Group 1 - The company announced the interest payment for the convertible bond "Guocheng Convertible Bond" for the period from July 15, 2024, to July 14, 2025, with an interest amount of 18.00 yuan (including tax) for every 10 bonds [1][3] - The bond has a face value of 1,000 yuan and the interest rates for the fifth and sixth years are set at 1.80% and 2.00%, respectively [1][2] - The interest payment will be made once a year, and the payment date is determined based on the issuance date of the bond [2][4] Group 2 - The company will not withhold income tax on the interest payments; however, bondholders are responsible for their own tax obligations [3][4] - Non-resident enterprises holding the bond will be exempt from corporate income tax and value-added tax on the interest income until December 31, 2025 [5] - The interest payment will be processed through China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, which will distribute the funds to the designated securities firms or other recognized institutions [4][5]

Group 1 - The controlling shareholder of Jingwang Electronics plans to reduce its stake by no more than 3% [1] - Jiemai Technology's subsidiary has signed a strategic cooperation framework agreement with a solid-state battery manufacturer [1] - Pulitui's stock and convertible bonds have been delisted [1] Group 2 - Guocheng Mining's credit rating for its convertible bonds has been downgraded to A+ by United Credit [1] - Several convertible bonds, including Xiangjia, Fangyuan, Wentai, Yongjin, Leizhi, and Wenke, will not undergo adjustments [1]

Company Overview - Guocheng Mining Co., Ltd. has been downgraded to a long-term credit rating of A+ by Lianhe Credit Rating Co., Ltd. with a stable outlook for both the company and its convertible bonds [1][3] - The company primarily engages in non-ferrous metal mining and selection, with a focus on zinc, lead, and sulfur iron resources [10][12] Financial Performance - As of the end of 2024, the company reported total assets of 9.272 billion yuan and total equity of 3.431 billion yuan, with an operating revenue of 1.918 billion yuan and a net profit of -55 million yuan [10][12] - The company experienced a decline in profitability, with total capital return rate and net asset return rate at 0.12% and -3.40% respectively in 2024 [5][9] - The company’s cash flow from operating activities decreased, resulting in a net cash outflow of 338 million yuan in the first quarter of 2025 [9] Operational Developments - The company’s subsidiary, Inner Mongolia Dongshengmiao Mining Co., Ltd., maintains good resource endowment and is gradually expanding production, with a sulfur-titanium iron resource recycling project having completed trial production [3][6] - The company plans to acquire at least 60% of the equity of Inner Mongolia Guocheng Industrial Co., Ltd., which is a large molybdenum metal mine, enhancing its resource base [6][12] Management and Governance - The company has a relatively stable corporate governance structure, but frequent changes in board members and senior management have been noted [5][12] - The company has faced administrative penalties due to safety production incidents, indicating areas for improvement in management capabilities [7][16] Industry Context - The non-ferrous metal industry is characterized by significant cyclicality and is influenced by international supply-demand dynamics and geopolitical factors [11] - The industry has seen a rise in demand for traditional industrial metals like copper and aluminum, while new energy metals face price pressures due to supply-demand imbalances [11]

Core Viewpoint - The announcement details the status of the convertible bonds issued by Guocheng Mining Co., Ltd., including the conversion price adjustments and the changes in the company's share capital due to the conversion of bonds into shares [1][2][3]. Group 1: Convertible Bond Issuance and Trading - The company issued 8,500,000 convertible bonds with a face value of RMB 100 each, totaling RMB 850 million, which began trading on August 10, 2020 [1]. - The initial conversion price was set at RMB 12.58 per share, with the conversion period running from January 21, 2021, to July 14, 2026 [1][2]. Group 2: Conversion Price Adjustments - The conversion price was adjusted from RMB 21.07 to RMB 21.06 per share on June 30, 2021, and further adjusted to RMB 21.23 on November 17, 2022, after the cancellation of 19,663,867 shares [2][3]. - As of July 31, 2023, the conversion price was adjusted to RMB 21.20 per share, and a proposal to further reduce it to RMB 12.60 was approved on July 8, 2024 [3]. Group 3: Share Capital Changes - As of March 31, 2025, the total share capital of the company was 1,125,396,942 shares, reflecting an increase of 317 shares due to the conversion of bonds [5]. - The company’s total share capital decreased from 1,137,299,314 shares to 1,117,635,447 shares following the cancellation of repurchased shares [3].