Core Points - The company, Shanxi Yongdong Chemical Co., Ltd., has issued a notice regarding the potential downward adjustment of the conversion price for its convertible bonds "Yongdong Zhuan 2" [2][11] - The current conversion price is set at 8.34 CNY per share, and there is a risk of triggering a downward adjustment if the stock price remains below 90% of this price for a specified period [2][11] Group 1: Convertible Bond Issuance and Listing - The company issued 3.8 million convertible bonds with a total value of 38 million CNY, approved by the China Securities Regulatory Commission [3] - The bonds were listed on the Shenzhen Stock Exchange on May 16, 2022, under the code "127059" [4] Group 2: Conversion Price and Adjustment - The initial conversion price was set at 8.86 CNY per share, which has been adjusted multiple times due to equity distribution plans [5][6][7][8] - The conversion price has been adjusted to 8.34 CNY per share as of June 17, 2025, following the 2024 equity distribution [8] Group 3: Conditions for Downward Adjustment - The company’s board can propose a downward adjustment of the conversion price if the stock price is below 90% of the current conversion price for at least 10 out of 20 consecutive trading days [2][11] - The adjusted conversion price must not be lower than the higher of the average stock price over the previous 20 trading days or the net asset value per share [10] Group 4: Upcoming Procedures - If the conditions for adjustment are met, the company will hold a board meeting to decide on the adjustment and will disclose the decision the next trading day [11] - Investors are advised to refer to the company's prospectus for further details on the convertible bonds [12]

Core Viewpoint - The company, Shanxi Yongdong Chemical Co., Ltd., has announced that its convertible bond "Yongdong Zhuang 2" is expected to trigger conditions for a downward adjustment of the conversion price due to stock prices falling below a specified threshold [1][5]. Summary by Sections Convertible Bond Issuance and Listing - The company issued a total of 380 million yuan in convertible bonds, approved by the China Securities Regulatory Commission [1]. - The bonds were listed on the Shenzhen Stock Exchange on May 16, 2022, under the name "Yongdong Zhuang 2" [1]. Conversion Price Adjustment - The conversion price was adjusted from 8.86 yuan per share to 8.63 yuan per share on June 21, 2023, following the 2022 annual equity distribution [2]. - Further adjustments were made to 8.49 yuan per share on June 26, 2024, and to 8.34 yuan per share on June 17, 2025, in line with annual equity distributions [3][4]. Conditions for Downward Adjustment - The company’s board can propose a downward adjustment of the conversion price if the stock price closes below 90% of the current conversion price for at least 10 out of 20 consecutive trading days [4]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's price [4]. Current Situation - As of September 5, 2025, the stock price has closed below 7.51 yuan, which is 90% of the current conversion price of 8.34 yuan, indicating that the conditions for a downward adjustment are likely to be met [5].

| 证券代码：002753 | 证券简称：永东股份 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 山西永东化工股份有限公司 关于"永东转 2"预计触发转股价格向下修正条件的 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： 1、证券代码：002753 证券简称：永东股份 2、债券代码：127059 债券简称：永东转 2 （三）可转债转股期限 根据相关规定和公司《募集说明书》约定，永东转 2 的转股期限为自发行 结束之日起满六个月后的第一个交易日起至可转债到期日止（即 2022 年 10 月 14 日至 2028 年 4 月 7 日止）。初始转股价格为 8.86 元/股。 3、转股价格：8.34 元/股 4、转股期限：2022 年 10 月 14 日至 2028 年 4 月 7 日 5、根据公司于 2022 年 4 月 6 日披露的《山西永东化工股份有限公司公开 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 ...

Core Viewpoint - Yongdong Co., Ltd. reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 1.891 billion yuan, a decrease of 11.33% year-on-year [1]. - Net profit attributable to shareholders was 40.059 million yuan, down 22.67% year-on-year [1]. - In Q2 2025, total revenue was 1.021 billion yuan, a decline of 12.97% year-on-year, and net profit was 10.396 million yuan, down 48.52% year-on-year [1]. - Gross margin was 4.73%, a decrease of 8.33% year-on-year, while net margin was 2.12%, down 12.79% year-on-year [1]. - Total operating expenses were 49.7448 million yuan, accounting for 2.63% of revenue, an increase of 35.0% year-on-year [1]. - Earnings per share were 0.11 yuan, a decrease of 23.36% year-on-year [1]. Cash Flow and Debt Situation - Cash flow from operations per share was 0.22 yuan, a significant increase of 2078.17% year-on-year [1]. - The ratio of cash and cash equivalents to current liabilities was only 39.4%, indicating potential liquidity issues [4]. - The interest-bearing debt ratio reached 24.14%, with total interest-bearing debt amounting to 798.6 million yuan, which is 261.18% of the average operating cash flow over the past three years [4]. Accounts Receivable - Accounts receivable amounted to 627.8% of net profit, indicating a high level of outstanding receivables [5]. Business Model and Strategy - The company's return on invested capital (ROIC) was 4.37%, indicating weak capital returns, with a historical median ROIC of 9.4% since its listing [3]. - The company relies heavily on capital expenditures for growth, necessitating careful evaluation of the profitability of these investments [3]. - The company plans to expand its product offerings in the coal chemical deep processing sector and enhance its carbon black products towards high-end markets [5][6].

Group 1 - The company Yongdong Co., Ltd. reported a revenue of approximately 1.891 billion yuan for the first half of 2025, representing a year-on-year decrease of 11.33% [1] - The net profit attributable to shareholders of the listed company was approximately 40.06 million yuan, a year-on-year decrease of 22.67% [1] - The basic earnings per share were 0.1066 yuan, reflecting a year-on-year decrease of 23.36% [1]

Core Viewpoint - Yongdong Co., Ltd. has demonstrated significant improvement in operational cash flow and resilience in its business model, focusing on the deep processing of coal tar and optimizing procurement and inventory management [1][2]. Financial Performance - For the first half of 2025, Yongdong Co., Ltd. reported revenue of 1.891 billion yuan and a net profit attributable to shareholders of 40.059 million yuan [1]. - The net cash flow from operating activities reached 80.816 million yuan, representing a substantial increase of 2078.22% compared to the same period last year [1]. Business Segments - The company's main product, carbon black, generated revenue of 1.224 billion yuan, accounting for 64.71% of total revenue [1]. - Coal tar processing products contributed 655 million yuan, making up 34.65% of revenue, with a gross margin increase of 2.79 percentage points to 7.98% [1]. Competitive Advantages - Yongdong Co., Ltd. has established a circular economy industrial chain, effectively utilizing resources through a model that integrates coal tar processing, carbon black production, flue gas power generation, and fine chemical new materials [2]. - The company has maintained a strong focus on R&D, investing 61.635 million yuan and holding 31 patents, including 19 invention patents [2]. Project Development - The company is progressing on projects including a 500,000-ton coal tar deep processing project and a new carbon black production line, with construction in progress valued at 173 million yuan, a 3.93% increase from the previous year [2]. - These projects are expected to enhance production capacity and optimize product structure, facilitating expansion into new materials and high-end development [2][3]. Future Outlook - Yongdong Co., Ltd. plans to deepen its circular economy industrial chain and promote high-end, differentiated development of carbon black products while expanding into new materials [3]. - The ongoing 500,000-ton coal tar deep processing project is anticipated to add capacity for high-value products like industrial naphthalene, further extending the industrial chain [3].

山西永东化工股份有限公司 | 小计 | - | - | - | - | - | - | - | - | - | - | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总计 | - | - | - | - | - | - | - | - | - | - | | 其他关联资金往来 | 资金往来方 名称 | 往来方与上市 | 上市公司核 | 2025 年期初 | 2025 年半年度 往来累计发生 金额（不含利 | 2025 年半年 | 2025 年半年 | 2025 年半年 | 往来形 成原因 | 往来性质 （经营性往 来、非经营性 | | | | 公司的关联关 | 算的会计科 | 往来资金余 | | 度往来资金的 | 度偿还累计 | 度期末往来 | | | | | | 系 | 目 | 额 | | 利息（如有） | 发生金额 | 资金余额 | | | | | | | | | 息） | | | | | 往来） | | 控股股东、实际控制 人及其附属企业 | | | | | | | | | | | | 上市公司的子公司 | | ...

山西永东化工股份有限公司（以下简称"公司"）第六届监事会第五次会 议通知于 2025 年 8 月 18 日以电话、邮件、专人送达等形式发出送达全体监事， 会议于 2025 年 8 月 28 日以现场表决方式在公司二楼会议室召开。会议应出席 监事 3 人，实际出席会议监事 3 人，会议由监事会主席毛肖佳主持。本次会议 的召开符合《公司法》及相关法律、法规以及《公司章程》的规定。 二、监事会会议审议情况 1、审议通过了《2025 年半年度报告全文及摘要的议案》； 表决结果：3 票同意、0 票弃权、0 票反对；表决通过。 | 证券代码：002753 | 证券简称：永东股份 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 山西永东化工股份有限公司 第六届监事会第五次会议决议公告 本公司和监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。 一、监事会会议召开情况 监事会认为：董事会编制和审核公司《2025 年半年度报告全文及摘要》的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确 ...

一、董事会会议召开情况 山西永东化工股份有限公司（以下简称"公司"）第六届董事会第五次会 议通知于 2025 年 8 月 18 日以电话、邮件、专人送达等形式发出送达全体董事， 会议于 2025 年 8 月 28 日在公司二楼会议室召开。会议采用现场和通讯表决的 形式召开，会议应出席董事 9 人，实际出席会议董事 9 人，公司监事、高级管 理人员列席了会议，会议由董事长刘东杰主持。本次会议的召开符合《公司法》 及相关法律、法规以及《公司章程》的规定,本次会议所形成的有关决议合法、 有效。 二、董事会会议审议情况 1、审议通过了《2025 年半年度报告全文及摘要的议案》； 表决结果：9 票同意、0 票弃权、0 票反对；表决通过。 | 证券代码：002753 | 证券简称：永东股份 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 山西永东化工股份有限公司 第六届董事会第五次会议决议公告 本公司和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。 《2025 年半年度报告摘要》与本公告同日 ...

Core Insights - Yongdong Co., Ltd. (002753.SZ) reported a revenue of 1.891 billion yuan for the first half of 2025, representing a year-on-year decline of 11.33% [1] - The net profit attributable to shareholders of the listed company was 40.059 million yuan, down 22.67% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 36.443 million yuan, a decrease of 28.33% year-on-year [1] - The basic earnings per share were 0.1066 yuan [1]