Group 1 - The company issued convertible bonds named "Fenggong Convertible Bonds" with a total fundraising amount of RMB 620 million, net proceeds amounting to RMB 608.78 million after deducting issuance costs [1] - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shenzhen Stock Exchange on February 22, 2024, under the code "123239" [2] - The initial conversion price was set at RMB 24.95 per share, which was adjusted to RMB 24.75 on May 28, 2024, and further adjusted to RMB 24.39 on November 27, 2024 [2][3] Group 2 - The company has conditional redemption clauses for the convertible bonds, allowing redemption if the stock price exceeds 130% of the conversion price for 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than RMB 30 million [4][5] - The company decided not to exercise the early redemption option for the bonds, considering the short conversion period and current market conditions, and will not exercise this right for the next three months [5][6] Group 3 - The company conducted an internal review of trading activities related to the convertible bonds by major shareholders and executives, revealing that no transactions occurred in the six months leading up to the redemption condition date [6][7] - As of the date of the review, there were no plans from major shareholders or executives to reduce their holdings in the convertible bonds in the next six months [8] Group 4 - The sponsor, Minsheng Securities, confirmed that the decision not to redeem the bonds early was approved by the company's board and complied with relevant regulations and the terms outlined in the offering document [8]

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "Nuitai Convertible Bonds," despite triggering the conditional redemption clauses due to stock prices exceeding the specified thresholds [2][6]. Group 1: Convertible Bond Issuance and Listing - The company issued 350 million yuan worth of convertible bonds on June 27, 2023, with a total of 3.5 million bonds at a face value of 100 yuan each, resulting in a net fundraising amount of approximately 344 million yuan after deducting issuance costs [2][3]. - The bonds were listed on the Shenzhen Stock Exchange on July 18, 2023, under the name "Nuitai Convertible Bonds" and code "123201" [3]. Group 2: Conversion Price Adjustments - The conversion price of the bonds was adjusted from 29.88 yuan to 21.25 yuan per share effective May 21, 2024, and further adjusted to 21.19 yuan per share effective October 15, 2024 [3][4]. - The conversion price was subsequently lowered to 15.04 yuan per share effective May 26, 2025 [4]. Group 3: Conditional Redemption Clauses - The conditional redemption clauses allow the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [5]. - From May 20 to June 12, 2025, the stock price met the criteria for triggering the redemption clauses [5]. Group 4: Decision on Early Redemption - The board of directors decided not to exercise the early redemption rights for the bonds, considering the short conversion period and current market conditions, aiming to protect the interests of bondholders [6]. - The company will reassess the situation after September 12, 2025, if the redemption conditions are met again [6]. Group 5: Shareholder Transactions - There have been no transactions of "Nuitai Convertible Bonds" by major shareholders or executives in the six months prior to the redemption conditions being met, and there are no plans for future reductions in holdings [7].

Group 1 - The company held its third board meeting on April 17, 2025, with all seven directors present [2][3][4] - The board unanimously approved the proposal not to redeem the "Zhongqi Convertible Bonds" early, with a vote of 7 in favor, 0 against, and 0 abstentions [6] - The decision was made as the company's stock price had met the conditions for early redemption, being above 130% of the conversion price for fifteen consecutive trading days [6][20] Group 2 - The company will not exercise its right to redeem the bonds early for three months following the board's decision, from April 18 to July 17, 2025 [6][21] - If the redemption conditions are triggered again after July 17, 2025, the board will convene to decide on the redemption [21][24] - The company has confirmed that there were no transactions involving the bonds by major shareholders or executives in the six months prior to the redemption conditions being met [22]