1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The report recommends actively subscribing to Longjian Convertible Bonds. It is estimated that the listing price on the first day will be between 130.37 and 144.98 yuan, and the subscription rate is expected to be 0.0038%. The bond has good debt bottom protection, but its rating and scale have average attractiveness [3]. - Longjian Co., Ltd. is one of the most powerful and large - scale comprehensive service providers for large - scale infrastructure construction in Northeast China. Its revenue has been growing steadily since 2019, and its net profit attributable to the parent has also been fluctuating. The company's main business income comes from construction projects, with relatively stable product structure [3]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance of Longjian Convertible Bonds starts on January 22, 2026. The detailed schedule includes steps from T - 2 (January 20, 2026) to T + 4 (January 28, 2026), such as publishing prospectuses, conducting roadshows, and determining subscription results [8]. - **Basic Terms**: The convertible bond has a total issuance scale of 1 billion yuan, a 6 - year term, an AA/AA credit rating, a face value of 100 yuan, and specific coupon rates from the first to the sixth year. The conversion price is 4.63 yuan per share, and the conversion period is from July 28, 2026, to January 21, 2032. The down - revision, redemption, and put - back clauses are also specified [9]. - **Use of Raised Funds**: The raised funds are mainly used for construction projects such as the G1111 Hegang - Taiqing section of the Heha Expressway project and the reconstruction project of the Sunwu - Heihe section of the National Highway Dan - A, as well as repaying bank loans [10]. - **Bond and Stock Indicators**: The pure bond value is 98.08 yuan, with a YTM of 2.16%. The conversion parity is 105.83 yuan, and the parity premium rate is - 5.51%. The total share capital dilution rate is 17.56% [10][11][12]. 3.2. Investment Subscription Suggestions - **Estimated Listing Price**: Based on comparable targets and empirical results, considering the good debt bottom protection of Longjian Convertible Bonds and the average attractiveness of its rating and scale, the expected listing price on the first day is between 130.37 and 144.98 yuan, with an expected conversion premium rate of about 30% [13][14]. - **Estimated Subscription Rate**: It is estimated that the priority subscription ratio of original shareholders is 64.23%, and the online subscription rate is 0.0038% [15]. 3.3. Analysis of the Underlying Stock's Fundamental Aspects 3.3.1. Financial Data Analysis - **Business Scope**: The company is mainly engaged in highway engineering, municipal road and bridge construction, consulting and design, as well as infrastructure investment, operation, maintenance, and management. It has won more than 100 honors and has been promoting market development at home and abroad [16]. - **Revenue and Profit Growth**: Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 10.49% from 2019 - 2024. In 2024, the revenue was 18.29 billion yuan, a year - on - year increase of 4.95%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 12.59% from 2019 - 2024. In 2025, the net profit attributable to the parent in the first three quarters was 257 million yuan, a year - on - year increase of 9.51% [17]. - **Business Income Structure**: The company's main business income comes from construction projects, highway tolls, and design consulting. Since 2021, the income from construction projects has been increasing year by year, accounting for 99.48%, 99.53%, 99.28%, and 99.37% of the main business income from 2021 - 2024 respectively, and the product structure is adjusted annually [19]. - **Profitability and Cost Ratios**: The company's sales net profit margin and gross profit margin fluctuate slightly, the sales expense ratio rises, while the financial expense ratio and management expense ratio remain stable. The changes in the comprehensive gross profit margin of the main business are mainly affected by the gross profit margin of construction projects [23]. 3.3.2. Company Highlights - **Industry Status and Reputation**: As a state - owned holding listed company affiliated with Heilongjiang Construction Investment Group, it is a leading infrastructure construction service provider in Northeast China. It has won many authoritative honors and has a high - profile in the industry [30]. - **Market Layout**: The company has a diversified business network covering both domestic and international markets through the "1 + N+8" domestic development system and the "1 + 7+N" overseas layout. It also promotes strategic upgrading by extending to emerging fields such as new energy infrastructure and green building materials [30].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The total issuance scale of Naipu Convertible Bond 02 is 450 million yuan, and the net proceeds after deducting issuance fees will be used for the project of manufacturing 12,000 tons of new - material beneficiation wear - resistant spare parts in Peru each year [3]. - The current bond floor valuation is 118.90 yuan, with a YTM of 2.97%, indicating good bond floor protection. The current conversion parity is 101.64 yuan, and the parity premium rate is - 1.61%. The conversion terms are standard, and the dilution rate of the total share capital is 6.49%, with relatively small dilution pressure on the share capital [3][12][13]. - It is expected that the listing price of Naipu Convertible Bond 02 on the first day will be between 132.11 - 146.56 yuan, and the subscription rate is expected to be 0.0016%. It is recommended to actively subscribe [3]. 3. Summary According to the Directory 3.1 Convertible Bond Basic Information - **Issuance Schedule**: The issuance subscription schedule of Naipu Convertible Bond 02 is from January 14, 2026 (T - 2) to January 22, 2026 (T + 4), including steps such as publishing announcements, online roadshows, original shareholder priority subscription, and online subscription [9]. - **Basic Terms**: The convertible bond has a code of 123265.SZ, a term of 6 years from January 16, 2026, to January 15, 2032, with a subject rating/issue rating of A+/A+. The initial conversion price is 38.44 yuan/share, and the conversion period is from July 22, 2026, to January 15, 2032. The coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.80%, 1.50%, 2.00%, and 2.50% respectively. The down - revision clause is "15/30, 85%", the conditional redemption clause is "15/30, 130%", and the conditional put - back clause is "30, 70%" [10]. - **Use of Raised Funds**: The raised funds are planned to invest 325 million yuan in the project of manufacturing 12,000 tons of new - material beneficiation wear - resistant spare parts in Peru each year and 125 million yuan for supplementary working capital [11]. - **Bond and Equity Indicators**: The pure bond value is 118.90 yuan, the pure bond premium rate is - 15.90%, the conversion parity is 101.64 yuan, and the parity premium rate is - 1.61%. The pure bond YTM is 2.97% [11][12]. 3.2 Investment Subscription Suggestions - **Estimated Listing Price**: By referring to comparable targets and using an empirical model, it is estimated that the listing price of Naipu Convertible Bond 02 on the first day will be between 132.11 - 146.56 yuan, with an estimated conversion premium rate of about 37% [14][15]. - **Estimated Subscription Rate**: It is estimated that the original shareholder priority subscription ratio is 67.39%, and the online subscription rate is 0.0016% [16][17]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - **Business Scope**: Jiangxi Naipu Mining Machinery Co., Ltd. is mainly engaged in the R & D, design, manufacturing, sales, and services of heavy - duty mining beneficiation equipment and new - material wear - resistant spare parts, with products applied in multiple industries [18]. - **Revenue and Profit**: Since 2019, the company's revenue has steadily increased, with a compound growth rate of 28.01% from 2019 - 2023. In 2023, the revenue was 938 million yuan, a year - on - year increase of 25.28%. The net profit attributable to the parent company has fluctuated, with a compound growth rate of 3.64% from 2019 - 2023. In 2023, it was 80 million yuan, a year - on - year decrease of 40.39%. As of Q3 2025, the revenue and net profit attributable to the parent company were 714 million yuan and 62 million yuan respectively [19]. - **Revenue Structure**: The company's revenue mainly comes from the R & D, production, and sales of mining rubber wear - resistant spare parts, which is the core revenue source. From 2023 - 2025, the proportion of this business in the main business revenue was 57.84%, 54.50%, and 71.25% respectively. The company also develops multiple businesses such as beneficiation equipment and beneficiation system solutions in a coordinated manner [23]. - **Profitability and Cost**: From 2019 - 2023, the company's net sales profit margin remained stable, the gross sales profit margin increased, the sales expense ratio and financial expense ratio increased, and the management expense ratio remained stable. The gross sales profit margin and net sales profit margin are higher than the industry average [26]. 3.3.2 Company Highlights - Naipu Mining Machinery is a leading enterprise in the field of heavy - duty mining beneficiation equipment and new - material wear - resistant spare parts in China. It has built a differentiated competitive barrier with its polymer material technology advantages. It can provide comprehensive solutions for global mining customers and has a high - quality customer system and good growth potential [35].