Core Viewpoint - Guangdong Huate Gas Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, Huate Convertible Bonds, despite the triggering of the downward adjustment clause due to stock price fluctuations [2][9][10]. Summary by Sections Convertible Bond Issuance Overview - The company issued 6,460,000 convertible bonds with a total fundraising amount of RMB 646 million, netting RMB 638.18 million after expenses [3]. - The bonds are set to mature six years from the issuance date, specifically from March 21, 2023, to March 20, 2029 [3]. - The initial conversion price was set at RMB 84.22 per share, which was adjusted to RMB 83.81 on July 6, 2023, and further adjusted to RMB 83.75 on August 21, 2023 [4][5]. Downward Adjustment Clause for Conversion Price - The downward adjustment clause is triggered when the stock price is below 85% of the conversion price for at least 15 out of 30 consecutive trading days [7]. - The company has the authority to propose a downward adjustment, which requires a two-thirds majority approval from shareholders [7]. Decision on Non-Adjustment of Conversion Price - As of November 17, 2025, the stock price fell below RMB 70.31, triggering the adjustment clause [9]. - The board of directors decided not to adjust the conversion price, considering the short time since the bond's issuance and the impact of macroeconomic factors [9][10]. - The decision was made unanimously with 8 votes in favor and no opposition [10]. Future Considerations - The company will not propose a downward adjustment for the next six months, even if the conditions are met again [10]. - The next period for potential adjustment will start from May 18, 2026 [10].

Core Points - The company, Huate Gas, announced that it will not adjust the conversion price of its "Huate Convertible Bonds" downward during the upcoming six months [2] - The decision was made during the 23rd meeting of the fourth board of directors [2] - If the conditions for downward adjustment are triggered again within the specified period, the company will also not propose a downward adjustment plan [2]

Group 1 - The report indicates that the current convertible bond valuation remains relatively high, with some newly issued bonds having higher premium rates compared to other bonds at parity. This is attributed to strong demand for convertible bonds and high industry prosperity, leading to excess returns on corresponding stocks and increased volatility, which supports the high valuation levels of these new bonds [1][10]. - The report anticipates that the high premium of newly issued bonds will persist, as high-prosperity industries will continue to issue convertible bonds, maintaining a balance structure close to the levels seen in 2025. This is expected to support the valuation levels of newly issued bonds and the overall market [1][10]. - The report tracks the valuation levels across various industries, identifying the top ten industries with the highest valuations, including Media, Computer, Defense, Machinery, Electronics, Automotive, Beauty, Communication, Food & Beverage, and Electric Equipment. The proportion of high-valuation industry bonds has increased in 2025 compared to 2023 and 2024, indicating a rise in the overall market valuation center [2][11]. Group 2 - The weekly strategy indicates that most stock indices experienced adjustments, with the China Convertible Bond Index showing a slight increase of 0.52%. The report highlights that the median price of bonds in the parity range has risen, indicating that convertible bond valuations remain at historically high levels [3][17]. - The report notes that market liquidity remains ample, and as investor risk appetite gradually recovers, a mid-term upward trend in stock indices is expected. Key areas of focus include the acceleration of AI industrialization, the "anti-involution" trend benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds such as hydrogen energy and nuclear fusion [3][17][18]. - Recent increases in convertible bond valuations may be due to inflows of new capital into the market, driven by a better alignment of the convertible bond market structure with current market styles. Specific sectors such as photovoltaics, lithium batteries, coal, and steel are highlighted as key areas for institutional investment [4][17].

Core Viewpoint - The company, Huate Gas, announced that its stock price has been below 85% of the conversion price for 10 consecutive trading days, indicating a potential trigger for the downward adjustment of the conversion price of its convertible bonds [2]. Summary by Relevant Sections - **Stock Performance** - From October 28, 2025, to November 10, 2025, Huate Gas's stock price has consistently closed below the threshold of 70.31 yuan per share, which is 85% of the current conversion price [2]. - **Convertible Bond Terms** - If the stock price continues to meet the criteria for 5 out of the next 20 trading days, it may trigger the downward adjustment clause for the "Huate Convertible Bonds" [2]. - **Corporate Governance** - Upon triggering the adjustment conditions, the company is required to convene a board meeting to decide on the adjustment of the conversion price and must disclose the decision in a timely manner before the next trading day [2].

Core Points - The announcement pertains to a change in equity holdings by shareholders of Guangdong Huate Gas Co., Ltd., specifically regarding shareholders holding more than 5% of the company's shares [1][5]. - The equity change touches upon a 1% threshold, indicating a significant adjustment in shareholding [3][5]. Group 1: Shareholder Information - The announcement includes details about the identity and basic information of the information disclosing parties and their concerted actions [3]. - The shareholders involved include Guangdong Huate Investment Management Co., Ltd. and its concerted actions, which are listed in the announcement [1][3]. Group 2: Equity Change Details - As of June 10, 2025, the shareholding situation prior to the equity change is referenced, with further details available in a previous announcement [3]. - The company has issued convertible bonds ("Huate Convertible Bonds") since September 27, 2023, which can be converted into shares, resulting in an increase in total share capital to 120,304,921 shares as of September 30, 2025 [3][5]. - The total number of shares converted from the bonds amounts to 1,261 shares, with an increase of 660 shares since March 31, 2025 [3]. Group 3: Regulatory Compliance - The equity change does not trigger a mandatory tender offer and is classified as a normal reduction in shareholding by the shareholders [5]. - There are no violations of the Securities Law or related regulations, and the change does not affect the company's controlling shareholder or governance structure [4][5].

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Guangdong Huate Gas Co., Ltd., highlighting the limited conversion activity and the remaining outstanding bonds. Group 1: Conversion Status - As of September 30, 2025, a total of RMB 106,000.00 has been converted into company shares, resulting in 1,261 shares, which represents 0.00105% of the total shares before conversion [2][6] - The amount of convertible bonds that have not been converted as of September 30, 2025, is RMB 645,854,000.00, accounting for 99.97740% of the total issuance [2][6] Group 2: Issuance Overview - The company issued 6,460,000 convertible bonds with a face value of RMB 100 each, raising a total of RMB 646,000,000.00, with a net amount of RMB 638,178,132.08 after deducting issuance costs [3] - The bonds are set to mature six years from the issuance date, specifically from March 21, 2023, to March 20, 2029 [3] Group 3: Conversion Price Adjustments - The initial conversion price was set at RMB 84.22 per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to RMB 82.72 per share as of July 3, 2025 [4][5][6] Group 4: Share Capital Changes - The announcement indicates that the changes in share capital due to the conversion of bonds have not triggered any disclosure requirements under relevant regulations [7]

Core Viewpoint - The announcement details the conversion results of the company's convertible bonds, highlighting the limited conversion activity and the remaining unconverted bonds. Group 1: Conversion Status - As of June 30, 2025, a total of RMB 100,000 has been converted into company shares, resulting in 1,189 shares, which is 0.00099% of the total shares before conversion [1] - From April 1, 2025, to June 30, 2025, RMB 49,000 was converted into shares, amounting to 588 shares, which is 0.00049% of the total shares before conversion [2][6] Group 2: Convertible Bond Issuance Overview - The company issued 6,460,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 646 million, with a net amount of RMB 638.18 million after expenses [2] - The bonds have a term of six years, from March 21, 2023, to March 20, 2029 [2] Group 3: Conversion Price Adjustments - The conversion price was adjusted to RMB 83.81 per share starting July 6, 2023, due to the completion of the 2021 restricted stock incentive plan [2] - The conversion price will be further adjusted to RMB 82.72 per share on July 3, 2025, following the completion of the 2023 restricted stock incentive plan [5] Group 4: Share Capital Changes - As of June 30, 2025, the total share capital decreased to 120,304,849 shares after accounting for the conversion and the repurchase of restricted shares [6]

Core Viewpoint - The company maintains its credit ratings for both its corporate entity and its convertible bonds, indicating stable financial health and outlook [1][2]. Previous Rating Situation - The company's previous corporate credit rating was "AA-" with a stable outlook, and the credit rating for "Hua Te Convertible Bonds" was also "AA-" [1]. - The previous rating was issued by Zhongceng Pengyuan on August 21, 2024 [1]. Current Rating Situation - On June 25, 2025, Zhongceng Pengyuan reaffirmed the company's corporate credit rating as "AA-" and maintained a stable outlook, as well as the "Hua Te Convertible Bonds" rating of "AA-" [2]. - The tracking rating report was disclosed on the Shanghai Stock Exchange website on the same day [2].

Core Viewpoint - The company has adjusted its 2024 annual profit distribution plan, maintaining a cash dividend of 6.00 yuan per 10 shares while modifying the total share capital and corresponding distribution amount due to changes in the number of shares eligible for distribution [1][2][5]. Summary by Sections 1. Basic Situation of Profit Distribution Plan - The company held board meetings on April 8, 2025, and the annual shareholders' meeting on May 13, 2025, to approve the profit distribution plan, proposing a cash dividend of 6.00 yuan per 10 shares [2]. - As of March 31, 2025, the total share capital was 120,385,261 shares, with 695,425 shares in the repurchase account, resulting in 119,689,836 shares eligible for profit distribution, totaling 71,813,901.60 yuan [2]. 2. Specific Situation of Adjusted Profit Distribution Plan - The company completed the repurchase and cancellation of 81,000 first-class restricted shares, reducing the total share capital to 120,304,261 shares [3]. - The adjustment in the profit distribution plan is due to changes in the number of shares eligible for distribution before the equity distribution registration date [3]. 3. Impact of Convertible Bonds - The company's convertible bonds, "Hua Te Convertible Bonds," entered the conversion period on September 27, 2023, with an increase of 588 shares from April 1, 2025, to June 24, 2025, raising the total share capital to 120,304,849 shares [4]. - The total share capital will not change due to the conversion of convertible bonds from June 25, 2025, until the equity distribution registration date [4]. 4. Final Adjustments to Profit Distribution - The adjusted total share capital for the profit distribution is calculated as 120,304,849 shares minus 695,425 shares in the repurchase account, resulting in 119,609,424 shares [5]. - The adjusted total profit distribution amount is calculated as 0.60 yuan per share multiplied by the adjusted total share capital, totaling 71,765,654.40 yuan [5].

Group 1 - The company will stop the conversion of its convertible bonds ("华特转债") from June 25, 2025, until the equity distribution registration date due to the implementation of the 2024 annual profit distribution plan [1][2] - The 2024 annual profit distribution plan includes a cash dividend of 6.0 yuan (including tax) for every 10 shares, with no capital reserve conversion to share capital or bonus shares [1][2] - The company will announce the details of the equity distribution implementation and the adjustment of the conversion price for "华特转债" on June 26, 2025 [2] Group 2 - Holders of "华特转债" must convert their bonds before June 24, 2025, to enjoy the 2024 annual equity distribution [2] - The company will adjust the conversion price of the convertible bonds in accordance with the issuance terms and relevant regulations after the equity distribution [2] - Investors seeking detailed information about "华特转债" can refer to the company's prospectus published on March 17, 2023 [2]