%), gases (9.92%), MRO business (8.24%), biopharmaceutical equipment (5.91%), and other businesses (0.05%) [1] Fund Holdings - Dongcai Fund has one fund heavily invested in Zhengfan Technology. The Dongcai Times Preferred Mixed Initiation A (017857) held 13,000 shares in the second quarter, unchanged from the previous period, accounting for 4.08% of the fund's net value, ranking as the eighth largest holding [2] - The Dongcai Times Preferred Mixed Initiation A (017857) was established on February 24, 2023, with a latest scale of 10.3717 million CNY. Year-to-date returns are 25%, ranking 3512 out of 8172 in its category; the one-year return is 57.26%, ranking 2523 out of 7980; and since inception, the return is 17.36% [2] Fund Manager Performance - The fund manager of Dongcai Times Preferred Mixed Initiation A (017857) is Feng Jiebo, who has been in the position for 309 days. The total asset size of the fund is 23.4 million CNY, with the best fund return during his tenure being 85.8% and the worst being 2.69% [3]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "Zhengfan Convertible Bonds," effective from September 18, 2025, reducing the price from 38.54 CNY to 38.52 CNY per share due to stock option exercises and other corporate actions [5][19]. Group 1: Conversion Price Adjustment - The conversion price adjustment is based on the company's stock option exercise and follows the relevant provisions in the offering prospectus [3][19]. - The previous conversion price was 38.54 CNY per share, and the new conversion price is set at 38.52 CNY per share [5][6]. - The adjustment formula considers factors such as stock dividends, capital increases, and cash dividends [4][20]. Group 2: Convertible Bond Issuance Overview - The company issued 10,410,950 convertible bonds with a total value of 1,041,095,000 CNY, with a maturity period of six years from March 18, 2025, to March 17, 2031 [8][10]. - The bonds will be convertible into shares starting from September 24, 2025, until March 17, 2031 [9][10]. - The bonds have a face value of 100 CNY each and a tiered interest rate structure over the six-year period [10]. Group 3: Conversion Procedures - Holders of the convertible bonds can apply to convert their bonds into shares during the conversion period, following the procedures set by the Shanghai Stock Exchange [11][13]. - The conversion process allows for partial or full conversion of the bonds, with specific rules regarding the minimum conversion unit and the handling of fractional shares [11][15]. - Newly converted shares will have the same rights as existing shares and will be listed for trading the next business day after conversion [15].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 2.017 billion yuan for the first half of 2025, an increase of 8.88% year-on-year, while the net profit attributable to shareholders decreased by 10.20% to 94 million yuan [5][10]. - The company's OPEX business revenue share increased to 37.3% in H1 2025 from 31.0% in 2024, indicating significant growth in this segment [10]. - The company is actively pursuing external acquisitions to enhance its core component business, including a recent acquisition of 62.23% of Liaoning Hanjing Semiconductor Materials Co., which specializes in high-precision quartz and advanced ceramic materials [10]. Financial Performance Summary - In H1 2025, the company achieved a gross margin of 23.71%, down 3.2 percentage points year-on-year, while the gross margin for Q2 2025 was 22.35%, a decrease of 4.3 percentage points [5][10]. - The company expects to achieve revenues of 6.99 billion yuan, 8.78 billion yuan, and 10.85 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 700 million yuan, 930 million yuan, and 1.15 billion yuan for the same years [10].

Core Points - Zhengfan Technology announced an adjustment to the conversion price of its "Zhengfan Convertible Bonds" from 38.54 yuan per share to 38.52 yuan per share, effective from September 18, 2025 [2] Company Summary - The adjustment in the conversion price indicates a slight decrease, which may impact the attractiveness of the convertible bonds for investors [2] - The new conversion price reflects the company's ongoing strategy to manage its capital structure and investor relations [2] Industry Summary - The adjustment of convertible bond prices is a common practice in the industry, often influenced by market conditions and company performance [2] - Such changes can affect investor sentiment and the overall market perception of the company's financial health [2]

| | | 上海正帆科技股份有限公司 关于"正帆转债"转股价格调整的提示性公告 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。 二、转股价格调整情况 根据《募集说明书》相关条款的规定，具体的转股价格调整公式如下： 调整前转股价格：38.54 元/股 调整后转股价格：38.52 元/股 转股价格调整起始日期：2025 年 9 月 18 日 派送股票股利或转增股本：P1=P0/（1+n）； 增发新股或配股：P1=（P0+A×k）/（1+k）； 重要内容提示： 一、转股价格调整依据 （一）股票期权自主行权 公司 2021 年第二期股票期权激励计划第三个等待期已于 2024 年 12 月 3 日 届满，根据行权手续办理情况，2021 年第二期股票期权激励计划第三个行权期 的有效期为 2024 年 12 月 17 日-2025 年 12 月 2 日（行权日须为交易日），因 2024 年权益分派，调整后的行权价格为 21.30 元/股，本次采用自主行权模式。自上次 调整转股价格起始日（2025 年 6 月 27 日）起至本公告披露日， ...

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2025-058 | | --- | --- | --- | | 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"正帆转债"开始转股的公告 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。 重要内容提示： 一、可转债发行上市概况 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）， 上海正帆科技股份有限公司（以下简称"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，存续期限为自发行之日起 6 年，即 2025 年 3 月 18 日起至 2031 年 3 月 17 日止。 经上海证券交易所自律监管决定书〔2025〕72 号文同意，公司本次发行的 可转换公司债券于 2025 年 4 月 3 ...