Core Viewpoint - The renewable energy sector continues to strengthen, with significant gains in the ChiNext Renewable Energy ETF (159368), which has increased by 1.31% as of September 30, 2025, and has seen a cumulative increase of over 91% since April 8, 2025 [1] Group 1: ETF Performance - The ChiNext Renewable Energy ETF (159368) is the largest ETF tracking the ChiNext Renewable Energy Index, featuring the highest elasticity with a maximum increase of 20cm [1] - The ETF has the lowest fee structure, with a combined management and custody fee of only 0.2% [1] - As of September 29, 2025, the ETF's scale reached 1.093 billion yuan, with an average daily trading volume of 76.82 million yuan over the past month [1] Group 2: Sector Composition - The ChiNext Renewable Energy Index covers various segments of the renewable energy and electric vehicle industries, including batteries and photovoltaics [1] - The ETF has a storage capacity of 51% and a solid-state battery content of 30%, aligning with current market trends [1] Group 3: Notable Stocks - Key stocks within the ETF include Fulin Precision (20CM limit up), Hunan YN Energy (up over 10%), and Jiejia Weichuang and Zhenghai Magnetic Materials (both up over 5%) [1]

Core Insights - Zhenghai Magnetic Materials experienced a 1.00% increase in stock price on September 29, with a trading volume of 309 million yuan [1] - The company reported a financing net buy of -9.54 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of September 29, the total margin balance for Zhenghai Magnetic Materials was 666 million yuan, representing 4.49% of its circulating market value, which is above the 90th percentile of the past year [1] Financial Performance - For the first half of 2025, Zhenghai Magnetic Materials achieved a revenue of 3.057 billion yuan, reflecting a year-on-year growth of 20.42% [2] - The net profit attributable to shareholders for the same period was 113 million yuan, showing a decline of 24.39% compared to the previous year [2] Shareholder and Dividend Information - Since its A-share listing, Zhenghai Magnetic Materials has distributed a total of 1.28 billion yuan in dividends, with 494 million yuan distributed over the last three years [3] - As of June 30, 2025, the number of shareholders increased to 68,300, up by 3.26%, while the average circulating shares per person decreased by 3.21% to 12,190 shares [2][3] - Notable institutional shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, both of which increased their holdings [3]

Core Insights - The event highlighted the importance of high-performance rare earth permanent magnet materials in the context of global green and low-carbon transformation, with Zhenghai Magnetic Materials Co., Ltd. being a leading player in this sector [1][4]. Company Overview - Zhenghai Magnetic Materials plays a crucial role in China's rare earth permanent magnet industry, acting as a "converter" and "innovation engine" within the supply chain [4]. - The company has established itself as a core pillar in midstream manufacturing, converting strategic rare earth resources into high-performance NdFeB permanent magnet materials, significantly enhancing resource value [4]. - Zhenghai Magnetic Materials has been recognized as the "National Manufacturing Champion" for NdFeB permanent magnets in the new energy vehicle sector by the Ministry of Industry and Information Technology in 2024 [4]. Technological Innovation - The company has developed a proprietary intellectual property system to overcome international patent barriers, leading in domestic innovation with three core technologies: "oxygen-free process," "fine crystal process," and "grain boundary diffusion technology" [4]. - These innovations have reduced the use of heavy rare earths and significantly improved product performance, contributing to the independent development of China's rare earth permanent magnet industry [4]. Market Opportunities - Shandong Province offers significant advantages for the development of rare earth functional materials, including a major light rare earth resource base and strong downstream market demand from industries like home appliances and automotive [5]. - The national strategy of "carbon peak and carbon neutrality" provides a favorable policy window for the industry [5]. - Zhenghai Magnetic Materials aims to leverage these opportunities by driving innovation and providing core material support for high-end applications in new energy vehicles, industrial automation, variable frequency appliances, and wind power generation [5].

Core Viewpoint - Zhenghai Magnetic Materials announced the full redemption of its convertible bonds, "Zhenghai Convertible Bonds," with a total of 10,352 bonds remaining unconverted as of September 19, 2025 [1] Summary by Sections Redemption Details - The redemption price for the bonds is set at 100.50 yuan per bond, which includes the current accrued interest at an annual rate of 0.60%, with the interest being tax-inclusive [1] - The total amount to be paid for the redemption is 1,040,376.00 yuan, excluding redemption fees [1] - This redemption will be a complete buyback, and after the redemption, there will be no remaining "Zhenghai Convertible Bonds" available for trading or circulation [1] Listing Status - Following the redemption, "Zhenghai Convertible Bonds" will no longer meet the listing requirements and will be delisted from the Shenzhen Stock Exchange effective September 30, 2025 [1]

| 证券代码：300224 | 证券简称：正海磁材 | 公告编号：2025-18-30 | | --- | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | | 烟台正海磁性材料股份有限公司 关于正海转债赎回结果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意烟台正海 磁性材料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〔2022〕2654 号），公司于 2022 年 11 月 23 日向不特定对象发行了 1,400.00 万张可转换公司债券，每张面值 100 元，发行总额 140,000.00 万元。发行方式 采用向原股东优先配售，原股东优先配售后余额（含原股东放弃优先配售部分） 通过深交所交易系统网上向社会公众投资者发行，认购金额不足 140,000.00 万 元的部分由保荐机构（主承销商）中信建投证券余额包销。 （二）可转换公司债券上市情况 经深交所同意，公司 140,000.0 ...

| 证券代码：300224 | 证券简称：正海磁材 | 公告编号：2025-18-31 | | --- | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | | 烟台正海磁性材料股份有限公司 关于正海转债摘牌的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、"正海转债"赎回日：2025 年 9 月 22 日 2、投资者赎回款到账日：2025 年 9 月 29 日 3、"正海转债"摘牌日：2025 年 9 月 30 日 4、"正海转债"摘牌原因：存续期内可转债全部赎回 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意烟台正海 磁性材料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〔2022〕2654 号），公司于 2022 年 11 月 23 日向不特定对象发行了 1,400.00 万张可转换公司债券，每张面值 100 元，发行总额 140,000.00 万元。发行方式 采用向原股东优先配售，原股东优先配售后余额（含原股东 ...

Group 1 - Yipinhong's wholly-owned subsidiary, Guangzhou Yipinhong Pharmaceutical, received approval from the National Medical Products Administration for a supplemental application for Oseltamivir Phosphate Capsules, allowing the addition of a 45mg specification and changes to the excipient quantities in the formulation, as well as modifications to packaging materials and containers [1] - Guanghetong's issuance of up to 155 million overseas listed foreign shares (H shares) has been filed with the China Securities Regulatory Commission [1] - Zhenghai Magnetic Materials' "Zhenghai Convertible Bonds" will stop conversion after the trading session on September 19, with unconverted bonds being forcibly redeemed at a price of 100.5 yuan per bond, potentially leading to investment losses for investors [1] Group 2 - Qingxin Environment plans to purchase liability insurance for the company and its directors and supervisors, with a total premium not exceeding 150,000 yuan per year and a coverage period of 12 months [1]

Group 1 - Yipinhong's subsidiary Guangzhou Yipinhong Pharmaceutical received approval from the National Medical Products Administration for a supplemental application for Oseltamivir Phosphate Capsules, allowing the addition of a 45mg specification and changes to excipient quantities and packaging materials [1] - The drug is indicated for the treatment of influenza A and B in adults and children aged 1 year and older, and for the prevention of influenza A and B in adults and adolescents aged 13 years and older [1] Group 2 - Guanghe Tong has received approval from the China Securities Regulatory Commission for the issuance of no more than 155 million overseas listed foreign shares (H shares) [2] - Zhenghai Magnetic Materials' "Zhenghai Convertible Bonds" will stop conversion after the trading session on September 19, with remaining convertible bonds being forcibly redeemed at a price of 100.5 yuan per bond [2] - Investors may face potential losses if the bonds are forcibly redeemed [2] Group 3 - Qingxin Environment plans to purchase liability insurance for the company and its directors and senior management, with a total premium not exceeding 150,000 yuan per year for a duration of 12 months [3]

| 证券代码：300224 | 证券简称：正海磁材 | 公告编号：2025-18-29 | | --- | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | | 烟台正海磁性材料股份有限公司 关于正海转债即将停止转股暨 赎回前最后半个交易日的重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 9 月 19 日 截至本公告披露时，距离"正海转债"停止转股仅剩最后半个交易日（即 2025 年 9 月 19 日下午交易时段），2025 年 9 月 19 日收市后，未实施转股的"正 海转债"将停止转股，剩余可转债将按照 100.50 元/张的价格被强制赎回。若被 强制赎回，投资者可能面临投资损失。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"正海转债"转换为股票，特提请投资者关注不 能转股的风险。 6、停止转股日：2025 年 9 月 22 日 3、特提醒"正海转债"持有人注意在限期内转股。 特别提示： 1、"正海转债"赎回价格 ...

Group 1 - The core announcement from Zhenghai Magnetic Materials indicates that the "Zhenghai Convertible Bonds" will be forcibly redeemed at a price of 100.50 yuan per bond if not converted by the market close on September 19, 2025 [2] - The company highlights a significant discrepancy between the secondary market price of the "Zhenghai Convertible Bonds" and the redemption price, urging bondholders to convert their bonds within the specified timeframe to avoid potential losses [2]