Core Viewpoint - The article discusses the recent updates on convertible bond ratings, highlighting that while most ratings remain unchanged, several have been downgraded due to deteriorating company fundamentals, including losses, increased debt pressure, and worsening credit conditions [1][3]. Group 1: Rating Updates - As of now, 72 convertible bonds have updated their ratings this year, with 65 bonds maintaining their previous ratings, accounting for 90.28% [3]. - Seven convertible bonds have experienced rating downgrades, including Dongshi Convertible Bond, Fumiao Convertible Bond, and others, primarily due to continuous losses and increased debt pressure [3][4]. Group 2: Reasons for Downgrades - Fumiao Convertible Bond's rating was adjusted from A+ to A due to declining profitability and increased debt pressure, with a significant rise in the asset-liability ratio expected by the end of 2024 [4]. - Dongshi Convertible Bond's rating was downgraded from B to CCC, reflecting increased liquidity risks and a negative outlook due to worsening credit conditions, including civil judgments and administrative penalties [5]. Group 3: Implications of Downgrades - The downgrades indicate a rise in credit risk for the affected convertible bonds, which could lead to potential liquidity issues and increased scrutiny from investors [6][7]. - The downgrade of the Puli Convertible Bond from BB to B+ was influenced by the termination of its stock and bond listings due to significant financial discrepancies, which severely impacted the company's market reputation [8][9]. - The company faces potential risks of early redemption of convertible bonds if stock prices fall below a certain threshold, exacerbating liquidity pressures and increasing the likelihood of default [10].

Market Overview - A-shares showed mixed performance in the three trading days leading up to the holiday, with the Shanghai Composite Index closing at 3279.03 points, down 0.49% for the week, while the Shenzhen Component Index fell 0.17% to 9899.82 points, and the ChiNext Index rose slightly by 0.04% to 1948.03 points [1] - Over 52% of stocks experienced gains during the week, with 74 stocks rising over 15% and 51 stocks declining more than 15% [1] Leading Stocks - The top-performing stock, Daye Co., Ltd. (300879.SZ), surged by 43.80%, followed closely by Jingjin Electric (688280.SH) with a 43.62% increase [1] - Other notable gainers included Chunguang Intelligent (838810.BJ), United Chemical (301209.SZ), Yuzhong Sanxia A (000565.SZ), and Hongbo Co., Ltd. (002229.SZ), all of which saw weekly gains exceeding 33% [1] Industry Insights - The lawn mower robot sector is anticipated to experience significant growth, with Daye Co., Ltd. being a key player in this market [1][3] - The global OPE market exceeds $30 billion, with the lawn mower segment valued at $20 billion and annual sales nearing 30 million units. However, the lawn mower robot market is currently only $2.6 billion, with annual sales between 1.2 million and 1.3 million units, indicating a low penetration rate of 12% in sales and 5% in volume [3] - Forecasts suggest that by 2030, lawn mower robot sales could reach between 5 million and 10 million units under optimistic and conservative scenarios, respectively [3] Company Performance - Daye Co., Ltd. has seen its stock price rebound over 95% since its low on April 8, with a total market capitalization of 5.7 billion yuan and a share price of 28.40 yuan as of April 30 [2] - The company reported a total revenue of 1.761 billion yuan for the year 2024, marking an increase of 89.67% year-on-year, and a net profit of 16.1152 million yuan, up 109.22% year-on-year [6] - In Q1 2025, the company achieved a revenue of 1.518 billion yuan, reflecting a year-on-year increase of 138.72%, with a net profit of 19.4 million yuan, up 326.94% year-on-year [6] Strategic Acquisitions - On February 12, Daye Co., Ltd. completed the acquisition of AL-KO for 20 million euros, which is expected to enhance its distribution channels in Europe and Australia and contribute approximately 130 million yuan to its performance by 2025 [4]

圳证券交易所申请股票全天停牌的，停牌期间不计入退市整理期，累计停牌天 数不得超过五个交易日。如股票交易日期出现调整，公司股票退市整理期最后 交易日期随之顺延。此外，公司股票停复牌的，可转债同时停复牌并暂停或者 恢复转股，股票因交易情况被实施盘中临时停复牌的除外。 | 证券代码：300630 | 证券简称：普利退 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：123099 | 债券简称：普利转退 | | 海南普利制药股份有限公司 关于公司股票及可转换公司债券进入退市整理期交易的第 二次风险提示暨无法在法定期限内披露定期报告的公告 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. 海南普利制药股份有限公司（以下简称"公司"）股票及可转换公司债 券（以下简称"可转债"）进入退市整理期交易的起始日为 2025 年 4 月 28 日， 预计最后交易日期为 2025 年 5 月 21 日。 3. 根据《创业板股票上市规则》第 10.7.2 条的规定，退市整理期的交易期 限为十五个交易日。公司股票在退市整理期内原则 ...

| 证券代码：300630 | 证券简称：普利退 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：123099 | 债券简称：普利转退 | | 海南普利制药股份有限公司 关于再次延期披露会计差错更正后的专项鉴证或审计报告 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。 海南普利制药股份有限公司（以下简称"公司"）分别于 2024 年 7 月 5 日、 2024 年 8 月 30 日、2024 年 10 月 30 日、2024 年 12 月 30 日、2025 年 2 月 28 日 在中国证监会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上披 露了《关于延期披露会计差错更正后的专项鉴证或审计报告的提示性公告》（公 告编号：2024-086）、《关于再次延期披露会计差错更正后的专项鉴证或审计报告 的提示性公告》（公告编号：2024-119、2024-130、2024-160、2025-024）。 公司于 2024 年 7 月 5 日在巨潮资讯网（www.cninfo.com.cn） ...

| 证券代码：300630 | 证券简称：普利退 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：123099 | 债券简称：普利转退 | | 1、海南普利制药股份有限公司（以下简称"公司"）原定于 2025 年 4 月 30 日披露 2024 年年度报告及 2025 年第一季度报告，但因公司前期会计差错更正 情况与中国证券监督管理委员会（以下简称"中国证监会"）于 2025 年 3 月 21 日下发的《行政处罚决定书》（〔2025〕45 号 ）认定的公司虚假记载金额之间存 在较大差异，鉴于财务报告数据有时间的关联性与延续性，相关数据的准确性 对 2024 年度审计报告中财务数据的准确性具有强关联性，所涉及的部分信息尚 需进一步核实查清，同时公司董事会及管理层均出现人员不足情况。公司预计 无法在法定期限内披露 2024 年年度报告及 2025 年第一季度报告。 2、公司股票及可转换公司债券（以下简称"可转债"）自 2025 年 4 月 28 日起复牌并进入退市整理期，预计最后交易日期为 2025 年 5 月 21 日。公司股 票及可转债于退市整理期届满的次一交易日摘牌 ...

New Stock Offerings - ST Xinchao (600777) has two tender offer periods: April 8 to May 7, 2025, and April 23 to May 22, 2025[1] - Puli Tui (300630) is in the delisting arrangement period with 13 trading days remaining[1] - ST Yushun (002289) and ST Jingan (600190) are also highlighted for their recent announcements[1] Market Alerts - Jinlitai (300225) has been flagged for severe abnormal fluctuations[1] - Guoguang Chain (605188) and Dongfang Tong (300379) have recent announcements regarding their trading status[1] - Multiple stocks including Huadian Energy (600726) and Huadian Liaoning (600396) have recent updates as of April 29, 2025[1] Trading Periods - The last trading day for several stocks is approaching, with specific mention of ST Yushun and ST Jingan[1] - The report indicates that various stocks are under observation due to unusual trading activities[2]

Core Viewpoint - Puli Pharmaceutical has officially entered the delisting preparation period due to serious financial fraud, marking a significant case of forced delisting in the A-share market [2][7]. Group 1: Company Overview - Puli Pharmaceutical, once a star in the pharmaceutical industry with a stock price exceeding 100 yuan, has faced severe penalties for financial misconduct, leading to its delisting [2][9]. - The company reported a dramatic decline in net profit from 4.08 billion yuan in 2020 to a loss of 982.7 million yuan in 2023, indicating a hollowing out of actual performance after excluding fraudulent activities [9]. Group 2: Financial Fraud Details - The China Securities Regulatory Commission (CSRC) found that Puli Pharmaceutical inflated its revenue by 1.029 billion yuan and profits by 669 million yuan over two years, accounting for 73.83% of the disclosed profits during that period [7]. - In 2021, the company falsely reported 514 million yuan in revenue (34.07% of that year's disclosed revenue) and 290 million yuan in profit (62.06% of disclosed profit) [7]. - In 2022, the inflated figures were 515 million yuan in revenue (28.51%) and 379 million yuan in profit (86.36%) [7]. Group 3: Market Reaction - On the first day of the delisting preparation period, the stock price of Puli Pharmaceutical plummeted by 77%, closing at 0.65 yuan per share, with a total market value shrinking to 365 million yuan, a loss of over 20 billion yuan from its peak [3][9]. - The convertible bonds issued by Puli also experienced a significant drop, with an intraday decline of 33.72% [5]. Group 4: Regulatory Actions - The CSRC imposed a fine of 10 million yuan on Puli Pharmaceutical, with the chairman and other executives facing substantial penalties and market bans [8]. - The new delisting regulations have led to increased scrutiny, with over 30 ST stocks facing similar fates, indicating a tightening of financial and regulatory standards in the market [11].

New Stock Issuance - Tian Gong Co., Ltd. issued shares at a price of 3.94[1] - Ze Run New Energy issued shares at a price of 33.06[1] Rights Issues and Trading Alerts - ST Xin Chao has a tender offer period from April 8, 2025, to May 7, 2025[1] - The second tender offer period for ST Xin Chao is from April 23, 2025, to May 22, 2025[1] - The last trading day for Pu Li Tui is in 14 trading days[1] - The last trading day for Pu Li Zhuang Tui is also in 14 trading days[1] Abnormal Fluctuations - Multiple stocks are flagged for severe abnormal fluctuations, including Dongfang Tong and Ningbo United[1] - A total of 14 stocks are noted for significant price volatility, with specific links to their announcements provided[1] Additional Trading Information - Various stocks have upcoming announcements and trading alerts, including ST Hua Peng and Bei Ding Co., Ltd.[1] - The report includes links to detailed announcements for each stock mentioned, ensuring transparency and accessibility for investors[1]

Group 1 - The stock of Puli Pharmaceutical (普利制药) entered the delisting preparation period, with its stock price plummeting by over 70% at one point, reaching a maximum drop of 77.51% during trading [4][5][7] - The company previously announced that its 2021 and 2022 annual reports contained false records, with a total false profit amounting to 669 million yuan, accounting for 73.83% of the total disclosed profits for those two years [7] - The delisting preparation period for the company's stock and convertible bonds started on April 28, 2025, lasting for fifteen trading days, with the expected last trading date on May 21, 2025 [7][8] Group 2 - During the delisting preparation period, the company's stock will trade on the Shenzhen Stock Exchange's risk warning board, with no price limits on the first day, followed by a daily limit of 20% thereafter [8] - The company has warned investors that its stock is classified as a special security under the Shenzhen Stock Connect, meaning investors can only sell and not buy, which may affect future trading [8] Group 3 - In the A-share market, other sectors such as steel, internet, banking, and electricity showed gains, while real estate, tourism, and home goods sectors experienced declines [2] - Goldwind Technology (金风科技) reported a significant increase in its first-quarter revenue for 2025, achieving 9.472 billion yuan, a year-on-year growth of 35.72%, and a net profit of 568 million yuan, up 70.84% [3]

Group 1 - The core point of the news is the significant decline in the stock price of Puli Pharmaceutical (普利制药), which dropped over 70% due to financial fraud allegations and subsequent delisting announcements [1][3][4] - Puli Pharmaceutical's stock and convertible bonds will be delisted following a notice from the Shenzhen Stock Exchange due to financial misconduct, with the last trading day expected to be May 21, 2025 [1][3] - The company reported a total of 669 million yuan in false profits for the years 2021 and 2022, which accounted for 73.83% of the total profits disclosed for those years [3][4] Group 2 - The ST (Special Treatment) sector experienced a wave of stock price declines, with over 30 stocks hitting the daily limit down, indicating a broader market reaction to the news of Puli Pharmaceutical [3][4] - Several other companies, including Lihang Technology and Gengxing Co., announced temporary suspensions and risk warnings, indicating potential delisting risks for multiple firms [3][5] - The PEEK material sector saw a rise in stock prices, with companies like Xinhang New Materials and Kent Co. increasing by over 13%, suggesting a divergence in market performance amid the broader downturn [6][8]