Group 1: Company Overview - The company is named Shenglan Technology Co., Ltd. with stock code 300843 and bond code 123258 [1] - The main products include consumer electronic connectors, new energy vehicle connectors, data communication connectors, and optical lenses [3][4] Group 2: Investor Relations Activity - The investor relations activity took place on September 19, 2025, from 15:30 to 17:00 via the Panoramic Network platform [2] - The event was attended by the company's chairman, financial director, and board secretary [2] Group 3: Production and Capacity - The company is currently constructing new production capacity, expected to be operational in the first half of next year [2] - The current production capacity utilization rate is reported to be sufficient to meet existing orders [3] Group 4: Market and Technology Development - The company is focusing on expanding market share in the liquid cooling technology sector and has made progress in micro-channel technology [4] - The company has received certifications from major clients such as AMD, Inspur, and Lenovo, indicating a shift towards domestic alternatives [3] Group 5: Financial Performance and Future Outlook - The company aims to enhance its core competitiveness through technology upgrades and market demand orientation, which will support long-term value creation for shareholders and creditors [3] - The company is committed to maintaining stable operations and leveraging convertible bond projects to drive performance growth [3]

Core Insights - The article highlights the remarkable rise of Aimes Electronics, a small factory in Changzhou, which has successfully broken the American monopoly in the power connector market, achieving a sales increase of 2000% [4][11][18] Company Overview - Aimes Electronics, founded in 2002 by engineer Hu Zhengyu, started with only 300 employees and has grown to become one of the top three companies in the power connector industry [2][4][18] - The company initially faced significant challenges, including a lack of funds and equipment, and had to pay $4.2 in patent fees for each connector produced, which was equivalent to nearly three days' wages for workers at that time [6][4] Market Context - At the beginning of the 21st century, the global power connector market was dominated by Tyco Electronics, which held a 90% market share [4] - Domestic products were often of poor quality, leading to frequent electrical failures and safety incidents [4] Technological Breakthroughs - After years of research and development, Aimes launched its first self-developed connector, the XT60, in 2009, which outperformed American counterparts and was priced at one-third of the cost of imported products [9][11] - The company continued to innovate with the introduction of the MR30 connector, which is compact yet capable of carrying high currents, allowing Aimes to enter the supply chains of major drone manufacturers like DJI [14][16] Sales Growth - Aimes' sales skyrocketed from 8,000 units per month to 200,000 units, marking a growth rate of over 2000% from 2022 to 2025 [16][18] - The company has expanded its market reach, selling products in 63 countries and receiving orders from international giants like KUKA and Fanuc [18] Research and Development Focus - Despite its rapid growth, Aimes maintains a commitment to innovation, investing 35% of its revenue back into R&D and holding over 200 patents [16][18] - The company has been recognized as a national-level specialized and innovative enterprise, emphasizing the importance of talent over sheer workforce size [16][18]

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 - Weifeng Electronics experienced a decline in stock price and trading volume on September 1, with a net financing outflow, indicating potential investor caution [1]. Group 1: Stock Performance - On September 1, Weifeng Electronics' stock fell by 1.26%, with a trading volume of 115 million yuan [1]. - The financing buy-in amount for the day was 11.54 million yuan, while the financing repayment was 12.18 million yuan, resulting in a net financing outflow of 635,600 yuan [1]. - As of September 1, the total financing and securities lending balance was 82.91 million yuan, accounting for 5.01% of the circulating market value, which is above the 60th percentile level over the past year [1]. Group 2: Company Financials - For the first half of 2025, Weifeng Electronics reported a revenue of 338 million yuan, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 54.93 million yuan, up 16.52% year-on-year [2]. - Since its A-share listing, Weifeng Electronics has distributed a total of 124 million yuan in dividends [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Weifeng Electronics was 11,300, a decrease of 1.13% from the previous period [2]. - The top ten circulating shareholders include new entrants such as Noan Pioneer Mixed A and Dachen Zhongzheng 360 Internet + Index A, indicating changes in institutional holdings [2].

Market Overview - The market experienced a sudden drop, with the index falling from a gain of 0.48% to a closing loss of 1.76% without much resistance [1] - The current market sentiment reflects a transition from a bullish phase to a bearish one, as investors are now more cautious and reactive to news [3][4] Investment Strategies - The concept of "bull market sharp declines" is explained, indicating that during bullish phases, high investor sentiment leads to quick sell-offs at the slightest negative news [4] - Historical patterns suggest that sharp declines in bull markets do not typically signal the end of the market; rather, adjustments often lead to subsequent upward movements [7] - A grid trading strategy has been implemented, allowing for systematic buying and selling to manage risks and capitalize on market movements [7][15] Fund Management - Recent fund management actions include limiting purchases in high-performing funds, indicating a belief that valuations have become too high [6][5] - The trend-following strategy has shown a cumulative return of 68.69% since September 24, outperforming the Shanghai and Shenzhen 300 index, which returned 36.52% [10] Sector Performance - The technology and innovation sectors, particularly semiconductor-related funds, have seen significant price increases, prompting fund managers to impose purchase limits [4] - The communication equipment and robotics indices have been added to the trend monitoring system, indicating ongoing interest in these sectors [13][18] New Investment Opportunities - A new convertible bond, Shenglan Convertible Bond 02, is available for subscription, with a focus on electronic connectors and components for the new energy vehicle sector [20] - The current stock-bond yield spread stands at 5.43%, indicating a relatively favorable environment for equity investments compared to historical averages [21]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - In the first half of 2025, the company achieved revenue of 2.524 billion yuan, a year-on-year increase of 17.71%, while the net profit attributable to shareholders decreased by 21.10% to 243 million yuan [1]. - The company is focusing on its core business areas, benefiting from the growth in the automotive electronics market and a slight recovery in the consumer electronics sector, which has led to increased revenue [1][2]. - The overall gross margin has declined to 29.42%, a decrease of 4.43 percentage points year-on-year, due to rising operational costs and changes in product structure [1]. Summary by Sections Business Performance - The company reported a revenue of 1.328 billion yuan in Q2 2025, reflecting a year-on-year growth of 20.26% and a quarter-on-quarter increase of 11.04% [1]. - The company has successfully entered the supply chains of major global smartphone brands, contributing to revenue growth [1][2]. Strategic Focus - The company aims to deepen its presence in automotive electronics and consumer electronics, leveraging its position as a leading supplier of micro RF connectors and interconnect systems [2]. - It has established an integrated operational model that enhances efficiency across production, sales, and procurement [2]. Competitive Advantages - The company holds 592 domestic and international patents, creating a strong intellectual property barrier in core technology areas [2]. - It has transitioned from a single product supplier to a comprehensive leader with multi-platform and multi-scenario solutions, enhancing its market position [2][3]. Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is 791 million, 1.058 billion, and 1.279 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 17 [3][4]. - Revenue is expected to grow significantly, with estimates of 5.879 billion yuan in 2025, 7.386 billion yuan in 2026, and 8.932 billion yuan in 2027, reflecting growth rates of 26.1%, 25.6%, and 20.9% respectively [4][9].

Group 1 - The stock price of Shenglan Co., Ltd. on July 31 was 30.97 yuan, a decrease of 0.01 yuan or 0.03% from the previous trading day [1] - The company operates in sectors such as consumer electronics, humanoid robots, and high-speed copper cable connections, focusing on the research, production, and sales of electronic connectors and precision components, including those for new energy vehicles [1] - In the first quarter of 2025, the company achieved operating revenue of 337 million yuan and a net profit of 30.14 million yuan [1] Group 2 - On July 31, the company announced that it received approval from the China Securities Regulatory Commission to issue convertible bonds to unspecified objects, with a fundraising target of no more than 450 million yuan [1] - The funds raised will be used for the research and development of high-voltage connectors and components for new energy vehicles, as well as for industrial control connector production and R&D projects [1] - On the same day, the net outflow of main funds for Shenglan Co., Ltd. was 635,200 yuan, accounting for 0.01% of the circulating market value [1]

Summary of Key Points Core Viewpoint The report outlines the completion of certain fundraising projects by Shenzhen Zhishang Technology Co., Ltd. and the transfer of surplus funds to the over-raised funds account, emphasizing compliance with regulatory requirements and the efficient use of raised funds. Group 1: Fundraising Overview - The company raised a total of RMB 185,493.95 million by issuing 32,170,300 shares at a price of RMB 57.66 per share, with actual net proceeds amounting to RMB 168,924.74 million after deducting issuance costs of RMB 16,569.21 million [1][2] - The surplus funds from the fundraising amounted to RMB 38,706.91 million [2] Group 2: Fund Usage and Project Completion - The company approved the use of raised funds to replace self-raised funds previously invested in projects and to cover issuance costs, totaling RMB 370,936,081.39 [3] - As of June 30, 2025, the company had utilized RMB 75,980.04 million of the raised funds, including RMB 13,000 million from surplus funds [5][6] - The "Electronic Connector Expansion Project" has been completed and is operational, with a total investment lower than initially planned due to effective cost management [6][7] Group 3: Surplus Fund Management - The company plans to transfer the surplus funds of RMB 18,030.00 million from the "Electronic Connector Expansion Project" to the over-raised funds account, with the final amount subject to the account balance on the transfer date [7] - The company will use its own funds for any outstanding payments related to the project after the transfer of surplus funds [7] Group 4: Compliance and Approval Process - The decision to conclude certain fundraising projects and transfer surplus funds has been approved by the company's board and supervisory committee, pending shareholder approval [8] - The sponsor institution has confirmed that the process complies with relevant regulations and internal management systems [8]

Core Viewpoint - The LED connector industry in China is experiencing significant growth, driven by the expansion of the LED lighting market and increasing demand for high-performance connectors in various applications [1][14]. Group 1: Industry Overview - LED connectors are essential components for electrical circuit connectivity and insulation protection, directly impacting the stability of LED lighting [4][14]. - The connectors must possess excellent electrical characteristics, mechanical properties, and durability, while also being compact, cost-effective, easy to install, and long-lasting [14]. - The market size for LED connectors in China is projected to reach approximately 13.494 billion yuan in 2024, with a year-on-year growth of 8.3%, primarily due to the continuous expansion of the LED lighting market [1][14]. Group 2: Industry Development History - The Chinese LED connector industry has evolved through several stages: from its inception (1940-1978), initial application (1979-1989), rapid growth (1990-2000), to the current phase of technological innovation and diversification (2001-present) [6]. - The industry has transitioned from relying on imported technologies to establishing a complete domestic supply chain, with a wide variety of products now available [6]. Group 3: Industry Chain - The upstream of the LED connector industry chain includes raw materials such as copper, aluminum, steel, and plastics, while the midstream involves the manufacturing of connectors, and the downstream encompasses applications in LED lighting, displays, and automotive lighting [8]. Group 4: Market Trends - The demand for LED connectors is expected to grow as applications expand beyond traditional lighting to include electric vehicles, outdoor displays, and high-end commercial lighting [24]. - The industry is focusing on technological upgrades and innovations, with an emphasis on high-performance and reliability, as well as the integration of smart features into connectors [23]. Group 5: Key Companies - Major domestic companies in the LED connector sector include Shenzhen Changying Precision Technology Co., Ltd., Shenzhen Derun Electronics Co., Ltd., and Leyard Optoelectronic Co., Ltd., among others [2][16]. - These companies are leveraging their strengths in cost, supply capability, and service responsiveness, although there remains a technological gap compared to international competitors [16].

Core Points - Shenglan Technology Co., Ltd. is issuing convertible bonds to unspecified investors, with Dongguan Securities as the lead underwriter [1][2] - The company specializes in the research, production, and sales of electronic connectors and precision components, particularly for consumer electronics and new energy vehicles [4][8] - The company has a strong focus on R&D, with significant investments in core technologies and a dedicated team of researchers [4][11] Company Overview - Company Name: Shenglan Technology Co., Ltd. [2] - Legal Representative: Pan Hao [2] - Stock Code: 300843.SZ [2] - Established: December 14, 2007 [2] - Listed on: Shenzhen Stock Exchange on July 2, 2020 [2] - Main Products: Electronic products, new energy components, connectors, charging modules, and related products [2][4] Business Operations - The company has maintained stable operations in its main business areas since its establishment [4] - It has developed several core technologies in connector manufacturing, including crimping technology and precision injection molding [4][10] - R&D expenses for the first quarter of 2025 were approximately 16.49 million yuan, accounting for 4.90% of revenue [11] Financial Performance - Total assets as of March 31, 2025, were approximately 2.22 billion yuan, with total liabilities of about 651.41 million yuan [6] - Revenue for the first quarter of 2025 was approximately 336.69 million yuan, with a net profit of about 30.48 million yuan [6][7] - The company has shown fluctuations in revenue and net profit over the years, with a notable increase in R&D investment [11][12] Market Position and Risks - The company faces risks related to customer concentration, with a significant portion of revenue derived from a few major clients [8][9] - There is a risk of core technical personnel turnover, which could impact the company's innovation capabilities [10] - The company is also exposed to market competition and fluctuations in raw material prices, which could affect profitability [14][15]