证券代码：301022 证券简称：海泰科债 （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年八月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）《公 司债券受托管理人执业行为准则》《青岛海泰科模塑科技股份有限公司向不特定 对象发行可转换公司债券之债券受托管理协议》（以下简称"《受托管理协议》"） 《青岛海泰科模塑科技股份有限公司向不特定对象发行可转换公司债券募集说 明书》（以下简称"《募集说明书》"）等相关规定、公开信息披露文件以及青 岛海泰科模塑科技股份有限公司（以下简称"发行人"或"公司"）提供的相关 资料等，由本次债券受托管理人国泰海通证券股份有限公司（以下简称"国泰海 通"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，国泰海 通不承担任何责任。 债券代码：123200 债券简称：海泰转债 国泰海通证券股份有限公司 关于青岛海泰科模塑科技股份有限公司 向不特定对象发行可转换公司债券 债券受托管理人 ...

Core Viewpoint - Jinlong Technologies Co., Ltd. is issuing convertible bonds to raise funds for capacity expansion, research and development, and working capital, while maintaining a stable dividend policy and addressing potential risks associated with the issuance and market conditions [1][2][3]. Group 1: Convertible Bond Issuance - The issuance of convertible bonds complies with relevant laws and regulations, and the company has received a credit rating of AA for the bonds, indicating stable outlook [1][2]. - The bonds are not secured, which may increase risk if significant negative events impact the company's management and repayment ability [1][2]. - The company aims to ensure effective use of raised funds and mitigate the dilution of immediate returns for investors through various measures [19][20]. Group 2: Dividend Policy - The company has a stable dividend distribution policy, committing to distribute at least 10% of the distributable profits as cash dividends annually, with a cumulative cash distribution of no less than 30% of the average annual distributable profits over three years [1][2]. - Recent dividend distributions include cash dividends of 4 yuan per 10 shares in 2022, 2 yuan in 2023, and 2 yuan in 2024, totaling approximately 31.84 million yuan over the last three years [4][5]. Group 3: Financial Performance - The company reported revenues of approximately 588.96 million yuan in 2022 and 610.08 million yuan in 2023, with net profits of 104.26 million yuan and 78.60 million yuan respectively [6]. - The company's gross profit margins have shown fluctuations, with overall gross margins of 33.52%, 32.38%, and 31.78% in recent years, indicating potential challenges in maintaining profitability [9][10]. Group 4: Investment Projects - The funds raised will be allocated to new projects, including the construction of high-voltage power inverters and distributed photovoltaic power stations, which are expected to enhance production capacity significantly [14][16]. - The company anticipates that the new projects will generate substantial annual profits, with expected net profits of approximately 7.73 million yuan and 12.38 million yuan from the new inverter projects [18]. Group 5: Market Risks - The company faces risks from fluctuating market conditions, including potential changes in trade policies and competition in the photovoltaic industry, which could impact sales and profitability [6][7]. - The company must navigate the challenges posed by global market dynamics and domestic policy changes that could affect the demand for its products [9][10].

Group 1 - The core opinion of the article is that Dongfeng Group has decided not to exercise the early redemption option for its convertible bonds, "Dongfeng Convertible Bonds," based on current market conditions and the bond's remaining term [1][4][6] - Dongfeng Convertible Bonds were issued with a total value of 295.328 million yuan and were listed on January 20, 2020 [2][3] - The initial conversion price for the bonds was set at 6.90 yuan per share, with several adjustments made over time, the latest being 3.10 yuan per share effective from August 14, 2024 [2][3] Group 2 - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period or if the remaining unconverted bonds are less than 30 million yuan [3][4] - The redemption clause was triggered between July 31, 2025, and August 20, 2025, as the stock price met the required conditions [4] - The company’s board of directors approved the decision not to redeem the bonds early during the third meeting of the sixth board session [4][5][6] Group 3 - The actual controller, major shareholders, and senior management have not traded the bonds in the six months prior to the redemption conditions being met [4][5] - There are currently no plans from major stakeholders to reduce their holdings in the bonds in the next six months [5]

Core Viewpoint - The trading price of the convertible bond "Dongshi Convertible Bond" of Dongfang Shifang Driving School Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over two consecutive trading days [2][5]. Group 1: Convertible Bond Trading Situation - The price of "Dongshi Convertible Bond" reached 162.643 yuan per bond as of August 20, 2025, representing a premium of 62.643% over the face value and a conversion premium rate of 506.18% [2][12]. - The bond was approved for public issuance by the China Securities Regulatory Commission on December 27, 2019, with a total issuance of 4.28 billion yuan and a maturity period of six years [3]. Group 2: Company Operations and Financial Matters - The company confirmed that its production and operations are normal, with no significant changes in its main business or market environment [7]. - The company disclosed that its controlling shareholder and related parties have fully repaid non-operating fund occupations amounting to approximately 387.34 million yuan [8]. - The company has applied to the Shanghai Stock Exchange to revoke certain risk warnings related to its stock, as the non-operating fund occupation issue has been resolved [9]. Group 3: Market and Media Influence - The company has not identified any media reports or market rumors that could significantly impact the trading price of its convertible bonds [10]. - There have been no significant events that could affect the trading price of the convertible bonds during the abnormal fluctuation period [11].

Company Overview - Jiangxi Naipu Mining Machinery Co., Ltd. is a specialized manufacturer of heavy mining equipment and wear-resistant parts, integrating R&D, production, sales, and services [1][2] - The company focuses on high-performance rubber wear-resistant materials and composite materials to enhance the performance and reliability of heavy mining equipment [2][3] Main Business Activities - The company provides optimization of heavy mining equipment, design, consulting, and optimization of mineral processing workflows as value-added services [2] - Its wear-resistant new materials have been applied in several large domestic non-ferrous and ferrous metal mines and exported to countries including Mongolia, Chile, Mexico, Ecuador, Peru, Kazakhstan, Australia, and Russia [2][5] Core Technologies and R&D - The company has accumulated rich industry experience and possesses 107 domestic patents, with several core technologies at advanced levels [2][3] - Key technologies include the development of high-efficiency heavy-duty slurry pumps, composite lining boards, and rubber hoses with significantly improved durability and reliability [3][4] Financial Data - As of the latest reporting period, total assets amounted to 277.93 billion yuan, with total liabilities at 100.26 billion yuan and total equity at 177.67 billion yuan [4] - The company reported a net profit of 5.38 million yuan for the year 2022, with a significant drop in net profit in the first quarter of 2025 compared to the previous year [4][12] Market Position and Competition - The company has established stable partnerships with well-known mining companies such as Erdenet Mining Corporation and Zijin Mining Group, contributing to its market position [2][5] - The mining equipment manufacturing market is characterized by intense competition, with both domestic and international players vying for market share [15][16] Risks and Challenges - The company faces risks related to overseas operations, customer concentration, and technological innovation, which could impact its business performance [5][6] - Fluctuations in raw material prices, particularly steel and rubber, pose a significant risk to production costs and profit margins [7][8] - The company has a high dependency on a few major clients, with the top five clients accounting for 68.42% of total revenue, indicating a concentration risk [5][6] Investment and Growth Prospects - The company plans to raise funds through the issuance of convertible bonds to support its investment projects, including a new production base in Peru with an expected annual capacity of 12,000 tons of new wear-resistant materials [17][18] - The company aims to increase its market share in Latin America, where its current market penetration is approximately 1.5%, indicating significant growth potential [18][19]

Meeting Overview - The 10th Board of Directors of Jinan Shengquan Group Co., Ltd. held its 6th meeting on August 18, 2025, in compliance with the Company Law and the company's articles of association [1][2]. Resolutions Passed - The board approved several proposals, including the special report on the management and use of raised funds for the first half of 2025, which was disclosed on the Shanghai Stock Exchange [2]. - The board also approved the proposal to cancel the supervisory board and amend the articles of association, which will be submitted to the shareholders' meeting for review [2]. - The board passed resolutions to revise the rules for the shareholders' meeting and the board meeting, as well as the audit committee's working rules, all with unanimous support [2]. Convertible Bond Issuance - The company plans to issue convertible bonds with a total amount not exceeding RMB 250 million, subject to shareholder approval [6][23]. - The bonds will have a face value of RMB 100 each and a term of six years, with interest paid annually [6][8]. - The initial conversion price will be determined based on the average stock price prior to the bond issuance, ensuring it does not fall below the company's net asset value per share [9][11]. Fund Utilization - The raised funds will be allocated to the green new energy battery material industrialization project and to supplement working capital, with a total project investment of RMB 300 million [23][24]. - The company has established a management system for the raised funds, which will be kept in a designated special account [25]. Rating and Guarantee - A credit rating agency will be engaged to provide a credit rating report for the bonds, with annual follow-up ratings [23]. - The bonds will not be secured by any guarantees [23]. Shareholder Rights - Original shareholders will have priority in subscribing to the bonds, with specific arrangements to be disclosed in the issuance announcement [21]. - Bondholders will have rights to convert their bonds into shares, receive interest, and participate in bondholder meetings [22].

Meeting Overview - The 5th meeting of the 10th Supervisory Board of Jinan Shengquan Group Co., Ltd. was held on August 18, 2025, in compliance with legal and regulatory requirements [1] - All three supervisors participated in the voting, and the meeting was chaired by Mr. Chen Dexing [1] Supervisory Board Review - The Supervisory Board reviewed the 2025 Half-Year Report and confirmed that the preparation and review processes complied with relevant laws, regulations, and internal management systems [1] - The report's content and format met the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operational and financial status during the reporting period [1] Voting Results - All proposals presented during the meeting received unanimous approval with 3 votes in favor, and no votes against or abstentions [2][3][5] Convertible Bond Issuance - The company plans to issue convertible bonds with a total amount not exceeding RMB 250 million, with specific details to be determined by the Board of Directors [5][22] - The bonds will have a face value of RMB 100 each and a maturity of six years, with interest paid annually [5][6] - The initial conversion price will be determined based on the average trading price of the company's shares prior to the bond issuance [7][8] Fund Utilization - The proceeds from the bond issuance will be allocated to the green new energy battery materials industrialization project and to supplement working capital [22] - The total investment for the project is estimated at RMB 300 million, with the bond proceeds covering RMB 250 million [22] Management of Funds - The company has established a management system for the raised funds, which will be deposited in a designated special account [23][24] - The company will ensure that the funds are used in accordance with the approved purposes and will adjust the allocation as necessary based on project needs [22] Shareholder Rights - Original shareholders will have priority in the subscription of the convertible bonds, with specific ratios to be determined by the Board of Directors [19] - The company will provide a credit rating report for the bonds, which will be updated annually [22]

Core Viewpoint - The company plans to issue convertible bonds to unspecified investors, which may dilute immediate returns, and has proposed specific measures to mitigate this impact while ensuring the protection of minority shareholders' interests [1][4][12]. Financial Impact Analysis - The company has analyzed the impact of the convertible bond issuance on its key financial indicators under various assumptions regarding net profit growth for 2025 and 2026, including scenarios where net profit remains flat, grows by 10%, or grows by 20% [2][3]. - Under the assumption of flat net profit, the diluted earnings per share (EPS) for 2026 would be 0.90 yuan per share, compared to 0.98 yuan per share before the bond issuance [2][3]. - If net profit grows by 10%, the diluted EPS could increase to 1.08 yuan per share in 2026, while a 20% growth scenario could lead to a diluted EPS of 1.29 yuan per share [2][3]. Use of Proceeds - The total investment for the projects funded by the bond issuance is estimated at 300,051.78 million yuan, with the company planning to raise up to 250,000.00 million yuan through this issuance [4][5]. - The projects are aligned with the company's core business in chemical new materials and biomass new materials, particularly in the production of phenolic resins and furan resins, which are leading products in the domestic and global markets [4][5]. Project Implementation and Market Position - The company aims to enhance its production capacity and optimize processes through the "Green New Energy Battery Material Industrialization Project," which is expected to meet the growing demand for high-energy-density batteries in consumer electronics and power batteries [6][9]. - The company has established a strong technical and research team, with over 800 effective patents, to support the successful implementation of the funded projects [8][9]. Measures to Mitigate Dilution - The company has committed to improving the management of raised funds and ensuring their effective use to enhance shareholder returns and mitigate the dilution of immediate returns [10][11]. - A stable profit distribution policy will be maintained to provide reasonable returns to shareholders, particularly minority shareholders, following the bond issuance [11][12]. Commitments from Management - The board of directors and senior management have made commitments to ensure the execution of measures to mitigate the dilution of immediate returns, including adherence to legal and regulatory requirements [12][13].

Core Viewpoint - Zhuhai Huafa Properties Co., Ltd. is issuing convertible bonds to raise funds, with a focus on compliance with legal requirements and maintaining financial stability amid market fluctuations [2][3][4]. Company Information - The company, established on August 18, 1992, is headquartered in Zhuhai, China, and is listed on the Shanghai Stock Exchange under the stock code 600325 [18]. - As of June 30, 2025, the company has a registered capital of RMB 2,752,152,116 [18]. Financial Performance - The company's total liabilities at the end of the reporting periods were RMB 294.43 billion, RMB 320 billion, RMB 295.31 billion, and RMB 279.10 billion, with asset-liability ratios of 72.95%, 70.84%, 70.26%, and 69.91% respectively [12]. - The net profit attributable to shareholders for the first half of 2025 was RMB 211.45 million, showing a decline compared to previous periods [18]. Industry Overview - The real estate industry is capital-intensive and closely linked to macroeconomic conditions and monetary policies, with significant impacts from bank lending policies on consumer purchasing power [4][20]. - The industry has experienced a downturn in recent years, but recent policy adjustments have started to stimulate demand, particularly for affordable and improved housing [20][24]. Market Trends - The urbanization process in China is expected to drive housing demand, with the urbanization rate increasing from 42.99% in 2005 to approximately 64% in 2024 [24]. - The real estate market is facing challenges such as land supply constraints and fluctuating material costs, which could impact project profitability [19][20]. Competitive Landscape - The real estate sector is becoming increasingly competitive, with a focus on product quality, brand reputation, and customer service as key differentiators [25]. - The industry is witnessing consolidation, with stronger companies acquiring weaker ones, leading to higher market concentration [24][25].

Core Points - The report discusses the issuance of convertible bonds by Aerospace Hongtu Information Technology Co., Ltd. and outlines the approval process and financial details of the bond issuance [2][3][6] Group 1: Bond Issuance Details - The company plans to issue 10.088 million convertible bonds with a face value of 100 RMB each, raising a total of 1,008.80 million RMB [3] - The net proceeds from the bond issuance, after deducting issuance costs, amount to 991.3742 million RMB [3] - The bonds are set to be traded on the Shanghai Stock Exchange starting December 22, 2022, under the name "Hongtu Convertible Bonds" with the code "118027" [3] Group 2: Bond Characteristics - The bonds have a term of six years, from November 28, 2022, to November 27, 2028 [3] - The coupon rates for the bonds are structured to increase over the years, starting at 0.4% in the first year and reaching 3% by the sixth year [5] - Interest payments will be made annually, with the first payment occurring one year after the issuance date [5] Group 3: Conversion and Pricing - The conversion period for the bonds begins six months after the issuance and lasts until the maturity date [6] - The initial conversion price is set at 88.91 RMB per share, which has been adjusted to 40.94 RMB per share as of the report date [6] Group 4: Financial Health and Risks - As of July 31, 2025, the company has overdue commercial acceptance bills totaling 18.5803 million RMB, which is 1.91% of the latest audited net assets [6] - The company is taking measures to address liquidity pressures, including a transfer of shares from a major shareholder to support its operations [6][7] - The bond trustee, Guoxin Securities, is actively monitoring the situation and has communicated with the issuer to protect bondholders' interests [7]