Group 1: Performance Forecast - The company expects a year-on-year increase in net profit and net profit excluding non-recurring gains and losses for the first half of 2025, driven by improved demand in the cement industry due to a reduction in the decline of real estate investment and the issuance of special bonds for infrastructure [2][3] - The company's product sales prices have increased compared to the previous year, contributing to the overall improvement in industry efficiency [3] Group 2: Non-Recurring Gains - The completion of a demolition project by a subsidiary resulted in a non-recurring gain of approximately 20 million to 30 million yuan, which positively impacted the net profit attributable to shareholders [3] Group 3: Convertible Bond Information - The company issued 10 million convertible bonds with a total value of 1 billion yuan, which began trading on July 2, 2020 [10][11] - The current conversion price is 8.53 yuan per share, following adjustments due to previous dividend distributions [16] - The company anticipates that the conversion price may be adjusted downward as the stock price has been below 80% of the current conversion price for 10 trading days between July 1 and July 14, 2025 [19]

Group 1 - The first half of 2025 financial reports for A-share companies have been released, with many companies forecasting profit increases of over 10 times [1][5] - Zhongyan Chemical's report shows a revenue of 5.998 billion yuan, a year-on-year decrease of 5.76%, and a net profit of 52.7155 million yuan, down 88.04% year-on-year [3][4] - The decline in Zhongyan Chemical's revenue is attributed to intensified market competition and significant price drops in key products, despite a 38.82% increase in sales volume [3][4] Group 2 - Huahong Technology expects a net profit of 70 million to 85 million yuan for the first half of 2025, representing a year-on-year increase of 3047.48% to 3721.94% [6] - Wan Nianqing anticipates a net profit of 31 million to 45 million yuan, reflecting a year-on-year growth of 1954.07% to 2881.71% [7] - Other companies such as Yatai Pharmaceutical and Aerospace Science and Technology also project significant profit increases, with Yatai expecting a net profit of 100 million to 110 million yuan, up 1726.42% to 1909.06% year-on-year [7]

Core Viewpoint - The first half of 2025 financial reports from A-share listed companies reveal significant profit increases, with several companies projecting profit growth exceeding tenfold compared to the previous year [1][5]. Group 1: Company Performance - Zhongyan Chemical's 2025 half-year report shows a revenue of 5.998 billion yuan, a decrease of 5.76% year-on-year, with a net profit of 52.7155 million yuan, down 88.04% year-on-year [3][4]. - The decline in Zhongyan Chemical's revenue is attributed to intensified market competition and significant price drops in key products like soda ash and PVC, despite a 38.82% increase in sales volume [3][4]. - Huahong Technology expects a net profit of 70 million to 85 million yuan for the first half of 2025, representing a year-on-year increase of 3047.48% to 3721.94%, driven by improved prices of rare earth raw materials [6][7]. - Wannianqing anticipates a net profit of 31 million to 45 million yuan, reflecting a year-on-year growth of 1954.07% to 2881.71%, supported by recovering demand in the cement industry and cost reduction efforts [6][7]. - Other companies like Yatai Pharmaceutical and Aerospace Science and Technology also project substantial profit increases, with expected growth rates of 1726.42% to 1909.06% and 1628.83% to 2315.27%, respectively [7]. Group 2: Market Trends - The overall trend indicates a recovery in certain sectors, such as the cement industry, due to reduced declines in real estate investment and infrastructure spending [7]. - The chemical industry is experiencing price fluctuations, with some products seeing significant price drops due to weakened downstream demand, while others like caustic soda have increased prices due to demand pull [4].

Core Viewpoint - The company, Jiangxi Wannianqing Cement Co., Ltd., is expected to trigger a downward adjustment of the conversion price for its convertible bonds due to the stock price being below 80% of the current conversion price for at least 10 trading days from July 1 to July 14, 2025 [1][6]. Summary by Sections Convertible Bond Issuance - The company issued 10 million convertible bonds with a total value of 1 billion RMB, each with a face value of 100 RMB, approved by the China Securities Regulatory Commission on June 3, 2020 [1][2]. Listing of Convertible Bonds - The convertible bonds were listed on the Shenzhen Stock Exchange on July 2, 2020, under the name "Wanquan Convertible Bonds" with the code "127017" [2]. Conversion Period - The conversion period for the bonds started on December 9, 2020, and will end on June 2, 2026 [2]. Adjustment of Conversion Price - The conversion price was adjusted from 13.46 RMB/share to 12.66 RMB/share on June 1, 2022, and further adjusted to 12.40 RMB/share on June 1, 2023 [3][4]. Recent Adjustments - On April 19, 2024, the board approved a downward adjustment of the conversion price to 8.76 RMB/share, effective from April 22, 2024. This was followed by another adjustment to 8.67 RMB/share on May 30, 2024, and then to 8.53 RMB/share on July 10, 2025 [4][5]. Conditions for Downward Adjustment - The company can propose a downward adjustment of the conversion price if the stock price is below 80% of the current conversion price for at least 15 trading days within any 30-day period [6]. Procedures for Adjustment - If the company decides to adjust the conversion price, it will announce the decision through designated media and will resume conversion applications at the adjusted price starting from the next trading day after the adjustment [6]. Triggering Conditions - The company has indicated that the stock price has been below the required threshold, which may lead to the adjustment of the conversion price as per the relevant regulations [6].

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2025-57 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：524330 | 债券简称：25 江泥 01 | | 江西万年青水泥股份有限公司 特别提示： 1、证券代码：000789，证券简称：万年青 2、债券代码：127017，债券简称：万青转债 3、转股价格：8.53 元/股 4、转股时间：2020 年 12 月 9 日至 2026 年 6 月 2 日 5、根据《江西万年青水泥股份有限公司公开发行可转换公司债 券募集说明书》（以下简称"募集说明书"）的规定，在本次发行的 可转换公司债券存续期间，当公司股票在任意连续三十个交易日中至 少有十五个交易日的收盘价低于当期转股价格的 80%时，公司董事会 有权提出转股价格向下修正方案并提交公司股东大会表决。2025 年 7 月 1 日至 2025 年 7 月 14 日，公司股票已有 10 个交易日的收盘价低 于当期转股价格的 80%，预计触发转股价格向下修正条件。若触发转 股价格修正条件，公司将按照募集说明书的约定及时履行后续审议 ...

[Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Estimate) The company expects a significant increase in net profit attributable to shareholders for the first half of 2025, projecting a profit of 31 million to 45 million yuan, representing a year-on-year growth of 1954.07% to 2881.71%; net profit after deducting non-recurring gains and losses is expected to turn profitable, ranging from 0.65 million to 0.95 million yuan Performance Estimate Summary | Item | Current Reporting Period | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 31 million - 45 million yuan** | Profit: 1.5092 million yuan | | Year-on-Year Growth | 1954.07% - 2881.71% | - | | **Net Profit After Deducting Non-Recurring Gains/Losses** | **Profit: 0.65 million - 0.95 million yuan** | Loss: -23.8582 million yuan | | Year-on-Year Growth | 102.72% - 103.98% | - | | **Basic Earnings Per Share** | **Profit: 0.0399 - 0.0580 yuan/share** | Profit: 0.0019 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that the financial data in this performance forecast has not been audited by an accounting firm - The financial data in this performance forecast represents the company's preliminary calculations and has not been audited[5](index=5&type=chunk) [Explanation of Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The significant performance growth is primarily attributed to market recovery and internal cost reduction and efficiency improvement; market factors include narrowing decline in real estate investment and infrastructure investment driving downstream demand, leading to a year-on-year increase in product sales prices; internal management efforts, such as lean management, improved product gross margin; additionally, a 20 million to 30 million yuan subsidiary relocation compensation gain (non-recurring item) significantly boosted net profit - Market recovery: Benefiting from a narrowing decline in real estate investment and the issuance of infrastructure special bonds, downstream demand in the cement industry recovered, leading to a year-on-year increase in the company's product sales prices[6](index=6&type=chunk) - Cost reduction and efficiency improvement: The company successfully reduced costs and improved product gross margin by advancing lean management and "Three Basics" management[6](index=6&type=chunk)[7](index=7&type=chunk) - Non-recurring gains/losses: Subsidiary relocation compensation income of **20 million to 30 million yuan** was recognized during the reporting period, contributing to net profit attributable to parent company[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company advises investors that this performance forecast is a preliminary estimate by the finance department, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, urging investors to be aware of investment risks - This performance forecast is a preliminary estimate, and specific financial data will be subject to the 2025 semi-annual report; investors are advised to be aware of the risks[8](index=8&type=chunk) [Other Relevant Information](index=2&type=section&id=V.%20Other%20Relevant%20Information) The company clarifies that the disclosure of this performance forecast will not affect the trading status of its shares - This performance forecast will not affect the normal trading status of the company's shares[9](index=9&type=chunk)

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2025-56 | | --- | --- | --- | | 债券代码：127017 | 债券简称：万青转债 | | | 债券代码：524330 | 债券简称：25 江泥 01 | | 江西万年青水泥股份有限公司 江西万年青水泥股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派，根据《江西万年青水泥股份有限公司公开发行可转 换公司债券募集说明书》及相关规定，公司可转换公司债券（债券简 称：万青转债；债券代码：127017）于 2025 年 7 月 1 日起暂停转股。 具体内容 详 见 公 司 于 2025 年 6 月 27 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于权益分派期间"万青转债"暂 停转股的公告》（公告编号：2025-52） 根据规定，"万青转债"将在本次权益分派股权登记日后的第一 个交易日（即 2025 年 7 月 10 日）起恢复转股。敬请公司可转换公司 债券持有人注意。 特此公告。 江西万年青水泥股份有限公司董事会 关于"万青转债"恢复转股的提示性公告 本公司及董事会全体成员保证 ...

Core Viewpoint - The company, Yue Wannianqing, announced a share reduction plan involving its controlling shareholder and significant shareholders, which will not affect the company's control or governance structure [1][2]. Group 1: Share Reduction Plan - The controlling shareholder, Shantou Yinkang Enterprise Management Consulting Partnership, and the shareholder Hehe Investment Holdings plan to reduce their holdings by a total of up to 9,600,000 shares, representing no more than 6.00% of the company's total share capital [1]. - Shantou Yinkang intends to reduce its holdings by up to 4,800,000 shares (3.00% of total share capital), while Hehe Investment also plans to reduce by up to 4,800,000 shares (3.00% of total share capital) [1]. - As of the announcement date, Shantou Yinkang holds 5,861,520 shares (3.66% of total share capital), and Hehe Investment holds 16,000,000 shares (10.00% of total share capital) [1]. Group 2: Company Background - The controlling shareholder of Yue Wannianqing is Guangdong Jino Health Technology Co., Ltd., with actual controllers being Ou Xiantao and Li Yinghua [2]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 7, 2021, with an initial public offering of 40 million shares at a price of 10.48 yuan per share [2]. - The company raised a total of 419 million yuan from its initial public offering, with a net amount of 370 million yuan after deducting issuance costs [3]. Group 3: Financial Performance - The company reported operating revenues from 2019 to 2024 as follows: 317 million yuan, 341 million yuan, 350 million yuan, 283 million yuan, 292 million yuan, and 279 million yuan [4]. - The net profit attributable to shareholders for the same period was 66.63 million yuan, 62.52 million yuan, 57.18 million yuan, 33.42 million yuan, 33.50 million yuan, and 4.16 million yuan [4]. - The net cash flow from operating activities for the years 2019 to 2024 was reported as 48.70 million yuan, 90.90 million yuan, 71.63 million yuan, 69.88 million yuan, -12.80 million yuan, and 3.21 million yuan [4].

Core Viewpoint - Hehe Investment, a shareholder holding more than 5% of the shares, plans to reduce its stake in Guangdong Wannianqing (301111) by up to 4.8 million shares, representing 3.00% of the company's total share capital, within three months after the announcement date [1] Summary by Category - **Shareholder Actions** - Hehe Investment intends to reduce its holdings through centralized bidding and block trading methods [1] - The reduction will occur within three months following the announcement, starting 15 trading days after the disclosure [1] - **Company Impact** - The planned reduction of shares may influence market perception and stock performance of Guangdong Wannianqing [1] - The total shares to be reduced account for 3.00% of the company's total share capital, indicating a significant divestment [1]

Core Viewpoint - Jiangxi Wannianqing Cement Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.5 yuan per 10 shares (tax included) to all shareholders [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting held on May 13, 2025, with a cash dividend of 1.5 yuan per 10 shares based on the total share capital as of the record date [1][2]. - The company will maintain the cash dividend amount per share even if the total share capital changes due to convertible bond conversions, share buybacks, or other reasons [1][2]. Record and Ex-Dividend Dates - The record date for the rights distribution is set for July 9, 2025, and the ex-dividend date is July 10, 2025 [2][3]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies [3]. Adjustment of Related Parameters - The total cash dividend amount is calculated as 758,939,592 shares multiplied by 0.15 yuan per share, resulting in a total of 113,840,938.80 yuan [3][4]. - The ex-dividend price will be adjusted to reflect the cash dividend, calculated as the closing price on the record date minus 0.1427638 yuan [4]. Convertible Bond Adjustment - Following the distribution, the conversion price of the company's convertible bonds will be adjusted from 8.67 yuan per share to 8.53 yuan per share [4].