Core Points - The company has announced the forced redemption of its convertible bonds, "Emergency Convertible Bonds," at a price of 100.77 yuan per bond, effective after the close of trading on August 27, 2025 [1][2][3] - Investors are urged to convert their bonds into shares before the final conversion date to avoid potential losses, as the redemption price differs significantly from the current market price [1][2][3] - The company has triggered the conditional redemption clause due to its stock price meeting specific criteria over a 30-day trading period [3][7] Company Information - The company issued 8,189,312 convertible bonds on April 10, 2020, with a total value of 818.93 million yuan and a maturity of six years [3][4] - The conversion period for these bonds started on October 16, 2020, and will end on April 9, 2026 [4] - The conversion price was adjusted to 7.06 yuan per share, effective from May 16, 2024, based on the company's stock performance [6] Redemption Details - The redemption price of 100.77 yuan per bond includes the principal and accrued interest calculated at a rate of 2.00% [7][8] - The redemption process will conclude with the bonds being delisted from the Shenzhen Stock Exchange after the redemption date [2][9] - The redemption funds will be credited to the accounts of bondholders on September 4, 2025 [9]

Core Viewpoint - Jinpu Garden Co., Ltd. is issuing convertible bonds to unspecified investors, with a total fundraising amount of 520 million yuan, aiming to enhance its financial position and support long-term development [2][6]. Group 1: Bond Issuance Overview - The company has received approval from the China Securities Regulatory Commission to issue 5.2 million convertible bonds, each with a face value of 100 yuan, totaling 52 million yuan [2]. - After deducting underwriting fees and other expenses, the net proceeds from the bond issuance amount to approximately 51.28 million yuan [2][3]. - The bonds have a credit rating of A+, and the company plans to redeem the bonds at 115% of the face value after maturity [3][4]. Group 2: Bond Terms and Conditions - The bonds will have a fixed interest rate of 2.40% for the fifth year and 3.00% for the sixth year [3]. - The company has the right to redeem the bonds under certain conditions, such as if the stock price exceeds 130% of the conversion price for 15 out of 30 consecutive trading days [4]. - Holders of the bonds have the right to sell them back to the company under specific conditions, including significant changes in the use of raised funds [5][6]. Group 3: Corporate Governance and Changes - The company is terminating its 2024 restricted stock incentive plan, which will reduce its registered capital by 3.5 million yuan [6][8]. - Amendments to the company's articles of association and rules governing bondholder meetings have been made to comply with new regulations and improve governance [7][8]. - These changes are expected to have no adverse impact on the company's operations or financial status [8].

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the stainless steel industry due to reduced demand and increased operational pressures [1][2]. Company Overview and Financial Indicators - The company’s main business involves the research, production, and sales of industrial stainless steel pipes and fittings, primarily used in industries such as petroleum, chemical, natural gas, and power equipment manufacturing [3]. - For the first half of 2025, the company achieved operating revenue of approximately CNY 1.12 billion, a decrease of 26.82% compared to the same period last year [2]. - The total profit for the period was approximately CNY 81.32 million, down 49.04% year-on-year, while the net profit attributable to shareholders was approximately CNY 75.50 million, a decline of 46.05% [2]. - The company’s total assets increased by 2.81% to approximately CNY 4.16 billion, and the net assets attributable to shareholders rose by 0.81% to approximately CNY 2.62 billion [2]. Business Operations and Market Conditions - The company operates on an "order-based production" model, producing a variety of products based on customer demand, which has been affected by a decline in construction steel demand and stable manufacturing steel demand [3]. - The stainless steel industry in China faced challenges, with imports decreasing by 25.30% to 827,500 tons, while exports increased by 5.70% to 2.5 million tons [3]. - The apparent consumption of stainless steel in China rose by 3.10% to 16.57 million tons, indicating a mixed market environment with both growth and challenges [3]. Financial Performance Analysis - The company’s operating costs decreased by 24.90% to approximately CNY 959.28 million, reflecting efforts to manage expenses amid declining revenues [4]. - The net cash flow from operating activities was approximately CNY 109.24 million, down 63.63% compared to the previous year, indicating tighter cash flow management [4]. - Research and development expenses increased by 68.88% to approximately CNY 32.07 million, highlighting the company's commitment to innovation despite financial pressures [4]. Quality and Certification - The company emphasizes high product quality and has obtained various certifications, including ISO 9001 and API certification, which enhance its reputation in both domestic and international markets [5][6]. - The company has established long-term partnerships with major clients, including Sinopec and Saudi Aramco, which underscores its competitive position in the industry [5]. Shareholder and Governance Information - As of the end of the reporting period, the company had a total of 17,879 shareholders, with the top three shareholders holding a combined 34.83% of the shares [7]. - The company did not propose any profit distribution or capital reserve transfer plans for the reporting period, indicating a focus on retaining earnings for future investments [7].

Key Points - The total number of shares converted from the "HaiTai Convertible Bonds" has reached 8,801,371 shares, accounting for 10.58% of the company's total shares before conversion [1][5] - As of August 25, 2025, a total of 2,300,210 bonds have been converted into company shares, with 1,665,506 bonds remaining unconverted, representing 42.00% of the total issued convertible bonds [5][6] - The company issued 3,965,716 convertible bonds on June 27, 2023, raising a total of RMB 396,571,600, with a net amount of RMB 391,375,588.47 after deducting issuance costs [2][3] - The convertible bonds are listed on the Shenzhen Stock Exchange under the name "HaiTai Convertible Bonds" and code "123200," starting from July 17, 2023 [2] - The conversion period for the bonds is from January 3, 2024, to June 26, 2029 [2] - The conversion price has been adjusted multiple times, currently set at RMB 26.06 per share, effective from June 20, 2025 [3][4]

Group 1 - The company, Ningbo Kabeiyi Electric Technology Co., Ltd., has applied to suspend the review of its application for issuing convertible bonds due to pending environmental impact assessment (EIA) approvals for its projects [1][2] - The company received a notification from the Shenzhen Stock Exchange regarding the acceptance of its application on July 10, 2025, and subsequently received an inquiry letter on July 30, 2025 [1] - The suspension of the review is expected to last no more than one month, and the company will apply to resume the review once the EIA approvals are obtained [2] Group 2 - The projects affected by the EIA approvals include the "Shanghai High-Speed Copper Cable Project" and the "Ningbo Automotive Cable Reconstruction Project" [2] - The company assures that the suspension of the bond issuance review will not impact its normal production and operations [2] - The company has been actively responding to the inquiries from the Shenzhen Stock Exchange and has provided detailed replies to the questions raised [1]

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. is in the process of responding to an inquiry from the Shenzhen Stock Exchange regarding its application to issue convertible bonds to unspecified investors, indicating ongoing regulatory scrutiny and the need for compliance with disclosure requirements [1][2]. Group 1: Company Actions - The company has received an inquiry letter from the Shenzhen Stock Exchange's listing review center concerning its application for issuing convertible bonds [1]. - In response to the inquiry, the company, along with relevant intermediaries, has conducted a thorough review and provided detailed replies to the questions raised [1]. - The company has supplemented and revised its application documents accordingly and will disclose the responses and updated application files through the Shenzhen Stock Exchange's system [1]. Group 2: Regulatory Process - The issuance of convertible bonds is subject to approval from the Shenzhen Stock Exchange and requires consent from the China Securities Regulatory Commission before implementation [2]. - There is uncertainty regarding whether the company will pass the review by the Shenzhen Stock Exchange and receive the necessary registration approval from the regulatory authority [2]. - The company commits to timely information disclosure in accordance with relevant laws and regulations as the situation progresses [2].

Core Viewpoint - Jiangsu Allfavor Intelligent Technology Co., Ltd. plans to issue convertible bonds to raise funds not exceeding 490 million yuan, with Northeast Securities acting as the sponsor for the listing on the Shenzhen Stock Exchange [1][2]. Company Overview - Jiangsu Allfavor Intelligent Technology Co., Ltd. was established on August 23, 2006, and listed on August 5, 2021, with a registered capital of 77.2983 million yuan [1]. - The company specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on small batch production and has accumulated extensive industry experience and technical expertise [2][3]. Main Business and Products - The company offers a diverse range of PCB products, including high-frequency and high-speed boards, flexible boards, rigid-flex boards, HDI boards, and ceramic substrates, targeting mid-to-high-end applications in communication equipment, automotive electronics, and renewable energy [3][4]. - The product categories include double-sided boards, multilayer boards, rigid boards, flexible boards, metal substrates, thick copper boards, and HDI boards, each designed for specific applications and performance requirements [4][5]. Core Technologies and R&D Level - The company has developed several core technologies, including optical module PCB processing, pulse electroplating technology, and PTFE material processing technology, enhancing its competitive edge in the communication sector and high-frequency applications [6][7][8]. - R&D investment has been significant, with R&D expenses amounting to 30.864 million yuan in 2024, representing a research expense ratio of 5.18% [11]. Financial Data and Indicators - The company reported total assets of approximately 1.353 billion yuan and total liabilities of about 350 million yuan as of March 31, 2025 [13]. - The operating income for the first quarter of 2025 was approximately 170.49 million yuan, with a net profit of about 10.13 million yuan [14]. - Key financial ratios include a current ratio of 2.20 and a quick ratio of 1.85, indicating a strong liquidity position [14][15].

东北证券股份有限公司 关于 江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 （住所：长春市生态大街 6666 号） 二〇二五年八月 本保荐人及指定的保荐代表人根据《公司法》《证券法》《证券发行上市保 荐业务管理办法》《注册管理办法》《发行证券的公司信息披露内容与格式准则 第 27 号——发行保荐书和发行保荐工作报告》等法律法规和中国证券监督管理 委员会及深圳证券交易所的有关规定，保荐人及其保荐代表人诚实守信，勤勉尽 责，严格按照依法制定的业务规则、行业执业规范和道德准则出具本发行保荐书， 并保证本发行保荐书的真实性、准确性和完整性。 除非特别注明，本发行保荐书中如无特别说明，相关用语具有与《江苏本川 智能电路科技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》中相 同的含义。 本发行保荐书中部分合计数与各加数直接相加之和在尾数上有差异，或部分 比例指标与相关数值直接计算的结果在尾数上有差异，系四舍五入造成。 目 录 四、本次发行符合《注册管理办法》向不特定对象发行可转债的一般规定 .. 26 五、本次发行符合《注册管理办法》向不特定对象发行可转债的特殊规定 .. 30 ...

Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. plans to issue convertible bonds to raise funds for production projects and working capital, aiming to enhance its production capacity and market competitiveness in the PCB industry [1][2][3]. Company Overview - Jiangsu Benchuan was established on August 23, 2006, and listed on August 5, 2021, with a registered capital of 77.2983 million RMB [17]. - The company specializes in the production and processing of various electronic components, including high-density interconnect boards and flexible printed circuit boards [17][18]. Fundraising Purpose - The funds raised will be used for the construction of production bases in Zhuhai and Thailand, aimed at increasing annual production capacity by 550,000 square meters [2][3]. - The company aims to improve production efficiency and precision through advanced automated production lines, thereby enhancing its ability to meet customer demands and reduce delivery times [24][25]. Market Context - The global PCB industry is projected to grow, with a total market value of 73.565 billion USD in 2024, reflecting a 5.8% increase from the previous year [18][19]. - China remains the largest PCB production base, accounting for 56% of the global market, while Southeast Asia is expected to grow rapidly, with a compound annual growth rate of 12.4% from 2024 to 2029 [19][20]. Industry Demand - The demand for PCBs is driven by the rapid growth of downstream industries such as electric vehicles and telecommunications, with significant increases in production and sales expected [20][21][22]. - The company is positioned to capitalize on emerging markets related to AI, low-altitude economy, and robotics, which are anticipated to create substantial demand for PCB products [22][23]. Financial Performance - The company has experienced fluctuations in net profit, with a reported net profit of 34.0522 million RMB in 2022, followed by a loss in 2023 [8][9]. - The gross profit margin has declined significantly, indicating potential challenges in maintaining profitability amidst increasing competition [7][8]. Risk Factors - The company faces risks related to project implementation, including potential underperformance of investment projects and challenges in capacity absorption due to market fluctuations [2][3][4]. - International trade disputes and changes in policies may impact the company's export performance, particularly in key markets like the US and Europe [4][5]. Profit Distribution Policy - The company has established a profit distribution policy that prioritizes cash dividends, aiming for a minimum of 30% of average distributable profits over the past three years to be distributed in cash [10][11]. - Recent profit distribution has included no cash dividends in 2022, a cash dividend of 22.8985 million RMB in 2023, and a proposed cash dividend of 7.6328 million RMB for the first half of 2024 [14][15].

Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3] - There are no preferred shareholders or related information regarding preferred shares during the reporting period [3] Financial Highlights - The company plans to repurchase its ordinary shares (A shares) with a total fund amounting to no less than RMB 50 million and no more than RMB 100 million, with a maximum repurchase price of RMB 18.00 per share [4] - As of August 18, 2025, the company has repurchased a total of 8.274 million shares, accounting for 2.05% of the total share capital, with a total expenditure of RMB 94.7017 million [4] Important Resolutions - The company approved a profit distribution plan to distribute a cash dividend of RMB 0.5 per 10 shares to all shareholders, based on a total share capital of 404,361,469 shares after deducting shares for repurchase [5] - The company has completed the repurchase and cancellation of 484,400 restricted shares from the 2024 incentive plan, resulting in a change in total shares from 404,845,869 to 404,361,469 [7] Corporate Governance Changes - The company has decided to abolish the supervisory board, transferring its powers to the audit committee of the board of directors, and will adjust the board structure by adding an employee director [8]