ZBD(SH:603567) Zheng Quan Zhi Xing·2025-07-11 16:13Core Viewpoint - The announcement details the share pledge and unpledge activities of Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd.'s controlling shareholder, Heilongjiang Chuangda Group Co., Ltd., indicating significant share movements and potential implications for investors [1][4]. Share Pledge and Unpledge Situation - Heilongjiang Chuangda Group has unpledged 124 million shares, representing 21.51% of its holdings and 13.18% of the company's total shares as of July 9, 2025 [1]. - The total number of shares pledged by Chuangda Group amounts to 470,094,541 shares, which is 81.56% of its holdings and 49.95% of the company's total shares [1]. - After the unpledge, Chuangda Group still has 337,604,541 shares pledged, which is 58.57% of its holdings and 35.87% of the company's total shares [1]. Financial Obligations and Debt Situation - As of June 30, 2025, Chuangda Group has issued exchangeable bonds totaling 950.35 million yuan, with the entire amount due within the next year [3]. - The credit rating of Chuangda Group was downgraded from AA to A+ by a credit rating agency, indicating potential concerns regarding its creditworthiness [3]. - The controlling shareholder's debt repayment sources include operational cash flow and dividends from subsidiaries, with no significant litigation or arbitration related to debt issues reported [4]. Risk Management and Future Actions - The company emphasizes that the current share pledge is to secure working capital loans from Longjiang Bank, and there are no immediate risks of forced liquidation or transfer of shares [4]. - Should the pledge ratio approach warning or liquidation thresholds, Chuangda Group plans to take proactive measures, including additional pledges or early repayments [4]. - The company will continue to monitor the situation and fulfill disclosure obligations to investors [4].