Group 1 - The core viewpoint of the news is that Zhengfan Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a total market value of 9.753 billion yuan [1] - As of January 12, the stock price is reported at 33.16 yuan per share, with a trading volume of 324 million yuan and a turnover rate of 3.29% [1] - The company has seen a year-to-date stock price increase of 4.84%, a slight increase of 0.67% over the last five trading days, and a significant increase of 14.34% over the last 20 days, while it has decreased by 22.69% over the last 60 days [1] Group 2 - Zhengfan Technology's main business includes the design, production, installation, and supporting services of gas chemical supply systems, production and sales of high-purity specialty gases, and cleanroom supporting system design and construction [1] - The revenue composition of the company is as follows: electronic process equipment 63.06%, core components 12.82%, gases and advanced materials 9.92%, MRO business 8.24%, biopharmaceutical equipment 5.91%, and other businesses 0.05% [1] - As of September 30, the company had 16,100 shareholders, an increase of 57.38% from the previous period, while the average circulating shares per person decreased by 36.38% [2] Group 3 - For the period from January to September 2025, Zhengfan Technology reported operating revenue of 3.292 billion yuan, a year-on-year decrease of 5.98%, and a net profit attributable to shareholders of 71.3026 million yuan, a significant year-on-year decrease of 78.50% [2] - The company has distributed a total of 222 million yuan in dividends since its A-share listing, with 163 million yuan distributed in the last three years [3] - As of September 30, 2025, the fourth largest circulating shareholder is the Dongfang Artificial Intelligence Theme Mixed A fund, holding 9.2138 million shares, an increase of 65,700 shares from the previous period [3]

Investment Rating - The report assigns an "Accumulate" rating for the industrial gas industry [1]. Core Insights - The average price of liquid argon continues to show a year-on-year increase, while rare gases are experiencing low-level fluctuations in weekly prices. Notable events include the opening of Qidong Jinhong and Nanda Optoelectronics' plan to increase its stake in its Ulanqab subsidiary to enhance its electronic specialty gas business [2][4]. Summary by Sections Price Trends - Liquid argon has an average price of 1191 RMB/ton, reflecting a 1.43% decrease week-on-week but a significant 113.84% increase year-on-year. Other gases show varied trends: - Liquid oxygen: 335 RMB/ton, down 3.18% week-on-week, down 8.7% year-on-year - Liquid nitrogen: 363 RMB/ton, down 1% week-on-week, down 5% year-on-year - Rare gases such as high-purity helium and xenon also show declines in price [4][5]. Production Capacity - The average operating load rate for China's industrial gas sector is reported at 66.73%, which is a decrease of 1.88 percentage points week-on-week [6]. Key Events - The opening ceremony of Qidong Jinhong took place on January 10, 2026, aimed at providing high-quality gas products and solutions for key industries in the region. Additionally, Nanda Optoelectronics plans to invest 77.6 million RMB to acquire an additional 16.17% stake in its Ulanqab subsidiary, increasing its ownership to 91.05% [4][5]. Recommended Stocks - The report recommends stocks such as Hangyang Co., Ltd. and Shaangu Power, with related stocks including Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4].

Group 1 - The core viewpoint of the news is that Zhengfan Technology's stock has shown a significant increase in recent trading days, with a year-to-date rise of 5.69% and a notable 8.72% increase over the last five trading days [1] - As of January 7, the stock price reached 33.43 yuan per share, with a total market capitalization of 9.833 billion yuan and a trading volume of 2.29 billion yuan [1] - The company specializes in the design, production, installation, and supporting services of gas chemical supply systems, with its main revenue sources being electronic process equipment (63.06%), core components (12.82%), and gas and advanced materials (9.92%) [1] Group 2 - Zhengfan Technology belongs to the machinery and equipment sector, specifically under specialized equipment and other specialized equipment categories, and is associated with concepts such as margin financing, SMIC International, share buybacks, specialized and innovative enterprises, and integrated circuits [2] - As of September 30, the number of shareholders increased by 57.38% to 16,100, while the average circulating shares per person decreased by 36.38% to 18,184 shares [2] - For the period from January to September 2025, the company reported a revenue of 3.292 billion yuan, a year-on-year decrease of 5.98%, and a net profit attributable to shareholders of 71.3026 million yuan, down 78.50% year-on-year [2] Group 3 - Zhengfan Technology has distributed a total of 222 million yuan in dividends since its A-share listing, with 163 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Dongfang Artificial Intelligence Theme Mixed A (005844) is the fourth largest, holding 9.2138 million shares, an increase of 65,700 shares from the previous period [3] - Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 2.64 million shares as a new shareholder [3]

Core Viewpoint - Shanghai Zhengfan Technology Co., Ltd. has reported the results of its convertible bond conversion, indicating minimal conversion activity since the issuance of the "Zhengfan Convertible Bonds" in 2025, with a significant majority remaining unconverted [2][5]. Group 1: Convertible Bond Issuance Overview - The company issued 10,410,950 convertible bonds with a total value of RMB 1,041,095,000, each with a face value of RMB 100, on March 18, 2025, with a maturity of six years [3]. - The bonds were listed for trading on the Shanghai Stock Exchange starting April 3, 2025, under the name "Zhengfan Convertible Bonds" and code "118053" [3]. Group 2: Conversion Status - From September 24, 2025, to December 31, 2025, a total of RMB 26,000 worth of "Zhengfan Convertible Bonds" was converted into 659 shares, representing 0.0002% of the company's total shares before conversion [2]. - During the fourth quarter of 2025, from October 1 to December 31, RMB 7,000 worth of bonds were converted into 179 shares, accounting for 0.0001% of the total shares before conversion [5]. Group 3: Unconverted Bonds - As of December 31, 2025, the amount of unconverted "Zhengfan Convertible Bonds" stood at RMB 1,041,069,000, which is 99.9975% of the total issuance [2][5]. Group 4: Share Capital Changes - The company experienced a change in share capital due to stock option exercises, resulting in an increase of 1,207,000 shares [6].

上海正帆科技股份有限公司 2026 年第一次临时股东会会议资料 上海正帆科技股份有限公司 2026 年第一次临时股东会会议资料 股票简称：正帆科技 股票代码：688596 1 | 议案二、关于购买董高责任险的议案 9 | | --- | 上海正帆科技股份有限公司 2026 年第一次临时股东会会议资料 上海正帆科技股份有限公司 2026 年第一次临时股东会会议须知 为维护广大投资者的合法权益，确保本次股东会顺利进行，根据《公司 法》、上海正帆科技股份有限公司（以下简称"公司"）《公司章程》及《股 东会议事规则》等相关规定，特制定本次股东会会议须知： 一、股东会召开过程中，参会股东及股东代表应当以维护全体股东的合法 权益、确保会议正常秩序和议事效率为原则，认真履行法定职责。 三、会议进行中只接受股东及股东代表发言或提问，发言或提问应围绕本 次会议议题进行，简明扼要。建议每次发言时间不超过五分钟。 四、股东及股东代表要求发言时，不得打断会议报告人的报告或其他股东 的发言。会议进行表决时，股东及股东代表不再进行会议发言。违反上述规定 者，会议主持人有权加以拒绝或制止。 五、本次会议由股东代表与律师共同负责计票和监票， ...

| 证券代码：688596 | 证券简称：正帆科技 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118053 | 转债简称：正帆转债 | | 上海正帆科技股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： 一、可转债发行上市概况 经上海证券交易所自律监管决定书〔2025〕72 号文同意，公司本次发行的 可转换公司债券于 2025 年 4 月 3 日起在上海证券交易所上市交易，转债简称"正 帆转债"，转债代码"118053"。 根据有关规定和公司《向不特定对象发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）的约定，公司本次发行的"正帆转债"自 2025 年 9 月 24 日起可转换为本公司股份。 因公司股票期权自主行权和实施 2024 年度权益分派，"正帆转债"转股价 格自 2025 年 6 月 27 日起由 38.85 元/股调整为 38.54 元/股，具体内容详见公司于 2025 年 6 月 21 日在上海 ...

股票简称：正帆科技 股票代码：688596 债券简称：正帆转债 债券代码：118053 国泰海通证券股份有限公司 关于上海正帆科技股份有限公司向不特定对象发行 可转换公司债券 2025 年度第四次临时受托管理事务报告 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十二月 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 《公司债券受托管理人执业行为准则》《上海正帆科技股份有限公司 2023 年向 不特定对象发行可转换公司债券受托管理协议》（以下简称"《受托管理协议》"） 等相关规定和约定、公开信息披露文件以及上海正帆科技股份有限公司（以下简 称"公司"、"正帆科技"或"发行人"）出具的相关说明文件以及提供的相关 资料等，由受托管理人国泰海通证券股份有限公司（以下简称"国泰海通"）编 制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断。 1 一、"正帆转债"发行及转股情况 根据中国证券监督管理委员会出具的《关于同意上海正帆科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕342 号 ...

Group 1 - The core point of the article is the announcement by Zhengfan Technology regarding the resignation of Mr. Zheng Hongliang as the board secretary, while he will continue as the deputy general manager and financial officer. Mr. Hu Wei has been appointed as the new deputy general manager and board secretary [1] - Zhengfan Technology's revenue composition for the year 2024 is as follows: integrated circuits account for 50.0%, semiconductor-related businesses for 31.89%, other industries for 11.32%, pharmaceutical manufacturing for 6.78%, and other businesses for 0.02% [1] - As of the report date, Zhengfan Technology has a market capitalization of 9.2 billion yuan [1]

国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作 为上海正帆科技股份有限公司（以下简称"正帆科技"或"公司"）向不特定 对象发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求，对正帆 科技核心技术人员调整的事项进行了核查，发表核查意见如下： 一、核心技术人员变动的具体情况 国泰海通证券股份有限公司 关于上海正帆科技股份有限公司核心技术人员调整的核查意见 （一）原核心技术人员情况 公司核心技术人员周明峥先生基于个人职业规划，向公司申请辞去核心技 术人员职务。本次调整后，周明峥先生仍在公司任职。 1、原核心技术人员的基本情况 周明峥先生，1973 年出生，中国国籍，无境外永久居留权，毕业于上海交 通大学工商管理专业，硕士研究生学历。1995-1998 年在上海电力安装第二工程 公司项目部，任工程师；1998-2000 年在液化空气上海有限公司项目部，任项目 工程师。2000-2002 年在法特上海工程有限公司工程部，任项目经理；2002- 200 ...

国泰海通证券股份有限公司 关于上海正帆科技股份有限公司 三、本次募投项目结项及募集资金节余情况 （一）本次结项和提前结项募投项目及募集资金节余情况 部分募投项目结项和部分募投项目提前结项并将节余募集 资金永久补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为上 海正帆科技股份有限公司（以下简称"正帆科技"、"公司"或"发行人"）2025 年向不特定对象发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管 理办法》《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券交易 所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性 文件的要求，就公司部分募投项目结项和部分募投项目提前结项并将节余募集资 金永久补充流动资金的事项进行了核查，并发表如下核查意见： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海正帆科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕342 号），公 司于 2025 年 3 月 18 日向不特定 ...