芳源股份: 广东芳源新材料集团股份有限公司向不特定对象发行可转换公司债券第二次临时受托管理事务报告（2025年度）

Core Viewpoint - Guangdong Fangyuan New Materials Group Co., Ltd. is issuing convertible bonds to unspecified investors, with a total issuance scale of RMB 642 million, aiming to enhance its capital structure and support business growth [4][6]. Group 1: Bond Issuance Details - The bond issuance was approved by the company's board meetings held on February 9, March 18, and June 10, 2022, and subsequently by the shareholders' meeting on February 28, 2022 [3]. - The bonds were reviewed and approved by the Shanghai Stock Exchange on July 8, 2022, and received regulatory approval from the China Securities Regulatory Commission on July 29, 2022 [4]. - The bonds have a total issuance of 6,420,000 units, each with a face value of RMB 100, and a maturity period of six years from September 23, 2022, to September 22, 2028 [4][5]. Group 2: Bond Characteristics - The coupon rates for the bonds are structured to increase over time, starting at 0.5% in the first year and reaching 3.5% in the sixth year [6]. - Interest payments will be made annually, with the first payment occurring one year after the issuance date [6][7]. - The initial conversion price for the bonds is set at RMB 18.62 per share, with the current conversion price at RMB 18.63 per share [8]. Group 3: Credit Rating Information - The bonds have been rated A+ by Zhongceng Pengyuan Credit Rating Co., Ltd., with a stable outlook, although the issuer's credit rating was later adjusted to BBB [8][10]. - The bonds are not secured by any collateral, and the registration and custody of the bonds are managed by China Securities Depository and Clearing Corporation Limited [9]. Group 4: Management and Oversight - China International Capital Corporation (CICC) serves as the sponsor, lead underwriter, and trustee for the bond issuance, ensuring the protection of bondholders' rights [3][10]. - CICC will continue to monitor the issuer's ability to meet interest and principal repayment obligations, as well as any other significant matters affecting bondholders [10].