1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The total issuance scale of PULIAN Convertible Bonds is RMB 243 million, and the net proceeds after deducting issuance fees will be used for domestic ERP function expansion construction projects, digital intelligent financial risk control series product construction projects, and Yunhu platform R & D upgrade projects [4]. - The current bond - floor valuation is RMB 83.52, and the YTM is 2.97%. The conversion parity is RMB 103.8, and the parity premium rate is - 3.74%. The bond - floor protection is average, and the dilution pressure on equity is small [4]. - It is expected that the listing price of PULIAN Convertible Bonds on the first day will be between RMB 122.94 and RMB 136.97, and the subscription rate is expected to be 0.0011%. It is recommended to actively subscribe [4]. - PULIAN Software is a comprehensive service provider focusing on energy industry management software development. Since 2020, its revenue has fluctuated and increased, with a compound growth rate of 18.64% from 2020 - 2024. The net profit attributable to the parent has also fluctuated, with a compound growth rate of 9.81% from 2020 - 2024 [4]. - The company's sales net profit margin and gross profit margin have fluctuated and declined, the sales expense ratio has fluctuated and increased, the financial expense ratio has decreased steadily, and the management expense ratio has shown an "inverted U - shaped" fluctuation [5]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - The issuance schedule of PULIAN Convertible Bonds is from December 3, 2025 (T - 2) to December 11, 2025 (T + 4), including steps such as publishing prospectuses, online roadshows, and determining subscription results [11]. - The convertible bond has a code of 123261.SZ, a face value of RMB 100, a term of 6 years, a rating of A +/A +, and an initial conversion price of RMB 18.26 per share. The conversion period is from June 11, 2026, to December 4, 2031 [12]. - The funds raised will be used for three projects, with a total investment of RMB 242.9326 million, all funded by the raised funds [13]. - The bond - floor value is RMB 83.52, the pure - bond premium rate is 19.73%, the conversion parity is RMB 103.89, and the parity premium rate is - 3.74%. The pure - bond YTM is 2.97% [13]. 3.2. Investment Subscription Suggestion - By referring to comparable convertible bonds and an empirical model, it is expected that the conversion premium rate of PULIAN Convertible Bonds on the first - day of listing will be around 25%, and the listing price will be between RMB 122.94 and RMB 136.97 [16][17]. - It is expected that the priority subscription ratio of original shareholders will be 59.95%, and the online subscription rate will be 0.0011% [18]. 3.3. Fundamental Analysis of the Underlying Stock 3.3.1. Financial Data Analysis - PULIAN Software is mainly engaged in providing informatization solutions and IT comprehensive services for large - scale group enterprises, with its business covering multiple aspects. It is expanding into the financial and other industries while deepening its traditional advantageous fields [19]. - From 2020 to 2024, the company's revenue had a compound growth rate of 18.64%, and the net profit attributable to the parent had a compound growth rate of 9.81%. In 2025 Q3, the revenue was RMB 300 million, and the net profit attributable to the parent was RMB 1 million [20]. - The company's revenue mainly comes from industries such as petroleum and petrochemical, construction and real estate, coal and power, etc., and the product structure changes annually. The sales net profit margin and gross profit margin have declined, while the sales expense ratio has increased, and the financial expense ratio has decreased [22][24]. 3.3.2. Company Highlights - The company has long - term cooperation with large central enterprises, has strong innovation and delivery capabilities, and has a high brand reputation and industry status in the field of large - scale group enterprise informatization [31]. - It is an early software manufacturer in China to master the XBRL standard system and key technologies. Its XBRL - related systems and products have been widely applied in many customers [31].

证券代码：300996 证券简称：普联软件 公告编号：2025-095 普联软件股份有限公司 向不特定对象发行可转换公司债券中签号码公告 保荐人（主承销商）：中泰证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 普联软件股份有限公司（以下简称"普联软件"或"发行人"）和中泰证券 股份有限公司（以下简称"中泰证券"或"保荐人（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 交易所上市公司证券发行与承销业务实施细则（2025 年修订）》（深证上〔2025〕 268 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）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本次向不特定对象发行可转换公司债券（以下简称"普联转 债"或"可转债"）。 本次发行 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of uncertain Fed rate - cut amplitude next year, significant global economic and geopolitical variables, it's difficult for liquidity to drive a major upward trend. The AI infrastructure faces over - investment doubts, and the AI, lithium - battery, and anti - involution sectors are waiting for certain developments. From a seasonal perspective, high - dividend sectors are expected to have a good performance at the end of the year. Overall, the equity market may enter a wide - range oscillation state, waiting for the spring rally. [2][17] - In the convertible bond market, the capital flow in November had a great impact on the market. The share of convertible bond ETFs showed a "down - up - down" trend, which was consistent with the overall market valuation trend. Due to unclear equity expectations and poor overall cost - effectiveness of convertible bond assets, the premium rate is vulnerable, and the operation of convertible bonds is difficult. [2][17] - For relative - return investors, it is recommended to allocate a small and balanced position in non - callable, high - quality equity - linked convertible bonds with suitable premium rates. For absolute - return investors, it is recommended to focus on convertible bonds below 130 yuan with high odds. [2][17] 3. Summary by Relevant Catalogs 3.1 Market Trends (2025/12/1 - 2025/12/5) Stock Market - The A - share market was generally oscillating last week. With the rising expectation of Fed rate cuts and positive signals from the China - US economic and trade delegation meeting, the market risk appetite remained high. The non - ferrous and commercial aerospace sectors performed strongly. [7] - By industry, most Shenwan primary industries rose. Non - ferrous metals (5.35%), communication (3.69%), national defense and military industry (2.82%), machinery (2.77%), and non - bank finance (2.27%) led the gains, while media (- 3.86%), real estate (- 2.15%), beauty care (- 2.00%), and food and beverage (- 1.90%) lagged. [8] Bond Market - The bond market continued to weaken last week, with sentiment stabilizing and yields slightly declining on Friday. The 10 - year Treasury bond rate closed at 1.85% on Friday, up 0.68bp from the previous week. [8] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 0.08% for the whole week, the median price increased by 0.19%, the arithmetic average parity decreased by 0.17%, and the overall market conversion premium rate increased by 0.79% compared with the previous week. [1][8] - By industry, half of the convertible bond sectors in the market rose. National defense and military industry (+3.64%), non - bank finance (+2.21%), non - ferrous metals (+1.53%), and petroleum and petrochemical (+1.40%) led the gains, while steel (- 2.53%), computer (- 0.96%), household appliances (- 0.91%), and agriculture, forestry, animal husbandry and fishery (- 0.71%) lagged. [11] - At the individual bond level, Yake, Weidao, Yong 02, Furong, and Ruichuang convertible bonds led the gains, while Dazhong, Guocheng, Limin, Yingbo, and Yitian convertible bonds led the losses. [1][12] - The total trading volume of the convertible bond market last week was 254.549 billion yuan, with an average daily trading volume of 50.91 billion yuan, a decrease from the previous week. [15] 3.2 Valuation Overview (as of 2025/12/05) - For equity - linked convertible bonds, the average conversion premium rates for par values in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 46.32%, 32.88%, 29.62%, 19.91%, 12.21%, and 11.93% respectively, at the 96%/94%, 90%/86%, 96%/99%, 90%/89%, 78%/67%, 95%/94% percentile since 2010/2021. [18] - For bond - linked convertible bonds, the average YTM for par values below 70 yuan was - 4.11%, at the 1%/4% percentile since 2010/2021. [18] - The average implied volatility of all convertible bonds was 42.97%, at the 87% percentile since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.69%, at the 82%/83% percentile since 2010/2021. [18] 3.3 Primary Market Tracking - From 2025/12/1 to 2025/12/5, the Pulan Convertible Bond was announced for issuance, and no convertible bonds were listed. Pulan Software, the underlying stock of Pulan Convertible Bond, belongs to the computer industry. The company's 2024 revenue was 836 million yuan, with a year - on - year increase of 11.6%, and the net profit attributable to the parent company was 121 million yuan, with a year - on - year increase of 95.06%. In 2025Q1 - 3, the revenue was 300 million yuan, with a year - on - year increase of 2.17%, and the net profit attributable to the parent company was 100,000 yuan, with a year - on - year decrease of 90.07%. The scale of the issued convertible bond is 243 million yuan. [26] - As of the announcement on December 5, there were no announcements of convertible bond issuance and listing in the coming week (2025/12/8 - 2025/12/12). Last week, 2 companies' applications passed the listing committee review, 1 company's application was accepted by the exchange, 3 companies' applications passed the shareholders' meeting, and 2 companies' applications were at the board of directors' proposal stage. Currently, there are 96 convertible bonds waiting to be issued, with a total scale of 149.23 billion yuan, including 6 approved for registration with a total scale of 4.47 billion yuan and 8 passing the listing committee review with a total scale of 9.81 billion yuan. [27]

Core Viewpoint - The company announced the issuance of convertible bonds totaling 242.93 million yuan, with preferential allocation for existing shareholders and public subscription ending on December 5, 2025 [1] Group 1: Bond Issuance Details - The total amount of convertible bonds issued is 242.93 million yuan [1] - Existing shareholders received preferential allocation of 189.97 million yuan, accounting for 78.20% of the total issuance [1] - Public investors subscribed for 52.97 million yuan, representing 21.80% of the total, with a subscription success rate of 0.0006108812% [1] Group 2: Allocation and Underwriting - The controlling shareholder, actual controller, and concerted actors collectively received approximately 37.55% of the total issuance [1] - The remaining six bonds will be underwritten by the sponsor [1] Group 3: Future Announcements - The listing date for the convertible bonds will be announced separately [1]

证券代码：300996 证券简称：普联软件 公告编号：2025-094 普联软件股份有限公司 向不特定对象发行可转换公司债券 网上发行中签率及优先配售结果公告 保荐人（主承销商）：中泰证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示 普联软件股份有限公司（以下简称"普联软件"、"公司"或"发行人"） 和中泰证券股份有限公司（以下简称"中泰证券"或"保荐人（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证券发行与承销业务实施细则（2025 年修订）》（深 证上〔2025〕268 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）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本次向不特定对象发行可转换公司债券（以 下简称"普 ...

New Stock Offerings - 荃银高科 (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting Notices - *ST广道 (920680) will enter the delisting preparation period starting December 11, 2025[1] - *ST苏吴 (600200) will enter the delisting preparation period starting December 9, 2025[1] Stock Performance Alerts - 赛微电子 (300456) reported severe abnormal fluctuations[1] - 江龙船艇 (300589) reported severe abnormal fluctuations[1] Other Announcements - 梦天家居 (603216) has an announcement dated December 3, 2025[1] - 高乐股份 (002348) has an announcement dated December 4, 2025[1]

本次发行的可转债向发行人在股权登记日（2025 年 12 月 4 日，T-1 日）收市 后中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公 司"）登记在册的原股东优先配售，原股东优先配售后余额部分（含原股东放弃 优先配售部分）通过深圳证券交易所（以下简称"深交所"）交易系统网上向社 会公众投资者发行。 证券代码：300996 证券简称：普联软件 公告编号：2025-093 普联软件股份有限公司 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）：中泰证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 普联软件股份有限公司（以下简称"普联软件"、"公司"或"发行人"） 和中泰证券股份有限公司（以下简称"中泰证券"或"保荐人（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证券发行与承销业务实施细则（2025 年修订）》（深 证上〔2025〕268 号）、《深圳证券 ...

Core Viewpoint - The A-share market showed a decline with the Shanghai Composite Index closing at 3878.00 points, down 0.51% and below the five-day moving average, with a total trading volume of 168.36 billion yuan [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3878.00 points, reflecting a decrease of 0.51% [1]. - The total trading volume in the A-share market reached 168.36 billion yuan [1]. Group 2: Stocks Breaking the Five-Day Moving Average - A total of 233 A-shares broke above the five-day moving average today [1]. - Notable stocks with significant deviation rates include: - Sifangda (300179) with a deviation rate of 12.01% and a daily increase of 15.37% [1]. - *ST Changyao (300391) with a deviation rate of 11.26% and a daily increase of 20.09% [1]. - Jindike (688670) with a deviation rate of 8.49% and a daily increase of 15.93% [1]. Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Jiuli Special Materials (300996) with a deviation rate of 8.38% and a daily increase of 11.38% [1]. - Zhongheng Design (603017) with a deviation rate of 8.14% and a daily increase of 9.98% [1]. - Shuangqiang Technology (001211) with a deviation rate of 7.13% and a daily increase of 9.99% [1].

Group 1 - The Shanghai Composite Index closed at 3878.89 points, below the five-day moving average, with a decline of 0.48% [1] - The total trading volume of A-shares reached 1,352.517 billion yuan [1] - A total of 193 A-shares have surpassed the five-day moving average today, with notable stocks including Sifangda, Puliansoft, and Zhongheng Design showing significant deviation rates of 12.40%, 8.97%, and 8.14% respectively [1] Group 2 - The stocks with the highest deviation rates from the five-day moving average include: - Sifangda (300179) with a price increase of 15.89% and a deviation rate of 12.40% - Puliansoft (300996) with a price increase of 12.16% and a deviation rate of 8.97% - Zhongheng Design (603017) with a price increase of 9.98% and a deviation rate of 8.14% [1] - Other notable stocks with smaller deviation rates include: - Jianmin Group, Klete, and Sanwei Equipment, which have just crossed the five-day moving average [1]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3894.22 points, just above the five-day moving average, indicating a mixed market sentiment [1] Group 1: Market Performance - The total trading volume of A-shares reached 10,755.55 billion yuan today [1] - The Shanghai Composite Index experienced a change of -0.09% [1] Group 2: Stocks Breaking the Five-Day Moving Average - A total of 281 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Sifangda (300179) with a deviation rate of 11.67% and a daily increase of 14.92% [1] - Pulian Software (300996) with a deviation rate of 9.95% and a daily increase of 13.44% [1] - Zhongheng Design (603017) with a deviation rate of 8.14% and a daily increase of 9.98% [1] Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the five-day moving average include: - Haotong Technology and Weisi Medical, which have just reached the five-day moving average [1]