Core Points - The announcement details the conversion results and share changes related to the "Hua Xing Convertible Bonds" [1][2] Group 1: Convertible Bond Issuance and Conversion - The "Hua Xing Convertible Bonds" began their conversion period on June 6, 2022, and from July 1, 2025, to September 30, 2025, there were no conversions into company stock, resulting in a conversion quantity of 0 [2][9] - As of September 30, 2025, a total of RMB 89,109,000 has been converted into company stock, equating to 3,400,370 shares, which represents 0.7739% of the total shares issued before the conversion [2][9] - The amount of convertible bonds that have not been converted as of September 30, 2025, is RMB 710,891,000, accounting for 88.8614% of the total issuance [2][9] Group 2: Conversion Price Adjustments - The initial conversion price was set at RMB 39.33 per share, which was adjusted to RMB 31.00 per share on June 10, 2022, due to a downward price correction [3][4] - Further adjustments were made, with the conversion price changing to RMB 30.79 on August 5, 2022, RMB 30.76 on October 12, 2022, and RMB 30.46 on June 15, 2023 [5][6] - The latest conversion price is RMB 26.19 per share, effective from June 20, 2024, following the company's annual profit distribution plan [7][8]

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 announcement details the conversion results and share changes related to the "Hua Xing Convertible Bonds" as of June 30, 2025, highlighting low conversion activity and adjustments in conversion prices over time [1][2][3]. Summary by Sections Convertible Bond Issuance and Conversion Price Adjustments - The "Hua Xing Convertible Bonds" were issued on November 29, 2021, with a total amount of RMB 800 million and a maturity of six years [1]. - The initial conversion price was set at RMB 39.33 per share, which was adjusted to RMB 31.00 on June 10, 2022, following a shareholder meeting [2]. - Subsequent adjustments occurred, with the conversion price changing to RMB 30.76 on October 12, 2022, RMB 30.46 on June 15, 2023, and RMB 30.43 on September 28, 2023 [3][4][5]. Convertible Bond Conversion Status - As of June 30, 2025, a total of RMB 89,109,000 has been converted into 3,400,370 shares, representing 0.7739% of the company's total shares before conversion [1][7]. - The remaining unconverted amount of the "Hua Xing Convertible Bonds" is RMB 710,891,000, which accounts for 88.8614% of the total issuance [1][7]. Share Capital Changes - From April 1, 2025, to June 30, 2025, there were no changes in the share capital due to the conversion of the "Hua Xing Convertible Bonds" [7]. - The total share capital remained at 445,377,843 shares, with no newly issued shares from the conversion [7]. Contact Information - For further details regarding the "Hua Xing Convertible Bonds," investors are directed to the company's disclosure on the Shanghai Stock Exchange [8].