证券代码：601366 证券简称：利群股份 公告编号：2026-004 债券代码：113033 债券简称：利群转债 利群商业集团股份有限公司 关于"利群转债"到期兑付暨摘牌的第一次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 在停止交易后、转股期结束前（即2026年3月27日至2026年3月31日），"利群转债"持有人仍可以依据 《募集说明书》约定的条件将"利群转债"转换为公司股票。"利群转债"当前转股价格为4.84元/股，请投 资者注意转股可能存在的风险。 三、兑付债券登记日（可转债到期日） ● 可转债到期日/兑付登记日：2026年3月31日 ● 可转债最后转股日：2026年3月31日 ● 在停止交易后、转股期结束前（即2026年3月27日至2026年3月31日），"利群转债"持有人仍可以依据 约定的条件将"利群转债"转换为公司股票。 根据中国证券监督管理委员会《关于核准利群商业集团股份有限公司公开发行可转换公司债券的批复》 （证监许可[2020]044号）核准，利群商业集团股份有限公司（ ...

利群股份公告称，"利群转债"到期兑付暨摘牌。2020年公司发行18亿元"利群转债"，期限6年。本次到 期后将按债券面值110%赎回未转股债券。最后交易日为2026年3月26日，到期日和兑付登记日为3月31 日，兑付本息110元/张（含税），4月1日发放资金。3月27日起停止交易，4月1日起摘牌。3月27 - 31 日，持有人仍可转股，当前转股价格4.84元/股。 ...

Group 1: Report's Industry Investment Rating - No information provided in the report Group 2: Report's Core Viewpoints - This week (0126 - 0130), there were significant fluctuations in major asset classes. The short - term yields of US stocks, precious metals, and US bonds were significantly adjusted, and the US dollar was slightly repaired. The market believes that the Fed's interest rate cut path in 2026 may remain restrained. The report maintains the previous view that a low - interest - rate environment is necessary and effective, and safe - haven assets such as US bonds and gold will still face increased allocation after short - term fluctuations. Currently, there are no necessary conditions for the Fed's monetary policy to shift [1]. - Overseas uncertainties have led to significant fluctuations in domestic risk - based assets. The report previously suggested that the convertible bond strategy should prioritize "controlling drawdowns" and also pay attention to high - probability pro - cyclical targets. Subjectively, it is recommended to conduct high - low switching within convertible bonds to control drawdowns and adopt a "dumbbell" - type allocation for hedging. In the medium - term, it is difficult to infer a scenario of overall valuation compression for convertible bonds. The core is to control drawdowns, emphasize timing, and balance the rhythm and structure of convertible bond allocation [1]. - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for par premium rate repair next week are: Liqun Convertible Bond, Bengang Convertible Bond, Guotou Convertible Bond, Industrial Convertible Bond, Nenghua Convertible Bond, Hope Convertible Bond 2, Wentai Convertible Bond, Lutai Convertible Bond, Yingfeng Convertible Bond, and Lianchuang Convertible Bond [1] Group 3: Summary According to the Table of Contents 1. Weekly Market Review 1.1. Overall Decline in the Equity Market - From January 26th to January 30th, the equity market as a whole declined. The Shanghai Composite Index fell 0.44% to close at 4117.95 points, the Shenzhen Component Index fell 1.62% to close at 14205.89 points, and the ChiNext Index fell 0.09% to close at 3346.36 points. The CSI 300 rose 0.08% to close at 4706.34 points. The average daily trading volume of the two markets increased by about 2615.81 billion yuan to 30365.33 billion yuan, a week - on - week increase of 9.43% [6][9]. - Among the 31 Shenwan primary industries, 10 industries closed up, with 4 industries rising more than 2%. Petroleum and petrochemicals, communications, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery led the gains, rising 7.95%, 5.83%, 3.68%, 3.37%, and 1.82% respectively. National defense and military industry, power equipment, automobiles, computers, and commercial retail led the losses, with declines of 7.69%, 5.10%, 5.08%, 4.77%, and 4.18% respectively [12]. 1.2. Overall Decline in the Convertible Bond Market - From January 26th to January 30th, the CSI Convertible Bond Index fell 2.61%. Among the 29 Shenwan primary industries, 9 industries closed up, with 2 industries having a gain of more than 2%. Petroleum and petrochemicals, coal, building materials, agriculture, forestry, animal husbandry, and fishery, and building decoration led the gains, rising 5.74%, 2.73%, 1.62%, 1.22%, and 0.68% respectively. Household appliances, computers, power equipment, commercial retail, and national defense and military industry led the losses, falling 10.21%, 7.52%, 6.87%, 5.84%, and 5.56% respectively [13]. - The average daily trading volume of the convertible bond market was 902.09 billion yuan, a significant reduction of 30.87 billion yuan, a week - on - week change of 3.31%. The top ten convertible bonds in terms of trading volume were Shuangliang Convertible Bond, Guanglian Convertible Bond, Zhekuang Convertible Bond, Dazhong Convertible Bond, Aofei Convertible Bond, Tianzhun Convertible Bond, Outong Convertible Bond, Huayi Convertible Bond, Liyang Convertible Bond, and Yunji Convertible Bond. The average trading volume of the top ten convertible bonds reached 93.23 billion yuan, with the first - ranked trading volume reaching 179.39 billion yuan [13]. - Approximately 24.22% of the individual convertible bonds rose, about 6.51% of the individual convertible bonds had a gain in the 0 - 1% range, and 13.28% of the individual convertible bonds had a gain of more than 2% [13]. - The overall market conversion premium rate declined this week, with an average daily conversion premium rate of 42.75%, a decrease of 12.58 pcts compared to last week. In terms of price ranges, except for the convertible bonds in the price range below 90 yuan, the average daily conversion premium rates of convertible bonds in other price ranges widened, with the convertible bonds in the 100 - 110 yuan price range having the largest widening amplitude of 22.90 pcts. In terms of parity ranges, except for the convertible bonds in the parity range below 90 yuan, the average daily conversion premium rates of convertible bonds in other parity ranges widened, with the convertible bonds in the parity range above 120 yuan having the largest widening amplitude of 3.44 pcts [18]. - In terms of the premium rate changes of each industry, the conversion premium rates of 19 industries widened this week, with 6 industries having a widening amplitude of more than 2 pcts. Household appliances, media, food and beverages, commercial retail, and automobiles led the widening amplitude, reaching 7.00 pcts, 4.59 pcts, 3.35 pcts, 2.81 pcts, and 2.78 pcts respectively. Social services, petroleum and petrochemicals, building materials, non - bank finance, and non - ferrous metals led the narrowing amplitude, reaching 8.83 pcts, 5.29 pcts, 3.41 pcts, 3.04 pcts, and 2.62 pcts respectively [26]. - In terms of conversion parity, the parity of 13 industries increased this week, with 10 industries having a widening amplitude of more than 2%. Petroleum and petrochemicals, communications, steel, non - ferrous metals, and building materials led the widening amplitude, reaching 6.37%, 4.42%, 4.41%, 4.04%, and 3.91% respectively. Household appliances, commercial retail, building decoration, media, and beauty care led the narrowing amplitude, reaching 3.90%, 2.46%, 2.25%, 1.91%, and 1.70% respectively [29]. 1.3. Comparison of Stock - Bond Market Sentiments - From January 26th to January 30th, the weekly weighted average and median of the convertible bond and underlying stock markets were both negative, and the weekly gain of convertible bonds was greater than that of underlying stocks. In terms of trading volume, the trading volume of the convertible bond market decreased by 3.31% week - on - week and was at the 84.80% quantile level since 2022; the trading volume of the underlying stock market increased by 82.04% week - on - week and was at the 97.00% quantile level since 2022. The trading volume of the underlying stocks increased while that of the convertible bonds decreased, and the increase in the trading volume of the underlying stocks was greater and at a higher quantile level. In terms of the proportion of rising and falling stocks, about 13.04% of the convertible bonds and about 23.48% of the underlying stocks closed up this week; about 53.33% of the convertible bonds had a larger increase or decrease than the underlying stocks. In summary, the trading sentiment in the underlying stock market was better this week [32]. 2. Outlook and Investment Strategy - The report maintains the previous view that a low - interest - rate environment is necessary and effective, and safe - haven assets will still face increased allocation after short - term fluctuations. Currently, there are no necessary conditions for the Fed's monetary policy to shift [37]. - Subjectively, it is recommended to conduct high - low switching within convertible bonds to control drawdowns and adopt a "dumbbell" - type allocation for hedging. In the medium - term, it is difficult to infer a scenario of overall valuation compression for convertible bonds. The core is to control drawdowns, emphasize timing, and balance the rhythm and structure of convertible bond allocation [38]. - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for par premium rate repair next week are: Liqun Convertible Bond, Bengang Convertible Bond, Guotou Convertible Bond, Industrial Convertible Bond, Nenghua Convertible Bond, Hope Convertible Bond 2, Wentai Convertible Bond, Lutai Convertible Bond, Yingfeng Convertible Bond, and Lianchuang Convertible Bond [39]

Core Viewpoint - The China Convertible Bond Index rose by 0.28% on December 17, reaching 479.97 points, indicating a positive market sentiment in the convertible bond sector [1][2]. Summary by Categories Market Performance - The index's increase was driven by notable gains in several convertible bonds, with Jia Mei Convertible Bond leading the rise at 20.00%, followed by Da Zhong Convertible Bond at 7.23%, Huan Xu Convertible Bond at 7.06%, Li Qun Convertible Bond at 3.87%, and Tian Run Convertible Bond at 3.22% [1][2]. Declining Bonds - Conversely, several convertible bonds experienced declines, with Neng Hui Convertible Bond dropping by 7.68%, Hua An Convertible Bond by 4.00%, Zai 22 Convertible Bond by 3.02%, Hong Tu Convertible Bond by 1.76%, and Meng Sheng Convertible Bond by 1.58% [1][2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed's interest rate cut was confirmed this week, with the yield curve steepening rapidly. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market: Overall Decline with Most Industries Falling - This week (September 15 - 19), the equity market was significantly differentiated and overall declined. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the ChiNext Index rose 2.34%, and the CSI 300 fell 0.44%. The average daily trading volume of the two markets increased by about 196.154 billion yuan to 2.494834 trillion yuan, a week - on - week increase of 8.53% [7][9]. - Among the 31 Shenwan primary industries, 12 industries rose, with 5 industries rising more than 2%. Coal, power equipment, electronics, automobiles, and machinery had the highest increases [14]. 1.2 Convertible Bond Market: Overall Decline with Most Industries Falling - The CSI Convertible Bond Index fell 1.55%. Among the 29 Shenwan primary industries, 3 industries rose, with 1 industry rising more than 2%. Communication, national defense and military industry, and automobiles had the highest increases [15]. - The average daily trading volume of the convertible bond market was 9.0635 billion yuan, a significant increase of 364.4 million yuan, a week - on - week change of 4.19%. The top ten convertible bonds in terms of trading volume were Jingxing Convertible Bond, Jing 23 Convertible Bond, etc. [15]. - About 18.29% of individual convertible bonds rose, with 6.48% rising between 0 - 1% and 9.26% rising more than 2% [15]. - The overall market conversion premium rate increased. The average daily conversion premium rate this week was 37.17%, up 1.07 pcts from last week. There were different changes in different price and parity intervals [23]. 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weighted average and median weekly returns of convertible bonds and underlying stocks were negative, and the convertible bonds had a larger weekly decline. The trading volume of both markets increased significantly, with the convertible bond trading volume having a larger increase but a lower percentile level [37]. - About 18.88% of convertible bonds rose, and about 31.65% of underlying stocks rose. About 43.85% of convertible bonds had a higher return than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [37]. 2. Outlook and Investment Strategy - Overseas, the Fed's interest rate cut was confirmed. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41].

Core Viewpoint - The company, LQ Group, is facing significant external pressures in the retail market, with performance improvement challenges due to weak consumer sentiment and intense competition, particularly in the East China region [2][4][5] Company Overview - LQ Group is a leading retail enterprise in Shandong Province, with a strong brand presence and market competitiveness in the Shandong Peninsula retail market [1][2] - The company has diversified its operations, forming a comprehensive business model that includes retail chain operations, logistics supply chain, and food processing [1][8] Financial Performance - The company's revenue for 2024 and the first quarter of 2025 decreased by 3.39% and 5.14% year-on-year, respectively, primarily due to reduced consumer willingness to spend and store closures [7][19] - The gross profit margin for the same periods was 29.98%, 32.68%, 32.89%, and 29.97%, indicating fluctuations in profitability [7][19] Business Operations - The company operates a multi-format retail business, including comprehensive shopping malls, shopping centers, supermarkets, convenience stores, and online platforms [8][17] - LQ Group has established a logistics supply chain that supports its retail operations and has expanded its external sales business [14][15] Market Challenges - The retail industry is experiencing fierce competition, with significant pressure on physical retail formats, while online retail continues to grow [5][6] - The company is adjusting its store operations, having closed 12 stores while opening only one new store during the tracking period [10][12] Future Outlook - The company is expected to maintain stable credit quality in the coming months, with potential for upgrades if market conditions improve and operational performance enhances [2][3] - The company is focusing on optimizing its retail operations and enhancing customer experience to drive sales growth [12][18]

Core Viewpoint - The legal opinion issued by King & Wood Mallesons (KWM) confirms that the differentiated dividend distribution plan proposed by Lihua Commercial Group Co., Ltd. complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [1][8]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's 2024 profit distribution plan, proposing a cash dividend of RMB 0.02 per share (tax included) for all shareholders [6][7]. - The total number of shares eligible for distribution is 851,373,031 shares, after excluding 62,559,912 shares held in the repurchase account, which do not participate in profit distribution [7][8]. - The company plans to maintain the per-share distribution ratio even if there are changes in total share capital due to convertible bonds or share repurchases [6][7]. Group 2: Share Repurchase Plans - The company has approved a share repurchase plan with a budget ranging from RMB 100 million to RMB 200 million for the second phase and from RMB 150 million to RMB 300 million for the third phase, both to be executed within 12 months from the board's approval [3][4]. - As of May 28, 2025, a total of 32,239,009 shares have been repurchased under the second phase, and 3,084 shares have been converted into shares held by convertible bondholders [5][6]. Group 3: Legal Compliance and Verification - KWM has conducted thorough verification and confirmed that the facts and documents provided by the company are complete and accurate, ensuring the legality of the conclusions drawn in the legal opinion [2][8]. - The legal opinion is intended solely for the purpose of the differentiated dividend distribution and cannot be used for any other purpose [3][8].

Group 1 - The company will stop the conversion of its convertible bonds during the period from June 12, 2025, to the equity distribution registration date [1][3] - The equity distribution plan includes a cash dividend of 0.02 yuan per share (tax included) to all shareholders based on the total share capital minus the shares held in the company's repurchase account [1][2] - The total share capital of the company is 913,932,943 shares, with 62,559,912 shares held in the repurchase account, meaning no bonus shares will be distributed [2] Group 2 - The equity distribution plan was approved at the annual general meeting held on May 16, 2025, and further details were disclosed on May 17, 2025 [2] - The company will announce the implementation of the equity distribution and the adjustment of the convertible bond conversion price on June 13, 2025 [2][3] - Holders of convertible bonds wishing to enjoy the equity distribution must convert their bonds before June 11, 2025 [3]

| 回购方案首次披露日 | 2024/10/10 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 15,000 万元~30,000 万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 27,716,887 股 | | 累计已回购股数占总股本比例 | 3.03% | | 累计已回购金额 | 元 140,024,044.71 | | 实际回购价格区间 | 4.90 元/股~5.15 元/股 | 一、 回购股份的基本情况 利群商业集团股份有限公司（以下简称"公司"）于 2024 年 10 月 9 日召开第 九届董事会第二十三次会议，审议通过了《关于 2024 年第三期以集中竞价交易方 式回购股份方案的议案》。公司拟使用自有资金或自筹资金不低于人民币 15,000 万元且不超过 30,000 万元，以集中竞价交易方式进行股份回购，回购股份的价格 不超过 8.00 元/股，回购的股份将用于转换公司可转债。 具 体 内 容 详 见 ...