| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-049 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 关于不向下修正"李子转债"转股价格的公告 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： 自 2025 年 6 月 20 日至 2025 年 7 月 10 日，浙江李子园食品股份有限公司 （以下简称"本公司"或"公司"）在本次发行的可转换公司债券存续期间，股 票已出现连续十五个交易日的收盘价低于当期转股价格的 80%的情形，触发"李 子转债"转股价格向下修正条款。 经公司第三届董事会第二十四次会议审议通过，公司董事会决定本次不向 下修正"李子转债"转股价格，且在未来六个月内（即自 2025 年 7 月 11 日至 2026 年 1 月 10 日），如再次触发"李子转债"转股价格向下修正条款，亦不提 出向下修正方案。在此期间之后，自 2026 年 1 月 11 日开始重新计算起算，若再 次触发"李子转债 ...

现宸浩贸易已完成了上述工商变更登记手续，并取得了景宁畲族自治县市场 监督管理局换发的《营业执照》。本次变更的具体信息如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 经营范围 | 一般项目：食品销售（仅销售 | 一般项目：食品销售（仅销售预 | | | 预包装食品）；食品互联网销售 | 包装食品）；食品互联网销售（仅 | | | （仅销售预包装食品）；食用农 | 销售预包装食品）；食用农产品批 | | | 产品批发；食用农产品零售； | 发；食用农产品零售；塑料制品 | | | 塑料制品销售（除依法须经批 | 销售；以自有资金从事投资活动 | | | 准的项目外，凭营业执照依法 | （除依法须经批准的项目外，凭 | | | 自主开展经营活动）。 | 营业执照依法自主开展经营活 | | | | 动）。 | 一、变更内容 | 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-048 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 关于全资子公司完成工商变更登记并换发 ...

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 二、可转债转股价格修正条款与可能触及情况 浙江李子园食品股份有限公司 关于"李子转债"预计满足转股价格修正条件的提示 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。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可〔2023〕1166 号"文同意注册，浙 江李子园食品股份有限公司（以下简称"本公司"或"公司"）于 2023 年 6 月 20 日向不特定对象发行了 600 万张可转换公司债券，每张面值 100 元，发行总 额 60,000 万元。本次发行的可转债期限为发行之日起 6 年，可转债票面利率： 第一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六年 2.0%。 经上海证券交易所自律监管决定书〔2023〕151 号文同意，公司本次发行的 60,000 万元可转换公司债券，于 20 ...

| 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 "李子转债"的回售申报期为 2025 年 6 月 24 日至 2025 年 6 月 30 日，回 售价格为 100.01 元人民币/张（含当期利息）。根据中国证券登记结算有限责任 公司上海分公司提供的数据，本次"李子转债"回售申报期内，回售的有效申报 数量为 10 张，回售金额为 1,000.10 元（含当期利息）。公司已根据回售的有效 申报数量将回售资金足额划至中国证券登记结算有限责任公司上海分公司指定 账户，按照中国证券登记结算有限责任公司上海分公司的有关业务规则，回售资 金发放日为 2025 年 7 月 3 日。 重要内容提示： 一、本次可转债回售的公告情况 浙江李子园食品股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日披 露了《浙江李子园食品股份有限公司关于"李子转债"可选择回售的公告》（公 告编号：2025-039），并分别于 2025 年 6 月 18 日、2025 年 ...

Summary of Key Points Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. has issued convertible bonds, with limited conversion activity observed since the issuance, indicating a low uptake by investors thus far [1][2]. Group 1: Convertible Bond Issuance - The company issued 6 million convertible bonds on June 20, 2023, with a total value of RMB 60 million and a maturity of 6 years [2]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.3% in the first year to 2.0% in the sixth year [2]. Group 2: Conversion Status - As of June 30, 2025, only RMB 51,000 worth of convertible bonds have been converted into 2,636 shares, representing 0.0007% of the total shares before conversion [1][5]. - The total amount of unconverted convertible bonds stands at RMB 599,949,000, which is 99.9915% of the total issuance [1][5]. Group 3: Conversion Price Adjustments - The initial conversion price was set at RMB 19.47 per share, which has been adjusted to RMB 18.49 per share as of June 10, 2025 [2][5]. - The conversion period for the bonds is from December 28, 2023, to June 19, 2029 [5].

累计转股情况：浙江李子园食品股份有限公司向不特定对象发行可转换 公司债券（以下简称"李子转债"）自 2023 年 12 月 28 日起开始转股，截至 2025 年 6 月 30 日，累计共有人民币 51,000 元"李子转债"转换为公司普通股股票， 累计转股股数为 2,636 股，占"李子转债"转股前公司已发行股份总额的 0.0007%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"李子转债" 金额为人民币 599,949,000 元，占"李子转债"发行总量的比例为 99.9915%。 | 证券代码：605337 | 证券简称：李子园 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：111014 | 转债简称：李子转债 | | 浙江李子园食品股份有限公司 可转债转股结果暨股份变动公告 本公司董事会、全体董事及相关股东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： 根据有关规定和《浙江李子园食品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，公司本次发行 ...

Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. has issued convertible bonds totaling RMB 600 million, with a maturity of 6 years and a structured interest rate that increases over time, aimed at expanding its production capacity and enhancing its market position in the beverage industry [3][14]. Section 1: Bond Overview - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds amounting to RMB 600 million, with a face value of RMB 100 per bond, totaling 6 million bonds [3][4]. - The net proceeds from the bond issuance, after deducting issuance costs of RMB 2.4 million, amount to RMB 597.6 million [3][14]. - The bonds will be listed on the Shanghai Stock Exchange under the name "Liziyuan Convertible Bonds" with the code "111014" starting from July 13, 2023 [3][4]. Section 2: Key Terms of the Bonds - The bonds have a structured interest rate that starts at 0.3% in the first year and increases to 2.0% by the sixth year [5][6]. - Interest payments will be made annually, with the first payment due on June 20, 2025, covering the period from June 20, 2024, to June 19, 2025 [25]. - The initial conversion price for the bonds is set at RMB 19.47 per share, with provisions for adjustments based on stock performance and corporate actions [7][9]. Section 3: Use of Proceeds - The total amount raised will be fully allocated to the expansion and technological upgrade of a production line for 150,000 tons of dairy beverages [14][21]. - The company has established a dedicated account for the management of the raised funds, ensuring compliance with regulatory requirements [21][22]. Section 4: Financial Performance - For the fiscal year ending December 2023, the company reported a revenue of RMB 1.415 billion, a slight increase of 0.22% year-on-year [17][20]. - The net profit attributable to shareholders decreased by 5.55% to RMB 223.8 million compared to the previous year [17][20]. - The company’s total assets stood at RMB 2.988 billion, reflecting a decrease of 2.30% year-on-year [20]. Section 5: Credit Rating - The company has been assigned a credit rating of AA by Dongfang Jincheng, with a stable outlook for both the company and the convertible bonds [14][26].

Fundraising Overview - Zhejiang Liziyuan Food Co., Ltd. has been approved to publicly issue convertible bonds totaling RMB 600 million, with a maturity of 6 years and a face value of RMB 100 per bond, resulting in 6 million bonds issued [1] - The actual funds raised after deducting issuance costs of RMB 2,402,075.47 (excluding tax) amount to RMB 597,597,924.53, which were received on June 28, 2023 [1] Fund Allocation Changes - The company has decided to change the allocation of part of the raised funds, specifically RMB 235.57 million, from the original project of expanding the production line for dairy beverages to a new project for processing 1,000 tons of raw milk daily [1][2] - This decision was approved during the board and supervisory meetings held on April 26, 2025 [1] Fund Management and Supervision Agreement - A four-party supervision agreement was signed on June 27, 2025, involving the company, its wholly-owned subsidiary, the bank, and the sponsor, to regulate the management and use of the raised funds [2] - The agreement stipulates that the funds must be stored in a dedicated account and used solely for the specified project [4][5] Account Details - As of June 29, 2025, the company has opened several dedicated accounts at various banks for the management of the raised funds, including accounts at Agricultural Bank of China and Zhejiang Jinhua Chengtai Rural Commercial Bank [2][4] - The balance in the dedicated account for the new project was reported as zero as of June 20, 2025 [5] Regulatory Compliance - The agreement mandates compliance with relevant laws and regulations, including the supervision of fund usage by the sponsor, which has the right to conduct audits and inquiries [5][6] - Any withdrawal exceeding 20% of the net raised funds must be reported to the sponsor, ensuring transparency in fund management [6][7] Legal Framework - The agreement is governed by the laws of the People's Republic of China, with disputes to be resolved through arbitration in Shanghai [8]

股票简称：李子园 股票代码：605337 债券简称：李子转债 债券代码：111014 浙江李子园食品股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （上海市黄浦区中山南路 318 号 2 号楼 24 层） 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《浙江李子园食品股份有限公司与东方证券承销保荐有限公司关于向不特定对 象发行可转换债券之受托管理协议》（以下简称"《受托管理协议》"）、《浙 江李子园食品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》（以 下简称"《募集说明书》"）、《浙江李子园食品股份有限公司 2024 年年度报 告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由本期可转 换公司债券受托管理人东方证券股份有限公司（以下简称"东方证券"）编制。 东方证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也 不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责 任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断， ...

Group 1 - The core point of the article highlights the generational transition in the Chinese private economy, particularly in family-owned businesses, with over 80% being family-controlled and entering a critical succession phase [14] - Li Ziyuan's new general manager, Li Bosheng, represents a new chapter for the brand as he takes over management responsibilities, marking a significant generational shift [3][4] - The company has faced stagnation in revenue growth, primarily due to its heavy reliance on sweet milk products, which account for over 95% of its revenue, leading to a near-zero growth situation since 2021 [4][6] Group 2 - Despite holding a market share close to 50% in the sweet milk segment, Li Ziyuan's revenue has been under pressure due to the rising popularity of healthier beverage options, resulting in a five-year compound growth rate of only 6.4% [6][9] - New product launches, such as juice drinks and plant-based beverages, have not significantly contributed to overall revenue, indicating a lack of a successful "second growth curve" [9] - Li Bosheng's strategy includes diversifying product offerings and embracing new retail channels, with a focus on health-oriented products and e-commerce growth, leading to a 16.2% increase in net profit in early 2025 [10][12] Group 3 - The article discusses the broader trend of generational change in the fast-moving consumer goods (FMCG) sector, with many companies facing systemic challenges related to succession [14][20] - Examples of successful transitions include Master Kong, which saw a 19.8% increase in net profit under the leadership of the second generation, and Wahaha, which has restructured its operations under new leadership [16][18] - The strategic shifts observed during these transitions include moving from reliance on single products to a diversified product matrix, enhancing channel penetration, and leveraging data for decision-making [20][21][22]