Core Viewpoint - The article highlights the innovative advancements made by Haitai New Light in the endoscope industry, emphasizing its unique technologies and strategic vision to become a leader in the medical optical field [1][6]. Company Overview - Haitai New Light transitioned from micro-projection display to the medical endoscope sector, achieving significant innovations such as the first LED light source, the first fluorescence endoscope, and the first optical de-fogging system [1][3]. - The company focuses on "micro-innovation" to meet clinical needs and enhance product quality, ensuring that its developments align closely with market demands [5][6]. Technological Innovations - The introduction of LED light sources has revolutionized endoscope technology, improving brightness by over 20% compared to traditional xenon lamps [1][2]. - Haitai New Light developed the world's first fluorescence endoscope with a focal length capability, which gained popularity in North America [3]. - In 2023, the company launched the first optical de-fogging endoscope system, utilizing specific light to achieve thermal balance and eliminate fog [3][4]. Market Position and Strategy - The company aims to establish its own brand in the domestic market, moving beyond being an ODM for international brands, and has initiated a comprehensive marketing strategy to support this goal [5][6]. - Haitai New Light's market share has increased as domestic brands rise, with international giants' market share dropping from 70-80% to around 50% [6][7]. - The company plans to expand its product line and integrate AI and robotic technologies to provide comprehensive solutions for minimally invasive surgery [4][7]. Industry Growth Potential - The Chinese endoscope market is projected to grow from approximately 24.8 billion yuan in 2021 to 60 billion yuan by 2030, with a compound annual growth rate of 8.1% from 2025 to 2030 [6][7]. - The endoscope sector is recognized as a rapidly growing segment within the global medical device market, with applications across various medical fields [6].

Group 1 - The core viewpoint of the news is that Shanghai Ailu Packaging Co., Ltd. has shown a mixed financial performance in the latest quarterly report, with revenue growth but a significant decline in net profit [1] - As of July 30, 2025, the company's stock price closed at 8.59 yuan, down 0.58%, with a turnover rate of 3.03% and a trading volume of 94,300 hands, amounting to 80.8264 million yuan [1] - The company's total operating revenue for Q1 2025 was 284 million yuan, representing a year-on-year increase of 5.47%, while the net profit attributable to shareholders was 778,300 yuan, a decrease of 97.26% year-on-year [1] Group 2 - The company has a current ratio of 1.395, a quick ratio of 0.864, and a debt-to-asset ratio of 47.76%, indicating its liquidity and financial stability [1] - Shanghai Ailu has made investments in 10 enterprises and participated in 56 bidding projects, showcasing its active engagement in the market [2] - The company holds 52 trademark registrations and 162 patents, along with 120 administrative licenses, reflecting its commitment to innovation and compliance [2]

Core Viewpoint - Shanghai Ailu Packaging Co., Ltd. has successfully issued convertible bonds totaling RMB 500 million, with a maturity of six years and a tiered interest rate structure, aimed at funding various projects and enhancing its financial position [2][3][4]. Group 1: Issuance Details - The convertible bonds were approved by the board and shareholders in early 2023 and received regulatory approval from the China Securities Regulatory Commission on July 14, 2023 [2][3]. - The total amount raised from the issuance is RMB 500 million, with each bond having a face value of RMB 100, resulting in 5 million bonds issued [3][4]. - The bonds will be listed on the Shenzhen Stock Exchange starting November 20, 2023, under the name "Ailu Convertible Bonds" and code "123229" [3][4]. Group 2: Financial Terms - The bonds have a tiered interest rate structure: 0.30% for the first year, increasing to 3.00% by the sixth year [4][5]. - Interest payments will be made annually, with the first payment scheduled for October 23, 2024 [6][7]. - The initial conversion price for the bonds is set at RMB 10.15 per share, subject to adjustments based on corporate actions [6][7]. Group 3: Use of Proceeds - The net proceeds from the bond issuance, after deducting underwriting fees, are intended for specific projects, including industrial paper packaging construction and working capital [16][18]. - The total investment for the projects is estimated at RMB 617.08 million, with the company planning to adjust funding allocations as necessary [16][18]. - The company has committed to using the raised funds in accordance with the approved project plans and has established a dedicated account for fund management [16][19]. Group 4: Company Performance - For the fiscal year 2024, the company reported a revenue of RMB 1.19 billion, reflecting an 11.63% increase year-on-year, despite a 33.96% decline in net profit attributable to shareholders [18][21]. - The company’s total assets reached RMB 2.93 billion, with net assets of RMB 1.53 billion, indicating a 29% increase from the previous year [21]. - The decline in net profit is attributed to longer R&D cycles and increased depreciation and impairment provisions related to solar projects [21].

债券简称：艾录转债 债券代码：123229 上海艾录包装股份有限公司 向不特定对象发行可转换公司债券受托管理 事务报告 （2024 年度） 发行人 上海艾录包装股份有限公司 （上海市金山区山阳镇阳乐路88号） 债券受托管理人 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 7 月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《上 海艾录包装股份有限公司可转换公司债券受托管理协议》（以下简称"《受托管理 协议》"）《上海艾录包装股份有限公司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》"）《上海艾录 2024 年年度报告》等相关公开信 息披露文件、第三方中介机构出具的专业意见等，由本期债券受托管理人中信证 券股份有限公司（以下简称"中信证券"）编制。中信证券对本报告中所包含的 从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真 实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何 ...

| 证券代码：301062 证券简称：上海艾录 | 公告编号：2025-028 | | --- | --- | | 债券代码：123229 债券简称：艾录转债 | | 上海艾录包装股份有限公司 关于 2025 年第二季度可转债转股情况公告 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、误导性陈述或者重大遗漏。 特别提示： 5、2025 年第二季度，"艾录转债"因转股减少 50 张（票面金额共计 5,000 元人民币），合计转换上海艾录包装股份有限公司（以下简称"公司"）股票 495 股。截至 2025 年 6 月 30 日，公司剩余可转换公司债券（以下简称"可转债"） 为 1,779,484 张，剩余可转债票面总金额为 177,948,400 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《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》的有关规定，公司现将 2025 年第二 季度可转债转股及公司总股份变化情况公告如下： 一、可转债基本情况 （一）可转债发行情况 经深圳证券交易所（以下简称"深交所"）同意，公司本次可转债于 2023 年 11 月 20 ...

Core Viewpoint - Shanghai Ailu Packaging Co., Ltd. maintains a long-term credit rating of A+ with a stable outlook, reflecting its competitive advantages in technology research and development, production processes, and customer resources [1][5]. Company Overview - The company was established in August 2006 and went public on the Shenzhen Stock Exchange in September 2021, with a total share capital of 432 million shares as of March 2025 [12]. - The main business includes the research, production, and sales of industrial paper packaging, plastic packaging, and intelligent packaging systems [12]. Financial Performance - In 2024, the company achieved an operating revenue of 1.191 billion yuan, a year-on-year increase of 11.63%, while the total profit was 44 million yuan, a decrease of 45.41% compared to the previous year [19][20]. - The total assets as of the end of 2024 were 2.935 billion yuan, with total liabilities of 839 million yuan, resulting in a debt-to-asset ratio of 47.70% [11][12]. Production and Sales - The company has significantly increased its production capacity, with industrial paper packaging capacity at approximately 525 million pieces per year and composite plastic products at about 475 million linear meters per year [17]. - However, the capacity utilization rate has decreased due to new production lines and insufficient downstream demand, leading to significant pressure on capacity digestion [9][19]. Industry Environment - The packaging industry in China faced challenges in 2023, with a slight decline in revenue and an increase in profit margins, indicating a competitive market environment [13][16]. - The overall demand for packaging is closely tied to consumer sentiment, which has shown slight improvement in 2024, contributing to a modest increase in industry revenue [16]. Competitive Advantages - The company maintains a competitive edge through its strong R&D capabilities, advanced production technology, and a diverse customer base, which includes over 700 clients across various industries [17][19]. - R&D expenses in 2024 amounted to 43.27 million yuan, representing 3.63% of total revenue, highlighting the company's commitment to innovation [17]. Challenges - The company faces significant cost control pressures due to high raw material prices, particularly for paper and plastic, which are influenced by market fluctuations [21][22]. - The profitability of the photovoltaic component business remains uncertain, with potential risks related to market demand and supply chain stability [5][9].

上海艾录包装股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕4666 号 联合资信评估股份有限公司通过对上海艾录包装股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持上海 艾录包装股份有限公司主体长期信用等级为 A+，维持"艾录转债" 信用等级为 A+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十九日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资信接受上海艾录包装股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、 ...

| 证券代码：301062 | 证券简称：上海艾录 公告编号：2025-027 | | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | 上海艾录包装股份有限公司 上海艾录包装股份有限公司 1、债券代码：123229 债券简称：艾录转债 2、恢复转股时间：自 2025 年 6 月 20 日起恢复转股 上海艾录包装股份有限公司（以下简称"公司"）因实施 2024 年度权益分派， 根据《上海艾录包装股份有限公司向不特定对象发行可转换公司债券募集说明书》 及相关规定，公司可转换公司债券"艾录转债"自 2025 年 6 月 10 日起至 2024 年度权益分派股权登记日（2025 年 6 月 19 日）止暂停转股。2024 年度权益分派 股权登记日后的第一个交易日起恢复转股。具体内容详见公司于巨潮资讯网 （www.cninfo.com.cn）披露的《关于实施权益分派期间艾录转债暂停转股的公告》 （公告编号：2025-024）。 根据相关规定，"艾录转债"将在 2024 年度权益分派股权登记日（2025 年 6 月 19 日）后的第一个交易日（2025 年 6 月 20 日）起恢复转股。敬 ...

上海艾录包装股份有限公司 关于"艾录转债"调整转股价格的公告 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、误导性陈述或者重大遗漏。 特别提示： | 证券代码：301062 | 证券简称：上海艾录 公告编号：2025-026 | | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | 一、关于"艾录转债"转股价格调整的相关规定 经中国证券监督管理委员会《关于同意上海艾录包装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﹝2023﹞1928 号）批准，并经 深圳证券交易所同意，上海艾录股份有限公司（以下简称"公司"）于 2023 年 10 月 23 日向不特定对象发行（向社会公开发行）可转换公司债券 5,000,000 张，每 张面值人民币 100 元，募集资金总额为人民币 500,000,000.00 元。经深圳证券交 易所（以下简称"深交所"）同意，公司向不特定对象发行可转换公司债券（以 下简称"可转债"）于 2023 年 11 月 20 日在深交所上市交易，债券简称"艾录转 债"，债券代码"123229"。 根据《上海艾录包装股份 ...

| 证券代码：301062 | 证券简称：上海艾录 公告编号：2025-025 | | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | 上海艾录包装股份有限公司 2024 年年度权益分派实施公告 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、误导性陈述或者重大遗漏。 特别提示： 1、上海艾录包装股份有限公司（以下简称"公司"）2024 年度权益分派方案 为：以公司 2024 年 12 月 31 日总股本 432,275,702 股为基数，向全体股东每 10 股派发现金红利 0.50 元（含税），拟共派发现金红利 21,613,785.10 元（含税）， 不送红股，不进行资本公积转增股本。在利润分配预案披露日至实施权益分派股 权登记日期间，公司股本若因新增股份上市、股权激励授予行权、可转债转股、 股份回购等事项发生变化，公司将按照分配总额不变的原则对分配比例进行调整。 公司不存在回购本公司股份的情形，无回购专户。 2、因公司可转换公司债券（债券简称：艾录转债，债券代码：123229）自 2024 年 4 月 29 日进入转股期，公司总股本自分配方案披露 ...