Core Points - The company is established as a joint-stock limited company in accordance with relevant regulations and has a registered capital of RMB 1,156,399,976 [2][3] - The company aims to enhance its overall competitiveness and expand its assets and profits while ensuring satisfactory economic returns for all shareholders [4][5] - The company has a comprehensive governance structure, including provisions for shareholder rights, board of directors, and management responsibilities [4][6][7] Chapter Summaries Chapter 1: General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and behavior according to the Company Law and Securities Law [1] - The company is registered in Shanghai and has a permanent existence as a joint-stock limited company [3] Chapter 2: Business Objectives and Scope - The company's business objectives are guided by scientific development, focusing on advanced technology and management methods to improve product quality and market expansion [4][5] - The business scope includes the production and sale of hazardous chemicals, disinfectants, and chemical machinery [5] Chapter 3: Shares - The company issues shares in the form of stocks, ensuring equal rights for each share of the same category [6][7] - The total number of issued ordinary shares is 1,156,399,976, with a structure that includes both domestic and foreign shares [6] Chapter 4: Shareholders and Shareholders' Meeting - Shareholders have rights to dividends, voting, and supervision of company operations, and can request meetings or propose agenda items [11][12] - The company must hold annual and temporary shareholder meetings, with specific procedures for notification and voting [17][19] Chapter 5: Board of Directors and Management - The board of directors is responsible for the company's operations and must report to shareholders, ensuring compliance with laws and regulations [4][6] - The company has provisions for the appointment and responsibilities of senior management, including the general manager and financial director [4][6] Chapter 6: Financial and Accounting System - The company establishes a financial accounting system and internal audit procedures to ensure transparency and accountability [8] Chapter 7: Amendments and Legal Compliance - The company must comply with legal requirements for amendments to its articles of association and ensure that all decisions are made in accordance with the law [12][13]

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].

Core Points - The company aims to become a world-class comprehensive solution provider in the chlor-alkali chemical new materials industry, focusing on sustainable development and innovation [4][5] - The registered capital of the company is RMB 819,514,395 [3][21] - The company operates under a governance structure that emphasizes the importance of party leadership and compliance with relevant laws [2][4] Company Structure - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China [2][3] - The company has a legal representative, either the chairman or the general manager, who is responsible for civil activities conducted in the company's name [3][4] - The company has a board of directors and senior management, which includes the general manager, deputy general managers, financial supervisor, and board secretary [4][5] Business Scope - The company’s business scope includes the production and storage of hazardous chemicals, manufacturing of chemical products, and various technical services [4][5] - The company is committed to upgrading from a single product focus to a comprehensive solution provider, emphasizing digitalization and intelligent operations [4][5] Share Structure - The company has issued a total of 819,514,395 shares, all of which are ordinary shares [21] - The company’s shares are subject to regulations regarding transfer and ownership, ensuring equal rights among shareholders [21][30] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and access company documents [12][34] - Shareholders are obligated to comply with laws and the company’s articles of association, and they cannot withdraw their capital except as legally permitted [41][42] Governance and Decision-Making - The company’s governance structure includes provisions for shareholder meetings, decision-making processes, and the responsibilities of the board of directors [19][22] - Major decisions, such as capital increases or significant asset transactions, require approval from the shareholders [19][33] Compliance and Legal Framework - The company adheres to the Company Law, Securities Law, and other relevant regulations to ensure lawful operations [2][4] - The articles of association serve as a binding document for the company, shareholders, and management, outlining rights and obligations [11][12]

Group 1 - The Federal Reserve maintained interest rates, with Powell downplaying the likelihood of a rate cut in September, indicating that current rates can address ongoing uncertainties related to tariffs and inflation [8][12][11] - The U.S. and South Korea reached a trade agreement, with the U.S. imposing a 15% tariff on South Korean imports, while South Korea commits to investing $350 billion in the U.S. [8][12][11] - China's top leadership has prioritized "anti-involution" measures, committing to address overcapacity and disorderly competition, and to regulate local investment attraction behaviors [12][11] Group 2 - Zhonghui Biotechnology plans to raise funds through an IPO, with a focus on developing core products and conducting clinical trials for vaccines, having reported a significant increase in revenue [10][12] - Binhua Co., a leading chemical enterprise in China, is planning to issue H-shares for listing in Hong Kong, with a notable increase in revenue driven by production ramp-up [10][12] - The pharmaceutical company Stone Pharmaceutical has entered into an exclusive licensing agreement for a drug, with potential milestone payments totaling up to $2.075 billion [14]

Core Viewpoint - Binhu Chemical is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image, with no change in controlling shareholders [1] Company Overview - Binhu Chemical's main business includes the production, processing, and sales of organic and inorganic chemical products, with key products being caustic soda and propylene oxide [1] - The company has a caustic soda production capacity of 610,000 tons, ranking among the top in Shandong Province, and is the largest producer of granular caustic soda in China [1] Production and Technology - The company has developed the world's first industrialized ion membrane electrolysis device and has established the first domestic continuous production facility for trichloroethylene [1] - Binhu Chemical is the first in China to achieve large-scale industrialization of granular caustic soda, breaking foreign technology monopolies [1] - The company has a propylene oxide production capacity of 510,000 tons, with leading technology and operational standards in the domestic chlor-alkali production sector [2] Financial Performance - In 2024, the company achieved an operating income of approximately 10.228 billion yuan, a year-on-year increase of 40%, while net profit attributable to shareholders was about 219 million yuan, a decrease of 42.77% [2] - In Q1 2025, the company reported an operating income of approximately 3.782 billion yuan, a year-on-year increase of 94.14%, and a net profit of about 96 million yuan, a year-on-year increase of 225.75% [2] Product Completion - In 2024, the company completed the following production: - Caustic soda: 787,800 tons - Propylene oxide: 281,600 tons - Trichloroethylene: 79,000 tons - Other products include electronic-grade hydrogen fluoride and lithium hexafluorophosphate [4]

Core Viewpoint - Binhu Chemical is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image, without changing its controlling shareholder structure [1]. Group 1: Company Overview - Binhu Chemical's main business includes the production, processing, and sales of organic and inorganic chemical products, with key products being caustic soda and propylene oxide [2]. - The company has a caustic soda production capacity of 610,000 tons, ranking among the top in Shandong Province, and is the largest producer of granular caustic soda in China [3]. Group 2: Production Capabilities - Binhu Chemical has developed the world's first industrialized ion membrane electrolysis cell and the first domestic continuous production facility for trichloroethylene, breaking foreign technology monopolies [3]. - The company has a propylene oxide production capacity of 510,000 tons, with leading technology and operational levels in the domestic chlor-alkali production sector [3]. Group 3: Financial Performance - In 2024, the company achieved a revenue of approximately 10.228 billion yuan, a year-on-year increase of 40%, but the net profit attributable to shareholders decreased by 42.77% to about 219 million yuan [5]. - In the first quarter of 2025, the company reported a revenue of approximately 3.782 billion yuan, a year-on-year increase of 94.14%, with a net profit of about 96 million yuan, up 225.75% year-on-year [6]. Group 4: Product Performance - The cumulative production of caustic soda in 2024 reached 787,800 tons, with other products like epoxy propane and trichloroethylene also contributing to the overall output [7]. - The company has successfully passed expert verification for its calcium soap saponification process for propylene oxide production, becoming the first domestic enterprise to achieve this [4].

Core Insights - The company is advancing a regional integration strategy alongside a market value management mechanism to drive sustainable development through deep industry coupling and scientific capital operations [1] Group 1: Regional Integration and Green Transformation - The company is actively responding to the regional integration deployment in Ningxia, enhancing collaboration in sales and technology [2] - A stable liquid alkali cooperation with Ningxia Coal Industry has been established, with liquid alkali sales accounting for over 40% of production from January to July 2025, significantly improving market bargaining power and industry competitiveness [2] - The company has innovated a "harmless" comprehensive utilization model for electric furnace slag, achieving over 90% utilization rate, which reduces solid waste disposal costs and lays the foundation for a "waste-free enterprise" and green low-carbon development [2] - The company aims to deepen the coupling of chlor-alkali and coal chemical industries to explore new sustainable development pathways [2] Group 2: Institutionalized Market Value Management - The company has officially introduced a Market Value Management System aimed at enhancing company quality and investor returns, outlining four principles and six measures for systematic regulation [3] - A market value warning mechanism has been established, triggering analysis and communication procedures if the stock price drops over 20% for 20 consecutive trading days or falls below 50% of the one-year high [3] - This initiative aligns with the State-owned Assets Supervision and Administration Commission's requirements for state-owned enterprises and is consistent with the company's deepening state-owned enterprise reform strategy [3] Group 3: Dual-track Development Strategy - The dual-track approach of regional collaboration and market value management highlights the company's development logic of "industry quality improvement + capital efficiency enhancement" [4] - Regional resource integration effectively reduces costs and enhances competitiveness, providing fundamental support for market value growth [4] - The scientific market value management mechanism enhances transparency and strengthens investor returns, thereby fueling the capital needed for industrial upgrades [4]

新闻来源：烯烃产业创新与发展研习社 多年来公司深耕氯碱化工产业，始终坚持做强产业链，建成投运全球首套氧阴极离子膜电解槽工业化装 置，建有国内首套由间歇实现连续化生产的三氯乙烯装置，具有全国首套实现大规模工业化的粒碱装 置，打破国外技术垄断；甘油法环氧氯丙烷装置产生的高盐废水采用催化湿式氧化工艺降解TOC，是全 国首个实现高盐废水处理后回用于离子膜烧碱装置的企业。 7月29日，滨化集团股份有限公司（简称"滨化股份"）发布公告称，公司目前正在筹划境外发行股份 （H股）并在香港联交所上市事项。 2025年6月29日，公司氯醇法环氧丙烷钙法皂化工艺顺利通过中国氯碱工业协会组织的专家验收，成为 国内首家通过论证的氯醇法环氧丙烷生产企业。这一突破性技术获得认证，不仅标志着滨化股份实现了 关键技术升级，更为环氧丙烷产业的绿色、低碳、可持续发展注入了强劲动力。 滨化股份于2010年2月在上交所成功挂牌上市，主营业务为有机、无机化工产品的生产、加工与销售， 主要产品为烧碱、环氧丙烷等。 随着全球化的深入，中国氯碱企业积极拓展国际市场，提升自身的国际影响力。此次赴港IPO是公司推 进全球化战略的重要一步，有助于加快海外业务发展， ...

Core Viewpoint - Binhua Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its global strategy [1][4]. Company Overview - Binhua Co., Ltd. has over 50 years of experience in the chlor-alkali chemical industry, focusing on the production, processing, and sales of organic and inorganic chemical products [3]. - The company is a leading producer of caustic soda in Shandong Province, with an annual production capacity of 610,000 tons, and is the largest producer of food-grade caustic soda in China [3]. - In the field of propylene oxide, Binhua Co., Ltd. has an annual production capacity of 510,000 tons, accounting for 6.25% of the national total, and has recently achieved a significant technological breakthrough in its production process [3]. Financial Performance - In 2024, Binhua Co., Ltd. reported operating revenue of 10.228 billion yuan, a year-on-year increase of 40%, primarily driven by increased propylene sales from its subsidiary [4]. - However, the company's net profit attributable to shareholders decreased by 42.77% to 219 million yuan due to falling product prices and limited reductions in raw material costs [4]. - For Q1 2025, the company achieved total operating revenue of 3.782 billion yuan, a year-on-year increase of 94.14%, with net profit attributable to shareholders rising by 225.75% to approximately 96 million yuan [6]. H-Share Listing Process - The specific details of the H-share listing, including issuance scale and pricing range, are still under discussion with intermediaries [6]. - The listing process will require approval from the company's board and shareholders, as well as regulatory review by the China Securities Regulatory Commission and the Hong Kong Stock Exchange [6].

Group 1 - The event "DCE·Industry Action: Futures + OTC Empowering Stable Operations for Enterprises" was successfully held to address the risk management needs of the chlor-alkali chemical industry, aiming to enhance the operational capabilities of enterprises [1][3] - The training featured three senior experts who provided insights tailored to the actual needs of enterprises, focusing on the current supply-demand dynamics and future price trends of the PVC market [1] - The event facilitated face-to-face communication to accurately diagnose the actual risk management needs of enterprises, effectively delivering knowledge on applicable financial derivative tools [3] Group 2 - The training included detailed discussions on key aspects of hedging operations, supported by practical case studies to clarify core issues and strategies in hedging [1] - The event emphasized the importance of futures companies in supporting the real economy, with a commitment to exploring new service models to inject strong financial momentum into the sustainable development of the real economy [3] - The training provided clear guidance on the specific processes and operational points of PVC futures delivery, helping enterprises manage delivery risks effectively [1]