晓鸣股份: 宁夏晓鸣农牧股份有限公司向不特定对象发行可转换公司债券第四次临时受托管理事务报告（2025年度）

Core Viewpoint - The report outlines the issuance of convertible bonds by Ningxia Xiaoming Agricultural and Animal Husbandry Co., Ltd., detailing the approval, terms, and intended use of the raised funds [2][3][4]. Group 1: Bond Issuance Overview - The company has been approved by the China Securities Regulatory Commission to issue convertible bonds totaling RMB 329 million, with a face value of RMB 100 each [2][3]. - The bonds will be issued to unspecified investors, and the funds raised will be used for the company's main business-related investment projects [4][7]. Group 2: Bond Terms and Conditions - The bonds will have an annual interest payment structure, with the first interest payment starting from the issuance date [4][5]. - The initial conversion price for the bonds is set at RMB 19.43 per share, based on the average trading price of the company's stock prior to the announcement [7][8]. - The bondholders will have the right to convert their bonds into shares, with specific conditions for adjusting the conversion price based on corporate actions [9][10]. Group 3: Fund Utilization - The raised funds will be allocated to various projects, including the establishment of a smart agriculture demonstration park [5][6]. - The investment plan has been approved by the company's board and will be executed based on priority [5][6]. Group 4: Company Investment Activities - The company has established a wholly-owned subsidiary with an investment of RMB 10 million to expand its operations in food and agricultural product processing and sales [13][14]. - The subsidiary, Ningxia Xiaoming Danledao Food Co., Ltd., has been registered and will engage in various food-related activities [14][15]. Group 5: Impact Analysis - The investment is expected to enhance the company's overall strength and market competitiveness, positively impacting its development [16][17]. - The company's operational status remains normal, and the establishment of the subsidiary has not adversely affected its debt repayment capacity or daily operations [16][17].