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。 | 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | 广东长青（集团）股份有限公司 关于提前赎回"长集转债"的第七次提示性公告 特别提示： 1、"长集转债"赎回价格：101.151元/张（含当期应计利息，当期年利率为2%， 且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025年10月13日 3、"长集转债"停止交易日：2025年10月30日 4、"长集转债"赎回登记日：2025年11月3日 5、"长集转债"停止转股日：2025年11月4日 6、"长集转债"赎回日：2025年11月4日 7、赎回资金到账日（到达中登公司账户）：2025年11月7日 8、投资者赎回款到账日：2025年11月11日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z长转债 11、根据安排，截至11月3日收 ...

Summary of Key Points Core Viewpoint The announcement from Guangdong Changqing (Group) Co., Ltd. details the cumulative conversion of its convertible bonds "Changji Convertible Bonds" and the upcoming redemption process, highlighting significant changes in shareholding and bond management. Group 1: Convertible Bond Conversion Status - As of October 20, 2025, the cumulative conversion of "Changji Convertible Bonds" reached 81,185,235 shares, accounting for 10.9431% of the total shares issued before conversion [2][9] - There are still 1,872,880 bonds unconverted, representing 23.4110% of the total issuance of 8,000,000 bonds [2][9] Group 2: Convertible Bond Issuance and Listing - The company issued 8 million convertible bonds on April 9, 2020, with a total value of 800 million yuan [3][15] - The bonds were listed on the Shenzhen Stock Exchange on May 13, 2020 [4][16] Group 3: Conversion Period and Price Adjustments - The conversion period for the bonds is from October 15, 2020, to April 8, 2026 [5][17] - The conversion price has been adjusted multiple times, currently set at 5.15 yuan per share as of September 24, 2025 [8][20] Group 4: Redemption Details - The company plans to redeem all unconverted bonds at a price of 101.151 yuan per bond, including interest, on November 4, 2025 [14][24] - The redemption conditions were met as the stock price exceeded 130% of the conversion price for 15 trading days [23][24] Group 5: Redemption Process and Timeline - The bonds will stop trading on October 30, 2025, with the redemption registration date set for November 3, 2025 [14][29] - Redemption funds will be credited to bondholders' accounts by November 11, 2025 [29][30]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][9]. Core Views - The report highlights the adjustment of value-added tax policies for renewable energy, particularly wind and nuclear power, which is expected to support the profitability of these sectors [3][18][19]. - The report emphasizes the ongoing government support for renewable energy development, indicating a gradual stabilization in profitability for new energy generation [4][29]. - The report suggests that the decline in coal and electricity prices may allow thermal power companies to maintain reasonable profit levels [4][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 2.22%, while the public utility index decreased by 0.69% and the environmental index dropped by 1.11% [1][15]. - Among the sub-sectors, thermal power decreased by 0.82%, hydropower increased by 1.69%, and new energy generation fell by 1.85% [1][15]. Important Events - The National Development and Reform Commission released a draft on renewable energy consumption targets, which includes both electricity and non-electric consumption minimum ratios [2][16]. - The government announced support for green methanol and sustainable aviation fuel projects, with funding covering up to 80% of project costs in certain regions [17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][29]. - The report also suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and gas companies with trade capabilities like Jiufeng Energy [4][29]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS forecast for 2024A at 0.49 and 2025E at 0.62 [9]. - Longyuan Power: Outperform, EPS forecast for 2024A at 0.76 and 2025E at 0.81 [9]. - China Nuclear Power: Outperform, EPS forecast for 2024A at 0.43 and 2025E at 0.50 [9]. Environmental Sector Insights - The water and waste incineration sectors are entering a mature phase, with improved free cash flow and lower risk preferences among investors [30]. - The domestic scientific instrument market presents significant opportunities for domestic replacements, with a market size exceeding $9 billion [30].

Group 1 - The core point of the announcement is that Changqing Group will forcibly redeem the "Changji Convertible Bonds" if they are not converted by the close of trading on November 3 [1] - After the redemption, the "Changji Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [1] - Bondholders are advised to lift any pledges or freezes on their "Changji Convertible Bonds" before the conversion deadline to avoid being redeemed due to inability to convert [1]

Core Insights - Changqing Group announced that as of October 20, 2025, the total number of shares converted from its publicly issued convertible bonds "Changji Convertible Bonds" reached 81,185,235 shares, representing 10.9431% of the total shares issued by the company prior to the conversion [2] Summary by Categories - **Convertible Bonds**: The company has issued convertible bonds, which have seen a significant conversion into equity, with over 81 million shares converted [2] - **Shareholder Impact**: The conversion of these bonds has resulted in a dilution effect, as the converted shares account for approximately 10.94% of the total shares outstanding before the conversion [2]

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | 广东长青（集团）股份有限公司 关于提前赎回"长集转债"的第六次提示性公告 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、"长集转债"赎回价格：101.151元/张（含当期应计利息，当期年利率为2%， 且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公 司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025年10月13日 3、"长集转债"停止交易日：2025年10月30日 4、"长集转债"赎回登记日：2025年11月3日 5、"长集转债"停止转股日：2025年11月4日 6、"长集转债"赎回日：2025年11月4日 7、赎回资金到账日（到达中登公司账户）：2025年11月7日 8、投资者赎回款到账日：2025年11月11日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z长转债 11、根据安排，截至11月3日收 ...

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | 广东长青（集团）股份有限公司 关于可转债转股数累计达到转股前已发行股份总额 10%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。 重要内容提示： 1、转股情况：截至2025年10月20日，广东长青（集团）股份有限公司（以下简 称"公司"）公开发行可转换公司债券"长集转债"累计转股数量为81,185,235股 ，占可转债开始转股前公司已发行股份总额741,883,144股的10.9431%。 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于核准广东长青（集团）股份有限公司公开发 行可转换公司债券的批复》（证监许可[2019]2009 号）核准，公司于 2020 年 4 月 9 日公开发行了 800 万张可转换公司债券（债券简称：长集转债，债券代码：128105）， 每张面值 100 元，发行总额 8.00 亿元。 （二）可转换公司债券上市情况 经深圳证券交易 ...

Core Viewpoint - Changqing Group's stock price has shown a year-to-date increase of 31.10%, but has recently experienced declines over various trading periods, indicating potential volatility in the stock performance [1]. Group 1: Stock Performance - As of October 21, Changqing Group's stock price rose by 2.02% to 6.07 CNY per share, with a trading volume of 1.49 billion CNY and a turnover rate of 4.59%, resulting in a total market capitalization of 49.42 billion CNY [1]. - Year-to-date, the stock has increased by 31.10%, but it has decreased by 6.76% over the last five trading days, 10.34% over the last 20 days, and 3.80% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on March 3, where it recorded a net buy of -17.16 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Changqing Group reported operating revenue of 1.873 billion CNY, a year-on-year decrease of 1.74%, while the net profit attributable to shareholders increased by 46.23% to 121 million CNY [2]. - Since its A-share listing, the company has distributed a total of 939 million CNY in dividends, with 185 million CNY distributed over the past three years [2]. Group 3: Business Overview - Changqing Group, established on August 6, 1993, and listed on September 20, 2011, operates in three main business segments: biomass cogeneration, waste-to-energy, and centralized coal heating for industrial parks [1]. - The revenue composition of the company is as follows: electricity accounts for 58.48%, heating for 39.27%, and other sources for 2.25% [1].

Core Viewpoint - The company has decided to exercise its right to redeem the "Changji Convertible Bonds" early due to the current market conditions and the company's situation, following the approval from the board of directors [4][13]. Group 1: Redemption Details - The redemption price for the "Changji Convertible Bonds" is set at 101.151 yuan per bond, which includes the accrued interest for the current period at an annual interest rate of 2% [2][14]. - The conditions for redemption are met as the company's stock price has been above 130% of the current conversion price for at least 15 trading days [13]. - The redemption schedule includes the following key dates: - Redemption condition satisfaction date: October 13, 2025 - Last trading day: October 30, 2025 - Redemption registration date: November 3, 2025 - Stop conversion date: November 4, 2025 - Redemption date: November 4, 2025 - Funds arrival date: November 7, 2025 - Investor funds arrival date: November 11, 2025 [3][17]. Group 2: Convertible Bond Information - The company issued 8 million convertible bonds with a total value of 800 million yuan, with each bond having a face value of 100 yuan [5][6]. - The conversion period for the bonds is from April 15, 2020, to April 8, 2026 [6]. - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 5.15 yuan per share effective from September 24, 2025 [9][10]. Group 3: Shareholding Changes - The conversion of the "Changji Convertible Bonds" has led to a passive dilution of the shareholding percentage of the controlling shareholders and their concerted actors, without any change in the number of shares held [23][26]. - The total share capital increased from 810,061,505 shares to 814,086,610 shares due to the conversion [24].

Core Viewpoint - Changqing Group announced the mandatory redemption of "Changji Convertible Bonds" if not converted by the market close on November 3, leading to the delisting of these bonds from the Shenzhen Stock Exchange [1] Summary by Sections - **Mandatory Redemption Announcement** - Changqing Group will enforce the mandatory redemption of "Changji Convertible Bonds" that remain unconverted by the specified deadline [1] - **Delisting Information** - Following the redemption, "Changji Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [1] - **Advice for Bondholders** - Bondholders are advised to convert their bonds before the deadline, especially if their bonds are pledged or frozen, to avoid being forced into redemption [1]