Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - The target price of Qizhong Convertible Bond on the first trading day is estimated to be between 128 - 133 yuan, and investors are advised to actively subscribe. Considering the current market environment and parity level, the conversion premium rate on the first listing day is expected to be in the range of 28% - 33% [3][18]. - The estimated first - day new - bond lottery winning rate is around 0.0024% - 0.004% [19]. Summary by Relevant Catalogs 1. Qizhong Convertible Bond New - Bond Analysis and Investment Suggestions 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Qizhong Convertible Bond are priority placement and online issuance. The bond and issuer ratings are AA+. The issuance scale is 850 million yuan, the initial conversion price is 13.75 yuan, the bond parity is 100.29 yuan, and the pure bond value is 98.54 yuan. The game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is good, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in advanced packaging and testing of integrated circuits, focusing on the display driver chip packaging and testing field and non - display chip packaging and testing fields such as power management chips and RF front - end chips. The funds raised from this issuance will be used for relevant projects, which can optimize the company's capital structure and enhance its market competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 59% - 76%, the scale of Qizhong Convertible Bond available to the market is 203 million - 350 million yuan. Assuming the online effective subscription number is 8.65 million households, the lottery winning rate is around 0.0024% - 0.004% [19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Upstream and Downstream - The company focuses on advanced packaging and testing of integrated circuits, mainly in the display driver chip and non - display chip packaging and testing fields. The integrated circuit industry chain includes chip design, wafer manufacturing, and packaging and testing. The upstream of the packaging and testing industry is integrated circuit manufacturing. Different types of chips have different downstream application markets [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown an increasing trend. From 2022 to the first half of 2025, the operating income was 1.317 billion yuan, 1.629 billion yuan, 1.95 billion yuan, and 996 million yuan respectively. The comprehensive gross profit margin has declined, and the net profit margin has also decreased. The company's period expenses have fluctuated slightly, and R & D expenses have been increasing. Accounts receivable have risen, but the turnover rate remains relatively high. The net profit attributable to the parent company has changed significantly [24][28][30]. 2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 58.83% of the shares, and the top ten shareholders hold 76.06% of the shares. The company has one wholly - owned first - level subsidiary and one wholly - owned second - level subsidiary [43]. 2.4 Company's Business Characteristics and Advantages - The company is an advanced packaging and testing service provider for integrated circuits, with advantages in technological innovation, talent cultivation and introduction policies, and R & D incentive policies [46]. 2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise up to 850 million yuan. 419 million yuan will be used for the "High - Pin - Count Micro - Sized Bump Packaging and Testing Project", and 431 million yuan will be used for the "Advanced Power and Flip - Chip Packaging and Testing Technology Transformation Project of Qizhong Technology (Suzhou) Co., Ltd." [12][49].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a revenue of 13.942 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 14.65%. The net profit attributable to shareholders was 686 million yuan, up 10.71% year-over-year [2][3]. - The company's gross margin improved to 11.55%, an increase of 0.25 percentage points compared to the same period last year [3]. - The company has a steady growth in its management scale, with 2,410 managed property projects as of Q3 2025, a year-over-year increase of 7.0%. The management area is 367 million square meters, down 8.5% year-over-year [4]. - The company signed new property management contracts worth 3.023 billion yuan in the first three quarters, a year-over-year increase of 3.9%, with 92% of these contracts coming from market-oriented projects [4]. - The asset management business is gradually gaining momentum, with 72 commercial projects under management and a total management area of 3.97 million square meters. The overall occupancy rate of the properties held by the company is 94% [4]. Financial Summary - The company is expected to achieve revenues of 19.08 billion yuan, 20.87 billion yuan, and 22.68 billion yuan for the years 2025, 2026, and 2027, respectively. The net profits attributable to shareholders are projected to be 940 million yuan, 1.059 billion yuan, and 1.162 billion yuan for the same years [5][6]. - The price-to-earnings (P/E) ratios are forecasted to be 12.9X, 11.4X, and 10.4X for 2025, 2026, and 2027, respectively [5].

Group 1: Core Insights - The report emphasizes that the digital economy will continue to drive new quality productivity in 2026, supported by advancements in AI and technology innovation [2][19][21] - The transition from "technical breakthroughs" to "value release" in the technology sector is expected to create long-term value for the industry [2][19] - The automotive sector is projected to undergo a paradigm shift from "rule-driven" to "data-driven" approaches, particularly in commercial vehicles [2][33] Group 2: Digital Economy Development - The digital economy is recognized as a key force in optimizing the three elements of productivity: labor, labor objects, and labor materials [17][19] - AI will play a crucial role in enhancing productivity through technological innovation, data resource utilization, and the establishment of a modern industrial system [19][21] - The report forecasts that the AI medical sector will grow significantly, with the market size expected to reach 159.8 billion yuan by 2028 [4][24] Group 3: Intelligent Driving - The intelligent driving sector is entering a critical phase with both gradual and leapfrog developments, leading to significant value release in 2025 [26][32] - The penetration rate of L2+ intelligent driving is expected to rise from 8% in 2024 to 15% in 2025, indicating a shift towards more affordable models [37][41] - The report highlights the importance of policy and technology in driving the commercialization of L3 autonomous vehicles [40][44] Group 4: Industrial AI - Industrial AI is set to evolve from "tool-level applications" to comprehensive integration across research, production, and management processes [3][22] - The report outlines that AI will enhance efficiency in manufacturing through adaptive intelligent systems and predictive maintenance [3][22] - The integration of AI in industrial software is expected to improve operational efficiency and drive innovation in manufacturing [22][25] Group 5: Cybersecurity - The cybersecurity industry is transitioning from "passive defense" to "active immunity," with AI-driven models enhancing threat detection and operational automation [3][23] - The report emphasizes the need for a comprehensive security framework that includes AI technology, data security, and ecosystem collaboration [23][24] - AI's role in cybersecurity is projected to significantly improve threat detection accuracy and operational efficiency [3][23] Group 6: Investment Recommendations - The report suggests focusing on sectors such as automotive, industrial AI, cybersecurity, and AI healthcare for investment opportunities during the "14th Five-Year Plan" period [21][24][25] - The automotive sector is highlighted as a core area for investment due to its potential for digital technology integration and ecosystem collaboration [21][22] - The report indicates that the development of domestic AI chips will support the digital economy by overcoming current limitations in computing power [25][26]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3]. Core Views - The company is a leading manufacturer of aluminum profiles, focusing on lightweight materials for the automotive industry and other sectors. It has a strong presence in high-performance aluminum components for vehicles, contributing significantly to its revenue [1][2]. - The automotive lightweight business has shown robust growth, with a 26% year-on-year increase in sales volume, reaching 38,000 tons in the first half of 2025 [2]. - The company plans to establish a joint venture in Morocco with Lingyun Co., aiming to enhance its supply capabilities for the European and North African markets [3]. Financial Summary - In the first half of 2025, the company achieved revenue of 3.59 billion yuan, with contributions from automotive lightweight aluminum profiles (27%), building aluminum profiles (26%), industrial aluminum profiles (38%), and system doors and windows (9%) [1]. - Revenue projections for 2025 to 2027 are estimated at 7.71 billion yuan, 8.73 billion yuan, and 9.56 billion yuan, respectively, with year-on-year growth rates of 16%, 13%, and 10% [3]. - The net profit attributable to the parent company is forecasted to be 210 million yuan in 2025, with a slight increase to 258 million yuan in 2026 and 302 million yuan in 2027 [4][3]. Market Position - The company is recognized as one of the largest domestic manufacturers of lightweight aluminum materials for the automotive sector, supplying to major automotive brands including Mercedes-Benz, BMW, and Toyota [2]. - The company is positioned to benefit from the growing demand for lightweight materials in the humanoid robotics industry, which is expected to leverage aluminum's properties for various applications [2].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [4]. Core Insights - The company is a leader in carbon fiber technology with a significant market share exceeding 60% in China, and it has a production capacity of over 1,000 tons annually [1]. - The carbon fiber equipment business is expected to generate revenue of 629 million yuan in the first half of 2025, accounting for 59.31% of total revenue, reflecting a year-on-year growth of 59.53% [1]. - The company is actively expanding into new applications such as exoskeleton robots and PEEK materials, which are expected to create a second growth curve [2]. - Revenue projections for 2025-2027 are estimated at 2.198 billion yuan, 2.763 billion yuan, and 3.440 billion yuan, respectively, with corresponding net profits of 293 million yuan, 393 million yuan, and 530 million yuan [2]. Summary by Sections Carbon Fiber Equipment - The company has achieved significant technological breakthroughs in carbon fiber production, with the maximum capacity of carbonization lines increased from 3,000 tons to 5,000 tons [1]. - The company is investing in high-performance fiber projects and has established composite material companies in Shaoxing and Wuhan [1]. Exoskeleton Robots and New Applications - The second generation of the company's exoskeleton robot has completed testing and is expected to enter mass production [2]. - The company is exploring new application scenarios for carbon fiber combined with PEEK materials, focusing on high-value cross-industry integration [2]. Financial Projections - The company anticipates a revenue growth rate of 27.14% in 2025, followed by 25.72% in 2026 and 24.51% in 2027 [3]. - The projected net profit growth rates are 99.20% for 2025, 34.18% for 2026, and 34.86% for 2027 [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has achieved steady revenue growth with a reported revenue of 18.087 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.45%. However, the net profit attributable to the parent company decreased by 6.81% to 867 million yuan [1] - In Q3 2025, the company reported revenue of 7.522 billion yuan, a year-on-year increase of 6.96%, and a net profit of 469 million yuan, which is a 7.79% increase compared to the same period last year [1] - The decline in gross profit margin is attributed to fluctuations in raw material prices and adjustments in the revenue structure of main products, but there is a clear trend of profit improvement in Q3, driven by the scaling of the AI education ecosystem and rapid growth in emerging businesses [1][2] Summary by Sections AI Education Ecosystem - The company has established a comprehensive education AI ecosystem through its subsidiary, Seewo, which integrates hardware, software, and services. This ecosystem has transitioned from "tool empowerment" to "platform operation" [2] - The core product, the classroom intelligent feedback system, utilizes multimodal data collection and AI analysis to generate objective classroom reports, with 19 key application demonstration areas established nationwide, covering over 3,000 schools [2] - The AI lesson preparation assistant has activated over one million users and is being applied on a large scale in domestic regions, as well as being adapted for international markets through the multilingual EasiClass platform [2] Overseas Brand Expansion - The company is rapidly expanding its overseas brand, MAXHUB, through customized products and localized operations. The XBar series has received Microsoft Teams certification for the European and American markets [2] - A global service network has been established with subsidiaries in 22 countries, and factories in Mexico and Vietnam enable rapid regional delivery. Collaborations with major companies like Microsoft and Indonesian telecommunications are driving significant revenue growth from overseas brands [2] Emerging Business Growth - The company is leveraging its foundational technologies in display, control, and AI to achieve breakthroughs in emerging fields such as robotics, creating a product matrix that includes both specialized and general-purpose products [3] - The quadruped robot X7 has been recognized for its innovative capabilities in complex inspection tasks in dairy factories and has been deployed in various scenarios, including substations and pedestrian streets [3] - The commercial cleaning robots have achieved bulk deliveries in Europe and Japan, becoming a new growth point in overseas markets. The robotics business is exploring innovative models that integrate with existing educational and office environments, showcasing strong scaling potential [3] Financial Forecast - The company is projected to achieve revenues of 23.201 billion yuan, 24.899 billion yuan, and 28.206 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 1.001 billion yuan, 1.156 billion yuan, and 1.340 billion yuan for the same years [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future stock performance [4][7]. Core Insights - The company's profitability has significantly improved due to cost reduction and efficiency enhancement measures. In Q3 2025, the company achieved revenue of 230 million yuan, a decrease of 11.32%, while net profit attributable to the parent company was 28 million yuan, a slight decrease of 0.58%. The net profit margin increased to 12.07%, up by 1.30 percentage points [1]. - The introduction of AI technology has enhanced service capabilities and operational efficiency, leading to a notable improvement in internal processes and a reduction in personnel needs. The company has successfully integrated AI into various operational areas, resulting in increased gross margins for online brand management and content e-commerce services [2][3]. - The company has expanded its client base, adding five well-known brands while maintaining stability with existing clients. This has contributed to a year-on-year growth of 14.86% in GMV for Q3 2025 [2]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 1.288 billion yuan, a decrease of 16.31%, and a net profit of 108 million yuan, down by 40.05%. Projections for 2025 estimate revenue at 1.081 billion yuan and net profit at 145 million yuan, reflecting a significant recovery with a growth rate of 91.05% [5][11]. - The company's earnings per share (EPS) is projected to increase from 0.32 yuan in 2024 to 0.91 yuan in 2027, indicating a positive growth trajectory [5][11]. - The price-to-earnings (P/E) ratio is expected to decrease from 75.00 in 2024 to 33.38 in 2027, suggesting an improving valuation as earnings grow [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [6]. Core Insights - The company has demonstrated stable revenue and profit growth, with a revenue of 2.438 billion yuan in Q3 2025, representing a 7.03% increase year-on-year, and a net profit of 66 million yuan, up 28.13% [1]. - For the first three quarters of 2025, the company achieved a total revenue of 7.349 billion yuan, an 8.10% increase, and a net profit of 209 million yuan, reflecting a significant 59.29% growth [1]. - The company is actively expanding its franchise business, adding over 200 new franchise stores and achieving a 62% increase in daily sales for selected stores [2]. - The company is innovating its business model by integrating new consumption trends and digital initiatives, such as local live streaming, which has attracted 390,000 new customers [2]. - The company has completed the consolidation of its beauty business, which is expected to provide stable profits and support international expansion [3]. - The company plans to issue H shares to further its international strategy, which could enhance its overseas business growth [3]. Financial Summary - The company forecasts revenue growth from 10.35 billion yuan in 2025 to 14.45 billion yuan in 2027, with corresponding net profits expected to rise from 320 million yuan to 708 million yuan during the same period [4]. - The projected P/E ratios are 42.53 for 2025, decreasing to 19.21 by 2027, indicating improving valuation metrics over time [4]. - The net profit margin is expected to increase from 3.1% in 2024 to 4.9% in 2027, reflecting enhanced profitability [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [5]. Core Insights - The company achieved profitability in Q3 2025 with a net profit of 0.41 billion yuan, marking a year-on-year turnaround, although the net profit margin slightly decreased to 1.43% due to inventory reduction efforts [1][2]. - Revenue for the first three quarters of 2025 reached 8.188 billion yuan, reflecting a year-on-year growth of 20.39%, driven by enhanced marketing efficiency and new product introductions [1][3]. - The ongoing inventory reduction has led to a significant decrease in inventory levels, down 26.5% year-on-year to 1.53 billion yuan by the end of Q3 2025 [2]. Financial Performance Summary - For 2025, the company is projected to generate revenues of 13.025 billion yuan, with net profits expected to reach 371 million yuan, translating to a PE ratio of 26.25 [4][3]. - The financial summary indicates a strong revenue growth trajectory, with expected increases of 56.55% in 2024 and 26.76% in 2025 [4]. - The net profit margin is anticipated to improve gradually, reaching 3.4% by 2027 [4]. Market Outlook - The report highlights a positive outlook for Q4 2025 and 2026, driven by improved US-China relations, which are expected to alleviate cross-border e-commerce demand and cost pressures [2][3]. - The anticipated revenue growth for 2026 is projected at 16.496 billion yuan, with net profits expected to rise to 524 million yuan [4][3].