ECOVACS(SH:603486) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-09-02 01:08Core Points - The report discusses the issuance of convertible bonds by Ecovacs Robotics Co., Ltd. and the subsequent adjustment of the conversion price due to changes in the company's capital structure [2][30]. Group 1: Bond Issuance Overview - The total amount of the convertible bonds issued is capped at 1.04 billion yuan, with 10.4 million bonds issued at a face value of 100 yuan each [3][4]. - The bonds were approved by the China Securities Regulatory Commission and began trading on December 29, 2021 [3][4]. Group 2: Bond Terms and Conditions - The bonds have a maturity period of six years, from November 30, 2021, to November 29, 2027, with an annual interest rate that increases from 0.3% in the first year to 2.0% in the sixth year [5][6]. - Interest is paid annually, and the bondholders are responsible for any applicable taxes on their interest income [9]. Group 3: Conversion and Adjustment Mechanism - The initial conversion price was set at 178.44 yuan per share, with provisions for adjustments based on stock dividends, capital increases, and cash dividends [11][12]. - The conversion price was adjusted from 174.85 yuan to 174.43 yuan per share effective August 29, 2025, due to changes in the company's stock structure [29]. Group 4: Impact on the Company - The adjustment of the conversion price aligns with the terms outlined in the bond's offering document and does not adversely affect the company's operational or debt repayment capabilities [30]. - The company will continue to monitor the bond's principal and interest repayment situation and other significant matters affecting bondholders' interests [30].