Summary of Key Points Core Viewpoint - Shenzhen Zhongzhuang Construction Group Co., Ltd. announced the adjustment of the conversion price for its convertible bonds "Zhongzhuang Zhuan 2" to 4.80 RMB per share, effective from May 21, 2025, following a series of adjustments due to market conditions and company decisions [1][5]. Convertible Bond Issuance Overview - The company issued 1,160 million RMB of convertible bonds on April 16, 2021, which began trading on May 24, 2021, under the code "127033" [1]. - The initial conversion price was set at 6.33 RMB per share, which was later adjusted to 6.28 RMB per share after a cash dividend distribution [2]. Conversion Price Adjustments - The conversion price was adjusted multiple times due to various factors, including cash dividends and market performance: - Adjusted to 6.31 RMB on April 28, 2022 [3]. - Further adjusted to 6.29 RMB on July 21, 2022 [3]. - Adjusted down to 5.14 RMB on December 30, 2022, due to stock price performance [4][5]. - Finally adjusted to 4.80 RMB on May 21, 2025 [5]. Share Capital Changes - As of June 30, 2025, the remaining amount of "Zhongzhuang Zhuan 2" was 1,050,864,300 RMB, with a total of 5,464 shares converted into common stock [6]. - The total share capital increased from 734,671,821 to 734,677,285 shares following the conversion [6]. Company Governance - The adjustments to the conversion price and the issuance of convertible bonds were approved by the company's board and shareholders in accordance with regulatory requirements [1][4][5].

特别提示： 1、"中装转 2"（债券代码：127033）转股期为 2021 年 10 月 22 日至 2027 年 4 月 15 日；最新有效的转股价格为 4.80 元/股。 | 证券代码：002822 | 证券简称：ST | 中装 2 | 公告编号：2025-076 | | --- | --- | --- | --- | | 债券代码：127033 | 债券简称：中装转 | | | 深圳市中装建设集团股份有限公司 2025年第二季度可转换公司债券转股情况公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 2、2025 年第二季度，共有 278 张"中装转 2"完成转股（票面金额共计 27,800 元人民币），合计转成 5,464 股"ST 中装"股票（股票代码：002822）。 3、截至 2025 年第二季度末，公司剩余可转债为 10,508,643 张，剩余可转债 票面总金额为 1,050,864,300 元人民币。 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，深圳市中装建设集团股份有限 ...

Core Viewpoint - The credit rating of Shenzhen Zhongzhuang Construction Group Co., Ltd. remains at B- with a stable outlook, reflecting significant financial distress, ongoing liquidity issues, and a deteriorating capital structure, alongside a reliance on property management for revenue generation [2][3][5]. Financial Performance - The company reported total assets of 59.90 billion yuan for 2025, down from 96.10 billion yuan in 2022, indicating a significant decline [2]. - The net profit for 2024 is projected to be a loss of 18.63 billion yuan, with total liabilities increasing to 25.65 billion yuan [2][5]. - The operating income for 2024 is expected to drop to 1.85 billion yuan, a substantial decrease from 52.12 billion yuan in 2022 [2]. Debt and Liquidity - The company faces severe debt pressure, with overdue borrowings totaling 5.47 billion yuan as of May 29, 2025, and a significant portion of its financial debts either overdue or in default [2][5]. - The liquidity situation is critical, with cash flow severely constrained due to frozen bank accounts and limited access to credit facilities [2][5]. Business Operations - The property management and service segment remains the primary source of gross profit, contributing 6.05 billion yuan in revenue for 2024, with a gross margin of 13.56% [2][5]. - The construction and design segments have seen a drastic reduction in revenue, with the company actively seeking to expedite project settlements to improve cash flow [9][12]. Legal and Regulatory Issues - The company has faced administrative penalties and disciplinary actions due to false reporting in annual reports from 2017 to 2021, which has damaged its credibility [5][6]. - There is an ongoing increase in litigation and arbitration cases, with 13 significant lawsuits pending, amounting to 890 million yuan, further complicating the company's financial situation [5][6]. Market Environment - The construction and decoration industry is experiencing a downturn due to the ongoing adjustments in the real estate sector, with a 10.6% decline in real estate investment in 2024 [9]. - The competitive landscape is intensifying, with many companies facing operational pressures, leading to a potential increase in market exits among smaller firms [9][10].

深圳市中装建设集团股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【352】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。 | | 本次评级 | 上次评级 | | --- | --- | --- | | 主体信用等级 | B- | B | | 评级展望 | 稳定 | 稳定 | | 中装转 2 | B- | B | 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 ...

深圳市中装建设集团股份有限公司 关于中装转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公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 1、债券代码：127033 | 证券代码：002822 | 证券简称：ST 中装 公告编号：2025-075 | | --- | --- | | 债券代码：127033 | 债券简称：中装转2 | 2、债券简称："中装转2" 3、转股价格：4.80元/股 4、转股期限：2021年10月22日至2027年4月15日 5、自2025年6月12日至2025年6月25日，深圳市中装建设集团股份有限公司 （以下简称"公司"）股票已有十个交易日的收盘价格低于当期转股价格的85%， 预计触发转股价格向下修正条件。若触发条件，公司将于触发条件当日召开董 事会审议决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者 注意投资风险。 一、可转换公司债券基本情况 1、可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2021]666 号"文核准，公司于 2021 年 4 月 16 日公开发行了 1,160 ...

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, aiming to maintain investor confidence and protect their interests [1][2]. Group 1: Meeting Details - The fifth board meeting of the company was held on June 11, 2025, with all five directors present, including two independent directors [1]. - The meeting was conducted in compliance with relevant laws and regulations, ensuring its legality and validity [1]. Group 2: Bond Conversion Price Decision - The board unanimously approved the proposal not to adjust the conversion price of the "Zhongzhuang Zhuan 2" bonds, despite the stock price being below 85% of the conversion price for at least 15 trading days [1]. - The current conversion price is set at 4.08 yuan per share, and the decision was made after considering the company's fundamental situation and stock price trends [1]. - The board indicated that if the conditions for adjustment are triggered again, they will convene another meeting to decide on the matter [1].

| 证券代码：002822 | 证券简称：ST 中装 公告编号：2025-074 | | --- | --- | | 债券代码：127033 | 债券简称：中装转2 | 深圳市中装建设集团股份有限公司 关于不向下修正可转换公司债券转股价格的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 1、截至2025年6月11日，深圳市中装建设集团股份有限公司（以下简称"公 司"）股票已出现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85%（即4.08元/股）的情形，已触发"中装转2"（债券代码：127033） 转股价格向下修正条款。 2、公司于2025年6月11日召开第五届董事会第二十六次会议，审议通过了《关 于不向下修正可转换公司债券转股价格的议案》，公司董事会决定本次不向下修 正"中装转2"的转股价格。若再次触发"中装转2"的转股价格向下修正条款， 届时公司董事会将再次召开会议决定是否行使"中装转2"的转股价格向下修正 权利。敬请广大投资者注意投资风险，理性投资。 一、可转换公司债券基本情况 1、可转债发行情况 1 根据有关规定和《深 ...

| 证券代码：002822 | 证券简称：ST 中装 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：127033 | 债券简称：中装转2 | | 深圳市中装建设集团股份有限公司 第五届董事会第二十六次会议决议的公告 截至 2025 年 6 月 11 日，公司股票已出现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 85%（即 4.08 元/股）的情形，已触发"中 装转 2"（债券代码：127033）转股价格向下修正条款。经综合考虑公司现阶段 的基本情况、股价走势等诸多因素，以及对公司长期稳健发展与内在价值的信心， 为维护全体投资者的利益，明确投资者预期，公司董事会决定本次不向下修正"中 装转 2"的转股价格。若再次触发"中装转 2"的转股价格向下修正条款，届时 公司董事会将再次召开会议决定是否行使"中装转 2"的转股价格向下修正权利。 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 深圳市中装建设集团股份有限公司（以下简称"公司"）第五届董事会第二十 六次会议通知于2025年6月11日以电子邮件、专人送 ...

深圳市中装建设集团股份有限公司 关于中装转2预计触发转股价格向下修正条件的提示 性公告 | 证券代码：002822 | 证券简称：ST | 中装 | 公告编号：2025-072 | | --- | --- | --- | --- | | 债券代码：127033 | 债券简称：中装转2 | | | 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 5、自2025年5月21日至2025年6月4日，深圳市中装建设集团股份有限公司（以 下简称"公司"）股票已有十个交易日的收盘价格低于当期转股价格的85%， 预计触发转股价格向下修正条件。若触发条件，公司将于触发条件当日召开董 事会审议决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者 注意投资风险。 一、可转换公司债券基本情况 1、可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2021]666 号"文核准，公司于 2021 年 4 月 16 日公开发行了 1,160.00 万张可转换公司债券 （以下简称"本次发行"或"本次可转债"），每张面值 100 元，发行总额 116 ...

Core Viewpoint - The report outlines the issuance of convertible bonds by Shenzhen Zhongzhuang Construction Group Co., Ltd., detailing the bond's approval, terms, and the impact of recent changes in the shareholding structure of the company [3][16][20]. Summary by Sections Convertible Bond Approval and Details - The issuance of the convertible bonds has been approved by the company's board and shareholders, with a total face value of RMB 1.16 billion [3][4]. - The bonds are convertible into A-shares of the company and will be listed on the Shenzhen Stock Exchange [4][5]. - The bonds have a maturity period of six years, from April 16, 2021, to April 15, 2027, with an annual interest rate starting at 0.30% in the first year [4][5]. Shareholding Changes - The actual controller of the company, Ms. Zhuang Xiaohong, sold 38,130,390 shares through judicial auction, reducing her stake from 18.72% to 13.53% of the total share capital [16][19]. - Following the sale, Ms. Zhuang holds 153,972,668 shares, representing 20.96% of the total share capital, with a significant portion being subject to judicial freeze [19][20]. Impact on Company Governance - The reduction in shareholding does not change the control of the company, and it is not expected to have a significant impact on the company's governance structure or ongoing operations [19][20]. - The company will continue to monitor the situation closely to ensure the interests of bondholders are protected [20].