1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].

Core Viewpoint - Xinjiang Tianye Co., Ltd. has been approved to publicly issue convertible bonds totaling up to RMB 3 billion, with significant terms and conditions outlined for investors [3][15]. Summary by Sections Approval Status - The issuance of convertible bonds has been approved by the China Securities Regulatory Commission, allowing Xinjiang Tianye to issue up to RMB 3 billion [3]. Key Terms of the Convertible Bonds - The total amount of the convertible bonds to be issued is RMB 3 billion, consisting of 30 million bonds with a face value of RMB 100 each [3]. - The bonds will have a maturity period of 6 years, from June 23, 2022, to June 22, 2028 [3]. - The interest rates for the bonds are structured as follows: 0.20% for the first year, 0.40% for the second year, 0.60% for the third year, 1.50% for the fourth year, 1.80% for the fifth year, and 2.00% for the sixth year [3][4]. Interest Payment and Conversion - Interest will be paid annually, with the first payment occurring one year after the issuance date [4]. - The initial conversion price for the bonds is set at RMB 6.90 per share, subject to adjustments based on specific corporate actions [5][6]. Price Adjustment Mechanism - The conversion price can be adjusted downward under certain conditions, such as stock dividends or capital increases, ensuring the protection of bondholders' interests [7][8]. - The company has the authority to propose adjustments to the conversion price if the stock price falls below 85% of the current conversion price for a specified period [8][9]. Redemption and Buyback Provisions - The bonds can be redeemed at 108% of the face value within five trading days after maturity if not converted [10]. - Conditional redemption can occur if the stock price exceeds 130% of the conversion price for a specified period or if the remaining balance of the bonds is less than RMB 30 million [10]. Additional Buyback Rights - Bondholders have the right to sell back their bonds at face value plus accrued interest if there are significant changes in the use of raised funds [11]. - In the last two interest years, if the stock price falls below 70% of the conversion price, bondholders can sell back their bonds under specified conditions [11][12]. Corporate Governance and Bondholder Meetings - The company must convene bondholder meetings under certain circumstances, such as changes to the bond issuance terms or failure to pay interest [13]. - Proposals for meetings can be initiated by the board or by bondholders holding a significant portion of the bonds [13]. Credit Rating - The bonds have been rated AA+ by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for the issuer [13].

Group 1 - The company held its fourth temporary board meeting on September 1, 2025, with all nine directors present, to discuss the downward adjustment of the conversion price of "Tianye Convertible Bonds" [2][3] - The board decided to lower the conversion price from 6.78 CNY per share to 5.60 CNY per share, effective from September 3, 2025, due to the stock price being below 85% of the conversion price for at least 15 out of the last 30 trading days [3][4] - The adjustment aims to optimize the company's capital structure and enhance its long-term competitiveness [2][3] Group 2 - The company plans to construct a 220kV substation project in the Shihezi Tenhu Tan Industrial Park to meet the increasing electricity demand and improve power supply reliability [5][6] - The total dynamic investment for the project is estimated at 212.44 million CNY, funded by the company's own and self-raised funds [5] - The project is expected to enhance the integration of power generation, grid, load, and storage resources, thereby reducing electricity costs and improving economic efficiency [5][6]

Group 1 - The company Xinjiang Tianye announced the convening of its second extraordinary general meeting of shareholders for 2025 on September 1, 2025 [2] - The meeting approved several proposals, including the proposal to lower the conversion price of "Tianye Convertible Bonds" [2]

Summary of Key Points Core Viewpoint - Several shareholders of companies are planning to reduce their stakes, indicating potential shifts in ownership dynamics within the market [1]. Group 1: Shareholder Reductions - Fangyuan Co., Ltd. plans to reduce its shareholding by no more than 3% [1]. - Shengtai Group intends to reduce its shareholding by no more than 3% [1]. - Jusa Long is looking to reduce its shareholding by no more than 1% [1]. Group 2: Convertible Bonds - Huayang Convertible Bond and Tianye Convertible Bond have announced adjustments to their terms [2]. - The following convertible bonds have specific details regarding 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]. - For example, the Kaien Convertible Bond has a current price of 124.657, a strong redemption price of 100.118, and a conversion value of 125.19 with a remaining scale of 0.041 billion [4]. - The Dongcai Convertible Bond has a current price of 160.105, a strong redemption price of 100.805, and a conversion value of 160.19 with a remaining scale of 0.921 billion [4].

Group 1 - Huayang International Engineering Design Co., Ltd. has adjusted the conversion price of "Huayang Convertible Bond" from 18.04 CNY/share to 14.39 CNY/share, effective from September 2, 2025, due to the stock price being below 85% of the conversion price for 15 out of the last 30 trading days [1] - Xinjiang Tianye Co., Ltd. has lowered the conversion price of "Tianye Convertible Bond" from 6.78 CNY/share to 5.60 CNY/share, effective from September 3, 2025, following a similar trigger of the downward adjustment clause [3] - The "Xince Convertible Bond" has entered the redemption period, with the last trading day on September 2, 2025, and the redemption price set at 100.42 CNY per bond, triggered by the stock price being above 130% of the conversion price for 15 out of the last 30 trading days [5] Group 2 - The "Dongcai Convertible Bond" has initiated redemption, with the last trading day on September 2, 2025, and a redemption price of 100.8055 CNY per bond, due to the stock price exceeding 130% of the conversion price for 15 out of the last 30 trading days [6] - The "Mingdian Convertible Bond" has also entered the redemption phase, with a redemption price of 101.83 CNY per bond, triggered by the same condition as above [7] - Several convertible bonds are nearing their redemption deadlines, with "Fuchun Convertible Bond" and "He 21 Convertible Bond" having only one trading day left [8]

Group 1 - The company Xinjiang Tianye announced on the evening of September 1 that its fourth temporary board meeting for 2025 approved the proposal to lower the conversion price of "Tianye Convertible Bonds" [2]

Meeting Overview - The meeting was chaired by Chairman Zhang Qiang, and the convening and voting methods complied with the Company Law and relevant regulations [1] - The meeting took place on September 1, 2025, at the company's office in Shihezi City, Xinjiang [2] Voting Results - All proposed resolutions were passed with significant majority votes, including: - 98.5905% approval for the first resolution with 838,496,356 votes in favor [1] - 99.3128% approval for the second resolution with 844,639,567 votes in favor [1] - 99.3094% approval for the third resolution with 844,610,067 votes in favor [1] - 99.3066% approval for the fourth resolution with 844,586,167 votes in favor [1] - The voting results indicate strong shareholder support for the resolutions presented [3] Resolutions Passed - The company agreed to abolish the supervisory board and its rules, transferring the supervisory powers to the audit committee of the board [1] - The resolutions included significant matters such as changes to the company's capital and operational scope, as well as new commitments from controlling shareholders [3][4] Legal Compliance - The lawyers present confirmed that the meeting's procedures, qualifications of the convenor and attendees, voting methods, and results were in compliance with the Company Law, Securities Law, and other relevant regulations [4][5]

Core Viewpoint - The company has decided to lower the conversion price of its convertible bonds, "Tianye Convertible Bonds," from 6.78 yuan per share to 5.60 yuan per share, effective from September 3, 2025, following a series of stock price adjustments and shareholder approvals [1][5][6]. Group 1: Convertible Bond Details - The initial conversion price of "Tianye Convertible Bonds" was set at 6.90 yuan per share, which has been adjusted to 6.78 yuan per share before the recent downward revision [2][4]. - The bonds were issued on June 23, 2022, with a maturity period of six years, and the interest rates vary from 0.20% in the first year to 2.00% in the sixth year [1][2]. Group 2: Price Adjustment Mechanism - The company can propose a downward adjustment of the conversion price if the stock price closes below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3][4]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholder meeting and the last trading day's average price [3][4]. Group 3: Decision Process and Implementation - The board of directors proposed the downward adjustment, which was approved by the shareholders, allowing the board to implement the change [5][6]. - The new conversion price will be effective from September 3, 2025, with the conversion process resuming after a temporary suspension on September 2, 2025 [1][5].

Core Viewpoint - The company is convening a shareholder meeting on September 1, 2025, to discuss several key proposals, including the adjustment of the conversion price for "Tianye Convertible Bonds" and changes to the company's capital structure and governance rules [1][2]. Proposal Summaries Proposal 1: Adjustment of Conversion Price for "Tianye Convertible Bonds" - The company proposes to lower the conversion price of "Tianye Convertible Bonds" due to the stock price falling below 85% of the current conversion price for a specified period [11][12]. - The adjusted conversion price will not be lower than the average trading price of the stock over the 20 trading days prior to the meeting and the most recent audited net asset value per share [13]. Proposal 2: Change of Registered Capital and Business Scope - The company plans to increase its registered capital from 1,707,361,781 yuan to 1,707,362,663 yuan as a result of the conversion of bonds into shares [14]. - The proposal includes amendments to the company's articles of association to align with new regulatory requirements and to enhance operational standards [15]. Proposal 3: Revision of Shareholders' Meeting Rules - The company aims to revise the rules governing shareholders' meetings to ensure compliance with legal standards and improve operational efficiency [16]. Proposal 4: Revision of Board Meeting Rules - The proposal seeks to update the rules for board meetings to enhance decision-making processes and governance practices [17]. Proposal 5: Abolishment of the Supervisory Board - The company proposes to abolish the supervisory board and transfer its responsibilities to the audit committee of the board, aiming to streamline governance [18]. Proposal 6: Waiver of Non-Compete Commitment by Controlling Shareholder - The company seeks to partially waive the non-compete commitment of its controlling shareholder, allowing for potential overlapping business activities under specific conditions [19][20]. Proposal 7: Signing of "Cultivation Agreement" with Controlling Shareholder - The company intends to enter into a "Cultivation Agreement" with its controlling shareholder to manage the development of a new project while mitigating investment risks [21][22].