Core Viewpoint - Harbin Jiuzhou Group Co., Ltd. maintains a stable long-term credit rating of AA- for its main entity and the "Jiuzhou Convertible Bond 2" [1][4] Company Overview - The company specializes in intelligent equipment manufacturing, renewable energy, and comprehensive smart energy businesses [4][14] - As of March 2025, the company has a total asset of 69.85 billion yuan and equity of 24.72 billion yuan [14] Financial Performance - In 2024, the company reported a total revenue of 14.81 billion yuan, but incurred a net loss of 4.97 billion yuan due to significant impairment losses on biomass fixed assets [6][14] - The company’s cash flow from operating activities was negative at -0.33 billion yuan in Q1 2025, indicating liquidity challenges [13][14] Business Growth - The company’s renewable energy installed capacity increased to 704.60 MW by the end of 2024, with a total of 834.75 MW including controlled and affiliated power stations [17][21] - The electrical and related equipment business saw a significant revenue increase of 40.72% in 2024 due to a surge in order volume [4][6] Risks and Challenges - Non-operating losses significantly impacted operating profits, with a total impairment loss of 4.57 billion yuan in 2024 [6][10] - The company faces high asset restriction ratios, with restricted assets amounting to 34.59 billion yuan, representing 49.35% of total assets [6][10] Industry Analysis - The renewable energy sector in China is experiencing rapid growth, with investments in clean energy surpassing traditional coal-fired power generation for the first time [16] - The electricity supply-demand balance is expected to remain tight in 2025, with ongoing pressures from high fuel prices affecting thermal power generation [16][18] Future Outlook - If the company successfully completes its ongoing power station projects and secures funding for future developments, its operational performance may improve [5][9] - The successful conversion of "Jiuzhou Convertible Bond 2" could enhance the company's capital strength and reduce debt burden [5][9]

Group 1 - The company announced an adjustment to the conversion price of its convertible bonds, changing from RMB 5.50 to RMB 5.44 per share, effective from June 30, 2025 [1][4] - The adjustment is based on the company's profit distribution plan, which was approved at the 2024 annual general meeting, involving a cash dividend of RMB 0.593337 per 10 shares [2][3] - The total number of shares for the cash dividend calculation is based on the existing total share capital of 611,892,406 shares, excluding repurchased shares [2][3] Group 2 - The company will publish announcements regarding the conversion price adjustments in accordance with relevant regulations, ensuring the protection of convertible bondholders' rights [2] - The cash dividend will be distributed to shareholders based on a record date of June 27, 2025, with the ex-dividend date set for June 30, 2025 [2][4] - The adjustment formula for the conversion price considers various scenarios such as stock dividends, capital increases, and cash dividends [1][2]

Group 1 - The Zhongzheng Convertible Bond Index opened up by 0.02% [1] - Jiuzhou Convertible Bond 2 increased by 3.7% [1] - Huamao Convertible Bond rose nearly 3% [1] Group 2 - Youzu Convertible Bond and Dongshi Convertible Bond both increased by over 1% [1] - Yitian Convertible Bond and Jing 23 Convertible Bond both fell by over 1% [1]

Core Viewpoint - The China Convertible Bond Index opened lower by 0.02%, indicating a slight decline in the overall market sentiment for convertible bonds [1] Group 1: Performance of Specific Convertible Bonds - Hangzhou Oxygen's convertible bond increased by 3.4%, showing strong performance compared to others [1] - Tianyang's convertible bond rose by 2.8%, reflecting positive investor sentiment [1] - Jiuzhou's convertible bond and Huaxiang's convertible bond both increased by over 1%, indicating a stable interest in these securities [1] Group 2: Decline in Specific Convertible Bonds - Aofei's convertible bond fell by over 1%, suggesting potential concerns among investors [1] - Lizhi's convertible bond and Yanggu's convertible bond both declined by nearly 1%, indicating a slight downturn in their market performance [1]

Core Viewpoint - The China Convertible Bond Index opened with a slight decline of 0.01%, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - Jiuzhou Convertible Bond 2 increased by 3.45%, showing strong investor interest [1] - Jingda Convertible Bond rose by 2.15%, reflecting positive market sentiment [1] - Furong Convertible Bond experienced a gain of 1.22%, contributing to the overall positive movement in certain bonds [1] - Hongchang Convertible Bond saw a significant drop of 6.33%, indicating potential concerns among investors [1] - Jieneng Convertible Bond declined by 2.40%, suggesting a negative trend in this segment [1]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.01% [1] - Jiuzhou Convertible Bond 2 increased by over 3% [1] - Jingda Convertible Bond rose by over 2% [1] - Hongchang Convertible Bond declined by over 6% [1] - Energy-saving Convertible Bond fell by over 2% [1]

Group 1 - The China Securities Convertible Bond Index opened flat [1] - Jiuzhou Convertible Bond 2 increased by over 3% [1] - Runda Convertible Bond rose by over 2% [1] Group 2 - Henghui Convertible Bond declined by over 1% [1] - Yitian Convertible Bond and Outong Convertible Bond fell nearly 1% [1]

Core Viewpoint - Harbin Jiuzhou Group Co., Ltd. has decided not to exercise the early redemption rights for its convertible bond "Jiuzhou Zhuan 2" based on current stock performance and conversion conditions [1][2]. Group 1 - The company held its first temporary board meeting of 2025 on May 22, 2025, with all 9 participating directors present [1]. - The board approved the proposal to temporarily refrain from redeeming "Jiuzhou Zhuan 2" early, as the stock price has met the conditions for conditional redemption [1][2]. - The stock price has been above 130% of the conversion price for 15 out of the last 30 trading days, triggering the conditional redemption clause [1]. Group 2 - The decision not to redeem the bond will be reassessed in three months, starting from May 23, 2025, with a potential reevaluation on the first trading day after August 22, 2025 [2]. - The proposal received unanimous approval from the board, with 9 votes in favor and no opposition or abstentions [2].

Group 1 - The company has decided not to exercise the early redemption rights for the convertible bond "JiuZhou Zuan 2" as the stock price has met the conditional redemption criteria [1][4] - From April 25, 2025, to May 22, 2025, the company's stock price closed above 130% of the current conversion price for 15 out of 30 trading days, triggering the conditional redemption clause [1][4] - The board of directors will reassess the situation after August 22, 2025, if the redemption conditions are met again [1][4] Group 2 - The company issued 5 million convertible bonds with a total value of 500 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [2] - The initial conversion price was set at 8.00 yuan per share, which has been adjusted to 5.50 yuan per share due to dividend distributions and capital increases [2] - The conversion period for "JiuZhou Zuan 2" runs from June 25, 2021, to December 20, 2026 [2][3] Group 3 - The conditional redemption terms state that the company can redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days within any 30-day period or if the total unconverted bond amount falls below 30 million yuan [3][4] - The company has confirmed that there were no transactions involving "JiuZhou Zuan 2" by major shareholders or executives in the six months prior to the redemption conditions being met [5]

Group 1 - The China Securities Convertible Bond Index opened with a slight increase of 0.02% [1] - Hongqiang Convertible Bond, Beigang Convertible Bond, and Gaomei Convertible Bond saw increases of 2.30%, 2.17%, and 1.15% respectively [1] - Jiuzhou Convertible Bond 2 decreased by 0.94%, while Kelong Convertible Bond fell by 0.93% [1]