Policy and Industry Trends - The humanoid robot industry is entering a stage driven by both policy and application scenarios, with significant government support and strategic focus on embodied intelligence and smart robotics[1] - Local governments are actively implementing special action plans to accelerate the industrialization of humanoid robots, indicating a robust policy environment[14] Market Opportunities - The market for humanoid robots is shifting from concept-driven to industrialization, with long-term investment value emerging in the sector[8] - Key components such as actuators, sensors, and lightweight materials are critical areas of focus, with a notable lack of software-related investment vehicles in the convertible bond market[1] Component Analysis - The core value of humanoid robots is highly concentrated in the components sector, particularly in actuators, dexterous hands, and sensors, which are essential for their functionality[29] - Actuators, including lead screws, reducers, and motors, are expected to contribute nearly half of the overall value in mass production stages, with significant growth potential[32] Investment Highlights - Notable convertible bonds include Yinlun Convertible Bond (Yinlun) and Daotong Convertible Bond (Daotong), which are leading in the exploration of the humanoid robot industry[2] - The Yinlun Convertible Bond focuses on thermal management systems and has established a product system for humanoid robots, while the Daotong Convertible Bond is leveraging AI for inspection robots[24] Risk Factors - Potential risks include the humanoid robot industry's slower-than-expected industrialization and unexpected changes in industrial policies[4]

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 Zhongzheng Convertible Bond Index closed up 0.84% at 452.81, with a trading volume of 73.29 billion [1] - The top gainers included Julong Convertible Bond, which rose by 20%, and Jinxian Convertible Bond, which increased by over 12% [1] - Other notable gainers were Jingyuan Convertible Bond, up over 9%, and both Jing23 Convertible Bond and Saili Convertible Bond, which rose nearly 9% [1] Group 2 - The Zhongchong Convertible Bond experienced a decline of over 2%, while both Punaite Convertible Bond and Huahong Convertible Bond fell by more than 1% [1]

Core Viewpoint - The China Convertible Bond Index closed up 0.38% at 449.04, with a trading volume of 70.86 billion yuan [1] Group 1 - Yongxi Convertible Bond rose over 27% [1] - Yitian Convertible Bond increased over 14% [1] - Hao24 Convertible Bond gained over 8% [1] - Jingzhuang Convertible Bond and Bohui Convertible Bond both rose over 7% [1] - Yinlun Convertible Bond and Saili Convertible Bond increased over 5% [1] Group 2 - Liande Convertible Bond fell over 6% [1] - Huicheng Convertible Bond decreased over 5% [1]

Group 1 - The company, Zhejiang Yinlun Machinery Co., Ltd., has decided not to redeem its convertible bonds early, as approved by its board of directors [5][6]. - The convertible bonds, issued on June 7, 2021, totaled 700,000 bonds with a face value of RMB 100 each, amounting to a total of RMB 700 million [2][3]. - The conversion price of the bonds has been adjusted multiple times due to annual profit distributions, currently set at RMB 10.51 per share effective from May 20, 2024 [3][4]. Group 2 - The company has triggered the conditional redemption clause of the convertible bonds, as the stock price exceeded 130% of the conversion price for at least 15 trading days [4]. - The board has resolved to not exercise the early redemption right from May 1, 2024, to April 30, 2025, and will reassess the situation if the redemption conditions are met again [5][6]. - The underwriting institution, CITIC Securities, has confirmed that the decision not to redeem the bonds early complies with relevant regulations and does not harm the interests of shareholders, especially minority shareholders [6][7].

Core Viewpoint - Zhejiang Yinlun Machinery Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, known as "Yinlun Convertible Bonds," for the upcoming twelve months, prioritizing investor interests and market conditions [1][4][5]. Summary by Sections Convertible Bond Basic Information - The company issued 7 million convertible bonds with a total value of 700 million RMB, each with a face value of 100 RMB, approved by the China Securities Regulatory Commission on June 7, 2021 [1][2]. - The conversion period for these bonds is from December 13, 2021, to June 6, 2027, with adjustments to the conversion price due to annual profit distributions [2]. Conditional Redemption Situation - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining balance of unconverted bonds is less than 30 million RMB [2][3]. Decision on Early Redemption - The board of directors has resolved not to exercise the early redemption rights for the "Yinlun Convertible Bonds" from May 1, 2024, to April 30, 2025, despite the bonds triggering the conditional redemption clause [3][4]. - The decision will be reassessed if the bonds trigger the redemption clause again after May 26, 2026 [5]. Rationale for Not Redeeming Early - The decision to not redeem early is based on current market conditions and the company's actual situation, aiming to protect investor interests [4][6]. Shareholder Trading and Future Plans - There have been no transactions of the "Yinlun Convertible Bonds" by major shareholders or executives in the six months prior to the redemption condition being met, and there are no plans for reduction in holdings in the next six months [5][6]. Sponsor Institution's Verification Opinion - The sponsor institution has confirmed that the decision not to redeem the bonds early has followed necessary procedures and complies with relevant regulations, ensuring no harm to the interests of the company and its shareholders [6].

Core Viewpoint - Zhejiang Yinlun Machinery Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, "Yinlun Convertible Bonds," for the next twelve months, indicating a strategic choice to maintain liquidity and avoid immediate financial obligations [1][2]. Group 1 - The board meeting was held on May 26, 2025, with all nine directors present, confirming the legality and validity of the meeting [1]. - The resolution regarding the non-early redemption of "Yinlun Convertible Bonds" received unanimous approval from all directors, with 100% voting in favor [1]. - The company will not exercise the early redemption rights from May 27, 2025, to May 26, 2026, even if the conditional redemption clauses are triggered [1]. Group 2 - The announcement regarding the non-early redemption of the bonds was published on the same day in multiple financial news outlets, ensuring transparency and compliance with disclosure requirements [2].