Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.17% on August 20, closing at 479.59 points, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - The top five declining convertible bonds were Xinzhiyuan Convertible Bond, Mingdian Convertible Bond, Zhongqi Convertible Bond, Huahong Convertible Bond, and Taifu Convertible Bond, with declines of 6.75%, 5.01%, 4.91%, 4.74%, and 4.54% respectively [1] - Conversely, the top five gaining convertible bonds were Dongshi Convertible Bond, Songyuan Convertible Bond, Jinlun Convertible Bond, Jincopper Convertible Bond, and Tianjian Convertible Bond, with increases of 20.00%, 13.32%, 11.57%, 8.71%, and 6.13% respectively [1]

Group 1 - The company will pay the third-year interest on the "Tianjian Convertible Bonds" on August 22, 2025, at a rate of 4.00 CNY per 10 bonds (including tax) [2][12] - The bond's interest rates are structured as follows: 0.2% for the first year, 0.3% for the second year, 0.4% for the third year, 1.5% for the fourth year, 1.8% for the fifth year, and 2.0% for the sixth year [3][11] - The total issuance of the "Tianjian Convertible Bonds" is 4,950,000 bonds, with a total value of 49.5 million CNY [5][11] Group 2 - The bond's interest payment dates are as follows: the record date is August 21, 2025, the ex-dividend date is August 22, 2025, and the payment date is also August 22, 2025 [14][15] - The company will utilize China Securities Depository and Clearing Corporation Limited Shenzhen Branch for the interest payment process [16] - The bonds have a credit rating of AA+ from Dongfang Jincheng International Credit Evaluation Co., Ltd., with a stable outlook [11]

Core Points - The company will pay the third-year interest on the "Tianjian Convertible Bonds" on August 22, 2025, at a rate of 4.00 CNY per 10 bonds (including tax) [1][6] - The bond's interest rates are structured as follows: 0.2% for the first year, 0.3% for the second year, 0.4% for the third year, 1.5% for the fourth year, 1.8% for the fifth year, and 2.0% for the sixth year [1][4] - The bond issuance includes 4,950,000 convertible bonds with a total value of 4.95 billion CNY [4] - The bond's credit rating is AA+ with a stable outlook, as assessed by Dongfang Jincheng International Credit Rating Co., Ltd. [5] Interest Payment Details - The interest payment date is set for August 22, 2025, with the record date for bondholders being August 21, 2025 [1][8] - Individual investors will have a net interest payment of 3.20 CNY per 10 bonds after a 20% tax deduction [6][7] - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax, receiving the full interest amount of 4.00 CNY per 10 bonds [6][9] Bond Characteristics - The bond was publicly issued on August 22, 2022, and has a maturity period from August 22, 2022, to August 22, 2028 [4] - The bond can be converted into company shares from February 27, 2023, to August 22, 2028 [4] - The bonds are guaranteed by the controlling shareholder, Aerospace Four Institute, providing unconditional and irrevocable guarantee for 100% of the principal and interest [5]

Core Viewpoint - Shaanxi Zhongtian Rocket Technology Co., Ltd. has issued convertible bonds named "Tianjian Convertible Bonds" with a total issuance scale of 4.95 billion RMB, aimed at enhancing production capacity and supporting military product capabilities [2][9]. Group 1: Bond Overview - The bond has a term of 6 years with a fixed interest rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [2]. - The bond is secured by a full, unconditional, and irrevocable guarantee from the controlling shareholder, Aerospace Fourth Academy, covering 100% of the principal and interest [2][10]. - The bond's initial rating was AA for the issuer and AA+ for the bond itself, with ongoing ratings remaining unchanged [2]. Group 2: Financial Performance - The company's total assets as of the end of 2024 were 311,132.44 million RMB, showing a 1.75% increase from the previous year [8]. - The company's net profit for 2024 was 1,956.62 million RMB, a significant decrease of 79.62% compared to 9,601.27 million RMB in 2023 [8]. - The operating income for 2024 was 92,469.67 million RMB, down 21.64% from 118,008.94 million RMB in 2023 [8]. Group 3: Fund Utilization - The funds raised from the bond issuance are allocated as follows: 263 million RMB for the production line of large-size thermal field materials, 129 million RMB for military product capacity enhancement, and 93 million RMB for working capital [9]. - The actual use of raised funds aligns with the planned purposes, and a special account has been established for managing these funds [9]. Group 4: Debt Servicing and Management - The company has implemented measures to ensure timely and full repayment of the bond's principal and interest, including optimizing asset-liability management and enhancing liquidity [11]. - The company has maintained a stable debt structure and cash flow, which supports its ability to service the debt [12].

Core Viewpoint - The company has decided not to adjust the conversion price of the Tianjian convertible bonds despite triggering the downward adjustment clause due to stock price performance [1][5]. Group 1: Convertible Bond Issuance - The company issued convertible bonds totaling 495 million yuan, with a face value of 100 yuan per bond, and the bonds were listed on September 19, 2022 [2]. - The conversion price is set at 85% of the stock price, which is 45.00 yuan per share, and the downward adjustment clause was triggered as the stock price fell below this threshold for 15 out of 30 trading days [3][4]. Group 2: Decision on Price Adjustment - The board of directors approved the decision not to adjust the conversion price during a meeting held on June 24, 2025, considering various factors including market conditions and the company's long-term potential [5]. - The company will not propose a downward adjustment for six months following the board's decision, from June 25, 2025, to December 24, 2025, but may reconsider if the adjustment clause is triggered again after December 25, 2025 [1][5].

Core Viewpoint - The report outlines the issuance and management of the convertible bond "Tianjian Convertible Bond" by Shaanxi Zhongtian Rocket Technology Co., Ltd, detailing its approval, terms, and conditions for bondholders [2][3][5]. Group 1: Bond Issuance Overview - The bond issuance was approved by the company's board meeting on January 19, 2022, and the shareholders' meeting on March 18, 2022, with a validity period until March 17, 2023 [2]. - The bond was officially approved by the China Securities Regulatory Commission (CSRC) on July 18, 2022, allowing the company to issue a total of 495 million RMB (49,500 million) in convertible bonds [2][3]. Group 2: Bond Details - The bond has a face value of 100 RMB per bond, with a total issuance of 4,950,000 bonds [3]. - The bond has a maturity period of 6 years, from August 22, 2022, to August 21, 2028, with annual interest rates starting at 0.2% in the first year and increasing to 2.0% in the sixth year [3][4]. - Interest payments will be made annually, with the first payment starting from the issuance date [4]. Group 3: Conversion Terms - The conversion period for the bonds starts on February 27, 2023, and ends on August 21, 2028 [4]. - The initial conversion price was set at 53.11 RMB per share, which has been adjusted to 52.90 RMB per share due to dividend distributions [4][7]. Group 4: Credit Rating and Guarantees - The bonds received a credit rating of AA+ from Dongfang Jincheng International Credit Rating Co., Ltd, with a stable outlook for the issuer [3][5]. - The bonds are backed by a full, unconditional, and irrevocable guarantee from the controlling shareholder, Aerospace Fourth Academy [5]. Group 5: Management Responsibilities - The management company, China International Capital Corporation (CICC), is responsible for monitoring significant matters affecting bondholders' rights and ensuring compliance with relevant regulations [2][6]. - CICC will continue to oversee the issuer's repayment obligations and other significant matters impacting bondholder interests [6].

Core Viewpoint - The company has announced the implementation of its profit distribution plan for the fiscal year 2024, which includes a cash dividend distribution to shareholders based on the total share capital as of December 31, 2024 [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan approved by the shareholders' meeting involves a total cash dividend of 5,904,961.63 yuan, with no stock dividends or capital reserves being converted into share capital [1]. - The cash dividend will be distributed at a rate of 0.379999 yuan per 10 shares (before tax) based on the total share capital of 155,393,745 shares [2]. Share Capital Adjustments - Due to the conversion of convertible bonds, the total share capital has been adjusted from the original proposal, and the cash dividend distribution will remain unchanged despite these adjustments [2]. Dividend Payment Dates - The record date for the dividend distribution is set for June 24, 2025, and the ex-dividend date is June 25, 2025 [3]. Dividend Recipients - The recipients of the dividend will be all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [3]. Convertible Bond Adjustments - The profit distribution will also involve adjustments to the conversion price of the company's convertible bonds, with further details provided in a separate announcement [3]. Consultation Information - For inquiries regarding the profit distribution, the company has provided contact details for its securities affairs department [4].

Core Viewpoint - The company, Shaanxi Zhongtian Rocket Technology Co., Ltd., has announced that its convertible bond "Tianjian Convertible Bond" may trigger conditions for a downward adjustment of the conversion price due to stock performance [1][5]. Group 1: Convertible Bond Issuance and Adjustment - The total issuance of the "Tianjian Convertible Bond" is 495 million yuan, with a maturity of six years, and it began trading on September 19, 2022 [2]. - The initial conversion price was set at 53.11 yuan per share, which has been adjusted multiple times due to annual equity distributions, currently standing at 52.94 yuan per share [2][3]. Group 2: Conditions for Price Adjustment - The conversion price can be adjusted downward if the company's stock closes below 85% of the current conversion price (45.00 yuan) for at least 10 out of 30 consecutive trading days [1][5]. - If the conditions for downward adjustment are met, the board of directors will propose a plan for adjustment, which requires approval from two-thirds of the voting rights at a shareholders' meeting [3][4]. Group 3: Future Considerations - The company has previously decided not to adjust the conversion price for the "Tianjian Convertible Bond" until June 2, 2025, even if the conditions for adjustment are triggered again [4]. - After June 3, 2025, the board will reconsider the adjustment rights if the conditions are met again [4].

Core Viewpoint - The company, Shaanxi Zhongtian Rocket Technology Co., Ltd., announces the suspension of the conversion of its convertible bonds, Tianjian Convertible Bonds, starting from June 17, 2025, until the registration date for the 2024 annual equity distribution [1][2]. Group 1: Convertible Bond Details - The conversion period for the Tianjian Convertible Bonds (code: 127071) is from February 27, 2023, to August 21, 2028 [1]. - The suspension of conversion will last from June 17, 2025, until the registration date for the 2024 annual equity distribution [1]. - Conversion will resume on the first trading day after the registration date for the 2024 annual equity distribution [1]. Group 2: Adjustment of Conversion Price - The adjustment of the conversion price will be based on the company's equity changes due to stock dividends, capital increases, new share issuances, and cash dividends [2][3]. - Specific formulas for adjusting the conversion price are provided, including scenarios for stock dividends, capital increases, new share issuances, and cash dividends [2]. - The company will announce any adjustments to the conversion price and the suspension period through official channels, ensuring transparency for bondholders [3].

Group 1 - The company, Shaanxi Zhongtian Rocket Technology Co., Ltd., issued 4,950,000 convertible bonds with a total value of 49,500 million yuan, approved by the China Securities Regulatory Commission [2][3] - The convertible bonds, named "Tianjian Convertible Bonds," were listed and began trading on September 19, 2022 [3] - The conversion period for the bonds is from February 27, 2023, to August 21, 2028, with the conversion price set at 52.94 yuan per share [4] Group 2 - As of the first quarter of 2025, there were no conversions of the "Tianjian Convertible Bonds," resulting in a remaining balance of 494,922,800 yuan [6] - The adjusted conversion price of the bonds was updated from 52.96 yuan to 52.94 yuan, effective September 30, 2024 [5] - The company encourages investors to refer to the full prospectus for more details on the convertible bonds [7]