证券日报网讯 10月31日晚间，乐普医疗发布公告称，债券简称为乐普转2，调整前转股价格为人民币 27.63元/股，调整后转股价格为人民币27.86元/股，转股价格调整的生效日期为2025年11月3日。 （编辑 姚尧） ...

Group 1 - The company announced that it will not lower the conversion price of "Lepu Convertible Bonds 2" during the upcoming two-month period from September 16, 2025, to November 15, 2025 [2] - The board of directors will reconvene after November 16, 2025, to decide on any future adjustments to the conversion price if the relevant conditions are triggered again [2] - The decision reflects the company's strategy to maintain the current conversion price without adjustments for the specified period [2]

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [27] Core Viewpoints - The current adjustment of convertible bonds still harbors potential investment opportunities. After the valuation pressure of some high - price/equity - like convertible bonds is cleared, they may offer returns to investors. The market's equity nature is stronger than its debt nature. Amid the strong performance of the equity market this year, the reversal of enhanced products may be a key factor influencing the configuration sentiment of the liability side. It is recommended to respond actively based on the actual participation time of subscription funds and the ability to withstand drawdowns [6][23] Summary by Directory When "Fear of High Prices" Meets Equity Resonance - On August 27, the convertible bond market adjusted, with the CSI Convertible Bond Index closing at 476.94, a decline of 2.82%. The declines of the Guozheng 2000 and the Equal - weighted Index of Convertible Bond Underlying Stocks were 2.01% and 2.44% respectively, while the ChiNext 50 Index rose 0.13%. There was no obvious differentiation in the structure [6][10] - The reasons for the adjustment include: directly, the rapid decline of convertible bond ETFs in the afternoon might have triggered investors' judgment of the market; in the equity market, industry performance was more differentiated, and some investors focused on the logic of switching between high - and low - value stocks or small - and large - cap stocks; actively, the long - standing "fear of high prices" in the convertible bond market led to the adjustment when the price reached a critical level [6][13][16] - The logic of the internal supply - demand mismatch in convertible bonds remains unchanged. The overall scale of the convertible bond market may continue to shrink, and there is a short - term demand gap. The logic of the equity market rally driven by incremental funds has not reversed, and there is still support from the underlying stocks for convertible bonds [6][20][21] Which Convertible Bond Varieties Are Oversold? - In the bullish equity market, it is recommended to diversify across multiple themes, such as consumer electronics, T - chain robots, chemical products, domestic computing power chips, and innovative drugs [7][25] - Pay attention to convertible bond elastic varieties and appropriately relax the drawdown limit. High - volatility products attract incremental funds during market transitions, so focus on elastic varieties with reasonable prices and cost - effectiveness [7][25] - With increased fluctuations in clause games and enhanced market pricing efficiency, keep an eye on individual bond clause changes, including high - price, low - premium convertible bonds with arbitrage opportunities and those approaching maturity with conversion incentives [7][25] - Look for oversold convertible bond varieties, including those that have declined more than the average of underlying stocks and convertible bonds, and those with significant valuation compression [7][25] - Low - price convertible bonds with improving fundamentals still have cost - effectiveness, such as Shouhua Convertible Bonds and Lepu Convertible Bonds 2 [7][25]

Key Points - On May 23, 2025, Lepu Medical (300003) closed at 11.23 yuan, up 0.45%, with a turnover rate of 0.86%, trading volume of 138,700 shares, and a transaction amount of 157 million yuan [1] - The fund flow on May 23 showed a net outflow of 6.2838 million yuan from institutional investors, a net outflow of 913,300 yuan from retail investors, while individual investors had a net inflow of 7.1971 million yuan [1][4] Company Announcements - Lepu Medical issued the fifth notice regarding the repurchase of "Lepu Convertible Bonds 2" (乐普转2), with a repurchase price set at 100.242 yuan per bond (including interest and tax). The repurchase period is from May 19, 2025, to May 23, 2025. The funds will be credited to the issuer on May 28, 2025, with the payment date for repurchase funds on May 29, 2025, and the date for investors to receive repurchase funds on May 30, 2025. It is important to note that during the repurchase period, "Lepu Convertible Bonds 2" will stop converting into shares, but the repurchase is not mandatory. Holders of "Lepu Convertible Bonds 2" can choose to repurchase part or all of their unconverted bonds [1][4] - The company also announced the resumption of the conversion of "Lepu Convertible Bonds 2," with the conversion period from October 8, 2021, to March 29, 2026. The suspension of conversion will occur from May 19, 2025, to May 23, 2025, and conversion will resume on May 26, 2025. This suspension is due to the company's stock price being below 70% of the conversion price for thirty consecutive trading days, triggering the conditional repurchase clause [2]

Core Viewpoint - The company announced a temporary suspension of the conversion of its convertible bonds "乐普转2" during the repurchase period, which is set to last from May 19, 2025, to May 23, 2025, due to specific conditions being met for the bondholders to exercise their repurchase rights [1][2]. Group 1 - The company issued 16.38 billion yuan worth of convertible bonds on March 30, 2021, with a face value of 100 yuan per bond, totaling 16.38 million bonds [1]. - The conversion period for "乐普转2" is from October 8, 2021, until the stock price falls below 70% of the conversion price of 27.92 yuan per share for thirty consecutive trading days [1]. - The company held a bondholders' meeting on May 15, 2025, to approve changes to the use of raised funds, activating the additional repurchase clause for "乐普转2" [2]. Group 2 - The suspension of the conversion of "乐普转2" will last for five trading days, starting from May 19, 2025, and will resume on May 26, 2025 [2]. - During the suspension period, the convertible bonds will continue to trade normally [2].

Group 1 - The company issued a total of 16.38 billion yuan in convertible bonds, with 16.38 million bonds at a face value of 100 yuan each [1][2] - The convertible bonds, named "Lepu Convertible Bond 2," began trading on April 19, 2021, and the conversion period started on October 8, 2021 [2][3] - As of March 31, 2025, the total number of remaining convertible bonds is 16,376,686, with a remaining amount of 1,637,668,600 yuan [3][4] Group 2 - The conversion price of the bonds was adjusted from 28.06 yuan per share to 27.92 yuan per share after the implementation of the 2024 semi-annual profit distribution plan [2][3] - During the conversion period from October 8, 2021, to March 31, 2025, the company saw a total of 10,766 shares converted from the bonds [3] - The total share capital of the company is 1,880,611,082 shares, with 85.93% being freely tradable shares [4]