1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Rui Convertible Bond on the first day of listing is expected to be in the range of 129 - 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 32% - 37% [3][20]. - The expected first - day lottery winning rate of the convertible bond subscription is around 0.0063% - 0.0075% [21]. 3. Summary According to Relevant Catalogs 3.1. Rui Convertible Bond New Issue Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Rui Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA-. The issuance scale is 1 billion yuan, the initial conversion price is 73.85 yuan, the convertible bond parity on November 14, 2025, is 97.49 yuan, the pure bond value is 92.79 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16]. 3.1.2. Analysis of New Bond Initial Listing Price - The company's main business is the R & D, production, sales, and service of connection system products. The funds raised will be used for the renovation and upgrade projects of high - frequency high - speed connection systems and intelligent energy connection systems, with the rest for working capital. This will help the company maintain its leading position and enhance its competitiveness [19]. - Based on market environment and parity level, the first - day conversion premium rate of Rui Convertible Bond is expected to be in the range of 32% - 37%, corresponding to a first - day target price of 129 - 134 yuan [3][20]. 3.1.3. Analysis of Convertible Bond New Issue Lottery Winning Rate - Assuming the old shareholders' placement ratio is 35% - 45%, the scale of Rui Convertible Bond available to the market is 550 million - 651 million yuan. With an assumed online effective subscription of 8.67 million households, the lottery winning rate is around 0.0063% - 0.0075% [21]. 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Industry Up - and Downstream Situation - The company is engaged in the R & D, production, sales, and service of connection system products, with a complete product chain and R & D and production capabilities for various connection systems. It has established long - term partnerships with well - known customers [22]. - The upstream suppliers are basic raw material and accessory industries with sufficient supply, which helps stabilize and reduce manufacturing costs. The downstream application fields of connectors are extensive, and the development of downstream industries such as new energy vehicles will drive the connector manufacturing industry [22][23]. 3.2.2. Company's Operating Conditions - The company's revenue has shown a fluctuating upward trend from 2022 to H1 2025, with the new energy sector's revenue accounting for an increasing proportion. The comprehensive gross margin has slightly decreased, and the net profit margin has fluctuated. The company's R & D and other expenses have generally increased, and the accounts receivable situation is relatively good, but the net profit attributable to the parent company has fluctuated greatly [26][29][31]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. Wu Shijun is the largest shareholder, and Huang Bo is the second - largest shareholder. Wu Shijun is the controlling shareholder and actual controller [45]. 3.2.4. Company's Business Characteristics and Advantages - The company has a complete product chain and offers comprehensive connection system solutions. It has advantages in technology R & D, continuous process innovation, and customer resources [49][52]. 3.2.5. Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise up to 1 billion yuan. After deducting issuance fees, 500 million yuan will be used for the renovation and upgrade project of high - frequency high - speed connection systems, 200 million yuan for the renovation and upgrade project of intelligent energy connection systems, and the remaining 300 million yuan for working capital [14][53]. - The high - frequency high - speed connection system project will add a production capacity of 5.56 million sets, with expected post - tax internal rate of return of 15.94% and a payback period of 7.47 years. The intelligent energy connection system project will add a production capacity of 6.7 million sets, with an expected post - tax internal rate of return of 13.84% and a payback period of 7.69 years [53][54].

IPO and Refinance Review Results - During the week of September 15-19, three companies were reviewed for IPO, with two approved and one postponed [1] - The postponed company, Youxun Co., Ltd., is the third company this year to face a delay in the Sci-Tech Innovation Board IPO review [1] - Yuan Chuang Co., Ltd. and Xin Guang Yi Co., Ltd. were both approved for their IPOs, with proposed fundraising amounts of 485.13 million yuan and 638.38 million yuan respectively [1][2] Company Profiles - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, with a focus on domestic market leadership in optical communication chip design [2][3] - Yuan Chuang Co., Ltd. is engaged in the research, production, and sales of rubber track products, primarily serving agricultural and engineering sectors [9][10] - Xin Guang Yi Co., Ltd. focuses on high-performance special functional materials, including anti-overflow special films [12][13] Financial Performance - Youxun Co., Ltd. reported a net profit of 47.96 million yuan for the last year, with total assets of 844.94 million yuan as of June 30, 2025 [5] - Yuan Chuang Co., Ltd. achieved a net profit of 154.66 million yuan for the last year, with total assets of 1,989.88 million yuan as of December 31, 2024 [11] - Xin Guang Yi Co., Ltd. reported a net profit of 115.70 million yuan for the last year, with total assets of 836.05 million yuan as of December 31, 2024 [14] Fundraising Projects - Youxun Co., Ltd. plans to invest 80.91 million yuan in projects related to next-generation access networks and high-speed data center chips [6] - Yuan Chuang Co., Ltd. intends to use 63.84 million yuan for functional materials projects [15] - Xin Guang Yi Co., Ltd. aims to allocate 63.84 million yuan for its functional materials project [15] Review Meeting Inquiries - Youxun Co., Ltd. faced inquiries regarding the sustainability of its operating performance and potential risks related to declining gross margins [7] - Yuan Chuang Co., Ltd. was questioned about market competition and the impact of various factors on its revenue and profit margins [12] - Xin Guang Yi Co., Ltd. was asked to clarify the sustainability of its business performance based on its core technologies and market demand [16]

Core Viewpoint - The company has begun small-scale supply of humanoid robot products, with projected sales revenue of approximately 10 million yuan in 2025, representing 0.41% of the expected revenue for 2024 [2] Group 1: Business Development - The humanoid robot product line is currently in its early stages, contributing a small proportion to the company's overall performance, with sales revenue for this segment remaining uncertain for the current year [2] - The company specializes in the design, development, and manufacturing of connection system products, which include connectors, cable assemblies, and system modules [2] Group 2: Financial Projections - The company anticipates achieving a net profit attributable to shareholders of 151 million to 171 million yuan in the first half of 2025, marking a significant increase of 132.44% to 163.22% compared to the same period last year [2] - The expected net profit, excluding non-recurring gains and losses, is projected to be between 141 million and 161 million yuan, reflecting a year-on-year growth of 135.83% to 169.28% [2]

Core Viewpoint - Suzhou Recodeal Interconnect System Co., Ltd. is issuing convertible bonds to raise funds not exceeding RMB 1 billion, with a focus on meeting the requirements of the Sci-Tech Innovation Board [1][4]. Group 1: Convertible Bond Issuance - The company plans to issue convertible bonds with a total amount not exceeding RMB 1 billion, which will be determined by the board of directors within this limit [1]. - The bonds will not be secured, which may pose repayment risks [1]. - The company has received a credit rating of AA- for both its entity and the bonds from China Chengxin International Credit Rating Co., Ltd. [1]. Group 2: Investor Participation and Commitments - The actual controller and major shareholders have committed not to participate in the bond subscription if they have sold company shares within six months prior to the announcement [2][3]. - They also promise to adhere to short-term trading regulations, refraining from selling company shares or bonds for six months after the issuance [2][3]. Group 3: Financial Performance and Risks - The company reported fluctuating revenues and net profits over the past three years, with revenues of RMB 162.51 million, RMB 155.50 million, and RMB 241.47 million, and net profits of RMB 25.32 million, RMB 13.66 million, and RMB 17.79 million respectively [5]. - The company faces risks from increasing competition in the new energy sector, potential overseas operational challenges, and significant accounts receivable [4][5][6]. Group 4: Dividend Policy - The company has a stable profit distribution policy, prioritizing cash dividends, with a commitment to distribute at least 10% of the available profits as cash dividends annually [7][8]. - Recent cash dividends included RMB 58.84 million for 2022 and RMB 15.75 million for 2023, with a cash dividend payout ratio of 31.45% for 2024 [14]. Group 5: Future Outlook and Strategic Measures - The company is focused on long-term sustainable development and has established measures to ensure the effective use of raised funds, aiming to enhance shareholder returns [16][17]. - The company is committed to improving its governance structure to protect the rights of all shareholders, especially minority shareholders [16][17].