Key Points - The company has issued convertible bonds with a total amount of 2 billion yuan, which began trading on November 16, 2020 [1] - The conversion period for the bonds is from April 22, 2021, to October 15, 2026 [2] - The conversion price has been adjusted multiple times due to profit distribution, with the latest adjustment reducing it to 10.91 yuan per share effective June 26, 2024 [3] - A recent board meeting approved a further reduction of the conversion price to 9.20 yuan per share, effective from November 2024 [4] - The company has outlined specific conditions under which the conversion price can be adjusted downward, including a scenario where the stock price falls below 85% of the current conversion price for at least 15 trading days [5] - The company is required to disclose any adjustments to the conversion price in accordance with regulatory guidelines [6]

恒帅股份（300969）公告，公司控股股东宁波恒帅投资管理有限公司、实际控制人俞国梅女士及其一致 行动人宁波玉米股权投资管理合伙企业(有限合伙)将所持有的公司可转换公司债券(债券简称：恒帅转 债，债券代码：123256)办理了质押登记手续。本次质押数量为242.88万张，占公司可转债余额比例 74.14%。其中，俞国梅质押58.51万张，占其所持可转债比例100%；宁波恒帅投资管理有限公司质押 175.54万张，占其所持可转债比例100%；宁波玉米股权投资管理合伙企业(有限合伙)质押88318张，占 其所持可转债比例100%。质权人均为西藏信托有限公司，质押用途为个人融资。 ...

固定收益 | 动态跟踪 超长信用债行情能持续多久 固定收益市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 报告发布日期 2025 年 06 月 23 日 | 齐晟 | qisheng@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521120001 | | 杜林 | dulin@orientsec.com.cn | | | 执业证书编号：S0860522080004 | | 王静颖 | wangjingying@orientsec.com.cn | | | 执业证书编号：S0860523080003 | | 临近季末关注机构行为冲击：固定收益市 | 2025-06-16 | | --- | --- | | 场周观察 | | | 债市增量资金来自哪里：固定收益市场周 | 2025-06-16 | | 观察 | | | 继续以挖掘票息为先：固定收益市场周观 | 2025-06-09 | | 察 | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或 ...

Core Insights - The article discusses a recent investigation by a well-known private equity firm, Hosheng Asset, into a listed company, Haoyuan Pharmaceutical, highlighting its competitive advantages and growth prospects [1] Company Overview - Haoyuan Pharmaceutical has high barriers to entry in its molecular building block business, with a diverse range of products and strong custom R&D capabilities [1] - The company is projected to achieve a revenue of 420 million yuan in 2024, representing a year-on-year growth of 35.7% [1] - Haoyuan's CDMO (Contract Development and Manufacturing Organization) business covers the entire drug development and production process, showcasing core technological, product, and team advantages [1] Production Capabilities - The company has established a production system comprising four key facilities: an API (Active Pharmaceutical Ingredient) factory, a formulation factory, a high-end intermediate factory, and a DC CDMO factory, enabling a three-tiered capacity arrangement [1] - Haoyuan has passed the EU QP audit, ensuring its quality management system and production capabilities meet EU GMP standards, which facilitates further expansion into domestic and international markets [1] Team and Incentives - The company has implemented multiple equity incentive plans targeting core personnel and mid-to-senior management to ensure team stability and creativity [1] Financial Activities - On November 28, 2024, Haoyuan successfully issued convertible bonds, raising 822 million yuan, although it has not yet met the conditions for strong redemption [1]

2025 年 6 月 22 日 可转债策略半年度回顾以及展望 ---2025 年可转债策略半年度行情展望 瞿新荣 投资咨询从业资格号：Z0018524 quxinrong027631@gtjas.com 刘宇佩（联系人）从业资格号：F03126011 liuyupei027932@gtjas.com 报告导读： 目录 2025 年上半年可转债市场呈现 "BETA 稳健性凸显、优质标的稀缺性加剧、投资者结构分层、策略分化升级" 特征，为后续 布局锚定方向。 展望阶段需聚焦四大主线： 一是延续 "债性为盾、股性为矛" 的 BETA 逻辑，攻守平衡捕捉市场弹性与抗跌性； 二是锚定 "正股优、条款优、债底优" 稀缺标的，深挖供需错配下的 ALPHA 收益； 三是顺应结构变迁，推动套利、多头、中性策略向 "复合工具化" 迭代，量化与主观互补适配周期； 四是通过组合分散、动态调仓、衍生品对冲，管控信用、估值、流动性风险。在波动分化中锚定稀缺价值，实现收益风 险最优平衡。 请务必阅读正文之后的免责条款部分 请务必阅读正文之后的免责条款部分 请务必阅读正文之后的免责条款部分 1 二 〇 二 三 年 度 | 1. 2025 | ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 锡振转债定价：首日转股溢价率 29%~33% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 16 日，无锡振华发布公告，拟于 2025 年 6 月 18 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 5.2 亿元。 其中 4.2 亿元拟用于投资"廊坊振华全京申汽车零部件项目"，总投资 6.48 亿元；1 亿元拟用于补充流动资金。 锡振转债发行方式为优先配售，网上发行，债项和主体评级 AA-。发行 规模为 5.20 亿元，初始转股价格为 31.98 元，参考 6 月 19 日正股收盘价 格 32.19 元，转债平价 100.66 元，参考同期限同评级中债企业债到期收 益率（6 月 19 日）为 3.66%，到期赎回价 113 元，计算纯债价值为 95.25 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券发行规模 一般，流动性一般，评级尚可，债底保护性较好。机构入 ...

Core Viewpoint - Zhejiang Huayou Cobalt Co., Ltd. plans to change the source of shares for the "Huayou Convertible Bonds" from "newly issued shares" to "priority use of repurchased shares, with any shortfall covered by newly issued shares" [2][9] Summary by Sections Convertible Bond Issuance Overview - The company issued 76 million convertible bonds on February 24, 2022, with a total fundraising amount of 760 million yuan, netting 755.38 million yuan after expenses [2][3] - The bonds began trading on the Shanghai Stock Exchange on March 23, 2022, under the name "Huayou Convertible Bonds" with the code "113641" [3] Convertible Bond Conversion Situation - The initial conversion price was set at 110.26 yuan per share, which has been adjusted multiple times, with the latest price at 34.43 yuan per share [2][4] - The conversion period is from September 2, 2022, to February 23, 2028 [2] Confirmation of Conversion Source Change - The company has completed the necessary legal procedures to change the conversion source, allowing for the use of repurchased shares for conversion starting June 23, 2025 [9] - The company plans to repurchase shares at a price not exceeding 60 yuan per share, with a total repurchase fund of no less than 600 million yuan [8] Repurchase Share Situation - The repurchased shares will be stored in a dedicated securities account, and the total amount of repurchased shares is 750.50 million yuan [8]

Group 1 - The company issued 7,500,000 convertible bonds with a total amount of RMB 750 million, which started trading on September 8, 2021 [1][2] - The initial conversion price for the bonds was set at RMB 4.87 per share, which has undergone several adjustments due to stock price fluctuations [2][3][5] - The company has triggered conditions for a potential downward adjustment of the conversion price, as the stock price has been below 85% of the current conversion price for 10 consecutive trading days [1][8][9] Group 2 - The conversion period for the bonds is from February 14, 2022, to August 8, 2027, allowing bondholders to convert their bonds into shares during this timeframe [2] - The company has outlined specific conditions under which the conversion price can be adjusted downward, requiring approval from shareholders [8][9] - The company is obligated to disclose any decisions regarding the adjustment of the conversion price promptly following board meetings [9]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 profit distribution plan, with the new conversion price set at 8.28 CNY per share, effective from June 27, 2025 [2][4]. Group 1: Securities Information - The convertible bonds "天润转债" will be suspended from conversion from June 20, 2025, to June 26, 2025, and will resume conversion on June 27, 2025 [2][4]. - The previous conversion price was 8.30 CNY per share, which has been adjusted to 8.28 CNY per share [2][4]. Group 2: Profit Distribution Plan - The company plans to distribute a cash dividend of 0.2099 CNY per 10 shares (including tax), totaling 6,620,322.57 CNY (including tax) for the 2024 fiscal year [2][3]. - The profit distribution plan was approved at the annual general meeting and will not include stock dividends or capital reserve transfers [2][3]. Group 3: Adjustment Basis - The adjustment of the conversion price is based on the company's profit distribution plan and complies with the terms outlined in the convertible bond issuance document [3][4]. - The formula for adjusting the conversion price is P1 = P0 - D, where P1 is the adjusted conversion price, P0 is the previous conversion price, and D is the cash dividend per share [3].

2025 年 6 月 21 日 总量研究 小幅调整 ——可转债周报（2025 年 6 月 16 日至 2025 年 6 月 20 日） 要点 1、市场行情 本周（2025 年 6 月 16 日至 6 月 20 日，共 5 个交易日）转债市场小幅调整，全 周中证转债指数涨跌幅为-0.2%（上一交易周为 0%），本周中证全指变动为 -1.2%。2025 年开年以来，中证转债涨跌幅为+4.5%，中证全指数涨跌幅为 +0.1%，转债市场表现好于权益市场。 分评级来看，高评级券（评级为 AA+及以上）、中评级券（评级为 AA）、低评 级券（评级为 AA-及以下）本周涨跌幅分别为-0.08%、-0.57%、-0.27%，高评 级券本周跌幅最少。分转债规模看，大规模转债（债券余额大于 50 亿元）、中 规模转债（余额在 5 至 50 亿元之间）、小规模转债（余额小于 5 亿元）本周涨 跌幅分别为-0.15%、-0.30%和-0.44%，大规模转债跌幅最少。分平价来看，超 高平价券（转股价值大于 130 元）、高平价券（转股价值在 110 至 130 元之间）、 中平价券（转股价值在 90 至 110 元之间）、低平价券（转 ...