Core Viewpoint - The company, Jiufeng Energy, has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.82868 CNY per share and a total cash dividend distribution of 750 million CNY for the year [1][2][3] Distribution Plan - The fixed cash dividend for the fiscal year 2024 is set at 500,202,698.80 CNY (including tax), with an additional 249,797,301.20 CNY already distributed in the first half of 2024, totaling 750 million CNY for the year [2] - The cash dividend per share is adjusted to 0.82868 CNY due to an increase in total share capital from the conversion of convertible bonds [3][4] Important Dates - The key dates for the dividend distribution are as follows: - Record date: May 30, 2025 - Last trading day: June 3, 2025 - Ex-dividend date: June 3, 2025 - Cash dividend payment date: June 3, 2025 [1][4] Taxation Details - The cash dividend of 0.82868 CNY per share is subject to different tax treatments based on the holding period of the shares, with specific rates outlined for various holding durations [5][6][7] Price Adjustments - Following the dividend distribution, the conversion price for the company's convertible bonds and the repurchase price for shares will be adjusted accordingly [8]

Group 1 - The company has decided not to exercise the early redemption rights for the convertible bond "JiuZhou Zuan 2" as the stock price has met the conditional redemption criteria [1][4] - From April 25, 2025, to May 22, 2025, the company's stock price closed above 130% of the current conversion price for 15 out of 30 trading days, triggering the conditional redemption clause [1][4] - The board of directors will reassess the situation after August 22, 2025, if the redemption conditions are met again [1][4] Group 2 - The company issued 5 million convertible bonds with a total value of 500 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [2] - The initial conversion price was set at 8.00 yuan per share, which has been adjusted to 5.50 yuan per share due to dividend distributions and capital increases [2] - The conversion period for "JiuZhou Zuan 2" runs from June 25, 2021, to December 20, 2026 [2][3] Group 3 - The conditional redemption terms state that the company can redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days within any 30-day period or if the total unconverted bond amount falls below 30 million yuan [3][4] - The company has confirmed that there were no transactions involving "JiuZhou Zuan 2" by major shareholders or executives in the six months prior to the redemption conditions being met [5]

Core Viewpoint - The company has adjusted the conversion price of its convertible bonds, "Weicet Convertible Bonds," from 82.15 yuan per share to 82.00 yuan per share, effective from May 28, 2025, due to the completion of the first vesting period of its 2024 restricted stock incentive plan [1][5]. Group 1: Conversion Price Adjustment - The adjustment of the conversion price is based on the issuance of 325,018 shares to 63 incentive recipients, increasing the total share capital from 113,834,777 shares to 114,159,795 shares [1][4]. - The new conversion price formula accounts for stock dividends, capital increases, and cash dividends, ensuring that the conversion price reflects changes in the company's equity structure [2][3]. Group 2: Conversion Period - The conversion period for "Weicet Convertible Bonds" is set from October 15, 2025, to April 8, 2031, and the bonds have not yet entered the conversion period [1][5]. Group 3: Communication and Disclosure - The company will disclose any future adjustments to the conversion price in accordance with relevant regulations and will ensure that the rights of convertible bondholders are protected [3][4]. - Investors seeking more information about "Weicet Convertible Bonds" can refer to the company's previously published prospectus on the Shanghai Stock Exchange website [5].

2025 年 05 月 22 日 证券研究报告 | 私募基金专题报告 可转债投资中如何实现绝对收益型策 略？ 华宝聚合系列科普文章 分析师：程秉哲 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 研究助理：张君睿 邮箱：zhangjunrui@cnhbstock.com 销售服务电话： 1、《市场中性策略多头端解析：量化选股 模型如何决定你的收益上限—华宝聚合 系列科普文章》2025-05-15 2、《从隐含波动率到价格的预测—期权 策略系列观察（三）》2024-08-20 3、《隐含波动率跟踪与期权产品分类— 期权策略系列观察（二）》2024-07-31 4、《期权价值的理论与现实—期权策略 系列观察（一）》2024-07-05 投资要点 风险提示：本报告根据历史公开数据及定期报告整理，存在失效风险，不代表 对基金未来资产配置情况的预测，不构成投资建议； 基金的过往业绩及基金经 理管理其他产品的历史业绩不代表未来表现；本报告涉及私募基金相关内容， 若您非合格投资者，请勿阅读本报告； 敬请参阅报告结尾处免责声明 华宝证券 ...

Core Viewpoint - Zijin Bank (601860) announced a temporary suspension of the conversion of its convertible bonds during the period from May 28, 2025, to the equity distribution record date, with conversion resuming on the first trading day after the record date [1] Summary by Relevant Sections - **Dividend Distribution** - The 2024 annual equity distribution plan includes a cash dividend of 1 yuan (before tax) for every 10 shares, with a mid-year cash dividend of 0.5 yuan (before tax) already distributed [1] - The proposed cash dividend of 0.5 yuan (before tax) will be distributed in addition to the mid-year dividend [1] - **Impact on Convertible Bonds** - The implementation of the profit distribution plan will lead to an adjustment in the conversion price of the convertible bonds for the current period [1]

Financial Performance Summary - In 2024, the total revenue of Xiangying Technology reached 873 million yuan, representing a year-on-year increase of 27.95% [1][2] - The net profit attributable to shareholders decreased to 8.06 million yuan, down 61.06% compared to the previous year [1][2] - The net profit after deducting non-recurring gains and losses was 2.10 million yuan, a decline of 88.21% year-on-year [1][2] - The net cash flow from operating activities was 27.53 million yuan, showing a slight increase of 4.02% [1][2] Quarterly Performance Overview - In Q1 2025, the total revenue was 16.66 million yuan, a decrease of 3.40% year-on-year [3] - The net profit attributable to shareholders surged to 4.97 million yuan, an increase of 689.47% compared to the same period last year [3] - The net profit after deducting non-recurring gains and losses was 500.51 thousand yuan, recovering from a loss of 2.38 million yuan in the previous year [3] - The net cash flow from operating activities reached 11.49 million yuan, up 41.98% year-on-year [3] Asset and Equity Status - As of the end of 2024, total assets amounted to 1.36 billion yuan, an increase of 10.11% from the previous year [2] - The net assets attributable to shareholders were 843.64 million yuan, a slight decrease of 1.01% [2] - By the end of Q1 2025, total assets decreased to 1.16 billion yuan, down 14.35% from the end of 2024 [3] IPO and Fundraising Information - Xiangying Technology raised a total of 643 million yuan during its IPO, with a net amount of 583 million yuan after deducting issuance costs [4] - The company initially planned to raise 350 million yuan, but the final net amount exceeded the original plan by 232 million yuan [4] - The funds raised are intended for expansion projects and working capital [4] Convertible Bond Issuance - On September 10, 2024, Xiangying Technology announced plans to issue convertible bonds with a total amount not exceeding 270 million yuan [5] - The proceeds from the bond issuance will be allocated to the construction of a production base in Vietnam, a research and development center, and to supplement working capital [5]

Core Viewpoint - Jiangsu Bojun Industrial Technology Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, despite triggering the conditional redemption clause due to stock price performance [2][8]. Group 1: Convertible Bond Basic Information - The company issued 5,000,000 convertible bonds on September 8, 2023, with a total fundraising amount of RMB 50 million, netting RMB 49.27324 million after expenses [3]. - The convertible bonds were listed on the Shenzhen Stock Exchange on September 28, 2023, under the name "Bojun Convertible Bonds" and code "123222" [4]. - The conversion period for the bonds starts on March 14, 2024, and ends on September 7, 2029 [5]. Group 2: Conditional Redemption Clause - 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 out of 30 consecutive trading days [7]. - From April 28 to May 21, 2025, the company's stock price met the condition, triggering the redemption clause with a price of RMB 21.52 per share [7]. Group 3: Decision on Early Redemption - On May 21, 2025, the board of directors decided not to exercise the early redemption rights, considering market conditions and the interests of bondholders [8]. - The company will not redeem the bonds for the next six months, even if the redemption conditions are met again [8]. Group 4: Shareholder Transactions - The company confirmed that major shareholders and executives did not trade the convertible bonds in the six months prior to the redemption condition being met [9]. - There are currently no plans for these stakeholders to reduce their holdings in the convertible bonds in the next six months [9]. Group 5: Sponsor's Verification Opinion - The sponsor, Dongfang Securities Co., Ltd., confirmed that the decision not to redeem the bonds was made following necessary procedures and complies with relevant regulations [10].

Core Viewpoint - The company has announced a potential downward adjustment of the conversion price for its convertible bonds due to the stock price falling below a specified threshold for a consecutive period [1][12]. Group 1: Convertible Bond Basic Information - The company issued 14,761,896 convertible bonds on November 4, 2020, with a total amount of RMB 1,476.1896 million and an initial conversion price of RMB 8.31 per share [2][3]. - The bonds were listed on the Shenzhen Stock Exchange on December 2, 2020, under the name "Yingfeng Convertible Bonds" with the code "127024.SZ" [3]. - The conversion period for the bonds is from May 10, 2021, to November 3, 2026 [4]. Group 2: Conversion Price Adjustment History - The initial conversion price was set at RMB 8.31 per share [6]. - The conversion price was adjusted to RMB 8.19 per share on July 8, 2021, following a cash dividend distribution [7]. - The conversion price was further adjusted to RMB 8.09 per share on July 20, 2022, due to another cash dividend distribution [8]. - The conversion price was adjusted again to RMB 7.98 per share on July 18, 2023, after a cash dividend distribution [9]. - The most recent adjustment set the conversion price at RMB 7.86 per share effective from July 16, 2024 [10]. Group 3: Downward Adjustment Clause - The company has a clause that allows for a downward adjustment of the conversion price if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [11]. - If triggered, the company will follow the necessary procedures for the adjustment and disclose the details to investors [12]. - As of April 26, 2025, the stock price has been below RMB 6.681 per share for 10 trading days, indicating a potential trigger for the downward adjustment [12].

债券代码：127052 债券简称：西子转债 西子清洁能源装备制造股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 调整前"西子转债"转股价格为：11.20 元/股 调整后"西子转债"转股价格为：11.00 元/股 转股价格调整生效日期：2025 年 5 月 29 日 证券代码：002534 证券简称：西子洁能 编号：2025－058 上述两项同时进行：P1=（P0+A×k）÷（1+n+k）； 派送现金股利：P1=P0-D； 上述三项同时进行：P1=（P0-D+A×k）÷（1+n+k）。 其中：P1 为调整后转股价；P0 为调整前转股价；n 为派送股票股利或转增 股本率；A 为增发新股价或配股价；k 为增发新股或配股率；D 为每股派送现金 股利。 二、 关于"西子转债"转股价格历次调整情况 日前二十个交易日公司股票交易均价（若在该 20 个交易日内发生过因除权、除 息引起股价调整的情形，则对调整前交易日的交易价按经过相应除权、除息调整 后的价格计算）和前 1 个交易日公司股票交易均价。 年度利润分配预案：以实施权益分派股权登记日登记的总股 ...

Core Viewpoint - The company announces that the "Qifan Convertible Bonds" are expected to trigger conditions for a downward adjustment of the conversion price due to the stock price being below 85% of the conversion price for ten consecutive trading days from May 8, 2025, to May 21, 2025 [1][5] Summary by Sections Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission for the public issuance of convertible bonds, amounting to 1 billion yuan, with a term of 6 years starting from June 17, 2021 [1][2] - The initial conversion price was set at 20.53 yuan per share [2] Adjustment of Conversion Price - The conversion price has been adjusted multiple times due to corporate actions: - Adjusted from 20.53 yuan to 20.10 yuan due to a restricted stock incentive plan [2] - Adjusted from 20.10 yuan to 19.86 yuan following the 2021 profit distribution [2] - Adjusted from 19.86 yuan to 19.75 yuan after the 2022 profit distribution [3] - Adjusted from 19.75 yuan to 19.59 yuan after the 2023 profit distribution, effective from June 18, 2024 [3] Downward Adjustment Clause and Trigger Conditions - The downward adjustment clause states that if the stock price is below 85% of the conversion price for at least 15 out of 30 consecutive trading days, the board may propose a downward adjustment [4] - The company will hold a board meeting to decide whether to exercise the downward adjustment right if the conditions are met [4][5]