Meeting Summary - The first extraordinary general meeting of shareholders was held on July 30, 2025, at the company's conference room in Xiamen [2] - The meeting was convened by the board of directors and chaired by the vice chairman, Pan Xiaozhen, with a combination of on-site and online voting [2][3] - All resolutions passed at the meeting were deemed legal and valid [3] Proposal Review - A proposal to change part of the fundraising investment projects was approved during the meeting [4] Legal Witness - The meeting was witnessed by Fujian Zhili Law Firm, with lawyers Jiang Hui and Han Xu providing legal opinions confirming the legality of the meeting procedures and resolutions [5][6] Convertible Bond Information - The convertible bond "Jin 23 Convertible Bond" (code: 113670) has a conversion price of 37.64 yuan per share, with a conversion period from October 21, 2023, to April 16, 2029 [7][8] - From July 17 to July 30, 2025, the company's stock closed below 80% of the conversion price for ten trading days, which may trigger a downward adjustment of the conversion price if it continues for five out of the next twenty trading days [7][13] Convertible Bond Issuance - The company issued 7.7 billion yuan worth of convertible bonds on April 17, 2023, with a six-year term and a tiered interest rate structure [8] - The initial conversion price was set at 39.57 yuan per share, which has been adjusted to 37.64 yuan per share as of July 9, 2025 [9] Conversion Price Adjustment Conditions - The company has the right to propose a downward adjustment of the conversion price if the stock price remains below 80% of the conversion price for at least fifteen out of thirty consecutive trading days [10] - The adjustment must be approved by two-thirds of the voting rights at the shareholders' meeting, excluding those holding the convertible bonds [10][11]

Group 1 - The company issued 20 billion RMB of convertible bonds named "欧22转债" on August 5, 2022, with a maturity of six years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [2][3] - The initial conversion price was set at 125.46 RMB per share, which has been adjusted to 118.48 RMB per share due to the company's profit distribution and stock option exercises [3][4] - The conversion price can be adjusted downwards if the stock price falls below 80% of the current conversion price for at least 15 out of 30 consecutive trading days, requiring a two-thirds majority approval from shareholders [4][5] Group 2 - The company decided not to adjust the conversion price on June 16, 2025, and if the conditions for adjustment are triggered again within one month, it will also not adjust the price [5][6] - From July 17, 2025, if the stock price remains below 94.78 RMB per share for 5 out of the next 20 trading days, it will trigger the conditions for a downward adjustment of the conversion price [6]

Group 1 - The company is holding its first extraordinary general meeting of shareholders in 2025 on July 30 at 14:30 in Hangzhou, Zhejiang [1] - The agenda includes signing in, reviewing proposals, voting, announcing results, and waiting for online voting results [1][2] - The board of directors is proposing to lower the conversion price of "Lingkang Convertible Bonds" to support long-term stable development and optimize the capital structure [3] Group 2 - The board seeks authorization from the shareholders to handle matters related to the adjustment of the conversion price, including determining the new price and effective date [3] - The authorization is valid from the date of approval at the shareholders' meeting until the completion of the related work [3]

Core Points - The company has announced a downward adjustment of the conversion price for its convertible bonds from 24.52 CNY/share to 16.50 CNY/share, effective from July 16, 2025 [1][5][6] - The adjustment was triggered as the company's stock price was below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4][5] - The company held a board meeting and a shareholder meeting to approve the adjustment, with the board's proposal receiving majority support [4][5] Convertible Bond Issuance Overview - The company issued a total of 2,674,300 convertible bonds at a face value of 100 CNY each, amounting to a total of 26,743.00 million CNY, with a maturity of six years from the issuance date [1][2] - The bonds were listed on the Shanghai Stock Exchange on April 21, 2022, under the name "山石转债" and code "118007" [2] Conversion Price Adjustment Mechanism - The conversion price can be adjusted downward if the stock price falls below 85% of the current conversion price for a specified period [3][4] - The adjustment requires approval from at least two-thirds of the voting rights at the shareholder meeting, excluding bondholders from voting [3] Recent Developments - The company’s stock price averaged 15.67 CNY/share over the 20 trading days prior to the shareholder meeting, and 16.04 CNY/share on the trading day before the meeting [5] - The new conversion price will be effective from July 16, 2025, after a temporary suspension of conversion on July 15, 2025 [5][6]

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite meeting the conditions for a downward adjustment, to maintain investor confidence and protect their interests [1][3]. Group 1: Convertible Bond Issuance - The company issued 3,600,000 convertible bonds with a total fundraising amount of RMB 360 million, netting approximately RMB 349.20 million after expenses [1][2]. - The bonds were approved by the China Securities Regulatory Commission and began trading on August 31, 2022, under the name "Zhonglu Convertible Bonds" with the code "123155" [2]. Group 2: Conversion Price Adjustment - The initial conversion price was set at RMB 31.80 per share, which was adjusted to RMB 31.76 per share on June 28, 2023, following the completion of the 2022 annual equity distribution [2]. - The company’s board has the authority to propose a downward adjustment of the conversion price if the stock price falls below 85% of the conversion price for at least 15 out of 30 consecutive trading days [2][3]. Group 3: Decision on Price Adjustment - On July 11, 2025, the board decided not to adjust the conversion price and will not propose any adjustment for the next six months, even if the conditions for adjustment are met again [3]. - The next period for evaluating the adjustment conditions will start from January 12, 2026, and the board will reassess the situation at that time [3].

Core Viewpoint - The company has decided to lower the conversion price of its convertible bonds, "蓝帆转债," to 12.00 CNY per share, effective from July 8, 2025, due to stock price performance and future development considerations [3][6]. Group 1: Convertible Bond Issuance and Adjustment - The total amount of the convertible bonds issued by the company was 314.404 million CNY, approved by the China Securities Regulatory Commission [1]. - The initial conversion price was set at 17.79 CNY per share, which was later adjusted to 18.64 CNY per share after the company repurchased and canceled 48,148,336 shares as part of a performance compensation plan [2][3]. - The conversion price was further adjusted to 12.50 CNY per share on May 21, 2024, following the approval of the shareholders [3][4]. Group 2: Conditions for Price Adjustment - The adjustment of the conversion price is triggered when the closing price of the company's stock is below the current conversion price for at least 15 out of 30 consecutive trading days [4][5]. - The new conversion price must not be lower than the higher of the average trading price over the 20 days prior to the shareholders' meeting and the last trading day's price, as well as not lower than the latest audited net asset value per share [4][5]. Group 3: Recent Developments - The average trading price of the company's stock was 5.63 CNY per share over the 20 days prior to the second extraordinary shareholders' meeting in 2025, and 5.94 CNY on the last trading day before the meeting [5][6]. - The latest audited net asset value per share was reported at 8.13 CNY, which sets a minimum threshold for the conversion price adjustment [5].

Core Viewpoint - The company announced a downward adjustment of the conversion price for its convertible bonds, "瑞达转债," due to the stock price falling below certain thresholds, impacting the bondholders and the company's financial strategy [1][6][10]. Group 1: Convertible Bond Basic Information - The company issued 6.5 million convertible bonds on June 29, 2020, with a total value of 650 million yuan and a maturity of six years [1]. - The initial conversion price was set at 29.82 yuan per share, effective from January 4, 2021 [2]. Group 2: Conversion Price Adjustments - The conversion price was adjusted from 29.82 yuan to 29.55 yuan on April 30, 2021, following a cash dividend distribution of 2.70 yuan per 10 shares [2]. - Subsequent adjustments occurred, with the conversion price changing to 29.22 yuan on May 16, 2022, and then to 29.00 yuan on June 5, 2023, after respective cash dividends of 3.30 yuan and 2.20 yuan per 10 shares [3][4]. - The conversion price was further adjusted to 28.78 yuan on May 13, 2024, and then to 28.65 yuan on November 11, 2024, following cash dividends of 2.20 yuan and 2.00 yuan per 10 shares [5][6]. Group 3: Conditions for Downward Adjustment - The downward adjustment clause was triggered when the company's stock price fell below 85% of the conversion price for 15 out of 30 consecutive trading days, specifically below 24.18 yuan [6][7]. - The company’s board proposed the adjustment, which was approved in a shareholder meeting on July 2, 2025, setting the new conversion price at 20.50 yuan, effective from July 3, 2025 [8][10]. Group 4: Shareholder Meeting and Approval Process - The board's proposal for the downward adjustment was submitted to the third extraordinary general meeting of shareholders, which approved the adjustment [9]. - The adjustment process included ensuring the new conversion price was not lower than the higher of the average stock price over the previous 20 trading days or the last trading day before the meeting [10].

Core Viewpoint - The company has decided to adjust the conversion price of its convertible bonds downward from 11.19 CNY per share to 8.2 CNY per share, effective from July 4, 2025, due to the stock price being below the threshold for a significant period [1][3]. Group 1: Conversion Price Adjustment - The initial conversion price of the convertible bonds was set at 13.33 CNY per share, which was later adjusted to 11.19 CNY per share [2]. - The adjustment to the conversion price was triggered by the company's stock closing price being below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [3]. - The average trading price of the company's stock over the 30 trading days prior to the shareholder meeting was 7.6325 CNY per share, and the net asset value per share was 7.73 CNY [3]. Group 2: Corporate Governance and Decision-Making - The company's board of directors approved the proposal to adjust the conversion price on June 16, 2025, and the shareholders approved it on July 2, 2025 [3]. - The adjustment aims to optimize the company's capital structure and support long-term development while protecting investor interests [3].

Group 1 - The company issued a total of 8.3 million convertible bonds named "Tian Nai Convertible Bonds" on January 27, 2022, with a face value of 100 RMB each, raising a total of 830 million RMB [1] - The initial conversion price for the "Tian Nai Convertible Bonds" was set at 153.67 RMB per share, which was adjusted to 153.60 RMB per share on July 5, 2022, due to the company's annual equity distribution plan [2] - The conversion price was further adjusted to 153.43 RMB per share on December 21, 2022, and subsequently to 103.80 RMB per share on July 7, 2023, following another equity distribution [3][4] Group 2 - The conversion price was adjusted to 103.75 RMB per share on September 28, 2023, and will be adjusted to 103.52 RMB per share on January 17, 2024, due to the completion of stock incentive plans [4][5] - The conversion price will be adjusted to 103.22 RMB per share on June 27, 2024, following the 2023 annual equity distribution plan [4][6] - The company has a provision in the bond issuance that allows for the conversion price to be adjusted downwards if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6][7] Group 3 - As of June 14, 2025, if the stock price continues to remain below 85% of the current conversion price for five out of the next twenty trading days, it may trigger the downward adjustment of the conversion price for the "Tian Nai Convertible Bonds" [7][8]

Core Viewpoint - The board of directors of the company proposes to lower the conversion price of the "Shan Stone Convertible Bond" due to the triggering of the downward adjustment clause as of June 26, 2025 [1][3]. Summary by Sections Convertible Bond Issuance Overview - The company issued a total of 2,674,300 convertible bonds on March 22, 2022, with a total amount of RMB 26,743.00 million, and a maturity period of six years [1][2]. Convertible Bond Conversion Price Adjustment Clause - The conversion price was initially set at RMB 24.65 per share and adjusted to RMB 24.52 per share on June 21, 2022, due to the annual equity distribution [2]. - The board has the authority to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [2][3]. Procedures for Downward Adjustment of Conversion Price - The proposal for the downward adjustment must be approved by more than two-thirds of the voting rights at the shareholders' meeting [3]. - The adjusted conversion price must not be lower than the average trading price of the company's stock for the 20 trading days prior to the shareholders' meeting [3][5]. Recent Developments - As of June 26, 2025, the company's stock price has been below the threshold, triggering the condition for a downward adjustment of the conversion price [3][4]. - The board meeting held on June 26, 2025, approved the proposal to adjust the conversion price and will submit it for shareholder approval [4][5].