Zhengchuan Pharmapack(SH:603976) Jing Ji Guan Cha Wang·2026-02-12 06:58Core Viewpoint - The recent developments of Zhengchuan Co., Ltd. (stock code: 603976) include the approval of a convertible bond issuance, a forecasted decline in 2025 performance, and progress in international expansion efforts [1]. Group 1: Convertible Bond Issuance - The company received approval from the China Securities Regulatory Commission on February 1, 2026, to publicly issue convertible bonds with a total face value of 405 million yuan, with a term of 6 years [2]. - The funds raised will be used for the production of borosilicate pharmaceutical glass and compatibility research projects [2]. Group 2: Performance Forecast - On January 29, 2026, the company announced a performance forecast, estimating a net profit attributable to shareholders of 18 million to 24 million yuan for 2025, representing a year-on-year decrease of 54.93% to 66.2% [3]. - The decline in performance is primarily attributed to the impact of pharmaceutical procurement policies and intensified market competition [3]. Group 3: Subsidiary Development - The company's Hong Kong subsidiary, Zhengchuan International (Hong Kong) Co., Ltd., completed its registration in November 2025, which may facilitate the expansion into overseas markets [4].