HIUV(SH:688680) Zheng Quan Zhi Xing·2025-07-08 08:07Core Viewpoint - The report outlines the issuance of convertible bonds by Shanghai Haiyouwei New Materials Co., Ltd., detailing the bond's characteristics, approval process, and recent credit rating changes due to declining financial performance [1][2][3]. Group 1: Bond Issuance Details - The company issued 6.94 billion RMB worth of convertible bonds, with a total of 6.94 million bonds at a face value of 100 RMB each [3][4]. - The bonds have a maturity period of six years, from June 23, 2022, to June 22, 2028, with an annual interest rate that increases over the years, starting at 0.30% in the first year and reaching 2.70% in the sixth year [4][5]. - The initial conversion price for the bonds is set at 217.42 RMB per share, subject to adjustments based on various corporate actions [6][8]. Group 2: Credit Rating and Financial Performance - The credit rating agency, China Chengxin International Credit Rating Co., Ltd., downgraded the company's long-term credit rating to "A" and the bond's rating to "A," maintaining a stable outlook [9][10]. - The downgrade is attributed to a projected net loss of 558.44 million RMB for 2024, driven by increased competition in the photovoltaic industry, reduced sales prices, and higher operational costs [9][10]. - Despite the downgrade, the company's operations remain normal, and it continues to meet its debt obligations [10].