Ligao Foods (SZ:300973) Zheng Quan Zhi Xing·2025-06-25 16:36Core Viewpoint - The report provides an overview of the issuance and management of convertible bonds by Lihigh Food Co., Ltd., detailing the financial performance, bond characteristics, and management responsibilities of the trustee, CITIC JianTou Securities Co., Ltd. [2][5][12] Group 1: Bond Overview - The convertible bond code is 123179, and it is referred to as Lihigh Convertible Bond, with a total issuance scale of 9.5 billion yuan [4][10]. - The bond has a term of 6 years, with an initial coupon rate of 0.30%, which will be adjusted to 0.80% starting from March 7, 2026, and further to 1.50% from March 7, 2027 [4][10]. - The bond is unsecured and has a credit rating of AA- for both the issuer and the bond itself, with a stable outlook [5][6]. Group 2: Financial Performance - For the fiscal year 2024, Lihigh Food reported total assets of 437,843.26 million yuan, a 11.14% increase from 393,968.09 million yuan in 2023 [9]. - Total liabilities rose by 24.05% to 180,241.10 million yuan, while total equity increased by 3.59% to 257,602.15 million yuan [9]. - Operating revenue for 2024 was 383,537.90 million yuan, reflecting a 9.61% growth compared to 349,909.70 million yuan in 2023 [9]. Group 3: Use of Proceeds - The proceeds from the bond issuance are allocated for the construction of the Lihigh Food headquarters base (Phase I) and to supplement working capital [10]. - The use of funds has remained consistent with the original plan, and the special account for managing these funds is operating normally [10][12]. Group 4: Debt Servicing and Management - The issuer has successfully completed interest payments on March 7, 2024, for the previous year, with no defaults reported [13]. - The trustee has actively monitored the issuer's credit status and compliance with bond obligations, ensuring the protection of bondholders' rights [5][12]. - There have been no significant changes in the issuer's debt servicing capacity or credit enhancement measures during the reporting period [11][12].