Core Viewpoint - The company is a leading electric two-wheeler supplier in mainland China, focusing on product development and technology investment, with over 700 patents expected by the end of 2024 [1] Company Overview - The company specializes in electric two-wheelers, including electric motorcycles, light motorcycles, and electric bicycles, with a production capacity exceeding 5 million units annually by the end of 2024 [1] - The company has factories in Zhejiang, Shandong, and Guangxi, with plans to increase total production capacity as the Chongqing factory is built and put into operation [1] - The sales network is expanding, with over 1,400 distributors covering 328 cities across 31 provincial-level administrative regions and more than 12,800 retail stores [1] Financial Performance - From 2019 to 2024, the company's revenue increased from 2.49 billion to 5.07 billion yuan, with a CAGR of 15%, although revenue is expected to decrease by approximately 0.2% in 2024 due to product mix adjustments [2] - The gross profit margin remained stable, with margins of 11.7%, 13.4%, and 13.1% for 2022-2024, driven by higher sales of high-margin products and improved manufacturing processes [2] - The net profit attributable to the parent company grew from 70 million to 120 million yuan from 2019 to 2024, with a CAGR of 11% [2] Industry Outlook - The demand for electric two-wheelers in short-distance transportation is expected to remain robust, with total sales in mainland China projected to reach 77.2 million units by 2027, growing at a CAGR of approximately 4.6% from 2023 to 2027 [2] - The market is anticipated to shift towards quality and brand-driven competition due to new national standards, leading to the gradual elimination of smaller manufacturers lacking R&D and sales capabilities [2] Product and Channel Strategy - The company emphasizes product development, establishing core technological barriers, and enhancing its product mix to focus on the mid-to-high-end market [3] - The company is launching the LYVA brand to target the high-end electric assist bicycle segment, integrating AI technology for multi-scenario light travel solutions [3] - The retail channel strategy includes strengthening online and offline collaboration and maintaining stable relationships with corporate clients in the shared mobility sector [3] Revenue Forecast - Revenue projections for 2025, 2026, and 2027 are 6.38 billion, 7.20 billion, and 8.10 billion yuan, respectively, with net profits expected to be 180 million, 220 million, and 250 million yuan [3]

Summary of Aima Technology Conference Call Industry Overview - The Chinese electric two-wheeler market is expected to see a 9.1% year-on-year decline in sales to 50 million units in 2024, recovering to approximately 52 million units in 2025, driven by trade-in policies and the implementation of new standards in 2025 [2][3] - Exports of electric two-wheelers from China reached 22.13 million units and $5.818 billion in 2024, marking a year-on-year increase of 47.1% and 27.6% respectively, with major markets including North America, Asia, and Europe [2][4] - The new stringent standards set to be implemented in September 2025 will relax weight limits for lead-acid battery vehicles and clarify anti-tampering requirements, benefiting safer lead-acid battery products and enhancing industry standards [2][5] Company Performance - Aima Technology reported a revenue increase of 35.09% to 20.802 billion yuan in 2022, with growth slowing to 1%-2% in 2023-2024, but a recovery of 25.82% year-on-year to 6.232 billion yuan in Q1 2025 due to favorable policies [2][6] - The net profit attributable to the parent company grew from 664 million yuan in 2021 to 1.988 billion yuan in 2024, with a compound annual growth rate (CAGR) of 44.13%, outperforming competitors like Yadea and Ninebot [2][6] Market Strategy - Aima Technology is focusing on high-end smart products and targeting female consumers, launching various product lines including Q, A, F, and X series to meet diverse consumer needs [3][7] - The company has achieved full price range coverage in electric bicycles and motorcycles, enhancing product intelligence through a multi-channel smart ecosystem [8] - The female user base in the electric two-wheeler market has increased from 34.5% in 2020 to 42.7% in 2024, prompting Aima to prioritize products catering to this demographic, which are more profitable [9] Electric Three-Wheeler Business - In 2024, the domestic electric three-wheeler market saw a total sales volume of approximately 12.5 million units, with Aima's revenue from this segment reaching 1.952 billion yuan, a year-on-year increase of 36.07% [10] - Aima is targeting female and elderly consumers with leisure three-wheelers, leveraging its existing advantages to increase market share [10] Distribution and Production - Aima primarily relies on a dealer network, maintaining over 1,900 dealers and 30,000 stores globally, with significant expansion in Southeast Asia [11] - The company has established eight production bases in China and is developing capacity in Southeast Asia, focusing on improving production efficiency through smart manufacturing and supply chain integration [12] Future Outlook and Risks - Forecasts for Aima's net profit are 2.616 billion yuan, 3.136 billion yuan, and 3.692 billion yuan for 2025-2027, with corresponding earnings per share (EPS) of 3.01 yuan, 3.61 yuan, and 4.25 yuan [13] - Risks include potential market demand decline due to macroeconomic slowdown, intensified competition in the electric two-wheeler market, fluctuations in raw material prices, and challenges in technology development and dealer management [13]

Core Viewpoint - The rapid growth of Ninebot's electric two-wheeler sales in China, achieving a million units sold from May 15 to July 18, reflects strong market demand and positions the company for continued success in the second half of the year [1][3]. Financial Performance - Ninebot reported a remarkable first-half revenue growth of 76.14% to 11.742 billion RMB, with net profit reaching 1.242 billion RMB, a year-on-year increase of 108.45% [3]. - The second quarter saw revenue of 6.630 billion RMB, up 61.54%, and net profit increasing by 70.77% to 786 million RMB [3]. - The overall gross margin improved to 30.39% in the first half of 2025, indicating effective cost management and pricing strategies [13]. Market Dynamics - The electric two-wheeler market in China experienced a 29.5% year-on-year sales increase in the first half of the year, driven by policies promoting vehicle upgrades and the introduction of new standards [4]. - Ninebot's sales volume nearly doubled to 2.39 million units, contributing to a revenue increase of 102% to 6.8 billion RMB, positioning the company as a leading player in the industry [4]. Product Strategy - Ninebot has successfully launched targeted products such as the Q series for female riders and the M series focusing on performance, which have gained significant market traction [3]. - The company has expanded its retail presence, with over 9,000 dedicated electric two-wheeler stores in China as of July 31 [3]. Competitive Landscape - Ninebot's market share reached 7.3%, making it the fourth largest player in the industry, while Yadea maintained its leading position with a 26.3% share [4]. - The contrasting market responses to Ninebot and Yadea highlight differences in investor sentiment and market positioning, with Ninebot's stock performing significantly better [1][12]. Innovation and Technology - Ninebot is focusing on technological advancements, including the development of smart systems and autonomous navigation, which are expected to enhance product offerings and market competitiveness [16]. - The company has also ventured into high-end products like robotic lawn mowers, achieving significant revenue growth in this segment [10]. Future Outlook - The ongoing demand for electric two-wheelers and the company's strategic focus on innovation and market expansion suggest a positive growth trajectory for Ninebot [19]. - The competitive landscape indicates that companies failing to adapt to technological changes may face challenges in maintaining market relevance [18].

Group 1 - The electric two-wheeler industry is transitioning towards high-quality and standardized development, with compliant and high-quality enterprises expected to increase market share and industry concentration [1] - The company, Luyuan Group, is recognized as a leading second-tier enterprise in the electric two-wheeler industry, excelling in channel layout, R&D capabilities, and product iteration [1] - Revenue for Luyuan Group is projected to grow from 2.38 billion yuan in 2020 to 5.07 billion yuan in 2024, with a CAGR of 20.8%, while net profit is expected to rise from 40 million yuan to 117 million yuan, with a CAGR of 30.5% [1] Group 2 - The industry is expected to experience a recovery in total growth, driven by natural replacements and potential growth points such as instant delivery and domestic shared riding [2] - The industry is anticipated to see a trend of increasing volume and price, supported by trade-in programs and dealer inventory replenishment [2] - The official implementation of new national standards will lead to a return to high-quality product competition, with Luyuan Group positioned to benefit from its technological reserves and differentiated positioning [2] Group 3 - Luyuan Group is increasing R&D investment to solidify its core advantages, with a focus on five key systems: liquid-cooled motor systems, solid-state electrical systems, digital battery maintenance systems, safe driving systems, and intelligent connectivity systems [3] - The company plans to invest 231 million yuan in R&D in 2024, a year-on-year increase of 22.1%, to enhance its competitive edge in liquid-cooled electric vehicle technology [3] - Luyuan Group has developed a diversified product matrix covering economy, mid-range, and luxury models, with a strategic focus on the mid-to-high-end market [3]

Core Insights - The report highlights an increase in institutional attention towards the automotive, electric equipment, and basic chemicals sectors, indicating a shift in market focus [6][7][8] - The electric two-wheeler industry is entering a phase of high-quality development, with expectations for steady growth driven by policies and market demand [31][33] - The report emphasizes the strong performance of specific companies such as Lingyi iTech and Green Source Group, projecting significant profit growth in the coming years [28][31][36] Company and Industry Summaries Automotive and Electric Equipment - Institutional research shows a decline in total survey counts across the A-share market, with automotive and electric equipment sectors seeing increased attention compared to the previous year [7][8] - The report notes that the automotive sector's focus has increased, driven by strong demand and technological advancements [8] Electric Two-Wheeler Industry - The electric two-wheeler market is expected to grow significantly, with Green Source Group positioned as a leading player benefiting from regulatory changes and market dynamics [31][32] - The company is projected to see revenue growth from CNY 2.38 billion in 2020 to CNY 5.07 billion by 2024, with a CAGR of 20.8% [31] - The report anticipates a shift towards high-quality products in the industry, with Green Source Group expected to capitalize on this trend [33][34] Electronics and AI Hardware - Lingyi iTech is recognized as a global leader in AI terminal hardware manufacturing, with projections for net profits to reach CNY 2.33 billion by 2025 [28][29] - The company is expanding its product matrix to include AI-driven devices and components for various sectors, including automotive and clean energy [29][30] Media and Gaming - Xindong Company is forecasted to achieve a revenue of at least CNY 3.05 billion in the first half of 2025, reflecting a year-on-year growth of approximately 37% [36][37] - The growth is attributed to successful game launches and the performance of the TapTap platform, which is expected to continue driving revenue [36][38] Detection Technology - Riheng Technology is positioned as a leader in the domestic industrial X-ray detection sector, with expectations for significant profit growth driven by high demand and technological advancements [40][41] - The company is focusing on both organic growth through new orders and potential acquisitions to expand its market presence [42]

Core Insights - The core viewpoint of the article highlights how Ninebot has established itself in the global short-distance transportation and service robot sector through technological innovation, achieving significant growth in revenue and profit in the first half of 2025 [1][2]. Financial Performance - Ninebot reported a revenue of 11.742 billion yuan, a year-on-year increase of 76.14%, and a net profit attributable to shareholders of 1.242 billion yuan, up 108.45% year-on-year, marking it as a "strong half-year report" [1]. - The electric two-wheeler segment became the core growth engine, generating 6.823 billion yuan in revenue, a 101.7% increase year-on-year, accounting for 58% of total revenue [4]. - The company’s gross margin improved by 1.5 percentage points to 30.39%, and net cash flow from operating activities increased by 46.94% to 3.653 billion yuan [5]. Market Position and Strategy - Ninebot's strategic focus on globalization and smart technology has positioned it favorably in a challenging market, where traditional electric two-wheeler companies are struggling [3][6]. - The acquisition of Segway in 2015 was a pivotal move that provided Ninebot with essential technology, a global sales network, and brand enhancement, which has paid off over the years [7][9]. - As of June 2025, Ninebot has shipped over 14 million electric scooters globally, with its third-generation smart scooters becoming bestsellers in markets like Germany [10]. Technological Innovation - Ninebot has emphasized software and smart technology in its electric two-wheeler offerings, continuously upgrading its smart systems to enhance user experience and safety [10][11]. - The upcoming launch of the Nimble OS, a smart ecosystem for short-distance transportation, represents a significant step towards ecological intelligence, integrating cloud, edge, and end capabilities [14]. Future Outlook - Ninebot is evolving from a hardware manufacturer to a provider of smart mobility solutions, with multiple securities firms maintaining "buy" or "hold" ratings based on its performance and growth prospects [16]. - The company’s strategic foresight and commitment to user experience are expected to unlock greater market opportunities as it transitions from product innovation to system innovation [17].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The electric two-wheeler industry is entering a high-quality development phase, with the company positioned as a leading player benefiting from policy support and market recovery [7][37]. - The company has demonstrated strong revenue growth, with a projected compound annual growth rate (CAGR) of 20.8% from 2020 to 2024, and a net profit CAGR of 30.5% during the same period [6][18]. - The company is expected to continue expanding its market share and profitability through innovation, product diversification, and strategic channel development [8][41]. Summary by Sections Company Overview - The company is a leading manufacturer in the electric two-wheeler sector, having participated in the formulation of national standards since its inception in 1997 [16]. - The company has established a comprehensive production base across four regions in China, enhancing its manufacturing capabilities [16]. Industry Analysis - The electric two-wheeler industry is projected to recover to stable growth, driven by policies encouraging replacement and new market demands such as instant delivery and shared riding [7][29]. - The industry has seen a compound annual growth rate of 10.6% from 2019 to 2023, with sales reaching 55 million units in 2023 [29]. Financial Performance - The company's revenue increased from 2.38 billion yuan in 2020 to 5.07 billion yuan in 2024, with a net profit rising from 40 million yuan to 117 million yuan during the same period [6][18]. - The report forecasts net profits of 184 million yuan, 267 million yuan, and 347 million yuan for 2025, 2026, and 2027, respectively [6][56]. Product and R&D Strategy - The company is focusing on five core systems in R&D, including liquid-cooled motors and smart battery maintenance systems, with R&D investment reaching 231 million yuan in 2024 [8][41]. - A diversified product matrix has been established, covering various market segments from economy to luxury models, with a strategic focus on high-end markets [8][41]. Market Opportunities - The global electric assist bicycle market is expected to grow from 35 billion USD in 2024 to 62 billion USD by 2030, with a CAGR of 10% [8][52]. - The company is actively expanding its presence in overseas markets and has launched a high-end brand, LIVA, to tap into the electric assist bicycle segment [8][53].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Chinese Economy and Various Industries**: The records discuss the overall economic performance of China and specific sectors such as food and beverage, light industry, electric two-wheelers, textiles, and pharmaceuticals. Core Points and Arguments 1. **Economic Growth and Projections**: China's economic growth rate for the first half of 2025 reached 5.3%, exceeding the annual target of 5.0%. A slowdown to approximately 4.8% is expected in the second half due to structural adjustments [5][1][6]. 2. **Inflation and Foreign Investment**: Global credit expansion and rising inflation are favorable for pushing domestic inflation in China, potentially attracting foreign investment as the RMB faces appreciation pressure [6][1]. 3. **Food and Beverage Sector**: Focus on growth categories and valuation shifts in the food and beverage sector, with recommendations for leading companies like Moutai and Wuliangye. The introduction of national fertility subsidies is expected to positively impact consumption [8][1]. 4. **Light Industry Opportunities**: The light industry is benefiting from policy changes, particularly in the paper and packaging sector. Recommendations include companies like Sun Paper and Jiulong Paper [9][10]. 5. **Electric Two-Wheeler Market**: The electric two-wheeler sector is seeing government subsidies, with a focus on companies like Yadea and Aima Technology, which are expected to perform well in terms of sales [12][1]. 6. **Textile and Apparel Sector**: Brands like Nike are seeing improvements in inventory and channel issues, with a recommendation for manufacturers like Jiuxing Holdings due to strong order growth [14][1]. 7. **Pharmaceutical Industry Trends**: The innovative drug sector is highlighted as a hot market, with strong demand from global pharmaceutical companies for Chinese innovations. Recommendations include focusing on CXO and upstream supply chains [33][34]. Other Important but Possibly Overlooked Content 1. **Debt and Deflation Measures**: China is implementing measures to stabilize the currency and boost stock indices to address debt and deflation issues, which have improved market confidence [2][1]. 2. **Impact of External Factors on Domestic Markets**: The records discuss how external factors, such as U.S. tariffs and interest rate changes, are influencing domestic industries, particularly in the appliance and tool sectors [19][20]. 3. **Tourism and Hospitality Sector**: The hotel industry is stable, with economic hotels outperforming mid-to-high-end hotels. The opening of the Shenbei High-Speed Railway is expected to boost tourism in the Changbai Mountain area [37][41]. 4. **Agricultural Sector Dynamics**: The pig farming industry is undergoing supply adjustments, with a target reduction in breeding stock, which may lead to higher prices in the future [42][1]. 5. **Extreme Weather Effects on Agriculture**: Extreme weather conditions are impacting crop production, with potential implications for grain prices and agricultural companies like Longping High-Tech [44][1]. This summary encapsulates the key insights and recommendations from the conference call records, providing a comprehensive overview of the current economic landscape and sector-specific opportunities in China.

Core Viewpoint - The company has demonstrated impressive performance in the capital market since the beginning of 2024, with its stock price increasing over 160% from a low of 22 yuan per share, maintaining a strong upward trend for more than a year [1] Financial Performance - In 2024, the company's revenue grew by 38.87% year-on-year, while net profit attributable to the parent company surged by 81.29%. The growth momentum continued into 2025, with a remarkable 76.14% increase in revenue and a 108.45% rise in net profit for the first half of 2025 [2] - The company achieved a total revenue of 11.742 billion yuan in the first half of 2025, with electric two-wheeled vehicles contributing 6.823 billion yuan (up 101.7%), smart balance bikes and scooters at 2.18 billion yuan (up 37.23%), and accessories and other products at approximately 2.201 billion yuan (up about 85%) [2] - The net profit attributable to the parent company for the first half of 2025 was 1.242 billion yuan, with a non-recurring profit of 1.312 billion yuan, reflecting a year-on-year growth of 125.32% [3] - The company's net profit margin for the first half of 2025 was 10.57%, an increase of 1.63 percentage points from the previous year [3] Cash Flow and Efficiency - The company reported a net cash flow from operating activities of 3.653 billion yuan in the first half of 2025, significantly exceeding its net profit [3] - Inventory turnover days were 41.26, and accounts receivable turnover days were 21.57, both showing a marked decrease compared to previous years, indicating improved operational efficiency [3][4] Market Position and Growth - The electric two-wheeled vehicle segment has seen substantial growth since its entry in 2019, with sales reaching 2.5989 million units in 2024, contributing 72.11 billion yuan to revenue [6] - By the first half of 2025, sales continued to grow, reaching 2.3925 million units, with revenue contribution increasing to 68.23 billion yuan, accounting for 58.23% of total revenue [6] - The company's market share in the domestic electric two-wheeled vehicle market rose from 2.7% in 2023 to 4.2% in 2024, and further to 7.2% in the first half of 2025 [7] Product and Innovation - The company has established a strong competitive advantage through its focus on high-end products, with 68% of its electric two-wheeled vehicle SKUs priced above 4,000 yuan, significantly higher than competitors [7] - The gross margin for the electric two-wheeled vehicle segment in the first half of 2025 was 23.71%, up from 22.26% in 2024, indicating superior profitability compared to industry peers [8] - The company has invested heavily in R&D, with expenditures reaching 5.22 billion yuan in the first half of 2025, contributing to its technological leadership in smart systems and hardware [11] Future Outlook - The upcoming implementation of the revised national standards for electric two-wheeled vehicles in September 2025 is expected to benefit leading companies like the company by enhancing industry concentration and eliminating less capable competitors [12] - The company plans to launch the Lingbo OS, a unified operating system for short-distance transportation products, which is anticipated to enhance user experience and operational efficiency [12][13] - The current dynamic price-to-earnings ratio of approximately 24 times suggests that the company remains an attractive investment opportunity, given its strong growth prospects and market position [14]

Report Summary 1) Report Industry Investment Rating The provided content does not mention the industry investment rating. 2) Core Viewpoints The report presents the top ten convertible bonds for August 2025, including their ratings, closing prices at the end of July, conversion premium rates, and P/E ratios of the underlying stocks. It also provides an overview of each issuing company, including business scope, financial performance, and key points [14][29]. 3) Summary by Company Zhongte Convertible Bond (AAA) - Company is a global leader in specialty steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and coastal - river production bases [14][15]. - In 2024, revenue was 109.203 billion yuan (down 4.22% year - on - year), and net profit was 5.126 billion yuan (down 10.41% year - on - year). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% year - on - year), and net profit was 1.384 billion yuan (up 1.76% year - on - year) [14]. - Key points: It is one of the companies with the most complete product specifications in the global special steel industry, has leading cost - control capabilities, and has opportunities for external expansion [15]. Shanlu Convertible Bond (AAA) - Company focuses on road and bridge construction and maintenance, and has expanded into other fields. It has a comprehensive business and management system [29]. - In 2024, revenue was 71.348 billion yuan (down 2.3% year - on - year), and net profit was 2.322 billion yuan (up 1.47% year - on - year). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% year - on - year), and net profit was 249 million yuan (up 1.89% year - on - year) [29]. - Key points: It has the concept of "China - specific valuation" due to state - owned control, has potential for improvement in its balance sheet and order volume, can benefit from infrastructure construction in Shandong Province, and is exploring the Belt and Road Initiative markets [30]. Hebang Convertible Bond (AA) - Company has advantages in resource reserves and has diversified into the chemical, agricultural, and photovoltaic industries, with a four - sector business layout [42]. - In 2024, revenue was 8.547 billion yuan (down 3.13% year - on - year), and net profit was 31 million yuan (down 97.55% year - on - year). In Q1 2025, revenue was 1.726 billion yuan (down 13.68% year - on - year), and net profit was 13 million yuan (down 57.99% year - on - year) [42]. - Key points: Its phosphate mines and salt mines are profitable, and its liquid methionine production is a major profit contributor [43]. Aima Convertible Bond (AA) - Company is a leading enterprise in the electric two - wheeler industry, with self - developed products sold through dealers [59]. - In 2024, revenue was 21.606 billion yuan (up 2.71% year - on - year), and net profit was 1.988 billion yuan (up 5.68% year - on - year). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% year - on - year), and net profit was 605 million yuan (up 25.12% year - on - year) [59]. - Key points: The "trade - in" subsidy may continue, the implementation of the new national standard may bring policy dividends, and there is room for improvement in gross margin [60]. Xingye Convertible Bond (AAA) - Company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [73]. - In 2024, revenue was 212.226 billion yuan (up 0.66% year - on - year), and net profit was 77.205 billion yuan (up 0.12% year - on - year). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% year - on - year), and net profit was 23.796 billion yuan (down 2.22% year - on - year) [73]. - Key points: Net interest income is growing steadily, asset quality is stable, and the company's scale and customer base are expanding [74]. Youfa Convertible Bond (AA) - Company is the largest welded steel pipe enterprise in China, with a wide range of products used in multiple fields [87]. - In 2024, revenue was 54.822 billion yuan (down 10.01% year - on - year), and net profit was 425 million yuan (down 25.46% year - on - year). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% year - on - year), and net profit was 133 million yuan (up 9680.17% year - on - year) [87]. - Key points: It has a national layout, is expanding overseas, and maintains a high dividend rate [88]. Chongyin Convertible Bond (AAA) - Company is a local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [102]. - In 2024, revenue was 13.679 billion yuan (up 3.54% year - on - year), and net profit was 5.117 billion yuan (up 3.8% year - on - year). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% year - on - year), and net profit was 1.624 billion yuan (up 5.33% year - on - year) [102]. - Key points: It can benefit from the development of the Chengdu - Chongqing economic circle, its asset scale is growing, and it is actively marketing key industries [103]. Tianye Convertible Bond (AA+) - Company is a leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [116]. - In 2024, revenue was 11.156 billion yuan (down 2.7% year - on - year), and net profit was 68 million yuan (up 108.83% year - on - year). In Q1 2025, revenue was 2.417 billion yuan (up 8.17% year - on - year), and net profit was - 17 million yuan (up 89.97% year - on - year) [116]. - Key points: The cost of caustic soda production is relatively fixed, and the company plans to increase dividend frequency and has coal mine projects in progress [117]. Huayuan Convertible Bond (AA -) - Company focuses on building a complete vitamin D3 industrial chain and has expanded into other vitamin products [131]. - In 2024, revenue was 1.243 billion yuan (up 13.58% year - on - year), and net profit was 309 million yuan (up 60.76% year - on - year). In Q1 2025, revenue was 326 million yuan (down 1.18% year - on - year), and net profit was 97 million yuan (up 5.5% year - on - year) [131]. - Key points: Its NF - grade cholesterol and 25 - hydroxyvitamin D3 products are industry leaders, and it is expanding its product portfolio and has achievements in the pharmaceutical field [132]. Yushui Convertible Bond (AAA) - Company is the largest water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [147]. - In 2024, revenue was 6.999 billion yuan (down 3.52% year - on - year), and net profit was 785 million yuan (down 27.88% year - on - year). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% year - on - year), and net profit was 237 million yuan (up 28.91% year - on - year) [147]. - Key points: It has a high market share, is expanding its business outside Chongqing, and has achieved cost control through intelligent applications [148].