Group 1 - The core viewpoint of the article is that Congsheng Co., Ltd. (301002.SZ) reported its Q3 2025 results, showing a mixed performance with revenue growth but a significant decline in net profit [1] Group 2 - The company's revenue for the first three quarters reached 694 million yuan, representing a year-on-year increase of 6.48% [1] - The net profit attributable to shareholders of the listed company was 6.9038 million yuan, reflecting a year-on-year decrease of 62.91% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 1.5588 million yuan [1] - The basic earnings per share were reported at 0.06 yuan [1]

Core Viewpoint - The company reported a revenue increase of 6.48% year-on-year for the first three quarters of 2025, but net profit decreased significantly by 62.91% [1] Financial Performance - The company's revenue for the first three quarters reached 694 million yuan [1] - Net profit attributable to shareholders was 6.9038 million yuan, showing a substantial decline compared to the previous year [1] - The net loss attributable to shareholders, after excluding non-recurring gains and losses, was 1.5588 million yuan [1] - Basic earnings per share were reported at 0.06 yuan [1]

Group 1 - The core point of the article is that Songsheng Co., Ltd. held its 23rd meeting of the third board of directors on October 24, 2025, to review the proposal for the full text of the Q3 2025 report [1] - For the first half of 2025, the revenue composition of Songsheng Co., Ltd. was as follows: LED driver power products accounted for 91.32%, energy storage products accounted for 6.92%, and other businesses accounted for 1.76% [1] - As of the time of reporting, the market capitalization of Songsheng Co., Ltd. was 4.4 billion yuan [1] Group 2 - The article mentions that the Chinese innovative drug sector has sold overseas authorizations worth 80 billion USD this year [1] - It highlights a conversation with Lu Gang, a partner at Chuangdong Investment, discussing the hot secondary market in biomedicine while the primary market faces fundraising challenges [1]

| | | 深圳市崧盛电子股份有限公司 2025 年三季度报告披露提示性公告 2025 年 10 月 25 日 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。 2025 年 10 月 24 日，深圳市崧盛电子股份有限公司（以下简称"公司"） 分别召开第三届董事会第二十三次会议及第三届监事会第十七次会议审议通过 了《关于 2025 年三季度报告全文的议案》，公司《2025 年三季度报告》已于 2025 年 10 月 25 日在巨潮资讯网（www.cninfo.com.cn）披露，敬请投资者注意查阅。 特此公告。 深圳市崧盛电子股份有限公司 董事会 ...

| | | 深圳市崧盛电子股份有限公司 注：数据如存在尾差，属四舍五入所致。 三、本次计提减值准备的确认标准及计提方法 （一）应收票据、应收账款及其他应收款减值准备的确认标准和计提方法 关于 2025 年第三季度计提减值准备的公告 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。 一、本次计提减值准备概述 为真实反映深圳市崧盛电子股份有限公司（以下简称"公司"或"本公司"） 的财务状况、资产价值及经营情况，本着谨慎性原则，根据《企业会计准则》及 公司会计政策的相关规定，公司对合并报表范围内截至 2025 年 9 月 30 日的应收 票据、应收账款、其他应收款、存货、固定资产、在建工程、无形资产、使用权 资产等资产进行了全面清查，对各类资产进行了充分的评估和分析，对可能发生 减值损失的资产计提减值准备。现将相关情况公告如下： 二、本次计提减值准备的范围和总金额 公司 2025 年第三季度计提信用减值损失和资产减值损失共计 190.46 万元， 具体情况如下： 单位：万元 项目 期初余额 本期计提 本期转回 本期转销 期末余额 信用减值损失 应收票据坏账准备 0.0 ...

| | | 深圳市崧盛电子股份有限公司 一、监事会会议召开情况 深圳市崧盛电子股份有限公司（以下简称"公司"）第三届监事会第十七次 会议于 2025 年 10 月 24 日以现场方式在公司会议室召开，会议通知及会议资料 于 2025 年 10 月 17 日通过书面及邮件方式送达至全体监事。本次监事会应出席 监事 3 名，实际出席监事 3 名。本次会议由公司监事会主席罗根水先生主持，公 司部分高级管理人员列席了本次会议。会议的召集、召开和表决程序符合《中华 人民共和国公司法》等法律、行政法规、部门规章、规范性文件和《深圳市崧盛 电子股份有限公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 与会监事经认真审议、审慎表决后，依照有关规定形成以下决议： 审议通过《关于 2025 年三季度报告全文的议案》 经审核，监事会认为：董事会编制和审核《2025 年三季度报告》的程序符 合法律、法规及规范性文件的规定，报告内容能够真实、准确、完整地反映公司 的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年三季度报告》。 第 ...

| 证券代码：301002 | 证券简称：崧盛股份 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123159 | 债券简称：崧盛转债 | | 深圳市崧盛电子股份有限公司 第三届董事会第二十三次会议决议公告 二、董事会会议审议情况 与会董事经认真审议、审慎表决后，依照有关规定形成以下决议： 审议通过《关于 2025 年三季度报告全文的议案》 公司《2025 年三季度报告》符合法律、法规及规范性文件的规定，报告内 容真实、准确、完整地反映了公司 2025 年三季度的财务状况和经营成果，不存 在虚假记载、误导性陈述或者重大遗漏。 公司《2025 年第三季度财务报表》已经公司董事会审计委员会审议通过。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年三季度报告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票，获得通过。 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。 一、董事会会议召开情况 深圳市崧盛电子股份有限公司（以下简称"公司"）第三届董事会第二十三 次会议于 202 ...

深圳市崧盛电子股份有限公司 2025 年三季度报告 深圳市崧盛电子股份有限公司 2025 年三季度报告 证券代码：301002 证券简称：崧盛股份 公告编号：2025-060 债券代码：123159 债券简称：崧盛转债 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 深圳市崧盛电子股份有限公司 2025 年三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 会计政策变更 | | 本报告期 | 上年同期 | | 本报告期比上年 | | 上年同期 | | 年初至报告期末 | | --- | --- | --- | --- | --- | --- | --- | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the stock market's rally since July, the medium - and short - term market may experience consolidation, and there could be a re - balance between large - and small - cap styles. Since October, the year - to - date cumulative return of the CSI 2000 (representing small - and medium - cap stocks) has approached that of the ChiNext Index [2][9]. - Small - and medium - cap stocks in the high - end manufacturing sector are worth attention. Some companies in this sector have stable main - business profits and are shifting strategies towards computing power and humanoid robots, opening up growth prospects [2][9]. - Small - and medium - cap high - end manufacturing convertible bonds can enhance portfolio elasticity. It is recommended to increase attention to equity - like convertible bonds, focusing on new bonds and those with non - call provisions, while being aware of call risks [2][9]. - Five convertible bonds related to small - and medium - cap high - end manufacturing are recommended: Songsheng Convertible Bond, Yingbo Convertible Bond, Fuli Convertible Bond, Xizhen Convertible Bond, and Xingrui Convertible Bond [3][10]. 3. Summaries According to Catalogs 3.1 Overall Logic and Layout Ideas - The stock market is in a trading volume contraction trend. After the rally since July, partial profit - taking may occur. The inflow of funds through ETFs and mutual funds has driven the strength of large - cap growth stocks. With the weakening of market beta, the style between large - and small - cap stocks may re - balance [2][9]. - Small - and medium - cap stocks in high - end manufacturing are promising. Against the backdrop of a technology - driven and industrial - upgrading nation, some companies' main - business profits are stable, and strategic shifts towards computing power and humanoid robots open up growth expectations [2][9]. - From the perspective of convertible bonds, small - and medium - cap high - end manufacturing convertible bonds can increase portfolio elasticity. Due to the high volatility of small - cap stocks, they often have high valuations. Equity - like convertible bonds are recommended, along with attention to call risks and a focus on new bonds and those with non - call provisions [2][9]. 3.2 Individual Bond Selections 3.2.1 Songsheng Co., Ltd. / Songsheng Convertible Bond - The company is a leading manufacturer of medium - and high - power LED driving power supplies in the LED lighting field. The global LED plant lighting market is expected to grow from $1.315 billion in 2024 to $2.056 billion in 2029, with a CAGR of 9.4% [15]. - Energy storage inverter products have achieved batch sales. In H1 2025, the company's household and industrial energy storage products obtained numerous certifications, and the energy storage core component business received orders from large domestic energy companies [16]. - In June 2025, the company entered the robot track by jointly developing harmonic reducers and other products with Chongqing Jinggang Transmission and others. As of October, the project is progressing, and its subsidiary is seeking orders [16][17]. 3.2.2 Yingboer / Yingbo Convertible Bond - Yingboer is a leading enterprise with independent R & D and production capabilities in new - energy vehicle drive and power systems. It has established cooperation with many well - known vehicle manufacturers in various fields [20]. - The company has obtained project approvals from multiple eVTOL leading enterprises. With the government's support for the low - altitude economy, eVTOL has great development potential, and the company's "Integrated Chip" technology meets its needs [20][21]. - In April 2025, Yingboer cooperated with Fengli Intelligent to develop joint modules for humanoid robots, expanding its business scope [22]. 3.2.3 Fuliwang / Fuli Convertible Bond - The company focuses on the R & D, manufacturing, and sales of precision metal parts, serving multiple downstream industries. It has mature MIM process capabilities applicable to humanoid robot parts manufacturing [24]. - In early 2025, the company extended into the humanoid robot industry and sent samples of micro - planetary roller screws to leading customers. As of September, it had sent samples to 5 industry leaders and started delivering other metal parts [25]. 3.2.4 Wuxi Zhenhua / Xizhen Convertible Bond - The company is deeply involved in the automotive parts industry, with main business segments including stamping parts, sub - assembly processing, mold, and selective precision electroplating [27]. - New - energy customers such as Tesla, Li Auto, and Xiaomi provide new growth opportunities. In H1 2025, the sub - assembly processing business increased by 16.65% year - on - year [28]. - The precision electroplating business has high gross margins. In September, the company obtained environmental assessment approvals for new projects, which will open up new business areas in the new - energy field [28]. 3.2.5 Xingrui Technology / Xingrui Convertible Bond - Xingrui Technology is a precision component manufacturing and R & D enterprise focusing on new - energy vehicle electrical systems, intelligent terminals, and consumer electronics, providing customized solutions for high - end customers [30]. - In H1 2025, the company's server business won multiple new project approvals, expanding its product portfolio. In July 2025, it established a strategic partnership with Green Cloud Map for R & D and production of liquid - cooled server - related products [30].

Core Viewpoint - Songsheng Co., Ltd. has seen a stock price increase of 5.04% on October 20, reaching 35.88 CNY per share, with a total market capitalization of 4.451 billion CNY [1] Company Overview - Songsheng Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 8, 2011, with its IPO on June 7, 2021 [1] - The company specializes in the research, production, and sales of medium and high-power LED driver power supply products [1] - Revenue composition includes: high-power LED driver power supplies 79.64%, medium-power LED driver power supplies 11.84%, energy storage products 6.93%, others 1.58%, and low-power LED driver power supplies 0.01% [1] Fund Holdings - According to data, one fund from ICBC Credit Suisse Asset Management holds a significant position in Songsheng Co., Ltd. [2] - ICBC Joyful Mixed A Fund (011729) held 16,200 shares in the second quarter, accounting for 0.13% of the fund's net value, making it the largest holding [2] - The fund has achieved a year-to-date return of 25.68% and a one-year return of 33.67% [2] Fund Manager Performance - The fund manager, Jiao Wenlong, has a tenure of 10 years and 159 days, with a total asset scale of 9.24 billion CNY [3] - The best fund return during his tenure is 64.11%, while the worst is -89.78% [3] - Co-manager He Shun has a tenure of 2 years and 2 days, managing assets of 6.865 billion CNY, with a best return of 53.86% and a worst return of 4.81% [3]