Summary of Key Points Core Viewpoint - The company, Xinjiang Tianrun Dairy Co., Ltd., has decided not to exercise the early redemption option for its convertible bonds, "Tianrun Convertible Bonds," despite meeting the conditions for redemption. This decision is made to protect the interests of investors and is based on the current market conditions and the company's actual situation [6][7]. Group 1: Convertible Bond Issuance and Terms - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, each with a face value of 100 yuan, on October 24, 2024. The bonds have a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [1][2]. - The bond's conversion price will be adjusted due to the company's share repurchase and cancellation, changing from 8.28 yuan per share to 8.21 yuan per share starting August 19, 2025 [3]. Group 2: Redemption Conditions and Trigger - The convertible bonds have a conditional redemption clause that 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 or if the remaining unconverted bonds are less than 30 million yuan [4][5]. - The redemption conditions were met between July 24, 2025, and August 15, 2025, as the stock price met the required threshold [4][5]. Group 3: Board Decision and Future Considerations - The company's board has reviewed the situation and decided not to exercise the early redemption right for the "Tianrun Convertible Bonds." The board will reconsider this decision if the redemption conditions are triggered again after November 15, 2025 [6][7]. - The company has complied with all necessary decision-making procedures and legal requirements regarding the non-redemption of the bonds [7][8].