Core Viewpoint - The company announced a reduction in the conversion price of its convertible bonds, "Wanqing Convertible Bonds," from 8.67 CNY per share to 8.53 CNY per share, effective from July 10, 2025, due to a cash dividend distribution [1][6]. Summary by Sections Conversion Price Adjustment - The previous conversion price of "Wanqing Convertible Bonds" was 8.67 CNY per share, which will be adjusted to 8.53 CNY per share [1][6]. - The adjustment is based on the company's profit distribution plan, which includes a cash dividend of 1.5 CNY per 10 shares [5][6]. Basis for Adjustment - The adjustment follows the regulations set by the China Securities Regulatory Commission regarding convertible bonds, which require adjustments in the conversion price when there are changes in the company's equity structure [1][2]. - The formula for adjusting the conversion price is provided, taking into account factors such as stock dividends, new share issuance, and cash dividends [1][2]. Historical Adjustments - The company has previously adjusted the conversion price multiple times due to various equity distributions: - On May 27, 2021, the price was adjusted from 14.16 CNY to 13.46 CNY after a cash distribution of 7 CNY per 10 shares [2]. - On June 1, 2022, the price was adjusted from 13.46 CNY to 12.66 CNY following a cash distribution of 8 CNY per 10 shares [3]. - On June 1, 2023, the price was adjusted from 12.66 CNY to 12.40 CNY after a cash distribution of 2.6 CNY per 10 shares [4]. - On April 22, 2024, the price was adjusted to 8.76 CNY following a prior adjustment [4][5]. Current Share Structure - As of the announcement date, the total share capital of the company is 797,407,415 shares, with 38,467,823 shares held in a repurchase account not entitled to dividends [6]. - The adjusted base for the cash distribution is 758,939,592 shares, leading to a total cash distribution of approximately 113.84 million CNY [6].

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2025-55 | | --- | --- | --- | | 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 关于实施"万青转债"转股价格调整的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 调整前"万青转债"转股价格为：8.67 元/股 调整后"万青转债"转股价格为：8.53 元/股 转股价格调整起始日：2025 年 7 月 10 日 其中：P0 为调整前转股价，n 为送股或转增股本率，k 为增发新股或配 股率，A 为增发新股价或配股价，D 为每股派送现金股利，P1 为调整后转股 价。 当公司出现上述股份和/或股东权益变化情况时，将依次进行转股价格 调整，并在中国证监会指定的上市公司信息披露媒体上刊登董事会决议公 告，并于公告中载明转股价格调整日、调整办法及暂停转股期间（如需）； 当转股价格调整日为本次发行的可转债持有人转股申请日或之后，转换股 份登记日之前，则该持有 ...

| 证券代码：000789 | 证券简称：万年青 | 公告编号：2025-54 | | --- | --- | --- | | 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 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 江西万年青水泥股份有限公司（以下简称"公司"）2024 年权益分派方案 已获得 2025 年 5 月 13 日召开的 2024 年年度股东大会审议通过（具体内容详见 2025 年 5 月 14 日刊登在公司指定媒体《中国证券报》《证券时报》和巨潮资 讯网上的相关公告）。现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 1.2025 年 5 月 13 日公司召开的 2024 年年度股东大会审议通过了《江西万 年青水泥股份有限公司 2024 年度利润分配预案的议案》。2024 年年度利润分 配方案为：以实施权益分派股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利 1.5 元（ ...

Group 1 - The cement sector experienced a surge, with Fujian Cement (600802) hitting the daily limit up [1] - Other companies such as Sichuan Shuangma (000935), Wanyanqing (000789), Conch Cement (600585), Shangfeng Cement (000672), and Jinyu Group (601992) also saw increases in their stock prices [1]

| 公告编号：2025-53 | | --- | | 证券简称：万年青 | | 证券代码：000789 | 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 债券代码：127017；债券简称：万青转债 转股价格：人民币 8.67 元/股 转股时间：2020 年 12 月 9 日至 2026 年 6 月 2 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第15号——可转换公司债券》的有关规定，江西万年 青水泥股份有限公司（以下简称"公司"）现将2025年第二季度可转 换公司债券（以下简称"可转债"或"万青转债"）转股及公司股份 变动情况公告如下： 一、可转债发行上市情况 经中国证券监督管理委员会《关于核准江西万年青水泥股份有限 公司公开发行可转换公司债券的批复》（证监许可〔2020〕601号） 核准，公司于2020年6月3日公开发行了1,000万张可转换公司债券， 每张面值100元，发行总额10.00亿元。 经深交所"深证上〔2020〕548 号"文同意，公司10.00亿元可 转换公司债券于2020年7月2日起在 ...

（本页无正文，为《江西万年青水泥股份有限公司 2025 年面向专业投资者公开 发行公司债券（第一期）在深圳证券交易所上市的公告》之盖章页） 江西万年青水泥股份有限公司 2025 年面向专业投资者公开发行 公司债券（第一期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，江西万年青水泥股份有限公司 2025 年面向 专业投资者公开发行公司债券（第一期）符合深圳证券交易所债券上市条件，将于 2025 年 7 月 1 日起在深圳证券交易所上市，并面向专业投资者中的机构投资者交易，交易方式包括 匹配成交、点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 江西万年青水泥股份有限公司 2025 年面向专业投资者公开发行公 | | --- | --- | | | 司债券（第一期） | | 债券简称 | 25 江泥 01 | | 债券代码 | 524330.SZ | | 信用评级 | 主体信用等级为 AA+，债项等级为 AA+ | | 评级机构 | 中诚信国际信用评级有限责任公司 | | 发行总额（亿元） | 6 | | 债券期限 | 本期债券期限为 5 年，附第三年末调整票面利 ...

Core Viewpoint - Jiangxi Wannianqing Cement Co., Ltd. announced the suspension of conversion for its convertible bonds "Wanquan Convertible Bonds" during the equity distribution period, which will take effect from July 1, 2025, until the first trading day after the equity registration date [1] Group 1: Announcement Details - The company held its 2024 annual general meeting on May 13, 2025, where the profit distribution plan for the fiscal year 2024 was approved [1] - The suspension of conversion will last from July 1, 2025, until the first trading day after the equity registration date [1] - The convertible bonds will continue to trade normally during the suspension period [1] Group 2: Adjustment of Conversion Price - The adjustment of the conversion price will occur in the event of stock dividends, capital increases, new share issuances, or cash dividends, with specific formulas provided for each scenario [2] - The formulas for adjusting the conversion price include variables such as the previous conversion price, stock dividend rate, new share issuance rate, and cash dividend per share [2] - The company will disclose the adjustment details and the suspension period through announcements in designated media [3]

Core Viewpoint - The credit rating of Jiangxi Wannianqing Cement Co., Ltd. remains stable at AA+, reflecting its strong market position and financial stability despite challenges in the cement industry [3][4][6]. Company Overview - Jiangxi Wannianqing Cement is a leading cement producer in Jiangxi Province, with a significant market share of approximately 25% in the province's cement production [4][12]. - The company has 11 clinker production lines and 32 cement mills, with an annual cement production capacity of 26 million tons and clinker capacity of 13.75 million tons [12][14]. Financial Performance - In 2024, the company's revenue decreased by 27.27% year-on-year, with net profit significantly declining due to falling demand and prices in the cement market [7][18]. - The company's total assets were reported at 162.35 billion yuan, with total liabilities at 34.33 billion yuan, indicating a relatively low debt level and strong debt repayment capacity [5][6]. - EBITDA for 2024 was 840 million yuan, and FFO was 243 million yuan, reflecting a solid cash flow position [6][18]. Market Environment - The cement market is experiencing a downturn due to reduced demand from the real estate sector and increased competition, leading to a decline in both volume and price for major products [7][10]. - The company is actively extending its industrial chain into ready-mixed concrete and aggregates, with a new ready-mixed concrete plant added in 2024 [12][14]. Operational Challenges - The company faces challenges with accounts receivable, particularly in its ready-mixed concrete business, where the aging of receivables has increased, leading to a significant provision for bad debts [7][18]. - The overall production capacity utilization has declined, particularly in the ready-mixed concrete segment, due to market saturation and intense competition [14][18]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating that its strong brand recognition and regional competitive advantages will support its business continuity [7][10]. - The company plans to continue expanding its ready-mixed concrete business and enhance its operational efficiency to mitigate the impact of market challenges [12][18].

| 证券代码:000789 | | --- | | 债券代码: 127017 | 证券代码：000789 证券简称：万年青 公告编号：2025-52 债券代码：127017 债券简称：万青转债 江西万年青水泥股份有限公司 关于权益分派期间"万青转债"暂停转股的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、债券代码：127017，债券简称：万青转债 ； 2、转股起始时间：2020 年 12 月 9 日至 2026 年 6 月 2 日； 3、暂停转股期间：2025 年 7 月 1 日至公司 2024 年度权益分派 股权登记日止； 4、恢复转股时间：公司 2024 年度权益分派股权登记日后的第 一个交易日即权益分派除权除息日。 停转股期间公司可转换公司债券将正常交易，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 2025 年 6 月 27 日 公司于 2025 年 5 月 13 日召开的 2024 年年度股东大会审议通过 了《江西万年青水泥股份有限公司 2024 年度利润分配预案的议案》， 并计划于近日实施 2 ...

江西万年青水泥股份有限公司相 关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【481】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...