Core Viewpoint - The China Convertible Bond Index rose by 0.01% to 493.52 points on December 26, indicating a slight upward trend in the convertible bond market [1] Group 1: Top Gainers - The top gainers in the convertible bond market included: - Jiamei Convertible Bond, which increased by 12.68% - Mengsheng Convertible Bond, which rose by 12.45% - Dazhong Convertible Bond, which saw an increase of 8.69% - Jinzong Convertible Bond, which went up by 6.16% - Beigang Convertible Bond, which gained 4.68% [1] Group 2: Top Losers - The top losers in the convertible bond market included: - Huicheng Convertible Bond, which decreased by 3.46% - Jiazhe Convertible Bond, which fell by 3.17% - Guanzhong Convertible Bond, which dropped by 3.10% - Jingzhuang Convertible Bond, which declined by 3.02% - Huayi Convertible Bond, which saw a decrease of 2.91% [1]

Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 1.3%, 0.5%, and 0.7% respectively during the last period, outperforming the benchmark return of 0.3% [1] - Year-to-date, these strategies have achieved returns of 17.4%, 28.2%, and 52.2%, with cumulative excess returns of 0.3%, 11.2%, and 35.2% compared to the benchmark return of 17.0% [1] - The equity market experienced fluctuations, with the Wind All A and CSI Convertible Bonds rising by 1.5% and 0.3% respectively, indicating a resurgence of low volatility strategies [1] Low Price Enhancement Strategy - The latest holdings include new entries such as Jinggong Convertible Bond (Construction Decoration), Shangyin Convertible Bond (Bank), and Yangfeng Convertible Bond (Basic Chemicals) among others [2] - The adjustment rationale is based on the strong performance of the low price index (1.4%) and the resurgence of low volatility strategies, with a focus on stable or improving performance and reasonable premium rates [3] Improved Dual Low Strategy - The latest holdings feature new entries like Shangyin Convertible Bond (Bank) and Zhonghuan Convertible Bond (Environmental Protection) [4] - Adjustments were made due to the upward movement of the dual low index (0.4%), with a focus on stocks with improved performance or stable operations while avoiding those with high redemption progress [5] High Price High Elasticity Strategy - The latest holdings include new entries such as Wankai Convertible Bond (Basic Chemicals) and Shuiyang Convertible Bond (Beauty Care) [6] - The strategy's adjustments were influenced by the decline in high price index returns (-1.5%) and the need to manage redemption risks while maintaining a balanced industry allocation [7]

Core Viewpoint - Beibu Gulf Port announced that the "Beigang Convertible Bonds" will resume conversion starting from October 22, 2025, following the equity distribution record date [2] Group 1 - The announcement was made on the evening of October 20 [2] - The resumption of conversion is in accordance with relevant regulations [2]

Core Viewpoint - The company, Beibu Gulf Port Co., Ltd., has announced its 2025 interim profit distribution plan, which includes a cash dividend of 0.809999 yuan per 10 shares and no bonus shares, with the total cash dividend amounting to approximately 191.94 million yuan [2][3][19]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the second extraordinary general meeting of shareholders held on September 8, 2025, with a base of 2,369,654,576 shares as of August 21, 2025 [3][19]. - The cash dividend will be distributed to all shareholders, with the record date set for October 21, 2025, and the ex-dividend date on October 22, 2025 [6][19]. - The adjusted cash dividend per 10 shares is 0.809999 yuan, reflecting a slight adjustment due to an increase in total share capital from the conversion of convertible bonds [3][19]. Group 2: Convertible Bond Adjustment - The conversion price for the "Beibu Gulf Convertible Bonds" (bond code: 127039) will be adjusted from 7.39 yuan per share to 7.31 yuan per share, effective from October 22, 2025 [12][19][20]. - This adjustment is based on the cash dividend distribution, where the previous conversion price is reduced by the amount of the cash dividend per share [19].

Core Viewpoint - Beibu Gulf Port announced a cash dividend distribution plan for 2025, indicating a commitment to returning value to shareholders through dividends [1] Group 1: Dividend Distribution - The company will distribute a cash dividend of 0.809999 yuan (including tax) for every 10 shares held, based on a total share capital of 2,369,655,792 shares [1] - This dividend distribution reflects the company's financial health and strategy to reward its shareholders [1] Group 2: Convertible Bond Adjustment - The conversion price of "Beibu Gulf Convertible Bonds" will be adjusted from 7.39 yuan per share to 7.31 yuan per share in accordance with relevant regulations [1] - This adjustment is a standard procedure following the announcement of the dividend, impacting the bondholders and their conversion options [1]

Core Viewpoint - The company announced a temporary suspension of the conversion of "Beibu Gulf Convertible Bonds" due to the implementation of the 2025 mid-term equity distribution, with specific dates outlined for the suspension and resumption of conversion [1] Group 1 - The "Beibu Gulf Convertible Bonds" (bond code: 127039) will be suspended from conversion starting October 13, 2025, until the equity registration date for the distribution [1] - The conversion period for the bonds is from January 5, 2022, to June 28, 2027, and trading will continue normally during the suspension period [1] - The company provided details on the adjustment method and calculation formula for the conversion price [1]

Core Points - The company announced the conversion situation of its "Beigang Convertible Bonds" for the third quarter of 2025 [1] - The company issued 3 billion yuan of convertible bonds on June 29, 2021, with a six-year term [1] - The initial conversion price was set at 8.35 yuan per share, which has been adjusted to 7.39 yuan per share [1] Summary by Sections - **Convertible Bonds Issuance** - The company issued 3 billion yuan of convertible bonds on June 29, 2021, with a maturity of six years [1] - The bonds were listed on July 23, 2021 [1] - **Conversion Period and Price** - The conversion period is from January 5, 2022, to June 28, 2027 [1] - The initial conversion price was 8.35 yuan per share, currently adjusted to 7.39 yuan per share [1] - **Third Quarter 2025 Performance** - In the third quarter of 2025, the conversion amount decreased by 85,000 yuan, resulting in a conversion of 11,499 shares [1] - As of September 30, 2025, the remaining convertible bond amount is 1,079,932,000 yuan [1]

Core Viewpoint - The announcement details a passive dilution of the controlling shareholder's stake in Beibu Gulf Port Co., Ltd. by over 1% due to the conversion of convertible bonds, without triggering a mandatory takeover or affecting the company's governance structure [1][2]. Group 1: Shareholder Changes - The controlling shareholder, Guangxi Beibu Gulf International Port Group Co., Ltd., saw its stake diluted from 55.90% to 54.87%, a decrease of 1.03% due to the conversion of "Beigang Convertible Bonds" [1]. - The total share capital of the company increased from 2,326,136,122 shares to 2,369,644,158 shares during the conversion period from April 26, 2025, to July 3, 2025 [1]. Group 2: Bond Details - The company issued a total of 3 billion yuan in convertible bonds, approved by the China Securities Regulatory Commission, with a conversion period from January 5, 2022, to June 30, 2027 [1]. - The bond is listed on the Shenzhen Stock Exchange under the name "Beigang Convertible Bonds" with the code "127039" [1]. Group 3: Impact on Governance - The dilution does not involve a change in the number of shares held by the controlling shareholder and will not lead to changes in the actual controller or the governance structure of the company [1][2]. - The announcement reassures that the company's ongoing operations will not be significantly impacted by this change [1].

Core Viewpoint - The announcement details a significant equity change involving Shanghai Zhonghai Terminal Development Co., Ltd., which converted its convertible bonds into shares of Beibu Gulf Port Co., Ltd., resulting in an increase in its shareholding without triggering a mandatory bid or affecting the company's control structure [1][2]. Group 1: Equity Change Details - Shanghai Zhonghai Terminal converted 3,214,915 units of "Beigang Convertible Bonds" into 43,503,584 shares of Beibu Gulf Port, increasing its total shareholding from 224,642,108 shares [1]. - The conversion does not lead to a change in the controlling shareholder or the actual controller of the company, ensuring stability in governance and ongoing operations [1][2]. Group 2: Shareholding Structure - Prior to the conversion, Shanghai Zhonghai Terminal held a certain percentage of the total share capital, which will be updated post-conversion [2]. - The announcement complies with relevant laws and regulations regarding equity changes and disclosure requirements [2].

Core Viewpoint - The report outlines the equity changes of Beibu Gulf Port Co., Ltd. due to the conversion of convertible bonds held by Shanghai Zhonghai Terminal Development Co., Ltd., resulting in an increase in shareholding and ownership percentage [1][5][6]. Group 1: Company Information - Company Name: Beibu Gulf Port Co., Ltd. [1] - Stock Code: 000582, listed on Shenzhen Stock Exchange [1] - Legal Representative: Zhu Tao [1] - Registered Capital: RMB 748,560,000 [4] - Company Type: Limited Liability Company (wholly foreign-owned) [4] - Established Date: February 18, 2008 [4] Group 2: Equity Changes - Prior to the equity change, the company held 224,642,108 shares, representing 9.66% of the total share capital [6][10]. - After the conversion of convertible bonds, the total shares held increased to 268,145,692, which is 11.32% of the total share capital [6][10]. - The increase in shares due to the bond conversion was 43,503,584 shares, resulting in a 1.66% increase in ownership [10]. Group 3: Future Plans and Compliance - The company has no plans to increase or decrease its shareholding in the next 12 months [5]. - The report confirms that there are no restrictions on the rights associated with the shares held [6]. - The company has complied with all legal disclosure requirements regarding the equity changes [7].