Yongjin Technology (SH:603995) Zheng Quan Zhi Xing·2025-06-12 09:39Core Viewpoint - The report outlines the issuance and management of convertible bonds by Yongjin Technology Group Co., Ltd., detailing the bond's terms, financial performance, and the company's operational status in 2024 [2][3][4]. Section 1: Bond Issuance Details - The company has approved the public issuance of convertible bonds totaling RMB 1 billion, with a face value of RMB 100 per bond, and a total of 10 million bonds issued [3][4]. - The bonds were issued on December 13, 2021, and are set to mature in six years, with an annual interest rate that increases progressively from 0.30% in the first year to 3.00% in the sixth year [5][6]. Section 2: Financial Performance - In 2024, the company produced 3.3163 million tons of cold-rolled stainless steel, a year-on-year increase of 16.95%, and achieved sales of 3.3139 million tons, up 17.52% [23]. - The total revenue for 2024 reached RMB 4,186.08 million, reflecting a 4.98% increase compared to the previous year, while the net profit attributable to shareholders rose by 77.75% to RMB 805.23 million [23]. Section 3: Fund Utilization - The funds raised from the bond issuance have been fully utilized, amounting to RMB 996.48 million, including interest income [26]. - The company has established a dedicated account for managing the raised funds, which has now been closed following the complete utilization of the funds [19][26]. Section 4: Credit Rating - The company's credit rating has been consistently rated at AA- by Shanghai New Century Credit Rating Co., Ltd., with a stable outlook maintained through various assessments conducted in 2021, 2022, and 2023 [20][21]. Section 5: Company Overview - Yongjin Technology Group Co., Ltd. specializes in the research, production, and sales of cold-rolled stainless steel products, with an annual production capacity exceeding 3 million tons [22][23]. - The company has been recognized as a national high-tech enterprise and has made significant advancements in product development and technological innovation [22][23].