Core Viewpoint - The company, Shantou Ultrasound Instrument Research Institute Co., Ltd., is experiencing fluctuations in stock performance and is involved in the medical imaging and industrial non-destructive testing equipment sectors, with a significant portion of its revenue coming from overseas due to the depreciation of the RMB [2][3]. Company Overview - Shantou Ultrasound Instrument Research Institute Co., Ltd. was established on November 15, 1982, and went public on January 22, 2025. The company specializes in the research, development, production, and sales of medical imaging and industrial non-destructive testing equipment [7]. - The company's main business revenue composition includes: medical ultrasound (71.16%), industrial ultrasound (17.30%), accessories (5.72%), X-ray (4.56%), and others (1.26%) [7]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 254 million yuan, a year-on-year decrease of 2.90%, and a net profit attributable to shareholders of 88.94 million yuan, down 3.66% year-on-year [8]. - As of September 30, 2025, the company had a total of 17,000 shareholders, a decrease of 23.90% from the previous period, with an average of 3,438 circulating shares per person, an increase of 39.99% [8]. Market Activity - On October 30, the company's stock price fell by 3.20%, with a trading volume of 79.15 million yuan and a turnover rate of 5.57%, resulting in a total market capitalization of 10.366 billion yuan [1]. - The main capital inflow for the day was negative at 13.40 million yuan, indicating a trend of capital reduction over the past three days [4]. Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Huabao Zhongzheng Medical ETF, holding 1.5245 million shares, a decrease of 388,200 shares from the previous period. Other notable shareholders include Yuanxin Yongfeng Medical Health A and Hong Kong Central Clearing Limited [9].

Core Viewpoint - Mindray Medical experienced a decline in stock price, with a year-to-date drop of 13.25% and a market capitalization of 264.75 billion yuan as of October 30 [1] Financial Performance - For the period from January to September 2025, Mindray Medical reported a revenue of 25.834 billion yuan, a year-on-year decrease of 12.38%, and a net profit attributable to shareholders of 7.570 billion yuan, down 28.83% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 33.699 billion yuan, with 23.388 billion yuan distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 18.86% to 108,800, while the average circulating shares per person decreased by 15.87% to 11,139 shares [2] - The top ten circulating shareholders saw reductions in holdings, with Hong Kong Central Clearing Limited holding 117 million shares, down 14.7363 million shares from the previous period [3]

Core Viewpoint - WanDong Medical's stock price has experienced a decline recently, with a year-to-date increase of 4.68% but a significant drop in the last 5, 20, and 60 trading days [1] Financial Performance - For the period from January to September 2025, WanDong Medical achieved a revenue of 1.189 billion yuan, representing a year-on-year growth of 8.73% [2] - The net profit attributable to the parent company was -27.21 million yuan, a decrease of 123.51% year-on-year [2] Stock Market Activity - As of October 30, WanDong Medical's stock price was 15.67 yuan per share, with a market capitalization of 11.017 billion yuan [1] - The stock saw a net outflow of 8.9691 million yuan in principal funds, with significant selling pressure compared to buying [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 27,200, with an average of 25,882 circulating shares per person, a decrease of 1.22% [2] - The top ten circulating shareholders include notable entities such as HuaBao ZhongZheng Medical ETF and Hong Kong Central Clearing Limited, with varying changes in their holdings [3] Dividend Information - Since its A-share listing, WanDong Medical has distributed a total of 769 million yuan in dividends, with 267 million yuan in the last three years [3] Company Overview - WanDong Medical, established on May 12, 1997, specializes in the research, manufacturing, and sales of imaging medical devices, with 90.72% of its revenue coming from medical device sales [1] - The company operates within the pharmaceutical and biological industry, specifically in medical devices [1]

Core Viewpoint - The stock of Betaini has experienced a decline, with a current price of 44.91 yuan per share, reflecting a decrease of 2.01% on October 30. The company has seen a net outflow of funds and a decrease in stock price over various time frames, indicating potential challenges in the market [1]. Company Overview - Betaini, established on May 13, 2010, and listed on March 25, 2021, is based in Kunming, Yunnan Province. The company focuses on skincare products under the "Winona" brand, utilizing natural plant active ingredients to cater to sensitive skin. Its revenue composition includes skincare products (84.36%), makeup (10.07%), medical devices (4.88%), and other services (0.70%) [1]. Financial Performance - For the period from January to September 2025, Betaini reported a revenue of 3.464 billion yuan, a year-on-year decrease of 13.78%. The net profit attributable to the parent company was 272 million yuan, down 34.45% compared to the previous year [2]. - Since its A-share listing, Betaini has distributed a total of 1.289 billion yuan in dividends, with 844 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Betaini increased to 38,200, with an average of 11,102 circulating shares per person, a decrease of 1.21% from the previous period. The top ten circulating shareholders include significant institutional investors, with notable changes in holdings [2][3].

Core Viewpoint - Xiangyu Medical's stock has shown significant growth this year, with an 88.35% increase, reflecting strong market interest and performance in the rehabilitation medical device sector [1][2]. Financial Performance - For the first half of 2025, Xiangyu Medical reported revenue of 359 million yuan, a year-on-year increase of 6.27%, while net profit attributable to shareholders decreased by 37.50% to 35.39 million yuan [2]. - The company has distributed a total of 277 million yuan in dividends since its A-share listing, with 157 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 30, the stock price reached 54.92 yuan per share, with a market capitalization of 8.787 billion yuan. The stock has seen a trading volume of 83.32 million yuan and a turnover rate of 0.96% [1]. - The stock has experienced a net inflow of 3.06 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Information - As of June 30, the number of shareholders increased by 6.90% to 6,302, while the average number of circulating shares per person decreased by 6.46% to 25,388 shares [2]. - Hong Kong Central Clearing Limited is noted as a new major shareholder, holding 793,300 shares [3]. Business Overview - Xiangyu Medical, established in March 2002 and listed in March 2021, specializes in the research, production, and sales of rehabilitation medical devices. The revenue composition includes 67.79% from rehabilitation therapy equipment, 22.13% from rehabilitation training equipment, and smaller percentages from other categories [1][2].

Core Viewpoint - The company, Chongqing Shanwaishan Blood Purification Technology Co., Ltd., has shown significant growth in revenue and net profit for the first nine months of 2025, indicating strong operational performance in the medical device sector [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 584 million yuan, representing a year-on-year growth of 39.79% [2]. - The net profit attributable to the parent company reached 104 million yuan, marking a year-on-year increase of 68.68% [2]. Stock Performance - As of October 30, the company's stock price decreased by 2.05%, trading at 16.26 yuan per share, with a total market capitalization of 5.225 billion yuan [1]. - Year-to-date, the stock price has increased by 47.02%, with a 11.91% rise over the last five trading days [1]. Shareholder Information - As of September 30, the number of shareholders increased to 10,300, a rise of 26.20% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 20.76% to 22,805 shares [2]. Dividend Distribution - Since its A-share listing, the company has distributed a total of 104 million yuan in dividends [3]. Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, Penghua Medical Technology Stock A is the fourth largest with 5.182 million shares, marking a new entry [3]. - Bosera Healthcare Mixed A remains the sixth largest shareholder, holding 3.257 million shares, unchanged from the previous period [3].

Core Insights - The company reported a revenue of 6.791 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.05% [1] - The net profit attributable to shareholders was 213 million yuan, a year-on-year decrease of 48.29% [1] - The basic earnings per share stood at 0.39 yuan [1] Financial Performance - The gross margin for the first three quarters was 21.83%, down 3.83 percentage points year-on-year [2] - The net margin was 3.54%, a decline of 3.61 percentage points compared to the same period last year [2] - In Q3 2025, the gross margin was 21.31%, a year-on-year decrease of 3.84 percentage points, but a slight quarter-on-quarter increase of 0.11 percentage points [2] - The net margin for Q3 was 2.51%, down 2.87 percentage points year-on-year and down 0.55 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for Q3 amounted to 1.295 billion yuan, an increase of 122 million yuan year-on-year [2] - The expense ratio was 19.07%, a decrease of 0.80 percentage points from the previous year [2] - Sales expenses increased by 3.93%, management expenses rose by 28.87%, and R&D expenses grew by 12.62%, while financial expenses decreased by 52.23% year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 85,100, an increase of 13,600 or 19.04% from the end of the previous half [2] - The average market value per shareholder increased from 382,800 yuan at the end of the previous half to 498,600 yuan, a growth of 30.25% [2] Company Overview - Shenzhen Megmeet Electric Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 29, 2003 [3] - The company was listed on March 6, 2017, and its main business includes the R&D, production, and sales of smart home appliance control products, industrial power supplies, and industrial automation products [3] - The revenue composition includes smart home appliance control products (45.92%), power products (24.77%), new energy and rail transit components (10.87%), industrial automation (8.32%), smart equipment (5.09%), precision connections (4.37%), and others (0.66%) [3]

Core Viewpoint - The stock of Gongdong Medical has experienced a decline in price and trading volume, with a current market capitalization of 4.187 billion yuan, reflecting a challenging market environment for the company [1]. Company Overview - Gongdong Medical, established on August 17, 2009, and listed on September 16, 2020, is located in Taizhou, Zhejiang Province. The company specializes in the research, production, and sales of disposable medical consumables [1]. - The revenue composition of Gongdong Medical includes: medical testing (39.95%), blood collection (27.43%), collection (11.18%), medical care (9.17%), others (4.94%), pharmaceutical packaging (3.73%), and commercial (3.60%) [1]. Financial Performance - For the first half of 2025, Gongdong Medical reported a revenue of 557 million yuan, representing a year-on-year growth of 0.58%. However, the net profit attributable to shareholders decreased by 47.16% to 50.349 million yuan [2]. - Since its A-share listing, Gongdong Medical has distributed a total of 533 million yuan in dividends, with 234 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Gongdong Medical increased to 9,870, up by 10.79% from the previous period. The average number of circulating shares per person rose by 26.30% to 22,339 shares [2]. - Notably, Industrial and Commercial Bank of China Medical Health Stock (000831) has exited the list of the top ten circulating shareholders [3].

Core Viewpoint - The stock price of Linuo Pharmaceutical Packaging has experienced a decline recently, despite a year-to-date increase, indicating potential volatility in the market [1][2]. Company Overview - Linuo Pharmaceutical Packaging Co., Ltd. is located in Shandong Province, established on March 1, 2002, and listed on November 11, 2021. The company specializes in the research, production, and sales of specialty glass, focusing on borosilicate glass development and application [2]. - The main business revenue composition includes heat-resistant glass (57.02%), pharmaceutical glass (40.74%), and other material sales (2.24%) [2]. Stock Performance - Year-to-date, the stock price has increased by 14.72%, but it has decreased by 2.62% over the last five trading days, 0.12% over the last 20 days, and 20.26% over the last 60 days [2]. - As of October 29, the stock price was reported at 17.12 CNY per share, with a market capitalization of 4.093 billion CNY [1]. Financial Performance - For the period from January to September 2025, Linuo Pharmaceutical Packaging reported a revenue of 721 million CNY, a year-on-year decrease of 13.22%, and a net profit attributable to shareholders of 50.8823 million CNY, down 27.80% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 58.60% to 17,600, while the average circulating shares per person decreased by 36.94% to 13,571 shares [2]. - The company has distributed a total of 139 million CNY in dividends since its A-share listing, with 92.177 million CNY distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, new institutional shareholders include Rongtong Health Industry Flexible Allocation Mixed A/B (holding 3.8 million shares), Green High Dividend Preferred Mixed A (holding 3.1433 million shares), and Yuanxin Yongfeng Pharmaceutical Health A (holding 1.62 million shares) [3].

Market Overview - In October 2025, the equity market experienced an overall upward trend, with the Shanghai Composite Index breaking through 3900 points and reaching a historical high of 3950.3, marking a monthly increase of 0.42% [5] - The bond market remained volatile, influenced by expectations of further monetary policy easing and high risk aversion due to the uncertain Sino-US trade situation. The yield on 10-year government bonds rose by 0.20 basis points to 1.849% by October 24 [5] - The convertible bond market saw a stabilization after an initial valuation compression, with the average price of convertible bonds decreasing by 3.00% to 114.34 yuan, and the median price dropping by 0.48% to 131.01 yuan [5][11] Convertible Bond Strategy - The report suggests a balanced approach to convertible bond investments, emphasizing the need for a wave-like strategy in asset management. It highlights the importance of selecting bonds with high potential for price appreciation while managing risks associated with high premiums and frequent redemptions [17] - The report identifies sectors with high win rates and high odds for convertible bond investments, including lithium batteries, semiconductor equipment, and agricultural chemicals, which are expected to benefit from recent price increases and market demand [17] "Top Ten Convertible Bonds" Portfolio - The report lists the "Top Ten Convertible Bonds" for November 2025, highlighting their respective industries, credit ratings, and reasons for recommendation. For instance, the "Xingye Convertible Bond" is recommended due to its attractive dividend yield of over 5% [19][20] - The portfolio includes bonds from various sectors such as banking, battery manufacturing, medical devices, and semiconductor industries, showcasing a diverse investment strategy aimed at capturing growth across different market segments [19] Sector-Specific Insights - The banking sector, represented by Xingye Bank, is noted for its stable revenue growth and strong asset quality, with a projected dividend yield of 4.6% [20][21] - The battery sector, particularly represented by Yiwei Lithium Energy, is experiencing rapid growth in energy storage battery shipments, positioning the company as a leader in the market [31][34] - The medical device sector, led by Yirui Technology, is benefiting from increased demand for digital X-ray detectors and core component breakthroughs, indicating strong growth potential [43][46] - The semiconductor sector, represented by Weier Technology, is capitalizing on the recovery in consumer electronics demand and the expansion of automotive electronics, leading to significant revenue growth [68][71] - The communication sector, represented by Zhongbei Communication, is seeing explosive growth in its intelligent computing business, driven by the increasing demand for AI-related services [80][83] Conclusion - The report emphasizes the importance of a strategic approach to investing in convertible bonds, focusing on sectors with strong growth potential and favorable market conditions. The "Top Ten Convertible Bonds" portfolio serves as a guide for investors looking to capitalize on these opportunities while managing associated risks [17][19]