Core Viewpoint - The company, Oujing Technology, is forecasting a net loss for the first half of 2025, indicating a continued decline in financial performance compared to the previous year [1] Financial Performance Summary - For the first half of 2025, the company expects a net loss attributable to shareholders ranging from 70 million to 86 million yuan, compared to a loss of 126 million yuan in the same period last year [1][2] - The expected net loss after excluding non-recurring items is projected to be between 73 million and 89 million yuan, down from a loss of 128 million yuan in the previous year [1][2] - Basic earnings per share are anticipated to be between -0.38 yuan and -0.45 yuan, compared to -0.65 yuan per share in the same period last year [1][2] 2024 Financial Results - In 2024, the company reported an operating revenue of 946.53 million yuan, a significant decline of 69.75% year-on-year [2][3] - The net loss attributable to shareholders for 2024 was 535.97 million yuan, a drastic increase of 181.96% compared to a profit of 653.93 million yuan in the previous year [2][3] - The net profit after excluding non-recurring items was also a loss of 530.21 million yuan, reflecting a decrease of 182.66% from a profit of 641.45 million yuan in 2023 [2][3] - The net cash flow from operating activities was 83.59 million yuan, down 52.20% year-on-year [2][3] Capital Raising Activities - Oujing Technology went public on September 30, 2022, raising a total of 537.68 million yuan, with a net amount of 430.37 million yuan after expenses [4] - The funds raised are intended for high-quality quartz products, recycling industrial silicon, R&D center projects, and working capital [4] - In November 2023, the company issued 4.7 million convertible bonds at a face value of 100 yuan each, raising a total of 470 million yuan, with a net amount of approximately 462.74 million yuan after deducting issuance costs [5]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - This week, most credit spreads in different industries widened, with only a few narrowing. The credit spreads of urban investment bonds widened overall, with the short - end widening more than the long - end. For industrial bonds, the credit spreads of AA+ and above industrial bonds widened to varying degrees, and the short - end of AA industrial bonds also widened. The credit spreads of bank secondary and perpetual bonds widened overall. After a significant adjustment in credit bond yields, the cost - effectiveness of credit bonds has increased from a static coupon perspective. With the rapid decline in black - series futures prices on Friday night, the bond market sentiment may improve, and the space for further adjustment of credit bonds is relatively limited. It is recommended to focus on long - duration urban investment bonds, capital bonds, and insurance sub - debt, especially the long - duration capital bonds of Minsheng, Bohai, and Hengfeng banks, and be optimistic about urban investment dim sum bonds and US dollar bonds [4][43] - Since July 2024, the long - end risk - free interest rate has been in a downward channel, and the yield of ultra - long - term credit bonds has followed suit. Although the proportion of low - valuation transactions and TKN transactions has been rising this year, it has not exceeded last year's high, indicating that the buying sentiment may not have reached its end. With the concentrated listing of science - innovation bond ETFs on July 17, the spreads of medium - and short - term component bonds have been compressed to an extreme level. In the context of the "asset shortage" in the low - interest - rate environment this year, the market may further evolve towards long - duration assets. Investors can still find relatively suitable ultra - long - term credit bond targets in the market [5][49] Group 3: Summary According to the Directory 1. Primary Market 1.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 390.6 billion yuan, an increase of 220.3 billion yuan compared with last week. The total issuance was 631.6 billion yuan, an increase of 233.9 billion yuan, and the total repayment was 241 billion yuan, an increase of 13.6 billion yuan. The net financing of asset - backed securities was 3.09 billion yuan, an increase of 0.91 billion yuan [10] - By product type, the net financing of urban investment bonds was 3.31 billion yuan, an increase of 0.28 billion yuan; that of industrial bonds was 11.06 billion yuan, an increase of 5 billion yuan; and that of financial bonds was 24.69 billion yuan, an increase of 16.74 billion yuan [10] - In terms of the number of issuances and redemptions, the number of urban investment bond issuances increased by 10, and the number of redemptions increased by 33. The number of industrial bond issuances increased by 16, and the number of redemptions decreased by 7. The number of financial bond issuances increased by 7, and the number of redemptions decreased by 3 [12] 1.2 Issuance Cost - The weighted average issuance rates of AA - rated industrial bonds and AA+ - rated financial bonds increased significantly compared with last week, while the issuance rates of other bond types and ratings fluctuated slightly. The issuance rate of AA - rated industrial bonds increased by 51BP, mainly due to bonds such as "25 Nonggu 03" and "25 Tiandiyuan MTN001". The issuance rate of AA+ - rated financial bonds increased by 41BP, mainly due to "25 Donghai 03". The fluctuations of other bonds did not exceed 10BP [18] 2. Secondary Market 2.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) increased by 178 billion yuan compared with last week. The trading volume of urban investment bonds was 227.2 billion yuan, an increase of 23.5 billion yuan; that of industrial bonds was 361.2 billion yuan, an increase of 3.3 billion yuan; and that of financial bonds was 611.6 billion yuan, an increase of 151.2 billion yuan. The trading volume of asset - backed securities was 1.45 billion yuan, a decrease of 0.22 billion yuan [19] - In terms of turnover rate, the turnover rate of traditional credit bonds increased overall, while that of asset - backed securities decreased. The turnover rate of urban investment bonds was 1.48%, an increase of 0.15 pct; that of industrial bonds was 2.06%, an increase of 0.01 pct; that of financial bonds was 4.12%, an increase of 0.96 pct. The turnover rate of asset - backed securities was 0.42%, a decrease of 0.06 pct [20] 2.2 Yield - The yields of credit bonds with different maturities and ratings increased significantly this week, with an increase range of 7 - 17BP. For example, the yields of AA, AAA -, and AAA+ credit bonds with a maturity of less than 1 year increased by 7BP, 8BP, and 8BP respectively; those with a maturity of 3 - 5 years increased by 10BP, 11BP, and 11BP respectively; and those with a maturity of more than 10 years increased by 17BP, 10BP, and 9BP respectively [24] - Taking AA+ - rated 5 - year bonds of each type as an example, the yields of non - publicly issued industrial bonds and perpetual industrial bonds increased by 11BP and 10BP respectively; the yield of AA+ - rated 5 - year urban investment bonds increased by 10BP; the yields of commercial bank ordinary bonds and secondary capital bonds increased by 7BP and 17BP respectively; and the yield of AA+ - rated 5 - year asset - backed securities increased by 11BP [25] 2.3 Credit Spread - Overall, most credit spreads in different industries widened this week, with only a few narrowing. The credit spreads of AA+ - rated electronics and building materials narrowed by 17BP and 8BP respectively, the credit spread of AA+ - rated light industry manufacturing narrowed by less than 1BP, and the credit spread of AAA - rated leisure services narrowed by 1BP. The credit spreads of other industries and ratings mostly widened, with an increase range of 0 - 7BP [27] 2.3.1 Urban Investment Bonds - By maturity, the credit spreads of urban investment bonds widened overall, with the short - end widening more than the long - end. The 0.5 - 1Y credit spread was 36BP, a widening of 5BP; the 1 - 3Y credit spread was 40BP, a widening of 4BP; the 3 - 5Y credit spread was 58BP, a widening of 1BP; the 5 - 10Y credit spread was 49BP, a widening of less than 1BP; and the credit spread of more than 10Y remained unchanged [32] - By region, most urban investment credit spreads widened, with only a few regions showing a slight compression. For example, the AA - rated credit spreads in Henan and Guizhou compressed by 6BP and 3BP respectively, while the AA - rated credit spread in Yunnan and the AA+ - rated credit spread in Guizhou widened by 12BP and 13BP respectively. The credit spreads in other regions mostly widened by no more than 5BP [33] 2.3.2 Industrial Bonds - The credit spreads of AA+ and above industrial bonds widened to varying degrees this week, and the short - end of AA industrial bonds also widened. For example, the credit spreads of 1Y AAA -, AA+, and AA private - placement industrial bonds widened by 5BP, 5BP, and 3BP respectively, and those of 10Y AAA -, AA+, and AA private - placement industrial bonds compressed by 5BP, 3BP, and less than 1BP respectively. The credit spreads of 1Y AAA -, AA+, and AA perpetual industrial bonds widened by 4BP, 4BP, and 7BP respectively, and those of 10Y widened by 5BP, 3BP, and 1BP respectively [36] 2.3.3 Bank Capital Bonds - The credit spreads of bank secondary and perpetual bonds widened overall this week, with the widening range of different maturities and ratings being 3 - 9BP. The credit spreads of 10Y AAA -, 10Y and 5Y AA+ and 10Y and 5Y AA secondary capital bonds widened by more than 8BP, and the credit spreads of 10Y AAA -, AA+, and AA bank perpetual bonds also widened by more than 8BP. The widening range of other bonds did not exceed 6BP [38] 3. This Week's Bond Market Negative News - Shenzhen Longfor Holdings Co., Ltd. extended the maturity of 5 bond issues; Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. had the implied ratings of 12 bond issues downgraded; Inner Mongolia Oujing Technology Co., Ltd. was placed on the watchlist, and its "Oujing Convertible Bond" was also placed on the watchlist; Midea Real Estate Group Co., Ltd. had the implied ratings of 20 bond issues downgraded; and Agile Group Co., Ltd. extended the maturity of 3 bond issues [2][40] 4. Investment Recommendations - Pay attention to long - duration urban investment bonds, capital bonds, and insurance sub - debt, especially the long - duration capital bonds of Minsheng, Bohai, and Hengfeng banks, and be optimistic about urban investment dim sum bonds and US dollar bonds [43] - Focus on the allocation and trading opportunities of ultra - long - term credit bonds. For industrial bonds, State Grid has the largest scale of ultra - long - term credit bonds and good trading atmosphere, but the yield level is relatively low. Chengtong Holdings, Sinochem Group, Guangzhou Yuexiu, and Sichuan Energy Development are more cost - effective. For urban investment bonds, although the static coupon levels are generally better than industrial bonds, the range of available bonds is relatively narrow. Pay attention to the opportunities for further compression of the spreads of Shenzhen Metro, Shaanxi Communications Control, Yantai Guofeng, and Yizhuang Investment Development. The cost - effectiveness of the ultra - long - term bank secondary capital bonds of several large state - owned and joint - stock banks is limited [6][50]

中证鹏元资信评估股份有限公司 债券简称 上一次评级时间 主体等级 债项等级 评级展望 AA- AA- 欧晶转债 2025 年 6 月 27 日 - 列入观察名单 列入观察名单 根据公司于 2025 年 7 月 11 日发布的《内蒙古欧晶科技股份有限 公司 2025 年半年度业绩预告》，2025 年上半年公司预计归属于上市 公 司 股 东 的 净 利 润 为 -8,600 万 元 至 -7,000 万 元 ， 上 年 同 期 为 -12,574.71 万元。 针对以上事项，中证鹏元结合公司公告以及公司反馈了解到：公 司 2025 年上半年度业绩预亏的原因主要系光伏行业仍面临供需失 衡，公司整体产能利用率不高且产品价格仍处于历史低位等因素导 致。 中证鹏元公告【2025】356 号 中证鹏元关于关注内蒙古欧晶科技股份有限公司 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对内 蒙古欧晶科技股份有限公司（以下简称"欧晶科技"或"公司"，股 票代码：001269.SZ）及其发行的下述债券开展评级。除评级委托关 系外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行为 独立、客观、公正的关联关系。 上一次评级 ...

中证鹏元资信评估股份有限公司 中证鹏元公告【2025】356 号 中证鹏元关于关注内蒙古欧晶科技股份有限公司 2025 年半年度业绩预亏的公告 | 债券简称 | 上一次评级时间 | | | | | 上一次评级结果 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 主体等级 | 债项等级 | 评级展望 | | 欧晶转债 | 2025 6 日 | 年 | 月 | 27 | AA | AA | - | | | | | | | 列入观察名单 | 列入观察名单 | | 根据公司于 2025 年 7 月 11 日发布的《内蒙古欧晶科技股份有限 公司 2025 年半年度业绩预告》，2025 年上半年公司预计归属于上市 公司股东的净利润为-8,600 万元至-7,000 万元，上年同期为 -12,574.71 万元。 针对以上事项，中证鹏元结合公司公告以及公司反馈了解到：公 司 2025 年上半年度业绩预亏的原因主要系光伏行业仍面临供需失 衡，公司整体产能利用率不高且产品价格仍处于历史低位等因素导 致。 中证鹏元认为，公司 2025 年上半年度 ...

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on July 21, with a total transaction volume of 1.717 billion yuan across 75 stocks, indicating notable investor interest in specific companies [1]. Group 1: Trading Activity - A total of 75 stocks had block trades, with a total transaction value of 1.717 billion yuan [1]. - The top three stocks by transaction value were SAIC Motor Group (1.57 billion yuan), Tianwei Food (1.55 billion yuan), and Sifang Co., Ltd. (1.07 billion yuan) [1]. Group 2: Pricing Trends - Among the stocks traded, 10 stocks were sold at par value, 5 at a premium, and 60 at a discount [1]. - The stocks with the highest premium rates were Jiangsu Shentong (2.64%), Jindi Group (1.83%), and Minsheng Bank (1.11%) [1]. - The stocks with the highest discount rates were Langke Intelligent (27.09%), Energy Iron Han (25.78%), and Betta Pharmaceuticals (22.86%) [1]. Group 3: Institutional Trading - The top stocks by institutional buying were SAIC Motor Group (1.57 billion yuan), XCMG Machinery (1.04 billion yuan), and Milky Way (77.6 million yuan) [2]. - The top stocks by institutional selling included North Copper Industry (30.9 million yuan), Jindi Group (15.9 million yuan), and New Strong Link (3.5 million yuan) [2].

Summary of the Conference Call for 欧晶科技 Industry and Company Overview - The company operates in the quartz crucible industry, specifically focusing on photovoltaic and semiconductor applications [2][3][4]. Key Points and Arguments - **Market Price Decline**: The price of photovoltaic quartz crucibles has significantly dropped from over 40,000 yuan in 2023 to approximately 7,600 yuan by early 2025, leading to negative gross margins for this segment, which constitutes 70% of the company's revenue [2][3]. - **Sales Performance**: Despite the price drop, the company reported a 20% year-over-year increase in photovoltaic quartz crucible sales in Q2 compared to Q1 [2][15]. - **Product Structure Adjustment**: The company is actively adjusting its product mix by expanding into the semiconductor quartz crucible market, with a planned annual production capacity of 26,000 units [2][6]. - **Customer Base Expansion**: The company has begun small-batch deliveries to clients such as 中环领先 and 上海新盛, while also seeking to expand its customer base [2][6]. - **Cost Structure**: Current quartz crucible prices can cover cash costs, but high fixed costs due to decreased demand result in negative gross margins. Sales to 中环 are unprofitable, while other clients may offer potential profitability depending on order specifics [2][8][9]. - **Material Costs**: The market price for the inner layer of photovoltaic quartz crucibles, made from 西比克 sand, is around 90,000 yuan per ton, while domestic quartz sand prices range from 20,000 to 30,000 yuan [2][10]. - **Semiconductor Crucible Pricing**: Semiconductor-grade quartz crucibles are priced approximately twice that of photovoltaic crucibles, with the main sizes being 24 to 28 inches [4][13]. Additional Important Insights - **Future Demand Outlook**: The demand for photovoltaic crucibles is expected to remain stable in the second half of the year, with the company aiming to mitigate demand declines through external customer expansion [4][14]. - **Small Manufacturer Challenges**: Smaller crucible manufacturers face survival pressures due to unstable sand sources and quality issues, leading to a potential exit from the market [4][16]. - **Market Dynamics**: The company is monitoring market demand closely to determine if prices for quartz crucibles will increase similarly to silicon materials [7][8]. - **Synthetic Quartz Sand Development**: The company is exploring synthetic quartz sand production, which is currently dominated by foreign suppliers, to address domestic demand and quality issues [11][12]. This summary encapsulates the critical insights from the conference call, highlighting the challenges and strategic adjustments made by the company in response to market conditions.

Group 1: Industry Insights - The company acknowledges the need to eliminate "involution" competition in the photovoltaic industry, which is expected to accelerate the elimination of outdated production capacity [2][3] - Current market conditions in the photovoltaic industry are challenging due to intense competition, policy changes, and price declines across the supply chain [3] Group 2: Company Strategy and Development - The company is confident in navigating the current industry adjustment period, leveraging its brand and technological advantages in the photovoltaic sector while simultaneously developing its semiconductor business [3] - The construction of the semiconductor quartz crucible project is progressing as planned, with a 24-month timeline and initial product validation completed [3] Group 3: Financial Management - As of 2024, accounts receivable is valued at 300 million, accounting for 19.47% of current assets, with measures in place to manage and reduce bad debt risks [4][5] - The company has implemented a credit scoring model for customer management and established a tiered collection mechanism to enhance accounts receivable tracking [5] Group 4: Market Position and Sales - China holds over 90% of the global silicon wafer production capacity, and the company has established stable partnerships with major domestic clients [5] - In 2024, the company added 13 new customers, expanding its sales coverage to 17 provinces and regions, with some sales reaching international markets like South Korea [5]

Group 1 - The company expects a net loss for the reporting period, with projected losses ranging from 86 million to 70 million yuan, compared to a loss of 125.75 million yuan in the same period last year [1] - The loss attributable to shareholders after deducting non-recurring gains and losses is estimated to be between 89 million and 73 million yuan, compared to a loss of 128.40 million yuan in the previous year [1] - The basic earnings per share are projected to be a loss of 0.45 to 0.38 yuan per share, compared to a loss of 0.65 yuan per share in the prior year [1] Group 2 - The company plans to integrate existing technological advantages and accelerate new technology research and development, aiming to improve product adaptability and meet customized customer needs [2] - The company will enhance automation and intelligence of equipment to optimize product quality and expedite the construction of the semiconductor quartz crucible project [2] - The strategy includes implementing cost reduction and efficiency enhancement measures to improve product competitiveness and actively explore new customers while maintaining existing ones [2]

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates continued losses for the first half of 2025, though the magnitude of loss is expected to narrow compared to the prior year, with net profit attributable to shareholders projected to be a loss of **70 million to 86 million yuan** Performance Forecast Summary | Item | Current Reporting Period (2025 H1) | Prior Year Same Period (2024 H1) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: 70 million - 86 million yuan | Loss: 125.7471 million yuan | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: 73 million - 89 million yuan | Loss: 128.3989 million yuan | | **Basic Earnings Per Share** | Loss: 0.38 - 0.45 yuan/share | Loss: 0.65 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company explicitly states that the financial data in this performance forecast has not been pre-audited by a certified public accountant - The financial data in this performance forecast has not been pre-audited by a certified public accountant[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company attributes its operating loss in the first half of 2025 to ongoing challenges in the photovoltaic industry, including supply-demand imbalance, low capacity utilization, and historically low product prices, planning to address these by technological innovation, cost reduction, efficiency improvement, and accelerated expansion into semiconductor quartz crucible sector to foster new profit drivers and enhance core competitiveness - Performance loss is primarily due to the overall environment of the photovoltaic industry, specifically characterized by temporary supply-demand imbalance, low overall capacity utilization, and historically low product prices[5](index=5&type=chunk) - Company's response strategies include: - Integrating technological advantages to accelerate new technology R&D and meet customized customer demands - Enhancing equipment automation and intelligence to optimize product quality - Accelerating the construction of semiconductor quartz crucible projects and systematically planning their development strategies - Implementing cost reduction and efficiency improvement measures, actively exploring new clients, and strategically positioning within the photovoltaic and semiconductor industry chains[5](index=5&type=chunk)[6](index=6&type=chunk) [Risk Warning and Other Related Explanations](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E5%8F%8A%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company reminds investors that this performance forecast is a preliminary calculation by the financial department and has not been audited, with the final financial data subject to the company's officially disclosed 2025 semi-annual report, and advises investors to be aware of investment risks - This performance forecast is a preliminary calculation result from the company's financial department and has not been audited by a certified public accountant[7](index=7&type=chunk) - The final, accurate financial data will be disclosed in the company's 2025 semi-annual report[7](index=7&type=chunk) - Investors are advised to make cautious decisions and be aware of investment risks[7](index=7&type=chunk)

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering the downward adjustment clause due to stock prices falling below 85% of the current conversion price [1][5]. Group 1: Convertible Bond Issuance and Listing - The company has issued 4,700,000 convertible bonds with a face value of RMB 47 million, approved by the China Securities Regulatory Commission [1]. - The convertible bonds will be listed on the Shenzhen Stock Exchange starting December 15, 2023, under the name "欧晶转债" and code "127098" [1]. Group 2: Conversion Period and Price Adjustment - The conversion period for the bonds is from May 30, 2024, to November 23, 2029, allowing bondholders to choose whether to convert their bonds into shares [2]. - The initial conversion price was set at RMB 45.91 per share, which was adjusted to RMB 44.71 per share after the company's 2023 annual equity distribution [2][3]. Group 3: Downward Adjustment Clause - The company has a clause that allows for the conversion price to be adjusted downward if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3][4]. - The board of directors has the authority to propose a downward adjustment, which must be approved by a two-thirds majority of the shareholders present at the meeting [4]. Group 4: Decision on Price Adjustment - The company decided not to adjust the conversion price on July 10, 2025, despite the stock price triggering the adjustment clause [5]. - If the adjustment clause is triggered again after October 13, 2025, the board will convene to decide on the adjustment [5].