证券代码：603077 证券简称：和邦生物 公告编号：2025-041 债券代码：113691 债券简称：和邦转债 四川和邦生物科技股份有限公司 关于对外投资项目完成备案登记的公告 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、项目概述 四川和邦生物科技股份有限公司（以下简称"公司"）通过全资子公司和邦 生物（香港）投资有限公司持有尼日利亚 BULLCREST MINERAL RESOURCES LIMITED （以下简称"BCT"）50%股权。BCT 系一家根据尼日利亚联邦共和国法律成立的 公司，注册号为 7154076，成立时间为 2023 年。BCT 主要从事锂矿、锡矿的开 采、洗选及销售，当前拥有 15 个锂矿和 6 个锡矿探矿权，以及通过控制（BCT 持有 60%的股份）"Deep Earth Mineral Resources Limited"拥有 5 个锂矿探 矿权，"BC Mining Company Limited"拥有 2 个锂矿探矿权。 二、项目备案登记情况 近日，公司已办理完成境外投资的备案登记事 ...

Core Viewpoint - The company has provided guarantees for its subsidiaries, which aligns with its development strategy and financial needs [7][9]. Group 1: Guarantee Details - On July 15, 2025, the company signed a maximum guarantee contract with Shanghai Pudong Development Bank for its subsidiary Sichuan Wujun Photovoltaic Co., Ltd., with a maximum principal amount of RMB 50 million [2][6]. - On August 14, 2025, the company signed a guarantee contract with Bank of Communications for its subsidiary Wujun Chongqing Photovoltaic Co., Ltd., with a maximum principal amount of RMB 80 million [3][6]. Group 2: Internal Decision-Making Process - The company’s board approved the external guarantee authorization for 2025, allowing a total guarantee amount of up to RMB 6 billion, with specific limits based on the subsidiaries' debt ratios [4][8]. Group 3: Financial Overview - As of August 31, 2025, the total external guarantees provided by the company and its subsidiaries amounted to RMB 7.857 billion, representing 42.18% of the company's latest audited net assets [9].

Core Viewpoint - The company, Hebang Biology, announced that as of August 31, 2025, the total external guarantees provided by the company and its subsidiaries amount to 7.857 billion yuan, which represents 42.18% of the company's most recent audited net assets [1] Summary by Categories - **Total Guarantees**: The total external guarantees amount to 7.857 billion yuan, which includes both unused approved guarantee limits and actual guarantees incurred [1] - **Proportion of Net Assets**: The total guarantees represent 42.18% of the company's most recent audited net assets [1] - **Inter-company Guarantees**: The total guarantees provided to wholly-owned and controlling subsidiaries, as well as mutual guarantees among subsidiaries, also amount to 7.857 billion yuan, maintaining the same percentage of 42.18% of net assets [1] - **No Overdue Guarantees**: The company and its subsidiaries do not have any overdue guarantees [1] - **No Guarantees for Related Parties**: The company has not provided guarantees for its controlling shareholders, actual controllers, or their related parties [1]

| 证券代码：603077 | 证券简称：和邦生物 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：113691 | 债券简称：和邦转债 | | 四川和邦生物科技股份有限公司 关于提供担保的进展公告 2025 年 8 月 14 日，公司与交通银行股份有限公司重庆市分行（以下简称"交 通银行重庆分行"）签订《保证合同》，为公司控股子公司武骏重庆光能有限公司 （以下简称"重庆武骏"）提供担保，保证方式为连带责任保证，公司为重庆武 骏与交通银行重庆分行在 2025 年 8 月 14 日至 2026 年 7 月 22 日期间签订的全部 主合同提供最高额保证担保，担保的主债权本金余额最高额为人民币 8,000.00 万元，保证期间为该笔债务履行期限届满之日起，计至全部主合同项下最后到期 的主债务的债务履行期限届满之日后三年止。本次担保不存在反担保。 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： 担保对象及基本情况 | | 被担保人名称 | | 四川武骏光能股份有限公司 | | ...

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].

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 13.39 yuan, with 35 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 1.08 yuan [1][2] Group 1: Market Performance - As of August 28, the Shanghai Composite Index closed at 3843.60 points, with a notable presence of low-priced stocks in the market [1] - Among the low-priced stocks, 7 out of 35 increased in price today, with Liao Port Co., He Bang Bio, and Mei Bang Apparel leading with increases of 1.86%, 1.04%, and 1.02% respectively [1] - Conversely, 20 stocks declined, with *ST Gao Hong, *ST Hui Feng, and *ST Su Wu experiencing the largest drops of 5.26%, 1.81%, and 1.71% respectively [1] Group 2: Low-Priced Stocks Overview - The list of low-priced stocks includes 13 ST stocks, accounting for 37.14% of those priced below 2 yuan [1] - The lowest priced stocks are as follows: - *ST Gao Hong: 1.08 yuan, -5.26% daily change, 0.30% turnover rate, 2.11 P/B ratio [1] - *ST Su Wu: 1.15 yuan, -1.71% daily change, 14.02% turnover rate, 0.47 P/B ratio [1] - *ST Jin Ke: 1.34 yuan, no change, 1.97% turnover rate [1] - Other notable low-priced stocks include: - Rongsheng Development: 1.44 yuan, -0.69% daily change [1] - Chongqing Steel: 1.46 yuan, +0.69% daily change [1] - Yung Tai Energy: 1.47 yuan, -0.68% daily change [1]

Group 1 - The core viewpoint of the article highlights the continuous increase in glyphosate raw material prices since May, with a reported price of 27,500 yuan/ton for 95% purity and 28,000 yuan/ton for 97% purity, reflecting a 20% increase since early May [1] - Supply and demand analysis indicates that glyphosate weekly production reached 8,600 tons as of August 24, an 18.71% increase from the previous week, while inventory decreased to 27,800 tons, indicating a tight supply situation that supports price stability [1] - A total of 11 A-share companies are involved in glyphosate, with an average stock price increase of 2.42% on August 26, led by Jiangshan Chemical, Runfeng Co., and Xingfa Group with gains of 5.7%, 3.94%, and 3.85% respectively [1] Group 2 - Performance data from the semi-annual reports show that Zhongnong United turned a profit, while Ando麦 A reduced losses, and companies like Runfeng Co., Jiangshan Chemical, Guoguang Co., and Yangnong Chemical reported year-on-year profit growth [1] - The stock performance of glyphosate-related companies on August 26 shows significant variations in net profit growth, with Jiangshan Chemical at 98.18%, Runfeng Co. at 205.62%, and Xingfa Group at -9.72% [3]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a price increase of 1.85% as of the report, peaking at 2.13% [1] - Key stocks in the sector include Sanmei Co., which surged over 8%, and other companies like Hangjin Technology, Juhua Co., and Hualu Hengsheng, which saw increases of over 6%, 5%, and 3% respectively [1] - There are plans for comprehensive adjustments in the petrochemical industry in China, focusing on phasing out small-scale facilities and upgrading old ones, while investing in new materials [2] Group 2 - Open Source Securities indicates that "anti-involution" will be a policy focus for 2025 and beyond, targeting capacity governance in industries with severe competition [3] - The chemical industry is expected to see the elimination of some outdated capacities, leading to an optimized competitive landscape and potential recovery in profitability [3] - Current valuation metrics suggest that it may be a good time to invest in the chemical sector, with the chemical ETF's price-to-book ratio at 2.19, which is at a low point historically [3] Group 3 - Guohai Securities forecasts that anti-involution measures will reshape the Chinese chemical industry, potentially slowing global capacity expansion and increasing dividend yields [4] - The changes in supply dynamics are expected to lead to a recovery in industry conditions, with chemical stocks likely to exhibit both high elasticity and high dividend advantages [4] Group 4 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Co. [5] - The ETF provides a more efficient way to invest in the chemical sector, allowing investors to capture opportunities across different segments [5]

Group 1 - Glyphosate concept stocks increased by 2.03%, ranking 4th among concept sectors, with 15 stocks rising, led by Jiangtian Chemical, Yangnong Chemical, and Yingtai Biological, which rose by 10.47%, 5.33%, and 3.40% respectively [1] - The main funds net inflow into the glyphosate concept sector was 47 million yuan, with 8 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan, led by Noposion with a net inflow of 38.12 million yuan [2] - The top three stocks by net inflow ratio were Taihe Co., Ltd., Lier Chemical, and Noposion, with net inflow ratios of 8.33%, 5.80%, and 5.40% respectively [3] Group 2 - The glyphosate concept stocks' performance included Noposion with a 2.61% increase, Jiangtian Chemical with a 10.47% increase, and Lier Chemical with a 2.12% increase, among others [3] - The overall market performance showed that the glyphosate concept was among the top gainers, indicating positive market sentiment towards this sector [2]

Core Viewpoint - The financial performance of HeBang Bio (603077) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in the company's operations and market conditions [1]. Financial Performance Summary - Total revenue for the reporting period reached 3.921 billion yuan, a year-on-year decrease of 19.13% [1]. - Net profit attributable to shareholders was 51.77 million yuan, down 73.07% year-on-year [1]. - In Q2 alone, total revenue was 2.195 billion yuan, reflecting a 22.95% decline compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 39.25 million yuan, a decrease of 75.84% year-on-year [1]. - The gross margin was 9.45%, down 15.4% year-on-year, while the net margin was 1.03%, a drop of 73.54% [1]. - Total selling, administrative, and financial expenses amounted to 261 million yuan, representing 6.65% of revenue, an increase of 32.11% year-on-year [1]. - Earnings per share were 0.01 yuan, down 71.86% year-on-year [1]. Changes in Financial Items - Accounts receivable financing decreased by 34.12% due to the use of bank acceptance bills for payments [2]. - Other receivables increased by 53.29% due to higher deposits and guarantees [2]. - Contract assets rose by 66.05% as revenue recognition increased for a subsidiary [2]. - Long-term equity investments increased by 55.08% due to additional investments in an associate [2]. - Contract liabilities surged by 96.18% due to increased customer prepayments [2]. - Tax payable increased by 79.74% due to higher VAT obligations [2]. Cost and Expense Analysis - Operating costs decreased by 17.56%, attributed to reduced sales volumes [6]. - Sales expenses increased by 27.18%, driven by higher transportation, employee compensation, and travel costs [7]. - Financial expenses rose by 91.94% due to increased interest expenses from higher borrowings [8]. - R&D expenses decreased by 43.83% due to a reduction in R&D personnel [9]. Cash Flow Analysis - Net cash flow from operating activities increased by 240.57%, primarily due to reduced cash payments for goods [10]. - Net cash flow from investing activities rose by 15.51% due to the recovery of investments [11]. - Net cash flow from financing activities decreased by 48.92%, reflecting a reduction in net financing [11]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.13% over the past decade and a particularly poor ROIC of -0.21% in 2024 [12]. - The company's business model relies heavily on R&D and marketing, necessitating a thorough examination of the underlying drivers [14]. Debt and Receivables Situation - The company has a high accounts receivable ratio, with accounts receivable to profit ratio reaching 2887.02% [15]. - The interest-bearing asset-liability ratio stands at 29.74%, indicating a need for monitoring the debt situation [15].