Core Viewpoint - Jinpan Technology (688676.SH) is accelerating its industrial upgrade by issuing convertible bonds to raise up to 1.672 billion yuan, which will be strategically invested in core business areas aligned with the company's growth in the digital economy and "dual carbon" goals [1][2]. Fundraising and Investment Plans - The total amount of funds raised through the convertible bonds is capped at 1.672 billion yuan, with precise allocation towards production upgrades, R&D enhancement, and financial optimization [1]. - The largest project funded will be the "High-efficiency Energy-saving Liquid-immersed Transformer and Amorphous Alloy Core Intelligent Manufacturing Project," with an investment of up to 617 million yuan [2]. - Another significant project is the "Data Center Power Module and High-efficiency Energy-saving Power Equipment Intelligent Manufacturing Project," which will utilize up to 473 million yuan [2]. - The company plans to allocate 510 million yuan for working capital, which constitutes approximately 30% of the total fundraising amount [2]. Business Performance and Growth - Jinpan Technology has shown steady revenue growth, achieving 5.194 billion yuan in revenue and 486 million yuan in net profit in the first three quarters of 2025, representing year-on-year increases of 8.25% and 20.27%, respectively [1][3]. - The data center segment experienced a remarkable revenue increase of 337.47%, while the wind power sector grew by 71.21%, indicating a diversified and robust business model [1][3]. - The company has a strong historical foundation, evolving from a regional manufacturer to a comprehensive enterprise in R&D, production, and sales over nearly 30 years [2]. R&D and Innovation - Jinpan Technology has consistently increased its R&D investment, with expenditures of 351 million yuan, 356 million yuan, and 224 million yuan from 2023 to the first three quarters of 2025 [3]. - The company holds 130 core technologies, 330 effective patents, 74 software copyrights, and 43 trademarks, showcasing its commitment to innovation [3]. Stock Performance - The company's stock has shown significant performance, closing at 91.01 yuan per share on November 10, 2025, with a cumulative increase of 122.41% since the beginning of the year [3].

Core Viewpoint - Jinpan Technology (688676.SH) is accelerating its industrial upgrade through a successful application for issuing convertible bonds, aiming to raise up to 1.672 billion yuan for core business upgrades, R&D facility construction, and working capital supplementation [1][2]. Fundraising and Investment Plans - The total amount of funds raised from the convertible bonds is capped at 1.672 billion yuan, with a well-defined allocation covering production upgrades, R&D enhancement, and financial optimization [2][3]. - The "High-efficiency Energy-saving Liquid-immersed Transformer and Amorphous Alloy Core Intelligent Manufacturing Project" will receive up to 617 million yuan, making it the largest single investment, aimed at meeting the demand for liquid-immersed transformers in the company's box-type substations [2]. - The "Data Center Power Module and High-efficiency Energy-saving Power Equipment Intelligent Manufacturing Project" will utilize up to 473 million yuan, including a digital factory project for power modules expected to generate an additional annual revenue of 1.5 billion yuan upon reaching full capacity [2][3]. Business Performance and Growth - Jinpan Technology has shown steady growth, with revenues of 5.194 billion yuan and a net profit of 486 million yuan in the first three quarters of 2025, representing year-on-year increases of 8.25% and 20.27%, respectively [1][4]. - The company’s revenue from the data center sector surged by 337.47%, while the wind power sector grew by 71.21%, indicating a robust multi-faceted business performance [6]. - The company has maintained a strong growth trajectory, with revenues of 4.746 billion yuan, 6.668 billion yuan, and 6.901 billion yuan from 2022 to 2024, alongside net profits of 283 million yuan, 505 million yuan, and 574 million yuan, showcasing a significant increase of 78.15% in 2023 [4][5]. R&D and Innovation - Jinpan Technology has consistently increased its R&D investment, with expenditures of 351 million yuan, 356 million yuan, and 224 million yuan from 2023 to the first three quarters of 2025, totaling 931 million yuan over three years [6]. - The company holds 130 core technologies, 330 effective patents, 74 software copyrights, and 43 trademarks, reflecting its strong innovation capabilities [6]. Market Performance - As of November 10, 2025, Jinpan Technology's stock price closed at 91.01 yuan per share, with a cumulative increase of 122.41% since the beginning of the year, driven by robust business performance and industry growth [6].

Core Viewpoint - Jinpan Technology (688676.SH) announced on November 7 that the Shanghai Stock Exchange's Sci-Tech Innovation Board Listing Committee held its 51st meeting in 2025 to review the company's plan to issue convertible bonds to unspecified investors, pending approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Convertible Bond Issuance - The total amount to be raised from the issuance of convertible bonds is not more than 1.6715 billion yuan, after deducting issuance costs [1] - The bonds will be issued at face value of 100 yuan each, with a term of six years from the date of issuance [2] - The interest payment will occur annually, with the principal and final year's interest paid at maturity [3] Group 2: Fund Allocation - The total investment for the projects funded by the issuance includes: - Data center power module and high-efficiency energy-saving equipment manufacturing project: 523.4175 million yuan, with 473.3700 million yuan from the raised funds [1] - High-efficiency liquid-immersed transformers and amorphous alloy core manufacturing project: 734.2182 million yuan, with 616.5300 million yuan from the raised funds [1] - R&D office building construction project: 82.9678 million yuan, with 80.2000 million yuan from the raised funds [1] - Working capital supplement: 501.4000 million yuan, fully funded by the raised funds [1] Group 3: Project Details - The projects include: - Digital factory for data center power modules in Tongxiang: 228.5092 million yuan total investment, with 199.2000 million yuan from raised funds [1] - VPI transformer digital factory project in Tongxiang: 294.9083 million yuan total investment, with 274.1700 million yuan from raised funds [1] - Intelligent transformation of the liquid-immersed transformer workshop in Wuhan: 192.8882 million yuan total investment, with 164.9300 million yuan from raised funds [1] - Digital factory project for amorphous alloy core in Shaozhou: 541.3300 million yuan total investment, with 451.6000 million yuan from raised funds [1] Group 4: Underwriting and Representation - The lead underwriter for this issuance is Zheshang Securities Co., Ltd., with representatives Miao Miao and Lu Yingfeng [4]

Core Viewpoint - The issuance of convertible bonds by Hainan Jinpan Intelligent Technology Co., Ltd. is aimed at funding projects that align with the growing market demand for data center power modules and energy-efficient transformers, indicating a strategic move to enhance production capacity and technological capabilities [1][2][3]. Investment Projects Necessity and Rationality - The global and Chinese markets for data center power modules and related products are experiencing rapid growth, with significant market potential in power distribution systems [2]. - The demand for VPI transformers and liquid-immersed transformers is increasing, with a notable trend towards energy-efficient solutions [2]. - Jinpan Technology has a competitive edge in the data center sector, with a comprehensive product line and superior performance metrics compared to competitors [2][3]. High Certainty of Project Implementation - The company possesses a skilled R&D team and has made substantial progress in product development, ensuring that the projects have a high likelihood of successful implementation [4]. - The projects have established technical barriers and stable supply chains for raw materials and production equipment, minimizing uncertainties [4]. R&D Office Building Necessity - The R&D office building project, located in Tongxiang, will support the company's R&D and operational needs, accommodating 170 personnel and providing a conducive environment for ongoing product and technology development [5]. Capacity Digest Measures - The digital factory project for data center power modules is planned to achieve an annual capacity of 1,200 sets, with a construction period of 1.5 years, supported by a solid sales strategy [6]. - The VPI transformer project aims for an annual capacity increase of 410 million kVA, also with a 1.5-year construction timeline, backed by a robust marketing and service system [7]. - The liquid-immersed transformer and amorphous alloy core projects are projected to have significant annual capacities, with existing customer interest indicating feasible capacity digestion measures [7].