固定收益 | 固定收益定期 可转债周报 20250824 证券研究报告 临期转债"百态" 转债周度专题 截至 8 月 22 日，2025 年内共有 82 只转债退市，其中 20 只为到期退市， 6 只到期退市转债的实际到期兑付比例低于 1%，3 只到期兑付比例高于 90% （核建转债、好客转债、智能转债），其余到期兑付比例集中在 20%-60%。 年内已到期退市转债的促转股与到期兑付之路存在差异：中信转债发行金 额 400 亿元，但最终兑付比例不足 1%，其促转股之路较为丰富：第一，控 股股东率先将转债溢价转股。第二，正股阶段性"异动"，负溢价率转股。 2024 年 12 月开始，银行股持续上行，中信转债的转股价值明显高于到期 价值，叠加银行发行转债补充一级核心资本的目标导向，转债转股节奏加 快。民企转债多数（11/18）在存续期曾下修过转股价，如好客转债、合兴 转债在到期前半年左右均提议下修过转股价，但下修均未实现有效促转股。 截至 8 月 22 日，年内即将到期转债还有 14 只。规模较高的如金能转债、 浦发转债、海亮转债、烽火转债、鹰 19 转债、建工转债等。金能转债 8 月 12 日刚下修过转股价，公 ...

Key Points - The company issued 6.30 million convertible bonds with a total value of 630 million RMB, which were approved by the China Securities Regulatory Commission and listed on the Shanghai Stock Exchange on August 23, 2019 [1] - The bonds are set to mature on July 31, 2025, with a total repayment amount of 662,134,000 RMB, and the payment date is scheduled for August 1, 2025 [2][4] - As of July 31, 2025, a total of 28,059,000 RMB worth of bonds were converted into 1,744,376 shares, representing 0.5634% of the company's total shares before conversion [3] - The total number of bonds to be repaid at maturity is 6,019,400, and the bonds will cease trading on July 29, 2025, with the last trading day being July 28, 2025 [5] - The company maintains a good financial condition and normal cash flow, indicating that the repayment of the convertible bonds will not affect its daily operations [5]

New Stock Listings - Huadian New Energy (600930) listed at an issue price of 3.18 on July 16, 2025[1] - Zhongcheng Tui (300208) has 2 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 2 trading days remaining until the last trading day[1] Abnormal Fluctuations - Huayin Power (600744) reported severe abnormal fluctuations on July 15, 2025[1] - Changcheng Military Industry (601606) announced abnormal fluctuations on July 15, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on July 16, 2025[1] Other Notable Announcements - ST Ya Zhen (000627) reported significant fluctuations with a value of 7189 on July 16, 2025[3] - Guosheng Technology (603778) reported fluctuations with a value of 3370 on July 15, 2025[3] - ST Xin Chao (600777) reported fluctuations with a value of 1008 on July 11, 2025[3]

Core Points - The announcement details the conversion results of the company's convertible bonds, indicating a low level of conversion activity to date [1][3] - The total amount of convertible bonds converted into shares remains minimal compared to the total issued shares, highlighting a significant portion still outstanding [2][3] Group 1: Convertible Bond Issuance Overview - The company issued 6.30 million convertible bonds on August 1, 2019, with a total value of 630 million yuan and a maturity of 6 years [2] - The bond interest rates increase progressively from 0.4% in the first year to 2.0% in the sixth year, with a redemption price of 110% of the face value for unconverted bonds [2] Group 2: Conversion Status - From April 1, 2025, to June 30, 2025, a total of 20,000 yuan worth of convertible bonds were converted into 1,824 shares, representing 0.0006% of the total shares before conversion [1][3] - As of June 30, 2025, a cumulative total of 27,417,000 yuan worth of convertible bonds had been converted into 1,685,671 shares, accounting for 0.5445% of the total shares before conversion [1][3] - The amount of unconverted convertible bonds as of June 30, 2025, stands at 602,582,000 yuan, which is 95.6479% of the total issuance [1][3] Group 3: Share Capital Changes - The total number of shares increased from 311,284,533 to 311,286,357 due to the conversion of convertible bonds, with the increase being solely in the unrestricted circulating shares [3]

Core Points - The company announces the maturity and redemption of its convertible bond "好客转债" on July 31, 2025 [1][2] - The total redemption amount for the bondholders will be 110.00 RMB per bond, including the last interest payment [1][3] - The last trading day for the bond will be July 28, 2025, and trading will cease on July 29, 2025 [2][3] - Bondholders can still convert their bonds into company shares until the end of the conversion period on July 31, 2025 [3][4] - The funds for the redemption will be distributed on August 1, 2025 [1][3] Summary by Sections Redemption Plan - The company will redeem all unconverted bonds at 110% of the face value, which amounts to 110 RMB per bond [2][3] - The redemption will occur within five trading days after the bond's maturity [2] Trading and Conversion - The last trading day for "好客转债" is set for July 28, 2025, with trading halting on July 29, 2025 [2][3] - Bondholders can convert their bonds into shares from July 29, 2025, until the conversion period ends on July 31, 2025 [3] Payment and Registration - The redemption amount will be credited to the bondholders' accounts through the custodian securities firm [3] - The bondholders eligible for redemption will be those registered with the China Securities Depository and Clearing Corporation by the close of trading on July 31, 2025 [3][4]

Core Viewpoint - The company announces the redemption and conversion details of its convertible bonds, "好客转债," which will cease trading on July 29, 2025, and will be redeemed at a price of 110 RMB per bond on August 1, 2025 [1][2][4]. Group 1: Redemption Plan - The company will redeem all unconverted "好客转债" at 110% of the bond's face value, amounting to 110 RMB per bond, including the last interest payment [2][4]. - The redemption will occur within five trading days after the bonds mature [2]. Group 2: Trading and Conversion Dates - "好客转债" will stop trading on July 29, 2025, with the last trading day being July 28, 2025 [3][5]. - Holders can still convert their bonds into company stock from July 29 to July 31, 2025 [3]. Group 3: Important Dates - The maturity and redemption registration date for "好客转债" is July 31, 2025 [3][5]. - The funds for the redemption will be issued on August 1, 2025 [4][5]. - The bonds will be delisted from the Shanghai Stock Exchange on August 1, 2025 [6].

Group 1 - The company will stop the conversion of its convertible bonds, "Hao Ke Convertible Bonds," from June 5, 2025, until the equity distribution registration date [1][2] - The board of directors approved a cash dividend distribution of 0.078 yuan per share (including tax) based on the total share capital registered on the equity distribution registration date [1][2] - The company will announce the implementation of the equity distribution and the adjustment of the conversion price for "Hao Ke Convertible Bonds" on June 6, 2025 [2] Group 2 - Holders of "Hao Ke Convertible Bonds" can convert their bonds into shares until June 4, 2025, to enjoy the equity distribution [2] - The company will adjust the conversion price of "Hao Ke Convertible Bonds" according to the terms outlined in the bond issuance prospectus after the equity distribution [2]

Group 1 - The core viewpoint of the article discusses various corporate actions related to convertible bonds and stock control changes, indicating a dynamic environment in the investment landscape [1] Group 2 - Haoke Convertible Bond is approaching a down adjustment [1] - Xizi Clean Energy's subsidiary plans to sign a relocation compensation agreement worth 274 million yuan [1] - Kesu Convertible Bond is subject to strong redemption [1] - Xuelong Biological's controlling shareholder is planning a change in company control, leading to a stock suspension [1] - Kangyi Convertible Bond will not undergo a down adjustment [1]