Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - The target price of Qizhong Convertible Bond on the first trading day is estimated to be between 128 - 133 yuan, and investors are advised to actively subscribe. Considering the current market environment and parity level, the conversion premium rate on the first listing day is expected to be in the range of 28% - 33% [3][18]. - The estimated first - day new - bond lottery winning rate is around 0.0024% - 0.004% [19]. Summary by Relevant Catalogs 1. Qizhong Convertible Bond New - Bond Analysis and Investment Suggestions 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Qizhong Convertible Bond are priority placement and online issuance. The bond and issuer ratings are AA+. The issuance scale is 850 million yuan, the initial conversion price is 13.75 yuan, the bond parity is 100.29 yuan, and the pure bond value is 98.54 yuan. The game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is good, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in advanced packaging and testing of integrated circuits, focusing on the display driver chip packaging and testing field and non - display chip packaging and testing fields such as power management chips and RF front - end chips. The funds raised from this issuance will be used for relevant projects, which can optimize the company's capital structure and enhance its market competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 59% - 76%, the scale of Qizhong Convertible Bond available to the market is 203 million - 350 million yuan. Assuming the online effective subscription number is 8.65 million households, the lottery winning rate is around 0.0024% - 0.004% [19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Upstream and Downstream - The company focuses on advanced packaging and testing of integrated circuits, mainly in the display driver chip and non - display chip packaging and testing fields. The integrated circuit industry chain includes chip design, wafer manufacturing, and packaging and testing. The upstream of the packaging and testing industry is integrated circuit manufacturing. Different types of chips have different downstream application markets [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown an increasing trend. From 2022 to the first half of 2025, the operating income was 1.317 billion yuan, 1.629 billion yuan, 1.95 billion yuan, and 996 million yuan respectively. The comprehensive gross profit margin has declined, and the net profit margin has also decreased. The company's period expenses have fluctuated slightly, and R & D expenses have been increasing. Accounts receivable have risen, but the turnover rate remains relatively high. The net profit attributable to the parent company has changed significantly [24][28][30]. 2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 58.83% of the shares, and the top ten shareholders hold 76.06% of the shares. The company has one wholly - owned first - level subsidiary and one wholly - owned second - level subsidiary [43]. 2.4 Company's Business Characteristics and Advantages - The company is an advanced packaging and testing service provider for integrated circuits, with advantages in technological innovation, talent cultivation and introduction policies, and R & D incentive policies [46]. 2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise up to 850 million yuan. 419 million yuan will be used for the "High - Pin - Count Micro - Sized Bump Packaging and Testing Project", and 431 million yuan will be used for the "Advanced Power and Flip - Chip Packaging and Testing Technology Transformation Project of Qizhong Technology (Suzhou) Co., Ltd." [12][49].

证券代码：688352 证券简称：颀中科技 公告编号：2025-064 合肥颀中科技股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：中信建投证券股份有限公司 凡参与颀中转债网上申购的投资者持有的申购配号尾数与上述号码相同的，则 为中签号码。中签号码共 336,649 个，每个中签号码只能认购 1 手（1,000 元）颀 中转债。 特此公告。 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、准确性和完整性承担法律责任。 根据《合肥颀中科技股份有限公司向不特定对象发行可转换公司债券发行公 告》，本次发行的发行人合肥颀中科技股份有限公司（以下简称"颀中科技"）及 本次发行的保荐人（主承销商）中信建投证券股份有限公司于 2025 年 11 月 4 日 （T+1 日）主持了颀中科技可转换公司债券（以下简称"颀中转债"）网上发行中 签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监督下进行， 摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5" ...

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、准确性和完整性承担法律责任。 重要内容提示： | 类别 | 中签率/配售比 | 有效申购数量 | 实际配售数量 | 实际获配金额 | | --- | --- | --- | --- | --- | | | 例（%） | （手） | （手） | （元） | | 原股东 | 100.00 | 513,351 | 513,351 | 513,351,000 | | 网上社会公众投资者 | 0.00382834 | 8,793,613,829 | 336,649 | 336,649,000 | | 网下机构投资者 | - | - | - | - | | 合计 | | 8,794,127,180 | 850,000 | 850,000,000 | 证券代码：688352 证券简称：颀中科技 公告编号：2025-063 合肥颀中科技股份有限公司 向不特定对象发行可转换公司债券 网上中签率及优先配售结果公告 保荐人（主承销商）：中信建投证券股份有限公司 一、总体情况 颀中转债本次发行 85,000.00 万元（850,00 ...

Core Viewpoint - The company, Qizhong Technology (688352), has demonstrated strong growth in its main business of integrated circuit packaging and testing, with a notable increase in revenue and a focus on technological innovation and customer relationships [10]. Group 1: Customer Structure - The company's current OLED customer base includes notable clients such as Ruiding, Yunyin Valley, Jichuang North, Lianying, Shengxianwei, Xinying, Yisiwei, and Yuchuang [2]. Group 2: Competitive Advantages - The company possesses outstanding technological research and innovation capabilities, having developed proprietary technologies in the field of display driver chip packaging, including high-reliability manufacturing techniques for fine-pitch gold bumps and core component design technologies [4]. - The company has a strong advantage in technical transformation and software/hardware development, with a specialized team of over 20 professionals dedicated to smart manufacturing and equipment modification [5]. - The management team is experienced and stable, primarily composed of internally trained personnel with over 15 years of experience in the advanced packaging and testing industry, which supports the company's leading position in the market [5]. Group 3: Pricing Trends and Order Visibility - The company aims to maintain stable pricing as a priority, with future adjustments based on market supply and demand conditions [7]. - Currently, customers typically provide a demand forecast of about three months [8]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 1.605 billion yuan, an increase of 11.8% year-on-year, while the net profit attributable to shareholders decreased by 19.2% to 185 million yuan [10]. - The gross profit margin for the company stands at 28.6% [10]. Group 5: Market Ratings and Predictions - In the last 90 days, four institutions have rated the stock, with three buy ratings and one hold rating [11]. - Detailed profit forecasts from various institutions indicate expected net profits of 336 million yuan for 2025, 400 million yuan for 2026, and 510 million yuan for 2027 [12].

Group 1 - The company has approved a share repurchase plan using excess funds, self-owned funds, and special loan funds, with a maximum repurchase price of RMB 16.61 per share and a total repurchase amount between RMB 75 million and RMB 150 million [2][3] - As of October 31, 2025, the company has repurchased a total of 8,714,483 shares, accounting for 0.73% of the total share capital, with a total expenditure of approximately RMB 100.40 million [4][5] Group 2 - The company is issuing convertible bonds worth RMB 850 million, with each bond having a face value of RMB 100, and the issuance has been approved by the China Securities Regulatory Commission [9][10] - Original shareholders have priority in subscribing to the convertible bonds, with a subscription ratio of 0.000720 bonds per share held, and the subscription date is set for November 3, 2025 [11][19] - The total number of shares eligible for original shareholders to participate in the priority subscription is 1,180,322,805 shares after excluding repurchased shares [19] Group 3 - The issuance of convertible bonds will be conducted through an online subscription system, with a minimum subscription unit of 1 hand (1,000 RMB) and a maximum of 1,000 hands (100,000 RMB) per account [29][30] - If the total subscription amount from original shareholders and public investors is less than 70% of the total issuance, the company may consider suspending the issuance [33][34]

证券代码：688352 证券简称：颀中科技 公告编号：2025-062 2025-031）。 公司 2025 半年度权益分派实施后，本次回购股份价格上限由不超过人民币 16.61元/股（含）调整为不超过人民币16.56元/股（含）。具体内容详见公司于 2025 年 10 月 16 日在上海证券交易所网站（www.sse.com.cn）披露的《合肥颀中科技 股份有限公司关于 2025 年半年度权益分派实施后调整回购股份价格上限的公告》 （公告编号：2025-055）。 合肥颀中科技股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/6/19 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 6 月 18 6 月 | 日~2026 | 年 | 17 | 日 | | 预计回购金额 | 7,500万元~15,000万元 | | | | | | 回 ...

证券代码：688352 证券简称：颀中科技 公告编号：2025-061 合肥颀中科技股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 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、准确性和完整性承担法律责任。 特别提示 合肥颀中科技股份有限公司（以下简称"颀中科技"、"发行人"或"公司"）向不 特定对象发行可转换公司债券（以下简称"颀中转债"，债券代码"118059"）已获得 中国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2025〕2298号文同 意注册。公司聘请中信建投证券股份有限公司（以下简称"中信建投证券"、 "保荐人（主承销商）"或"主承销商"）担任本次发行的保荐人（主承销商）。 本次发行的《合肥颀中科技股份有限公司向不特定对象发行可转换公司债券募集说 明书摘要》（以下简称"《募集说明书摘要》"）及《合肥颀中科技股份有限公司向 不特定对象发行可转换公司债券发行公告》（以下简称"《发行公告》"）已于2025 年 10 月 30 日 （ T-2 日 ） 披 露 。 投 资 者 亦 可 ...

Core Viewpoint - The company, Qizhong Technology (688352.SH), has announced a share buyback program, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 8,714,483 shares, which represents 0.73% of its total share capital [1] - The highest price paid for the repurchased shares was 11.86 CNY per share, while the lowest price was 11.10 CNY per share [1] - The total amount spent on the share buyback was 100 million CNY, excluding transaction fees such as stamp duty and commissions [1]

Group 1: New Stock Issuances - Multiple new stock issuances are scheduled for October 31, 2025, including Jiangbolong (301308) and Shikong Technology (605178) [1] - A total of 30 companies have announcements related to stock issuance or trading on this date [1] Group 2: Trading Alerts - Jiangbolong (301308) reported severe abnormal fluctuations in trading [1] - Other companies such as ST Wanfang (000638) and Yashichuangneng (603378) also have trading alerts on the same date [1] Group 3: Recent Announcements - Recent announcements include companies like Tianpu Co. (605255) and Kangsheng Co. (002418) with updates on October 31, 2025 [1] - The announcements cover various sectors, indicating a broad market activity [1]

Core Insights - On October 30, Qizhong Technology's stock rose by 6.26%, with a trading volume of 699 million yuan [1] - As of September 30, Qizhong Technology reported a revenue of 1.605 billion yuan, an increase of 11.80% year-on-year, while net profit decreased by 19.20% to 185 million yuan [2] Financing and Margin Trading - On October 30, Qizhong Technology had a financing buy-in of 64.44 million yuan and a net buy of 992,300 yuan, with a total financing balance of 352 million yuan [1] - The financing balance represents 6.58% of the circulating market value, indicating a high level compared to the past year [1] - The company had a margin trading balance of 154,000 yuan, which is below the 40th percentile of the past year, indicating a low level of short selling activity [1] Shareholder Information - As of September 30, the number of shareholders increased by 14.73% to 23,800, while the average number of circulating shares per person decreased by 12.84% to 15,367 shares [2] - Qizhong Technology has distributed a total of 297 million yuan in dividends since its A-share listing [3] - Notable institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which reduced its holdings by 480,800 shares, and the Hong Kong Central Clearing Limited, which is a new shareholder [3]