Key Points - The company, Chongqing Zhengchuan Pharmaceutical Packaging Materials Co., Ltd., will initiate the conditional redemption of its convertible bonds, Zhengchuan Convertible Bonds, starting from April 28, 2025, due to the stock price being below 70% of the conversion price for 30 consecutive trading days [1][2] - The redemption price for the bonds is set at 100.35 RMB per bond, which includes the accrued interest [3][4] - The redemption period is from June 20, 2025, to June 26, 2025, during which the bonds will stop converting into shares [3][5] - Holders of the Zhengchuan Convertible Bonds have the option to redeem either part or all of their unconverted bonds, and this redemption is not mandatory [4][5] - The company will announce the results of the redemption and its impact on the company after the redemption period [4][5]

关于"正川转债"可选择回售的第一次提示性公告 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： | 证券代码：603976 | 证券简称：正川股份 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113624 | 债券简称：正川转债 | | 重庆正川医药包装材料股份有限公司 司债券募集说明书》（以下简称"《募集说明书》"）的约定，"正川转债"有 条件回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上 海证券交易所股票上市规则》和公司《募集说明书》的规定，就回售有关事项向 全体"正川转债"持有人公告如下： 一、回售条款 （一）有条件回售条款 在本次发行的可转换公司债券最后两个计息年度，如果公司股票在任何连续 30 个交易日的收盘价格低于当期转股价的 70%时，可转换公司债券持有人有权将 其持有的可转换公司债券全部或部分按面值加上当期应计利息的价格回售给公 司。若在上述交易日内发生过转股价格因发生送红股、转增股本、增发新股（不 包括因本次发行 ...

Core Viewpoint - The company announces the conditional redemption of its convertible bonds, "Zhengchuan Convertible Bonds," allowing bondholders to sell their bonds back to the company at a specified price during a designated period [2][3][7]. Redemption Terms - The redemption price is set at 100.35 RMB per bond, including the current interest [2][11]. - The redemption period is from June 20, 2025, to June 26, 2025, during which the bonds will stop converting into shares [4][10]. - If bondholders do not exercise their redemption rights during this period, they will lose the opportunity to redeem for the current interest year [2][3]. Conditions for Redemption - The redemption clause is activated if the company's stock price remains below 70% of the bond's conversion price for 30 consecutive trading days [3][5]. - The bondholders have the option to redeem part or all of their unconverted bonds, and this redemption is not mandatory [7][8]. Interest Calculation - The interest for the current period is calculated based on a 2.40% annual rate, resulting in approximately 0.35 RMB per bond for the 53 days from April 28, 2025, to June 20, 2025 [6][12]. Trading During Redemption Period - The "Zhengchuan Convertible Bonds" will continue to trade during the redemption period but will not allow conversion into shares [14]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, the bonds will still continue to trade until the end of the redemption period [15].

回售价格：100.35 元人民币/张（含当期利息） 回售期：2025 年 6 月 20 日至 2025 年 6 月 26 日 回售资金发放日：2025 年 7 月 1 日 回售期内"正川转债"停止转股 证券停复牌情况：适用 "正川转债"持有人可回售部分或全部未转股的可转换公司债券。"正川转债" 持有人有权选择是否进行回售，本次回售不具有强制性。 本次满足回售条款而"正川转债"持有人未在上述回售期内申报并实施回售 的，本计息年度即 2025 年 4 月 28 日至 2026 年 4 月 27 日不能再行使回售权。 风险提示：如"正川转债"持有人选择回售，等同于以 100.35 元人民币/张（含 当期利息）卖出持有的"正川转债"。截至本公告发出前的最后一个交易日， "正川转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带 | | | 重庆正川医药包装材料股份有限公司 关于"正川转债"可选择回售的公告 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： 因回售期间"正川转债"停止转股,本公司的相关证券停复牌情 ...

可转换公司债券回售有关事项的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"）作为重庆正川 医药包装材料股份有限公司（以下简称"公司"或"正川股份"）公开发行可转 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》《可转换公司债 券管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第12号——可转换公司债券》等有关规定对正川股份可转换公司债券回 售有关事项进行核查，具体如下： 申万宏源证券承销保荐有限责任公司 关于重庆正川医药包装材料股份有限公司 一、正川转债发行上市情况 经中国证券监督管理委员会《关于核准重庆正川医药包装材料股份有限公司 公开发行可转换公司债券的批复》（证监许可[2021]198 号）核准，公司于 2021 年 4 月 28 日公开发行可转换公司债券 405 万张，每张面值 100 元人民币。本次 发行可转换公司债券募集资金总额 405,000,000 元，扣除发行费人民币 6,971,226.42 元（不含税）后，实际募集资金净额人民币 398,028,773.58 元。以上 募集资金已于 2021 年 5 月 7 日全部到位，并已经天健会计 ...

| 证券代码：603976 | 证券简称：正川股份 | 公告编号：2025-033 | | --- | --- | --- | | 转债代码：113624 | 转债简称：正川转债 | | 重庆正川医药包装材料股份有限公司 关于可转换公司债券 2025 年跟踪评级结果的公告 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。 前次债项评级："A+"；主体评级："A+"；评级展望：稳定。 本次债项评级："A+"；主体评级："A+"；评级展望：稳定。 本次评级结果较前次没有变化。 评级报告》。 特此公告。 重庆正川医药包装材料股份有限公司董事会 2025 年 6 月 11 日 重要内容提示： 根据中国证券监督管理委员会《上市公司证券发行管理办法》《公司债券发 行与交易管理办法》和《上海证券交易所股票上市规则》等有关规定，重庆正川 医药包装材料股份有限公司（以下简称"公司"）委托信用评级机构联合资信评 估股份有限公司（以下简称"联合资信"）对公司 2021 年 4 月 28 日公开发行的 可转换公司债券（简称"正川转债"）进行了跟踪信用评 ...

重庆正川医药包装材料股份有限公司 2025 年跟踪评级报告 1 www.lhratings.com 联合〔2025〕4103 号 联合资信评估股份有限公司通过对重庆正川医药包装材料股份 有限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定 维持重庆正川医药包装材料股份有限公司主体长期信用等级为 A+， 维持"正川转债"信用等级为 A+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月九日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受重庆正川医药包装材料股份有限公司（以下 简称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评 级委托关系外，联合资信、评级人 ...

Core Viewpoint - Chongqing Zhengchuan Pharmaceutical Packaging Materials Co., Ltd. maintains a long-term credit rating of A+ with a stable outlook, reflecting its competitive position in the pharmaceutical glass bottle manufacturing industry despite recent challenges in revenue and profit due to market fluctuations and policy impacts [1][4]. Company Overview - The company specializes in the research, production, and sales of pharmaceutical glass bottles and related packaging materials, with a registered capital of 151.20 million yuan and a total asset of 19.64 billion yuan as of March 2025 [10][8]. - As of 2024, the company has an annual production capacity of 10.25 billion pharmaceutical glass bottles and 3.40 billion bottle caps, serving nearly a thousand clients, including major pharmaceutical manufacturers [15][14]. Financial Performance - In 2024, the company reported total revenue of 8.01 billion yuan, a decrease of 11.05% year-on-year, and a profit of 0.60 billion yuan [9][10]. - For the first quarter of 2025, revenue further declined by 34.24% year-on-year to 1.62 billion yuan, with profit dropping by 49.45% [4][9]. Market and Industry Analysis - The pharmaceutical packaging materials industry is experiencing pressure from intensified competition and policy changes, such as drug procurement reforms, which have led to reduced demand and pricing pressures [11][12]. - Despite these challenges, the market for pharmaceutical glass, particularly high-quality borosilicate glass, is expected to grow due to increasing healthcare awareness and aging population trends in China [12][13]. Competitive Advantages - The company possesses integrated production capabilities for borosilicate glass bottles, allowing for diversified product offerings and a strong competitive edge in the market [15][14]. - The company has invested in research and development, holding 48 patents, including 8 invention patents, which supports its innovation and product quality [15][14]. Challenges and Risks - The company faces significant risks from fluctuations in raw material and energy costs, which constitute a large portion of its operating expenses [17][7]. - The ongoing volatility in downstream demand, influenced by healthcare policies and market competition, poses a risk to the company's revenue stability [4][11].

Group 1 - The core viewpoint of the announcement is that the credit rating for Chongqing Zhengchuan Pharmaceutical Packaging Materials Co., Ltd. remains unchanged at "A+" for both the company and its convertible bonds, with a stable outlook [1][2]. - The previous credit rating was also "A+" for both the company and the convertible bonds, with a stable outlook, indicating consistency in the company's financial health [2]. - The credit rating was conducted by United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational and industry conditions [2]. Group 2 - The announcement confirms that the tracking credit rating report is available on the Shanghai Stock Exchange website for further details [2].

| 证券代码：603976 | 证券简称：正川股份 | 公告编号：2025-033 | | --- | --- | --- | | 转债代码：113624 | 转债简称：正川转债 | | 评级报告》。 特此公告。 重庆正川医药包装材料股份有限公司董事会 根据中国证券监督管理委员会《上市公司证券发行管理办法》《公司债券发 行与交易管理办法》和《上海证券交易所股票上市规则》等有关规定，重庆正川 医药包装材料股份有限公司（以下简称"公司"）委托信用评级机构联合资信评 估股份有限公司（以下简称"联合资信"）对公司 2021 年 4 月 28 日公开发行的 可转换公司债券（简称"正川转债"）进行了跟踪信用评级。 公司前次主体信用评级结果为"A+"； "正川转债"前次评级结果为"A+"； 评级展望为"稳定"；评级机构为联合资信，评级时间为 2024 年 6 月 21 日。 联合资信在对公司经营情况、行业情况进行综合分析与评估的基础上，于 2025 年 6 月 9 日出具了《重庆正川医药包装材料股份有限公司 2025 年跟踪评级 报告》（联合〔2025〕4103 号），确定维持公司主体信用等级为"A+"，维持"正 川转债" ...