Group 1 - The convertible bond market is experiencing a "new bond frenzy" due to the scarcity of new issues, highlighted by the strong performance of Hengshuai Convertible Bond, which surged 57.30% on its first day and a total of 88.76% in two days [1][2] - Hengshuai Convertible Bond's strong debut reflects the increasing scarcity of convertible bonds in the market, leading to intense competition for new issues among investors [1][2] - The underlying stock, Hengshuai Co., primarily engages in the research, production, and sales of automotive micro motors and related products, showing steady revenue growth from 331 million yuan in 2019 to an expected 962 million yuan in 2024 [3] Group 2 - The issuance scale of Hengshuai Convertible Bond is relatively small, with a total fundraising of 327 million yuan, which has contributed to its popularity among investors [4] - The convertible bond market is seeing an increase in supply with several new issues launched in June, but the overall market size is still declining due to the accelerated exit of bank convertible bonds [6][7] - The supply of bank convertible bonds has significantly decreased, from nearly 300 billion yuan at its peak in 2023 to about 150 billion yuan currently, leading to a shift in market structure and a search for alternative investments by institutional investors [6][7]

Business Overview - The company operates in four main business units: electric motor technology (electric motor and electric module), and fluid technology (driving vision cleaning system and thermal management system) [2][3] - Key products in the electric motor unit include trunk and side door motors, fan motors, and ABS motors; the electric module unit includes invisible door handle drive mechanisms and charging door actuators [2] - The fluid technology unit's driving vision cleaning system includes automotive cleaning pumps and advanced driver-assistance systems (ADAS) sensors [2][3] Robotics Development - The company is focusing on humanoid robotics, engaging with overseas clients and developing prototypes; plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements [4] Thailand Factory Expansion - The first phase of the Thailand factory focuses on cleaning pumps and motors, with plans to expand to more complex components like active perception cleaning systems and thermal management systems in the second phase [5] ADAS System Progress - The company has secured mass production projects for active perception cleaning systems with clients like Waymo and Meituan, planning to produce 250,000 sets per year, with some production in Thailand [6] EPB Motor Development - The company has achieved mass project designation in the EPB motor sector, marking a significant development in the automotive chassis field [7] Seat Motor Market Trends - The company is developing electric motors for car seats, responding to increasing consumer demand for comfort features; the transition from manual to electric seats is expected to expand market capacity [8] R&D Investment - The company maintains a steady R&D investment strategy, focusing on electric motors, cleaning systems, and magnetic materials; future investments will target new product development, process innovation, and automation to enhance production efficiency [9]