Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the repurchase and cancellation of shares, resulting in a new conversion price of 8.21 yuan per share effective from August 19, 2025 [6][18][21]. Group 1: Convertible Bond Issuance and Adjustment - The company issued 9.9 million convertible bonds on October 24, 2024, with a total value of 990 million yuan and an initial conversion price of 8.30 yuan per share [2][16]. - The conversion price was adjusted to 8.28 yuan per share on June 27, 2025, following the company's annual equity distribution [2][18]. - The conversion price will be further adjusted to 8.21 yuan per share due to the cancellation of 4,799,955 shares, which represents a decrease in the company's total share capital [5][6][18]. Group 2: Share Repurchase and Cancellation - The company decided to change the purpose of the repurchased shares from employee stock ownership plans to cancellation, which was approved in meetings held on June 5 and June 24, 2025 [3][12]. - The cancellation of the repurchased shares was completed on August 12, 2025, and the company will proceed with the necessary registration changes [3][13]. Group 3: Redemption Terms and Decisions - The company’s convertible bonds have a conditional redemption clause that was triggered when the stock price exceeded 130% of the conversion price for at least 15 trading days [19][21]. - On August 15, 2025, the board decided not to exercise the early redemption option for the convertible bonds, citing confidence in the company's future and market conditions [14][22].

Group 1 - The controlling shareholder, Xinjiang Production and Construction Corps 12th Division State-owned Assets Investment Development Group Co., Ltd., has reduced its holdings of the company's convertible bonds from July 16, 2025, to August 15, 2025 [1][2] - The company issued a total of 990 million yuan in convertible bonds, which were listed on the Shanghai Stock Exchange on November 15, 2024, under the name "Tianrun Convertible Bonds" [1][2] - The controlling shareholder initially subscribed for 307,890,000 yuan (3,078,900 bonds), accounting for 31.10% of the total issuance [2] Group 2 - The shareholder reduced its holdings by 996,770 bonds during the specified period, which represents 10.07% of the total issuance [2] - Prior to the reduction, the controlling shareholder held 2,062,840 bonds, which accounted for 20.84% of the total issuance [2] - After the reduction, the controlling shareholder's holdings decreased to 1,066,070 bonds, representing 10.77% of the total issuance [2]

Core Viewpoint - Xinjiang Tianrun Dairy Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, known as "Tianrun Convertible Bonds," despite triggering the conditional redemption clause due to stock price performance [2][3][4]. Group 1: Convertible Bond Issuance and Terms - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, maturing in six years with a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [3][4]. - The conversion price for the bonds was adjusted to 8.28 yuan per share as of June 27, 2025, due to the company's equity distribution [4][5]. - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 10.76 yuan (130% of the conversion price) for at least 15 trading days within a 30-day period [4][6]. Group 2: Decision on Early Redemption - The company's board of directors, in a meeting held on August 15, 2025, unanimously decided not to exercise the early redemption rights for the "Tianrun Convertible Bonds," citing confidence in the company's future prospects and market conditions [2][3][7]. - The company will not exercise the early redemption rights for the next three months, with a review planned if the redemption conditions are triggered again after November 15, 2025 [3][8]. Group 3: Shareholder Activity - The actual controller and major shareholders of the company have reduced their holdings of the convertible bonds prior to the redemption conditions being met, with the largest shareholder reducing their holdings from 3,078,900 to 1,066,070 bonds [7]. - The major shareholder has committed to comply with legal regulations regarding any future reductions in bond holdings [7]. Group 4: Regulatory Compliance - The underwriting institution, CITIC Securities, confirmed that the decision not to redeem the bonds early was made following necessary procedures and complies with relevant regulations and the terms outlined in the offering prospectus [7][8].

Core Viewpoint - The company is adjusting the conversion price of its convertible bonds due to the repurchase and cancellation of shares, resulting in a new conversion price of 8.21 CNY per share effective from August 19, 2025 [1][4]. Group 1: Share Repurchase and Bond Adjustment - The company has completed the repurchase and cancellation of 4,799,955 shares on August 12, 2025, which necessitated the adjustment of the conversion price for the "Tianrun Convertible Bonds" [3]. - The initial conversion price was set at 8.30 CNY per share when the bonds were issued on October 24, 2024, and was adjusted to 8.28 CNY per share on June 27, 2025, due to the company's annual equity distribution [2][3]. - The new conversion price of 8.21 CNY per share is calculated based on the formula provided in the bond issuance prospectus, reflecting the impact of the share cancellation [4]. Group 2: Regulatory Compliance and Announcement - The company has ensured compliance with the relevant regulations set by the China Securities Regulatory Commission regarding the adjustment of convertible bond prices following changes in share capital [3]. - The board of directors and all directors have guaranteed the accuracy and completeness of the announcement regarding the bond price adjustment [1].

Summary of Key Points Core Viewpoint - The company, Xinjiang Tianrun Dairy Co., Ltd., has decided not to exercise the early redemption option for its convertible bonds, "Tianrun Convertible Bonds," despite meeting the conditions for redemption. This decision is made to protect the interests of investors and is based on the current market conditions and the company's actual situation [6][7]. Group 1: Convertible Bond Issuance and Terms - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, each with a face value of 100 yuan, on October 24, 2024. The bonds have a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [1][2]. - The bond's conversion price will be adjusted due to the company's share repurchase and cancellation, changing from 8.28 yuan per share to 8.21 yuan per share starting August 19, 2025 [3]. Group 2: Redemption Conditions and Trigger - The convertible bonds have a conditional redemption clause that allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [4][5]. - The redemption conditions were met between July 24, 2025, and August 15, 2025, as the stock price met the required threshold [4][5]. Group 3: Board Decision and Future Considerations - The company's board has reviewed the situation and decided not to exercise the early redemption right for the "Tianrun Convertible Bonds." The board will reconsider this decision if the redemption conditions are triggered again after November 15, 2025 [6][7]. - The company has complied with all necessary decision-making procedures and legal requirements regarding the non-redemption of the bonds [7][8].

Group 1 - The company issued 9.9 million convertible bonds with a total amount of 990 million yuan, with a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [2][3] - The convertible bonds are listed under the name "Tianrun Convertible Bonds" with the code "110097" [2] - The conversion price for the bonds will be adjusted to 8.28 yuan per share starting from June 27, 2025, following the annual equity distribution [3] Group 2 - The redemption clause allows the company to redeem the bonds if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the unconverted balance is below 30 million yuan [4] - As of July 24, 2025, the company's stock price has met the condition for redemption, with 10 trading days above the threshold of 10.76 yuan per share [4]

Group 1 - The company Tianrun Dairy announced that from July 24, 2025, to August 8, 2025, its stock price has closed at or above 130% of the current conversion price of "Tianrun Convertible Bonds" for ten trading days [2] - If the company's stock price maintains this level for five out of the next eighteen trading days, it may trigger the conditional redemption clause of the "Tianrun Convertible Bonds" [2] - The company will determine whether to redeem the "Tianrun Convertible Bonds" based on its prospectus and relevant legal regulations after the redemption clause is triggered, and will fulfill its information disclosure obligations in a timely manner [2]

Economic Overview - In June, the total retail sales of consumer goods in China reached 42,287 billion yuan, with a year-on-year growth of 4.8% [1][7] - For the first half of 2025, the total retail sales amounted to 245,458 billion yuan, reflecting a 5.0% year-on-year increase [1][7] - Excluding automobiles, retail sales in June were 37,649 billion yuan, also growing by 4.8% [1][7] - Online retail sales for the first half of 2025 reached 74,295 billion yuan, with an 8.5% year-on-year growth [7] Consumer Behavior - The average working hours for employees have increased from 47.43 hours in 2021 to 49.1 hours in January 2025, which may negatively impact consumer spending time [3][4] - The decline in consumer spending time is particularly affecting service consumption, which has strict time requirements [3] Policy and Initiatives - The government is implementing "anti-involution" policies aimed at encouraging paid leave and flexible work schedules to boost consumption [4] - The "Promoting Consumption Special Action Plan" includes initiatives like exploring spring and autumn breaks for schools [4] Company News - Marriott International announced that CFO Leeny Oberg will retire in 2026 after 26 years with the company, with Jen Mason and Shawn Hill set to take over her roles [8][9] - Tianrun Dairy's major shareholder reduced its holdings of convertible bonds by 101.61 million units, representing 10.26% of the total issued [10] - Good Idea expects a net loss of 15 to 25 million yuan for the first half of 2025, while also projecting a significant increase in net profit after excluding non-recurring items [11] - Maiqu'er anticipates a net profit increase of 102.17% to 103.11% for the first half of 2025 [12] Market Trends - The Shanghai Consumer 80 Index closed at 4,759.65 points, with a slight increase of 0.07% [6] - Douyin is investing hundreds of millions in subsidies to enhance its local lifestyle business, particularly in the hotel sector [16]

Group 1 - The controlling shareholder of Tianrun Dairy, Xinjiang Production and Construction Corps 12th Division State-owned Assets Investment Development Group Co., Ltd., reduced its holdings of the company's convertible bonds by 1.0161 million units, accounting for 10.26% of the total issuance [1] - After the reduction, the state-owned company holds 2.0628 million units of Tianrun convertible bonds, representing 20.84% of the total issuance [1] - The company issued 9.9 million units of convertible bonds on October 24, 2024, with a face value of 100 yuan per unit, totaling 990 million yuan, with a maturity period of 6 years [1]

Core Viewpoint - The company has issued convertible bonds, which have entered the conversion period, with limited conversion activity observed so far [2][5]. Group 1: Convertible Bond Issuance Overview - The company issued 9.9 million convertible bonds with a total value of 990 million yuan, with a maturity of 6 years and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year [3]. - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on November 15, 2024, under the name "Tianrun Convertible Bonds" [3]. Group 2: Conversion Status - As of June 30, 2025, a total of 115,000 yuan worth of "Tianrun Convertible Bonds" has been converted into 13,839 shares, representing 0.00432% of the company's total shares before conversion [2][5]. - The remaining unconverted amount of "Tianrun Convertible Bonds" is 989,885,000 yuan, accounting for 99.98838% of the total issuance [2][5]. Group 3: Conversion Price Adjustment - The initial conversion price was set at 8.30 yuan per share, which was adjusted to 8.28 yuan per share effective June 27, 2025, due to the company's annual equity distribution [4].