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]

债券代码：127085 债券简称：韵达转债 韵达控股集团股份有限公司 证券代码：002120 证券简称：韵达股份 公告编号：2025-032 根据《可转债募集说明书》，公司本次发行的可转换公司债券转股价格向下 修正条款如下： 年 5 月 28 日，韵达控股集团股份有限公司（以下简称"公司"）股票已有十个 交易日收盘价低于"韵达转债"当期转股价的 85%，预计触发转股价格向下修正 条件。根据《深圳证券交易所上市公司自律监管指南第 1 号——业务办理：2.4 向不特定对象发行可转换公司债券》等相关规定，触发转股价格修正条件当日， 公司应当召开董事会审议决定是否修正转股价格，并按照募集说明书的约定及时 履行后续审议程序和信息披露义务；公司未按本款规定履行审议程序及信息披露 义务的，视为本次不修正转股价格。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 （一）发行上市情况 经中国证券监督管理委员会"证监许可20222408 号"文核准，公司于 2023 年 4 月 11 日向不特定对象发行 2,450 万张可转换公司债券，发行价格为每张 100 元，发行总额为人民币 245,000.00 万元。经深圳证券交 ...

Core Viewpoint - The company, Tai Rui Machinery Co., Ltd., is adjusting the conversion price of its convertible bonds due to a cash dividend distribution, impacting the bond's trading and conversion terms [2][3][4]. Group 1: Securities Information - The company's convertible bonds, named "Tai Rui Convertible Bonds," will be listed on the Shanghai Stock Exchange starting July 24, 2024, with an initial conversion price of 8.29 CNY per share [3]. - The conversion price has been adjusted from 8.30 CNY to 8.15 CNY per share, effective from June 5, 2025, following a cash dividend distribution of 0.15 CNY per share [2][4][5]. Group 2: Dividend and Adjustment Details - The cash dividend distribution will be recorded on June 4, 2025, with the ex-dividend date set for June 5, 2025 [3][4]. - The adjustment formula for the conversion price is based on the cash dividend distribution, calculated as P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend [5]. Group 3: Trading Suspension - The conversion of "Tai Rui Convertible Bonds" will be suspended from May 28, 2025, until June 4, 2025, and will resume on June 5, 2025 [6].

| 投资者关系活动类别 | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员 | 信堡信息技术公司罗雪珍 | | | 深高投资高睿 | | 姓名 | 华安证券李芳、胡倩倩、李玉伍 | | 时间 | 2025年5月28日10:00-11:00 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 副总经理、董事会秘书罗联明 | | | 财务总监宋月月 | | 投资者关系活动主要 | 首先，副总经理、董事会秘书罗联明先生，财务总 | | | 监宋月月女士分别介绍了公司的业务、财务情况。 | | | 1、《关于深化新能源上网电价市场化改革 促进新 | | | 能源高质量发展的通知》（发改价格〔2025〕136号）对 | | 内容介绍 | 公司业务的影响？ | | | 答：目前，各省份的落实细则正在陆续出台中。光 | | | 伏行业资方也在观望，投资速度一定程度上也在放缓， | | | 对公司业务有一定的拖累。但我们认为光伏新能 ...

Group 1: Military Product Business - The company's military product orders have not shown significant cyclicality, with a year-on-year growth in the small solid rocket business as reported in the 2024 annual report [2] - The gross profit margin for military products increased significantly in 2022, primarily due to a higher proportion of high-margin guided rocket launch control systems sold during that year [2] - The company maintains a market share of over 50% in the artificial weather modification business, consistently holding the industry lead [3] Group 2: Subsidiary Performance - The low profit of the subsidiary, Supercode Technology, is attributed to intensified competition in the photovoltaic industry, leading to a decline in product prices and gross profit margins [4] - The subsidiary Sanwo Electromechanical has faced declining sales due to changes in national highway truck weight charging policies, prompting a shift towards "non-site enforcement" products, which are still in the market development phase [4] Group 3: Product Development and Market Feedback - The company is one of the first in China to develop small guided rockets weighing less than 20kg, with positive customer feedback regarding product quality and performance in counter-terrorism and anti-armor scenarios [5] - A series of small guided rockets have been developed and launched into the market, achieving economic benefits [5] Group 4: Financial Instruments and Corporate Strategy - Currently, the company has no plans to adjust the conversion price of its convertible bonds, with future decisions to be based on operational needs [6] - There are no ongoing plans for mergers or acquisitions [7] - The Sanwo Electromechanical division is undergoing a market transformation in response to policy changes, focusing on promoting "non-site enforcement" projects nationwide [8]

Group 1 - The company plans to distribute a cash dividend of RMB 1.10 per 10 shares (including tax) to all shareholders based on the total share capital after deducting shares held in the repurchase account [1][2] - The profit distribution plan was approved at the annual general meeting held on May 13, 2025, and further details were published on May 14, 2025 [2] - The company will adjust the conversion prices of the two convertible bonds, "Jintian Convertible Bond" and "Jincopper Convertible Bond," according to the relevant regulations after the implementation of the profit distribution plan [2][3] Group 2 - The convertible bonds will be suspended from conversion from June 4, 2025, until the record date for the profit distribution, with resumption of conversion on the first trading day after the record date [3] - Holders of convertible bonds wishing to enjoy the profit distribution must convert their bonds by June 3, 2025 [3]

Core Viewpoint - Tianchuang Fashion Co., Ltd. has decided not to adjust the conversion price of its convertible bonds despite triggering the downward adjustment clause due to stock price performance [2][7]. Group 1: Convertible Bond Overview - The company issued 6 million convertible bonds with a total value of RMB 600 million on June 24, 2020, with a maturity of six years [3]. - The initial conversion price was set at RMB 12.64 per share, which has been adjusted to RMB 12.29 per share due to profit distribution [3][5]. Group 2: Price Adjustment Clause - The downward adjustment clause is triggered when the stock price is below 80% of the conversion price for at least 15 out of 30 consecutive trading days [5][6]. - From May 7 to May 27, 2025, the stock price fell below RMB 9.83 per share, triggering the adjustment clause [6][7]. Group 3: Board Decision - On May 27, 2025, the board unanimously decided not to adjust the conversion price and will not propose any adjustment for the next six months [2][7]. - If the adjustment clause is triggered again after November 27, 2025, the board will convene to decide on the proposal for adjustment [2][7].

Core Viewpoint - The continuous strength in the banking sector has led to multiple bank convertible bonds being redeemed early, with Hangzhou Bank's convertible bond being the third to exit the market this year due to favorable stock performance [1][2]. Group 1: Early Redemption of Convertible Bonds - Hangzhou Bank announced the early redemption of its convertible bond, triggering the conditional redemption clause as the stock price exceeded 130% of the conversion price for 15 trading days [2]. - The bond, issued on March 29, 2021, has a total of 150 million units with a face value of 100 yuan each and a maturity of six years, set to expire on March 29, 2027 [2]. - The trend of early redemptions in bank convertible bonds is linked to the recent strong performance of bank stocks, which have improved significantly compared to previous years [2][3]. Group 2: Market Trends and Data - As of May 27, the scale of AAA-rated convertible bonds has shrunk to approximately 252.73 billion yuan, down from 291.27 billion yuan at the end of 2024, indicating a reduction of nearly 40 billion yuan in less than six months [4]. - The market currently has 10 bank convertible bonds, with the total scale potentially decreasing from around 170 billion yuan to approximately 100 billion yuan due to accelerated redemptions [6]. - The lack of new bank convertible bond issuances since 2023, combined with the upcoming maturity of existing bonds, is expected to lead to a rapid contraction in the scale of bank convertible bonds by 2025 [7].

Group 1 - The core point of the announcement is the adjustment of the conversion price for the company's convertible bonds "Kangtai Zhuan 2" from 15.82 CNY to 15.73 CNY per share, effective from June 6, 2025 [1][2] - The adjustment is based on the company's 2024 annual equity distribution plan, which includes a cash dividend of 0.90 CNY per 10 shares, with no stock dividends or capital reserve transfers [2] - The adjustment formula used for the conversion price is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [2] Group 2 - The company issued 20 million convertible bonds on July 15, 2021, under the code "Kangtai Zhuan 2" [1] - The adjustment of the conversion price is in accordance with relevant laws and regulations, as well as the terms outlined in the bond issuance prospectus [1][2] - The effective date for the new conversion price will be the day after the equity distribution, which is June 6, 2025 [2]

Core Viewpoint - The company, Wuxi Autowell Technology Co., Ltd., announced an adjustment to the conversion price of its convertible bonds due to the implementation of its 2024 annual profit distribution plan, which includes a cash dividend of 16 yuan per 10 shares [1][2]. Summary of Key Points 1. Securities Suspension and Resumption - The company's convertible bonds, "Aowei Convertible Bonds," will be suspended from conversion from June 3, 2025, until the first trading day after the equity distribution registration date [2]. - The adjusted conversion price will be effective from the first trading day after the equity distribution registration date [1][4]. 2. 2024 Annual Profit Distribution Plan - The profit distribution plan involves a cash dividend of 16 yuan per 10 shares (including tax), with no capital increase or stock dividends [1][4]. - The total share capital for the distribution is based on the registered total share capital as of the equity distribution registration date [4]. 3. Adjustment of Conversion Price - The conversion price will be adjusted from 86.48 yuan per share to 84.88 yuan per share due to the cash dividend of 1.60 yuan per share [4]. - The adjustment formula for the conversion price is provided, indicating that the new price will be calculated based on the cash dividend and the number of shares [2][4]. 4. Communication and Disclosure - The company will disclose the relevant announcements regarding the equity distribution and conversion price adjustment in major financial newspapers and on the Shanghai Stock Exchange website [2]. - Investors can refer to the company's previous announcements for detailed information about the convertible bonds [5].