Core Viewpoint - Tianzhun Technology (688003) has announced the issuance of convertible bonds totaling 872 million yuan, which will be listed on the Shenzhen Stock Exchange on December 31, 2025 [1][2]. Group 1: Bond Issuance Details - The total amount of the convertible bonds issued by Tianzhun Technology is 872 million yuan (872,000 bonds) [1][2]. - Existing shareholders have priority in the subscription, with 755,820 bonds (755.82 million yuan), accounting for approximately 86.68% of the total issuance [2]. - Public investors subscribed to 113,505 bonds (113.505 million yuan), representing about 13.02% of the total issuance, while the lead underwriter subscribed to 2,675 bonds (2.675 million yuan), making up 0.31% of the total [2]. Group 2: Company Overview - Tianzhun Technology is a well-known visual equipment platform enterprise in China, focusing on the application of artificial intelligence technology to promote industrial digitalization [2]. - The company serves various industrial sectors, including electronics, semiconductors, and new energy vehicles, providing leading high-end visual equipment products [2]. - In the electronics sector, Tianzhun Technology is a core supplier of visual equipment, offering high-end visual measurement, inspection, and process equipment [2]. Group 3: Fund Utilization - The funds raised from the bond issuance will be allocated to several projects, including the R&D and industrialization of industrial visual equipment and precision measurement instruments [3]. - The semiconductor measurement equipment project aims to tackle key technologies and promote the localization of core components, enhancing the company's competitiveness in the semiconductor measurement field [3]. - The smart driving and embodied intelligent controller project focuses on developing foundational software and hardware platforms, facilitating the implementation of domestic chip platforms in smart driving applications [3].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From December 22 - 26, the A - share market was active with continuous gains for five days. The commercial aerospace and precious metals sectors performed well. The bond market was weak on Monday but improved on Tuesday, with the 10 - year Treasury bond rate at 1.84% on Friday, up 0.68bp from the previous week. The convertible bond market was strong, with the CSI Convertible Bond Index rising 1.64% and the price median increasing 1.52%. [1][7][8] - From December 29 - 31, the convertible bond market was still strong, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were above the 95% historical percentile. In the future, the convertible bond market has support from the expected spring rally and institutional buying, but risks from annual report disclosures and high - gain hot - topic bonds should be noted. [3][17] Summary by Related Catalogs Market Focus (December 22 - 26) Stock Market - The A - share market had five consecutive days of gains. The commercial aerospace sector was boosted by policies and industry development, and precious metals were strong. The trading volume increased, and different sectors were active on different days. By industry, most Shenwan primary industries rose, with non - ferrous metals, national defense and military industry leading, and beauty care, social services lagging. [7][8] Bond Market - On Monday, the bond market was weak due to the disappointment of LPR cut expectations and the strong equity market. On Tuesday, Treasury bond futures and spot bonds improved. The central bank's Q4 monetary policy meeting had little impact. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 0.68bp from the previous week. [1][7][8] Convertible Bond Market - Most convertible bond issues rose. The CSI Convertible Bond Index rose 1.64%, the price median increased 1.52%, and the arithmetic average parity increased 2.42%. The overall conversion premium rate decreased by 0.21%. By industry, national defense and military industry, building materials led in gains, while commercial retail, beauty care led in losses. In terms of individual bonds, Jiamei, Zai 22, etc. had large gains, while Huati, Saili, etc. had large losses. The total trading volume was 3928.17 billion yuan, with an average daily volume of 785.63 billion yuan, higher than the previous week. [2][8][11] Views and Strategies (December 29 - 31) - The convertible bond market was strong last week, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were at high historical levels. [3][17] - In the future, the convertible bond market has support from the expected spring rally and institutional buying in January. However, in January, with the annual report disclosures and high - gain hot - topic bonds, some individual bonds with performance pressure may face challenges. [3][17] - Currently, the convertible bond market valuation is at a historical high, and overall opportunities are scarce. Relative - return investors are advised to allocate small - position, well - balanced non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, etc. Absolute - return investors are advised to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations. [3][17] Valuation Overview - As of December 26, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high historical percentile levels. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 4.44%, at a low historical percentile. The average implied volatility of all convertible bonds was 44.43%, at a high historical percentile, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 3.3%, also at a high historical percentile. [18] Primary Market Tracking Last Week (December 22 - 26) - Shuangle Convertible Bond and Jin 05 Convertible Bond announced issuance, and Pulan Convertible Bond was listed. Shuangle Convertible Bond is from the basic chemical industry, with an issue size of 800 million yuan. Jin 05 Convertible Bond is from the power equipment industry, with an issue size of 1.672 billion yuan. Pulan Convertible Bond is from the computer industry, with an issue size of 243 million yuan. [25][26][27] Next Week (December 29 - 31) - Tianzhun Convertible Bond and Shenyu Convertible Bond are expected to be listed. Tianzhun Convertible Bond is from the machinery and equipment industry, with an issue size of 872 million yuan. Shenyu Convertible Bond is from the communication industry, with an issue size of 500 million yuan. [29][30] Overall Situation - As of December 26, there are currently 93 convertible bonds to be issued, with a total scale of 146.86 billion yuan. Among them, 3 issues with a total scale of 3.43 billion yuan have been approved for registration, and 10 issues with a total scale of 8.52 billion yuan have passed the listing committee. [31]

Core Viewpoint - The company is actively implementing a platform strategy to become a leading visual equipment platform enterprise, focusing on AI-based AOI inspection, PCB, semiconductors, and embodied intelligence among other new businesses [1] Group 1: Business Strategy - The company is committed to building a robust visual equipment platform and has diversified its business into several new areas [1] - The company is promoting a positive lean management system to enhance operational efficiency [1] Group 2: Financial Performance - In the first three quarters, the company signed new orders amounting to 1.917 billion yuan (including tax), representing a year-on-year growth of 41.97% [1] - The gross profit margin in the first three quarters has decreased compared to the previous year due to changes in revenue structure and a decline in the gross profit margin of photovoltaic silicon wafer inspection and sorting equipment [1]

Core Viewpoint - Tianzhun Technology celebrates its 20th anniversary, reflecting on its journey in AI and industrial integration while looking forward to future opportunities and challenges in the industry [1][3]. Group 1: Historical Achievements - Tianzhun Technology has focused on "AI + Industry" for two decades, overcoming critical technology barriers and establishing itself as a benchmark enterprise on the Sci-Tech Innovation Board [3][5]. - The company has developed a dual-engine structure centered on "visual precision control platform" and "AI technology platform," achieving significant growth and gaining the trust of over 6,000 global clients [5][9]. Group 2: Current Initiatives - The launch of the "Meidao Fund" aims to support young talent in AI and the development of education in Suzhou, with a total donation of approximately 450 million yuan, consisting of 8 million shares and 8 million yuan in cash [7][9]. - Tianzhun Technology showcases its technological capabilities with a complete system from precise perception to intelligent decision-making, focusing on sectors like electronics, semiconductors, new energy vehicles, and robotics [9][11]. Group 3: Future Strategy - The company plans to deepen its AI strategy in industrial sectors, emphasizing breakthrough technologies, market positioning, and ecosystem development to empower the transformation of the manufacturing industry [13][15]. - Tianzhun Technology aligns with Suzhou's "AI + City" action plan, which aims to gather over 3,000 AI enterprises and achieve an annual growth rate of over 20% in the smart economy by 2026 [11][12].

Core Viewpoint - Tianzhun Technology (688003) has announced a significant donation to support education and scientific initiatives, reflecting its commitment to social responsibility and community development [1][4]. Group 1: Donation Details - Tianzhun Technology's controlling shareholder, Qingyi Investment, has signed donation agreements on November 8, donating 1.6 million shares (0.82% of total shares) and 1.6 million yuan to the Suzhou Education Development Foundation, and 6.4 million shares (3.29% of total shares) and 6.4 million yuan to the Suzhou Li Zhengdao Education and Science Foundation [1][6]. - The total donation amounts to 8 million shares, valued at approximately 433 million yuan based on the closing price of 54.10 yuan per share on November 7 [1][6]. Group 2: Purpose of Donations - The donations aim to fund educational, technological, and talent development projects, supporting the cultivation of talent in Suzhou's education and scientific sectors [4][6]. - The Suzhou Education Development Foundation is required to use the funds to reward outstanding teachers and educators, while the Suzhou Li Zhengdao Education and Science Foundation will focus on supporting young talent in AI-related fields [6]. Group 3: Company Background and Financial Performance - Tianzhun Technology is a visual equipment platform company that leverages AI technology to promote industrial digitalization, serving as a core supplier in the electronic field [6]. - For the first three quarters of 2025, the company reported revenue of 977 million yuan, a year-on-year increase of 14.79%, and new orders totaling 1.917 billion yuan, up 41.97% year-on-year [7].

Core Insights - The core viewpoint of the report indicates that Tianzhun Technology (688003) has shown revenue growth in its 2025 mid-year report, but it continues to face challenges in profitability despite improvements in net profit figures [2][3]. Operational Overview - As of the end of the reporting period, the total operating revenue reached 597 million yuan, reflecting a year-on-year increase of 10.32%. However, the net profit attributable to shareholders was -14.19 million yuan, although this represents a 45.92% year-on-year improvement, the company remains in a loss position. The non-recurring net profit was -22.68 million yuan, up 7.56% year-on-year, indicating that while revenue is growing, profitability has not fully recovered [2]. Quarterly Performance - In the second quarter, total operating revenue was 378 million yuan, a year-on-year increase of 8.76%. The net profit attributable to shareholders was 18.11 million yuan, up 54.07% year-on-year. The non-recurring net profit was 15.58 million yuan, reflecting a 45.53% year-on-year increase, showing significant improvement in the latter half of the first half of the year [3]. Key Financial Metrics - The total of selling, administrative, and financial expenses was 133 million yuan, accounting for 22.24% of revenue, which is a decrease of 3.29% year-on-year [4]. - The gross margin was 34.81%, down 7.95% year-on-year, while the net margin was -2.39%, an increase of 50.76% year-on-year [8]. Cash Flow - The operating cash flow per share was 0.15 yuan, representing a significant increase of 163.34% year-on-year, indicating a notable improvement in the company's cash flow situation [5]. Asset and Liability Management - Cash and cash equivalents amounted to 676 million yuan, a year-on-year increase of 131.61%. Accounts receivable stood at 439 million yuan, up 4.60% year-on-year, which raises concerns as it represents 351.85% of the latest annual net profit, highlighting potential risks in accounts receivable recovery [9][11]. - Interest-bearing liabilities totaled 906 million yuan, an increase of 51.16% year-on-year, with an interest-bearing asset-liability ratio of 22.78%, indicating potential debt pressure [9]. Revenue Composition - Revenue from visual measurement equipment was 226 million yuan, accounting for 37.87% of total revenue, with a gross margin of 48.74%. Revenue from visual process equipment was 241 million yuan, making up 40.34% of total revenue, with a gross margin of 24.55%. Revenue from intelligent driving solutions was 65.27 million yuan, accounting for 10.93% of total revenue, with a gross margin of 29.19%. Revenue from visual inspection equipment was 64.76 million yuan, representing 10.85% of total revenue, with a gross margin of 30.00% [9].