Meeting Overview - The 37th meeting of the second board of directors of Zhongwei New Materials Co., Ltd. was held on September 22, 2025, via communication methods, with all nine directors present [2][3]. Resolutions Passed - The board approved the resignation of independent directors Cao Yue and Li Wei, who have served since November 10, 2019, for nearly six years, and nominated Cao Feng and Hong Yuan as candidates for independent directors [3][12]. - The board approved the adjustment of the members of the second board's special committees due to the nomination of new independent directors and the planned overseas issuance of shares [4][19]. - The board approved the reappointment of Ernst & Young Huaming as the auditing firm for the fiscal year 2025, citing their qualifications and performance during the previous audit [5][23]. Financial Assistance - The board approved providing financial assistance of up to $7 million to the associate company SOLAROZ to support its operations and accelerate the integration of the company's industrial chain [7][39]. - The financial assistance will have a term of no more than 12 months and an interest rate not exceeding 6.25% [39][41]. Upcoming Shareholder Meeting - A temporary shareholder meeting is scheduled for October 15, 2025, to vote on the resolutions regarding the appointment of independent directors, the reappointment of the auditing firm, and the financial assistance to SOLAROZ [9][50].

Summary of Key Points from Conference Call Records Industry Overview - The convertible bond market has recently reached new highs, with the average closing price at 124 yuan and the median close to 126 yuan, placing it in the top 93% since 2020 [2][3] - The number of low-priced convertible bonds has decreased to below 20, accounting for approximately 3.6% of the market [2][3] Core Insights and Arguments - In a bull market, banks, brokerages, and convertible bonds will exit quickly, while in a volatile market, some funds will withdraw, leading to a compression of premium rates for high-priced convertible bonds [3] - It is recommended to focus on mid-to-low priced convertible bonds like Wentai and Shuyou, which offer long-term effectiveness and price protection [1][2][6] - Policy-driven market reactions are evident, particularly in the photovoltaic sector with notable price recoveries for companies like Jinko, Jinao, and Jinneng [5][6] - The construction materials sector, particularly state-owned enterprises like Wanquan and Jidong, is rated highly but faces challenges due to being below net asset value [5] - The cyclical industries, such as pig farming, represented by companies like Xiwang, Muyuan, and Wens, are also worth attention due to good cash flow and stock elasticity [5][6] Additional Important Content - The PCB industry is benefiting from high demand driven by the computing power sector, easing tariffs, and rising copper prices, which account for 30% of PCB costs [9] - Key PCB companies like Jing Er San and Huazheng are seeing significant growth, with revenue and profit targets set to increase by 20-30% [10][11] - Huayou Cobalt reported a net profit of 1.448 billion yuan in Q2, a 26% year-on-year increase, driven by rising cobalt prices and production capacity [12] - The company is also expanding its market reach, including plans to supply products to overseas clients [14] - Guolv Convertible Bond has shown strong performance, with a projected net profit of nearly 1 billion yuan for the year, driven by high demand in the new energy vehicle and semiconductor sectors [15] - Zhongchong's performance has been less affected by tariffs due to its production layout in the U.S. and Cambodia, maintaining a stable growth trajectory [16] Recommendations - Focus on mid-to-low priced convertible bonds such as Wentai and Shuyou for their elasticity and price protection [6] - Consider cyclical industries like pig farming for their strong cash flow and stock elasticity [5][6] - The top ten recommended convertible bonds span technology growth, new consumption, and cyclical growth sectors, indicating a positive outlook for these investments [17]

Meeting Details - The second meeting of the second supervisory board of Zhongwei New Materials Co., Ltd. was held on July 9, 2025, combining in-person and remote attendance [1] - The meeting was legally valid, with all three supervisors present, and was chaired by Ms. Yin Guizhen [1] Resolutions Passed - The supervisory board unanimously approved the proposal to provide financial assistance to the affiliated company SAH, with 3 votes in favor and no votes against or abstentions [1] - The board believes that this financial assistance will accelerate the company's integrated industrial chain layout and enhance the stability of its logistics system [1] - The overall risk of this financial assistance is considered controllable and will not significantly adversely affect the company's normal operations or harm the interests of the company and all shareholders [1]

Meeting Details - The second board meeting of Zhongwei New Materials Co., Ltd. was held on May 20, 2025, with all nine directors present, making the meeting valid [2] - The meeting was chaired by Chairman Deng Weiming and complied with the Company Law and Articles of Association [2] Resolutions Passed - The board unanimously approved the proposal to change the internal audit leader, appointing Yi Kun as the new internal audit head following the resignation of Dai Zufu [5][21] - The board also approved a financial assistance proposal to provide up to $2.3 million to its subsidiaries, PT HengSheng New Energy Material Indonesia and PT Stardust Estate Investment, to support their project developments [5][24] - A resolution was passed to convene the fifth extraordinary general meeting of shareholders on June 5, 2025, to discuss the financial assistance proposal [9][45] Financial Assistance Details - The company plans to provide up to $1.8 million to PT HengSheng at a maximum interest rate of 10% and up to $500,000 to PT SEI at a maximum interest rate of 7%, both with a loan term not exceeding one year [26][28] - The financial assistance is intended to facilitate the normal operations of the subsidiaries and enhance the company's integrated supply chain layout [28][37] - The financial assistance proposal has been reviewed and approved by both the board and the supervisory committee, pending approval from the shareholders' meeting [29][38] Shareholder Meeting Information - The fifth extraordinary general meeting will be held in Changsha, Hunan Province, combining on-site and online voting [45] - The meeting will address the financial assistance proposal and requires a majority vote from attending shareholders to pass [49]

Core Viewpoint - Shennong Group successfully turned a profit in 2024, achieving revenue of 5.584 billion yuan and a net profit of 687 million yuan, with a strong first quarter showing a 35.97% year-on-year revenue growth and a net profit of 229 million yuan [1][2] Group 1: Financial Performance - In 2024, Shennong Group's revenue reached 5.584 billion yuan and net profit was 687 million yuan [1] - The company reported a significant first quarter with a revenue increase of 35.97% year-on-year and a net profit of 229 million yuan, marking a turnaround from losses [1] - The complete cost of pig farming decreased to 12 yuan per kilogram, with a target to reduce it further [1][2] Group 2: Cost Management - The cost of pig farming has been declining, with the complete cost dropping from approximately 14.5 yuan per kilogram to 12 yuan per kilogram, a reduction of 2.5 yuan [2] - Feed costs, which account for about 60% of pig farming costs, have been targeted for reduction through improved procurement capabilities [2] - The company has implemented advanced biosecurity measures to mitigate disease impacts, particularly focusing on controlling blue ear disease [2] Group 3: Expansion and Investment - Shennong Group is expanding its production capacity, particularly in Yunnan, Guangxi, and Guangdong, due to a market opportunity created by the exit of smaller farmers [3] - The company has received approval for a 290 million yuan fundraising to support various expansion projects, including a breeding base and biosecurity upgrades [3] - The company aims for a steady annual growth of 30%-40% in revenue and pig sales, with a current asset-liability ratio of 27.39% [3] Group 4: International Strategy - Shennong Group is exploring international markets, particularly in Southeast Asia, to find new growth opportunities [4][5] - The company is conducting market research and evaluating its supply chain capabilities before entering overseas markets [5] - The company recognizes the importance of talent in competition and is focused on attracting skilled management to enhance production efficiency [5]