Core Viewpoint - The company announced the completion of a non-public issuance of exchangeable bonds by a major shareholder, which indicates a strategic financial maneuver to raise capital and potentially enhance shareholder value [1] Group 1: Company Announcement - The company disclosed two announcements regarding the non-public issuance of exchangeable bonds by its major shareholder, Liaoning Chengda Co., Ltd. [1] - The first announcement was made on September 19, 2025, and the second on October 18, 2025, detailing the compliance with Shenzhen Stock Exchange listing conditions [1] Group 2: Bond Details - Liaoning Chengda successfully issued exchangeable bonds (Phase 1) with a total issuance scale of RMB 1.8 billion [1] - The bonds have a term of 3 years, a coupon rate of 0.01%, and an initial conversion price set at RMB 24.58 per share [1] - The conversion period for these bonds is from May 5, 2026, to November 3, 2028, with provisions for adjustments if the start date falls on a holiday [1]