Report Industry Investment Rating No relevant content provided. Core View of the Report - The target price of Tianzhun Convertible Bond on the first day is estimated to be between 129 and 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 38% - 43%, corresponding to a target price of around 129 - 134 yuan. The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057% [3][19][20] Summary According to the Directory 1. Tianzhun Convertible Bond New - Bond Analysis and Investment Advice 1.1 Convertible Bond Basic Terms Analysis - Tianzhun Convertible Bond is issued through priority allotment and online issuance, with a bond and issuer rating of AA-. The issuance scale is 872 million yuan, the initial conversion price is 55.73 yuan, the convertible bond parity on December 12, 2025, is 93.74 yuan, the pure bond value is 93.02 yuan. The game terms (lower - revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is acceptable, and the bond floor provides good protection. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14] 1.2 New - Bond Initial Price Analysis after Listing - The company's main products are industrial vision equipment, including visual measurement equipment, visual inspection equipment, visual process equipment, and intelligent driving solutions. The funds raised will be used to upgrade and expand existing products, enhance market competitiveness, and maintain technological leadership. The target price of the convertible bond on the first day of listing is estimated to be between 129 and 134 yuan, and the conversion premium rate is expected to be in the range of 38% - 43% [3][18][19] 1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057%. Assuming the old shareholders' allotment ratio is 43% - 65%, the scale available for the market is 308 million - 499 million yuan. Based on the assumption of 8.77 million online valid subscriptions, the winning rate is calculated [4][20] 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Up - and Downstream Industry Situation - Tianzhun Technology is a well - known domestic vision equipment platform company, focusing on serving the electronics, semiconductor, and new - energy vehicle industries. It provides high - end vision equipment products. The upstream of the machine - vision industry includes core hardware and software, the mid - stream consists of application systems and visual equipment, and the downstream is mainly end - user industries such as 3C electronics, automotive, and semiconductors [21][22] 2.2 Company's Operating Conditions - From 2022 to the first three quarters of 2025, the company's operating income remained generally stable, with minor fluctuations. The main business is prominent, but the comprehensive gross profit margin and net profit margin have shown a downward trend in recent years. The period expenses have gradually increased, and the R & D expenses have fluctuated slightly. The accounts receivable turnover rate has gradually decreased, and the proportion of accounts receivable in operating income has fluctuated significantly [24][28][32] 2.3 Company's Equity Structure and Major Subsidiaries - As of September 30, 2025, the equity structure is relatively concentrated. Qingyi Investment is the largest shareholder, and Ningbo Zhunzhi is the second - largest shareholder. The top two shareholders hold a combined 42.82% of the shares, and the top ten shareholders hold 64.67% of the shares. Qingyi Investment is the controlling shareholder, and Xu Yihua is the actual controller [4][20][44] 2.4 Company's Business Characteristics and Advantages - Tianzhun Technology is a well - known domestic vision equipment platform company. Its competitive advantages include technological innovation, an intellectual property protection mechanism, and talent cultivation. It has established multiple R & D innovation platforms, has a strict intellectual property protection system, and a large R & D team [49][50] 2.5 Allocation of the Raised Funds - After deducting issuance fees, 400 million yuan of the raised funds is planned for the R & D and industrialization project of industrial vision equipment and precision measurement instruments; 278 million yuan is for the R & D and industrialization project of semiconductor metrology equipment; 194 million yuan is for the R & D and industrialization project of intelligent driving and embodied intelligent controllers. Each project has its own investment return indicators and construction periods [12][51][53]

登录新浪财经APP 搜索【信披】查看更多考评等级 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请文件及所披露信息的真实 性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实 质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自行负责。投资者自主 判断发行人的投资价值，自主作出投资决策，自行承担证券依法发行后因发行人经营与收益变化或者证 券价格变动引致的投资风险。 重大事项提示 公司聘请中证鹏元为本次发行的可转换公司债券进行了信用评级，天准科技主体信用级别为AA-，本次 可转换公司债券信用级别为AA-，评级展望为稳定。 本次发行的可转换公司债券存续期内，评级机构将每年至少进行一次跟踪评级。如果由于外部经营环 境、公司自身情况或评级标准变化等因素，导致本次可转换公司债券信用评级降低，将会增大投资者的 投资风险，对投资者的利益产生一定影响。 三、关于公司本次发行可转换公司债券的担保事项 本次向不特定对象发行可转债不设担保。敬请投资者注意本次可转换公司债券可能因未设定担保而存在 ...

Group 1 - The core point of the article is that Tianzhun Technology (688003.SH) has made significant donations to support education and scientific initiatives, including a total of 800,000 shares and cash donations amounting to 8 million yuan [1][2] - The donations consist of 1.6 million shares to the Suzhou Education Development Foundation and 6.4 million shares to the Suzhou Li Zhengdao Education and Science Foundation, representing 0.82% and 3.29% of the company's total share capital, respectively [1][2] - As of the announcement date, Tianzhun Technology's stock price was 54.1 yuan per share, valuing the total donation at approximately 433 million yuan [1] Group 2 - After the donations, the controlling shareholder, Qingyi Investment, retains 40 million shares, which is 20.58% of the total share capital, ensuring no change in the company's controlling shareholder or governance structure [2] - Tianzhun Technology's main products include industrial vision equipment, such as visual measurement, detection, and process equipment, as well as intelligent driving solutions [2] - Despite a revenue increase of 14.79% year-on-year to 977 million yuan in the first three quarters of 2025, the company reported a net loss of 15.169 million yuan, indicating challenges in profitability [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Since August, the pace of changes in the supply - demand structure of the convertible bond market has accelerated. On the demand side, insurance funds have rapidly and significantly reduced their holdings of convertible bonds, while the demand from public funds has remained stable. On the supply side, although the number of forced redemptions has increased significantly since August, the enthusiasm for new convertible bond proposals has been high, and the review speed has marginally accelerated [1][10][14]. - The A - share market fluctuated sharply this week. The current A - share market valuation has significantly recovered. Large - scale equipment renewal and consumer product trade - in measures are expected to boost domestic demand, and the export growth rate may decline. The Fed has re - entered the interest rate cut cycle, and the weak resonance between the domestic economic fundamentals and the capital side is expected to gradually start [27]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low. The risk of a correction in convertible bond valuations has been temporarily alleviated. However, in the context of stock market volatility and the strong "taking - profits" sentiment of institutions in the fourth quarter, the short - term profit - making effect of the convertible bond market may be weak. Attention should be paid to the band - trading opportunities of convertible bonds in a volatile market [28]. 3. Summary According to the Directory 1. Convertible Bond Weekly Special Topic and Outlook 1.1 What are the Highlights of New Convertible Bond Issues? - Since August, the demand - side of the convertible bond market has seen insurance funds significantly reducing their holdings, while public funds have increased their positions. On the supply - side, new convertible bond proposals have been actively submitted, and the review speed has accelerated. For example, in August, 18 new convertible bond proposals passed the board of directors, reaching the level of March 2023. In September, 17 proposals passed the general meeting of shareholders, and 7 passed the listing committee review, reaching the level of January 2024 [1][10][14]. - As of October 10, there are 4 convertible bond proposals awaiting issuance after obtaining the CSRC's approval for registration, and 8 public convertible bond proposals have passed the listing committee review, with a total scale of 530.5 million yuan. The industry distribution of these convertible bonds is mainly in TMT, advanced manufacturing, and cyclical industries [15][20]. 1.2 Weekly Review and Market Outlook - This week, the A - share market fluctuated sharply. Before the holiday, the A - share market rose, with the new energy industry chain and semiconductors leading the gains. After the holiday, the market first rose and then fell. The current A - share market valuation has recovered, and domestic demand is expected to be boosted, but the export growth rate may decline [27]. - In the convertible bond market, the subsequent issuance pressure is expected to be low. The short - term profit - making effect may be weak, and attention should be paid to band - trading opportunities. Industries to focus on include popular themes such as semiconductors and AI, domestic - demand - oriented sectors, and central state - owned enterprises under the China - specific valuation system [28][29]. 2. Weekly Tracking of the Convertible Bond Market 2.1 The Equity Market Style is Differentiated, and Pro - cyclical Sectors are Strengthening - From September 29 to October 10, the equity market showed mixed performance. The market style was more inclined to large - cap growth stocks. 26 Shenwan industry indices rose, and 5 declined. The non - ferrous metals, steel, and basic chemical industries led the gains [32][34]. 2.2 The Convertible Bond Market Rose Narrowly, and the Premium Rate for 100 - yuan Par Value Rebounded - From September 29 to October 10, the convertible bond market rose. The average daily trading volume decreased. Most individual bonds rose. The non - ferrous metals, beauty care, and non - bank financial industries led the gains in the convertible bond market, while the communication industry declined [38][39]. - The weighted conversion value of the entire market increased, and the premium rate rose. The median price of convertible bonds increased, and the number of medium - and low - priced convertible bonds decreased [45][49]. 2.3 High - frequency Tracking of Different Types of Convertible Bonds 2.3.1 Classification Valuation Changes - This week, the valuations of equity - biased and balanced convertible bonds increased. Among different par - value convertible bonds, the valuation of 80 - 90 yuan par - value convertible bonds increased more significantly. The valuations of AA + and AA - rated convertible bonds decreased, while those of other ratings increased. The valuations of large - cap and small - cap convertible bonds increased significantly, while those of other scales decreased [60]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [60]. 2.3.2 Market Index Performance - This week, convertible bonds of all ratings and scales rose. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker anti - decline ability and greater rebound strength [71]. 3. Tracking of Convertible Bond Supply and Terms 3.1 This Week's Primary Proposals Issuance - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds awaiting listing, with a total scale of 730.2 million yuan. The number of primary approvals was 10 [76]. - From the beginning of 2023 to October 10, 2025, there were 103 convertible bond proposals in total, with a total scale of 15.8329 billion yuan. The number and scale of proposals at different stages vary [77]. 3.2 Downward Revision & Redemption Clauses - This week, 9 convertible bonds were expected to trigger downward revisions, 4 announced no downward revisions, 0 proposed downward revisions, and 1 actually carried out a downward revision. Six convertible bonds were expected to trigger redemptions, 0 announced no redemptemptempt 0 announced no redemptions, and 5 announced early redemptions [5][83][84]. - As of the end of this week, there were 0 convertible bonds in the put - option declaration period and 9 in the company's capital - reduction repayment declaration period [88].

Core Viewpoint - The Shanghai Stock Exchange has approved Suzhou Tianzhun Technology Co., Ltd.'s issuance of convertible bonds, confirming that it meets the necessary issuance and listing conditions as well as information disclosure requirements [1] Group 1: Issuance Details - The total amount of the proposed convertible bonds to be issued is up to RMB 872 million, which will be used for various R&D and industrialization projects [3] - The projects include: - Industrial vision equipment and precision measurement instruments with a total investment of RMB 401.54 million, of which RMB 400 million will be funded by the raised capital - Semiconductor measurement equipment with a total investment of RMB 308.64 million, with RMB 278 million from the raised capital - Intelligent driving and embodied intelligent controllers with a total investment of RMB 201.10 million, with RMB 194 million from the raised capital [4] - The bonds will be issued at a face value of RMB 100 each and will have a term of 6 years from the date of issuance [4] Group 2: Market and Financial Considerations - The company was questioned about the market competition landscape and the rationality of capacity planning and benefit estimation for the fundraising projects, emphasizing the need for objective evidence regarding strong downstream customer demand and sufficient order reserves [2] - There was also an inquiry regarding the significant discrepancy between net cash flow from operating activities and net profit during the reporting period, requiring clarification on the rationale behind this difference [2]