Group 1 - The company will stop the conversion of "New 23 Convertible Bonds" from June 11, 2025, until the equity registration date due to the implementation of the 2024 annual profit distribution [1][2] - The profit distribution plan includes a cash dividend of 3.00 yuan (including tax) for every 10 shares held, with no capital reserve fund conversion or bonus shares issued [1][2] - Holders of the convertible bonds can convert their bonds into shares until June 10, 2025, to enjoy the profit distribution [2] Group 2 - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and takes legal responsibility for its authenticity, accuracy, and completeness [1] - The company will adjust the total cash distribution amount if there are changes in the total share capital before the equity registration date, while maintaining the cash distribution per share [1] - The resumption of the bond conversion will occur on the first trading day after the equity registration date [2]

Core Viewpoint - The report discusses the adjustment of the conversion prices for the convertible bonds "Wei 22" and "Wei 24" issued by Zhejiang Weiming Environmental Co., Ltd, highlighting the impact of profit distribution on these adjustments [1][2][6]. Group 1: Convertible Bond Basic Information - "Wei 22" convertible bonds were issued on July 22, 2022, with a total of 14.77 million bonds and a total issuance amount of 1,477 million yuan. The bonds have a maturity of 6 years and a coupon rate that increases from 0.20% in the first year to 2.00% in the sixth year [1][2]. - "Wei 24" convertible bonds were issued on March 28, 2024, with a total of 2.85 million bonds and a total issuance amount of 285 million yuan, also with a similar coupon rate structure as "Wei 22" [4][5]. Group 2: Conversion Price Adjustments - The initial conversion price for "Wei 22" was set at 32.85 yuan per share, which has been adjusted to 27.75 yuan per share due to profit distribution adjustments [2][3]. - The initial conversion price for "Wei 24" was set at 18.28 yuan per share, which has been adjusted to 18.03 yuan per share following the company's profit distribution plan [5][6]. - The conversion prices for both bonds will be further adjusted due to the company's 2024 annual profit distribution plan, with "Wei 22" adjusted to 27.27 yuan per share and "Wei 24" adjusted to 17.55 yuan per share, effective from June 6, 2025 [7]. Group 3: Impact Analysis - The adjustments to the conversion prices for "Wei 22" and "Wei 24" are in accordance with the terms outlined in their respective prospectuses and do not adversely affect the company's daily operations or debt repayment capabilities [8].

Group 1 - The banking sector has seen a significant trend of convertible bonds being converted into shares since the second quarter, with Nanjing Bank and Hangzhou Bank being notable examples [1][2] - The strong performance of bank stocks has created favorable conditions for the conversion of convertible bonds, with several banks triggering redemption clauses [2][5] - Analysts predict that approximately 100 billion yuan of bank convertible bonds may complete conversion this year, leading to a reduction in the overall market size [4][5] Group 2 - The acceleration of convertible bond conversions poses challenges for bank wealth management subsidiaries and fund companies, as the scarcity of convertible bonds increases the difficulty of asset allocation [3] - The market currently has around 10 bank convertible bonds, with predictions that the total market size may shrink to about 100 billion yuan as several bonds complete conversion or reach maturity [5][6] - There are ongoing developments in the issuance of new convertible bonds, with banks like Changsha Bank and Minsheng Bank having their applications accepted for new issuances [6]

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds due to the 2024 profit distribution plan, which includes a cash dividend distribution to shareholders. Group 1: Conversion Price Adjustment - The conversion price for "Hao Peng Convertible Bonds" will be adjusted in accordance with the company's profit distribution actions, specifically due to cash dividends paid to shareholders [1][7]. - The initial conversion price was set at 50.65 CNY per share, which has been adjusted to 50.66 CNY per share following previous adjustments [3][5]. - The new conversion price after the cash dividend distribution will be 50.22 CNY per share, effective from June 12, 2025 [8]. Group 2: Profit Distribution Plan - The company plans to distribute a cash dividend of 4.80 CNY per 10 shares (including tax), totaling approximately 35.72 million CNY based on the adjusted total share capital of 74,407,741 shares [2][3]. - The profit distribution will not include stock dividends or capital increases, and any changes in share capital due to buybacks or other actions will be accounted for in the final distribution [2][3]. - The record date for the profit distribution is set for June 11, 2025, with the ex-dividend date on the following day [3].

证券研究报告 | 浙商早知道 报告日期：2025 年 06 月 04 日 浙商早知道 市场总览 重要推荐 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 2025 年 06 月 04 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 大势：6 月 3 日上证指数上涨 0.43%，沪深 300 上涨 0.31%，科创 50 上涨 0.48%，中证 1000 上涨 0.72%，创业板 指上涨 0.48%，恒生指数上涨 1.53%。 行业：6 月 3 日表现最好的行业分别是美容护理（+3.86%)、纺织服饰（+2.53%)、综合（+2.02%)、银行 （+1.98%)、农林牧渔（+1.8%)，表现最差的行业分别是家用电器（-2.1%)、钢铁（-1.37%)、煤炭（-0.84%)、建 筑材料（-0.52%)、环保（-0.4%)。 资金：6 月 3 日全 A 总成交额为 11638.3 亿元，南下资金净流入 39.05 亿港元。 【浙商银行 梁凤洁/邱冠华/徐安妮】南京银行（601009）公司深度： ...

Core Points - The company announced an adjustment to the conversion price of its convertible bonds due to the 2024 annual profit distribution, with the new conversion price set at 4.24 CNY per share, down from 4.25 CNY per share [1][2][3] - The adjustment will take effect on June 11, 2025, and the convertible bonds will be suspended from conversion from June 3 to June 10, 2025 [1][3] Summary by Sections Conversion Price Adjustment Basis - The adjustment is based on the approval of the 2024 annual profit distribution plan, which includes a cash dividend of 0.1 CNY per 10 shares [2] - The adjustment complies with the terms outlined in the bond issuance prospectus, which protects the rights of convertible bondholders [2] Conversion Price Adjustment Formula and Results - The formula for adjusting the conversion price due to cash dividends is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [3] - The previous conversion price was 4.25 CNY per share, and with a cash dividend of 0.01 CNY, the new conversion price is calculated to be 4.24 CNY per share [3] - The adjusted conversion price will be effective from June 11, 2025, following the rights issue and dividend distribution [3]

Group 1 - The company has issued a total of 3,800,000 convertible bonds, with 8,805,963 shares converted, representing 11.01% of the total shares before conversion [1][5] - The convertible bonds were issued on August 10, 2023, with a total value of 380 million yuan, and the net proceeds after expenses were 374.16 million yuan [1][2] - The initial conversion price of the bonds was set at 29.62 yuan per share, which was later adjusted to 28.00 yuan per share effective from March 12, 2024 [2][3] Group 2 - The bonds began trading on the Shenzhen Stock Exchange on August 30, 2023, under the name "宏昌转债" and code "123218" [2] - The conversion period for the bonds is from February 19, 2024, to the maturity date, which is the first working day of February 2024 [2] - The latest adjusted conversion price is 19.54 yuan per share, effective from May 19, 2025 [5]

Core Viewpoint - The rapid redemption of bank convertible bonds is driven by the strong performance of underlying bank stocks, leading to a decrease in the number of outstanding convertible bonds in the market [1][2][4]. Group 1: Bank Convertible Bonds Redemption - Hangzhou Bank announced the early redemption of "Hangyin Convertible Bonds" due to triggering conditional redemption clauses, marking it as the third bank convertible bond to undergo forced redemption this year [2][3]. - As of May 26, 2025, Hangzhou Bank's stock price had closed above 130% of the bond's conversion price for 15 trading days, triggering the redemption [2][3]. - The number of outstanding bank convertible bonds is expected to decrease from 10 to 7 by the end of the year, with several bonds nearing redemption conditions [4]. Group 2: Market Dynamics and Trends - The strong performance of the banking sector, supported by high dividends and market risk aversion, has led to a rise in the China Securities Bank Index by over 7% this year [2][4]. - The scarcity of large convertible bonds is expected to increase due to the accelerated redemption process and the lack of new issuances in 2023 [4][5]. - Institutional reports indicate that the supply-demand imbalance for large convertible bonds will become more pronounced, with the total outstanding amount potentially decreasing from 170 billion to around 100 billion [4][5]. Group 3: Conversion Rates and Capital Supplementation - Historically, the conversion rates of bank convertible bonds have been low due to factors such as depressed stock prices and high conversion premiums [5][6]. - However, with rising stock prices, conversion rates are expected to improve, as evidenced by previous forced redemptions where conversion rates exceeded 99% [6]. - As of May 28, the unconverted balance of Hangyin Convertible Bonds has decreased significantly, indicating a trend towards higher conversion rates [6].

Core Points - The company announced a cash dividend distribution of 0.05 yuan per share for the fiscal year 2024, approved at the shareholders' meeting on May 20, 2025 [2][15] - The total cash dividend to be distributed amounts to approximately 183 million yuan, based on a total share capital of 3,660,984,783 shares [4][15] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4] Distribution Details - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation, with shareholders who have completed designated transactions able to receive their dividends on the payment date [5] - For shareholders who have not completed designated transactions, the dividends will be held by the China Securities Depository and Clearing Corporation until the transactions are completed [5] - The company will not withhold individual income tax for natural person shareholders and securities investment funds at the time of dividend distribution, with tax obligations calculated based on the holding period of the shares [9][10] Convertible Bond Adjustment - Following the dividend distribution, the conversion price of the company's convertible bonds (Ziyin Convertible Bonds) will be adjusted from 3.70 yuan to 3.65 yuan per share, effective June 6, 2025 [15][16] - The adjustment is in accordance with the terms outlined in the bond issuance prospectus, which stipulates that the conversion price will be adjusted based on cash dividends distributed [14][15] - The trading of the convertible bonds will be suspended from May 28, 2025, until the registration date for the dividend distribution [16]

Group 1 - The company held its 36th meeting of the third board of directors on May 28, 2025, with all 9 directors present, and the meeting complied with the Company Law and the Articles of Association [2][3][4] - The board reviewed and approved the proposal not to adjust the conversion price of the "Qifan Convertible Bonds" downwards, despite triggering conditions for adjustment due to stock prices being below 85% of the current conversion price for at least 15 trading days [3][8][12] - The next period for potential adjustment of the conversion price will be recalculated starting from May 29, 2025, and the board will reconvene if further triggering conditions arise [3][12][13] Group 2 - The "Qifan Convertible Bonds" were issued on May 24, 2021, with a total issuance of 10 million bonds, each with a face value of 100 yuan, totaling 1 billion yuan, and a maturity of 6 years with varying interest rates [8][9] - The initial conversion price was set at 20.53 yuan per share, which has been adjusted multiple times due to corporate actions, with the latest price being 19.59 yuan per share [10][11][12] - The company has established specific terms for downward adjustment of the conversion price, which requires at least two-thirds approval from shareholders present at the meeting [12][13]