Core Viewpoint - Lingyuan Steel Co., Ltd. reported a net loss of 266 million yuan in Q3 2025, although this represents an improvement compared to a net loss of 841 million yuan in the same period last year, indicating a narrowing of losses due to increased revenue and reduced costs in the steel industry [1][3]. Financial Performance - In Q3 2025, the company achieved an operating revenue of 4.38 billion yuan, an increase of 18.7% year-on-year [1][2]. - For the first three quarters of 2025, the total operating revenue was 11.76 billion yuan, a decrease of 15.31% compared to the same period in 2024 [2]. - The net loss for the first three quarters of 2025 was 844 million yuan, which is an improvement from a net loss of 1.36 billion yuan in the same period of 2024 [1][2]. Industry Context - The steel industry has shown signs of recovery, with a reported total profit of 59.2 billion yuan for key steel enterprises in the first half of 2025, reflecting a year-on-year increase of 63.26% [1][3]. - The improvement in Lingyuan Steel's performance is attributed to a significant reduction in steel material costs, which outpaced the decline in prices [3]. Debt and Capital Expenditure - As of September 30, 2025, the company had total assets of 15.12 billion yuan and total liabilities of 10.36 billion yuan, indicating a slight decrease in total assets from the end of 2024 [3]. - The company is under pressure from ongoing capital expenditures, with significant investments in ongoing projects, including a total planned investment of 2.126 billion yuan for equipment upgrades [3][4]. - Lingyuan Steel has one outstanding bond, "Ling Steel Convertible Bond," with a balance of 217 million yuan, rated AA and maturing in April 2026 [4].

Core Viewpoint - The company, Lingyuan Steel Co., Ltd., has announced a share repurchase plan with a total budget between RMB 50 million and RMB 100 million, aimed at implementing equity incentives and other legal purposes [1][2]. Group 1: Share Repurchase Overview - The board of directors approved a share repurchase plan on April 21, 2025, allowing the company to buy back shares using its own funds and a special loan for stock repurchase [1]. - The repurchase amount is set between RMB 50 million and RMB 100 million, with an estimated share repurchase quantity ranging from approximately 19.61 million shares (0.69% of total shares) to 39.22 million shares (1.37% of total shares) based on a maximum repurchase price of RMB 2.55 per share [1]. - The repurchase period is limited to 12 months from the board's approval date [1]. Group 2: Progress of Share Repurchase - As of September 2025, the company has repurchased a total of 8.74 million shares, accounting for 0.31% of the total share capital, with a total expenditure of RMB 17.68 million [2]. - By September 30, 2025, the cumulative repurchased shares reached 14.50 million, representing 0.51% of the total share capital, with total payments amounting to RMB 28.47 million [2]. - The highest and lowest transaction prices during the repurchase were RMB 2.08 and RMB 1.71 per share, respectively [2]. Group 3: Convertible Bond Conversion - As of September 30, 2025, a total of RMB 222.998 million of "Ling Steel Convertible Bonds" has been converted into common shares, resulting in 81,095,079 shares, which is 2.93% of the total shares before conversion [6]. - The remaining unconverted "Ling Steel Convertible Bonds" amount to RMB 217.001 million, representing 49.32% of the total issuance [6]. - In the third quarter of 2025, the conversion amount was RMB 25,000, resulting in 12,687 shares being issued [6].

Group 1 - The company, Lingyuan Steel Co., Ltd., has announced the absorption and merger of its wholly-owned subsidiary, Beipiao Steel Pipe Co., Ltd., to improve management efficiency, reduce operational costs, and decrease the number of loss-making enterprises [1][2] - The merger was approved during the company's board meeting on June 12, 2025, and will be finalized after a bondholders meeting and a temporary shareholders meeting on June 30, 2025 [1] - Following the merger, Beipiao Steel Pipe's independent legal status will be canceled, and all its assets, liabilities, business, and personnel will be inherited by the company [1] Group 2 - Creditors of both merging parties have the right to request debt repayment or corresponding guarantees within thirty days of receiving the company's notice, or within forty-five days from the announcement date if no notice is received [2] - Creditors must provide valid debt documents and related evidence to claim their debts, with specific requirements for both corporate and individual creditors outlined [2] - The company will continue to bear the relevant debts after the merger if creditors do not exercise their rights within the stipulated time [2]

Core Viewpoint - The China Convertible Bond Index opened down by 0.07%, indicating a slight decline in the market sentiment towards convertible bonds [1] Summary by Category Market Performance - The China Convertible Bond Index reported a value of 447.15 points at the opening [1] - Notable declines were observed in several convertible bonds, with Electric Chemical Convertible Bond down by 4.46%, Jing 23 Convertible Bond down by 3.77%, Titan Convertible Bond down by 2.54%, Ling Steel Convertible Bond down by 1.52%, and Ojia Convertible Bond down by 1.46% [1] - Conversely, some convertible bonds experienced gains, with Jiuzhou Convertible Bond 2 up by 5.66%, New Port Convertible Bond up by 5.60%, Daotong Convertible Bond up by 2.66%, Saili Convertible Bond up by 2.37%, and Hongtu Convertible Bond up by 2.26% [1]

Core Viewpoint - Lingyuan Steel Co., Ltd. plans to absorb and merge its wholly-owned subsidiary, Beipiao Steel Pipe Co., Ltd., to improve management efficiency, reduce operational costs, and decrease the number of loss-making entities [2][4]. Group 1: Meeting Details - The first bondholders' meeting for "Ling Steel Convertible Bonds" is scheduled for June 30, 2025, at 9:00 AM, held at the company's conference center in Lingyuan City, Liaoning Province [1]. - The meeting will combine on-site and remote voting methods, with the agenda including identity verification, announcement of attendance, election of monitors, and discussion of proposals [1][2]. Group 2: Merger Proposal - The merger aims to eliminate Beipiao Steel Pipe's independent legal status, with all assets, liabilities, and personnel being inherited by Lingyuan Steel [2][4]. - The merger does not constitute a related party transaction or a significant asset restructuring as defined by relevant regulations [2]. Group 3: Financial Overview of Beipiao Steel Pipe - As of 2023, Beipiao Steel Pipe reported total assets of 1.6959 billion yuan and a net asset value of -1.3564 billion yuan, indicating ongoing financial challenges [3]. - The company generated operating revenue of 172.04 million yuan in 2023, with a net loss of 22.07 million yuan [3]. Group 4: Impact of the Merger - The merger is expected to enhance management efficiency and reduce operational costs without materially affecting the financial and operational status of Lingyuan Steel [4]. - The financial statements of Beipiao Steel Pipe have already been consolidated into Lingyuan Steel's reports, indicating that the merger will not harm the interests of the company or its shareholders [4].

Group 1 - Ling Steel Convertible Bond: Downward adjustment confirmed [1] - Dinglong Convertible Bond: Scheduled to be listed on April 23 [1] - Hillstone Networks: Shareholders plan to reduce holdings by no more than 1% [1] Group 2 - Huate Gas: Company has filed a major lawsuit regarding previous cooperation projects [1] - Jinko Convertible Bond: No downward adjustment [1] - Anji Convertible Bond and Qingyuan Convertible Bond: Scheduled to be listed on April 25 [1]

凌钢转债：下修到底 鼎龙转债：4月23日上市 | 搜 | | --- | | 索 | | 公 | | 众 | | 号 | | "jisilu8" | | 添 | | 加 | | 我 | | 们 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占止股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 113582 | 火炬转债 | 150.743 | 101.632 | 2025-04-17 | 2025-04-22 | 151.95 | 0.056 | 0.03% | | 123228 | 震裕转债 | 220.700 | 100.200 | 2025-04-17 | 2025-04-22 | 223.69 | 0.015 | 0.01% | | 127051 | 博杰转债 | 106.150 | 100.700 | 2025-04-24 | 2025-04-24 | 106.41 | 0.091 | 0. ...

Core Viewpoint - The company announces the potential for a downward adjustment of the conversion price for its convertible bonds due to recent stock price performance, which may trigger conditions outlined in the offering prospectus [1][5]. Summary by Sections Convertible Bond Issuance Overview - The company issued 4.4 million convertible bonds with a total value of RMB 440 million, maturing in six years with a tiered interest rate starting from 0.40% in the first year to 2.20% in the sixth year [2]. Conversion Price Adjustment Conditions - The current conversion price is set at RMB 2.59 per share, with the conversion period running from October 19, 2020, to April 12, 2026 [1]. - The conversion price has been adjusted multiple times due to equity distribution plans, with the latest adjustment reducing it from RMB 2.69 to RMB 2.59 per share effective April 27, 2022 [3]. Triggering Conditions for Downward Adjustment - From March 12 to March 25, 2025, the company's stock price has closed below 85% of the current conversion price (RMB 2.20) for 10 trading days, indicating a potential trigger for a downward adjustment [5]. - If the stock price continues to close below the conversion price for five out of the next twenty trading days, the adjustment clause will be activated [5]. Adjustment Procedure - If the conditions for adjustment are met, the board will convene to decide on the adjustment and will disclose the decision the following trading day [4][5].