Core Viewpoint - "Jinlang Zhuan 02" is available for subscription today, with a subscription code of 370763, allowing for a maximum subscription of 10,000 shares [1]. Group 1 - The subscription for "Jinlang Zhuan 02" has commenced today [1]. - The maximum number of shares that can be subscribed is 10,000 [1]. - The specific subscription code for this offering is 370763 [1].

Macro Strategy - The report highlights a recovery in direct financing and the continued activation of deposits, with expectations for fiscal and monetary policies to boost financing demand in Q4 2025 [1][4][6] - The social financing scale in September 2025 saw an increase of 3.53 trillion yuan, which is a year-on-year decrease of 229.7 billion yuan, slightly below the seasonal average [4][6] - The report notes that the structure of social financing is improving, indicating a recovery in direct financing, with corporate bond financing increasing by 10.5 billion yuan year-on-year [4][6] Fixed Income - The report discusses the upcoming issuance of Jinlang Convertible Bond 02, with a total issuance scale of 1.677 billion yuan, aimed at funding distributed photovoltaic projects [7][8] - The expected listing price range for Jinlang Convertible Bond 02 is between 111.44 and 123.92 yuan, with an anticipated subscription rate of 0.0069% [7][8] - Jinlang Technology, the issuer, has shown steady revenue growth with a compound annual growth rate of 33.10% from 2020 to 2024, despite fluctuations in net profit [8] Company Analysis - China Pacific Insurance (02328.HK) is projected to see a net profit increase of 40%-60% year-on-year for the first three quarters of 2025, driven by strong performance in both underwriting and investment [9][10] - The underwriting profit for the first half of 2025 is expected to be 13 billion yuan, a year-on-year increase of 45%, with a combined cost ratio of 94.8% [9][10] - The report raises the profit forecast for China Pacific Insurance, estimating net profits of 48 billion, 49.4 billion, and 52.8 billion yuan for 2025-2027 [9][10]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The expected listing price of Jinlang Convertible Bond 02 on the first - day is between RMB 111.44 and RMB 123.92, with an estimated lottery winning rate of 0.0069%. It is recommended to actively subscribe [2]. - Jinlang Technology has shown steady revenue growth since 2020, with a compound growth rate of 33.10% from 2020 - 2024. However, the mother - company's net profit has fluctuated, with a compound growth rate of 21.41% during the same period [2]. 3. Summary by Directory 3.1. Convertible Bond Basic Information - Jinlang Convertible Bond 02 (123259.SZ) will start online subscription on October 17, 2025, with a total issuance scale of RMB 1.677 billion. The net proceeds after deducting issuance fees will be used for projects such as distributed photovoltaic power stations [2]. - The current bond floor valuation is RMB 97.79, with a YTM of 2.30%. The convertible bond has a 6 - year term, a credit rating of AA -/AA, and a par value of RMB 100. The coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.80%, 1.20%, 1.80%, and 2.00% respectively. The company's redemption price at maturity is 110% of the par value (including the last - period interest) [2]. - The current conversion parity is RMB 90.46, with a parity premium rate of 10.55%. The conversion period is from April 23, 2026, to October 16, 2031. The initial conversion price is RMB 89.82 per share. Jinlang Technology's closing price on October 15 was RMB 81.25 [2]. - The convertible bond terms are average. The total share capital dilution rate is 4.48%, and the dilution rate for the floating shares is 5.49%, indicating a relatively small dilution pressure on the share capital [2]. 3.2. Investment Subscription Suggestion - By referring to comparable targets and empirical results, considering the good bond floor protection of Jinlang Convertible Bond 02 and the average attractiveness of its rating and scale, the expected first - day listing conversion premium rate is around 30%, corresponding to a listing price between RMB 111.44 and RMB 123.92 [2][14][15]. - The estimated priority subscription ratio of original shareholders is 65.45%, and the estimated lottery winning rate is 0.0069% [16][17]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Jinlang Technology is a high - tech enterprise focusing on the R & D, production, sales, and service of string inverters, the core equipment of photovoltaic power generation systems. Since 2020, its revenue has grown steadily, with a compound growth rate of 33.10% from 2020 - 2024. In 2024, the revenue was RMB 6.542 billion, a year - on - year increase of 7.23%. The mother - company's net profit has fluctuated, with a compound growth rate of 21.41% from 2020 - 2024. In 2024, it was RMB 691 million, a year - on - year decrease of 11.32% [2][18]. - The company's revenue mainly comes from grid - connected inverters, and the product structure changes annually. From 2022 - 2024, the revenue proportion of grid - connected inverters in the main business revenue was 67.97%, 66.61%, and 57.96% respectively [20]. - The company's sales net profit margin and gross profit margin have remained stable. The sales expense ratio first decreased and then increased, the financial expense ratio has been rising, and the management expense ratio has shown a "W - shaped" fluctuation [25]. 3.3.2. Company Highlights - Jinlang Technology is an early entrant in the distributed photovoltaic inverter field in China, extending its advantages to the energy storage track. It is one of the leading global photovoltaic inverter manufacturers, with the world's top market share in household single - phase string inverters and ranking third globally for three consecutive years [34]. - The company has forward - looking track layout, achieving cross - field extension. It has built a "photovoltaic + energy storage" dual - wheel - driven business pattern and has obtained 55 authorized invention patents as of November 2024 [35]. - The company has deep technical barriers and outstanding solution capabilities. It has achieved AI technology empowerment for products in the full power range from 0.7kW to 350kW, and its core products have high - performance features [35].

证券代码：300763 证券简称：锦浪科技 公告编号：2025-086 锦浪科技股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：国泰海通证券股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 锦浪科技股份有限公司（以下简称"锦浪科技"或"发行人"）和国泰海通 证券股份有限公司（以下简称"国泰海通"、"保荐人（主承销商）"或"主承 销商"）根据《中华人民共和国证券法》《上市公司证券发行注册管理办法》 （证监会令〔第 227 号〕）、《证券发行与承销管理办法》（证监会令〔第 228 号〕）、《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券 （2025 年修订）》（深证上〔2025〕223 号）、《深圳证券交易所上市公司证券发 行与承销业务实施细则（2025 年修订）》（深证上〔2025〕268 号）和《深圳证券 交易所创业板上市公司自律监管指南第 1 号——业务办理（2025 年修订）》（深 证上〔2025〕398 号）等相关规定组织实施向不特定对象发行可转换公司债券（以 下简称"可转债"或"锦浪转 02 ...

Core Insights - As of October 16, 2023, 25 companies have released their Q3 2025 financial reports, with 23 reporting year-on-year profit growth and 18 showing revenue growth [1] - The company with the highest profit growth is Guanghua Technology, with a staggering increase of 1233.70% [1] Financial Performance Summary - **Profit Growth**: 23 companies reported profit growth, while 2 experienced declines [1] - **Revenue Growth**: 18 companies reported revenue growth, with 7 showing declines [1] - **Notable Performers**: Guanghua Technology leads with a profit of 90.39 million yuan and revenue of 2.04 billion yuan, marking a profit growth of 1233.70% and revenue growth of 11.50% [1] - **Other High Performers**: - Daoshi Technology: Profit of 415.44 million yuan, profit growth of 182.45%, revenue of 600.09 million yuan, revenue decline of 1.79% [1] - Sichuang Medical: Profit of -0.48 million yuan, profit growth of 98.32%, revenue of 60.38 million yuan, revenue growth of 6.95% [1] - Xiaogoods City: Profit of 3.46 billion yuan, profit growth of 48.45%, revenue of 13.06 billion yuan, revenue growth of 23.07% [1] Declining Performers - **Profit Declines**: Qin Chuan Technology reported a profit decline of 66.72% with a loss of 6.99 million yuan and revenue decline of 16.24% [2] - **Other Decliners**: - High Energy Environment: Profit growth of 15.18% with revenue decline of 11.28% [2] - Qifeng New Materials: Profit decline of 3.82% with revenue decline of 0.83% [2]

Core Viewpoint - Jinlang Technology's stock has shown significant volatility, with a year-to-date increase of 36.16% but a recent decline of 15.43% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Company Overview - Jinlang Technology, established on September 9, 2005, and listed on March 19, 2019, specializes in the research, production, sales, and service of string inverters, with its main products being string inverters [1]. - The company's revenue composition includes: grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and others (1.83%) [1]. Financial Performance - For the period from January to September 2025, Jinlang Technology achieved a revenue of 5.663 billion yuan, representing a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million yuan, reflecting a year-on-year increase of 29.39% [2]. - Since its A-share listing, Jinlang Technology has distributed a total of 660 million yuan in dividends, with 318 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Jinlang Technology increased to 84,600, up by 4.88% from the previous period, with an average of 3,799 circulating shares per shareholder, down by 4.65% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 4.7163 million shares, a decrease of 267,500 shares from the previous period [3].

Core Insights - Jinko Technology reported a revenue of 5.663 billion yuan for the first three quarters of the year, representing a year-on-year increase of 9.71%, and a net profit attributable to shareholders of 865 million yuan, up 29.39% [1] - In the third quarter, the company achieved a revenue of 1.869 billion yuan, a slight increase of 3.43% year-on-year, but the net profit attributable to shareholders fell by 16.85% to 263 million yuan, indicating a "revenue growth without profit growth" situation [1] Revenue and Profit Analysis - For the first half of the year, Jinko Technology's total inverter sales were approximately 466,200 units, a year-on-year decline of 6.98%. However, the inverter business generated a total revenue of 2.61 billion yuan, an increase of 16.6% [2] - The decline in sales was primarily due to a 11.2% drop in revenue from grid-connected inverters, which amounted to 1.82 billion yuan. Conversely, revenue from energy storage inverters surged by 313.5% to 790 million yuan, compensating for the decline in grid-connected inverter performance [2] Market Trends and Future Outlook - The domestic photovoltaic market may face cooling demand in the second half of the year following a "rush installation" trend in the first half. From January to August, the cumulative newly installed photovoltaic capacity reached 230.61 GW, but the growth rate has slowed significantly in recent months [3] - Jinko Technology plans to raise 1.677 billion yuan through a private placement to enhance production capacity, focusing on distributed photovoltaic power station projects and new high-voltage grid-connected inverter projects. This initiative is expected to increase production capacity for grid-connected and energy storage inverters, as well as establish a distributed photovoltaic power station with an annual power generation of approximately 111 million kWh [3]

Core Viewpoint - The inverter export scale continues to decline amid slowing global photovoltaic (PV) installation growth and a drop in domestic demand after a surge in the second quarter, significantly impacting Jinlang Technology's third-quarter revenue and net profit [1][2]. Group 1: Company Performance - Jinlang Technology reported a revenue of 5.663 billion yuan for the first three quarters of the year, a year-on-year increase of 9.71%, with a net profit of 865 million yuan, up 29.39% year-on-year [1]. - In the third quarter, the company achieved a revenue of 1.869 billion yuan, showing a slight year-on-year increase of 3.43%, but a significant quarter-on-quarter decline of 17.92% from 2.276 billion yuan in the second quarter [1]. - The net profit for the third quarter was 263 million yuan, down 16.85% year-on-year and a decrease of 35.38% compared to the second quarter's 407 million yuan [1]. Group 2: Market Conditions - The newly installed PV capacity in China decreased by 55.3% year-on-year and 33.3% month-on-month in August, indicating a slowdown in the PV installation market [2]. - In August, the export value of inverters was 6.29 billion yuan, a year-on-year increase of 2.2%, but a month-on-month decline of 3.4%, with the largest drop in exports to North America [2]. Group 3: Future Plans - Jinlang Technology plans to raise 1.677 billion yuan through convertible bonds to expand its distributed PV power station and high-voltage high-power inverter businesses [3]. - The company aims to increase production capacity for high-voltage inverters and mixed storage inverters, expecting an annual net profit increase of approximately 77.28 million yuan and 124 million yuan, respectively, after project completion [3][4]. - The planned 120 MW distributed PV power station is expected to generate an annual revenue increase of about 40.65 million yuan and a net profit increase of approximately 15.39 million yuan [3].

Core Viewpoint - Jinlang Technology plans to issue new bonds worth 1.677 billion yuan on October 17, amid a significant decline in its stock price and a decrease in net profit for the third quarter of 2025 [1][3]. Financial Performance - For the first three quarters of 2025, Jinlang Technology reported revenue of 5.663 billion yuan, a year-on-year increase of 9.71%, and a net profit attributable to shareholders of 865 million yuan, up 29.39% year-on-year [3]. - In the third quarter of 2025, the company achieved revenue of 1.869 billion yuan, a slight increase of 3.43% year-on-year, but the net profit dropped by 16.85% year-on-year and over 35% quarter-on-quarter [3][4]. - The company attributed earlier growth to increased demand in the market, particularly in high-power inverter products and energy storage series [3]. Bond Issuance and Fund Utilization - Jinlang Technology intends to raise 1.677 billion yuan through the issuance of convertible bonds, which will be used for various projects including distributed photovoltaic power stations and new high-voltage inverter projects [3][4]. - The projects are expected to enhance production capacity significantly, adding 25,000 units of high-voltage inverters and 25,000 units of medium-power energy storage inverters, with projected annual net profits of approximately 77.28 million yuan and 124 million yuan respectively [4]. Market Position and Industry Outlook - According to Wood Mackenzie, Jinlang Technology ranks third globally in inverter product shipments, accounting for about 5% of the total global inverter shipments in 2024 [5]. - The global inverter market is expected to grow steadily, with shipments projected to reach 685.47 GW by 2030, driven by increasing demand in both photovoltaic and energy storage sectors [5].

Core Viewpoint - Jinlang Technology Co., Ltd. reported a revenue of 5.663 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million yuan, up 29.39% year-on-year [2] Financial Performance - The company achieved a revenue of 5.663 billion yuan in the first three quarters of 2025, with a net profit of 865 million yuan [2] - Year-on-year growth rates for revenue and net profit were 9.71% and 29.39%, respectively [2] Business Segments - The core business of the company is the photovoltaic inverter segment, which is crucial for the efficiency and stability of photovoltaic power generation systems [2] - The company has focused on technological research and development, resulting in a series of proprietary core technologies [2] - The distributed photovoltaic power generation business is seen as a growth driver, allowing the company to transition from a core equipment supplier to a comprehensive energy solution provider [3][4] Market Position and Strategy - The company's inverters have market advantages in conversion efficiency and power quality, with a significant share in the domestic market and ongoing expansion into global markets [3] - The company has optimized its inverter product structure, increasing the proportion of high-tech and high-value-added products, including medium and large power inverters and energy storage products [3] Project Development - As of June 30, 2025, the company had a cumulative installed capacity of 1,329.52 MW in renewable energy power production, primarily in East, Central, and South China [4] - The company is actively developing and operating distributed photovoltaic power station projects across multiple provinces in China [4] Synergy and Growth Potential - The two core businesses of photovoltaic inverters and distributed photovoltaic power generation create a synergistic effect, enhancing the company's overall risk resistance and driving performance growth [4] - The company plans to raise 1.677 billion yuan through a convertible bond issuance to invest in various projects, including high-voltage large power inverters and energy storage inverters [4][5]