Core Viewpoint - Shanxi Huaxiang Group Co., Ltd. has successfully issued convertible bonds totaling RMB 800 million, with a six-year term and specific interest rates for each year, aimed at enhancing its financial position and supporting its business operations [2][4][14]. Group 1: Bond Issuance Details - The bond issuance was approved by the board on May 19, 2021, and by the shareholders on June 4, 2021 [2]. - The total face value of the convertible bonds is capped at RMB 800 million, with an actual issuance of 8 million bonds at a face value of RMB 100 each [2][5]. - The bonds were listed for trading on the Shanghai Stock Exchange starting January 20, 2022, under the name "Huaxiang Convertible Bonds" and code "113637" [3]. Group 2: Financial Performance - For the fiscal year 2024, the company reported a revenue of RMB 382,751.87 million, representing a year-on-year increase of 17.28% [16]. - The net profit attributable to shareholders reached RMB 47,055.81 million, reflecting a growth of 20.95% compared to the previous year [15][16]. - The total assets of the company amounted to RMB 608,942.66 million, which is a 14.37% increase from the previous year [16]. Group 3: Use of Proceeds - As of December 31, 2024, the company has utilized RMB 60,721.67 million of the raised funds, with RMB 23,241.43 million invested in the current year [17]. - The company has not changed the intended use of the raised funds, maintaining compliance with the original investment commitments [17]. Group 4: Bondholder Rights and Management - The bondholders have specific rights, including the ability to sell back their bonds to the company under certain conditions, such as when the stock price falls below 70% of the conversion price [12]. - The bond trustee, Guotai Junan Securities Co., Ltd., has been actively monitoring the company's financial health and compliance with the bond agreement [14][19].

立高食品股份有限公司 证券代码：300973 证券简称：立高食品 债券代码：123179 债券简称：立高转债 立高食品股份有限公司 向不特定对象发行可转换公司债券 （住所：广州市增城石滩镇工业园平岭工业区） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 目 录 十一、与发行人偿债能力和增信措施有关的其他情况及受托管理人采取的应对措施及相应成 一、受托管理的公司债券（含企业债券）概况 截至 2024 年（以下简称"报告期"）末，立高食品股份有限公司发行且存 续的由中信建投证券担任受托管理人的债券包括：2023 年立高食品股份有限公 司向不特定对象发行可转换公司债券，债券具体情况见下表： | | | | | | | | | | | | | 表：受托管理债券概况 | | | | | | | | | | | | | | | | --- | --- | --- ...

Group 1 - The company issued 3,378,000 convertible bonds on July 2, 2024, raising a total of RMB 33,780.00 million, with a net amount of RMB 33,552.93 million after deducting issuance costs [1][2][11] - The bonds have a maturity period of six years, from July 2, 2024, to July 1, 2030, with an annual interest rate that increases from 0.30% in the first year to 2.50% in the sixth year [2][3][4] - The initial conversion price for the bonds is set at RMB 8.29 per share, subject to adjustments based on specific corporate actions [4][6][18] Group 2 - The company reported a revenue of RMB 1,148,111,105.33 in 2024, a 14.59% increase from the previous year, while the net profit attributable to shareholders decreased by 4.23% to RMB 82,208,555.25 [13][14] - As of the end of 2024, total assets amounted to RMB 2,960,122,406.05, with total equity attributable to shareholders at RMB 1,428,961,079.68, reflecting a 2.41% increase [13][14] - The company has committed to using the raised funds primarily for the construction of an integrated intelligent manufacturing base and high-end equipment projects, with a total investment of RMB 89,759.88 million [11][12]

Group 1 - The core point of the article is the adjustment of the conversion price for Tianrun Convertible Bonds due to the company's profit distribution plan for the year 2024 [1][2][5] - Tianrun Dairy issued 9.9 million convertible bonds with a total fundraising amount of 990 million yuan, with an initial conversion price set at 8.30 yuan per share [2][5] - The company plans to distribute a cash dividend of 0.21 yuan per 10 shares to all shareholders, with no stock dividends or capital reserve transfers [2][3] Group 2 - The conversion price will be adjusted from 8.30 yuan to 8.28 yuan per share, effective from June 27, 2025 [5] - The adjustment formula for the conversion price includes factors such as cash dividends and stock distributions, ensuring compliance with the terms outlined in the bond issuance prospectus [4][5] - The company will halt the conversion of bonds from June 20 to June 26, 2025, resuming on June 27, 2025 [5]

Core Viewpoint - The report outlines the issuance of convertible bonds by Sanyangma (Chongqing) Logistics Co., Ltd., detailing the bond's registration, issuance, and management, as well as changes in the company's board of directors and governance structure [1][2][14]. Group 1: Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission to issue 2,100,000 convertible bonds, each with a face value of RMB 100, raising a total of RMB 21 million [2][4]. - The bonds will be listed on the Shenzhen Stock Exchange starting November 17, 2023, under the name "Sanyang Convertible Bonds" with the code "127097" [3][4]. - The bond's term is from October 26, 2023, to October 25, 2029, with a conversion period starting from May 1, 2024, to the bond's maturity date [4][5]. Group 2: Bond Management and Guarantees - The bonds are guaranteed by the controlling shareholder and actual controller, Qiu Hongyang, covering 100% of the principal and interest, ensuring timely payment to bondholders [5][6]. - The initial conversion price for the bonds is set at RMB 37.65 per share, subject to adjustments based on future equity distributions [6][7]. Group 3: Corporate Governance Changes - The company has undergone a board restructuring, with significant changes in the board of directors, including the appointment of Ren Min as the new chairman [8][14]. - The company has eliminated its supervisory board, transferring its responsibilities to the audit committee of the board, which complies with relevant laws and regulations [13][14]. - The changes in the board and governance structure are deemed normal and do not adversely affect the company's operations or debt repayment capabilities [14].

Core Points - Shandong Heda Group Co., Ltd. has issued convertible bonds totaling 600,000 units with a face value of RMB 100 each, raising a total of RMB 60 million [3][14] - The bonds will be traded on the Shenzhen Stock Exchange under the name "Heda Convertible Bonds" starting from July 19, 2023 [3][4] - The initial conversion price for the bonds is set at RMB 17.40 per share, with specific conditions for adjustments based on stock performance [6][8] Section 1: Bond Overview - The bond issuance was approved by the company's board and shareholders in April and May 2022 [2] - The total amount raised after deducting issuance costs is RMB 59.275 million [3][14] - The bonds have a six-year term, with interest rates increasing from 0.20% in the first year to 3.00% in the sixth year [4][5] Section 2: Financial Performance - For the fiscal year ending December 31, 2024, the company reported total assets of RMB 4.146 billion, a 5.49% increase from the previous year [15] - The company's revenue for 2024 was RMB 1.956 billion, reflecting a 25.72% year-over-year growth [15] - The net profit attributable to shareholders decreased by 10.90% to RMB 193.495 million [15] Section 3: Fund Utilization - The funds raised will be used for the "Hershey Annual Production of 15 Billion Plant Capsules and Smart Warehouse Upgrade Project," with a total investment of RMB 1.227 billion [14] - The company has established a dedicated account for managing the raised funds, ensuring compliance with regulatory requirements [14][15] - As of December 31, 2024, the company had utilized RMB 454.304 million of the raised funds [15]

Group 1: Overview of Convertible Bonds - Jiangsu Cnano Technology Co., Ltd. issued convertible bonds totaling RMB 830 million, approved by the China Securities Regulatory Commission [1][2][3] - The bonds have a maturity of six years, with an annual interest rate of 0.30% for the first year, 0.50% for the second year, and 1.00% for the third year [2][16] - The initial conversion price is set at RMB 153.67 per share, subject to adjustments based on specific corporate actions [3][4] Group 2: Financial Performance - The company's net profit for 2024 is reported at RMB 250.20 million, a decrease of 15.80% compared to the previous year [11] - Total revenue for 2024 is RMB 1.45 billion, showing an increase from RMB 1.40 billion in 2023 but a decline from RMB 1.84 billion in 2022 [11][12] - As of December 31, 2024, total assets amount to RMB 5.14 billion, with net assets of RMB 2.96 billion [13] Group 3: Use of Proceeds from Bonds - The company has utilized RMB 308.95 million from the convertible bond proceeds, with RMB 50.30 million used in the current year [14][15] - The remaining balance of the bond proceeds as of December 31, 2024, is RMB 554.28 million, including interest income [14][15] - The company has established a dedicated account for managing the proceeds, adhering to regulatory requirements [14] Group 4: Debt Servicing Capability - The company has maintained a normal debt repayment willingness, with no delays in interest payments reported [17] - Key financial ratios indicate a debt-to-asset ratio of 42.33% and a current ratio of 2.61 as of December 31, 2024, reflecting a stable financial position [18] - The company has not implemented any credit enhancement measures for the bonds [18] Group 5: Credit Rating - The company's credit rating has been consistently rated at AA- with a stable outlook by Zhongjian Pengyuan Credit Rating Co., Ltd. [18]

Group 1 - The company, Suzhou HYC Technology Co., Ltd., issued convertible bonds totaling RMB 800 million, with a net amount of RMB 787.92 million after deducting issuance costs [3][4][22] - The bonds have a maturity of six years, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [5][6] - The initial conversion price was set at RMB 39.33 per share, which has been adjusted down to RMB 26.19 per share due to market conditions [7][27] Group 2 - The company reported a decline in total assets by 5.45% to RMB 526.40 million and a decrease in net assets by 12.99% to RMB 342.40 million as of the end of 2024 [20][21] - The company's revenue for 2024 was RMB 182.26 million, a decrease of 2.07% compared to 2023, with a significant net loss of RMB 49.70 million [20][21] - Research and development expenses accounted for 21.62% of the company's revenue, indicating a strong focus on innovation [19] Group 3 - The company has established itself as a leading provider of industrial automation testing equipment and solutions, with products used in various sectors including LCD, OLED, and semiconductor industries [18][19] - The company has applied for a total of 304 intellectual property rights, with 261 approved, showcasing its commitment to innovation [19] - The company has successfully supplied testing equipment for humanoid robot controllers to overseas clients, indicating growth in its innovative business segment [19]

Core Viewpoint - Nanjing Pharmaceutical Co., Ltd. is issuing convertible bonds to unspecified investors, with a total amount of RMB 1,081,491,000, to be used for various investment projects [3][16][18]. Group 1: Issuance Details - The company has received approval from its board and regulatory authorities for the issuance of 10,814,910 convertible bonds, each with a face value of RMB 100 [3][4]. - The net proceeds from the issuance amount to RMB 1,069,040,922.31, which has been verified by KPMG Huazhen [3][18]. - The bonds will have a maturity period of six years from the issuance date, with an annual interest rate starting at 0.20% in the first year [5][12]. Group 2: Bond Terms - The initial conversion price for the bonds is set at RMB 5.29 per share, subject to adjustments based on corporate actions such as stock dividends and capital increases [8][21]. - The company has the right to redeem the bonds at 108% of the face value after five trading days post-maturity if certain conditions are met [9][10]. - Holders of the bonds can sell them back to the company at face value plus accrued interest if the stock price falls below 70% of the conversion price during the last two interest years [10][11]. Group 3: Use of Proceeds - The total investment amount for the projects funded by the bond proceeds is RMB 118,665,520, with the shortfall to be covered by the company’s own funds [16][18]. - The company plans to allocate the raised funds to specific projects, ensuring that the actual net proceeds are utilized effectively [16][18]. Group 4: Shareholder Rights - Original shareholders will have priority in subscribing to the bonds based on their holdings as of the record date, with specific timelines for subscription and payment [14][16]. - The company will ensure that the rights of bondholders are protected and that any adjustments to the conversion price are communicated transparently [20][22].

Core Viewpoint - The company, OmniVision Integrated Circuits Group, has undergone a name change and is set to issue convertible bonds totaling RMB 2.44 billion, with a structured interest rate over six years, reflecting a strong financial performance and strategic growth in the semiconductor industry [1][8]. Section 1: Bond Issuance Details - The company has been approved to issue convertible bonds with a total face value of RMB 2.44 billion [1]. - The bonds will have a six-year term with an annual interest rate starting at 0.20% and increasing to 2.00% by the sixth year [1][5]. - The initial conversion price is set at RMB 222.83 per share, subject to adjustments based on corporate actions [1][12]. Section 2: Financial Performance - The company reported a significant increase in revenue, achieving RMB 25.73 billion in 2024, a 22.41% increase from the previous year [9][10]. - Net profit surged to RMB 332.32 million, marking a 498.11% increase year-on-year [10]. - The gross profit margin improved due to product optimization and supply chain efficiency [9]. Section 3: Use of Proceeds - The proceeds from the bond issuance will be allocated to various projects, including the expansion of wafer testing and packaging facilities, with a total investment of RMB 354.33 million [11]. - As of the end of 2024, RMB 204.22 million of the raised funds has been utilized for the intended projects [11]. Section 4: Credit Rating - The company and its bonds have received a credit rating of AA+ from Shanghai New Century Credit Rating Co., indicating a stable outlook [8][10]. Section 5: Market Position - The semiconductor industry is experiencing an upward cycle, with the company capitalizing on growth opportunities in high-end smartphone markets and automotive intelligence [9]. - The company’s semiconductor design business generated RMB 21.64 billion, accounting for 15.34% of total revenue, reflecting a 32.62% increase from the previous year [10].