Key Points - The company, Wenzhou Hongfeng Electrical Alloy Co., Ltd., issued convertible bonds totaling RMB 321.26 million, with a net amount of RMB 315.06 million after deducting issuance costs [1][9][10] - The bonds have a maturity of six years, with an annual interest rate that increases from 0.5% in the first year to 3.0% in the sixth year [1][3] - The initial conversion price for the bonds is set at RMB 6.92 per share, with provisions for adjustments based on various corporate actions [3][4][5] - The funds raised will be used for projects including the production of high-end precision hard alloy rods, with a total investment of RMB 359.03 million [9][12] - The company reported a net loss of RMB 73.67 million for 2024, a significant decline compared to the previous year's profit, attributed to high costs and ongoing project developments [10][11] - The company has established special accounts for the management of the raised funds, ensuring proper oversight and usage [11][12] - The credit rating for the bonds has been maintained at level A, with a stable outlook, as assessed by Zhongzheng Pengyuan Credit Rating Co., Ltd. [9][10]

Core Viewpoint - Guizhou Yongji Printing Co., Ltd. has reported a significant increase in revenue and net profit for the year 2024, driven by its core business in cigarette packaging and expansion into pharmaceutical products, despite challenges in the liquor packaging segment [9][10][11]. Company Bond Overview - The company issued convertible bonds on April 14, 2022, with a total fundraising amount of RMB 145.87 million, intended for various projects including the construction of a new production base [1][4]. - The bonds have a six-year term with a tiered interest rate starting at 0.30% in the first year and increasing to 2.50% in the sixth year [1][4]. - The initial conversion price for the bonds is set at RMB 8.76 per share, with the current conversion price adjusted to RMB 8.07 per share [17]. Business Performance - In 2024, the company achieved a revenue of RMB 905.13 million, representing a year-on-year growth of 10.69%, and a net profit of RMB 160.02 million, up 59.77% from the previous year [9][12]. - The cigarette packaging segment generated RMB 593.20 million in revenue, a 5.75% increase, while the liquor packaging segment saw a decline of 24.81% [11][12]. - The overseas pharmaceutical business reported revenue of RMB 142.35 million, marking a growth of 43.76% [12][13]. Financial Data - The company's total assets increased by 2.33% to RMB 1.95 billion, and net assets rose by 11.58% to RMB 1.20 billion by the end of 2024 [13]. - Basic earnings per share increased by 58.04% to RMB 0.3812, reflecting improved profitability [13][14]. Fundraising and Utilization - The company has effectively managed the funds raised from the convertible bonds, with a net amount of RMB 141.10 million available for investment after deducting issuance costs [14]. - As of December 31, 2024, the company has utilized RMB 134.44 million of the raised funds, primarily for the construction of the Yongji Shenglong liquor box production base [14][15]. - The production base is expected to reach an annual capacity of 6.8 million units, with projected profits of RMB 3.17 million in 2024 [14].

Company Overview - The company is Shanghai Rongtai Health Technology Corporation Limited, primarily engaged in the design, research and development, production, and sales of massage equipment [11][12] - The company aims to provide a healthy and fashionable lifestyle to global users, focusing on shared massage services and experiences [11] Financial Performance - In the 2024 fiscal year, the company achieved a consolidated operating revenue of RMB 1,596.87 million, a decrease of 13.92% compared to the previous year [12][14] - The total profit for the year was RMB 209.99 million, down 8.77% year-on-year, while the net profit attributable to the parent company was RMB 163.21 million, a decline of 12.47% [12][14] - The company's total assets increased by 10.55% to RMB 3,742.04 million, and the net assets attributable to shareholders rose by 2.30% to RMB 2,014.12 million [14] Business Segmentation - The main business segments include manufacturing and service, with manufacturing accounting for RMB 1,569.96 million in revenue, down 14.64% year-on-year, and a gross margin of 31.44% [13] - The service segment generated RMB 4.99 million, with a gross margin of 68.47%, reflecting a decrease of 17.30% in revenue compared to the previous year [13] Product Performance - The primary products are massage chairs and small massage devices, with massage chairs generating RMB 1,031.44 million in revenue, a decrease of 14.05% year-on-year [15] - The gross margin for massage chairs was 32.06%, while small massage devices had a gross margin of 68.46%, showing an increase of 10.98 percentage points [15] Fundraising and Use of Proceeds - The company raised a total of RMB 600 million through the issuance of convertible bonds, with a net amount of RMB 593.98 million after expenses [12][14] - The funds are primarily allocated to the construction of a massage chair manufacturing base in Huzhou, Zhejiang [12][14] Debt and Credit Rating - The company’s convertible bonds have a credit rating of AA- with a stable outlook, as assessed by Shanghai New Century Credit Rating Co., Ltd [9] - The actual controller of the company, Lin Qi, has provided a guarantee for the bonds, covering 100% of the principal and interest [10]

Core Viewpoint - Xiangtan Electrochemical Technology Co., Ltd. is issuing convertible bonds totaling 487 million yuan, with a focus on raising funds for its battery materials and wastewater treatment business [2][4][10]. Overview - The convertible bond is named "Dianhua Convertible Bond" with the code 127109, and it will be listed on the Shenzhen Stock Exchange on July 4, 2025 [2][6]. - The total issuance amount is 487 million yuan, with a net amount of 479.6371 million yuan after deducting issuance costs [4][16]. - The bonds will have a face value of 100 yuan each and a maturity period from June 16, 2025, to June 15, 2031 [2][17]. Financial Details - The first-year coupon rate is set at 0.20%, increasing to 2.00% by the sixth year [3][17]. - The total issuance costs amount to 7.3629 million yuan [12][13]. Company Profile - Xiangtan Electrochemical Technology Co., Ltd. has a registered capital of 629.481713 million yuan and is primarily engaged in the production and sale of manganese dioxide and battery materials [8][10]. - The company is controlled by Xiangtan Electrochemical Group, which holds 29.54% of the shares, while the actual controller is the Xiangtan State-owned Assets Supervision and Administration Commission [9][10]. Shareholder Structure - As of March 31, 2025, the top ten shareholders hold a total of 46.13% of the company's shares, with the largest shareholder being Xiangtan Electrochemical Group [8][9]. Business Operations - The company generates over 90% of its revenue from battery materials, including various types of manganese dioxide used in primary and secondary batteries [10]. - The wastewater treatment business operates under a model of government authorization and procurement [10].

Core Viewpoint - Zhejiang Liziyuan Food Co., Ltd. has issued convertible bonds totaling RMB 600 million, with a maturity of 6 years and a structured interest rate that increases over time, aimed at expanding its production capacity and enhancing its market position in the beverage industry [3][14]. Section 1: Bond Overview - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds amounting to RMB 600 million, with a face value of RMB 100 per bond, totaling 6 million bonds [3][4]. - The net proceeds from the bond issuance, after deducting issuance costs of RMB 2.4 million, amount to RMB 597.6 million [3][14]. - The bonds will be listed on the Shanghai Stock Exchange under the name "Liziyuan Convertible Bonds" with the code "111014" starting from July 13, 2023 [3][4]. Section 2: Key Terms of the Bonds - The bonds have a structured interest rate that starts at 0.3% in the first year and increases to 2.0% by the sixth year [5][6]. - Interest payments will be made annually, with the first payment due on June 20, 2025, covering the period from June 20, 2024, to June 19, 2025 [25]. - The initial conversion price for the bonds is set at RMB 19.47 per share, with provisions for adjustments based on stock performance and corporate actions [7][9]. Section 3: Use of Proceeds - The total amount raised will be fully allocated to the expansion and technological upgrade of a production line for 150,000 tons of dairy beverages [14][21]. - The company has established a dedicated account for the management of the raised funds, ensuring compliance with regulatory requirements [21][22]. Section 4: Financial Performance - For the fiscal year ending December 2023, the company reported a revenue of RMB 1.415 billion, a slight increase of 0.22% year-on-year [17][20]. - The net profit attributable to shareholders decreased by 5.55% to RMB 223.8 million compared to the previous year [17][20]. - The company’s total assets stood at RMB 2.988 billion, reflecting a decrease of 2.30% year-on-year [20]. Section 5: Credit Rating - The company has been assigned a credit rating of AA by Dongfang Jincheng, with a stable outlook for both the company and the convertible bonds [14][26].

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. maintains its credit rating of "AA" with a stable outlook for both the company and its convertible bonds, indicating consistent financial health and stability in its operations [1][2]. Group 1: Credit Rating Information - The company commissioned China Chengxin International Credit Rating Co., Ltd. to conduct a follow-up credit rating for its convertible bonds issued on July 10, 2023 [1]. - The previous credit rating for the company was "AA" with a stable outlook, and the same rating applies to the Wujin Convertible Bonds [2]. - The follow-up rating report was issued on June 26, 2025, confirming that there were no changes in the credit ratings from the previous assessment [2]. Group 2: Regulatory Compliance - The company’s actions are in accordance with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the issuance and rating of securities [1]. - The follow-up rating report is publicly available on the Shanghai Stock Exchange website, ensuring transparency and compliance with disclosure requirements [2].

Group 1 - The company Guangdong Redwall New Materials Co., Ltd. issued convertible bonds to unspecified investors, with a total fundraising amount of RMB 316 million [2][3][24] - The bonds will be listed on the Shenzhen Stock Exchange starting November 8, 2023, under the name "Redwall Convertible Bonds" and code "127094" [3][4] - The bonds have a maturity period of 6 years, from October 18, 2023, to October 17, 2029, with an annual interest rate that increases over the years [3][4][5] Group 2 - The initial conversion price for the bonds is set at RMB 10.89 per share, with provisions for adjustments based on corporate actions such as stock dividends or capital increases [5][6][8] - The company has established a fundraising management system to ensure the proper use of the raised funds, which will be allocated to specific projects [17][24] - The company has a credit rating of "A_+_" with a stable outlook, and the bonds are guaranteed by the company's actual controller and his spouse [17][19] Group 3 - The company reported a revenue of approximately RMB 675 million for 2024, a decrease of 11.23% compared to the previous year [23] - The net profit attributable to shareholders decreased by 42.98% to approximately RMB 48.76 million [23] - The company has established over 20 production bases across the country to effectively serve local customers [22][23]

证券简称：百川畅银 证券代码：300614 债券简称：百畅转债 债券代码：123175 中原证券股份有限公司 关于河南百川畅银环保能源股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024年度） 债券受托管理人 （郑州市郑东新区商务外环路10号中原广发金融大厦） 二〇二五年六月 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》"）、《河 南百川畅银环保能源股份有限公司向不特定对象发行可转换公司债券受托管理 协议》（以下简称"《受托管理协议》"）、《河南百川畅银环保能源股份有限公司 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》"）、 河南百川畅银环保能源股份有限公司（以下简称"发行人"、"公司"）对外公布 的《河南百川畅银环保能源股份有限公司2024年年度报告》等相关公开信息披 露文件、第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理 人中原证券股份有限公司（以下简称"中原证券"、"受托管理人"）编制。中原 证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不 就该等引述内容和信息的真实性、准确性和完整性做出任何保证或 ...

Group 1 - The company Shenma Industrial Co., Ltd. issued convertible bonds totaling 3 billion RMB, with a net amount of approximately 2.96 billion RMB after deducting issuance costs [1][10] - The convertible bonds have a maturity period of six years, from March 16, 2023, to March 15, 2029, with an annual interest rate starting at 0.20% in the first year [1][6] - The initial conversion price for the bonds is set at 8.38 RMB per share, subject to adjustments based on various corporate actions [2][3] Group 2 - The company reported a revenue of approximately 1.40 billion RMB for 2024, reflecting a 4.08% increase compared to the previous year [12][13] - The net profit attributable to shareholders decreased significantly by 77.57% to approximately 3.35 million RMB, primarily due to rising material costs and increased R&D investments [12][13] - The company's total assets decreased by 12.71% to approximately 2.80 billion RMB, while the net assets attributable to shareholders fell by 10.87% to approximately 716.33 million RMB [12][13] Group 3 - The company has a debt guarantee from its controlling shareholder, China Pingmei Shenma Group, covering the principal and interest of the bonds [10][11] - The company has established a special account for managing the funds raised from the bond issuance, ensuring proper allocation and usage [11] - The company has a current ratio of 1.87 and a quick ratio of 1.58 as of the end of 2024, indicating improved short-term solvency compared to the previous year [12][13]

Core Viewpoint - Jiangsu Jinling Sports Equipment Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 consecutive trading days, leading to the decision to redeem the bonds early [2][6]. Group 1: Convertible Bond Overview - The company issued 250 million yuan of convertible bonds on February 18, 2021, with a face value of 100 yuan each and a term of six years [2][3]. - The bonds are listed on the Shenzhen Stock Exchange under the name "Jinling Convertible Bonds" with the code "123093" [3]. - The conversion period for the bonds is from July 26, 2021, to January 18, 2027 [3]. Group 2: Redemption Details - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price [5]. - The current conversion price is set at 19.85 yuan per share, and the threshold for redemption is 25.805 yuan per share [6]. - The redemption price is confirmed at 101.726 yuan per bond, which includes accrued interest calculated based on the bond's interest rate of 3.5% [6][7]. Group 3: Redemption Process - The redemption will be executed for all bondholders registered with China Securities Depository and Clearing Corporation Limited by the redemption registration date of July 17, 2025 [7]. - Following the redemption, the bonds will be delisted from the Shenzhen Stock Exchange [7]. - Payments will be directly transferred to the bondholders' accounts through their custodial brokers [7].