Core Points - The company announced the interest payment schedule for its convertible bonds, "Wujin Convertible Bonds," which will start on July 10, 2025 [1][2] - The bonds were issued on July 10, 2023, with a total of 3.1 million bonds at a face value of 31 million yuan, and they are set to be traded on the Shanghai Stock Exchange [1][2] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with an annual interest rate of 0.30% for the first year and 0.50% for the second year [2][3] Bond Issuance Overview - The bonds were approved by the China Securities Regulatory Commission and began trading on August 3, 2023 [1][2] - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan due to the company's equity distribution plans [2] Interest Payment Details - The interest payment method is annual, with the first payment scheduled for July 10, 2025, covering the period from July 10, 2024, to July 9, 2025 [3][4] - The interest amount for each bond is calculated based on the face value and the applicable interest rate, resulting in a payment of 0.50 yuan per bond (before tax) for the second year [4][5] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.40 yuan per bond after tax [5][6] - Non-resident enterprises are exempt from corporate income tax on the interest earned from these bonds [6]

Summary of Key Points Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. has issued convertible bonds, with limited conversion activity reported as of June 30, 2025, indicating a low uptake of the conversion option by bondholders [1][2][3]. Convertible Bond Issuance Overview - The company issued 3.1 million convertible bonds on July 10, 2023, with a face value of 310 million yuan, and a maturity period of six years [1]. - The coupon rates for the bonds are structured to increase from 0.30% in the first year to 2.00% in the sixth year [1]. Listing and Conversion Price - The bonds were listed on the Shanghai Stock Exchange on August 3, 2023, under the name "Wujin Convertible Bonds" with the code "113671" [2]. - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan per share as of the latest report [2]. Conversion Activity - As of June 30, 2025, only 57,000 yuan worth of bonds had been converted into 6,778 shares, representing 0.0012% of the total shares before conversion [3][4]. - The remaining unconverted bonds amount to 309,943,000 yuan, which is 99.9816% of the total issuance [3][4]. Share Capital Changes - There has been no change in the total share capital of the company as no bonds were converted during the reporting period [5]. - The total share capital remains at 561,069,165 shares, with no changes in shareholder proportions due to the lack of conversion [5].

Core Viewpoint - The solar thermal power generation sector has shown a positive performance with a 1.86% increase, ranking 7th among concept sectors, driven by significant gains in several stocks [1] Group 1: Market Performance - As of July 2, the solar thermal power concept saw 23 stocks rise, with notable performers including Shuangliang Energy and Kaisheng New Energy reaching their daily limit up [1] - The top gainers in the sector included Shuangliang Energy (+17.00%), Wujin Stainless Steel (+8.09%), and Baose Co. (+5.95%) [1] - Conversely, the biggest decliners were New Fengguang (-3.16%), Chuanrun Co. (-2.19%), and Aerospace Chuangguang (-1.90%) [1] Group 2: Capital Flow - The solar thermal power sector experienced a net inflow of 405 million yuan, with 18 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow [1] - Shuangliang Energy led the net inflow with 279 million yuan, followed by Kaisheng New Energy (49.93 million yuan), China Energy Construction (35.12 million yuan), and Wujin Stainless Steel (34.78 million yuan) [1][2] - The net inflow ratios for leading stocks were Shuangliang Energy (34.46%), Xizi Clean Energy (16.51%), and Kaisheng New Energy (15.17%) [2][3]

| | | 江苏武进不锈股份有限公司 关于"武进转债"2025 年付息的公告 可转债付息债券登记日：2025 年 7 月 9 日 可转债除息日：2025 年 7 月 10 日 可转债兑息日：2025 年 7 月 10 日 根据《募集说明书》的约定，"武进转债"存续期限为自发行之日起六年， 即 2023 年 7 月 10 日至 2029 年 7 月 9 日。债券票面利率第一年 0.30%、第二年 0.50%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。可转换公 司债券转股期限为 2024 年 1 月 15 日至 2029 年 7 月 9 日，初始转股价格为 8.55 元/股。 因公司实施 2023 年度权益分派方案和 2024 年度权益分派方案，"武进转 债"的最新转股价格为 7.93 元/股。具体内容详见公司于 2024 年 6 月 7 日在指定 信息披露媒体媒体披露的《关于实施 2023 年度权益分派调整"武进转债"转股 价格的公告》（公告编号：2024-037）和 2025 年 6 月 13 日在指定信息披露媒体 媒体披露的《关于实施 2024 年度权益分派调整"武进转 ...

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 江苏武进不锈股份有限公司 经中国证券监督管理委员会《关于同意江苏武进不锈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[2023]1353 号）同意注册，公 司于 2023 年 7 月 10 日向不特定对象发行 310 万张可转换公司债券，每张面值 100 元，发行总额 31,000 万元。 根据《江苏武进不锈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》的约定，"武进转债"存续期限为自发行之日起六年，即 2023 年 7 月 10 日至 2029 年 7 月 9 日。债券票面利率第一年 0.30%、第二年 0.50%、第三年 1.00%、 累计转股情况：截至 2025 年 6 月 30 日，累计有人民币 57,000 元"武进 转债"转为江苏武进不锈股份有限公司（以下简称"公司"）A 股普通 股，累计转股股数 6,778 股，累计转股股数占"武进转债"转股前公司 已发行股份总额的 0.0012 ...

Market Overview - The three major A-share indices collectively declined today, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index down 0.61%, and the ChiNext Index down 1.13%. The total market turnover was 1,405.1 billion, a decrease of 91.4 billion from the previous day, with over 3,200 stocks declining [1] Steel Sector - The steel sector experienced a significant surge in the afternoon, with stocks such as Chongqing Steel, Liugang Co., and Wujin Stainless Steel hitting the daily limit. Other stocks like Shougang Co., Ansteel, and Jiugang Hongxing also saw gains [4] - The Hong Kong steel sector mirrored this trend, with Chongqing Steel rising over 120%, Ansteel up over 40%, and Maanshan Steel increasing over 20% [6] - Mysteel reported that due to air quality concerns, Tangshan's steel companies are continuing production restrictions, with sintering capacity cut by 30%, potentially reducing daily output by 30,000 tons [7] - According to Everbright Securities, the revised "Steel Industry Norms (2025 Edition)" aims to better align supply with demand, suggesting a potential recovery in steel sector profitability to historical average levels [8] - Discussions from the Central Financial Committee emphasized the need for supply-side reforms and orderly exit of outdated capacities, which could drive the steel sector's performance [9] Marine Economy Sector - The marine economy sector saw a strong rise in the morning, driven by policy support, with marine engineering equipment stocks like Deepwater Haina and Dalian Heavy Industry hitting the daily limit [11] - The Central Financial Committee's meeting highlighted the importance of high-quality development in the marine economy, focusing on innovation, efficient collaboration, and environmental protection [13] Photovoltaic Sector - The photovoltaic sector experienced a significant increase due to the resonance with the US market and the passing of the "Big and Beautiful" bill, with leading companies like Tongwei Co. hitting the daily limit [15] - Reports indicated that major domestic photovoltaic glass manufacturers plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand balance in the industry [17] - The main futures contract for polysilicon also hit the daily limit, reflecting a 6.99% increase, indicating strong market sentiment [18]

Group 1 - The steel sector experienced a significant afternoon rally, with Wujin Stainless Steel (603878) hitting the daily limit up, indicating strong investor interest [1] - Shougang Corporation (000959) saw an increase of over 4%, reflecting positive market sentiment towards the company [1] - Other companies in the sector, including Liugang Co., Ltd. (601003), Hualing Steel (000932), and New Steel Co., Ltd. (600782), also experienced upward movement in their stock prices, suggesting a broader trend in the industry [1] Group 2 - There is a notable influx of dark pool capital into these stocks, indicating increased trading activity and potential investment interest [1]

Core Viewpoint - The credit rating report for Jiangsu Wujin Stainless Steel Co., Ltd. indicates a stable outlook, reflecting the company's strong position as a major supplier of industrial stainless steel pipes in China, despite challenges in the petrochemical sector affecting revenue [2][4]. Company Overview - Jiangsu Wujin Stainless Steel Co., Ltd. is a leading supplier of industrial stainless steel pipes in China, with stable relationships with major clients such as Sinopec and PetroChina [4][11]. - The company has achieved significant certifications, including those from Saudi Aramco, enhancing its brand strength and international sales [4][14]. Financial Performance - The company's total assets as of March 2025 were 40.83 billion, with equity attributable to shareholders at 26.28 billion [2][3]. - Revenue for 2024 is projected to decline significantly, with a year-on-year decrease of 54.34% in the petrochemical sector, leading to a total revenue of 4.83 billion [3][21]. - The net profit for the first quarter of 2025 was 0.30 billion, down from 1.26 billion in the same period of 2024 [3][21]. Market Environment - The stainless steel pipe industry in China is characterized by ample capacity, with the petrochemical sector being the primary consumer, although demand has weakened since 2024 [10][11]. - The company faces competition from both domestic and international players, with a low industry concentration and varying regional demands [10][11]. Operational Challenges - High inventory levels pose operational challenges, necessitating effective inventory management and increased working capital requirements [4][5]. - The company has a significant reliance on raw materials, with stainless steel round bars and plates constituting over 70% and 80% of production costs for seamless and welded pipes, respectively [18][19]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating steady demand in the boiler and nuclear power sectors, despite current challenges in the petrochemical industry [4][6]. - The company is actively expanding its presence in international markets, particularly in the Middle East and South America, with a projected 56.82% increase in foreign sales [21].

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. maintains its credit rating of "AA" with a stable outlook for both the company and its convertible bonds, indicating consistent financial health and stability in its operations [1][2]. Group 1: Credit Rating Information - The company commissioned China Chengxin International Credit Rating Co., Ltd. to conduct a follow-up credit rating for its convertible bonds issued on July 10, 2023 [1]. - The previous credit rating for the company was "AA" with a stable outlook, and the same rating applies to the Wujin Convertible Bonds [2]. - The follow-up rating report was issued on June 26, 2025, confirming that there were no changes in the credit ratings from the previous assessment [2]. Group 2: Regulatory Compliance - The company’s actions are in accordance with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the issuance and rating of securities [1]. - The follow-up rating report is publicly available on the Shanghai Stock Exchange website, ensuring transparency and compliance with disclosure requirements [2].

| 证券代码：603878 | 证券简称：武进不锈 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：113671 | 债券简称：武进转债 | | 化。 本次跟踪评级报告详见公司同日于上海证券交易所网站（www.sse.com.cn） 披露的《2023 年江苏武进不锈股份有限公司向不特定对象发行可转换公司债券 2025 年跟踪评级报告》。 特此公告。 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》、《上海 证券交易所公司债券上市规则》等有关规定，江苏武进不锈股份有限公司（以下 简称"公司"）委托中证鹏元资信评估股份有限公司（以下简称"中证鹏元"） 对公司于 2023 年 7 月 10 日发行的可转换公司债券（以下简称"武进转债"）进 行了跟踪信用评级。 公司前次主体信用等级为"AA"，评级展望为"稳定"；"武进转债"前 次债券信用等级为"AA"；评级机构为中证鹏元，评级时间 2024 年 6 月 21 日。 中证鹏元在对公司经营状况等进行综合分析与评估的基础上，于 2025 年 6 月 26 日出具了《2023 年江苏武进不锈股份有限公司向不特定对象发行可转 ...