1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The issuance of Jin 05 Convertible Bonds is recommended for active subscription. The target price on the first day of listing is expected to be between 131 - 136 yuan, with an estimated conversion premium rate on the first day of listing in the range of [29%, 34%]. The estimated first - day new - bond lottery winning rate is around 0.0085% - 0.0109% [3][17][18]. 3. Summary According to the Directory 3.1 Jin 05 Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Jin 05 Convertible Bonds are priority allotment and online issuance, with a bond and issuer rating of AA+. The issuance scale is 1.672 billion yuan, the initial conversion price is 89.28 yuan, the convertible bond parity on December 31, 2025, is 101.19 yuan, the pure bond value is 97.45 yuan, and the game terms are normal. The bond has high issuance scale, good liquidity, good rating, and good bond - floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [13]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of transformer series, complete set series, and energy storage series products. The raised funds after deducting issuance fees will be used for projects such as data center power module and high - efficiency energy - saving power equipment intelligent manufacturing, high - efficiency energy - saving liquid - immersed transformer and amorphous alloy core intelligent manufacturing, R & D office building construction, and supplementary working capital. The implementation of these projects will expand the company's production capacity and enhance its profitability. The target price on the first day of listing is estimated to be between 131 - 136 yuan [16][17]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - The estimated first - day new - bond lottery winning rate is around 0.0085% - 0.0109%. Assuming the old shareholders' allotment ratio is 45% - 57%, the scale left for the market is 714 million - 917 million yuan. Assuming the online effective subscription quantity is 8.41 million households, the lottery winning rate when subscribing to the maximum is around 0.0085% - 0.0109% [18]. 3.2 Analysis of the Underlying Stock's Fundamental Aspects 3.2.1 Company's Main Business and the Upstream and Downstream Situations of the Industry - The company is a global power equipment supplier, mainly engaged in the R & D, production, and sales of transformer series, complete set series, and energy storage series products. It provides power supply solutions and electrical equipment for various scenarios. The upstream industries include non - ferrous metals, steel, etc., with sufficient market supply. The downstream industries include power systems, new energy, etc., and their demand growth drives the development of the industry [19][20]. 3.2.2 Company's Operating Conditions - The company's operating income has been rising in recent years, with domestic sales being the main source. In 2024, the domestic sales revenue of transformer series products in the "new energy - photovoltaic" field decreased significantly, while that in the "new infrastructure - data center" field increased. The company's comprehensive gross profit margin and net profit margin have been rising, mainly due to the growth of the gross profit margins of transformer and complete set series products. The company's R & D expenses have fluctuated slightly, and the accounts receivable turnover rate has slightly decreased. The net profit attributable to the parent company has fluctuated greatly, and the weighted ROE has also fluctuated [24][27][40]. 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively concentrated. The largest shareholder is Yuanyu Investment, and the second - largest is Jingtian Investment. The actual controllers are Li Zhiyuan and YUQING JING [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has international competitive advantages in the transformer industry, with advantages in technology R & D, production manufacturing, market and brand, management team, and marketing and service system [46][47][48]. 3.2.5 Allocation of the Raised Funds - The company plans to issue convertible bonds to raise no more than 1.672 billion yuan. After deducting issuance fees, the funds will be used for four major projects: data center power module and high - efficiency energy - saving power equipment intelligent manufacturing, high - efficiency energy - saving liquid - immersed transformer and amorphous alloy core intelligent manufacturing, R & D office building construction, and supplementary working capital [11][50].

从财务角度来看，这笔合同在金盘科技今年收入以及AIDC(人工智能数据中心)业务板块中所占比重较 大。 金盘科技前期披露的三季报显示，2025年1—9月，公司实现主营业务收入51.55亿元，其中在AIDC及 IDC等数据中心领域实现销售收入9.74亿元，同比增长337.47%。金盘科技层解读称，报告期内公司紧 抓市场机遇，全力拓展在AIDC领域的业务布局，使之成为业绩增长的重要驱动力。 金盘科技的产品系列包括中低压各类变压器系列、成套系列、储能系列等，公司聚焦为新能源、AIDC 模块化电源装备、新基建、高效节能、轨道交通等全场景提供优质的电能供应解决方案及高端装备。其 中在数据中心领域，公司依托十余年的积累已构建覆盖变压器系列、AIDC模块化电源装备、储能系列 等在内的AIDC电力设备系列产品，并持续完善在AIDC产业链中的产品布局与服务能力及智能制造能 力。 金盘科技(688676)12月30日晚间公告，公司与海外客户F签订用于数据中心项目合同，提供电力产品， 合同金额为9899.22万美元，折合人民币约6.96亿元。 当前，全球数字经济与智能算力需求持续爆发，AIDC作为新一代算力基础设施的核心形态，导致能 ...

Group 1 - The core viewpoint of the news is that Jinpan Technology's stock has seen a significant increase of 5.16%, reaching a price of 91.56 yuan per share, with a trading volume of 1.035 billion yuan and a turnover rate of 2.50%, resulting in a total market capitalization of 42.098 billion yuan [1] - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, specializes in the research, production, and sales of power distribution and control equipment products, primarily serving the fields of new energy, high-end equipment, and energy conservation and environmental protection [1] - The company's main business revenue composition includes: power distribution equipment at 87.05%, energy storage series at 9.59%, photovoltaic power station business at 1.90%, installation engineering business at 0.73%, other (supplementary) at 0.54%, and digital overall solutions at 0.19% [1] Group 2 - From the perspective of major fund holdings, Manulife Fund has one fund heavily invested in Jinpan Technology, specifically the Manulife Chuangyi Mixed A (001418), which held 4,015 shares in the third quarter, accounting for 0.41% of the fund's net value, ranking as the seventh largest holding [2] - The Manulife Chuangyi Mixed A (001418) was established on June 16, 2015, with a latest scale of 10.1743 million. The fund has achieved a year-to-date return of 2.69%, ranking 7315 out of 8088 in its category, and a one-year return of 2.69%, ranking 7301 out of 8058 [2]

Core Viewpoint - The company, Hainan Jinpan Intelligent Technology Co., Ltd., emphasizes its commitment to technological innovation and its dual-driven model of "incremental innovation" and "leapfrog innovation" as it aims to grow alongside Hainan's development as a free trade port [2]. Group 1: Company Overview - Jinpan Technology is a globally recognized supplier of electrical equipment, with products including transformers and energy storage systems, sold in 87 countries [2]. - The company's core products are widely used in key areas such as Artificial Intelligence Data Centers (AIDC), renewable energy, and energy efficiency, while also expanding into intelligent industrial robots and new materials [2]. Group 2: Market Demand and Product Development - The rapid development of global AI technology and the increasing demand for AI computing power are driving significant growth in AIDC construction and its associated electrical demand [3]. - Jinpan Technology is developing future iterations of power conversion devices, specifically high-voltage direct current (HVDC) systems, and has designed a 10kV/2.4MW solid-state transformer prototype suitable for HVDC 800V power supply architecture, showcasing competitive advantages and forward-looking layouts [3]. Group 3: Strategic Positioning and Global Expansion - The operation of Hainan's free trade port is seen as a profound restructuring of development logic, enhancing Jinpan Technology's global resource allocation capabilities and paving the way for its global market expansion [3]. - As one of the first users of the multi-functional free trade account (EF account) in Hainan, Jinpan Technology leverages the advantages of the EF account for cross-border transactions, which will facilitate effective interaction with international markets [4]. - The innovative systems and open environment of the free trade port are expected to attract international talent and technological resources, supporting Jinpan Technology's innovation and enhancing its agility and resilience in the international market [4].

Core Insights - Jinpan Technology experienced a 5.70% decline in stock price on November 21, with a trading volume of 1.747 billion yuan [1] - The company reported a net financing outflow of 7.66 million yuan on the same day, with a total financing and securities balance of 1.113 billion yuan [1] - As of September 30, 2025, Jinpan Technology achieved a revenue of 5.194 billion yuan, reflecting an 8.25% year-on-year growth, and a net profit of 486 million yuan, marking a 20.27% increase [2] Financing and Trading Activity - On November 21, Jinpan Technology had a financing buy-in of 209 million yuan, with a financing balance of 1.099 billion yuan, accounting for 3.30% of its market capitalization [1] - The company’s financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, 5,900 shares were repaid, while 33,000 shares were sold, with a total selling amount of 2.3945 million yuan [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders decreased by 19.18% to 14,900, while the average number of circulating shares per person increased by 23.87% to 30,893 shares [2] - Jinpan Technology has distributed a total of 713 million yuan in dividends since its A-share listing, with 543 million yuan distributed over the past three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Qianhai Kaiyuan Public Utilities Stock, with notable changes in their holdings [3]

Group 1 - The core point of the news is that Jinpan Technology's stock has declined by 5.2%, with a current price of 86.28 yuan per share and a total market capitalization of 39.67 billion yuan [1] - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, specializes in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's main revenue sources are power distribution equipment (87.05%), energy storage series (9.59%), photovoltaic power station business (1.90%), installation engineering (0.73%), other (0.54%), and digital overall solutions (0.19%) [1] Group 2 - From the perspective of major fund holdings, one fund under Huatai PineBridge holds shares in Jinpan Technology, specifically the Huatai PineBridge New Energy Selected Mixed Fund A (017876), which has 158,500 shares, accounting for 4.84% of the fund's net value [2] - The Huatai PineBridge New Energy Selected Mixed Fund A was established on March 17, 2023, with a current scale of 136 million yuan and has achieved a year-to-date return of 50.87% [2] - The fund manager, Liu Sheng, has been in position for 4 years and 46 days, with the fund's total asset size at 2.649 billion yuan and a best return of 40.25% during his tenure [3]

Group 1 - The core point of the news is that Jinpan Technology's stock price has dropped by 5.2%, currently trading at 86.28 CNY per share, with a total market capitalization of 39.67 billion CNY [1] - Jinpan Technology, established on June 3, 1997, and listed on March 9, 2021, primarily engages in the research, production, and sales of power distribution and control equipment for sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other (supplementary), and 0.19% from digital overall solutions [1] Group 2 - Among the top ten circulating shareholders of Jinpan Technology, a fund under Southern Fund has increased its holdings in the Southern CSI 500 ETF (510500) by 44,100 shares in the third quarter, now holding 4.061 million shares, which accounts for 0.88% of the circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY, achieving a year-to-date return of 30.19% and a one-year return of 19.77% [2] - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a tenure of 12 years and 207 days, with the fund's total asset scale at 170.445 billion CNY [3]

Group 1 - The core viewpoint of the news is that Jinpan Technology's stock has seen a significant increase, with a rise of 5.43% to 67.62 CNY per share, and a total market capitalization of 31.09 billion CNY [1] - Jinpan Technology, established on June 3, 1997, primarily engages in the research, production, and sales of power distribution and control equipment, focusing on sectors such as renewable energy, high-end equipment, and energy conservation [1] - The company's revenue composition includes: 87.05% from power distribution equipment, 9.59% from energy storage series, 1.90% from photovoltaic power station business, 0.73% from installation engineering, 0.54% from other supplementary services, and 0.19% from digital overall solutions [1] Group 2 - From the perspective of major fund holdings, Shenyin Wanguo Fund has a significant position in Jinpan Technology, with its Shenyin Wanguo Dual Benefit Mixed A Fund holding 70,100 shares, accounting for 0.74% of the fund's net value [2] - The fund has achieved a floating profit of approximately 244,000 CNY as of the latest report [2] - The Shenyin Wanguo Dual Benefit Mixed A Fund was established on October 27, 2021, with a current scale of 295 million CNY and has recorded a year-to-date return of 8.23% [2]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Jinpan Technology, including stock price movements and trading volumes [1] - On August 26, Jinpan Technology's stock rose by 2.85%, with a trading volume of 9.52 billion yuan, and a net financing purchase of 16.69 million yuan [1] - As of August 26, the total margin balance for Jinpan Technology was 672 million yuan, with a financing balance of 667 million yuan, representing 2.51% of the circulating market value [1] Group 2 - As of March 31, the number of shareholders for Jinpan Technology was 18,100, a decrease of 7.42%, while the average circulating shares per person increased by 8.01% to 25,206 shares [2] - For the first quarter of 2025, Jinpan Technology reported a revenue of 1.343 billion yuan, a year-on-year increase of 2.90%, and a net profit attributable to shareholders of 107 million yuan, up 13.32% year-on-year [2] Group 3 - Since its A-share listing, Jinpan Technology has distributed a total of 713 million yuan in dividends, with 543 million yuan distributed over the past three years [3] - As of March 31, 2025, among the top ten circulating shareholders, Guangfa Multi-Factor Mixed Fund became the fourth largest shareholder with 8.1127 million shares, while Qianhai Kaiyuan New Economy Mixed A Fund entered as the eighth largest shareholder with 4.5531 million shares [3]