Group 1 - The stock price of Saily Medical (603716) closed at 28.41 yuan as of August 15, 2025, representing a 2.93% increase from the previous week's price of 27.6 yuan [1] - The highest intraday price reached 31.31 yuan on August 13, 2025, while the lowest intraday price was 27.55 yuan on August 11, 2025 [1] - The total market capitalization of Saily Medical is currently 5.427 billion yuan, ranking 18th out of 31 in the pharmaceutical commercial sector and 3060th out of 5152 in the A-share market [1] Group 2 - The actual controller of the company, Mr. Wen Wei, has completed the release of the pledge on 3,000,000 shares, reducing his pledged shares to 5,300,000, which is 55.01% of his holdings and 2.77% of the total share capital [1] - The cumulative pledged shares by the controlling shareholder, Saihai Technology, and Mr. Wen Wei amount to 19,300,000 shares, representing 61.71% of their total holdings and 10.10% of the total share capital [1] Group 3 - The convertible bond "Saily Convertible Bond" will pay interest on August 21, 2025, for the period from August 21, 2024, to August 20, 2025 [2] - The total issuance amount of the convertible bond is 543.31 million yuan, with an interest payment of 2.50 yuan per bond (including tax) [2] - The interest payment record date is August 20, 2025, with the ex-dividend date and payment date both set for August 21, 2025 [2]

Core Viewpoint - The China Convertible Bond Index opened lower by 0.01%, indicating a slight decline in the market sentiment towards convertible bonds [1] Group 1: Market Performance - Tianlu Convertible Bond and Surveying and Mapping Convertible Bond rose nearly 6%, showing strong performance among certain bonds [1] - Saili Convertible Bond increased by nearly 4%, reflecting positive investor interest [1] - Yirui Convertible Bond and Julong Convertible Bond both saw gains of over 3%, indicating a favorable trend [1] - Dayu Convertible Bond dropped by over 3%, suggesting some negative sentiment [1] - Xizi Convertible Bond, Liugong Convertible Bond, and Lidong Convertible Bond all fell by over 1%, highlighting a broader decline in certain bonds [1]

Summary of Key Points Core Viewpoint - The company, Celis Medical Technology Group Co., Ltd., has decided not to exercise the early redemption rights of its convertible bonds, known as "Celis Convertible Bonds," despite meeting the conditions for redemption. This decision is made to protect investor interests and will be reassessed after a specified period [7][9]. Group 1: Convertible Bond Issuance and Terms - The company issued 5.4331 million convertible bonds on August 21, 2020, with a total amount of RMB 543.31 million and a maturity of 6 years [1][2]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.50% in the first year to 3.00% in the sixth year [1]. - The initial conversion price for the bonds was set at RMB 16.98 per share, with the conversion period from March 1, 2021, to August 20, 2026 [2][3]. Group 2: Redemption Terms and Conditions - The bonds have conditional redemption terms, which can be triggered if the stock price exceeds 130% of the conversion price for at least 15 out of 30 trading days or if the remaining unconverted bonds are less than RMB 30 million [6]. - The redemption condition was met between July 1, 2025, and July 21, 2025, as the stock price was above RMB 15.60 per share [7]. Group 3: Decision on Early Redemption - The board of directors decided not to exercise the early redemption rights for the bonds, considering current market conditions and the company's situation. This decision will remain in effect for three months, after which the board will reassess if the redemption conditions are met again [7][9]. - The company has ensured that major stakeholders have not traded the bonds in the six months prior to the redemption condition being met and have no plans to reduce their holdings in the near future [7]. Group 4: Sponsor's Review - The sponsor, Xinda Securities, has reviewed the decision and confirmed that the company has followed the necessary decision-making procedures and complied with relevant regulations and the terms outlined in the bond prospectus [8][9].

Group 1 - The controlling shareholder of Baiyang Pharmaceutical plans to reduce its stake by no more than 3% [1] - The shareholder of Tianchuang Fashion intends to reduce its stake by no more than 1% [1] - The following convertible bonds: Mars Convertible Bond, Wanqing Convertible Bond, Jidong Convertible Bond, Xingrui Convertible Bond, and Jingke Convertible Bond will not undergo adjustments [1] Group 2 - The emergency convertible bond will be forcibly redeemed [1] - The Libo Convertible Bond has been listed [1] - Dingjia Precision is a new stock available for subscription on the Beijing Stock Exchange [1]

Core Viewpoint - The company, Seer Medical Technology Group Co., Ltd., has decided not to exercise the early redemption rights for its convertible bonds, despite meeting the conditions for redemption due to stock price performance [1][6]. Group 1: Convertible Bond Redemption - The company's stock price has met the condition of being above 130% of the conversion price for at least 15 trading days within a 30-day period, triggering the redemption clause for the "Seer Convertible Bonds" [1][6]. - The board of directors has resolved not to redeem the "Seer Convertible Bonds" early, considering current market conditions and the protection of investor interests [1][7]. - The company will not exercise the early redemption rights for the next three months, and if the redemption conditions are met again after October 21, 2025, the board will reconvene to decide on the matter [1][6]. Group 2: Convertible Bond Issuance and Terms - The company issued 5.4331 million convertible bonds at a face value of 100 yuan each, totaling 534.698 million yuan, with the net proceeds after expenses amounting to 532.698 million yuan [1][2]. - The initial conversion price was set at 16.98 yuan per share, with the conversion period running from March 1, 2021, to August 20, 2026 [2][3]. - The conversion price has been adjusted multiple times, with the latest adjustment reducing it from 12.50 yuan to 12.00 yuan per share, effective from February 6, 2025 [5][6]. Group 3: Compliance and Oversight - The company has adhered to necessary decision-making procedures regarding the non-redemption of the convertible bonds, in compliance with relevant regulations and guidelines [7][8]. - The sponsor institution has confirmed that the decision not to redeem the bonds early is in line with legal requirements and the company's offering documents [7][8].

Group 1 - The Zhongzheng Convertible Bond Index closed up 0.84% at 452.81, with a trading volume of 73.29 billion [1] - The top gainers included Julong Convertible Bond, which rose by 20%, and Jinxian Convertible Bond, which increased by over 12% [1] - Other notable gainers were Jingyuan Convertible Bond, up over 9%, and both Jing23 Convertible Bond and Saili Convertible Bond, which rose nearly 9% [1] Group 2 - The Zhongchong Convertible Bond experienced a decline of over 2%, while both Punaite Convertible Bond and Huahong Convertible Bond fell by more than 1% [1]

Core Viewpoint - The China Convertible Bond Index closed up 0.38% at 449.04, with a trading volume of 70.86 billion yuan [1] Group 1 - Yongxi Convertible Bond rose over 27% [1] - Yitian Convertible Bond increased over 14% [1] - Hao24 Convertible Bond gained over 8% [1] - Jingzhuang Convertible Bond and Bohui Convertible Bond both rose over 7% [1] - Yinlun Convertible Bond and Saili Convertible Bond increased over 5% [1] Group 2 - Liande Convertible Bond fell over 6% [1] - Huicheng Convertible Bond decreased over 5% [1]

Trading Information Summary - On July 14, 2025, Saily Medical (603716) closed at 24.89 yuan, down 3.26%, with a turnover rate of 27.08% and a trading volume of 517,300 lots, amounting to 1.329 billion yuan [1] - The fund flow on July 14 showed a net outflow of 58.49 million yuan from main funds, accounting for 4.4% of the total trading volume, while retail investors had a net inflow of 60.85 million yuan, representing 4.58% of the total trading volume [1][4] - Saily Medical appeared on the "Dragon and Tiger List" for the fifth time in the last five trading days due to a daily turnover rate reaching 20% [1][4] Earnings Disclosure Highlights - Saily Medical announced an earnings forecast for the first half of 2025, expecting a net loss of 70 million to 81 million yuan after deducting non-recurring gains and losses, and a net loss attributable to shareholders of the parent company between 55 million and 66 million yuan [2][4] Company Announcement Summary - Saily Medical issued a notice regarding the potential redemption conditions for "Saily Convertible Bonds," which were publicly issued on August 21, 2020, with a total amount of 543.31 million yuan and a term of six years [3] - The current conversion price is 12.00 yuan per share, and if the stock price remains above 15.60 yuan per share for five out of the next twenty trading days, it is expected to trigger the redemption conditions for the convertible bonds [3][4]

Core Viewpoint - The China Convertible Bond Index increased by 0.41%, indicating a positive trend in the convertible bond market [1] Group 1: Performance of Convertible Bonds - Seli Convertible Bond rose by 15.58%, showing significant appreciation [1] - Hongbai Convertible Bond increased by 7.20%, reflecting strong investor interest [1] - Feilu Convertible Bond gained 7.18%, contributing to the overall positive performance [1] - Zhongqi Convertible Bond declined by 7.14%, indicating a negative trend [1] - Liande Convertible Bond fell by 6.33%, suggesting potential concerns among investors [1] - Zhongchong Convertible Bond decreased by 5.99%, highlighting a weaker performance compared to peers [1]

Group 1 - The China Convertible Bond Index opened up by 0.04% [1] - Electric Chemical Convertible Bonds and Anke Convertible Bonds surged by 30%, triggering a trading halt [1] - Several other convertible bonds, including Saili Convertible Bonds and Tianyang Convertible Bonds, saw increases of nearly 8% and 5% respectively [1] Group 2 - Jingao Convertible Bonds and Beilu Convertible Bonds rose over 3% [1] - On the downside, Jinguan Convertible Bonds fell by over 5%, while Yong'an Convertible Bonds and Huitong Convertible Bonds dropped by over 4% and 2.7% respectively [1]