北京浩瀚深度信息技术股份有限公司 关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 证券代码：688292 证券简称：浩瀚深度 公告编号：2026-001 转债代码：118052 转债简称：浩瀚转债 重要内容提示： 累计转股情况：截至2025年12月31日，"浩瀚转债"累计有人民币51,000元已转换为北京浩瀚深度信息技 术股份有限公司（以下简称"公司"）股票，转股数量为2,101股，占"浩瀚转债"转股前公司已发行股份 总额的0.001327%； 未转股可转债情况：截至2025年12月31日，"浩瀚转债"尚未转股的可转债金额为354,239,000元，占"浩 瀚转债"发行总量的99.9856%； 本季度转股情况：自2025年10月1日起至2025年12月31日，"浩瀚转债"共有人民币48,000元已转换为公 司股票，转股数量为1,978股，占"浩瀚转债"转股前公司已发行股份总额的0.001249%。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意北京浩瀚深度信息技术股份有限公司 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Since December 2025, convertible bonds have witnessed a new round of recovery. In this round, high - parity equity - biased convertible bonds led the rise, with the military industry sector rising significantly under the commercial space theme. Due to the phased release of call risks, the valuation of high - parity convertible bonds has returned to a high level. However, the shortening of the remaining term and the weaker - than - expected downward revision of convertible bonds have caused the valuation of debt - biased convertible bonds to loosen. The convertible bond valuation structure has changed compared with the previous period. From the end - of - 2025 performance, risk appetite remains high, and the expectation of a spring rally is consistent. Convertible bonds are expected to benefit from the rise of the equity market and the activity of small and micro - cap stocks. But considering the high valuation of equity - biased convertible bonds and the recent significant decline of some "double - high" convertible bonds, be vigilant against the valuation risks of "double - high" convertible bonds represented by newly issued convertible bonds [4]. Summary by Relevant Catalog 1. Convertible Bond Valuation - The market declined slightly this week, and the 100 - yuan premium rate rose 0.3% to 31.1%, approaching the high of 31.4% on August 25, 2025. After excluding abnormal points, the 100 - yuan premium rate of the entire market's convertible bonds is 31.1%, up 0.3% week - on - week, and the latest quantile is at the 99.8% percentile since 2017 [5]. - By grouping and weighted - calculating the valuation changes of individual bonds in comparable terms according to parity, it's found that this week, the valuation of the equity - biased area is better overall than that of the debt - biased and balanced areas. The valuations of the balanced and debt - biased areas mainly declined, the valuation in the 120 - 140 yuan parity range increased slightly, and the valuation in the range above 140 yuan remained roughly flat [10]. - From the perspective of individual bonds, the convertible bonds with a large decline in high - parity area valuation are mainly of two types: those entering the redemption process with the conversion premium rate actively compressed, such as Guanglian Convertible Bond and Songsheng Convertible Bond; and those with significantly compressed "double - high" convertible bond valuations, such as Haohan Convertible Bond and Huicheng Convertible Bond. The convertible bonds with a decline in medium - and low - parity area valuation are those approaching maturity and those with continuous non - downward revision, such as Baolai Convertible Bond and Weil Convertible Bond [13]. - As of the latest data, from the perspective of the conversion premium rate, the historical quantiles of the valuation in the 110 - 120 yuan and 80 - 90 yuan parity ranges are relatively low; from the perspective of the bottom - support premium rate, the historical quantiles of the valuation in the 70 - 90 yuan parity range are relatively low [17]. 2. Clause Tracking 2.1 Redemption - This week, Yingte Convertible Bond announced redemption, and no convertible bond announced not to redeem, with a forced - redemption rate of 100%. Currently, there are 12 convertible bonds that have issued forced - redemption or maturity - redemption announcements but have not been delisted. The potential conversion or maturity balance of the forced - redeemed and matured convertible bonds among the non - delisted ones is 4 billion yuan. There are currently 27 convertible bonds in the redemption process, 7 are expected to meet the redemption conditions next week, and 12 are expected to issue announcements of potential trigger of redemption. In addition, 17 convertible bonds are expected to enter the forced - redemption counting period within the next month [21][23]. 2.2 Downward Revision - One convertible bond proposed a downward revision this week, and Hongchuan Convertible Bond announced the downward - revision result but did not revise to the bottom. As of the latest, 111 convertible bonds are in the non - downward - revision interval, 19 cannot be downward - revised due to net - asset constraints, 1 has triggered the condition but the stock price is still below the downward - revision trigger price and no announcement has been made, 22 are in the process of accumulating downward - revision days, and 2 have issued downward - revision board proposals but have not gone to the general meeting of shareholders [27]. 2.3 Put Option - Shanbo Convertible Bond issued a conditional put - option announcement this week. As of the latest, 5 convertible bonds are in the process of accumulating put - option trigger days, among which 3 are also in the process of accumulating downward - revision days, and 2 are in the non - downward - revision interval [30]. 3. Primary Issuance - As of the latest, there are 9 convertible bonds in the approval - for - registration progress, with a to - be - issued scale of 11.2 billion yuan; there are 6 convertible bonds in the listing - committee - approval progress, with a to - be - issued scale of 3.4 billion yuan [32].

Core Viewpoint - The company has approved the 2025 Restricted Stock Incentive Plan and its summary, ensuring compliance with relevant regulations and confirming the eligibility of the incentive recipients [1][3]. Disclosure and Verification - The company publicly disclosed the 2025 Restricted Stock Incentive Plan and the list of incentive recipients on October 23, 2025, with a public comment period lasting until November 1, 2025 [1]. - During the public comment period, no objections were raised by employees regarding the proposed incentive recipients [1]. Supervisory Board Review - The Supervisory Board verified the list of proposed incentive recipients, confirming their qualifications according to the Company Law and relevant regulations [3]. - The proposed incentive recipients do not fall under any disqualifying conditions as outlined in the management regulations, such as being deemed inappropriate by regulatory authorities within the last 12 months [4]. - The incentive recipients meet the conditions set forth in the management regulations and the draft incentive plan, excluding independent directors, supervisors, foreign personnel, and significant shareholders [5].

Core Viewpoint - The announcement details the commencement of the conversion period for the "Haohan Convertible Bonds," allowing bondholders to convert their bonds into shares of Beijing Haohan Depth Information Technology Co., Ltd. at a conversion price of 24.26 CNY per share from September 19, 2025, to March 12, 2031 [2][3][6]. Summary by Sections Convertible Bond Issuance Overview - The company issued 3.5429 million convertible bonds with a total value of 354.29 million CNY, each with a face value of 100 CNY, and a maturity period of six years from March 13, 2025, to March 12, 2031 [2][3]. Conversion Terms - The conversion price is set at 24.26 CNY per share, with the conversion period starting from September 19, 2025, to March 12, 2031 [2][6]. - The bond has a tiered interest rate structure: 0.2% for the first year, 0.4% for the second year, 0.8% for the third year, 1.5% for the fourth year, 2.0% for the fifth year, and 2.5% for the sixth year [4]. Conversion Application Process - Bondholders can apply to convert their bonds into shares through the Shanghai Stock Exchange trading system, with a minimum conversion unit of one share [8][10]. - The conversion application cannot be withdrawn once confirmed, and the bond trading takes precedence over conversion applications [9]. Tax and Interest Considerations - Any taxes incurred during the conversion process are the responsibility of the bondholder [13]. - Bonds converted before the interest payment date will not receive interest for that period [14]. Conversion Price Adjustments - The initial conversion price was set at 24.38 CNY per share, adjusted to 24.26 CNY following a cash dividend distribution [15][16]. - The conversion price may be adjusted based on various corporate actions, including stock dividends and cash distributions [15][17]. Redemption and Sale Conditions - The company may redeem unconverted bonds at 115% of the face value within five trading days after maturity [20]. - Bondholders have the right to sell their bonds back to the company if the stock price falls below 70% of the conversion price during the last two interest years [23]. Additional Sale Rights - If there are significant changes in the use of funds raised from the bond issuance, bondholders may have the right to sell their bonds back to the company [25]. Contact Information - For further details, investors are directed to the company's official disclosure on the Shanghai Stock Exchange website [25].

Group 1: Haohan Depth - Haohan Convertible Bond (118052) is set to be listed on April 7, 2025 [1] - The company's subsidiary, Nanjing Youzhu Information Technology Co., Ltd., has established a "Low-altitude Airspace Safety Technology Innovation Joint Laboratory" in collaboration with China Telecom Design Institute, Nanjing University, and Jinling Institute of Technology [1] - The company's DPI technology and related cybersecurity solutions are designed to identify risks, recognize threats, block attacks, and protect data and privacy, effectively ensuring overall security in the Internet of Vehicles, including vehicle-side, roadside, cloud-side, and platform security [1] Group 2: Xingye Silver Tin - The recent research involved the progress of Yinman Phase II, the expansion of Yubang Mining, the injection arrangement of Budun Silver Mine, and the company's development strategy [1] - Yinman Phase II has received project approval and is in communication with the government for construction permits; Yubang Mining's 8.25 million ton expansion project is applying for construction permits [1] - The company focuses on silver and tin as core businesses while steadily integrating copper and gold resources; the Yubang Mining expansion project is expected to produce 450 tons of silver annually upon reaching full capacity [1] - The company has established a comprehensive safety management system, emphasizing safety funding investment and promoting mechanization, automation, informationization, and intelligence construction [1] - The mining areas of Yinman and Yubang show promising mineralization, with good exploration prospects for the Morocco project [1]

Group 1: Aojie Technology - Aojie Technology has made significant progress in ASIC business, RedCap chips, and 4G/5G smartphone chips [1] - The ASIC business is focused on smart wearables, edge SOC, RISC-V, and cloud inference chips, with expected substantial revenue growth by 2026 [1] - RedCap chips are commercially available in the IoT market, and the company has production capabilities for smart wearables [1] - The company has successfully commercialized 4G quad-core chips and is making progress on 4G octa-core, 6nm 4G octa-core, and 6nm 5G octa-core chips [1] - Aojie Technology plans to control the growth of operating and R&D expenses to no more than 15% [1] Group 2: Changhua Group - Changhua Group has successfully produced new iterative samples of planetary roller screw, but the product is still in the R&D stage and has not generated revenue [2] - The company plans to supply carbon-ceramic brake disc metal structural parts to new energy vehicle companies by the end of 2024, with a total sales amount expected to exceed 100 million yuan [2] - As of July 2025, the company has announced new customer contracts worth 2.013 billion yuan, indicating strong order backlog and expected significant increase in capacity utilization [2] - Changhua Group is actively acquiring land and increasing capacity to enhance profitability [2] Group 3: Haohan Depth - Haohan Depth's convertible bond (118052) is set to be listed on April 7, 2025 [3] - The company has established a "Low-altitude Airspace Safety Technology Innovation Joint Laboratory" in collaboration with several institutions [3] - Haohan Depth's DPI technology and related cybersecurity solutions are designed to detect risks, identify threats, block attacks, and protect data and privacy, enhancing overall security in the Internet of Vehicles [3] Group 4: Chongda Technology - Chongda Technology anticipates positive growth in the global PCB market by 2025, with strong order demand and rising product prices [4] - The company's capacity utilization rate is at 85%, with new production capacities including multiple factories in Zhuhai and a production base in Thailand [4] - To improve profitability, Chongda Technology is focusing on high-value customers, optimizing sales structure, and enhancing cost management [4] - The company is implementing a structural price increase strategy to cope with rising raw material costs [4] - The U.S. market accounts for 10% of the company's revenue, and it is adopting strategies to diversify markets and optimize customer cooperation in response to tariff policy changes [4] Group 5: Galaxy Fund - Galaxy Fund was established in 2002, with total assets under management of 105.976 billion yuan, ranking 58th out of 210 [4] - The fund's non-monetary public fund assets amount to 75.871 billion yuan, ranking 56th out of 210 [4] - The fund manages 162 public funds, ranking 47th out of 210, with 25 fund managers, ranking 54th out of 210 [4] - The best-performing public fund product in the past year is the Galaxy Innovation Growth Mixed A, with a latest net value of 6.62 and a growth of 52.02% over the past year [4]

Core Viewpoint - Beijing Haohan Deep Information Technology Co., Ltd. maintains a stable credit rating of A+ for both the company and its convertible bonds, indicating strong financial health and competitive advantages in the network visualization and information security sectors [1][3]. Company Overview - The company is a leading provider of network visualization, information security protection, and big data solutions in China, with a strong competitive position in the market [3][4]. - As of March 2025, the company has total assets of 17.03 billion yuan and equity of 11.60 billion yuan [8][9]. Financial Performance - In 2024, the company experienced a 15.03% decline in revenue due to delayed orders from major clients, resulting in a total revenue of 4.42 billion yuan [5][6]. - The company's total profit decreased by 48.75% in the same period, reflecting challenges in maintaining profitability amid high customer concentration [5][6]. - The company issued convertible bonds in Q1 2025, raising 346 million yuan, which improved its cash position to 612 million yuan [5][9]. Debt and Liquidity - The company's debt burden is relatively light, with a debt-to-asset ratio of 31.90% as of March 2025 [5][6]. - The company has strong short-term and long-term debt repayment capabilities, with no current credit lines but access to direct financing channels [3][4]. Market Position and Risks - The company relies heavily on a few major clients, particularly China Mobile, which accounted for 72.17% of its revenue in 2024 [16][4]. - The company faces risks related to material cost fluctuations and seasonal revenue variations, with significant revenue concentration in the second and fourth quarters [5][6]. Industry Analysis - The network visualization market in China is expected to grow, driven by the increasing demand for data management and security solutions, particularly with the expansion of 5G technology [10][12]. - The market size for network visualization in China grew from 170.24 billion yuan in 2017 to 342.02 billion yuan in 2023, indicating a robust growth trajectory [10][12]. - The competitive landscape includes both traditional telecom equipment manufacturers and specialized network visualization firms, with high barriers to entry due to technical requirements and customer loyalty [10][12].

Group 1 - The company's subject credit rating is maintained at "A+" with a stable outlook, and the credit rating for "Haohan Convertible Bond" is also "A+" [1][2] - The credit rating was conducted by the credit rating agency United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operating conditions and related industries [2] - The previous credit rating results were also "A+" for both the company and the bond, with the last rating conducted on October 29, 2024 [2] Group 2 - The tracking credit rating report was issued on June 24, 2025, and is available on the Shanghai Stock Exchange website [2] - The company ensures that the announcement content is truthful, accurate, and complete, and assumes legal responsibility for it [1][3]

Investment Rating - The report maintains a "Buy" rating for the companies discussed, including recommendations for specific stocks such as Eft-U and Changsheng Bearings [9][10][25]. Core Insights - The report highlights the ongoing competition between GPGPU and ASIC in the chip industry, noting that while ASICs excel in low-precision tasks with better power efficiency, they still struggle to match GPGPU performance in high-precision applications [22]. - The emergence of AI applications is driving demand for AI inference, with major companies investing in self-developed AI chips to meet this growing need [22]. - The report discusses the recent advancements in brain-machine interface technology, emphasizing the establishment of pricing guidelines by the National Healthcare Security Administration to support the clinical application of these technologies [7][8][24]. Summary by Sections Macro Strategy - Recent U.S. economic data presents mixed signals, with non-farm employment slightly below expectations, alleviating some recession fears [12]. - The "tight fiscal" approach from the Trump administration is impacting market sentiment, leading to declines in U.S. stocks and the dollar [12][17]. Fixed Income - The report discusses the upcoming issuance of Haohan Convertible Bonds, with an expected listing price range of 118.73 to 132.27 yuan [20]. Industry Analysis - The competition between GPGPU and ASIC is analyzed, with GPGPU maintaining a strong market position due to superior interconnect capabilities [22]. - Major companies are increasingly investing in self-developed AI chips, with significant R&D expenditures required to cover initial costs [22]. - The report identifies key players in the AI chip manufacturing space, including Broadcom and Marvell, highlighting their competitive advantages [22]. Medical and Biological Industry - The successful implementation of brain-machine interface technology is noted, with new pricing projects established to facilitate its clinical use [7][8][24]. - The report suggests potential investment opportunities in companies involved in brain-machine interface technologies, both listed and unlisted [24].

Group 1 - The article discusses various corporate actions related to convertible bonds, including proposals for adjustments and redemptions [2] - Huati Convertible Bond's board proposed a down adjustment [2] - Puli Convertible Bond's adjustment details are highlighted [2] - Yachuang Convertible Bond is subject to forced redemption [2] - Yili Convertible Bond's last trading day is set for March 11 [2] - Wenke Co. has written off accounts payable amounting to 153 million [2] - Dazhong Mining's controlling shareholder plans to transfer 2% of shares to the general manager through a block trade [2] - Jinko Convertible Bond will not undergo a down adjustment [2] - Haohan Convertible Bond is set for subscription on March 13 [2] - Two new stocks are available for subscription on the Shanghai and Shenzhen exchanges [2]