1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The target price of Jin 25 Convertible Bonds on the first trading day is estimated to be between 128 and 133 yuan, and investors are advised to actively subscribe [20]. - The estimated first - day new - bond subscription winning rate is around 0.0121% - 0.0149% [21]. 3. Summary According to Relevant Catalogs 3.1 Jin 25 Convertible Bonds New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 25 Convertible Bonds are priority placement and online issuance, with both the bond and issuer rated AA. The issuance scale is 2 billion yuan, the initial conversion price is 63.46 yuan, the bond parity on September 24, 2025, is 99.78 yuan, and the pure bond value is 98.93 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond - floor protection. It is easy for institutions to include in their portfolios, and there is no objection to primary - market participation [16]. 3.1.2 New - Bond Initial Listing Price Analysis - Considering the current market environment and parity level, the conversion premium rate of Jin 25 Convertible Bonds on the first listing day is expected to be in the range of 28% - 33%, corresponding to a first - day listing target price of around 128 - 133 yuan. The company is a group - based mining listed company mainly engaged in mining services and mining resource development [20]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old - shareholder placement ratio is 41% - 52%, the scale available for the market is 951 million - 1.175 billion yuan. Assuming the online effective subscription number is 7.89 million households, the winning rate when subscribing to the full quota is estimated to be around 0.0121% - 0.0149% [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream - Downstream Situation - The company's main business includes mining operation management, mine engineering construction, mining resource development, mine engineering design and research, and mining machinery equipment manufacturing. The upstream is the mining machinery equipment manufacturing industry, which has little impact on the company. The downstream of mining services is the mineral resource development industry, and the downstream of resource development is the mineral resource smelting, processing, and trading industry [22][23]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend, with year - on - year growth rates of 18.90%, 38.18%, 34.37%, and 47.82% respectively. The core business is mining operation management. The sales revenue of cathode copper, copper concentrate, and phosphate ore increased due to the acquisition of mines. The comprehensive gross profit margin and net profit margin increased steadily. The company's receivables' proportion of operating revenue decreased, and the accounts - receivable turnover rate increased. The net profit attributable to the parent company maintained high - speed positive growth [25][29][35]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the equity structure was relatively dispersed. Jinchengxin Group was the largest shareholder with a 38.88% shareholding ratio. The top two shareholders held a combined 41.25% stake, and the top ten shareholders held a combined 52.47% stake. Wang Xiancheng, Wang Cicheng, Wang Youcheng, Wang Yicheng, and Wang Yicheng were the actual controllers, directly and indirectly controlling 43.16% of the company's shares [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, deep - resource development services, talent, and equipment - maintenance - operation integration. It has rich experience in complex geological conditions, a large number of technical achievements, a high - quality talent team, advanced equipment, and a mature mechanized operation model [48]. 3.2.5 Current Raised - Capital Investment Arrangements - The raised funds after deducting issuance fees are planned to be used as follows: 800 million yuan for the Zambia Lubumbi Copper Mine Beneficiation Project (technical renovation), 800 million yuan for the mine mining operation and infrastructure equipment purchase project, 80 million yuan for the underground green unmanned intelligent equipment R & D project, and the remaining 320 million yuan for working - capital replenishment [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Shenglan Convertible Bond 02 on the first day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. Based on the par value of 119.19 yuan as of September 1, 2025, and referring to similar convertible bonds, the conversion premium rate on the first - day of listing is estimated to be in the range of 10% - 15% [3][21]. - The estimated first - day new - bond subscription winning rate is around 0.0022% - 0.0025%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan, and with an assumed online effective subscription of 7.92 million households, the winning rate is calculated [4][22]. 3. Summary According to the Directory 3.1. Shenglan Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Shenglan Convertible Bond 02 is priority placement and online issuance, with a bond and issuer rating of AA -. The issuance scale is 450 million yuan, the initial conversion price is 54.56 yuan, the convertible bond par value is 119.19 yuan, the pure bond value is 94.58 yuan. The game terms are normal. Overall, the bond issuance scale is low, the liquidity is poor, the rating is acceptable, 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 - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company is mainly engaged in the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. After deducting issuance fees, 255 million yuan of the raised funds is planned for the R & D and construction project of new - energy vehicle high - voltage connectors and components, and 195 million yuan for the R & D and construction project of industrial control connectors [3][20]. 3.1.3. Analysis of Convertible Bond New - Bond Subscription Winning Rate - As of March 31, 2025, the top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan. With an assumed online effective subscription of 7.92 million households, the winning rate is estimated to be around 0.0022% - 0.0025% [4][22]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and the Up - and Downstream Situations of the Industry - The company is a high - tech enterprise focusing on the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. The upstream raw materials include metal and plastic materials, and the downstream includes various application fields such as automotive, telecommunications, and data communication. The connector industry shows a trend of professional segmentation [23][24]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.17 billion yuan, 1.241 billion yuan, 1.287 billion yuan, and 337 million yuan respectively, with year - on - year growth rates of - 10.16%, 6.06%, 3.71%, and 17.18%. The main business income comes from consumer - electronics connectors and components and new - energy vehicle connectors and components. The company's comprehensive gross margin and net profit margin have been increasing, while the period expenses have slightly increased, and the R & D expenses have shown a growth trend. The accounts receivable has remained relatively stable, and the accounts - receivable turnover rate is lower than the industry average [26][30][33]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, Shenglan Investment Holding Co., Ltd. was the largest shareholder, holding 54.20% of the shares. The top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Huang Xuelin was the actual controller, holding 45.28% of the equity [44][46]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in talent cultivation, technical capabilities, and market foundation. It has established a talent - training mechanism, holds 432 patents as of March 2025, and has stable cooperation relationships with many well - known companies in the consumer - electronics and new - energy vehicle fields [49]. 3.2.5. Arrangement of the Current Raised Funds - The company plans to issue convertible bonds to raise up to 450 million yuan. After deducting issuance fees, 255 million yuan is for the new - energy vehicle high - voltage connector and component project with a total investment of 255.7587 million yuan and an annual production capacity of 8 million pcs after completion; 195 million yuan is for the industrial control connector project with a total investment of 196.577 million yuan and an annual production capacity of 48 million pcs after completion [51][52].

Core Viewpoint - "New bond subscription" is a low-threshold, high-yield investment method suitable for beginners, allowing investors to purchase newly issued convertible bonds from listed companies [2][5]. Group 1: Characteristics of New Bonds - Convertible bonds combine debt and equity features, providing a safety net through interest payments and principal repayment, while also offering potential upside through conversion to stock [3][4]. - The main profit model for new bonds is to sell on the first day of listing, with historical data showing profits ranging from tens to hundreds of yuan, and a significant price increase on the listing day [6]. - The entry threshold for participating in new bond subscriptions is low, typically requiring around 1,000 yuan, making it accessible to a wide range of investors [6][7]. Group 2: Subscription Process - Investors need to open a securities account and obtain permission to trade convertible bonds, which requires two years of trading experience and an average asset of 100,000 yuan over 20 days [8]. - The subscription process involves checking new bond issuance information, submitting a subscription request, and confirming the results after a lottery draw [10][12]. - It is advisable to sell on the first day of listing to secure profits, with specific trading timeframes and price limits in place for convertible bonds [15][16]. Group 3: Target Audience - New bonds are particularly suitable for novice investors looking to experience the capital market, low-risk investors seeking stable returns, and those with limited funds wanting to participate without affecting their main investment strategies [20].

Group 1 - The core viewpoint of the articles highlights a significant increase in the number of investors participating in convertible bond subscriptions, reflecting a recovery in the A-share market and heightened investor confidence in equity markets [1][2][3] Group 2 - The number of new investors in convertible bond subscriptions has surged by 820,000 in just two months, bringing the total to over 8.7 million participants [1][2] - The recent performance of convertible bonds has been strong, with new bonds like the Ber25 and Guangke bonds seeing substantial price increases of over 50% and 40% respectively since their listings [4][6] - The overall A-share market has seen a significant increase in new account openings, with 1.456 million new accounts opened in the first seven months of 2025, a year-on-year increase of 36.88% [3] - The financing balance in the A-share market has also risen, reaching 21,329.69 billion yuan, an increase of over 340 billion yuan since May [3] - The high performance of newly listed convertible bonds is attributed to their long remaining terms and the influx of new funds, which have driven up their valuations [9][10]

Core Viewpoint - The A-share market is experiencing a significant rebound, leading to an increase in investor confidence and a surge in the number of new participants in convertible bond subscriptions [1][4]. Group 1: Market Trends - The number of new investors participating in convertible bond subscriptions has increased by over 820,000 in just two months, bringing the total to over 8.7 million [1][4]. - The A-share market has seen a notable increase in new account openings, with 1,456.13 million new accounts opened in the first seven months of 2025, a year-on-year increase of 36.88% [4]. - The financing balance in the A-share market reached 21,329.69 billion, an increase of over 340 billion since the end of May [5]. Group 2: Performance of Convertible Bonds - Newly listed convertible bonds have shown impressive performance, attracting new investors. For instance, the Ber25 convertible bond rose by 29.01% on its first day and has since increased by over 50% [8][10]. - The average price of convertible bonds has recently surpassed 130 yuan per share, indicating a preference among institutions for low-priced and mid-priced convertible bonds [12]. Group 3: Investor Sentiment - The recent surge in convertible bond subscriptions reflects a broader increase in investor confidence in the equity market, driven by positive market conditions [1][4]. - Analysts suggest that the current market environment, characterized by rising stock indices and a strong "money-making effect," is likely to continue attracting more capital into the A-share market [13][14].

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].

Group 1 - The core point of the news is the listing of Luwei Optoelectronics' convertible bonds, which have a high conversion value and a relatively small issuance scale [1] - The convertible bond has a rating of AA-, indicating a high credit quality [1] - The current market for convertible bonds is experiencing a surge, with many new issues being well-received by investors [3][4] Group 2 - The market for convertible bonds is supported by the performance of the underlying stocks, primarily from small and mid-cap companies, which are currently in focus [7] - Despite the pressure on the broader market around the 3500-point level, there is potential for opportunities in small and mid-cap stocks as larger financial stocks may face a pullback [9][10] - The previous underperformance of small and mid-cap stocks may lead to a rebound when larger stocks start to cool down, creating a favorable environment for these smaller stocks [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Libo Convertible Bond on the first day of listing is expected to be between 132 - 137 yuan, and investors are advised to actively subscribe. The conversion premium rate on the first day of listing is estimated to be in the range of 30% - 35% [2][19]. - The estimated first - day new - bond lottery winning rate is around 0.0027% - 0.0043% [20]. 3. Summary According to the Catalog 3.1 Libo Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Libo Convertible Bond is priority placement and online issuance. The bond and issuer ratings are AA, with an issuance scale of 750 million yuan. The initial conversion price is 12.14 yuan. As of July 2, 2025, the conversion parity is 101.32 yuan, and the pure bond value is 99.26 yuan. The game terms are normal, with general issuance scale and liquidity, a decent rating, and good bond floor protection [16]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the design and manufacturing of industrial modules, with main products including process modules, pipe rack modules, and pipe pre - fabricated parts. The funds raised from this issuance are mainly used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." [19]. - Based on the valuation reference of Huashe Convertible Bond and Nenghui Convertible Bond, considering the current market environment and parity level, the conversion premium rate of Libo Convertible Bond on the first day of listing is expected to be in the range of 30% - 35%, corresponding to a first - day listing target price of around 132 - 137 yuan [2][19]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholder placement ratio is 54% - 71%, the scale of Libo Convertible Bond available to the market is 216 million - 343 million yuan. Assuming the online effective subscription volume is 7.92 million households, the lottery winning rate is estimated to be around 0.0027% - 0.0043% [20]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Up - stream and Down - stream Industry Situations - The company's main business is the design and manufacturing of industrial modules. The upstream industries are mainly raw material suppliers and subcontractors, which are highly competitive and have little impact on the company. The downstream industries are mainly the chemical industry, and the company is also actively exploring multiple industries such as oil and gas energy and nuclear power projects [21]. 3.2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.721 billion yuan, 3.242 billion yuan, 3.493 billion yuan, and 668 million yuan respectively, with year - on - year growth rates of - 13.21%, 88.39%, 7.72%, and 1.45%. The comprehensive gross profit margin showed a slight fluctuation, and the net profit margin also fluctuated. The company's period expenses increased slightly, and R & D expenses showed an upward trend. Accounts receivable and the accounts receivable turnover rate fluctuated, and the net profit attributable to the parent company increased year by year [24][26][37]. 3.2.3 Company's Equity Structure and Main Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held a combined 54.31% of the shares, and the top 13 shareholders held a combined 71.67% of the shares. Shen Binqiang and Shen Xuan were the actual controllers, controlling 46.51% of the shares. The company has 7 wholly - owned subsidiaries [40]. 3.2.4 Company's Business Characteristics and Advantages - The company has high - tech barriers in the industrial module business, with an expanding development space. It has an "EPFC" full - industry chain and integrated service capabilities [45]. - The company has advantages in design and manufacturing capabilities, business qualifications, and customer resources [45][46]. 3.2.5 Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise a total of no more than 750 million yuan, all of which will be used for the "Large - scale Industrial Module Manufacturing Project of Nantong Libote Heavy Industry Co., Ltd." with a total investment of 1.295 billion yuan. The project's internal rate of return (after - tax) is 13.05%, and the after - tax static investment payback period (including the construction period) is 6.06 years [48].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The target price of Yongxi Convertible Bonds on the first - day of listing is expected to be between 128 - 133 yuan, and it is recommended to actively subscribe. The expected first - day conversion premium rate is in the range of 23% - 28%. The expected first - day new bond lottery winning rate is around 0.0074% - 0.0103% [3][20][21]. 3. Summary According to the Directory 3.1 Yongxi Convertible Bonds New Issue Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Yongxi Convertible Bonds are priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 1.165 billion yuan, the initial conversion price is 28.39 yuan, and the conversion parity on June 25, 2025, is 103.77 yuan. The calculated pure bond value is 83.7 yuan. The game terms are normal. Overall, the bond issuance scale is relatively high, the liquidity is acceptable, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][16]. 3.1.2 New Bond Initial Listing Price Analysis - The company's main business is integrated circuit packaging and testing. The main products and services include five major categories with over 2,100 mass - produced varieties. The funds raised from this issuance are mainly used for the "Multi - dimensional Heterogeneous Advanced Packaging Technology R & D and Industrialization Project", which can optimize the company's capital structure and enhance its competitiveness [3][19]. - The target price of Yongxi Convertible Bonds on the first - day of listing is 128 - 133 yuan, and it is recommended to actively subscribe. The expected first - day conversion premium rate is in the range of 23% - 28% [3][20]. 3.1.3 Convertible Bond New Issue Lottery Winning Rate Analysis - The expected first - day new bond lottery winning rate is around 0.0074% - 0.0103%. Assuming the old shareholders' placement ratio is 30% - 50%, the scale available for the market is 583 million - 816 million yuan. Referring to recent similar bond issues, the online effective subscription number is assumed to be 7.92 million households [21]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company's main business is integrated circuit packaging and testing, with five major product categories and over 2,100 mass - produced varieties [22]. - The main upstream industries are packaging and testing raw materials and equipment industries, and the company has established good long - term cooperative relationships with many suppliers. The main downstream industry is the IC design industry, and the market scale and development speed of the downstream industry directly affect the company's sales revenue [22][23]. 3.2.2 Company's Operating Conditions - The company's recent operating income has shown an overall upward trend. From 2022 to Q1 2025, the operating income was 2.177 billion yuan, 2.391 billion yuan, 3.609 billion yuan, and 945 million yuan respectively, with year - on - year growth rates of 5.96%, 9.82%, 50.96%, and 30.12% respectively [26]. - The company's comprehensive gross profit margin has shown a fluctuating trend. From 2022 to Q1 2025, the comprehensive gross profit margin was 21.91%, 13.9%, 17.33%, and 14.19% respectively, and the net profit margins were 6.3%, - 5.65%, 1.09%, and 0.96% respectively [27]. - The company's recent period expenses have shown an upward trend, and the R & D expenses have gradually increased. The accounts receivable have shown a slight fluctuation, and the accounts receivable turnover rate has shown a slight downward trend but is at a medium level compared with the industry [31][33][36]. - The company's recent attributable net profit has shown a fluctuating trend. In 2023, the company suffered a loss, and in 2024, it turned losses into profits [40]. 3.2.3 Company's Equity Structure and Major Controlling Subsidiaries - The company's equity structure is relatively concentrated. As of June 10, 2025, the top two major shareholders hold 25.69% of the shares in total, and the top ten major shareholders hold 52.92% of the shares in total. The company's direct controlling shareholder is Yongshunxin Electronics, and the actual controller is Wang Shunbo, who holds 31.70% of the total shares. The company has 2 wholly - owned subsidiaries, 1 controlling subsidiary, and 2 affiliated companies [42][44]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technological innovation, talent reserve, customer cooperation, and quality assurance. It focuses on the advanced packaging field, has a large number of patents, a complete R & D system, and good cooperation with well - known design companies, and has established a quality control system [47][48][49]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise a total of no more than 1.165 billion yuan. 900 million yuan is planned to be invested in the "Multi - dimensional Heterogeneous Advanced Packaging Technology R & D and Industrialization Project", with a total investment of 1.464 billion yuan. After the project is completed, it will form an annual production capacity of 90,000 pieces of multi - dimensional heterogeneous advanced packaging products, and the project has good economic benefits [50].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The target price of Xizhen Convertible Bond on the first day of listing is estimated to be between 130 - 134 yuan, and investors are advised to actively subscribe. The expected first - day new - bond lottery winning rate is around 0.0019% - 0.0031%. The project funded by the raised capital is in line with industry trends, which can enhance the company's market competitiveness and optimize its capital structure [3][4]. Summary by Directory 1. Tin Zhen Convertible Bond New - Issue Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Xizhen Convertible Bond are priority placement and online issuance. Its bond and issuer ratings are AA-. The issuance scale is 520 million yuan, the initial conversion price is 31.98 yuan, the bond parity is 100.66 yuan, and the pure bond value is 95.25 yuan. The game terms (lower - revision, redemption, and put - back) are normal. Overall, the bond has average issuance scale and liquidity, decent rating, and good bond - floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary - market participation [2][15]. 1.2 New - Bond Initial Listing Price Analysis - The company's main businesses include stamping parts, sub - assembly processing, selective precision electroplating processing, and mold businesses. The raised funds will be mainly used for the "Langfang Zhenhua Quanjingshen Auto Parts Project" and to supplement working capital. Considering the market environment and parity level, the conversion premium rate on the first day of listing is expected to be in the range of [29%, 33%], corresponding to a target price of around 130 - 134 yuan [3][18][19]. 1.3 Convertible Bond New - Issue Lottery Winning Rate Analysis - The expected first - day new - bond lottery winning rate is around 0.0019% - 0.0031%. Assuming an old - shareholder placement ratio of 50% - 70%, the scale available for the market is 157 million - 261 million yuan. Assuming 8.36 million online valid subscription accounts, the lottery winning rate is estimated within the above range [4][20]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Up - and Downstream Situations - The company's main businesses are stamping parts, sub - assembly processing, selective precision electroplating processing, and mold businesses. The upstream industries mainly include production equipment manufacturers and raw material suppliers such as steel and aluminum. The downstream industry is the automotive industry. China's automotive industry is in the popularization stage with large growth potential, which will drive the development of the auto - parts industry [21][22]. 2.2 Company's Operating Conditions - The company's recent operating income has been on the rise. From 2022 to Q1 2025, the operating income was 1.881 billion yuan, 2.317 billion yuan, 2.531 billion yuan, and 600 million yuan respectively, with year - on - year growth rates of 18.9%, 23.19%, 9.23%, and 22.48%. The comprehensive gross margin has been increasing year by year. The net profit attributable to the parent company has also been rising annually. The company's profitability has been on an upward trend [25][28][37]. 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, Wuxi Junrun and Qian Ben, held 27.53% and 22.37% of the shares respectively, with a combined shareholding ratio of 49.9%. The top ten shareholders held a combined 72.63% of the shares. The company has 9 wholly - owned subsidiaries [41]. 2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, production equipment, customer resources, industry matching, and management. It has 148 patents, advanced production equipment, stable cooperation with well - known automakers, significant industry - matching advantages, and an effective management system [44][45][48]. 2.5 Allocation of the Raised Funds - The company plans to issue convertible bonds to raise up to 520 million yuan. 420 million yuan will be invested in the "Langfang Zhenhua Quanjingshen Auto Parts Project", and 100 million yuan will be used to supplement working capital. The project, with a total investment of 648 million yuan, will increase the company's overall production capacity. After reaching full production, it will have an annual production capacity of 500,000 sets of auto parts [49].