航天宏图信息技术股份有限公司 向不特定对象发行可转换公司债券 第四次临时受托管理事务报告 （2025 年度） 证券代码：688066 证券简称：航天宏图 债券代码：118027 债券简称：宏图转债 债券受托管理人 （深圳市红岭中路 1012 号国信证券大厦 16-26 层） 二〇二五年八月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《航天宏图信息技术股份有限公司 2022 年度向不特定对象发行可转换公司债券 之受托管理协议》（以下简称"《受托管理协议》"）、《航天宏图信息技术股 份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）等相关公开信息披露文件、第三方中介机构出具的专业意见等，由 本次债券受托管理人国信证券股份有限公司（以下简称"国信证券"）编制。国 信证券对本报告中所包含的从上述文件中引述的内容和信息未进行独立验证，也 不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责 任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国信证券所作的承诺 ...

Group 1 - The company has reported a total overdue balance of commercial acceptance bills amounting to 18.58 million yuan as of July 31, 2025, with 1.80 million yuan already paid [1][2] - The overdue amount represents 1.91% of the company's most recent audited net assets, indicating it does not constitute a significant debt default situation [2] - The company is actively exploring multiple financing channels and will continue to negotiate with creditors to address the overdue commercial bills [3]

Core Viewpoint - The company, Aerospace Hongtu Information Technology Co., Ltd., has announced the possibility of a downward adjustment of the conversion price for its convertible bonds, "Hongtu Convertible Bonds," due to the stock price being below 85% of the current conversion price for 10 consecutive trading days [1][6]. Group 1: Convertible Bond Issuance and Details - The company issued 10,088,000 convertible bonds with a face value of 100 RMB each, raising a total of 1,008.80 million RMB, with a net amount of 991.37 million RMB after expenses [2]. - The initial conversion price was set at 88.91 RMB per share, which was adjusted to 88.62 RMB per share on January 13, 2023, due to changes in the company's share capital [3]. - The conversion price was further adjusted to 63.20 RMB per share on May 30, 2023, following the completion of the equity distribution plan [4]. Group 2: Conversion Price Adjustment Conditions - The current conversion price is 40.94 RMB per share, and the conversion period is from June 2, 2023, to November 27, 2028 [1]. - The company may adjust the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6][7]. - If the adjustment condition is met, the board will convene to decide on the adjustment and disclose the decision promptly [7][8]. Group 3: Recent Stock Performance - From July 21, 2025, to August 1, 2025, the company's stock price has closed below 34.80 RMB per share, which is 85% of the current conversion price, indicating a potential trigger for the downward adjustment [1][6].

Core Viewpoint - The China Convertible Bond Index opened down by 0.07%, indicating a slight decline in the market sentiment towards convertible bonds [1] Summary by Category Market Performance - The China Convertible Bond Index reported a value of 447.15 points at the opening [1] - Notable declines were observed in several convertible bonds, with Electric Chemical Convertible Bond down by 4.46%, Jing 23 Convertible Bond down by 3.77%, Titan Convertible Bond down by 2.54%, Ling Steel Convertible Bond down by 1.52%, and Ojia Convertible Bond down by 1.46% [1] - Conversely, some convertible bonds experienced gains, with Jiuzhou Convertible Bond 2 up by 5.66%, New Port Convertible Bond up by 5.60%, Daotong Convertible Bond up by 2.66%, Saili Convertible Bond up by 2.37%, and Hongtu Convertible Bond up by 2.26% [1]

Key Points - The company has issued convertible bonds named "Hongtu Convertible Bonds" with a total amount of RMB 1,008,761,000, of which only RMB 39,000 has been converted into company shares as of June 30, 2025, representing 614 shares, which is 0.000236% of the total shares before conversion [1][4] - The bonds were issued on November 28, 2022, with a term of 6 years, and the initial conversion price was set at RMB 88.91 per share, which has been adjusted multiple times, currently standing at RMB 40.94 per share as of February 17, 2025 [2][3] - As of June 30, 2025, the total amount of unconverted bonds is RMB 1,008,761,000, accounting for 99.9961% of the total issuance [1][4] - The company's total share capital remains at 261,277,407 shares after the conversion period, with no changes in the number of shares due to the lack of conversions in the recent quarter [4]

Core Viewpoint - The article discusses the recent developments in convertible bonds of various companies, highlighting issues such as credit rating downgrades, liquidity pressures, and operational challenges faced by the companies involved [1]. Group 1: Company-Specific Developments - Blue Fan Convertible Bond: The board proposed a down adjustment of the bond [1]. - Ruifeng Convertible Bond: The credit rating has been downgraded to A, indicating a decline in the company's profitability and increased liquidity pressure due to reduced cash reserves and higher restricted cash ratios [1]. - Dongshi Convertible Bond: The company failed to rectify fund occupation issues within the mandated period, leading to a suspension of trading from June 20, with an expected duration of no more than two months [1]. - San Nuo, Hongtu, and Qifan Convertible Bonds: No down adjustment proposed for these bonds [1]. - Huachen Convertible Bond: Open for subscription [1]. - Xintong Electronics: New shares in the Shanghai and Shenzhen markets are open for subscription [1]. Group 2: Financial Performance Indicators - The company is experiencing a significant decline in profitability for 2024, with a decrease in cash flow and slower turnover rates for accounts receivable and inventory [1]. - Operating net cash flow has turned into a net outflow, indicating increased liquidity pressure [1]. - Due to factors such as technological upgrades and underperformance in the biodegradable materials market, the company's investment projects are not operating as expected, which may lead to further asset impairment provisions affecting future operational performance [1].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment, reflecting confidence in its long-term development and intrinsic value [5]. Convertible Bond Issuance and Trading - The company issued 10.088 million convertible bonds on November 28, 2022, with a total fundraising amount of RMB 1,008.80 million, and a net amount of RMB 991.37 million after expenses [1]. - The bonds began trading on the Shanghai Stock Exchange on December 22, 2022, with an initial conversion price set at RMB 88.91 per share [2]. Conversion Price Adjustment - The conversion price was adjusted downward from RMB 62.98 to RMB 40.94 per share on February 13, 2025, due to the stock price falling below the stipulated threshold [3]. - The company has a mechanism in place for adjusting the conversion price if the stock price remains below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [4]. Decision on Price Adjustment - As of June 19, 2025, the stock price had indeed triggered the conditions for a downward adjustment of the conversion price [4]. - However, the board of directors, after considering various factors, voted unanimously to not proceed with the downward adjustment, maintaining the current conversion price for at least one month [5].

Group 1 - The core viewpoint of the article discusses the recent developments in convertible bonds and stock trading activities of specific companies [1] - Yong'an Hang's controlling shareholder is planning to transfer company shares, leading to a stock suspension starting March 10 [1] - Several convertible bonds, including Baolai, Longda, Hongtu, and Jingrui, will not undergo adjustments [1] Group 2 - Jiangnan New Materials is mentioned in relation to the subscription of new stocks on the Shanghai and Shenzhen exchanges [1]