Core Viewpoint - The company announced the convening of its first employee representative assembly on November 17, 2025, to elect Mr. Zhang Jian as the employee representative director of the fourth board of directors [2] Group 1 - The employee representative assembly is scheduled for November 17, 2025 [2] - Mr. Zhang Jian will be elected as the employee representative director [2]

张剑先生，1975 年出生，中国国籍，无境外永久居留权，硕士学历。1995 年 7 月至 2011 年 7 月，任四川华丰科技股份有限公司技术员、团委书记、党 团工作部部长、人力资源部部长、纪委副书记。2011 年 7 月至 2015 年 10 月， 任四川安捷车业投资集团有限公司人事行政经理。2015 年 10 月至 2022 年 12 月，任瑞可达事业部总经理。2022 年 12 月至今任瑞可达副总裁。 截至本公告披露日，张剑先生通过苏州联瑞投资管理中心（有限合伙）间 接持有公司股份，持有苏州联瑞投资管理中心（有限合伙）5%的出资额。与 公司其他董事、高级管理人员及持有公司 5%以上股份的股东之间不存在关联 关系，不存在《公司法》《公司章程》规定的不得担任公司高级管理人员的情 形；未受过中国证券监督管理委员会、上海证券交易所及其他有关部门处罚和 惩戒，不属于最高人民法院公布的失信被执行人，符合《公司法》等相关法律、 法规和规定要求的任职条件。 根据《中华人民共和国公司法》《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》《上市公司章程指引》等法律法规和规范性文件，以 及《苏州瑞可达连接系 ...

证券代码：688800 证券简称：瑞可达 公告编号：2025-063 苏州瑞可达连接系统股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 17 日 1、 本次股东大会采用现场投票和网络投票相结合的方式进行表决； 2、 本次会议由公司董事会召集，董事长吴世均先生主持； 本次会议的召集和召开程序以及表决方式和表决程序符合《公司法》及《公司章 程》的规定，会议合法有效。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事7人，出席7人； 2、 公司在任监事3人，出席3人； （二） 股东大会召开的地点：苏州市吴中区吴淞江科技产业园淞葭路 998 号 A 幢二楼 A0207 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 114 | | --- | -- ...

证券代码：688800 证券简称：瑞可达 公告编号：2025-065 苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 发行人：苏州瑞可达连接系统股份有限公司 保荐人（主承销商）：东吴证券股份有限公司 2025 年 11 月 18 日 2 （此页无正文，为《苏州瑞可达连接系统股份有限公司向不特定对象发行可转换 公司债券网上中签结果公告》之盖章页） 保荐人（主承销商）：东吴证券股份有限公司 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法律责任。 根据《苏州瑞可达连接系统股份有限公司向不特定对象发行可转换公司债券 发行公告》，本次发行的发行人苏州瑞可达连接系统股份有限公司（以下简称"瑞 可达"）及本次发行的保荐人（主承销商）东吴证券股份有限公司于 2025 年 11 月 17 日（T+1 日）主持了瑞可达可转换公司债券（以下简称"瑞可转债"）网上 发行中签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监 督下进行，摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号 ...

南京市鼓楼区集庆门大街 270 号苏宁环球国际中心 43 层 电话：025-85803866 传真：025-85803680 邮编：210003 法律意见书 国枫律股字[2025]H0048 号 致：苏州瑞可达连接系统股份有限公司（贵公司） 北京国枫（南京）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2025 年第三次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《苏 州瑞可达连接系统股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次 会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等 事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Rui Convertible Bond on the first day of listing is expected to be in the range of 129 - 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first day of listing is in the range of 32% - 37% [3][20]. - The expected first - day lottery winning rate of the convertible bond subscription is around 0.0063% - 0.0075% [21]. 3. Summary According to Relevant Catalogs 3.1. Rui Convertible Bond New Issue Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Rui Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA-. The issuance scale is 1 billion yuan, the initial conversion price is 73.85 yuan, the convertible bond parity on November 14, 2025, is 97.49 yuan, the pure bond value is 92.79 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16]. 3.1.2. Analysis of New Bond Initial Listing Price - The company's main business is the R & D, production, sales, and service of connection system products. The funds raised will be used for the renovation and upgrade projects of high - frequency high - speed connection systems and intelligent energy connection systems, with the rest for working capital. This will help the company maintain its leading position and enhance its competitiveness [19]. - Based on market environment and parity level, the first - day conversion premium rate of Rui Convertible Bond is expected to be in the range of 32% - 37%, corresponding to a first - day target price of 129 - 134 yuan [3][20]. 3.1.3. Analysis of Convertible Bond New Issue Lottery Winning Rate - Assuming the old shareholders' placement ratio is 35% - 45%, the scale of Rui Convertible Bond available to the market is 550 million - 651 million yuan. With an assumed online effective subscription of 8.67 million households, the lottery winning rate is around 0.0063% - 0.0075% [21]. 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Industry Up - and Downstream Situation - The company is engaged in the R & D, production, sales, and service of connection system products, with a complete product chain and R & D and production capabilities for various connection systems. It has established long - term partnerships with well - known customers [22]. - The upstream suppliers are basic raw material and accessory industries with sufficient supply, which helps stabilize and reduce manufacturing costs. The downstream application fields of connectors are extensive, and the development of downstream industries such as new energy vehicles will drive the connector manufacturing industry [22][23]. 3.2.2. Company's Operating Conditions - The company's revenue has shown a fluctuating upward trend from 2022 to H1 2025, with the new energy sector's revenue accounting for an increasing proportion. The comprehensive gross margin has slightly decreased, and the net profit margin has fluctuated. The company's R & D and other expenses have generally increased, and the accounts receivable situation is relatively good, but the net profit attributable to the parent company has fluctuated greatly [26][29][31]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. Wu Shijun is the largest shareholder, and Huang Bo is the second - largest shareholder. Wu Shijun is the controlling shareholder and actual controller [45]. 3.2.4. Company's Business Characteristics and Advantages - The company has a complete product chain and offers comprehensive connection system solutions. It has advantages in technology R & D, continuous process innovation, and customer resources [49][52]. 3.2.5. Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise up to 1 billion yuan. After deducting issuance fees, 500 million yuan will be used for the renovation and upgrade project of high - frequency high - speed connection systems, 200 million yuan for the renovation and upgrade project of intelligent energy connection systems, and the remaining 300 million yuan for working capital [14][53]. - The high - frequency high - speed connection system project will add a production capacity of 5.56 million sets, with expected post - tax internal rate of return of 15.94% and a payback period of 7.47 years. The intelligent energy connection system project will add a production capacity of 6.7 million sets, with an expected post - tax internal rate of return of 13.84% and a payback period of 7.69 years [53][54].

Core Viewpoint - 瑞可达's stock experienced a decline of 5.45% on November 14, with a trading volume of 626 million yuan, indicating market volatility and investor sentiment [1] Financing Summary - On November 14, 瑞可达 had a financing buy-in amount of 103 million yuan, with a net financing purchase of 14.35 million yuan after repaying 88.93 million yuan [1] - The total financing and securities lending balance for 瑞可达 reached 1.028 billion yuan, with the financing balance accounting for 6.94% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, 瑞可达 repaid 600 shares and sold 200 shares on November 14, with a selling amount of 14,400 yuan, while the securities lending balance was 970,500 yuan, also at a high level compared to the past year [1] Company Performance - As of September 30, 瑞可达 reported a total of 17,300 shareholders, an increase of 7.20% from the previous period, while the average circulating shares per person decreased by 6.72% to 11,859 shares [2] - For the period from January to September 2025, 瑞可达 achieved an operating income of 2.321 billion yuan, representing a year-on-year growth of 46.04%, and a net profit attributable to shareholders of 233 million yuan, up 119.89% year-on-year [2] - Since its A-share listing, 瑞可达 has distributed a total of 164 million yuan in dividends, with 130 million yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the fourth largest circulating shareholder of 瑞可达 was Hong Kong Central Clearing Limited, holding 7.0221 million shares, an increase of 5.4455 million shares from the previous period [2] - Notably, 海富通股票混合 and 华商优势行业混合A have exited the list of the top ten circulating shareholders [2]

Core Viewpoint - Suzhou Ruikeda Connection System Co., Ltd. has successfully registered the issuance of convertible bonds, with a total amount of 100 million yuan, and the issuance process is underway [2][5]. Group 1: Issuance Details - The convertible bonds, named "Ruikeda Convertible Bonds," have a bond code of "118060" and were approved by the China Securities Regulatory Commission [2]. - The issuance price is set at 100 yuan per bond, with a total of 1 million bonds available for subscription [5]. - The priority subscription for existing shareholders and public subscription occurred on November 14, 2025 [5][6]. Group 2: Subscription Results - A total of 771,065,000 yuan (approximately 77.11% of the total issuance) was allocated to existing shareholders through priority subscription [6]. - The public subscription resulted in 228,935,000 yuan (approximately 22.89% of the total issuance), with a low winning rate of 0.00264310% [6]. - The effective number of subscription accounts reached 8,698,203, with a total effective subscription amount of approximately 8.66 billion yuan [6]. Group 3: Next Steps - A lottery draw for the subscription results will be held on November 17, 2025, with the results to be disclosed on November 18, 2025 [7]. - Each winning subscription number allows the purchase of one bond (1,000 yuan) [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market continued to oscillate upward last week, with most industries closing higher. Some previously high - flying sectors such as TMT, military, and automotive significantly declined. The valuation of balanced and equity - biased convertible bonds in most parity ranges increased, and the median market price further rose to 133 yuan. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of convertible bond assets was generally positive. It's difficult to decide on adding or reducing positions, and a trading - band mindset should be adopted. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] - Last week, the equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. The TMT sector adjusted overall, while the consumer sector performed well due to the moderate recovery of price data. The bond market generally maintained an oscillation. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Summary by Related Catalogs Market Focus (November 10 - 14, 2025) Stock Market - The equity market was generally volatile. The Shanghai Composite Index reached a ten - year high during the week and then pulled back below 4000 points on Friday. Affected by factors such as CoreWeave's downward revision of its annual revenue guidance and Kioxia's under - expected performance, the TMT sector adjusted, while the consumer sector performed well due to the moderate recovery of price data. Most Shenwan primary industries closed higher, with comprehensive (6.99%), textile and apparel (4.41%), commercial and retail (4.06%), beauty care (3.75%), and pharmaceutical biology (3.29%) leading the gains; communication (-4.77%), electronics (-4.77%), computer (-3.03%), and machinery and equipment (-2.22%) lagging behind [1][7][8] Bond Market - With the central bank's consecutive net injections, the liquidity situation eased marginally. The central bank's monetary policy implementation report on Tuesday stated that it would continue to implement a "moderately loose monetary policy". The slowdown in economic growth in October did not have a significant impact on the bond market. Although the "stock - bond seesaw" effect was obvious during the day, the bond market generally maintained an oscillation throughout the week. The 10 - year Treasury bond rate closed at 1.81% on Friday, basically unchanged from the previous week [1][7][8] Convertible Bond Market - Most convertible bond issues closed higher. The CSI Convertible Bond Index rose 0.52% for the whole week, the median price increased by 0.64%, the calculated arithmetic average parity increased by 0.25% for the whole week, and the market conversion premium rate decreased by 0.24% compared with the previous week. In terms of individual bonds, Guocheng (lithium mine), Dazhong (lithium mine), Shouhua (natural gas supply), Kaisheng (thionyl chloride), and Tianci (electrolyte) convertible bonds led the gains; Hangyu (aerospace), Cehui (strong redemption announced), Haomei (aluminum profiles), Outong (data center power supply), and Liugong Zhuan 2 (construction machinery) convertible bonds led the losses. The total trading volume of the convertible bond market last week was 349.353 billion yuan, with an average daily trading volume of 69.871 billion yuan, an increase from the previous week [2][12][15] Views and Strategies (November 17 - 21, 2025) - The convertible bond market continued to oscillate upward last week. Affected by factors such as low pure - bond interest rates, the continued supply - demand contradiction in convertible bonds, and the relatively dominant small - cap style after the quarterly reports, the sentiment of the convertible bond market was positive. The median market price has risen to the 99th percentile of historical levels, and the premium rates in each parity range are basically above the 90th percentile of historical levels. However, since the bullish equity market atmosphere and the factors favorable to convertible bonds have not changed significantly, it's difficult to decide on adding or reducing positions. A trading - band mindset should be adopted for convertible bond assets. In the short term, stock selection can lean towards small - cap targets with limited previous gains and high seasonal winning rates, and pay attention to sectors like energy storage, power, semiconductor equipment and materials, photovoltaic, chemical, and pharmacy in balanced convertible bonds, or opportunities in low - premium equity - biased individual bonds [3][17] Valuation Overview - As of last Friday (November 14, 2025), in equity - biased convertible bonds, the average conversion premium rates of bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 48.74%, 34.95%, 28.38%, 20.3%, 13.66%, and 9.79% respectively, located at the 98%/99%, 94%/95%, 95%/97%, 91%/92%, 86%/81%, and 86%/74% percentiles since 2010/2021. In bond - biased convertible bonds, the average YTM of bonds with parities below 70 yuan was -7.24%, located at the 0%/0% percentiles since 2010/2021. The average implied volatility of all convertible bonds was 42.24%, located at the 83%/79% percentiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 0.62%, located at the 80%/81% percentiles since 2010/2021 [18] Primary Market Tracking - This week (November 10 - 14, 2025), Ruike Convertible Bond announced its issuance, and there was no convertible bond listing. The issuing scale of this convertible bond is 1 billion yuan, with a credit rating of AA-. After deducting the issuance fees, it plans to invest 500 million yuan in the high - frequency and high - speed connection system reconstruction and upgrade project, 200 million yuan in the smart energy connection system reconstruction and upgrade project, and 300 million yuan in supplementary working capital. As of the announcement on November 14, there will be no convertible bond issuance or listing announcements in the next week (November 17 - 21, 2025). Last week, one company (Maolai Optics) was approved for registration, one company (Huafeng Measurement and Control) passed the listing committee review, two companies (Keboda and Suzhou Tianmai) passed the general meeting of shareholders, and one company (Laite Optoelectronics) had a board of directors' plan. There were no new companies accepted by the exchange. As of now, there are a total of 95 convertible bonds to be issued, with a total scale of 144.22 billion yuan, including 5 approved for registration with a total scale of 3.76 billion yuan and 7 passing the listing committee review with a total scale of 6.47 billion yuan [26][27]

证券日报网讯11月16日晚间，瑞可达发布公告称，公司向不特定对象发行可转换公司债券已获得中国证 券监督管理委员会同意注册。本次发行总额为100，000.00万元，原股东优先配售约77.11%，网上社会 公众投资者获配约22.89%，网上中签率为0.00264310%。 ...