Group 1 - The China Convertible Bond Index rose by 1.51% to 475.93 points on September 5 [1] - Notable gainers included Xizi Convertible Bond, Qianglian Convertible Bond, Enjie Convertible Bond, Yaoki Convertible Bond, and Jingzhuang Convertible Bond, with increases of 12.53%, 9.30%, 7.84%, 6.44%, and 6.40% respectively [1] - Significant decliners included Zhonglu Convertible Bond, Dayuan Convertible Bond, Tianlu Convertible Bond, Sheyan Convertible Bond, and Dongjie Convertible Bond, with decreases of 10.22%, 3.14%, 1.63%, 1.20%, and 0.90% respectively [1]

Group 1 - The core point of the news is the performance of Yaoji Convertible Bonds, which saw a decline of 2.1% to 178.377 yuan per bond, with a trading volume of 59.506 million yuan and a conversion premium rate of 24.59% [1] - Yaoji Convertible Bonds have a credit rating of "A+" and a maturity period of 6 years, with interest rates increasing from 0.30% in the first year to 3.00% in the sixth year [1] - The conversion price for the bonds is set at 20.08 yuan, with the conversion start date on July 31, 2024 [1] Group 2 - Shanghai Yaoji Technology Co., Ltd., originally known as Shanghai Yaoji Poker Co., Ltd., was established in 1994 and is recognized as a leading company in the printing industry in China [2] - The company has evolved into a modern poker production base with an annual output of 800 million decks, gaining global recognition in the poker industry [2] - In the first half of 2025, Yaoji Technology reported a revenue of 1.4382 billion yuan, a year-on-year decline of 24.64%, and a net profit attributable to shareholders of 255.8 million yuan, down 9.98% year-on-year [2] - As of June 2025, the concentration of shareholding in Yaoji Technology is relatively dispersed, with the top ten shareholders holding a combined 54.07% and the top ten circulating shareholders holding 43.7% [2]

Group 1 - The core point of the news is the performance and characteristics of the convertible bond issued by Yaoji Technology, which has seen a price increase and a specific conversion premium rate [1] - The convertible bond has a credit rating of "A+" and a maturity period of 6 years with varying interest rates from 0.30% in the first year to 3.00% in the sixth year [1] - The conversion price for the bond is set at 20.08 yuan, with the conversion period starting on July 31, 2024 [1] Group 2 - Yaoji Technology, originally established as Shanghai Yaoji Poker Co., Ltd. in 1994, has evolved into a leading modern poker production base with an annual output of 800 million decks [2] - The company has transitioned from traditional manufacturing to a comprehensive innovative enterprise, investing in various high-quality internet technology and healthcare companies [2] - For the first quarter of 2025, Yaoji Technology reported a revenue of 778.7 million yuan, a year-on-year decrease of 20.67%, and a net profit of 140.7 million yuan, down 6.7% year-on-year [2] - As of March 2025, the concentration of shareholding in Yaoji Technology is relatively dispersed, with the top ten shareholders holding a combined 53.5% and the top ten circulating shareholders holding 43.04% [2]

8月14日，姚记转债盘中上涨2.16%报172.259元/张，成交额3870.39万元，转股溢价率28.46%。 截至2025年3月，姚记科技筹码集中度较分散。十大股东持股合计占比53.5%，十大流通股东持股合计 占比43.04%。股东人数3.739万户，人均流通股8916股，人均持股金额23.9万元。 资料显示，姚记转债信用级别为"A+"，债券期限6年（第一年0.30%、第二年0.50%、第三年1.00%、第 四年1.70%、第五年2.50%、第六年3.00%），对应正股名称为姚记科技，转股开始日为2024年7月31 日，转股价20.08元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，上海姚记科技股份有限公司前身为上海姚记扑克股份有限公司,公司创建于1994年,位列中国 印刷行业百强,上海市民营企业百强。经过多年的发展,公司已发展成为现代化扑克牌生产基地,年产 ...

Group 1 - The core point of the news is the performance and characteristics of the convertible bond issued by Yaoji Technology, which has seen a price increase and a specific conversion premium rate [1] - The convertible bond has a credit rating of "A+" and a maturity period of 6 years with varying interest rates over the years [1] - The conversion price for the bond is set at 20.08 yuan, with the conversion period starting on July 31, 2024 [1] Group 2 - Yaoji Technology, originally established as Shanghai Yaoji Poker Co., Ltd. in 1994, has become a leading manufacturer in the global playing card industry, producing 800 million decks annually [2] - The company has transitioned from traditional manufacturing to a comprehensive innovative enterprise, investing in various high-quality internet technology and healthcare companies [2] - For the first quarter of 2025, Yaoji Technology reported a revenue of 778.7 million yuan, a year-on-year decline of 20.67%, and a net profit of 140.7 million yuan, down 6.7% year-on-year [2] - As of March 2025, the shareholding structure of Yaoji Technology is relatively dispersed, with the top ten shareholders holding a combined 53.5% of shares [2]

Core Viewpoint - Yaoji Technology (002605.SZ) announced a share reduction plan by its controlling shareholder and actual controller, Yao Shoubin, along with his associates, aiming to sell up to 12,524,155 shares, representing 3% of the company's total share capital, to meet personal funding needs [1][2]. Group 1: Shareholding and Reduction Plan - The controlling shareholder Yao Shoubin and his associates hold a total of 207,193,857 shares, accounting for 49.63% of the company's total share capital [1]. - The planned share reduction will occur within three months after the announcement, with a maximum of 1% through centralized bidding and 2% through block trading [1][2]. Group 2: Financial Performance - In Q1 2025, Yaoji Technology reported revenue of 779 million yuan, a year-on-year decrease of 20.67%, and a net profit attributable to shareholders of 141 million yuan, down 6.70% [3]. - For the year 2024, the company recorded revenue of 3.27 billion yuan, a decline of 24.04%, and a net profit of 539 million yuan, down 4.17% [5]. - The net cash flow from operating activities for 2024 was 594 million yuan, an increase of 31.94% compared to the previous year [5].

Group 1 - The China Securities Convertible Bond Index opened up by 0.02% [1] - Guangke Convertible Bond surged by 30% on its first trading day [1] - Sanyang Convertible Bond increased by 3.9%, while Xuelong, Fuli, and Yingji Convertible Bonds rose over 1% [1] Group 2 - Honghui Convertible Bond declined by over 2% [1] - Yaoyi and Sheyan Convertible Bonds fell by over 1% [1]

Group 1 - The report identifies a significant increase in the number of new convertible bonds listed recently, leading to heightened market attention towards new issuances [7][8] - Convertible bonds are categorized into four main types: white horse, value, small market cap, and balanced, each exhibiting distinct pricing characteristics and investment opportunities, necessitating differentiated strategies for new issuances [7][26] Group 2 - White horse convertible bonds are characterized by high initial valuations and a generally high conversion premium, indicating a low investment cost-effectiveness. The report advises against participating in new issuances or buying on the first day due to systemic valuation risks [7][12][26] - Value convertible bonds typically show low initial valuations, with some even trading below par. The report highlights that institutional demand can drive prices upward post-initial trading, suggesting active participation in new issuances and buying during sell-offs for optimal risk-reward ratios [13][17][26] Group 3 - Small market cap convertible bonds exhibit significant price volatility due to limited liquidity, often leading to extreme pricing deviations from fundamentals. The report recommends avoiding high-price chasing and waiting for a price correction after 4-6 months for potential value recovery opportunities [21][27] - Balanced convertible bonds present relatively rational pricing and moderate volatility, with the report suggesting participation in new issuances and buying during initial sell-offs to achieve stable returns within 1-2 months [25][27]

Core Viewpoint - Shanghai Yaoji Technology Co., Ltd. maintains a stable credit rating of A+ for both its corporate entity and the "Yaoji Convertible Bond" with a stable outlook, reflecting its strong market position and financial stability despite some revenue decline [1][4][10]. Company Overview - The company, originally established as Shanghai People's Printing Factory, has evolved into a well-known manufacturer of playing cards and is publicly listed since 2011 [10][11]. - As of March 2025, the company has a total share capital of 415 million shares, with the controlling shareholders holding 49.95% of the shares [10][11]. Financial Performance - In 2024, the company reported total revenue of 32.71 billion yuan, a decrease of 24.05% year-on-year, while the total profit was 6.81 billion yuan [4][11][24]. - The company has a strong cash position with cash assets amounting to 10.81 billion yuan by the end of 2024, and total assets of 50.69 billion yuan [9][11]. - The company's gross profit margin improved to 43.44% in 2024, up by 5.81 percentage points from the previous year [24]. Business Segments - The playing card business remains stable, while the mobile gaming segment experienced a decline in revenue due to a decrease in active users [4][24]. - The digital marketing segment saw a revenue drop but an increase in gross margin due to adjustments in client cooperation and reduced inefficient spending [4][24]. Industry Analysis - The playing card industry in China is characterized by stable demand and intense competition, with the country being a major producer and consumer of playing cards globally [14][15]. - The mobile gaming market in China reached a sales revenue of 325.78 billion yuan in 2024, with a year-on-year growth of 7.53%, indicating a shift from user expansion to increased per capita spending [15][16]. - The internet marketing sector is also growing, with the market size reaching 776.5 billion yuan in 2024, reflecting a 15.04% increase [19]. Risks and Challenges - The company faces risks related to high supplier concentration in its playing card business, which could impact cost control and operational performance [25][26]. - The mobile gaming industry is under pressure from regulatory scrutiny and increased competition, which could affect revenue growth [15][16].

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Yaoji Technology, which has seen a price increase and specific financial metrics related to its trading [1] - Yaoji Technology, originally established as Shanghai Yaoji Poker Co., Ltd. in 1994, has transformed from a traditional manufacturing company into a modern innovative enterprise, focusing on mobile gaming and expanding into internet and health sectors [2] - The company has a significant production capacity, with an annual output of 800 million decks of playing cards, making it a leader in the global playing card industry [2] Group 2 - For the first quarter of 2025, Yaoji Technology reported a revenue of 778.7 million yuan, a year-on-year decrease of 20.67%, and a net profit attributable to shareholders of 140.7 million yuan, down 6.7% year-on-year [2] - The concentration of shareholding in Yaoji Technology is relatively dispersed, with the top ten shareholders holding a combined 53.5% and the top ten circulating shareholders holding 43.04% [2] - As of March 2025, the number of shareholders is approximately 37,390, with an average circulating shareholding of 8,916 shares and an average holding amount of 243,200 yuan [2]