登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603801 证券简称：志邦家居 公告编号：2025-072 债券代码：113693 债券简称：志邦转债 志邦家居股份有限公司 关于"志邦转债"开始转股的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 （六）当前转股价格：11.52元/股。 重要内容提示： 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意志邦家居股份有限公司向不特定对象发行可转换公司债券注册的 批复》（证监许可〔2025〕233号）同意注册，并经上海证券交易所同意，志邦家居股份有限公司（以 下简称"公司"）向不特定对象发行可转换公司债券6,700,000张，每张面值为人民币100元，募集资金总 额为人民币670,000,000.00元，期限6年。 经上海证券交易所同意，公司本次可转换公司债券于2025年4月8日起在上海证券交易所上市交易，债券 简称"志邦转债"，债券代码"113693"。 根据有关规定和《志邦家居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 《 ...

Core Viewpoint - Zhigang Home announced the issuance of "Zhigang Convertible Bonds," which can be converted into company shares starting from September 24, 2025, at a conversion price of 11.52 yuan per share [2] Group 1 - The company has released an announcement regarding the issuance of convertible bonds [2] - The bonds are set to be convertible into shares after a specified date, indicating a strategic move to raise capital [2] - The conversion price is set at 11.52 yuan per share, which provides a clear valuation for potential investors [2]

Core Viewpoint - Zhibang Home Furnishing Co., Ltd. announced the details of its convertible bond "Zhibang Convertible Bond" (code: 113693), which can be converted into shares at a price of 11.52 CNY per share during the specified period [1] Summary by Relevant Sections - **Convertible Bond Details** - The bond will be available for conversion from September 24, 2025, to March 17, 2031 [1] - The bond was listed on April 8, 2025, with a total issuance size of 670 million CNY and a maturity period of 6 years [1] - **Conversion Price Adjustments** - The initial conversion price was set at 12.12 CNY per share, which has been adjusted to 11.52 CNY per share due to a cash dividend distribution in June 2025 [1] - **Trading and Conversion Process** - Holders can declare conversion during normal trading hours on the Shanghai Stock Exchange, with the declaration direction being a sell at a price of 100 CNY [1]

Group 1 - The core viewpoint of the announcement is that Zhihong Home has maintained its credit ratings for both the company and its convertible bonds, indicating stability in its financial standing [1][2] - The previous bond rating was "AA" and the issuer rating was also "AA," with a stable outlook, which remains unchanged in the current assessment [1][2] - The tracking credit rating was conducted by China Chengxin International Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational and financial conditions [2] Group 2 - The tracking rating report was issued on June 26, 2025, confirming the company's credit rating and outlook as stable [2] - The previous rating was conducted on August 5, 2024, and the results have not changed since then [1][2] - The detailed tracking rating report can be found on the Shanghai Stock Exchange website [2]

Core Viewpoint - Despite the impact of the U.S. "reciprocal tariffs" on global capital markets since April, the domestic convertible bond market has shown overall stability and resilience, highlighting its defensive and offensive characteristics [1][2]. Group 1: Market Performance - The domestic convertible bond market has demonstrated strong resilience, with the China Securities Convertible Bond Index experiencing a significant drop of 4.05% on April 7, marking its largest single-day decline of the year, yet this was less severe than the declines in the Shanghai and Shenzhen indices, indicating a defensive feature [2]. - Following the market rebound starting April 8, many convertible bonds have recovered, showcasing their offensive potential alongside stock characteristics, with over 400 convertible bonds rising since that date, and more than 40 bonds increasing by over 10% [3]. Group 2: Notable Convertible Bonds - The Zhongqi Convertible Bond has shown a strong performance, with a price exceeding 300 yuan per share, marking a historical high, and a cumulative increase of 29.43% since April 8, with a year-to-date increase of 149.62% [4]. - The Zhongchong 2 Convertible Bond has also seen significant gains, reaching a price close to 200 yuan per share, with a cumulative increase of 36.45% since April 8 and a year-to-date increase of 42.89% [6]. - The Zhenhua Convertible Bond has reached a price of 197.981 yuan per share, with a cumulative increase of 24% since April 8 and a year-to-date increase exceeding 40% [8]. Group 3: Redemption Risks - Attention is drawn to the strong redemption risk associated with convertible bonds, as they possess both equity and debt characteristics, which can lead to significant losses if not monitored closely [10]. - A recent example is the Huisheng Convertible Bond, which faced a sharp decline of over 40% since its peak of 248 yuan per share on April 7 due to the triggering of its conditional redemption clause [11]. - The Bojie Convertible Bond is experiencing a similar situation, with a cumulative decline of nearly 20% since April due to early redemption, with its last trading day set for April 21, 2025 [13].

Core Insights - Over 400 convertible bonds have increased in value since April 8, with more than 40 bonds rising over 10% during this period [1] - Several convertible bonds have seen significant gains, with some exceeding 20% increase, including Fu Xin Convertible Bond, Zhong Chong Convertible Bond 2, Ding Long Convertible Bond, and others [1] - Notably, Zhong Qi Convertible Bond has recently surpassed 300 CNY per share, reaching a historical high, while Zhong Chong Convertible Bond 2 approached 200 CNY per share, also marking a historical peak [1] - Zhenhua Convertible Bond has shown strong performance, with prices reaching 197.981 CNY per share, setting a new historical high [1]

Group 1 - Over 400 convertible bonds have increased in value since April 8, with more than 40 bonds rising over 10% during this period [1] - Several convertible bonds, including Fuxin Convertible Bond, Zhongchong Convertible Bond 2, Dinglong Convertible Bond, and others, have seen increases exceeding 20% [1]

Core Viewpoint - Despite the impact of the U.S. "reciprocal tariffs" on global capital markets since April, the domestic convertible bond market has shown overall stability, highlighting its defensive and offensive characteristics, with some convertible bonds recently reaching historical highs [1][3]. Summary by Sections Market Performance - Since April, the domestic convertible bond market has demonstrated resilience amid global market volatility, with the China Securities Convertible Bond Index experiencing a significant drop of 4.05% on April 7, marking its largest single-day decline of the year, yet this was less severe than the declines in the Shanghai and Shenzhen indices, indicating a defensive nature [3][4]. Recovery and Growth - Following the market rebound starting April 8, many convertible bonds have regained their losses, showcasing their offensive potential. Over 400 convertible bonds have risen since April 8, with more than 40 bonds increasing by over 10%, including notable performers like Fuxin Convertible Bond and Zhongqi Convertible Bond, which saw increases exceeding 20% [4]. Historical Highs - Several convertible bonds have recently reached historical highs, such as Zhongqi Convertible Bond, which surpassed 300 CNY per share, achieving a cumulative increase of 29.43% since April 8 and 149.62% year-to-date [5]. Zhongchong Convertible Bond also approached 200 CNY per share, with a cumulative increase of 36.45% since April 8 and 42.89% year-to-date [7]. Zhenhua Convertible Bond reached a price of 197.981 CNY per share, with a cumulative increase of 24% since April 8 and over 40% year-to-date [9]. Redemption Risks - Despite the overall stability of the convertible bond market compared to equities, there are risks associated with specific terms, such as early redemption clauses. For instance, Huisheng Convertible Bond faced significant declines due to triggering its conditional redemption clause, dropping over 40% from its high of 248 CNY per share since April 7 [12][14]. Similar situations have been observed with Bojie Convertible Bond, which has seen a nearly 20% decline since April due to early redemption [14].

Core Viewpoint - The article reflects a sense of uncertainty in the stock market, questioning the ease of making profits and indicating a cautious approach to investment strategies amidst a significant market shift [1]. Group 1: Market Observations - The current market conditions suggest that both stocks and bonds do not appear particularly cheap, leading to a more conservative investment stance [1]. - A specific convertible bond was purchased at a price of 111, which had previously been bought at 102 in September of the previous year, indicating a notable price fluctuation [1]. Group 2: Upcoming Investment Opportunities - The article highlights several upcoming investment opportunities, including: - Zhihong Convertible Bond, which is set to be listed on April 8 [1]. - Qingyuan Co., Ltd. Convertible Bond, available for subscription on April 8 [1]. - Kairun Convertible Bond, which will not undergo a price adjustment [1]. - Honggong Technology, with new shares available for subscription on the Shanghai and Shenzhen stock exchanges [1]. Group 3: Community and Resources - The article promotes the Jisilu platform as a data-driven investment community focused on new stocks, convertible bonds, bonds, and closed-end funds, emphasizing the importance of capital safety while aiming for steady asset growth [1].

Core Viewpoint - Zhibang Home Collection Co., Ltd. is issuing convertible bonds totaling 670 million yuan, with the aim of raising funds for business expansion and development [2][12][16]. Overview - The convertible bonds are named "Zhibang Convertible Bonds" with the code 113693 [2][4]. - The total issuance amount is 670 million yuan, equivalent to 6.7 million bonds [2][4]. - The bonds will be listed on the Shanghai Stock Exchange on April 8, 2025 [4]. Bond Details - The duration of the convertible bonds is from March 18, 2025, to March 17, 2031 [3][16]. - The conversion period for the bonds is from September 24, 2025, to March 17, 2031 [3]. - The annual interest payment date is set for each anniversary of the issuance date [3][17]. - The bonds are rated AA by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [5][12]. Company Profile - Zhibang Home Collection Co., Ltd. was established on April 4, 2005, and is headquartered in Hefei, Anhui Province [6][8]. - The company specializes in the design, research and development, production, sales, and installation of customized furniture products, including overall kitchen cabinets and custom wardrobes [8][9]. - As of June 30, 2024, the company's registered capital is approximately 436.51 million yuan [6]. Shareholding Structure - As of June 30, 2024, the total number of shares is approximately 43.65 million, with 99.50% being tradable shares [8]. - The top two shareholders, Sun Zhiyong and Xu Bangshun, hold 20.86% and 20.25% of the shares, respectively [10][11]. Fund Utilization - The total investment for the projects funded by the bond issuance is approximately 876.45 million yuan, with the raised funds of 670 million yuan allocated to these projects [16].