Group 1 - Shareholders of Jiaze New Energy plan to reduce their holdings by no more than 3% of the company's shares [1] - Shareholders of Zhekuang Co. intend to collectively reduce their holdings by no more than 3% of the company's shares [1] - Shareholders of Nanjing Julong plan to reduce their holdings by no more than 2.94% of the company's shares [1] Group 2 - Convertible bonds such as Jiayue Convertible Bond and Kairun Convertible Bond will not undergo adjustments [1] - Various convertible bonds are listed with 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 [3][5] - For instance, the current price of Keda Convertible Bond is 128.087, with a conversion value of 128.37 and a remaining scale of 0.014 billion [3]

Group 1 - The company has announced that the conversion price of its convertible bonds, "Jia Yue Convertible Bonds," is expected to be adjusted downward due to the stock price being below 85% of the current conversion price for ten consecutive trading days as of October 13, 2025 [2][7] - The initial conversion price was set at 37.97 CNY per share, which has been adjusted multiple times, with the latest conversion price being 12.61 CNY per share [3][4] - The company issued 6.45 million convertible bonds with a total amount of 645 million CNY, and the bonds are set to mature in six years [3][4] Group 2 - The downward adjustment of the conversion price can be triggered if the stock price remains below 10.72 CNY (85% of 12.61 CNY) for at least 15 out of 30 consecutive trading days [7][5] - The company will disclose the adjustment details through official channels if the conditions for the downward adjustment are met [6][8] - The conversion price adjustment is part of the terms outlined in the bond issuance prospectus, which includes specific conditions and procedures for making such adjustments [4][5] Group 3 - The company has also announced a cash dividend of 1.60 CNY per 10 shares for the 2025 semi-annual profit distribution, which will be distributed to shareholders registered by the record date [21][19] - The cash dividend distribution will not affect the total number of shares, as there will be no stock bonus or capital increase [21][22] - The adjustment of the conversion price due to the dividend distribution will result in a new conversion price of 12.45 CNY per share, effective from October 21, 2025 [15][16]

Core Points - The company Jiajiayue announced that as of October 13, 2025, its stock price has been below 85% of the current conversion price of "Jia Yue Convertible Bonds" for ten trading days, which is 10.72 CNY per share [2] - This situation is expected to trigger the downward adjustment clause for the conversion price of "Jia Yue Convertible Bonds" [2] - If the company's stock price meets the relevant conditions for at least fifteen out of any thirty consecutive trading days, it may trigger the downward adjustment of the conversion price [2] - The company will determine whether to adjust the conversion price based on its prospectus and relevant laws and regulations after the triggering conditions are met, and will fulfill its information disclosure obligations in a timely manner [2]

Core Points - The company announced a profit distribution plan for the first half of 2025, which was approved at the first extraordinary shareholders' meeting on September 12, 2025, proposing a cash dividend of RMB 1.60 per 10 shares (including tax) to shareholders registered on the equity distribution date [2][3] - The company will stop the conversion of its convertible bonds during the period from October 13, 2025, to the equity registration date, with the conversion resuming on the first trading day after the equity distribution [3] Summary by Sections Equity Distribution Plan - The company plans to distribute cash dividends based on the total share capital minus repurchased shares, with a specific amount of RMB 1.60 per 10 shares [2] - The number of shares held in the company's repurchase account is 19,455,017 shares, which will not participate in the equity distribution [2] Convertible Bonds Adjustment - Following the equity distribution, the company will adjust the conversion price of its convertible bonds according to the issuance terms and relevant regulations [3] - The company will publicly disclose the implementation announcement and the adjustment of the convertible bond conversion price on October 14, 2025 [3] Suspension of Conversion - The conversion of the company's convertible bonds will be suspended from October 13, 2025, until the equity registration date, with the ability to convert resuming on the first trading day after the equity distribution [3]

Core Viewpoint - The company announces the suspension of the conversion of its convertible bonds "Jia Yue Convertible Bonds" during the period of its 2025 semi-annual equity distribution, which is set to take place on October 14, 2025 [1][2]. Group 1: Equity Distribution Plan - The company plans to distribute cash dividends of RMB 1.60 per 10 shares (including tax) to shareholders registered on the equity distribution date, based on the total share capital minus repurchased shares [3]. - The company has repurchased 19,455,017 shares, which will not participate in this equity distribution [3]. - The equity distribution plan was approved at the company's first extraordinary general meeting on September 12, 2025, and the announcement was published on September 13, 2025 [3]. Group 2: Suspension of Conversion - The conversion of "Jia Yue Convertible Bonds" will be suspended from October 13, 2025, until the equity distribution registration date, after which it will resume [5]. - Holders of "Jia Yue Convertible Bonds" wishing to enjoy the equity distribution must convert their bonds before October 10, 2025 [5]. Group 3: Adjustment of Conversion Price - Following the equity distribution, the company will adjust the current conversion price of the "Jia Yue Convertible Bonds" in accordance with the terms outlined in the bond issuance prospectus [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed's interest rate cut was confirmed this week, with the yield curve steepening rapidly. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market: Overall Decline with Most Industries Falling - This week (September 15 - 19), the equity market was significantly differentiated and overall declined. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the ChiNext Index rose 2.34%, and the CSI 300 fell 0.44%. The average daily trading volume of the two markets increased by about 196.154 billion yuan to 2.494834 trillion yuan, a week - on - week increase of 8.53% [7][9]. - Among the 31 Shenwan primary industries, 12 industries rose, with 5 industries rising more than 2%. Coal, power equipment, electronics, automobiles, and machinery had the highest increases [14]. 1.2 Convertible Bond Market: Overall Decline with Most Industries Falling - The CSI Convertible Bond Index fell 1.55%. Among the 29 Shenwan primary industries, 3 industries rose, with 1 industry rising more than 2%. Communication, national defense and military industry, and automobiles had the highest increases [15]. - The average daily trading volume of the convertible bond market was 9.0635 billion yuan, a significant increase of 364.4 million yuan, a week - on - week change of 4.19%. The top ten convertible bonds in terms of trading volume were Jingxing Convertible Bond, Jing 23 Convertible Bond, etc. [15]. - About 18.29% of individual convertible bonds rose, with 6.48% rising between 0 - 1% and 9.26% rising more than 2% [15]. - The overall market conversion premium rate increased. The average daily conversion premium rate this week was 37.17%, up 1.07 pcts from last week. There were different changes in different price and parity intervals [23]. 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weighted average and median weekly returns of convertible bonds and underlying stocks were negative, and the convertible bonds had a larger weekly decline. The trading volume of both markets increased significantly, with the convertible bond trading volume having a larger increase but a lower percentile level [37]. - About 18.88% of convertible bonds rose, and about 31.65% of underlying stocks rose. About 43.85% of convertible bonds had a higher return than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [37]. 2. Outlook and Investment Strategy - Overseas, the Fed's interest rate cut was confirmed. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41].

Core Viewpoint - The company announced a temporary suspension of the conversion of its convertible bonds, "Jia Yue Convertible Bonds," due to the implementation of the 2024 annual equity distribution plan, which includes a cash dividend of RMB 0.80 per 10 shares [1][2]. Group 1: Equity Distribution Plan - The equity distribution plan was approved at the company's 2024 annual shareholders' meeting on May 26, 2025, where it was decided to distribute cash dividends to shareholders registered on the equity distribution record date [1]. - The cash dividend will be RMB 0.80 per 10 shares, inclusive of tax, based on the total share capital after deducting repurchased shares [1][2]. Group 2: Suspension of Convertible Bond Conversion - The conversion of "Jia Yue Convertible Bonds" will be suspended from the trading day before the equity distribution announcement (July 7, 2025) until the equity distribution record date [1][2]. - The bonds will resume conversion on the first trading day after the equity distribution record date, allowing bondholders to convert their bonds until July 4, 2025 [2]. Group 3: Company Contact Information - The company has provided contact details for its securities affairs department for any inquiries related to the announcement [3].

Group 1 - The core viewpoint of the announcement is that the company, Jiajiayue Group Co., Ltd., has received a stable credit rating of "AA" for both its corporate entity and its convertible bonds, indicating consistent financial health and creditworthiness [1][2]. - The previous credit rating for the company and its convertible bonds was also "AA," with a stable outlook, and this has not changed in the latest assessment [2]. - The tracking credit rating was conducted by United Ratings Co., Ltd., and the report is available on the Shanghai Stock Exchange website [2]. Group 2 - The tracking rating was performed on June 25, 2025, and the results were officially announced on June 26, 2025 [2]. - The announcement emphasizes that the board of directors guarantees the accuracy and completeness of the information provided, ensuring no misleading statements or omissions [1]. - The rating is in accordance with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1].

Group 1 - The announcement details the results of the "Jia Yue Convertible Bond" repurchase option, which had a repurchase period from June 5, 2025, to June 11, 2025 [1][2] - The repurchase price was set at 100.00 yuan per bond, including the current interest [2] - During the repurchase period, the effective number of repurchase applications was 0, resulting in a total repurchase amount of 0 yuan [2] Group 2 - The repurchase will not impact the company's cash flow, asset status, or share capital [2] - Unrepurchased "Jia Yue Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [2]

Group 1 - The stock price of Jiajiayue (603708) closed at 10.89 yuan on June 6, 2025, up 1.59% from the previous week [1] - The highest intraday price reached 11.08 yuan on June 5, 2025, while the lowest was 10.64 yuan on June 3, 2025 [1] - The current total market capitalization of Jiajiayue is 6.952 billion yuan, ranking 21st out of 59 in the general retail sector and 2234th out of 5148 in the A-share market [1] Group 2 - The company elected Wang Peihuang as the chairman of the fifth board of directors and appointed several senior management personnel, including Wang Peihuang as the general manager [2][3] - The company has repurchased a total of 3,447,000 shares, with a total payment amount of 33,086,648 yuan [2][3] - The company announced the third notice for the optional redemption of "Jia Yue Convertible Bonds," with a redemption price of 100.00 yuan per bond [2][3] - The company has changed its fundraising project, reallocating 171.4041 million yuan from the "Weihai Logistics Expansion Project" to the "Weihai Logistics Cold Chain Construction and Supply Chain Upgrade Project" and the "Jiajiayue Hohhot Smart Industrial Park Fresh Cold Chain Processing Center Project" [2][3]