Core Viewpoint - The announcement details the implementation of the 2025 semi-annual profit distribution plan by Baolong Technology, including the suspension of the conversion of Baolong convertible bonds during the distribution period [1][2][3]. Group 1: Profit Distribution Plan - The company plans to distribute a cash dividend of 0.32 yuan per share (tax included) to all shareholders based on the total share capital registered on the equity distribution record date [3]. - The profit distribution plan was approved by the company's board of directors on August 29, 2025, and does not require further approval from the shareholders' meeting [3]. Group 2: Suspension of Conversion - The "Baolong Convertible Bonds" will suspend conversion from October 10, 2025, until the equity distribution record date, with resumption of conversion on the first trading day after the record date [4]. - Holders of convertible bonds wishing to enjoy the profit distribution must convert their bonds before October 9, 2025 [4]. Group 3: Communication - For further inquiries, the company’s securities investment department can be contacted at 021-32173333 [5]. - An email address for communication is provided as sbac@baolong.biz [6].

Group 1: Investment Rating - The report does not provide an overall investment rating for the bond industry. Group 2: Core Views - Market fluctuations have caused some disturbances to the liability side, but overall liability side stability remains acceptable. ETFs and "fixed income +" funds have seen small net outflows, but the pace has slowed compared to early September, and insurance funds still focus on allocation. [3][8] - In a volatile market, the operating strategies of public - offering institutions have diverged. Low - volatility strategy funds aiming for absolute returns may have reduced their allocations to high - price bonds and convertible bonds in general, while high - volatility tolerance products and relative return funds can increase allocations to some convertible bond issues with sufficient corrections and fundamental support. [3][9] - Different - priced convertible bonds have different performances and strategies. High - price convertible bonds have proven their upward logic, and for high - tolerance funds, holding is better than trading. Medium - price convertible bonds are the core of the "attack - and - defense" strategy, and bonds with reasonable price structures and catalytic expectations should be selected. The valuation of low - price (partial - debt) convertible bonds has reached an extreme level, and caution should be exercised. [2][3][9] - In October, investors are advised to pay attention to Shangyin Convertible Bond, Shouhua Convertible Bond, Jingke Convertible Bond, Kangtai Convertible Bond 2, Baolong Convertible Bond, Keshun Convertible Bond, Yingbo Convertible Bond, Huaya Convertible Bond, Wankai Convertible Bond, and Luwei Convertible Bond. [3][13] Group 3: Summary by Directory 1. Convertible Bond Weekly Thinking - The convertible bond market has shown limited adjustments and slight recoveries. In the past week, the ChinaBond Convertible Bond Index rose by about 1 percentage point, and the 100 - yuan premium rate also slightly recovered. [8] - The liability side of convertible bonds remains stable. Although there are small net outflows from some funds, the overall situation is improving, and insurance funds still focus on long - term allocation. [3][8] - Public - offering institutions' strategies have diverged. Low - volatility funds reduce positions, while high - volatility tolerance funds increase positions in some high - quality bonds. [3][9] - Different - priced convertible bonds have different characteristics and strategies. High - price bonds are suitable for holding, medium - price bonds need comprehensive screening, and partial - debt bonds should be treated with caution. [2][3][9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - Different convertible bond indexes have different performances in different time periods. For example, the Wind Convertible Bond Energy Index has a 0.14% increase in the past week, - 0.91% in the past two weeks, etc. [14] 2.2 Convertible Bond Issues - The report shows the top ten and bottom ten convertible bond issues in terms of price changes in the past week, but specific issue names are not provided in the text. [18] 2.3 Convertible Bond Valuations - The report presents the valuation trends of different types of convertible bonds (debt - type, balanced, and equity - type) through charts, but specific data analysis is not provided in the text. [21][26][28] 2.4 Convertible Bond Prices - The report shows the proportion trends of high - price convertible bonds and the median price trends of convertible bonds through charts, but specific data analysis is not provided in the text. [24][25][31]

Policy and Industry Trends - The humanoid robot industry is entering a stage driven by both policy and application scenarios, with significant government support and strategic focus on embodied intelligence and smart robotics[1] - Local governments are actively implementing special action plans to accelerate the industrialization of humanoid robots, indicating a robust policy environment[14] Market Opportunities - The market for humanoid robots is shifting from concept-driven to industrialization, with long-term investment value emerging in the sector[8] - Key components such as actuators, sensors, and lightweight materials are critical areas of focus, with a notable lack of software-related investment vehicles in the convertible bond market[1] Component Analysis - The core value of humanoid robots is highly concentrated in the components sector, particularly in actuators, dexterous hands, and sensors, which are essential for their functionality[29] - Actuators, including lead screws, reducers, and motors, are expected to contribute nearly half of the overall value in mass production stages, with significant growth potential[32] Investment Highlights - Notable convertible bonds include Yinlun Convertible Bond (Yinlun) and Daotong Convertible Bond (Daotong), which are leading in the exploration of the humanoid robot industry[2] - The Yinlun Convertible Bond focuses on thermal management systems and has established a product system for humanoid robots, while the Daotong Convertible Bond is leveraging AI for inspection robots[24] Risk Factors - Potential risks include the humanoid robot industry's slower-than-expected industrialization and unexpected changes in industrial policies[4]

Core Viewpoint - The company has successfully completed a share buyback program, repurchasing 2,507,817 shares, which represents 1.1739% of its total share capital, with a total expenditure of approximately 100.01 million yuan [1][3]. Buyback Plan Details - The buyback plan was first disclosed on April 30, 2025, and the implementation period is from April 28, 2025, to April 27, 2026 [1]. - The estimated buyback amount ranges from 100 million yuan to 200 million yuan, with a maximum buyback price set at 58.49 yuan per share [1][2]. - The actual buyback price ranged from 38.68 yuan to 40.86 yuan per share, with an average price of 39.88 yuan per share [3]. Implementation Status - As of August 8, 2025, the company has reached the lower limit of the buyback amount, completing the buyback plan [3]. - The funds used for the buyback were sourced from the company's own funds and a special loan for stock repurchase [3]. Share Structure Changes - Before the buyback, the total number of shares was 214,482,171, which decreased to 213,622,621 after the buyback [4]. - The buyback shares will be stored in a special securities account and are intended for employee stock ownership plans or equity incentives [4]. Regulatory Compliance - The company has adhered to the relevant regulations regarding share buybacks, announcing the increase in share repurchase percentage within the required timeframe [2].

Core Viewpoint - The company has completed the repurchase and cancellation of restricted stocks, leading to an adjustment in the conversion price of the "Baolong Convertible Bonds" [1][2][3] Group 1: Stock Repurchase and Cancellation - The company repurchased and canceled a total of 859,750 restricted stocks at a repurchase price of 28.20 yuan per share due to not meeting performance targets for the fiscal year 2024 [2][3] - The cancellation of these stocks was completed on July 25, 2025 [3] Group 2: Conversion Price Adjustment - The conversion price of the "Baolong Convertible Bonds" was adjusted from 39.65 yuan per share to 39.70 yuan per share as a result of the stock repurchase [4][6] - The adjustment formula used for the conversion price is P1 = (P0 + A × k) / (1 + k), where P0 is the previous conversion price, A is the repurchase price, and k is the rate of new shares issued [5][6] - The adjusted conversion price will take effect on July 29, 2025, after a suspension of conversion on July 28, 2025 [6]

Core Viewpoint - Baolong Technology's stock price has decreased by 2.83% this week, closing at 38.11 yuan, with a total market capitalization of 8.174 billion yuan as of July 4, 2025 [1] Company Announcements Summary - Baolong Technology provided guarantees for its subsidiaries Baolong Industrial and Longgan Electronics, amounting to 359 million yuan and 17 million yuan respectively, with total guarantees reaching 2.762 billion yuan, accounting for 86.40% of the company's latest audited net assets [1] - The company issued convertible bonds with a total amount of 1.39 million bonds at a face value of 100 yuan each, raising 1.39 billion yuan, with a net amount of 1.377 billion yuan after expenses [2] - In the second quarter of 2025, 98,000 yuan of "Baolong Convertible Bonds" were converted into 2,414 shares, representing 0.0011% of the total shares before conversion [3] - As of June 30, 2025, the company has repurchased 1.0247 million shares, totaling 40.003 million yuan, as part of its share repurchase plan [5]

Group 1 - The company Shanghai Baolong Automotive Technology Co., Ltd. has issued convertible bonds totaling RMB 139 million, with a net amount of RMB 137.71 million after deducting issuance costs [3][24]. - The convertible bonds have a face value of RMB 100 each and will be listed on the Shanghai Stock Exchange starting November 27, 2024 [4][3]. - The bonds have a maturity period of 6 years, with interest rates increasing from 0.10% in the first year to 2.00% in the sixth year [5][4]. Group 2 - The company reported a revenue of RMB 702.49 million for 2024, representing a 19.12% increase compared to the previous year [22][23]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was RMB 25.24 million, a decrease of 14% from the previous year [22][23]. - The total assets of the company increased by 27.53% to RMB 1.08 billion [23]. Group 3 - The company is focused on the research, development, manufacturing, and sales of automotive intelligent and lightweight products, including tire pressure monitoring systems and various sensors [21][22]. - The company has production and research centers in multiple locations, including Shanghai, Anhui, and international sites in the USA, Germany, Poland, and Hungary [21]. - Major clients include global automotive manufacturers and first-tier suppliers [21]. Group 4 - The company has established a dedicated account for the management of raised funds, ensuring compliance with regulatory requirements [24][25]. - As of December 31, 2024, the company had significant balances in various bank accounts designated for project funding [25].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "Baolong Convertible Bonds," due to the implementation of its 2024 annual profit distribution plan, with the new conversion price set at 39.65 CNY per share, effective from June 11, 2025 [1][6]. Group 1: Convertible Bond Details - The previous conversion price was 40.16 CNY per share, which will be adjusted to 39.65 CNY per share [1][6]. - The convertible bonds were issued on October 31, 2024, with a total issuance of 13.9 million bonds, amounting to 1.39 billion CNY, and are set to mature on October 30, 2030 [1]. - The conversion period for the bonds is from May 6, 2025, to October 30, 2030 [1]. Group 2: Rights Distribution and Impact - The company will distribute a cash dividend of 0.51 CNY per share (tax included) to all shareholders, based on the total share capital registered on the equity registration date of June 10, 2025 [3][4]. - The adjustment to the conversion price is based on the company's stock option plans and the impact of the cash dividend distribution [2][5]. - The adjustment formula considers the cash dividend and any potential changes in share capital due to stock options or other equity actions [5][6].