Proya(SH:603605) Shang Hai Zheng Quan Bao·2025-11-14 20:00Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock price performance [2][10][12]. Group 1: Convertible Bond Overview - The company issued 7,517,130 convertible bonds on December 8, 2021, with a total amount of 75.1713 million yuan, at a face value of 100 yuan each, with a maturity of six years [3]. - The bonds were listed on the Shanghai Stock Exchange on January 4, 2022, with the bond code "113634" and a ticket rate that increases over the years, starting from 0.30% in the first year to 2.00% in the sixth year [3]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 195.98 yuan per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to 95.46 yuan per share as of October 17, 2025 [4][5][11]. - The conversion price has been adjusted downwards due to the company's annual profit distribution plans and stock incentive plans, with the most recent adjustment occurring on October 23, 2025 [5][6][11]. Group 3: Downward Adjustment Clause and Trigger Conditions - The downward adjustment clause allows for a price reduction if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [10]. - The company confirmed that from October 27 to November 14, 2025, the stock price met the criteria for triggering the downward adjustment clause [10][12]. Group 4: Board Decision on Adjustment - The company's board of directors held a meeting on November 14, 2025, and unanimously decided not to adjust the conversion price of the convertible bonds [12]. - The board expressed confidence in the company's long-term development and internal value, stating that the conversion price would remain unchanged for the next six months, even if the adjustment conditions are met again [12].