JINNENG(SH:603113) Zheng Quan Zhi Xing·2025-06-27 16:10Group 1 - The company, Jinneng Science & Technology Co., Ltd, has issued a total of 1.5 billion RMB in convertible bonds, with each bond having a face value of 100 RMB and a maturity of six years [2][3][12] - The coupon rates for the bonds are set to increase over the years, starting from 0.40% in the first year to 2.00% in the sixth year, with a redemption price of 110 RMB at maturity [3][9] - The initial conversion price for the bonds is set at 11.55 RMB per share, which is based on the average trading price of the company's A-shares prior to the bond issuance [4][5] Group 2 - The company reported a revenue of 16.27 billion RMB for 2024, representing an increase of 11.53% compared to the previous year, while the net profit attributable to shareholders decreased to -0.58 billion RMB, a decline of 142.13% [16][18] - The company’s total assets reached 19.02 billion RMB, with a slight increase of 4.01% year-on-year, while the net assets attributable to shareholders decreased by 1.43% to 8.63 billion RMB [18][20] - The company operates in the petrochemical, coal chemical, and fine chemical sectors, producing products such as propylene, polypropylene, carbon black, and others, and has been recognized as a national high-tech enterprise [16][15] Group 3 - The company has a stable debt-to-asset ratio of 54.62% as of 2024, indicating a consistent financial structure, while the liquidity ratios have shown a decline due to increased short-term liabilities [20][19] - The company’s credit rating has been downgraded to AA- by a credit rating agency, primarily due to losses in the olefin segment and declining product prices affecting overall profitability [21][24] - The company has committed to using the proceeds from the bond issuance for a green carbon black recycling project, which aligns with its focus on sustainable development [12][16]