Group 1 - The core point of the news is that Huanxu Electronics has experienced a decline in stock price, dropping 2.61% to 17.94 CNY per share, with a total market capitalization of 39.41 billion CNY and a cumulative drop of 7.53% over three consecutive days [1] - Huanxu Electronics, established on January 2, 2003, and listed on February 20, 2012, provides a range of electronic products and services, with its main business revenue composition being: communication products 32.58%, consumer electronics 30.80%, industrial products 13.57%, cloud and storage products 10.76%, automotive electronics 9.86%, and others 1.73% [1] Group 2 - From the perspective of fund holdings, Guoshou Anbao Fund has a significant position in Huanxu Electronics, with its fund "Guoshou Anbao Stable Xin One-Year Holding Mixed A" increasing its holdings by 300,000 shares in the second quarter, totaling 749,900 shares, which accounts for 1.08% of the fund's net value [2] - The fund has reported a floating loss of approximately 360,000 CNY today, with a cumulative floating loss of 1.09 million CNY during the three-day decline [2] Group 3 - The fund manager of "Guoshou Anbao Stable Xin One-Year Holding Mixed A" is Tang Xiaotian, who has been in position for 1 year and 176 days, with a total asset scale of 2.13 billion CNY, achieving a best fund return of 7.72% during his tenure [3] - Co-manager Huang Li has a tenure of 11 years and 231 days, managing assets totaling 29.26 billion CNY, with a best fund return of 34.05% during his tenure [3]

Share Buyback Progress - The company approved a share buyback plan on April 25, 2025, with a total fund of no less than RMB 150 million and no more than RMB 300 million, with a buyback price cap of RMB 20.00 per share, later adjusted to RMB 19.77 due to a dividend distribution [2][3] - As of August 2025, the company has repurchased a total of 859,500 shares, accounting for approximately 0.04% of the total share capital, with a total expenditure of RMB 13,241,302.00 [3][4] Sale of Subsidiary - The company sold 75.1% of its subsidiary, Huanqiang Electronics, to Real Tech Holdings Limited for a price of USD 49,783,000, based on the net asset value as of March 31, 2025 [8][9] - The transaction was completed on September 1, 2025, with the buyer confirming the payment and the company no longer holding any equity in Huanqiang Electronics [9][10]

Group 1 - The company has approved the sale of 75.1% equity in its subsidiary, Huanqiang Electronics, to Real Tech Holdings Limited for a price of $49,783,000, based on the net asset value as of March 31, 2025 [1][2] - As of September 1, 2025, the transaction has been completed, and the company no longer holds any equity in Huanqiang Electronics [2] - The transaction involved the signing of the equity transfer document and the settlement of loans provided to Huanqiang Electronics, with the buyer confirming the payment in cash [1]

Summary of Key Points Core Viewpoint - The company has initiated a share repurchase plan with a total expected amount between 150 million and 300 million RMB, aimed at enhancing shareholder value and supporting employee stock ownership plans [1][2]. Group 1: Share Repurchase Plan - The share repurchase plan was first disclosed on April 26, 2025, and is set to be implemented from April 25, 2025, to April 24, 2026 [1]. - The total amount expected for the repurchase is between 150 million and 300 million RMB [1]. - The repurchased shares will be used for employee stock ownership plans or equity incentives [1]. Group 2: Progress of Share Repurchase - As of the end of August 2025, the company has repurchased a total of 859,500 shares, which accounts for 0.04% of the total share capital [1]. - The total amount paid for the repurchased shares is 13,241,302 RMB, with a purchase price range between 13.96 RMB and 19.18 RMB per share [1]. - The highest purchase price recorded was 19.18 RMB per share, while the lowest was 13.96 RMB per share [1].

Group 1 - The company announced a share buyback of 137,000 shares, which represents approximately 0.01% of its total share capital [2]

Core Viewpoint - Huanxu Electronics announced a share buyback plan, having repurchased approximately 860,000 shares, representing 0.04% of the total share capital, with a total expenditure of about 13.24 million yuan [1] Financial Performance - For the first half of 2025, the revenue composition of Huanxu Electronics is as follows: - Communication products: 32.58% - Consumer electronics: 30.8% - Industrial products: 13.57% - Computer and storage products: 10.76% - Automotive electronics: 9.86% [1] Market Capitalization - As of the report date, Huanxu Electronics has a market capitalization of 42.6 billion yuan [1]

Summary of Key Points Core Viewpoint - Huanxu Electronics (601231.SH) announced a share buyback program, indicating a strategic move to enhance shareholder value through repurchase of shares [1] Group 1: Share Buyback Details - In August 2025, the company repurchased a total of 137,000 shares through centralized bidding, representing approximately 0.01% of the total share capital, with a maximum purchase price of 19.18 CNY per share and a minimum of 18.80 CNY per share, totaling 2,612,125.00 CNY (excluding transaction fees) [1] - By the end of August 2025, the cumulative shares repurchased reached 859,500, accounting for 0.04% of the total share capital, with a maximum purchase price of 19.18 CNY per share and a minimum of 13.96 CNY per share, with a total expenditure of 13,241,302.00 CNY (excluding transaction fees) [1]

| 证券代码：601231 | 证券简称：环旭电子 | 公告编号：2025-078 | | --- | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | | 环旭电子股份有限公司 关于 2025 年 8 月股份回购进展的公告 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 | 2025/4/26 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 25 | 日~2026 | 年 | 月 | 日 24 | | 预计回购金额 | 1.5亿元~3亿元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 859,500股 | | | | | | | 累计已回购股数占总股本比例 | 0.04% | | | | | | | ...

环旭电子股份有限公司 | 证券代码：601231 | 证券简称：环旭电子 公告编号：2025-079 | | --- | --- | | 转债代码：113045 | 转债简称：环旭转债 | 关于出售控股子公司的交易交割完成的公告 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。 一、关联交易概述 环旭电子股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开的第六 届董事会独立董事专门会议第三次会议、2025 年 4 月 25 日召开的审计委员会第 九次会议、第六届董事会第十八次会议审议通过了《关于拟出售控股子公司暨关 联交易的议案》，同意公司将间接持有的控股子公司环强电子股份有限公司（以下 简称"环强电子"或"标的公司"）全部 75.1%股权（以下简称"标的股权"）出 售给 Real Tech Holdings Limited（以下简称"Real Tech"或"交易对方"），标的 股权的转让价格为 49,783,000 美元，该价格以标的公司截至 2025 年 3 月 31 日的 净资产价值为基础确定。详见公司 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Bond Information**: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - **Company Overview**: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - **Financial Data**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specifications, with leading market shares in core products. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - **Bond Information**: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - **Company Overview**: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - **Financial Data**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - **Company Highlights**: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - **Bond Information**: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - **Company Overview**: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - **Financial Data**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - **Company Highlights**: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - **Bond Information**: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - **Company Overview**: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - **Financial Data**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - **Company Highlights**: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - **Company Overview**: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - **Financial Data**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - **Bond Information**: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - **Company Overview**: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - **Financial Data**: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - **Company Highlights**: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - **Bond Information**: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - **Company Overview**: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - **Financial Data**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - **Company Highlights**: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - **Bond Information**: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - **Company Overview**: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - **Financial Data**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - **Company Highlights**: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - **Bond Information**: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - **Company Overview**: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - **Financial Data**: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - **Company Highlights**: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - **Company Overview**: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - **Financial Data**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - **Company Highlights**: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].