Group 1 - The company conducted an online meeting with 10 institutions, including Huafu Fund and E Fund, to discuss its business and market outlook [1] - The LED driver power business is expected to face a slowdown in demand due to US tariff policies affecting the LED lighting industry, but demand is anticipated to recover in the second half of the year [1] - The company produces photovoltaic + energy storage hybrid inverters for household energy storage systems and energy storage converters for commercial systems, primarily selling in Europe, South Asia, and Africa [1] Group 2 - The company is progressing with a technical development contract signed with Chongqing Jingang Transmission and is actively seeking downstream customers for sample orders [1] - The company decided not to exercise the early redemption rights for its convertible bonds, with a review planned for potential future triggers [1] - The actual controllers of the company have committed to share lock-up and reduction intentions, with no other reduction restrictions mentioned [1] Group 3 - A recent plan from the National Development and Reform Commission and the National Energy Administration indicates that the new energy storage installed capacity in the country is expected to exceed 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [1] - The company is recognized for its customized R&D response, large-scale manufacturing, and global supply capabilities in the LED driver power sector, with its brand "崧盛电源" receiving multiple honors [1] - The announcement did not provide information regarding the gross margin of LED driver power products [1]

Group 1: Company Overview and Market Conditions - The LED driver power business is experiencing a contraction in market size due to the impact of U.S. tariffs, with demand for new installations slowing down in the first half of 2025. However, demand is expected to recover in the second half of 2025 as tariff policies ease [2]. - The global market for LED plant lighting is projected to reach $1.366 billion in 2025, with a year-on-year growth rate of 3.9% [3]. - The company’s core energy storage components are primarily sold in Europe, South Asia, and Africa, targeting energy product integrators and installers [4]. Group 2: Business Developments and Financials - The gross margin for LED driver power products in the first half of 2025 was 23.59%, with higher margins observed in high-power products compared to low-power products [10][11]. - The company has decided not to exercise the early redemption rights for its convertible bonds, with a review scheduled for December 18, 2025, should the conditions for redemption arise again [6]. Group 3: Future Prospects and Orders - The National Development and Reform Commission projects that by 2027, the new energy storage installed capacity in China will exceed 180 million kilowatts, driving direct investment of approximately 250 billion yuan [8]. - TrendForce estimates that global energy storage installations will reach 82 GW/216 GWh in 2025, representing a year-on-year growth of 28%/36% [8]. Group 4: Competitive Advantages - The company is one of the few LED driver power manufacturers with capabilities in customized R&D, large-scale manufacturing, and global supply, which enhances its competitive edge in the market [9].

Report Industry Investment Rating - No relevant content provided Core View of the Report - From the beginning of 2025 to September 19, the convertible bond market performed slightly worse than the equity market. The current valuation of convertible bonds is relatively high, and adjustments are ongoing. In the long - term, convertible bonds are still relatively high - quality assets, but one needs to focus on the structure [1][3] Summary by Related Catalogs Market行情 - From September 15 to 19, 2025, the CSI Convertible Bond Index decreased by 1.5% (last week it was +0.4%), and the CSI All - Share Index changed by -0.2% (last week it was +2.1%). Since the beginning of 2025, the CSI Convertible Bond Index has increased by 14.2%, and the CSI All - Share Index has increased by 21.0% [1] - By rating, high - rated bonds (AA+ and above), medium - rated bonds (AA), and low - rated bonds (AA - and below) decreased by 1.68%, 1.06%, and 1.22% respectively this week, with high - rated bonds having the largest decline [1] - By convertible bond size, large - scale convertible bonds (bond balance > 5 billion yuan), medium - scale convertible bonds (balance between 500 million and 5 billion yuan), and small - scale convertible bonds (balance < 500 million yuan) decreased by 1.98%, 1.33%, and 1.20% respectively this week, with large - scale convertible bonds having the largest decline [1] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 110 and 130 yuan), medium - parity bonds (conversion value between 90 and 110 yuan), low - parity bonds (conversion value between 70 and 90 yuan), and ultra - low - parity bonds (conversion value < 70 yuan) decreased by 0.20%, 2.03%, 1.36%, 1.54%, and 1.57% respectively this week, with ultra - high - parity bonds having the smallest decline [2] Current Convertible Bond Valuation Levels - As of September 19, 2025, there were 432 outstanding convertible bonds (437 at the end of last week), with a balance of 599.191 billion yuan (607.826 billion yuan at the end of last week) [2] - The average convertible bond price was 130.41 yuan (132.0 yuan last week), with a percentile of 98.3% - The average convertible bond parity was 105.51 yuan (105.10 yuan last week), with a percentile of 95.5% - The average conversion premium rate of convertible bonds was 25.2% (26.0% last week), with a percentile of 47.0%. The conversion premium rate of medium - parity convertible bonds (conversion value between 90 and 110 yuan) was 28.1% (28.8% last week), higher than the median of the conversion premium rate of medium - parity convertible bonds since 2018 (20.3%) [2] Convertible Bond Performance and Allocation Direction - The CSI Convertible Bond Index is still in the adjustment phase. In the long - term, convertible bonds are relatively high - quality assets, but the current overall valuation level is high, so one needs to focus on the structure [3] Convertible Bond Gain Situation - The top 15 convertible bonds in terms of gains this week include Jingxing Convertible Bond, Hengshuai Convertible Bond, etc. Each bond has different positive stock gains and corresponding convertible bond gains [21]

Core Viewpoint - The article discusses recent developments in various companies and convertible bonds, highlighting share reduction plans, technology contracts, and new stock listings. Group 1: Share Reduction and Convertible Bonds - The actual controller of Fuchun Dyeing and Weaving and its concerted actors plan to reduce their holdings by no more than 1% of the company's shares [1] - Lu Shan Convertible Bond is subject to strong redemption [1][2] - Song Sheng Convertible Bond will not undergo strong redemption [1][2] - Jiu Qiang Convertible Bond and Yang Feng Convertible Bond will not be adjusted [1][2] Group 2: Technology Contracts and New Listings - Fengshan Group signed a technology development contract with Tsinghua University for sodium-ion battery electrolyte and solid-state lithium-ion battery electrolyte projects [1] - New stocks from Yunhan Chip City and Ruili Kemi are available for subscription on the Shanghai and Shenzhen stock exchanges [1]

Core Points - Company announced that its stock price has met the conditions for early redemption of convertible bonds, triggering a specific clause in the bond issuance document [2] - The board of directors decided not to exercise the early redemption option for the "崧盛转债" bonds and will not do so for the next three months [2] - Future decisions regarding the early redemption will be made if the conditions are triggered again after December 18, 2025 [2]

Group 1 - The company, 崧盛股份, announced that its third board meeting will be held on September 18, 2025, combining in-person and communication methods [1] - The meeting will review the proposal regarding the non-early redemption of "崧盛转债" [1]

Core Viewpoint - The Zhongzheng Convertible Bond Index opened with a slight increase of 0.08%, reaching 477.96 points on September 16 [1] Group 1: Market Performance - The top gainers in the convertible bond market included Yuguang Convertible Bond, Borui Convertible Bond, New 23 Convertible Bond, Songsheng Convertible Bond, and Yinlun Convertible Bond, with increases of 6.74%, 4.28%, 3.05%, 1.98%, and 1.97% respectively [1] - The largest decliners were Haitai Convertible Bond, Jiuzhou Turn 2, Luokai Convertible Bond, Aofei Convertible Bond, and Yiwei Convertible Bond, with decreases of 5.02%, 3.76%, 1.71%, 1.42%, and 1.40% respectively [1]

Group 1 - The core point of the article is that Congsheng Co., Ltd. announced that its stock price has been above 130% of the current conversion price of "Congsheng Convertible Bonds" for 10 consecutive trading days, which may trigger the conditional redemption clause of the bonds if the stock price remains above this threshold [2] Group 2 - The specific conversion price of the "Congsheng Convertible Bonds" is set at 24.35 yuan per share, meaning the stock price must remain above 31.655 yuan per share to potentially trigger the redemption [2] - The period during which the stock price has met this condition is from August 26, 2025, to September 11, 2025 [2]

Core Points - The company issued convertible bonds totaling RMB 294.35 million, with an initial conversion price of RMB 24.95 per share, which has been adjusted to RMB 24.35 due to annual equity distributions [1][2] Group 1: Convertible Bond Details - The convertible bonds were approved by the China Securities Regulatory Commission and are set to be listed on the Shenzhen Stock Exchange [1] - The conversion period for the bonds is from April 10, 2023, to September 26, 2028 [2] - The conversion price has been adjusted twice due to annual equity distributions, first to RMB 24.45 on May 30, 2023, and then to RMB 24.35 on June 19, 2024 [2] Group 2: Price Adjustment Mechanism - The company has a mechanism for downward adjustment of the conversion price if the stock price falls below 90% of the current conversion price for at least 15 out of 30 consecutive trading days [3] - Any proposed adjustment must be approved by at least two-thirds of the voting rights at a shareholders' meeting, excluding bondholders from voting [3] Group 3: Potential Trigger for Price Adjustment - There is a potential trigger for a downward adjustment of the conversion price, as the stock price has been below RMB 21.915 (90% of the current conversion price) for at least 10 trading days within a 30-day period [5] - The company is required to hold a board meeting to decide on the adjustment and disclose the decision the next trading day [5] Group 4: Additional Information - Investors can refer to the company's prospectus for detailed terms regarding the convertible bonds, which was disclosed on September 23, 2022 [5]

Core Viewpoint - The company, 崧盛股份, announced that the conditions for the adjustment of the conversion price of its convertible bonds may be triggered if its stock price remains below 90% of the current conversion price for a specified period [2] Summary by Relevant Sections - **Trigger Conditions**: The period for triggering the conversion price adjustment starts from June 26, 2025, and lasts until July 31, 2025. During this time, if the closing price of the company's stock is below 90% of the current conversion price for 10 trading days, it may trigger the adjustment [2] - **Future Actions**: If the conditions are met, the company will follow the procedures outlined in the prospectus for the convertible bonds and fulfill its obligations for subsequent review and information disclosure [2]