Core Viewpoint - The announcement details the status of the convertible bonds issued by the company, including the amount of bonds that have not been converted and the adjustments to the conversion price due to stock changes. Group 1: Convertible Bond Status - As of December 31, 2025, the amount of unconverted "Miwei Convertible Bonds" is 872,265,000 yuan, accounting for 99.99% of the total issuance [2] - From October 1, 2025, to December 31, 2025, the conversion amount for "Miwei Convertible Bonds" is 1,000 yuan, resulting in the issuance of 17 shares, which represents 0.00001% of the total share capital before conversion [29] Group 2: Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to publicly issue 8,723,880 convertible bonds, with a total issuance amount of 872,388,000 yuan [3] - The bonds were listed and began trading on October 25, 2022, under the name "Miwei Convertible Bonds" with the code "113658" [4] Group 3: Conversion Price Adjustments - The conversion price for the "Miwei Convertible Bonds" was adjusted from 134.55 yuan per share to 134.61 yuan per share due to the cancellation of 80,000 restricted stocks [7] - Following the implementation of the 2022 profit distribution plan, the conversion price was further adjusted from 134.61 yuan to 134.06 yuan per share [8] - The conversion price was adjusted to 134.07 yuan per share after the cancellation of 12,500 restricted stocks [12]

Investment Rating - The report assigns an "Accumulate" rating for the basic chemical industry [2] Core Insights - The report highlights the upward trend in the prices of storage chips (DRAM), which benefits upstream semiconductor materials [4] - It notes significant profit growth for New Yangfeng, with a year-on-year increase of 23.87% in net profit excluding non-recurring items [4] - Strategic collaborations, such as the one between Boyuan Co. and Dingsheng Technology, are aimed at overcoming key material bottlenecks in solid-state batteries [4] Summary by Sections Investment Recommendations - Focus on convertible bonds in the basic chemical sector, including Zhaobang Convertible Bond, Yangfeng Convertible Bond, and others [4] Market Performance - The report reviews the performance of issued convertible bonds in the basic chemical sector from December 19 to December 26, 2025, noting increases of 14.32% for Kaisheng Convertible Bond, 13.93% for Songlin Convertible Bond, and 12.31% for Zhenhua Convertible Bond, while Su Li, Qilin, and Kesi Convertible Bonds saw declines of 2.77%, 1.79%, and 0.42% respectively [5][6] Upcoming Convertible Bonds - As of December 26, 2025, several companies, including Jiangshan Co., Shuangle Co., and others, have received shareholder approval for their convertible bond proposals [4][12]

Investment Rating - The report assigns an "Overweight" rating for the basic chemical industry [1]. Core Insights - The report highlights the focus on convertible bonds in the basic chemical sector, specifically mentioning several bonds such as Qilin Convertible Bond, Zhoubang Convertible Bond, Yangfeng Convertible Bond, Miwei Convertible Bond, Huakang Convertible Bond, and Hebang Convertible Bond as key investment opportunities [3][4]. - The report notes that the prices of storage chip DRAM are continuously rising, which benefits the upstream semiconductor materials [4]. - The report provides a summary of the performance of various convertible bonds in the basic chemical sector, indicating significant price increases for some bonds, such as Songlin Convertible Bond, which rose by 19.20%, and Su Li Convertible Bond, which increased by 7.42% [5][8]. Summary by Sections Convertible Bond Performance - The report details the performance of issued convertible bonds in the basic chemical sector, with notable increases in prices for bonds like Songlin Convertible Bond (up 19.20%), Su Li Convertible Bond (up 7.42%), and Shuiyang Convertible Bond (up 5.18%) [5][8]. - Conversely, some bonds such as Xin Hua Convertible Bond, Yong 22 Convertible Bond, and Fu Xin Convertible Bond experienced declines of 1.72%, 3.33%, and 3.37% respectively [5][8]. Upcoming Convertible Bonds - As of December 23, 2025, several companies, including Jiangshan Co., Shuangle Co., and Bailong Chuangyuan, have received shareholder approval for their convertible bond proposals [9]. - The report lists companies with pending convertible bond proposals, indicating ongoing developments in the sector [9][12].

Core Viewpoint - The report outlines the status and details of the convertible bond issuance by Milkewei Intelligent Supply Chain Service Group Co., Ltd, emphasizing the bond's characteristics, issuance process, and the implications of stock repurchase on the conversion price [1][2][3]. Group 1: Bond Issuance Overview - The total face value of the convertible bonds issued is capped at 872,388,000 yuan, with 8,723,880 bonds issued at a face value of 100 yuan each [3][4]. - The bonds have a maturity period of five years, from September 16, 2022, to September 15, 2027, with a tiered interest rate starting at 0.3% in the first year and reaching 2.0% by the fifth year [4][5]. Group 2: Conversion and Adjustment Mechanisms - The initial conversion price is set at 134.55 yuan per share, subject to adjustments based on stock dividends, capital increases, and other corporate actions [6][7]. - The conversion period begins six months after the issuance and lasts until the bond's maturity date [5][6]. Group 3: Stock Repurchase and Its Impact - The company has announced that the repurchase and cancellation of certain restricted stocks will not affect the conversion price of the convertible bonds, as the proportion of repurchased stocks is minimal [14][15]. - The adjustment formula for the conversion price remains unchanged, ensuring that the bondholders' rights are preserved [15]. Group 4: Credit Rating and Management - The bonds have been rated AA- by a credit rating agency, with a stable outlook, indicating a solid credit profile for the issuer [12]. - The bond trustee, China International Capital Corporation, will continue to monitor the issuer's compliance with bond obligations and any significant events affecting bondholder interests [17].

Core Viewpoint - The company announced that the repurchase and cancellation of restricted stocks will not adjust the conversion price of its convertible bonds, maintaining the price at 55.72 yuan per share due to the small proportion of repurchased stocks in the total share capital [1][4][5] Group 1: Convertible Bonds - The company issued 8,723,880 convertible bonds on September 16, 2022, with a total fundraising amount of 872.388 million yuan [1] - The bonds have a five-year term with a coupon rate that increases from 0.3% in the first year to 2.0% in the fifth year [1] - The initial conversion price for the bonds was set at 55.72 yuan per share, effective from March 22, 2023 [2] Group 2: Stock Repurchase and Cancellation - The company will repurchase and cancel 35,775 shares of restricted stock due to unmet performance targets in its stock option and restricted stock incentive plan [4] - The repurchased shares represent a small proportion of the company's total share capital, thus the conversion price of the convertible bonds remains unchanged [1][4][5] - The adjustment formula for the conversion price is outlined in the prospectus, but in this case, the conversion price remains at 55.72 yuan per share after calculations [2][5]

Core Viewpoint - Milkyway Intelligent Supply Chain Service Group Co., Ltd. has undergone significant changes in its bond management and operational performance, including adjustments to convertible bond conversion prices and a focus on maintaining financial stability and compliance with regulatory requirements [1][2][3]. Group 1: Bond Overview - The company issued convertible bonds with a total scale of 8.72 billion RMB, with a current interest rate of 1.00% [1]. - The bonds are set to mature in 2027, with annual interest payments and a principal repayment at maturity [10]. - The bond's conversion price has been adjusted multiple times, reflecting market conditions and company performance [2][3]. Group 2: Financial Performance - As of the end of 2024, the company reported total assets of approximately 1.39 billion RMB, a 25.37% increase from the previous year [5]. - Total liabilities increased by 35.81% to approximately 917.72 million RMB, while net assets rose by 9.20% to approximately 476.79 million RMB [5]. - The company achieved a revenue of approximately 1.21 billion RMB in 2024, marking a 24.26% increase compared to 2023 [5]. Group 3: Operational Highlights - Milkyway is recognized as a leading provider of integrated supply chain services, focusing on logistics, warehousing, and transportation, particularly in the chemical and new energy sectors [3]. - The company has maintained a stable gross profit margin across its business segments, with logistics achieving a gross margin of 69.12% and trading at 51.85% [3]. - The company has implemented measures to ensure the proper use of raised funds, including establishing dedicated accounts and adhering to regulatory guidelines [8][9]. Group 4: Corporate Governance and Compliance - The company has established a dedicated department to oversee bond repayment and compliance with financial obligations [9]. - Regular reports are submitted to the Shanghai Stock Exchange, ensuring transparency and adherence to regulatory requirements [9]. - The company has not encountered any significant adverse changes affecting its debt repayment capacity, maintaining a stable financial structure [11].

Core Points - The company, Milkway Intelligent Supply Chain Service Group Co., Ltd., has maintained its credit rating of "AA-" for both its corporate and bond ratings, with a stable outlook [1][2] - The tracking rating report was issued by the credit rating agency, United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and industry development [2] Summary by Category Credit Rating - Previous bond rating was "AA-" and the corporate credit rating was also "AA-" with a stable outlook [1] - The current bond rating remains "AA-" and the corporate credit rating is still "AA-" with a stable outlook, indicating no change from the previous rating [2] Rating Agency - The tracking credit rating was conducted by United Credit Rating Co., Ltd., with the report dated June 7, 2024 [1][2] - The detailed tracking rating report is available on the Shanghai Stock Exchange website for investors to review [2]

Core Viewpoint - The report outlines the adjustment of the conversion price for the convertible bonds issued by Milkway Intelligent Supply Chain Service Group Co., Ltd., following the company's profit distribution plan for 2024, which involves a cash dividend of 7.1 yuan per 10 shares [15][16]. Group 1: Bond Issuance Overview - The total amount of convertible bonds approved for issuance is up to 872.39 million yuan, with 8,723,880 bonds issued at a face value of 100 yuan each, raising a net amount of 861.44 million yuan [4][5]. - The bonds have a term of 5 years, from September 16, 2022, to September 15, 2027, with an interest rate that increases from 0.3% in the first year to 2.0% in the fifth year [5][6]. Group 2: Conversion Price Adjustment - The initial conversion price was set at 134.55 yuan per share, which will be adjusted based on the company's actions such as stock dividends and cash dividends [6][8]. - Following the profit distribution plan, the conversion price has been adjusted from 56.43 yuan to 55.72 yuan per share, effective from June 5, 2025 [15][16]. Group 3: Management and Oversight - China International Capital Corporation (CICC) serves as the sponsor and trustee for the bonds, ensuring the protection of bondholders' rights and interests [3][16]. - CICC will continue to monitor the issuer's ability to repay the principal and interest of the bonds and any other significant matters affecting bondholders [16].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds, "Miwei Convertible Bonds," due to the implementation of its 2024 profit distribution plan, which includes a cash dividend of 7.1 yuan per 10 shares [1][5]. Summary by Sections Convertible Bond Adjustment - The previous conversion price was 56.43 yuan per share, which has been adjusted to 55.72 yuan per share [2][5]. - The effective date for the new conversion price is June 5, 2025 [2][5]. Issuance Details - The company raised a total of 872.388 million yuan through the issuance of convertible bonds, which have a term of five years from September 16, 2022, to September 15, 2027, with a coupon rate of 0.3% for the first year and 0.5% for the second year [2][3]. Conversion Price Adjustment Basis - The adjustment of the conversion price is based on the terms outlined in the prospectus, which stipulates that the conversion price will be modified in response to stock dividends, capital increases, and cash dividends [3][4]. - The formula used for the adjustment is P1 = P0 - D, where P1 is the adjusted conversion price, P0 is the previous conversion price, and D is the cash dividend per share [5].

Group 1 - The company will suspend the conversion of its convertible bonds from May 26, 2024, until the equity distribution registration date due to the implementation of the 2024 profit distribution plan [1][2] - The profit distribution plan includes a cash dividend of 7.1 yuan (including tax) for every 10 shares held, based on the total share capital on the equity distribution registration date [1][2] - The profit distribution plan was approved at the company's annual general meeting on May 6, 2025, and further details will be disclosed in a separate announcement [1][2] Group 2 - If there are changes in the total share capital due to bond conversions, share buybacks, or other factors, the company will maintain the per-share distribution ratio and adjust the total distribution amount accordingly [2] - The company will announce the details of the equity distribution implementation and the adjustment of the convertible bond conversion price on May 27, 2025 [2] - Convertible bond holders wishing to enjoy the equity distribution must convert their bonds by May 23, 2025 [2]