DAYUAN PUMP(SH:603757) Shang Hai Zheng Quan Bao·2025-08-15 19:56Core Viewpoint - Zhejiang Dayuan Pump Industry Co., Ltd. ("the company") has announced that its convertible bond "Dayuan Convertible Bond" is expected to meet the redemption conditions based on the stock price performance [2][4]. Group 1: Convertible Bond Issuance Overview - The company issued 450,000 convertible bonds on December 5, 2022, with a total amount of 450 million yuan and a maturity of 6 years [3]. - The coupon rates for the bonds are 0.4% in the first year, 0.6% in the second year, 1.0% in the third year, 1.5% in the fourth year, 2.5% in the fifth year, and 3.0% in the sixth year, with a redemption price of 115 yuan [3]. - The bonds began trading on the Shanghai Stock Exchange on January 4, 2023, under the code "113664" [3]. Group 2: Redemption Terms and Expected Trigger Conditions - The company has conditional redemption terms for the convertible bonds, which can be triggered if the stock price meets certain criteria [4][6]. - As of August 4, 2025, the stock price has been above 26.77 yuan (130% of the current conversion price of 20.59 yuan) for 10 trading days, and if it remains above this threshold for 5 out of the next 20 trading days, the company may redeem the bonds [2][6]. Group 3: Stock Performance and Market Sentiment - Since July 31, 2025, the company's stock price has increased by 98.48%, and the convertible bond price has risen by 80.87% [11][14]. - On August 15, 2025, the stock closed at 47.14 yuan, indicating a significant increase and a trading turnover rate of 12.63%, suggesting potential irrational speculation [11][14]. Group 4: Business Performance and Challenges - The company's net profit attributable to shareholders decreased by 10.55% in 2024 and by 3.95% in the first quarter of 2025, indicating ongoing challenges in business performance [12][16]. - The revenue from products directly related to data center liquid cooling was approximately 1.6 million yuan in the first quarter of 2025, accounting for only 0.43% of total revenue, highlighting limited impact on overall financials [11][15].