Core Viewpoint - Guangdong Changqing (Group) Co., Ltd. has announced that its convertible bond "Changji Convertible Bond" may meet the redemption conditions due to the stock price performance, which has been above 130% of the conversion price for 10 trading days [2][10]. Group 1: Convertible Bond Issuance and Listing - The company issued 8 million convertible bonds with a total value of 800 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission on April 9, 2020 [3]. - The bonds were listed on the Shenzhen Stock Exchange on May 13, 2020, under the name "Changji Convertible Bond" [4]. Group 2: Conversion Period and Price Adjustments - The conversion period for the bonds is from April 15, 2020, to April 8, 2026 [5]. - The conversion price has been adjusted multiple times, with the latest adjustment on September 24, 2025, reducing the price from 5.30 yuan to 5.15 yuan per share [8]. Group 3: Conditional Redemption Terms - The company has the right to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [9]. - The current stock price has been above the threshold, indicating a potential trigger for the redemption clause [10]. Group 4: Other Matters - Investors are encouraged to refer to the full prospectus disclosed on April 7, 2020, for more details regarding the convertible bonds [11].

| 证券代码：002616 | 证券简称：长青集团 | 公告编号： | 2025-045 | | --- | --- | --- | --- | | 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"长集转债"可能满足赎回条件的提示性公告 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。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上[2020]372 号"文同意，公司 8.00 亿元可转换 公司债券于 2020 年 5 月 13 日起在深交所挂牌交易，债券简称"长集转债"，债 券代码"128105"。 特别提示： 自 2025 年 9 月 15 日至 2025 年 9 月 26 日，广东长青（集团）股份有限公司 （以下简称"公司"）股票已有 10 个交易日的收盘价格不低于"长集转债"当 期转股价格的 130%（公司于 2025 年 9 月 24 日实施 2025 年半年度权益分派，实 施权益分派前"长集转债"的 130%为 6.89 元/股，实施权益分派后"长集转债" 转股价格的 130%为 6.69 元/ ...

Core Viewpoint - The company has approved the investment in the second phase of the Maoming Changqing cogeneration project and the associated pipeline project, with a total estimated investment of 571 million yuan [8][11]. Group 1: Investment Overview - The total estimated investment for the project is 571 million yuan, with approximately 200 million yuan allocated for the cogeneration project and about 371 million yuan for the pipeline project [8][13]. - The project aims to meet the steam demand of China Petroleum & Chemical Corporation Maoming Branch due to its expansion and downstream industries [8][11]. Group 2: Project Details - The cogeneration project will include a 260t/h high-temperature and high-pressure circulating fluidized bed boiler, a back-pressure turbine, and a 25MW generator set [13]. - The pipeline project will extend approximately 21 kilometers from the cogeneration plant to the Maoming Refinery, with a design flow of 230t/h [14]. Group 3: Contractual Agreements - A steam supply contract has been signed between the company and Maoming Petrochemical, stipulating a base steam supply of 165t/h after the commissioning of the RTC unit [10][11]. - The contract is set for a duration of five years, with provisions for negotiation of a new agreement three months prior to expiration [10]. Group 4: Expected Impact - The implementation of this project is expected to enhance the company's sales and profitability [19]. - The project is anticipated to have a positive impact on the company's future financial status and operational performance, although it will not significantly affect the company's performance in 2025 [20].

Group 1: Company Announcements - Yunnan Tourism (002059.SZ) currently lacks the capability for robot complete machine design or production [1] - Dongfang Yuhong (002271.SZ) plans to invest 600 million yuan in the construction of a new material industry chain project in Shanglin County [1] - Macro Construction (002062.SZ) is part of a consortium that has pre-won a 1.36 billion yuan engineering project [1] - Zhongman Petroleum (603619.SH) intends to acquire 49% equity in Xinhuaxia Dubai [1] - Qibin Group (601636.SH) plans to repurchase shares worth between 100 million to 200 million yuan [1] - Shuanglin Co., Ltd. (300100.SZ) has submitted an application for the issuance and listing of overseas listed shares (H shares) to the Hong Kong Stock Exchange [1] - Zhiya Co., Ltd. (002803.SZ) plans to reduce holdings by no more than 2% of shares by the controlling shareholder and actual controller's concerted actors [1] - Hanyu Pharmaceutical (300199.SZ) plans to raise no more than 968 million yuan through a private placement [2] - Jihong Co., Ltd. (002803.SZ) expects a year-on-year increase of 65.72% to 76.86% in net profit excluding non-recurring gains and losses for the first three quarters [2] Group 2: Project Investments - Longxing Technology (002442.SZ) plans to invest in the energy-saving upgrade and transformation project of carbon black tail gas waste heat power generation [1] - Changqing Group (002616.SZ) intends to invest in the second phase of the Maoming Changqing combined heat and power project and supporting pipeline engineering [1] Group 3: Contract Wins - Shiji Hengtong (301428.SZ) has won a project worth 1.065 billion yuan [1] - Beixin Road and Bridge (002307.SZ) has won a 430 million yuan engineering project [1] - State Grid Information and Communication (600131.SH) subsidiary has won a 605 million yuan project from the State Grid [1]

Core Points - The company plans to invest 571 million yuan in the second phase of the Maoming Changqing cogeneration project and the supporting steam pipeline project [2] - The investment for the cogeneration project phase two is approximately 200 million yuan, while the supporting pipeline project is about 371 million yuan [2] - The investment aims to meet the steam demand from China Petroleum & Chemical Corporation's Maoming branch and its downstream industries, aligning with national energy policies and demonstrating good social benefits [2] Financial Impact - The implementation of this project is expected to enhance the sales and profitability of Maoming Changqing [2] - If the project proceeds smoothly, it will have a positive impact on the company's future financial status and operating performance, although it will not significantly affect the company's performance in 2025 [2] - Specific investment amounts, return rates, and payback periods will be determined by the project's feasibility report and relevant departmental approvals [2] Business Overview - The company's main business segments include biomass cogeneration, waste-to-energy, and centralized coal heating for industrial parks, focusing on electricity and heat production as well as biomass utilization [2]

Core Viewpoint - The company plans to invest 571 million yuan in the second phase of the Maoming Changqing cogeneration project and the construction of a supporting steam pipeline project, which is expected to enhance sales and profitability while meeting the steam demand of its key customer, Sinopec Maoming Branch [1][1][1] Investment Details - The total investment for the cogeneration project phase two is approximately 200 million yuan, while the supporting pipeline project will require about 371 million yuan [1][1] - The project aligns with national energy industry policies and is expected to have positive social benefits [1][1] Business Impact - The implementation of this project is anticipated to positively influence the company's future financial status and operational performance, although it will not significantly impact the company's performance in 2025 [1][1] - The company’s main business segments include biomass cogeneration, waste-to-energy, and centralized coal heating for industrial parks, focusing on electricity and heat production as well as biomass utilization [1][1]

Core Viewpoint - *ST Tianmao's stock will be delisted from the Shenzhen Stock Exchange, with the decision effective immediately, and the stock will be removed within five trading days [1][2]. Group 1: Delisting Announcement - On September 25, *ST Tianmao received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1]. - The stock will not enter a delisting transition period and will be delisted within five trading days from the announcement [2]. Group 2: Shareholder Meeting and Cash Option - On August 25, *ST Tianmao held an extraordinary general meeting where shareholders approved the decision to voluntarily terminate the stock listing [5]. - The company initiated a cash option mechanism to protect investors, allowing eligible A-share shareholders to exercise cash options at a price of 1.60 yuan per share, with a total of 1,442,279,537 cash options effectively declared during the application period [5]. - The total funding required for the cash options is approximately 2.3 billion yuan [5]. Group 3: Post-Delisting Arrangements - After delisting, *ST Tianmao's shares will be transferred to the National Equities Exchange and Quotations system for trading [6]. - The company has appointed Changcheng Guorui as the agency to manage the share transfer services [6].

Group 1: Strategic Restructuring - Pingmei Shenma and Shenneng Group announced plans for strategic restructuring by the controlling shareholders, which will not significantly impact their operations [1][1] - The restructuring will not change the controlling shareholders or the actual controllers of either company [1][1] Group 2: Capital Increase - Ganfeng Lithium plans to introduce investors for a capital increase of up to 2.5 billion yuan for its subsidiary, Ganfeng Lithium Technology [2] - The capital increase will be priced at 3 yuan per 1 yuan of registered capital, and the company will waive its preferential subscription rights [2] Group 3: Stock Trading Suspension - Upwei New Materials' stock has been suspended for verification due to multiple instances of abnormal trading fluctuations [3] - The company will conduct an investigation into the trading volatility and will resume trading after the verification process [3] Group 4: Earnings Forecast - Jihong Co. expects a net profit of 209 million to 222 million yuan for the first three quarters of 2025, representing a growth of 55% to 65% year-on-year [4] - The growth is attributed to significant increases in revenue and profit from cross-border social e-commerce and improved operational efficiency in the packaging business [4] Group 5: Fundraising and Projects - Hanyu Pharmaceutical plans to raise up to 968 million yuan through a private placement for various projects including peptide drug production and R&D upgrades [5] - Water Development Gas received acceptance for its securities issuance application from the Shanghai Stock Exchange [6] Group 6: Important Transactions - Tianqi Model's controlling shareholders signed a share transfer agreement to transfer 162 million shares, which will change the controlling shareholder to Jianfa Wanyu [7] - The transaction is expected to lead to a change in the actual controller to the Urumqi Economic and Technological Development Zone State-owned Assets Supervision and Administration Commission [7] Group 7: Investment Projects - Dongfang Yuhong signed an investment agreement to invest 600 million yuan in a new materials industry chain project in Nanning, Guangxi [9] - The project includes mining, processing, and product development [9] - Changqing Group plans to invest 571 million yuan in the second phase of its cogeneration project in Maoming [9]

Core Viewpoint - Changqing Group plans to invest 571 million yuan in the second phase of the Maoming Changqing cogeneration project and the construction of a supporting steam pipeline project, aiming to meet the steam demand from China Petroleum & Chemical Corporation's Maoming branch and its downstream industries [1] Group 1: Investment and Project Details - The investment for the cogeneration project phase two is approximately 200 million yuan, while the supporting pipeline project will require about 371 million yuan [1] - The project aligns with national energy industry policies and is expected to have positive social benefits, enhancing the company's heating business in Maoming High-tech Zone [1] - Successful implementation of the project is anticipated to expand sales and profitability for Changqing Group, although it will not significantly impact the company's operating performance in 2025 [1] Group 2: Financial Performance - In the first half of 2025, Changqing Group reported revenue of 1.873 billion yuan, a slight decrease year-on-year, primarily due to a reduction in heating revenue from the industrial park coal-fired heating project as steam prices fell in line with coal prices [2] - The company's non-net profit reached 146 million yuan, a year-on-year increase of 150.33%, attributed to lower fuel costs and an increase in the number of biomass projects benefiting from VAT incentives [2] - The decline in biomass fuel costs has significantly contributed to profit, while the coal-fired heating segment maintained reasonable earnings despite a decrease in steam prices [2] Group 3: Asset Transactions - On July 25, Changqing Group announced the transfer of 100% equity in Changqing Environmental Energy (Zhongshan) Co., Ltd. and Zhongshan Changqing Environmental Thermal Energy Co., Ltd. to a subsidiary of Zhongshan Public Utility Group for a total consideration of 494 million yuan [2][3] - Following the transaction, the company will no longer hold equity or debt in Changqing Energy and Changqing Thermal Energy, and these assets will be excluded from the consolidated financial statements [3] - The sale is expected to generate an investment income of approximately 210 to 220 million yuan, depending on the asset status at the time of equity transfer [3]

Core Viewpoint - Changqing Group (002616.SZ) plans to invest RMB 571 million in the second phase of the Maoming Changqing cogeneration project to meet the steam demand from Maoming Petrochemical and its downstream industries, aiming for continuous, safe, and stable steam supply [1] Investment Details - The investment includes the construction of the cogeneration project and a supporting steam pipeline network [1] - The project is expected to positively impact the company's future financial status and operational performance due to agreements on basic steam usage and pricing in the steam supply contract [1] Potential Risks - The execution of the project may be influenced by significant changes in the external macro environment, national policy changes, variations in the demand from the counterparty, and other unforeseen or force majeure factors [1]