Report Summary 1) Report Industry Investment Rating The provided content does not mention the industry investment rating. 2) Core Viewpoints The report presents the top ten convertible bonds for August 2025, including their ratings, closing prices at the end of July, conversion premium rates, and P/E ratios of the underlying stocks. It also provides an overview of each issuing company, including business scope, financial performance, and key points [14][29]. 3) Summary by Company Zhongte Convertible Bond (AAA) - Company is a global leader in specialty steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and coastal - river production bases [14][15]. - In 2024, revenue was 109.203 billion yuan (down 4.22% year - on - year), and net profit was 5.126 billion yuan (down 10.41% year - on - year). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% year - on - year), and net profit was 1.384 billion yuan (up 1.76% year - on - year) [14]. - Key points: It is one of the companies with the most complete product specifications in the global special steel industry, has leading cost - control capabilities, and has opportunities for external expansion [15]. Shanlu Convertible Bond (AAA) - Company focuses on road and bridge construction and maintenance, and has expanded into other fields. It has a comprehensive business and management system [29]. - In 2024, revenue was 71.348 billion yuan (down 2.3% year - on - year), and net profit was 2.322 billion yuan (up 1.47% year - on - year). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% year - on - year), and net profit was 249 million yuan (up 1.89% year - on - year) [29]. - Key points: It has the concept of "China - specific valuation" due to state - owned control, has potential for improvement in its balance sheet and order volume, can benefit from infrastructure construction in Shandong Province, and is exploring the Belt and Road Initiative markets [30]. Hebang Convertible Bond (AA) - Company has advantages in resource reserves and has diversified into the chemical, agricultural, and photovoltaic industries, with a four - sector business layout [42]. - In 2024, revenue was 8.547 billion yuan (down 3.13% year - on - year), and net profit was 31 million yuan (down 97.55% year - on - year). In Q1 2025, revenue was 1.726 billion yuan (down 13.68% year - on - year), and net profit was 13 million yuan (down 57.99% year - on - year) [42]. - Key points: Its phosphate mines and salt mines are profitable, and its liquid methionine production is a major profit contributor [43]. Aima Convertible Bond (AA) - Company is a leading enterprise in the electric two - wheeler industry, with self - developed products sold through dealers [59]. - In 2024, revenue was 21.606 billion yuan (up 2.71% year - on - year), and net profit was 1.988 billion yuan (up 5.68% year - on - year). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% year - on - year), and net profit was 605 million yuan (up 25.12% year - on - year) [59]. - Key points: The "trade - in" subsidy may continue, the implementation of the new national standard may bring policy dividends, and there is room for improvement in gross margin [60]. Xingye Convertible Bond (AAA) - Company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [73]. - In 2024, revenue was 212.226 billion yuan (up 0.66% year - on - year), and net profit was 77.205 billion yuan (up 0.12% year - on - year). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% year - on - year), and net profit was 23.796 billion yuan (down 2.22% year - on - year) [73]. - Key points: Net interest income is growing steadily, asset quality is stable, and the company's scale and customer base are expanding [74]. Youfa Convertible Bond (AA) - Company is the largest welded steel pipe enterprise in China, with a wide range of products used in multiple fields [87]. - In 2024, revenue was 54.822 billion yuan (down 10.01% year - on - year), and net profit was 425 million yuan (down 25.46% year - on - year). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% year - on - year), and net profit was 133 million yuan (up 9680.17% year - on - year) [87]. - Key points: It has a national layout, is expanding overseas, and maintains a high dividend rate [88]. Chongyin Convertible Bond (AAA) - Company is a local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [102]. - In 2024, revenue was 13.679 billion yuan (up 3.54% year - on - year), and net profit was 5.117 billion yuan (up 3.8% year - on - year). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% year - on - year), and net profit was 1.624 billion yuan (up 5.33% year - on - year) [102]. - Key points: It can benefit from the development of the Chengdu - Chongqing economic circle, its asset scale is growing, and it is actively marketing key industries [103]. Tianye Convertible Bond (AA+) - Company is a leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [116]. - In 2024, revenue was 11.156 billion yuan (down 2.7% year - on - year), and net profit was 68 million yuan (up 108.83% year - on - year). In Q1 2025, revenue was 2.417 billion yuan (up 8.17% year - on - year), and net profit was - 17 million yuan (up 89.97% year - on - year) [116]. - Key points: The cost of caustic soda production is relatively fixed, and the company plans to increase dividend frequency and has coal mine projects in progress [117]. Huayuan Convertible Bond (AA -) - Company focuses on building a complete vitamin D3 industrial chain and has expanded into other vitamin products [131]. - In 2024, revenue was 1.243 billion yuan (up 13.58% year - on - year), and net profit was 309 million yuan (up 60.76% year - on - year). In Q1 2025, revenue was 326 million yuan (down 1.18% year - on - year), and net profit was 97 million yuan (up 5.5% year - on - year) [131]. - Key points: Its NF - grade cholesterol and 25 - hydroxyvitamin D3 products are industry leaders, and it is expanding its product portfolio and has achievements in the pharmaceutical field [132]. Yushui Convertible Bond (AAA) - Company is the largest water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [147]. - In 2024, revenue was 6.999 billion yuan (down 3.52% year - on - year), and net profit was 785 million yuan (down 27.88% year - on - year). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% year - on - year), and net profit was 237 million yuan (up 28.91% year - on - year) [147]. - Key points: It has a high market share, is expanding its business outside Chongqing, and has achieved cost control through intelligent applications [148].

| 第二季度新中标及新签约订单 | | 截至第二季度末累计 | | 截至第二季度末累计 | | | --- | --- | --- | --- | --- | --- | | | | 已签约未完工订单 | | 已中标未签约订单 | | | 数量 | 金额（万元） | 数量 | 金额（亿元） | 数量 | 金额（万元） | | 7 2,649.73 | | 23 | 42.21 | / | / | 成都市路桥工程股份有限公司 2025 年第二季度经营情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号—行业信息披露》等相关规定，现将成都市路桥工程股份有限公司（以 下简称"公司"）2025 年第二季度经营情况公告如下： 一、2025 年第二季度订单情况 证券代码：002628 证券简称：成都路桥 公告编号：2025-039 三、特别提示 上述数据仅为公司工程部门统计的阶段性数据，未经审计，可能会与定期报 告披露的数据存在差异，仅供投资者参考，敬请注意投资风险。 特此公告。 成都 ...

Core Viewpoint - The company, Longjian Road and Bridge Co., Ltd., is involved in a legal dispute regarding a construction subcontracting contract, with a settlement reached through mediation that does not impact the company's current or future profits [1][2][3]. Summary by Sections Litigation Details - The case is being heard at the People's Court of Kangbao County, Hebei Province, with the plaintiff being Zhongtai Lu'an Traffic Engineering Co., Ltd. and the defendants being Longjian Road and Bridge Co., Ltd. and the Zhangjiakou Management Office of the Erqin Expressway [1]. - The total amount involved in the dispute is 17,512,743.25 yuan, which includes various fees such as case acceptance fee and preservation fee [2][3]. Mediation Agreement - A civil mediation agreement was reached, confirming that Longjian Road and Bridge Co., Ltd. will pay the total amount in three installments, with an initial payment of 5 million yuan already made [1][2]. - The remaining payments are due by June 10, 2026, and the plaintiff has the right to claim overdue interest based on the LPR (Loan Prime Rate) from April 3, 2025, until actual payment [1][2]. Financial Impact - The lawsuit is stated to have no impact on the company's current or future profits, and the company will continue to fulfill its information disclosure obligations as the case progresses [2][3].

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2025 on July 3, 2025, at 14:30 [1] - The meeting will allow for both on-site and online voting, with online voting available from 9:15 to 15:00 on the same day [1][2] - All shareholders registered by the close of trading on the day before the meeting are entitled to attend and vote [2][3] Group 2 - The board of directors has approved the agenda for the meeting, which includes non-cumulative voting proposals [3][5] - Shareholders can choose to vote either in person or online, and if duplicate votes are cast, only the first vote will be counted [2][6] - The company will provide a platform for online voting through the Shenzhen Stock Exchange trading system and an internet voting system [2][5] Group 3 - The meeting will include a review of the 2025 remuneration plan for directors, supervisors, and senior management [7] - Shareholders must register for the meeting with appropriate identification and documentation [3][4] - Proxy voting is allowed, and the proxy does not need to be a shareholder of the company [2][3]

Core Viewpoint - Chengdu Road and Bridge Engineering Co., Ltd. has made progress in the overdue settlement distribution of its financial products, with the company set to receive a distribution of approximately 112.72 million yuan from a trust plan, which will positively impact its financial results and liquidity [1][4]. Group 1: Financial Product Overview - The company subscribed to the China Railway Trust Pan County Hongteng Investment Loan Project Trust Plan, acquiring a total of 15.6 million units, equivalent to 156 million yuan, from 2021 to 2023 [2]. - Due to the debtor's failure to fulfill contractual obligations, the trust's beneficiary rights have been extended indefinitely, resulting in a cumulative fair value loss of approximately 57.46 million yuan by the end of 2024 [2]. Group 2: Trust Plan Debt Restructuring - Following the overdue status of the trust plan, the company has actively engaged with relevant parties to minimize potential losses and protect shareholder interests, leading to a lawsuit filed by China Railway Trust in January 2025 [3]. - The company’s board approved a resolution to participate in the beneficiary meeting and support the debt restructuring plan, confirming a distributable trust fund of 112.72 million yuan, with a principal loss of approximately 43.28 million yuan, representing 47.33% of the company's audited net profit for 2024 [3]. Group 3: Impact on the Company - The anticipated receipt of the trust distribution is expected to reverse a previously recognized fair value loss of approximately 14.17 million yuan, potentially increasing the company's pre-tax profit by the same amount [4]. - The proceeds from the trust plan will be utilized to enhance the company's liquidity, providing financial support for future development [4].

Group 1: Company Performance and Orders - In Q1 2025, the company secured new contracts worth 908 million CNY, with an expected output of 175 million CNY from new orders. The total contracted amount currently stands at approximately 4.287 billion CNY [2][3] - The investment completion rate for infrastructure projects in Sichuan Province reached 30.1% in Q1 2025, indicating a relatively fast pace in new project initiation compared to the previous year [2][3] Group 2: Strategic Initiatives for Project Acquisition - The company plans to seize regional opportunities by concentrating resources on major urban projects and actively participating in bids for projects in Tibet and Xinjiang [3] - The strategy includes leveraging policy support by studying local technical transformation policies and engaging in industry evaluations [3] - The company aims to diversify its collaboration models by partnering with multiple stakeholders [3] Group 3: Company Qualifications and Market Expansion - The company holds a wide range of qualifications, covering all categories in road, bridge, tunnel, municipal, and construction engineering, along with secondary qualifications in electromechanical, water conservancy, and mining engineering [4] - Future plans include focusing on emerging sectors such as smart transportation, urban renewal, and new urbanization [4] Group 4: Accounts Receivable Management - The company has implemented a multi-faceted approach to manage accounts receivable risks, including categorizing receivables by owner credit ratings and increasing legal actions to recover overdue payments [5] - Collaboration with national policies to resolve hidden debts and establishing a lifelong responsibility system for project managers to ensure timely collection of receivables [5] Group 5: Share Price Management and Investor Relations - The company is committed to enhancing market value through a valuation enhancement plan disclosed on April 10, 2025, focusing on upgrading core business and expanding into new sectors [6] - Measures include improving profitability, maintaining a reasonable cash dividend policy, and exploring mergers and acquisitions to boost overall valuation [6][7]

Core Viewpoint - The company has elected Lin Xiaoqing as the chairperson of the board, marking a significant leadership change, while also appointing Cheng Minglang as the legal representative [9][10]. Group 1: Board Changes - Lin Xiaoqing, born in June 1996, has been elected as the chairperson of the seventh board of directors, with her term aligning with that of the board [4][10]. - Cheng Minglang has been appointed as the legal representative of the company, with the board authorizing the management to handle the necessary business registration changes [10]. Group 2: Board Meeting Details - The seventh board of directors' eighteenth meeting was held on May 21, 2024, with all nine directors participating in the voting process [9]. - The meeting's procedures complied with the Company Law of the People's Republic of China and the company's articles of association [9]. Group 3: Committee Appointments - The board has restructured its specialized committees, with Lin Xiaoqing serving as the convener of the Strategy Committee, and other members appointed to various committees [10]. - The composition of the Nomination Committee, Audit Committee, and Compensation and Assessment Committee has also been established, with specific conveners assigned [10]. Group 4: Compensation Information - The total pre-tax remuneration paid to current and former directors, supervisors, and senior management during the reporting period amounted to 7.8473 million RMB [5][6]. - Lin Xiaoqing's pre-tax remuneration is reported at 92.57 thousand RMB, while other key executives have varying remuneration levels [6].

Core Points - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in the quarterly report, with no false records or misleading statements [2][9][11] - The first quarter report has not been audited [3][8] Financial Data - The company does not require retrospective adjustments or restatements of previous annual accounting data [3] - There are no non-recurring profit and loss items applicable for the quarter [3] Shareholder Information - There are no changes in the top ten shareholders or any significant shareholders participating in the securities lending business [5] Other Important Matters - The company has not executed any new accounting standards that would affect the financial statements for the first quarter [6] - The first quarter operational data is preliminary and unaudited, which may differ from the data disclosed in regular reports [10]

Core Viewpoint - The article discusses the legal implications of high-interest lending by state officials to borrowers with genuine financial needs, emphasizing the need to distinguish between legitimate private lending and potential bribery or disciplinary violations [1][6][9]. Summary by Sections Basic Case Facts - The case involves a state official, referred to as A, who provided financial assistance to a company director, referred to as B, from 2008 to 2023, receiving significant interest payments in return [2]. Divergent Opinions - Four differing opinions exist regarding the classification of A's high-interest lending behavior: 1. A's actions are seen as normal private lending due to B's genuine financial need [3]. 2. A's lending violates party discipline as it could affect the impartial execution of duties [3]. 3. The relationship between A and B is viewed as a facade for bribery, with all interest payments considered as bribes [3]. 4. A's actions are partially classified as bribery and partially as a disciplinary violation, with specific calculations for the amounts involved [3][4]. Opinion Analysis - The article supports the fourth opinion, advocating for a nuanced approach to determine the nature of the lending and its implications [5]. Legal Framework - The essence of bribery is highlighted as a transaction involving power and money, necessitating a thorough examination of the lending circumstances to determine if they constitute bribery [6][9]. Objective and Subjective Aspects - Objective analysis requires assessing whether the interest rates charged were reasonable and if there was a genuine need for the loan [7][8]. - Subjectively, the intent behind A's lending actions is crucial in determining if they were aimed at helping B or merely for personal gain [8][9]. Judicial Practice - The article references judicial interpretations regarding the calculation of interest rates in private lending cases, emphasizing the need for adherence to legal standards [13][15]. Financial Implications - The case illustrates the importance of correctly identifying and processing illicit gains from high-interest lending, ensuring that no one benefits from illegal activities [15][16].

Group 1: Company Financial Performance - In Q1 2025, the net cash flow from operating activities increased by 81.03% year-on-year due to improved cash flow management [2] - The gross profit margin for 2024 was 13.20%, a 0.42% increase compared to the previous year, with construction and bridge engineering margins at 12.35% and 12.22% respectively [2][3] - The revenue forecast for 2025 is 74.02 billion CNY, representing a 3.74% increase from 2024, while the net profit is projected to be 3.13 billion CNY, a 3.59% increase [3][4] Group 2: Strategic Management and Operations - The company focuses on optimizing operational management and expanding market presence, covering 15 business areas to enhance profitability [3] - A standardized management system for project processes has been established to improve planning, risk management, and resource allocation [3] - The company has implemented a comprehensive cost control system, emphasizing profit enhancement activities and key management measures [3] Group 3: Market Outlook and External Factors - The company does not foresee direct impacts from tariff issues on its overseas projects, primarily located in countries along the Belt and Road Initiative [4] - Future performance is subject to various uncertainties, including macroeconomic conditions and market dynamics [4]