Yifeng Pharmary(SH:603939) Shang Hai Zheng Quan Bao·2026-02-02 19:12Core Viewpoint - The company is expected to trigger the condition for a downward adjustment of the conversion price of its convertible bonds, "Yifeng Convertible Bonds," due to its stock price being below 85% of the current conversion price for over 10 trading days [2][8]. Group 1: Issuance and Terms of "Yifeng Convertible Bonds" - The company issued 17,974,320 convertible bonds with a total amount of 1,797.4320 million yuan, with a maturity of six years from March 4, 2024, to March 3, 2030 [3]. - The initial conversion price was set at 39.85 yuan per share, which was adjusted to 32.79 yuan on June 7, 2024, and further adjusted to 32.54 yuan on October 15, 2024, due to annual and semi-annual profit distribution [3][4]. Group 2: Conditions for Price Adjustment - The downward adjustment condition states that if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days, the board can propose a price adjustment [6]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the average price on the trading day before the meeting [6]. Group 3: Expected Triggering of Price Adjustment - The period for triggering the price adjustment condition starts from January 16, 2026, to February 2, 2026, during which the stock price must be below 27.06 yuan (85% of 31.84 yuan) for 15 out of 30 trading days [8]. - Upon triggering the condition, the company is required to hold a board meeting to decide on the adjustment and disclose the decision the next trading day [8].