经中国证券监督管理委员会《关于核准汕头东风印刷股份有限公司公开发行 可转换公司债券的批复》（证监许可[2019]2549 号）核准，衢州东峰新材料集 团股份有限公司（原公司名称为"汕头东风印刷股份有限公司"，以下简称"公 司"）于 2019 年 12 月 24 日公开发行可转换公司债券 2,953,280 张，每张面值 100 元，发行总额人民币 29,532.80 万元，期限六年（即自 2019 年 12 月 24 日 至 2025 年 12 月 23 日）。本次发行的可转换公司债券票面利率为：第一年 0.40%、 第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 经上海证券交易所自律监管决定书[2020]16 号文同意，公司本次发行的人 民币 29,532.80 万元可转换公司债券于 2020 年 1 月 20 日在上海证券交易所上市 可转债到期日和兑付登记日：2025 年 12 月 23 日 兑付本息金额：人民币 112 元/张（含税） 兑付资金发放日：2025 年 12 月 24 日 可转债摘牌日：2025 年 12 月 24 日 可转债最后交易日： ...

Group 1 - The core point of the news is that Qizhou Dongfeng New Materials Group Co., Ltd. experienced a decline in stock price by 5.06%, with the current share price at 4.69 yuan and a total market capitalization of 8.741 billion yuan [1] - The company, established on December 30, 1983, and listed on February 16, 2012, specializes in the design, production, and sales of cigarette labels and related packaging materials [1] - The main revenue composition of the company includes: pharmaceutical packaging 41.31%, membrane new materials 34.19%, paper products 14.47%, and others 10.03% [1] Group 2 - From the perspective of fund holdings, a fund under Yinhua Fund has Qizhou Dongfeng as one of its top ten heavy positions, with 75,800 shares held in the 1000 Enhanced ETF (159677), accounting for 0.68% of the fund's net value [2] - The 1000 Enhanced ETF has a total scale of 48.5309 million yuan and has achieved a return of 32.67% this year, ranking 1358 out of 4208 in its category [2] - The fund manager of the 1000 Enhanced ETF, Zhang Kai, has a tenure of 13 years and 9 days, with the best fund return during his tenure being 130.54% [3]

Core Viewpoint - The company announces the details regarding the maturity and redemption of its convertible bonds, "Dongfeng Convertible Bonds," including conversion rights and payment terms [1][2][3]. Summary by Sections Convertible Bond Issuance - The company issued 2,953,280 convertible bonds on December 24, 2019, with a total value of RMB 29,532.80 million and a maturity period of six years [1][2]. - The coupon rates for the bonds are structured to increase annually, starting from 0.40% in the first year to 2.00% in the sixth year [1]. Redemption and Trading Information - The bonds will stop trading on December 19, 2025, with the last trading day being December 18, 2025 [3][6]. - Holders can convert their bonds into common stock until December 23, 2025, the final conversion date [3][5]. Payment and Redemption Details - The redemption amount for the bonds at maturity will be RMB 112 per bond, including tax [6][7]. - The payment date for the redeemed bonds is set for December 24, 2025 [6][7]. - The bonds will be delisted from the Shanghai Stock Exchange on December 24, 2025 [6][7]. Contact Information - For further inquiries, the company provides contact details for its Securities and Legal Affairs Department [7].

Core Points - The company, Qizhou Dongfeng, announced that from December 19, 2025, to December 23, 2025, holders of the "Dongfeng Convertible Bonds" can convert these bonds into the company's common stock under agreed conditions [2] Summary by Category - **Company Announcement** - Qizhou Dongfeng has released a notice regarding the conversion period for its convertible bonds [2] - The specified conversion dates are from December 19, 2025, to December 23, 2025 [2] - Holders of the "Dongfeng Convertible Bonds" will have the option to convert their bonds into common stock during this period [2]

重要内容提示： 自 2025 年 12 月 19 日至 2025 年 12 月 23 日，"东风转债"持有人仍可以依 据约定的条件将"东风转债"转换为公司普通股。 经中国证券监督管理委员会《关于核准汕头东风印刷股份有限公司公开发行 可转换公司债券的批复》（证监许可[2019]2549 号）核准，衢州东峰新材料集 团股份有限公司（原公司名称为"汕头东风印刷股份有限公司"，以下简称"公 司"）于 2019 年 12 月 24 日公开发行可转换公司债券 2,953,280 张，每张面值 100 元，发行总额人民币 29,532.80 万元，期限六年（即自 2019 年 12 月 24 日 至 2025 年 12 月 23 日）。本次发行的可转换公司债券票面利率为：第一年 0.40%、 第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 经上海证券交易所自律监管决定书[2020]16 号文同意，公司本次发行的人 民币 29,532.80 万元可转换公司债券于 2020 年 1 月 20 日在上海证券交易所上市 可转债到期日和兑付登记日：2025 年 12 月 23 日 ...

Core Points - Dongfeng Co. announced on November 17 that it received government subsidies related to revenue amounting to 10 million yuan, which accounts for 34.29% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1] Summary by Category Government Subsidies - The government subsidy received is linked to the company's regular business activities but is not sustainable [1]

Core Viewpoint - The company received a government subsidy of 10 million yuan, which represents 34.29% of the audited net profit attributable to shareholders for the fiscal year 2024, indicating a significant positive impact on the company's profits for 2025 [1] Group 1 - The government subsidy is expected to positively influence the company's profit for the fiscal year 2025 [1] - The amount of the subsidy is 10 million yuan [1] - The subsidy accounts for a substantial portion (34.29%) of the company's projected net profit for 2024 [1]

[2025]366 中诚信国际关于确认衢州东峰新材料集团股份有限公司 ChinaChengxinInternationalCreditRatingCo.,Ltd. 主体及相关债项信用等级的公告 衢州东峰新材料集团股份有限公司（原"广东东峰新材料集团股份有限公 司"，以下简称"公司"）及其存续债券"东风转债"由中诚信国际信用评级有限 责任公司（以下简称"中诚信国际"）进行相关评级工作。中诚信国际于 2025 年 6 月 20 日出具了《广东东峰新材料集团股份有限公司 2025 年度跟踪评级报告》， 维持公司主体信用等级为 AA，并将其列入信用评级观察名单，维持"东风转债" 的信用等级为 AA，并将其列入信用评级观察名单，评级结果有效期为受评债券 的存续期。 2025 年 11 月 7 日，公司发布了《衢州东峰新材料集团股份有限公司关于工 商登记信息变更的公告》（以下简称"《公告》"），《公告》称鉴于公司控股股东和 实际控制人已发生变更，根据《香港东风投资集团有限公司与衢州智尚企业管理 合伙企业（有限合伙）、衢州智威企业管理合伙企业（有限合伙）关于广东东峰 新材料集团股份有限公司之股份转让协议》的相关约定以及控股 ...

Core Insights - The average price reduction for new energy vehicles (NEVs) in October 2025 reached 18,000 yuan, with a reduction rate of 11.1% [1] - From January to October 2025, the average price reduction for NEVs was 21,000 yuan, with a reduction rate of 10.8%, second only to 2022 [1][2] - In comparison, conventional fuel vehicles had an average price reduction of 14,000 yuan and a reduction rate of 8.4% during the same period [1] Price Reduction Analysis - The average price reduction for NEVs in October 2025 was 18,000 yuan, while the overall passenger vehicle market saw an average reduction of 19,000 yuan [2] - The price reduction for conventional fuel vehicles averaged 14,000 yuan, indicating that NEVs are experiencing a higher reduction rate compared to the overall market [1][2] - The promotional intensity for NEVs in October was at a mid-high level of 9.8%, slightly down from the previous month but still higher than the same period last year [2][3] Model-Specific Insights - Among the 14 models that saw price reductions in October, 6 were pure electric vehicles, with an average post-reduction price of 138,000 yuan and a reduction rate of 8% [3] - The largest price drop was observed in the Hongqi EQM model, which saw a reduction of 36% [3] - Plug-in hybrid vehicles had an average post-reduction price of 218,000 yuan, with a significant reduction of 42,000 yuan, primarily driven by GAC Trumpchi and Great Wall's models [3] Profitability Concerns - Despite the aggressive price reductions, companies need to focus on profitability, as evidenced by significant profit declines reported by several automakers [4] - Great Wall Motors reported a more than 30% decline in Q3 profits, while Changan Automobile's net profit fell by 14.66% [4] - GAC Group reported its highest quarterly loss since going public, with a net loss of 1.774 billion yuan in Q3, indicating a 27.02% year-on-year increase in losses [4]

Group 1 - The average price reduction for new energy vehicles in October 2025 reached 18,000 yuan, with a reduction rate of 11.1% [1] - From January to October 2025, the average price reduction for new energy vehicles was 21,000 yuan, with a reduction rate of 10.8%, second only to 2022 [1][2] - In comparison, the average price reduction for conventional fuel vehicles was 14,000 yuan, with a reduction rate of 8.4% during the same period [1] Group 2 - In October 2023, the average price of pure electric vehicles after discounts was 138,000 yuan, with a reduction of 12,000 yuan and a reduction rate of 8% [3] - The largest price reduction among pure electric vehicles was 36% for the Hongqi EQM model, with a new minimum guide price of 89,800 yuan [3] - For plug-in hybrid vehicles, the average price after discounts was 218,000 yuan, with a reduction of 42,000 yuan and a reduction rate of 19% [3] Group 3 - Despite the price reductions, companies need to focus on profitability, as seen in the Q3 financial reports [4] - Great Wall Motors reported a more than 30% decline in profitability for Q3 [4] - GAC Group posted its highest net loss since going public, with a Q3 net loss of 1.774 billion yuan, an increase of 27.02% year-on-year [4]