[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 金威转债定价：首日转股溢价率 33-36% 报告摘要： ---东北固收转债分析 [Table_Summary] 8 月 18 日，金达威发布公告，拟于 2025 年 8 月 20 日通过网上发行可转 债，公司本次计划发行可转换公司债券募集资金总额不超过 12.92 亿元。 其中 2.97 亿元拟用于投资"辅酶 Q10 改扩建项目"，总投资 3.2 亿元； 4.64 亿元拟用于投资"年产 30,000 吨阿洛酮糖、年产 5,000 吨肌醇建设 项目"，总投资 5.37 亿元；1.44 亿元拟用于投资"信息化系统建设项目"， 总投资 1.53 亿元；3.88 亿元拟用于补充流动资金。 金威转债发行方式为优先配售，网上发行，债项和主体评级 AA。发行规 模为 12.92 亿元，初始转股价格为 19.59 元，参考 8 月 19 日正股收盘价 格 19.58 元，转债平价 99.95 元，参考同期限同评级中债企业债到期收益 率（8 月 18 日）为 2.47%，到期赎回价 110 元，计算纯债价值为 98.2 元。 博弈 ...

Core Viewpoint - Xiamen Jindawei Group Co., Ltd. is issuing convertible bonds to raise funds for production projects, including coenzyme Q10, allulose, and inositol, while highlighting various risks associated with production, market demand, and financial performance [1][2][4]. Group 1: Financial Performance - The company's net profit for 2024 was CNY 34,198.69 million, representing a year-on-year increase of 23.59%, attributed to a mild recovery in the vitamin industry and stable prices for vitamin A [14]. - In Q1 2025, the net profit reached CNY 12,174.36 million, a significant increase of 71.97% compared to the previous year, driven by a rise in both sales volume and price of vitamin A [14][15]. Group 2: Fundraising and Investment Projects - The funds raised will be allocated to projects including the expansion of coenzyme Q10 production, with expected annual capacities of 620 tons for coenzyme Q10, 30,000 tons for allulose, and 5,000 tons for inositol [3][4]. - The financial internal rate of return for the coenzyme Q10 project is estimated at 25.69%, with a payback period of 6.19 years, while the allulose and inositol projects have a payback period of 7.49 years [5]. Group 3: Risks - The company faces risks related to safety production, including potential accidents during the use of flammable and explosive materials, which could lead to economic losses and regulatory penalties [2][3]. - There is a risk of declining gross margins, with reported rates of 40.50%, 37.36%, and 38.54% over the reporting periods, influenced by raw material prices and market competition [2][3]. - The company’s ability to meet market demand for new products post-investment is uncertain, with potential oversupply risks if market conditions do not align with production capacity [3][4]. Group 4: Credit Rating and Shareholder Returns - The convertible bonds have been rated AA by Dongfang Jincheng International Credit Evaluation Co., Ltd., with a stable outlook, indicating a solid credit standing [8]. - The company has a profit distribution policy emphasizing stable and reasonable returns to investors, with recent cash dividends totaling CNY 48,794.78 million over the last three years, exceeding the average distributable profits [13].

Group 1 - The NHNE China International Health Nutrition Expo 2025 will take place from May 21 to 23, showcasing over 40,000 square meters of exhibition space with participation from 1,200 leading global brands and thousands of health nutrition products [1][3] - The expo serves as a platform for health nutrition companies to adjust strategies and expand into the domestic market, facilitating deep exchanges and cooperation with over 100,000 domestic distributors, retailers, and e-commerce platforms [3][5] - The event marks the 10th anniversary of NHNE, reflecting on its commitment to making nutrition accessible and its service to over 5,000 quality brands [5] Group 2 - The number of health nutrition companies focusing on weight management has significantly increased, with around 300 companies participating in the expo, offering over 1,000 SKUs across various sectors [7] - The expo will feature a focus on global health nutrition industry trends, including the launch of over 50 innovative products and industry white papers, driving the industry towards clinical evidence and international standards [9] - NHNE emphasizes the importance of technology in driving industry innovation, hosting a series of scientific conferences to discuss cutting-edge research and technology applications [11] Group 3 - Digital marketing strategies, including live broadcasts and private domain influencers, are becoming essential for companies to enhance brand awareness and attract consumer attention [13] - The expo aims to meet consumer demand for health nutrition products and promote industry upgrades under national strategic guidance, while also fostering innovation through technological advancements [15]

长江商报消息 经营业绩增长乏力，百合股份（603102.SH）通过"内生+外延"的方式突围。 4月14日晚间，百合股份发布年报。2024年，公司实现营业收入8.01亿元，同比下降8.02%；归属于上市 公司股东的净利润（净利润，下同）1.39亿元，同比下降17.6%；扣除非经常性损益的净利润（扣非净 利润，下同）1.31亿元，同比下降19.26%。 长江商报记者注意到，作为一家营养保健食品行业上市公司，受全球宏观经济波动加剧及国内消费市场 结构性调整的影响，百合股份经营业绩承压。2024年，公司主业毛利率为36.21%，同比减少0.89个百分 点。 值得关注的是，除了加大研发投入力度，增强内生动力之外，百合股份积极寻求对外并购突围。同日， 百合股份宣布，公司拟使用自有资金1624万新西兰元（折合人民币约6700万元）于香港新设一家全资子 公司用于收购新西兰同行公司Oranutrition Limited（以下简称"Ora"）56%股权，布局海外市场。 在IPO之前，2019年至2021年，百合股份的营业收入和净利润分别由5亿元、7433.47万元增长至6.62亿 元、1.48亿元。 2022年1月，百合股份在 ...