Core Viewpoint - The company Baolite has decided not to lower the conversion price of its convertible bonds, known as "Baolite Convertible Bonds," during the upcoming two-month period following the board meeting on September 30, 2025 [1] Summary by Relevant Sections - **Board Meeting Decision**: On September 30, 2025, Baolite's board of directors held the third meeting of the ninth session and approved the proposal not to lower the conversion price of the "Baolite Convertible Bonds" [1] - **Future Actions**: The company will not propose a downward adjustment to the conversion price even if the conditions for such an adjustment are triggered again within the two-month period from October 9, 2025, to December 8, 2025 [1] - **Post-Adjustment Review**: Starting from December 9, 2025, if the conditions for a downward adjustment are triggered again, the company will convene a board meeting to consider whether to exercise the right to adjust the conversion price of the "Baolite Convertible Bonds" [1]

Core Viewpoint - Baolai Technology (300246.SZ) has received a notification from Shenzhen Linyuan Investment Management Co., Ltd. regarding the reduction of its holdings in Baolai convertible bonds, indicating a significant change in the investment landscape for the company [1] Group 1 - Shenzhen Linyuan Investment Management Co., Ltd. has cumulatively reduced its holdings of Baolai convertible bonds by 219,413 units from December 20, 2021, to September 29, 2025, which represents 10.02% of the total issuance [1] - As of September 29, 2025, Shenzhen Linyuan Investment Management Co., Ltd. holds a total of 218,594 units of Baolai convertible bonds, approximately 9.98% of the total issuance [1]

Core Viewpoint - Baolai Technology (300246.SZ) has received a notification from Shenzhen Linyuan Investment Management Co., Ltd. regarding the reduction of its holdings in Baolai Convertible Bonds, indicating a significant change in the investment landscape for the company [1] Group 1 - Shenzhen Linyuan Investment Management Co., Ltd. has cumulatively reduced its holdings of Baolai Convertible Bonds by 219,413 units from December 20, 2021, to September 29, 2025, which represents 10.02% of the total issuance [1] - As of September 29, 2025, Shenzhen Linyuan Investment Management Co., Ltd. holds a total of 218,594 units of Baolai Convertible Bonds, approximately 9.98% of the total issuance [1]

Group 1 - The company Baolite announced on September 30 that its ninth board meeting was held, where it reviewed the proposal regarding not adjusting the conversion price of "Baolite Convertible Bonds" [1] - The meeting utilized a combination of remote voting and an on-site meeting format [1] Group 2 - The announcement indicates a strategic decision by the company regarding its financial instruments, which may impact investor sentiment and market perception [1] - The decision not to adjust the conversion price could suggest confidence in the company's current valuation and future performance [1]

证券代码：300246 证券简称：宝莱特 公告编号：2025—062 债券代码：123065 债券简称：宝莱转债 广东宝莱特医用科技股份有限公司 关于债券持有人可转债持有比例变动达 10%的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 一、可转换公司债券发行上市情况 广东宝莱特医用科技股份有限公司（以下简称"公司"）创业板向不特定对 象发行可转换公司债券事项经中国证券监督管理委员会《关于同意广东宝莱特医 用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 [2020]1831 号文）同意注册，并经深圳证券交易所同意，公司于 2020 年 9 月 4 日向不特定对象发行可转换公司债券 219 万张，每张面值 100 元，发行价格为每 张人民币 100 元。公司可转换公司债券已于 2020 年 9 月 24 日起在深交所挂牌 交易，债券简称"宝莱转债"，债券代码"123065"。 占发行总量的 9.98%。深圳市林园投资管理有限责任公司持有的"宝莱转债"及变 动情况如下： | 持有人 | 本次变动前 | | 本次变动情况 | | 本次变动后 ...

本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、截至2025年9月30日，广东宝莱特医用科技股份有限公司（以下简称"公 司"）股票已出现任意连续三十个交易日中至少有十五个交易日的收盘价低于 当期转股价格90%的情形。 证券代码：300246 证券简称：宝莱特 公告编号：2025-064 债券代码：123065 债券简称：宝莱转债 广东宝莱特医用科技股份有限公司 关于不向下修正"宝莱转债"转股价格的公告 2、公司于2025年9月30日召开第九届董事会第三次会议，审议通过了《关 于不向下修正"宝莱转债"转股价格的议案》，公司董事会决定本次不向下修 正"宝莱转债"转股价格，且自本次董事会审议通过后的次一交易日起至未来2 个月内（即2025年10月9日至2025年12月8日），如再次触发转股价格向下修正条 款，亦不提出向下修正方案。自2025年12月9日起算，若再次触发"宝莱转债" 转股价格的向下修正条款，届时公司将召开董事会会议审议是否行使"宝莱转 债"转股价格的向下修正权利。 公司于2025年9月30日召开了第九届董事会第三次会议，审议通过了《关于 不 ...

证券代码：300246 证券简称：宝莱特 公告编号：2025-063 债券代码：123065 债券简称：宝莱转债 广东宝莱特医用科技股份有限公司 第九届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 广东宝莱特医用科技股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日以通讯表决及现场会议相结合的方式召开第九届董事会第三次会议，会议通知 于 2025 年 9 月 26 日以电子邮件、电话及传真方式送达，公司董事会共有董事九 名，参与表决的董事共九名，符合《公司法》和《公司章程》的规定。 会议由公司董事长燕金元先生主持，经表决，审议通过了以下议案： 一、 审议通过了《关于不向下修正"宝莱转债"转股价格的议案》 根据《广东宝莱特医用科技股份有限公司创业板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"）中相关条款，截至 2025 年 9 月 30 日，公司股票在任意连续三十个交易日中至少有十五个交易日的收盘价低于 当期转股价格的 90%。 公司董事会综合考虑公司现阶段的基本情况、股价走势、市场环境等多重因 素 ...

- The GAN_GRU factor is based on the GAN_GRU model, which utilizes a Generative Adversarial Network (GAN) for processing volume-price time series features and then uses a GRU model for time series feature encoding to derive the stock selection factor[4][13][14] - The GAN_GRU model includes two GRU layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output prediction return (pRet) used as the stock selection factor[22] - The GAN model consists of a generator and a discriminator. The generator aims to generate data that appears real, while the discriminator aims to distinguish between real and generated data. The generator's loss function is $L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))]$[23][24][25] - The discriminator's loss function is $L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))]$[27][28][29] - The GAN_GRU model's training process involves alternating training of the generator and discriminator until convergence[30] - The GAN_GRU factor's performance from January 2019 to September 2025 shows an IC mean of 0.1136, an annualized excess return of 22.58%, and a recent IC of 0.1053 as of September 28, 2025[41][42] - The GAN_GRU factor's IC mean for the past year is 0.0982, with the highest IC values in the coal, building materials, social services, non-bank finance, and food & beverage industries[42][44] - The top-performing long portfolios in September 2025, based on the GAN_GRU factor, include sectors like building materials, steel, social services, coal, and non-bank finance, with excess returns of 5.78%, 5.13%, 1.91%, 1.55%, and 1.21%, respectively[45] - Over the past year, the top-performing long portfolios based on the GAN_GRU factor include home appliances, building materials, food & beverage, utilities, and textiles & apparel, with average monthly excess returns of 5.04%, 4.96%, 3.92%, 3.53%, and 3.10%, respectively[46] - The top stocks in each industry based on the GAN_GRU factor as of September 28, 2025, include companies like Baolaite, Yutaiwei-U, Cangge Mining, Tuowei Information, Hengtong Co., Angang Co., and others[49][50]

Core Viewpoint - Baolait's stock price has shown a year-to-date increase of 29.59%, despite recent declines in the last five and twenty trading days, indicating volatility in its performance [2]. Company Overview - Baolait Medical Technology Co., Ltd. was established on June 28, 1993, and listed on July 19, 2011. The company is located in Zhuhai, Guangdong Province, and specializes in the research, production, sales, and service of medical device products [2]. - The main revenue composition of Baolait includes hemodialysis products (77.51%), monitoring devices (21.39%), and other products (1.10%) [2]. Financial Performance - For the first half of 2025, Baolait reported operating revenue of 523 million yuan, a year-on-year decrease of 2.43%. However, the net profit attributable to shareholders increased by 152.22% to 1.3134 million yuan [2]. - As of June 30, 2025, Baolait has distributed a total of 244 million yuan in dividends since its A-share listing, with 35.1578 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Baolait had 18,400 shareholders, a decrease of 6.12% from the previous period. The average circulating shares per person increased by 6.50% to 11,477 shares [2]. - Among the top ten circulating shareholders, Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund increased its holdings by 259,800 shares, while Hua Xia Zhong Zheng 500 Index Enhanced A became a new shareholder with 1,228,900 shares [3]. Market Activity - On September 24, Baolait's stock price rose by 2.03% to 8.54 yuan per share, with a trading volume of 21.1786 million yuan and a turnover rate of 1.19%. The total market capitalization reached 2.259 billion yuan [1]. - The net inflow of main funds was 1.2812 million yuan, with large single purchases accounting for 10.99% of the total, while sales accounted for 4.94% [1].

Core Points - Baolite announced that from September 10 to September 23, 2025, its stock closing price has been below 90% of the current conversion price (24.02 CNY/share) for 10 trading days, which may trigger the downward adjustment of the "Baolite Convertible Bonds" conversion price [2] Group 1 - The company is expected to follow the relevant regulations and agreements in the prospectus if the conversion price adjustment clause is triggered [2] - Investors are advised to pay attention to investment risks related to this potential adjustment [2]