1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, most convertible bond issuers saw revenue growth compared to the previous year, with profits showing some divergence. Amid the bullish equity market since April, investors should focus on low - price and equity - biased convertible bonds with excellent or improving performance and high - quality underlying stocks [1][3][8]. 3. Summary According to the Table of Contents 3.1 2025H1 Convertible Bond Performance Overview - Revenue: By August 30, 61.7% of convertible bond issuers had year - on - year revenue growth, mainly in the (0, 30%] range. In Q2 2025, 77.5% had quarter - on - quarter revenue growth, also concentrated in the (0, 30%] range [8][9]. - Profit: 50.2% of convertible bond issuers had year - on - year growth in net profit attributable to shareholders, with significant differences in performance. In Q2 2025, 53.3% had quarter - on - quarter growth, and the industries with the most issuers having a quarter - on - quarter growth rate of over 100% were electronics, building decoration, and power equipment [8][9]. 3.2 Industries and Convertible Bond Issues with Outstanding Performance 3.2.1 Year - on - Year Dimension - Industry: In terms of revenue, agriculture, forestry, animal husbandry and fishery, non - bank finance, and electronics led; in terms of performance, agriculture, forestry, animal husbandry and fishery, building materials, and media had the highest year - on - year growth rates. The agriculture, forestry, animal husbandry and fishery industry achieved a significant turnaround in performance, with the net profit attributable to shareholders increasing by 6799.93% year - on - year [15]. - Convertible Bond Issues: Huahong Convertible Bond, Wanqing Convertible Bond, Jingrui Convertible Bond, Jingrui Convertible Bond 2, and Muyuan Convertible Bond had the top four year - on - year growth rates in net profit attributable to shareholders in H1 2025 [23]. 3.2.2 Quarter - on - Quarter Dimension - Industry: In terms of revenue, communication, building materials, and non - bank finance led; in terms of performance, building materials, social services, and communication had the highest quarter - on - quarter growth rates in Q2 2025. Some industries such as building materials showed signs of bottoming out and reversing [26]. - Convertible Bond Issues: Jiaojian Convertible Bond, Hengfeng Convertible Bond, Huayang Convertible Bond, Aojia Convertible Bond, and Tianchuang Convertible Bond had the top five quarter - on - quarter growth rates in net profit attributable to shareholders in Q2 2025 [35]. 3.3 Industries and Convertible Bond Issues with Significant Performance Improvement 3.3.1 Industries and Issues with Year - on - Year Turnaround from Loss to Profit - Industries: Agriculture, forestry, animal husbandry and fishery, medicine, and electronics had the most issuers turning around from loss to profit year - on - year. Representative issues include Shanbo Convertible Bond, Tianchuang Convertible Bond, and Jingrui Convertible Bond [38]. 3.3.2 Industries and Issues with Quarter - on - Quarter Turnaround from Loss to Profit - Industries: Power equipment, computer, and construction industries had the most issuers turning around from loss to profit quarter - on - quarter. Representative issues include Jiaojian Convertible Bond, Jidong Convertible Bond, and Like Convertible Bond [45]. 3.3.3 Industries and Issues with Year - on - Year Reduction in Losses - Industries: Computer, power equipment, and building decoration industries had the most issuers with reduced losses year - on - year. Representative issues include Shuangliang Convertible Bond and Xinfu Convertible Bond [50]. 3.3.4 Industries and Issues with Quarter - on - Quarter Reduction in Losses - Industries: Power equipment, computer, and medicine industries had the most issuers with reduced losses quarter - on - quarter. Representative issues include Tong 22 Convertible Bond, Long 22 Convertible Bond, and Shanshi Convertible Bond [56]. 3.4 Convertible Bonds Worth Attention in the Bullish Equity Market 3.4.1 Convertible Bonds in the Excellent Performance Sector - Five convertible bonds, including Muyuan Convertible Bond, Daotong Convertible Bond, Zhongchong Convertible Bond 2, Weice Convertible Bond, and Anji Convertible Bond, were selected based on certain criteria [61]. 3.4.2 Convertible Bonds with Improving Performance - Four convertible bonds, including Liang 22 Convertible Bond, Site Convertible Bond, Chutian Convertible Bond, and Li'ang Convertible Bond, are recommended for continuous attention [63].

Group 1 - Huahong Technology announced that as of September 16, 2025, any unconverted "Huahong Convertible Bonds" will be forcibly redeemed [2] - Following the redemption, "Huahong Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to convert their bonds before the deadline to avoid forced redemption, especially if their bonds are pledged or frozen [2]

Group 1 - Dayong Co. received approval from the China Securities Regulatory Commission on September 15 to issue stocks to specific investors [1] - Huahong Technology announced that after the market closes on September 16, the unconverted "Huahong Convertible Bonds" will stop conversion, and the remaining convertible bonds will be forcibly redeemed at a price of 100.79 yuan per bond, potentially leading to losses for investors [1] - Chongda Technology indicated that September 16 is the last conversion day for "Chongda Convertible Bonds 2," and after market close, unconverted bonds will stop conversion and be forcibly redeemed [1]

Group 1 - Rifa Co., Ltd. has received approval from the China Securities Regulatory Commission for its application to issue shares to specific targets [1] - Huahong Technology is approaching the deadline for the conversion of "Huahong Convertible Bonds," with only half a trading day left until September 16, 2025, after which unconverted bonds will be forcibly redeemed at a price of 100.79 yuan per bond [1] - Chongda Technology's "Chongda Convertible Bond 2" will also stop conversion after the market closes on September 16, 2025, and investors may face significant losses if they do not convert in time [1]

Core Viewpoint - Jiangsu Huahong Technology Co., Ltd. announced a significant change in shareholder equity due to the dilution from convertible bonds and a reduction in shares held by a major shareholder, which has attracted market attention [1][4]. Group 1: Convertible Bonds and Shareholder Dilution - The company issued convertible bonds totaling 515 million yuan, with trading commencing on January 10, 2023, and conversion starting on June 8, 2023 [2]. - As a result of the bond conversion, major shareholder Mr. Zhou Shijie’s shareholding was diluted from 8.59% to 8.30%, a decrease of 0.29% [2][4]. Group 2: Shareholder Reduction Plan - Mr. Zhou Shijie announced a plan to reduce his holdings by up to 13,383,041 shares between August 28, 2025, and November 27, 2025, through centralized bidding and block trading [3]. - He executed a reduction of 2,000,000 shares from September 11 to September 12, 2025, representing 0.32% of the total share capital after excluding repurchased shares, leaving him with 49,532,167 shares, or 7.98% [3][4]. Group 3: Overall Equity Change - The total change in Mr. Zhou's equity from August 29 to September 12, 2025, was 0.61%, combining the dilution from convertible bonds and the share reduction [4]. - The changes are in compliance with relevant regulations and do not affect voting rights, as Mr. Zhou is not the largest shareholder or the actual controller of the company [4].

人民财讯9月15日电，华宏科技（002645）9月15日晚间公告，因"华宏转债"已停止交易，公司特提醒投 资者在期限内转股。9月16日是"华宏转债"最后一个转股日，当日收市前，持有"华宏转债"的投资者仍 可进行转股；9月16日收市后，未转股的"华宏转债"将停止转股。 ...

Core Viewpoint - The article discusses various convertible bonds, their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion in the underlying stocks, providing insights into the convertible bond market dynamics [2][3][5]. Summary by Sections Convertible Bonds Overview - The article lists several convertible bonds with details such as their codes, names, current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds in the underlying stocks [2][3][5]. Specific Convertible Bonds Data - For instance, the "崇达转2" bond has a current price of 166.001, a redemption price of 100.049, and a conversion value of 160.78, with a remaining scale of 0.187 billion and a proportion of 0.15% in the underlying stock [3]. - The "华宏转债" bond shows a current price of 134.700, a redemption price of 100.790, and a conversion value of 135.28, with a remaining scale of 0.073 billion and a proportion of 0.09% [3]. - The "金能转债" bond has a current price of 110.844, a redemption price of 110.000, and a conversion value of 98.82, with a remaining scale of 9.561 billion and a proportion of 14.97% [5]. Market Insights - The article provides a comprehensive view of the convertible bond market, highlighting the performance and characteristics of various bonds, which can be useful for investors looking to understand market trends and make informed decisions [2][3][5].

Core Viewpoint - Jiangsu Huahong Technology Co., Ltd. has announced the redemption of its convertible bonds ("Huahong Convertible Bonds") and the cessation of conversion rights, urging investors to convert their bonds before the deadline [2][4]. Group 1: Redemption Details - The last conversion date for "Huahong Convertible Bonds" is September 16, 2025, after which unconverted bonds will be redeemed [2][4]. - The redemption price is set at 100.79 yuan per bond, which includes accrued interest at an annual rate of 1% [3][14]. - The bonds will stop trading on September 12, 2025, and the redemption registration date is September 16, 2025 [4][5]. Group 2: Bond Issuance and Trading - The company issued 515 million yuan worth of convertible bonds, with a face value of 100 yuan each, totaling 5.15 million bonds [6][7]. - The bonds were listed for trading on the Shenzhen Stock Exchange starting January 10, 2023 [7]. Group 3: Conversion and Redemption Conditions - The conversion period for the bonds began on June 8, 2023, and will end on December 1, 2028 [8]. - The bonds can be redeemed if the company's stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [11][12]. Group 4: Important Dates and Procedures - The redemption date is September 17, 2025, with funds reaching investors' accounts by September 24, 2025 [5][18]. - Investors must convert their bonds through the securities company that holds their bonds, with a minimum conversion unit of one bond [20].

Group 1 - Huahong Technology announced that the "Huahong Convertible Bonds" will be forcibly redeemed after the market closes on September 16, 2025, if not converted [2] - Following the redemption, the "Huahong Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to convert their bonds before the deadline to avoid forced redemption, especially if their bonds are pledged or frozen [2] Group 2 - The redemption price of the "Huahong Convertible Bonds" may differ significantly from the market price prior to the suspension of trading and conversion [2] - Investors who fail to convert their bonds in a timely manner may face potential losses [2]

Group 1 - Microchip Biotech and Material Jinlun plan to reduce their shareholding by no more than 3% of the company's shares [1] - Trina Solar's subsidiary has signed a 2.48 GWh energy storage sales contract [1] Group 2 - The convertible bond "Shengxun Convertible Bond" will not be adjusted [2] - Various convertible bonds have been listed with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4][6]