Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total revenue of 1.947 billion yuan for the first half of 2025, representing a year-on-year growth of 15.29%, and a net profit attributable to shareholders of 102 million yuan, which is an increase of 80.08% year-on-year [1] - The strong growth in the intelligent computing business is expected to continue, driven by the robust demand in the AI industry, with the subsidiary Tengyun Zhikuan achieving a revenue of 298 million yuan, up 146.37% year-on-year, and a net profit of 162 million yuan, accounting for over 100% of the company's net profit [2] - The company is focusing on providing full-cycle services for AIGC high-performance infrastructure, targeting long-tail customers with flexible computing power leasing services through the HAT cloud platform [2] - The company has developed a diverse range of products that cater to various AI+ application scenarios, including AI PCs and AI industrial computers, and has successfully deployed multiple large models locally [3] - The industrial IoT business has seen a revenue increase of 126.38%, reaching 145 million yuan, with a focus on intelligent controllers and machine vision controllers [4] Financial Summary - Revenue projections for 2025-2027 are estimated at 4.662 billion yuan, 5.556 billion yuan, and 6.390 billion yuan, respectively, with net profits of 300 million yuan, 417 million yuan, and 509 million yuan, corresponding to P/E ratios of 45.02, 32.39, and 26.55 [4][5] - The company is expected to achieve a net profit margin of 7.5% by 2026 and 8.0% by 2027, with a projected return on equity of 16.21% in 2026 and 17.43% in 2027 [5][16]

Investment Rating - The report indicates a strong investment opportunity in the defense and military industry, with the sector showing significant growth potential and a leading position in market performance among various industries [2][4]. Core Insights - The defense and military sector has demonstrated resilience and growth, with the industry index rising by 5.93% last week, outperforming major indices [2][14]. - The report highlights the upcoming merger between China Shipbuilding and China Shipbuilding Industry Corporation, which is expected to create new investment opportunities in marine equipment [3][4]. - The report emphasizes the importance of low-altitude economy development, driven by regulatory changes in the U.S. and local initiatives in China, which are expected to enhance the commercial drone market [4][40]. - The military industry is projected to experience a recovery in demand, with a clear long-term growth trajectory supported by national defense modernization goals set for 2035 and 2050 [4][44]. Summary by Sections Market Review - The defense and military index has outperformed other sectors, with a PE (TTM) ratio of 89.99, and various sub-sectors showing diverse valuations, such as aerospace equipment at 159.04 and ground armaments at 220.81 [2][23]. - A total of 142 companies in the sector saw 129 report stock price increases, with notable performers including Changcheng Military Industry, which surged by 49.60% [28][29]. Key Recommendations - The report recommends focusing on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft, as well as companies involved in military technology and underwater equipment [5]. - It also suggests monitoring companies in the missile supply chain and those producing titanium materials for military applications [5]. Industry Dynamics - The report discusses the increasing relevance of AI in military applications, highlighting its role in enhancing operational efficiency and decision-making processes [41][42]. - The commercial aerospace sector is expected to see significant activity, with plans to launch 13,000 low-orbit satellites between 2026 and 2030, indicating a robust growth phase for the industry [3][44].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Viewpoints - The company is positioned as a leading player in the steel structure industry, focusing on high-end manufacturing and benefiting from the increasing penetration of prefabricated buildings and its growing market share [3][17] - The company is expected to achieve revenue of CNY 215.1 billion and a net profit of CNY 7.7 billion in 2024, with a projected annual production capacity of 5.2 million tons of steel structures by the end of 2024 [1][17] - The report highlights the strategic advantages of the company, including cost leadership and a strong focus on intelligent manufacturing, which is anticipated to enhance profitability and valuation [2][3] Industry Opportunities - The penetration rate of prefabricated buildings is expected to increase, with the 14th Five-Year Plan mandating that over 30% of new buildings be prefabricated by 2025, leading to a projected new construction area of 874 million square meters [1][44] - By 2035, it is anticipated that steel structure applications in China will reach levels comparable to developed countries, with annual usage exceeding 200 million tons, accounting for over 25% of crude steel production [1][50] Company Advantages - The company has a competitive edge in cost and market share, with a significant increase in orders since 2017, achieving a new order volume of CNY 28.2 billion in 2024 [2][76] - The company has made substantial investments in intelligent manufacturing, which is expected to reduce welding costs by approximately 90% and enhance net profit margins by over 5% [2][3] - The company’s market share is projected to reach 4.7% in 2024, benefiting from its focus on material manufacturing and a flexible sales model [2][84] Financial Summary - The company is expected to generate revenues of CNY 22.2 billion in 2025, with a net profit of CNY 918 million, reflecting a year-on-year growth of 3% and 19% respectively [4] - The company’s financial metrics indicate a decline in net profit margin due to increased investments in intelligent manufacturing, with a projected net profit margin of 5% in the coming years [4][28]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company is experiencing significant revenue growth in its 3C precision metal components, particularly in the wearable sector, with a projected revenue of 793 million yuan in 2024, representing a year-on-year increase of 40.26% [1]. - The automotive components segment also shows promising growth, with revenue expected to reach 223 million yuan in 2024, a 21.12% increase, and an improved gross margin of 14.22%, up by 2.77 percentage points [1]. - The company has established a subsidiary focused on humanoid robotics, investing 1 billion yuan to develop components such as micro screws and springs, indicating a strategic shift towards diversifying its product offerings [2]. Financial Summary - Revenue is projected to grow from 1.285 billion yuan in 2024 to 3.190 billion yuan by 2027, with corresponding net profits increasing from 55 million yuan to 308 million yuan over the same period [4][12]. - The company’s earnings per share (EPS) is expected to rise from 0.26 yuan in 2024 to 1.19 yuan in 2027, reflecting a strong growth trajectory [12]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 57.12 in 2024 to 21.61 by 2027, indicating improving valuation metrics as the company scales [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected stock price increase of over 15% within the next six months [6]. Core Insights - The company reported Q2 2025 total revenue of $2.79 billion, a 4% increase excluding currency effects, which aligns with market expectations. Adjusted operating profit reached $304 million, up 14% compared to market expectations of $288 million [1][2]. - Same-store sales growth turned positive for the first time since Q1 2024, with system sales growth of 4% in Q2, driven by KFC and Pizza Hut's respective growth rates of 5% and 3% [2]. - The company opened a net of 336 new stores in Q2, with a total of 16,978 stores as of Q2 2025, and aims to open 1,600 to 1,800 stores by the end of the year [3]. Financial Summary - The company committed to returning at least $1.2 billion to shareholders this year, with a shareholder return rate of approximately 7%. In H1 2025, the company returned $536 million to shareholders, including $180 million in cash dividends and $356 million in share buybacks [3]. - Revenue projections for 2025-2027 are $11.68 billion, $12.20 billion, and $12.73 billion, respectively, with corresponding net profits of $946 million, $984 million, and $1.03 billion [5][14]. - The company’s net profit margin is projected to remain stable at around 8.1% for the next few years, with a return on equity (ROE) forecasted to decline from 15.9% in 2024 to 11.8% in 2027 [14][15]. Store Expansion and Strategy - The company is focusing on expanding its store network, particularly in lower-tier markets, with a strong performance in same-store sales indicating a recovery trend in the restaurant industry [4]. - The strategy includes leveraging delivery services, which accounted for approximately 45% of revenue in Q2, showing a year-on-year growth of 22% [3][4]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 18.5, 17.7, and 17.0, respectively, indicating a favorable valuation compared to historical performance [4][5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12]. Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 42.854 billion HKD, down 2.79% year-on-year, and net profit at 5.624 billion HKD, down 5.49% year-on-year [1][2]. - Despite short-term performance pressures, the company maintains growth in Hong Kong, with related business profits increasing by 6% to 45.68 billion HKD [2]. - The company is focusing on long-term investment value through stable cash flow from core businesses and exploring opportunities in the rapidly evolving energy transition market [4]. Financial Summary - The company reported a cash inflow of 7.1 billion HKD in the first half of 2025, a decrease of 9 billion HKD year-on-year, primarily due to a decline in EBITDAF and unfavorable working capital changes [3]. - Non-maintenance capital expenditures reached 7 billion HKD, mainly for projects in Hong Kong and renewable energy initiatives in mainland China [3]. - The company plans to allocate capital based on risk-return principles and geographic selectivity, with a five-year development plan in Hong Kong valued at 52.9 billion HKD [4]. Earnings Forecast - Projected revenues for 2025-2027 are 90.202 billion HKD, 91.221 billion HKD, and 92.144 billion HKD, respectively, with corresponding net profits of 11.194 billion HKD, 11.610 billion HKD, and 11.985 billion HKD [4][5]. - The expected price-to-earnings ratios for 2025-2027 are 15.12, 14.58, and 14.12, respectively [4].

- The report references the Fama-MacBeth method to simulate macro risk factors, transforming the logic of configuring macro risks through asset allocation into a logic of configuring macro risks by configuring assets[1][12][18] - Real macro factor data uses forecast values of relevant monthly macro indicators or asset monthly returns (interest rates/credit), performing univariate time series regression with each asset to obtain risk loadings, and applying a half-life weighting to historical loadings to smooth out instability caused by asset volatility[1][18][22] - The macro factor risk is decomposed into underlying asset portfolios to construct a macro factor risk parity portfolio[1][18][22] - The optimization results of risk parity for macro factors show certain economic growth elasticity, with both returns and volatility higher than those based on asset risk parity[2][39] - The report also discusses the factors influencing stock-bond correlation, referencing AQR's approach, which decomposes stock-bond correlation into economic growth volatility, inflation volatility, and the correlation between economic growth and inflation[3][42][43] - The study finds that economic growth volatility negatively contributes to stock-bond correlation, while interest rate volatility positively contributes, and the correlation between economic growth and interest rates is a positive contributing variable in domestic asset research[3][42][48] - Adding the inflation level factor further improves the explanatory power, with domestic data showing that the inflation level is a significant positive variable for stock-bond correlation[3][48][51] - Using a three-year historical window to calculate the coefficients of each variable, the study combines real values and consensus forecast data to calculate the change in stock-bond correlation for the next month, showing that the estimated and predicted values have the same trend and consistent signs with the real values[3][48][54] Quantitative Models and Construction Methods 1. **Model Name**: Macro-Factor Mimicking - **Construction Idea**: Transform the logic of configuring macro risks through asset allocation into configuring macro risks by configuring assets[1][12][18] - **Construction Process**: - Use forecast values of relevant monthly macro indicators or asset monthly returns (interest rates/credit) - Perform univariate time series regression with each asset to obtain risk loadings - Apply a half-life weighting to historical loadings to smooth out instability caused by asset volatility - Decompose macro factor risk into underlying asset portfolios to construct a macro factor risk parity portfolio[1][18][22] - **Formula**: $$ r_{t}=\alpha_{t}+B\cdot f_{t}+\varepsilon_{t} $$ $$ \Sigma=B\cdot F\cdot B^{T}+E $$ $$ \sigma_{P}{}^{2}\ =\ w^{T}\cdot\Sigma\ \cdot w=\ (w^{T}\cdot B)\cdot F\cdot(B^{T}\cdot w)+w^{T}\cdot E\cdot w $$ $$ \%\text{RC}\ =(w^{T}\cdot B)_{i}\cdot\frac{\partial\sigma_{P}}{\partial(w^{T}\cdot B)_{i}}/\sigma_{P}=\frac{(w^{T}\cdot B)_{i}\cdot(F\cdot(B^{T}\cdot w))_{i}}{w^{T}\cdot\Sigma\ \cdot w} $$ where B is the time-series calculated risk loadings, f is the factor returns, Σ is the asset risk matrix, and F is the macro factor return risk matrix[23][24] - **Evaluation**: The optimization results of risk parity for macro factors show certain economic growth elasticity, with both returns and volatility higher than those based on asset risk parity[2][39] Model Backtest Results 1. **Macro-Factor Mimicking Model**: - **Annualized Return**: 9.86% (12-month half-life), 9.46% (no half-life)[29] - **Annualized Volatility**: 9.55% (12-month half-life), 9.44% (no half-life)[29] - **Maximum Drawdown**: -14.30% (12-month half-life), -15.20% (no half-life)[29] - **2016 Return**: 37.24% (12-month half-life), 18.65% (no half-life)[29] - **2017 Return**: 2.17% (12-month half-life), 7.29% (no half-life)[29] - **2018 Return**: -5.02% (12-month half-life), -7.45% (no half-life)[29] - **2019 Return**: 14.61% (12-month half-life), 14.23% (no half-life)[29] - **2020 Return**: 12.20% (12-month half-life), 7.57% (no half-life)[29] - **2021 Return**: 14.63% (12-month half-life), 10.27% (no half-life)[29] - **2022 Return**: 0.36% (12-month half-life), 8.15% (no half-life)[29] - **2023 Return**: 5.41% (12-month half-life), 3.68% (no half-life)[29] - **2024 Return**: 6.83% (12-month half-life), 15.40% (no half-life)[29] - **2025.07.31 Return**: 7.44% (12-month half-life), 11.53% (no half-life)[29]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The core education business is showing a recovery in profitability, with a significant increase in Non-GAAP operating profit and net profit for FY2025Q4. The company is also implementing a three-year shareholder return plan, committing to distribute at least 50% of the previous fiscal year's net profit to shareholders through dividends and/or share buybacks [3][4]. - The company is expected to achieve steady growth in its core education business despite challenges in overseas-related services and tourism business. The forecasted net profit for FY2026 is projected to be between $492 million and $544 million, with Non-GAAP net profit expected to be between $550 million and $660 million for FY2026 [4][5]. Financial Summary - For FY2025Q4, the company reported a net revenue of $1.24 billion, a year-on-year increase of 9.4%. The operating loss was $8.67 million, while the net profit attributable to shareholders was $7.10 million, a decrease of 73.7%. Non-GAAP operating profit was $81.68 million, an increase of 116.3%, and Non-GAAP net profit was $98.08 million, an increase of 59.4% [1][2]. - The gross margin for FY2025Q4 was 54.2%, up by 2 percentage points, while the Non-GAAP operating margin was 6.6%, an increase of 3 percentage points [3]. - The company expects FY2026Q1 net revenue to be between $1.464 billion and $1.507 billion, representing a growth of 2% to 5% [1][4]. Business Segments - Excluding self-operated products and live e-commerce, the net revenue for FY2025Q4 grew by 18.7%. The overseas examination and consultation services grew by 14.6% and 8.2%, respectively, while domestic examination services for adults and college students increased by 17.0%. New educational businesses saw a growth of 32.5% [2][3]. - The number of registrations for non-subject tutoring reached 918,000, an increase of 4.9%, and the active paid users of the intelligent learning system and devices reached 255,000, a growth of 36% [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Weidao Convertible Bond on the first day of listing is expected to be between 127 - 130 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 26% - 29% [3][22]. - The expected first - day new - bond subscription winning rate is around 0.0029% - 0.0057% [4][23]. - The issuance of convertible bonds by Weidao Nano is a necessary choice to conform to the industry development trend, enhance the company's market competitiveness, optimize the company's capital structure, and provide guarantee for the company's development [3][21]. 3. Summary According to the Directory 3.1 Micro - guide Convertible Bond New - bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Weidao Convertible Bond is priority placement and online issuance, with a bond and issuer rating of AA. The issuance scale is 1.17 billion yuan, the initial conversion price is 33.57 yuan, the bond parity on August 4, 2025, is 100.63 yuan, the pure bond value is 99.1 yuan. The game terms (down - revision, redemption, and put - back clauses) are normal. The bond has a relatively high issuance scale, good liquidity, acceptable rating, and good bond floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [2][18]. 3.1.2 New - bond Initial Price Analysis - The company's main business is the R & D, production, and sales of advanced micron - and nano - scale thin - film deposition equipment, providing cutting - edge thin - film deposition equipment, supporting products, and services to downstream customers. The funds raised from this issuance are mainly used for the "Intelligent Factory Construction Project of Semiconductor Thin - film Deposition Equipment", the "R & D Laboratory Expansion Project", and supplementing working capital [3][21]. - Based on the valuation of similar convertible bonds and considering the current market environment and parity level, the conversion premium rate of Weidao Convertible Bond on the first day of listing is expected to be in the range of 26% - 29%, corresponding to a first - day target price of around 127 - 130 yuan [3][22]. 3.1.3 Convertible Bond New - bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 60% - 80%, the scale of Weidao Convertible Bond available to the market is 234 million - 468 million yuan. Assuming the online effective subscription volume is 8.2 million households, the winning rate is around 0.0029% - 0.0057% [4][23]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and Downstream Situation - The company's main business is the R & D, production, and sales of advanced micron - and nano - scale thin - film deposition equipment, providing related equipment, products, and services to downstream customers. The upstream includes component suppliers and外协加工商, and the company has a stable supply relationship. The downstream customers are mainly semiconductor chip manufacturers and photovoltaic cell manufacturers. The thin - film deposition equipment is crucial for the downstream's technology implementation and iteration [24][26]. 3.2.2 Company's Operating Conditions - The company's operating income has grown rapidly in recent years. From 2022 to Q1 2025, the operating income was 685 million yuan, 1.68 billion yuan, 2.7 billion yuan, and 510 million yuan respectively, with year - on - year growth rates of 59.96%, 145.39%, 60.74%, and 198.95% [28]. - The company's comprehensive gross profit margin has shown a slight fluctuation. From 2022 to Q1 2025, it was 42.31%, 43.64%, 39.99%, and 36.14% respectively, and the net profit margins were 7.91%, 16.1%, 8.4%, and 16.48% respectively. The fluctuation is mainly due to changes in product structure [30]. - The company's period expenses have been rising in recent years. From 2022 to Q1 2025, the total of sales, management, and financial expenses was 95 million yuan, 247 million yuan, 282 million yuan, and 57 million yuan respectively, and the period expense ratios were 13.83%, 14.7%, 10.45%, and 11.07% respectively. The R & D expenses have also increased year by year [37]. - The company's accounts receivable have been on the rise. From 2022 to Q1 2025, they were 449 million yuan, 809 million yuan, 1.05 billion yuan, and 1.06 billion yuan respectively. The accounts receivable turnover rate has fluctuated but remained at a good level [41][42]. - The company's net profit attributable to the parent has fluctuated greatly. From 2022 to Q1 2025, it was 54 million yuan, 270 million yuan, 227 million yuan, and 84 million yuan respectively, with year - on - year growth rates of 17.43%, 399.33%, - 16.16%, and 2253.57% respectively. The weighted ROE from 2022 to Q1 2025 was 5.95%, 12.6%, 9.1%, and 3.17% respectively [46]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders, Wanhaiying Investment and LI WEI MIN, held 233 million and 43 million shares respectively, with a combined shareholding ratio of 60.18%. The top ten shareholders held a combined ratio of 80.66%. The company has no wholly - owned subsidiaries but has two affiliated companies [48]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in advanced technology routes, with ALD technology as the core. It also has an excellent R & D team, a complete industrial application center platform, strong technology accumulation and R & D innovation capabilities, a platform - based product matrix layout, high - quality customer resources, and efficient customer service [52][53][54]. 3.2.5 Allocation of Funds Raised in this Issuance - The company plans to issue convertible bonds to raise up to 1.17 billion yuan. Among them, 643 million yuan is planned for the "Intelligent Factory Construction Project of Semiconductor Thin - film Deposition Equipment", 227 million yuan for the "R & D Laboratory Expansion Project", and 300 million yuan for supplementing working capital [16][56].

Report Summary 1) Report Industry Investment Rating The provided content does not mention the industry investment rating. 2) Core Viewpoints The report presents the top ten convertible bonds for August 2025, including their ratings, closing prices at the end of July, conversion premium rates, and P/E ratios of the underlying stocks. It also provides an overview of each issuing company, including business scope, financial performance, and key points [14][29]. 3) Summary by Company Zhongte Convertible Bond (AAA) - Company is a global leader in specialty steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and coastal - river production bases [14][15]. - In 2024, revenue was 109.203 billion yuan (down 4.22% year - on - year), and net profit was 5.126 billion yuan (down 10.41% year - on - year). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% year - on - year), and net profit was 1.384 billion yuan (up 1.76% year - on - year) [14]. - Key points: It is one of the companies with the most complete product specifications in the global special steel industry, has leading cost - control capabilities, and has opportunities for external expansion [15]. Shanlu Convertible Bond (AAA) - Company focuses on road and bridge construction and maintenance, and has expanded into other fields. It has a comprehensive business and management system [29]. - In 2024, revenue was 71.348 billion yuan (down 2.3% year - on - year), and net profit was 2.322 billion yuan (up 1.47% year - on - year). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% year - on - year), and net profit was 249 million yuan (up 1.89% year - on - year) [29]. - Key points: It has the concept of "China - specific valuation" due to state - owned control, has potential for improvement in its balance sheet and order volume, can benefit from infrastructure construction in Shandong Province, and is exploring the Belt and Road Initiative markets [30]. Hebang Convertible Bond (AA) - Company has advantages in resource reserves and has diversified into the chemical, agricultural, and photovoltaic industries, with a four - sector business layout [42]. - In 2024, revenue was 8.547 billion yuan (down 3.13% year - on - year), and net profit was 31 million yuan (down 97.55% year - on - year). In Q1 2025, revenue was 1.726 billion yuan (down 13.68% year - on - year), and net profit was 13 million yuan (down 57.99% year - on - year) [42]. - Key points: Its phosphate mines and salt mines are profitable, and its liquid methionine production is a major profit contributor [43]. Aima Convertible Bond (AA) - Company is a leading enterprise in the electric two - wheeler industry, with self - developed products sold through dealers [59]. - In 2024, revenue was 21.606 billion yuan (up 2.71% year - on - year), and net profit was 1.988 billion yuan (up 5.68% year - on - year). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% year - on - year), and net profit was 605 million yuan (up 25.12% year - on - year) [59]. - Key points: The "trade - in" subsidy may continue, the implementation of the new national standard may bring policy dividends, and there is room for improvement in gross margin [60]. Xingye Convertible Bond (AAA) - Company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [73]. - In 2024, revenue was 212.226 billion yuan (up 0.66% year - on - year), and net profit was 77.205 billion yuan (up 0.12% year - on - year). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% year - on - year), and net profit was 23.796 billion yuan (down 2.22% year - on - year) [73]. - Key points: Net interest income is growing steadily, asset quality is stable, and the company's scale and customer base are expanding [74]. Youfa Convertible Bond (AA) - Company is the largest welded steel pipe enterprise in China, with a wide range of products used in multiple fields [87]. - In 2024, revenue was 54.822 billion yuan (down 10.01% year - on - year), and net profit was 425 million yuan (down 25.46% year - on - year). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% year - on - year), and net profit was 133 million yuan (up 9680.17% year - on - year) [87]. - Key points: It has a national layout, is expanding overseas, and maintains a high dividend rate [88]. Chongyin Convertible Bond (AAA) - Company is a local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [102]. - In 2024, revenue was 13.679 billion yuan (up 3.54% year - on - year), and net profit was 5.117 billion yuan (up 3.8% year - on - year). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% year - on - year), and net profit was 1.624 billion yuan (up 5.33% year - on - year) [102]. - Key points: It can benefit from the development of the Chengdu - Chongqing economic circle, its asset scale is growing, and it is actively marketing key industries [103]. Tianye Convertible Bond (AA+) - Company is a leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [116]. - In 2024, revenue was 11.156 billion yuan (down 2.7% year - on - year), and net profit was 68 million yuan (up 108.83% year - on - year). In Q1 2025, revenue was 2.417 billion yuan (up 8.17% year - on - year), and net profit was - 17 million yuan (up 89.97% year - on - year) [116]. - Key points: The cost of caustic soda production is relatively fixed, and the company plans to increase dividend frequency and has coal mine projects in progress [117]. Huayuan Convertible Bond (AA -) - Company focuses on building a complete vitamin D3 industrial chain and has expanded into other vitamin products [131]. - In 2024, revenue was 1.243 billion yuan (up 13.58% year - on - year), and net profit was 309 million yuan (up 60.76% year - on - year). In Q1 2025, revenue was 326 million yuan (down 1.18% year - on - year), and net profit was 97 million yuan (up 5.5% year - on - year) [131]. - Key points: Its NF - grade cholesterol and 25 - hydroxyvitamin D3 products are industry leaders, and it is expanding its product portfolio and has achievements in the pharmaceutical field [132]. Yushui Convertible Bond (AAA) - Company is the largest water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [147]. - In 2024, revenue was 6.999 billion yuan (down 3.52% year - on - year), and net profit was 785 million yuan (down 27.88% year - on - year). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% year - on - year), and net profit was 237 million yuan (up 28.91% year - on - year) [147]. - Key points: It has a high market share, is expanding its business outside Chongqing, and has achieved cost control through intelligent applications [148].