登录新浪财经APP 搜索【信披】查看更多考评等级 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。 特别提示： 1、回售价格：101.235元人民币/张（含息、税） 2、回售条件触发日：2025年12月9日 3、回售申报期：2025年12月16日至2025年12月22日 4、发行人资金到账日：2025年12月25日 5、回售款划拨日：2025年12月26日 6、投资者回售款到账日：2025年12月29日 7、回售期内停止转股 8、本次回售不具有强制性 9、风险提示：投资者选择回售等同于以101.235元/张（含当期利息）卖出持有的"万青转债"。截至目 前，"万青转债"的收盘价格高于本次回售价格，投资者选择回售可能会带来损失，敬请投资者注意风 险。 江西万年青水泥股份有限公司（以下简称"公司"）的股票截至2025年12月9日已经连续三十个交易日的 收盘价格低于当期转股价8.53元/股的70%（即5.97元/股），且"万青转债"处于最后一个计息年度。根据 《江西万年青水泥股份有限公司公开发行可转换公司债券募集说明书》（以下简称"募集说明书"）的约 定，"万青转债"的 ...

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。 一、董事会会议召开情况 江西万年青水泥股份有限公司（以下简称"公司"）第十届董事会第十一次临时会议通知于2025年12月4 日以电子邮件或公司网上办公系统发出，会议于2025年12月8日以通讯方式召开。 会议应出席董事9名，实际出席董事9名，部分高管列席了本次会议。本次会议的召开符合有关法律、法 规、规则及《公司章程》的有关规定。 二、董事会会议审议情况 本次会议审议通过了以下议案： （一）审议通过了《关于补选公司董事会专门委员会成员的议案》 鉴于董事会人员调整，为了保证董事会相关专门委员会人员配置，根据公司董事会提名委员会提名，补 选董事张玉明先生为公司第十届董事会战略委员会委员、提名委员会委员，任期自董事会审议通过之日 起至第十届董事会任期届满为止。 调整后的相关专门委员会成员组成如下： （1）战略委员会 主任委员：陈文胜 委 员：陈钊、晏国哲、李世锋、黄从运、张玉明、韩勇 （2）董事会提名委员会 主任委员：黄从运 委 员：张玉明、崔伟 表决结果：9票同意、0 票反对、0 票弃权。 （二）审议通过了《关于公司 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, most convertible bond issuers saw revenue growth compared to the previous year, with profits showing some divergence. Amid the bullish equity market since April, investors should focus on low - price and equity - biased convertible bonds with excellent or improving performance and high - quality underlying stocks [1][3][8]. 3. Summary According to the Table of Contents 3.1 2025H1 Convertible Bond Performance Overview - Revenue: By August 30, 61.7% of convertible bond issuers had year - on - year revenue growth, mainly in the (0, 30%] range. In Q2 2025, 77.5% had quarter - on - quarter revenue growth, also concentrated in the (0, 30%] range [8][9]. - Profit: 50.2% of convertible bond issuers had year - on - year growth in net profit attributable to shareholders, with significant differences in performance. In Q2 2025, 53.3% had quarter - on - quarter growth, and the industries with the most issuers having a quarter - on - quarter growth rate of over 100% were electronics, building decoration, and power equipment [8][9]. 3.2 Industries and Convertible Bond Issues with Outstanding Performance 3.2.1 Year - on - Year Dimension - Industry: In terms of revenue, agriculture, forestry, animal husbandry and fishery, non - bank finance, and electronics led; in terms of performance, agriculture, forestry, animal husbandry and fishery, building materials, and media had the highest year - on - year growth rates. The agriculture, forestry, animal husbandry and fishery industry achieved a significant turnaround in performance, with the net profit attributable to shareholders increasing by 6799.93% year - on - year [15]. - Convertible Bond Issues: Huahong Convertible Bond, Wanqing Convertible Bond, Jingrui Convertible Bond, Jingrui Convertible Bond 2, and Muyuan Convertible Bond had the top four year - on - year growth rates in net profit attributable to shareholders in H1 2025 [23]. 3.2.2 Quarter - on - Quarter Dimension - Industry: In terms of revenue, communication, building materials, and non - bank finance led; in terms of performance, building materials, social services, and communication had the highest quarter - on - quarter growth rates in Q2 2025. Some industries such as building materials showed signs of bottoming out and reversing [26]. - Convertible Bond Issues: Jiaojian Convertible Bond, Hengfeng Convertible Bond, Huayang Convertible Bond, Aojia Convertible Bond, and Tianchuang Convertible Bond had the top five quarter - on - quarter growth rates in net profit attributable to shareholders in Q2 2025 [35]. 3.3 Industries and Convertible Bond Issues with Significant Performance Improvement 3.3.1 Industries and Issues with Year - on - Year Turnaround from Loss to Profit - Industries: Agriculture, forestry, animal husbandry and fishery, medicine, and electronics had the most issuers turning around from loss to profit year - on - year. Representative issues include Shanbo Convertible Bond, Tianchuang Convertible Bond, and Jingrui Convertible Bond [38]. 3.3.2 Industries and Issues with Quarter - on - Quarter Turnaround from Loss to Profit - Industries: Power equipment, computer, and construction industries had the most issuers turning around from loss to profit quarter - on - quarter. Representative issues include Jiaojian Convertible Bond, Jidong Convertible Bond, and Like Convertible Bond [45]. 3.3.3 Industries and Issues with Year - on - Year Reduction in Losses - Industries: Computer, power equipment, and building decoration industries had the most issuers with reduced losses year - on - year. Representative issues include Shuangliang Convertible Bond and Xinfu Convertible Bond [50]. 3.3.4 Industries and Issues with Quarter - on - Quarter Reduction in Losses - Industries: Power equipment, computer, and medicine industries had the most issuers with reduced losses quarter - on - quarter. Representative issues include Tong 22 Convertible Bond, Long 22 Convertible Bond, and Shanshi Convertible Bond [56]. 3.4 Convertible Bonds Worth Attention in the Bullish Equity Market 3.4.1 Convertible Bonds in the Excellent Performance Sector - Five convertible bonds, including Muyuan Convertible Bond, Daotong Convertible Bond, Zhongchong Convertible Bond 2, Weice Convertible Bond, and Anji Convertible Bond, were selected based on certain criteria [61]. 3.4.2 Convertible Bonds with Improving Performance - Four convertible bonds, including Liang 22 Convertible Bond, Site Convertible Bond, Chutian Convertible Bond, and Li'ang Convertible Bond, are recommended for continuous attention [63].

Group 1 - The company, Jiangxi Wannianqing Cement Co., Ltd., issued 10 million convertible bonds with a total value of 1 billion yuan, which were listed on July 2, 2020 [1] - Recently, the company received a notification that Xinhua Life Insurance Co., Ltd. transferred 1,027,330 bonds, accounting for 10.27% of the total issuance [1] - The bonds have a maturity period of 6 years, and the issuance was approved by the China Securities Regulatory Commission [1]

Group 1 - The controlling shareholder of Baiyang Pharmaceutical plans to reduce its stake by no more than 3% [1] - The shareholder of Tianchuang Fashion intends to reduce its stake by no more than 1% [1] - The following convertible bonds: Mars Convertible Bond, Wanqing Convertible Bond, Jidong Convertible Bond, Xingrui Convertible Bond, and Jingke Convertible Bond will not undergo adjustments [1] Group 2 - The emergency convertible bond will be forcibly redeemed [1] - The Libo Convertible Bond has been listed [1] - Dingjia Precision is a new stock available for subscription on the Beijing Stock Exchange [1]

Core Viewpoint - The company, Jiangxi Wannianqing Cement Co., Ltd., is expected to trigger a downward adjustment of the conversion price for its convertible bonds due to the stock price being below 80% of the current conversion price for at least 10 trading days from July 1 to July 14, 2025 [1][6]. Summary by Sections Convertible Bond Issuance - The company issued 10 million convertible bonds with a total value of 1 billion RMB, each with a face value of 100 RMB, approved by the China Securities Regulatory Commission on June 3, 2020 [1][2]. Listing of Convertible Bonds - The convertible bonds were listed on the Shenzhen Stock Exchange on July 2, 2020, under the name "Wanquan Convertible Bonds" with the code "127017" [2]. Conversion Period - The conversion period for the bonds started on December 9, 2020, and will end on June 2, 2026 [2]. Adjustment of Conversion Price - The conversion price was adjusted from 13.46 RMB/share to 12.66 RMB/share on June 1, 2022, and further adjusted to 12.40 RMB/share on June 1, 2023 [3][4]. Recent Adjustments - On April 19, 2024, the board approved a downward adjustment of the conversion price to 8.76 RMB/share, effective from April 22, 2024. This was followed by another adjustment to 8.67 RMB/share on May 30, 2024, and then to 8.53 RMB/share on July 10, 2025 [4][5]. Conditions for Downward Adjustment - The company can propose a downward adjustment of the conversion price if the stock price is below 80% of the current conversion price for at least 15 trading days within any 30-day period [6]. Procedures for Adjustment - If the company decides to adjust the conversion price, it will announce the decision through designated media and will resume conversion applications at the adjusted price starting from the next trading day after the adjustment [6]. Triggering Conditions - The company has indicated that the stock price has been below the required threshold, which may lead to the adjustment of the conversion price as per the relevant regulations [6].

Core Viewpoint - Jiangxi Wannianqing Cement Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.5 yuan per 10 shares (tax included) to all shareholders [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting held on May 13, 2025, with a cash dividend of 1.5 yuan per 10 shares based on the total share capital as of the record date [1][2]. - The company will maintain the cash dividend amount per share even if the total share capital changes due to convertible bond conversions, share buybacks, or other reasons [1][2]. Record and Ex-Dividend Dates - The record date for the rights distribution is set for July 9, 2025, and the ex-dividend date is July 10, 2025 [2][3]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies [3]. Adjustment of Related Parameters - The total cash dividend amount is calculated as 758,939,592 shares multiplied by 0.15 yuan per share, resulting in a total of 113,840,938.80 yuan [3][4]. - The ex-dividend price will be adjusted to reflect the cash dividend, calculated as the closing price on the record date minus 0.1427638 yuan [4]. Convertible Bond Adjustment - Following the distribution, the conversion price of the company's convertible bonds will be adjusted from 8.67 yuan per share to 8.53 yuan per share [4].

Core Viewpoint - The company announced a reduction in the conversion price of its convertible bonds, "Wanqing Convertible Bonds," from 8.67 CNY per share to 8.53 CNY per share, effective from July 10, 2025, due to a cash dividend distribution [1][6]. Summary by Sections Conversion Price Adjustment - The previous conversion price of "Wanqing Convertible Bonds" was 8.67 CNY per share, which will be adjusted to 8.53 CNY per share [1][6]. - The adjustment is based on the company's profit distribution plan, which includes a cash dividend of 1.5 CNY per 10 shares [5][6]. Basis for Adjustment - The adjustment follows the regulations set by the China Securities Regulatory Commission regarding convertible bonds, which require adjustments in the conversion price when there are changes in the company's equity structure [1][2]. - The formula for adjusting the conversion price is provided, taking into account factors such as stock dividends, new share issuance, and cash dividends [1][2]. Historical Adjustments - The company has previously adjusted the conversion price multiple times due to various equity distributions: - On May 27, 2021, the price was adjusted from 14.16 CNY to 13.46 CNY after a cash distribution of 7 CNY per 10 shares [2]. - On June 1, 2022, the price was adjusted from 13.46 CNY to 12.66 CNY following a cash distribution of 8 CNY per 10 shares [3]. - On June 1, 2023, the price was adjusted from 12.66 CNY to 12.40 CNY after a cash distribution of 2.6 CNY per 10 shares [4]. - On April 22, 2024, the price was adjusted to 8.76 CNY following a prior adjustment [4][5]. Current Share Structure - As of the announcement date, the total share capital of the company is 797,407,415 shares, with 38,467,823 shares held in a repurchase account not entitled to dividends [6]. - The adjusted base for the cash distribution is 758,939,592 shares, leading to a total cash distribution of approximately 113.84 million CNY [6].

Core Viewpoint - Jiangxi Wannianqing Cement Co., Ltd. announced the suspension of conversion for its convertible bonds "Wanquan Convertible Bonds" during the equity distribution period, which will take effect from July 1, 2025, until the first trading day after the equity registration date [1] Group 1: Announcement Details - The company held its 2024 annual general meeting on May 13, 2025, where the profit distribution plan for the fiscal year 2024 was approved [1] - The suspension of conversion will last from July 1, 2025, until the first trading day after the equity registration date [1] - The convertible bonds will continue to trade normally during the suspension period [1] Group 2: Adjustment of Conversion Price - The adjustment of the conversion price will occur in the event of stock dividends, capital increases, new share issuances, or cash dividends, with specific formulas provided for each scenario [2] - The formulas for adjusting the conversion price include variables such as the previous conversion price, stock dividend rate, new share issuance rate, and cash dividend per share [2] - The company will disclose the adjustment details and the suspension period through announcements in designated media [3]

Group 1 - The company announced the interest payment for its convertible bonds "Wanqing Convertible Bonds" for the period from June 3, 2024, to June 2, 2025, with an interest rate of 2.0% [1][2] - Each bondholder will receive an interest payment of 20.00 RMB (including tax) for every 10 bonds held, which corresponds to a face value of 1,000 RMB [2][3] - The interest payment will be made annually, and the payment date is set for June 3 each year, with the record date being the trading day before the payment date [2][4] Group 2 - The company has clarified that individual investors and securities investment funds will have a 20% tax withheld on the interest income, resulting in an actual payment of 16.00 RMB for every 10 bonds [3][4] - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax on the interest income, thus receiving the full 20.00 RMB [3][5] - The company has appointed China Securities Depository and Clearing Corporation Limited Shenzhen Branch to handle the interest payment process [4][5]