1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Boshi Convertible Bond on the first day of listing is estimated to be between 104 - 108 yuan, and investors are advised to actively subscribe [3][17] - The estimated first - day new - bond subscription winning rate is around 0.0023% - 0.0025% [4][18] 3. Summary According to the Directory 3.1 Doctor Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Boshi Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA. The issuance scale is 375 million yuan, the initial conversion price is 30.43 yuan. As of March 20, 2026, the convertible bond parity is 81.07 yuan, the calculated pure bond value is 100.79 yuan. The game terms are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is acceptable, and the bond floor protection is good [2][13] 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is to provide consumers with fashionable and personalized eyewear products and professional visual health solutions. The raised funds will be used for chain eyewear store construction and upgrading, headquarters operation management center and brand building, digital platform upgrading, and supplementing working capital. The convertible bond's first - day conversion premium rate is expected to be in the range of [28%, 33%], corresponding to a first - day listing target price around 104 - 108 yuan [3][16][17] 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 40% - 45%, the scale of Boshi Convertible Bond available to the market is 207 million - 223 million yuan. Assuming the online effective subscription number is 8.88 million households, the winning rate is around 0.0023% - 0.0025% [4][18] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and Downstream Situations - The company focuses on providing fashionable and personalized eyewear products and professional visual health solutions. The upstream of the industry consists of raw material and equipment suppliers, and the downstream is diversified sales channels, with offline stores being the main sales place [19][20][21] 3.2.2 Company's Operating Conditions - The company's revenue has been rising in recent years. From 2022 to the first three quarters of 2025, the revenue was 962 million yuan, 1.176 billion yuan, 1.203 billion yuan, and 1.08 billion yuan respectively, with year - on - year growth rates of 8.42%, 22.20%, 2.29%, and 18.05%. The comprehensive gross profit margin has remained stable, and the net profit margin has also been relatively stable. The company's R & D expenses have been increasing, and the accounts receivable turnover rate has been generally stable, but the accounts receivable as a proportion of revenue has been rising. The net profit attributable to the parent company has fluctuated greatly [23][27][32] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of September 30, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 40.44% of the shares, and the top ten shareholders hold 44.92% of the shares. The actual controllers and their concerted parties hold 40.75% of the shares, and the controlling shareholder and actual controller have not changed since listing [39] 3.2.4 Company's Business Characteristics and Advantages - The company has brand, sales channel, product, and service and delivery advantages. It has a high - profile brand, a wide - spread sales network, a diverse product portfolio, and efficient service and delivery capabilities [44][45][46] 3.2.5 Allocation of Raised Funds - The company plans to issue convertible bonds to raise 375 million yuan. After deducting issuance fees, 180 million yuan will be used for chain eyewear store construction and upgrading, 70 million yuan for the headquarters operation management center and brand building, 70 million yuan for digital platform upgrading, and 55 million yuan for supplementing working capital [11][16][47]

Core Viewpoint - The company, Lihai Microelectronics, is forecasting a significant decline in both revenue and net profit for the year 2025 compared to the previous year, indicating potential challenges ahead for the business. Financial Performance Summary - For 2025, Lihai Microelectronics expects revenue to be between RMB 34 million and RMB 37 million, a decrease of RMB 17.88 million to RMB 20.88 million, representing a year-on-year decline of 32.58% to 38.05% [1] - The projected net profit attributable to shareholders for 2025 is expected to be between RMB 1.7 million and RMB 2.2 million, down by RMB 6.23 million to RMB 6.73 million, reflecting a decline of 73.91% to 79.84% year-on-year [1] - The net profit after excluding non-recurring gains and losses is anticipated to be between RMB 450,000 and RMB 650,000, a decrease of RMB 6.90 million to RMB 7.10 million, indicating a decline of 91.39% to 94.04% compared to the previous year [1] - In 2024, the company reported revenue of RMB 54.88 million, a year-on-year decrease of 5.24% [2][3] - The net profit attributable to shareholders for 2024 was RMB 8.43 million, down 21.10% year-on-year [2][3] - The net profit after excluding non-recurring gains and losses for 2024 was RMB 7.55 million, reflecting an 18.63% decline year-on-year [2][3] - The net cash flow from operating activities for 2024 was RMB 8.86 million, a significant decrease of 67.50% compared to the previous year [2][3] Capital Raising and Financial Activities - Lihai Microelectronics raised a total of RMB 864 million through its IPO in 2020 and subsequent convertible bond issuance in 2023 [3] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 22, 2020, raising RMB 4.84 million, with a net amount of RMB 4.26 million after deducting issuance costs [4] - The funds raised were allocated for various projects, including RMB 1.36 million for R&D and testing center construction, RMB 642.1 million for the development of new high-speed power line communication chips, and RMB 504.6 million for micro-power wireless communication chip development [4] - On May 17, 2024, the company announced a dividend plan of RMB 3.5 per 10 shares (pre-tax) and a stock bonus of 2 shares [4] - On May 29, 2025, the company announced a dividend plan of RMB 3 per 10 shares (pre-tax) and a stock bonus of 2 shares [4] - The company issued convertible bonds worth RMB 38 million in 2023, with a net amount of RMB 37.48 million after deducting underwriting and advisory fees [5]

Core Viewpoint - The company, Zhenyu Technology (300953), has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for issuing convertible bonds to unspecified investors [1] Group 1 - The company announced that on February 25, 2026, it received a notice from the Shenzhen Stock Exchange about the acceptance of its application for issuing convertible bonds [1] - The Shenzhen Stock Exchange has verified that the application documents submitted by the company are complete and has decided to accept the application [1]

Group 1 - The company held its 42nd meeting of the third board of directors on February 25, 2026, to discuss the non-redemption of the convertible bonds [2][3] - The board decided not to exercise the early redemption rights of the "Huaya Convertible Bonds" due to the stock price conditions being met, with the stock price exceeding 130% of the conversion price for 15 trading days [3][7] - The decision includes a commitment not to redeem the bonds for the next three months, from February 26 to May 25, 2026, even if the redemption conditions are triggered again [3][29] Group 2 - The company issued 3,400,000 convertible bonds at a face value of 100 yuan each, totaling 340 million yuan, approved by the China Securities Regulatory Commission [8][20] - The bonds were listed on the Shenzhen Stock Exchange on January 16, 2023, under the name "Huaya Convertible Bonds" [9][21] - The initial conversion price was set at 69.39 yuan per share, which has undergone several adjustments due to dividend distributions and other corporate actions [11][23] Group 3 - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days [16][27] - The company confirmed that there were no transactions of the convertible bonds by major shareholders or executives in the six months prior to the redemption conditions being met [18][30] - The company will continue to monitor the situation regarding potential future transactions by major stakeholders [30]

Group 1 - The company, Hangya Technology, plans to issue convertible bonds with a total fundraising amount not exceeding RMB 600 million, which will be used for projects related to aerospace blades, orthopedic implants, and working capital [1] - The convertible bonds will have a face value of RMB 100 each and a term of six years from the date of issuance [1] - The interest rate for the bonds will be determined by the board of directors based on national policies, market conditions, and the company's specific situation [1] Group 2 - Shareholder Ruan Shihai intends to reduce his holdings by up to 4.9 million shares, representing 1.89% of the company's total shares [2] - Huahang Kechuang plans to reduce its holdings by up to 2.265 million shares, representing 0.87% of the company's total shares [2] - Huahang Kechuang has already reduced its holdings by 1.94 million shares, decreasing its ownership from 8.1933 million shares to 6.2533 million shares, which reduced the controlling shareholder's stake from 29.62% to 28.87% [2] Group 3 - Hangya Technology's controlling shareholder is Yan Qi, with Ruan Shihai as a concerted actor [3] - The company was listed on the Sci-Tech Innovation Board on December 16, 2020, with an initial issuance of 64.6 million shares at a price of RMB 8.17 per share [3] - The total fundraising from the initial public offering was RMB 528 million, with a net amount of RMB 474 million after deducting issuance costs [3][4]

Group 1 - The core viewpoint of the article is that Runze Intelligent Computing Technology Group Co., Ltd. has announced a plan to issue convertible bonds to acquire assets and raise matching funds [2] - The company plans to purchase a 42.56% stake in Guangdong Runhui Technology Development Co., Ltd. from 12 investors through the issuance of convertible bonds [2] - The fundraising amount will not exceed 100% of the asset purchase transaction price and will involve issuing shares to no more than 35 specific investors [2] Group 2 - The transaction does not constitute a related party transaction, a major asset restructuring, nor does it involve a change in control [2] - The target company's main business includes IDC and AIDC services, which are synergistic with the listed company's core operations [2] - Upon completion of the transaction, Runze Technology will hold 100% of the equity in the target company [2]

Group 1 - The company has issued 3.5429 million convertible bonds with a total amount of 354.29 million yuan, net proceeds amounting to 345.6416 million yuan after deducting related fees [3] - The convertible bonds are listed on the Shanghai Stock Exchange under the name "Hao Han Convertible Bonds" with the code "118052" starting from April 7, 2025 [4] - The initial conversion price for the convertible bonds was set at 24.38 yuan per share, which was adjusted to 24.26 yuan per share due to the company's annual equity distribution plan [6][7] Group 2 - The conversion period for the bonds is from September 19, 2025, to March 12, 2031 [5] - The company has the right to redeem the bonds at 115% of the face value within five trading days after the maturity if they remain unconverted [9] - Conditional redemption can occur if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the unconverted balance is less than 30 million yuan [9][10] Group 3 - As of January 14, 2026, the company's stock price has been above 31.54 yuan per share (130% of the conversion price) for 10 trading days, indicating a potential trigger for the conditional redemption clause [10] - The company will convene a board meeting to decide on exercising the redemption right if the conditions are met and will fulfill disclosure obligations accordingly [11]

Core Viewpoint - Suzhou Chunqiu Electronic Technology Co., Ltd. issued 5.7 million convertible bonds with a total value of 570 million yuan, which will be traded on the Shanghai Stock Exchange starting April 11, 2023 [2] Group 1: Convertible Bonds Issuance - The company received approval from the China Securities Regulatory Commission to issue 5.7 million convertible bonds, each with a face value of 100 yuan, totaling 570 million yuan [2] - The bonds will be listed on the Shanghai Stock Exchange under the name "Chun23 Convertible Bonds" with the code "113667" [2] Group 2: Conversion Price and Adjustments - The initial conversion price was set at 10.40 yuan per share, adjusted to 10.30 yuan on June 20, 2023, due to the 2022 annual profit distribution [3] - The conversion price will further adjust to 10.15 yuan on June 19, 2025, following the 2024 annual profit distribution [3] - The conversion period for the bonds is from September 23, 2023, to March 16, 2029 [3] Group 3: Price Adjustment Basis - The conversion price will be adjusted based on events such as stock dividends, capital increases, and cash dividends, as outlined in the bond issuance prospectus [4] - The company will announce any adjustments in accordance with regulatory requirements [4] Group 4: Share Buyback and Capital Reduction - The company plans to cancel 9,136,891 shares from its buyback account, reducing its total share capital from 455,944,899 shares to 446,808,008 shares [5] - This cancellation will not affect the conversion price of the "Chun23 Convertible Bonds," which remains at 10.15 yuan per share [6][7]

Core Viewpoint - The company held its first extraordinary general meeting of shareholders in 2026, where all proposed resolutions were approved without any objections from shareholders [2][9]. Group 1: Meeting Details - The meeting took place on February 11, 2026, at the company's conference room located at 330 Wengjiao Road, Haicang New Industrial Zone, Xiamen [2]. - The meeting was convened by the board of directors and chaired by Mr. Sun Li, the chairman [2]. - The voting method combined on-site and online voting, complying with the Company Law and the company's articles of association [2]. Group 2: Attendance - All 9 current directors attended the meeting, along with the company secretary Ms. Yang Yiling and some senior management personnel [3]. Group 3: Resolutions Reviewed - The following resolutions were passed: - Approval for the company to issue convertible bonds to unspecified investors [4]. - Approval of the bond issuance plan, including types of securities, issuance scale, face value, issuance price, bond term, interest rate, repayment terms, conversion period, and pricing adjustments [4][5][6][7]. - Approval of the use of raised funds, management of funds, and related guarantees [7]. - Approval of the feasibility analysis report for the use of raised funds and the dilution of immediate returns with measures to compensate [8]. - Approval of the company's dividend return plan for the next three years (2026-2028) [8]. - Authorization for the board of directors to handle all matters related to the issuance of convertible bonds [8]. Group 4: Voting and Legal Verification - All resolutions were special resolutions and were passed with more than two-thirds of the voting rights held by attending shareholders [9]. - The meeting was witnessed by lawyers from Shanghai Jintiancheng (Shenzhen) Law Firm, who confirmed that the meeting complied with legal and procedural requirements [9].

Core Viewpoint - The company plans to issue convertible bonds to unspecified investors, pending approval from shareholders and regulatory bodies [1] Group 1 - The company will hold its 27th meeting of the fifth board of directors on February 9, 2026, to review the proposal for issuing convertible bonds [1] - The proposal for issuing convertible bonds and related matters are subject to approval by the company's shareholders and the Shanghai Stock Exchange [1] - The issuance will also require registration approval from the China Securities Regulatory Commission before implementation [1]