Group 1 - The core viewpoint of the news is the performance and characteristics of Hengshuai Convertible Bonds, which are currently trading at 222.895 yuan per share with a conversion premium rate of 118.79% [1] - Hengshuai Convertible Bonds have a credit rating of "A+" and a maturity period of 6 years, with interest rates increasing from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for Hengshuai shares is set at 62.55 yuan, with the conversion period starting on December 5, 2025 [1] Group 2 - Hengshuai Co., Ltd. specializes in automotive micro-motors and related products, focusing on innovation and design to meet new regulatory and environmental demands [2] - For the first quarter of 2025, Hengshuai reported a revenue of 202.8 million yuan, a year-on-year decrease of 16.04%, and a net profit of 41.8 million yuan, down 35.48% year-on-year [2] - As of June 2025, Hengshuai has a highly concentrated shareholder structure with 8,995 shareholders, an average of 3,375 circulating shares per person, and an average holding amount of 189,700 yuan [2]

Group 1 - The core viewpoint of the news is the performance and characteristics of Hengshuai Convertible Bonds, which are currently trading at 221.0 yuan per share with a conversion premium rate of 112.02% [1] - Hengshuai Convertible Bonds have a credit rating of "A+" and a maturity period of 6 years, with interest rates increasing from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for Hengshuai Convertible Bonds is set at 62.55 yuan, with the conversion start date on December 5, 2025 [1] Group 2 - Hengshuai Co., Ltd. has focused on automotive micro-motors and related products for many years, adapting to the rapid development of the global automotive industry [2] - The company has invested in innovative design and advanced manufacturing processes, including self-made molds and automated assembly lines, to enhance product development and quality control [2] - For the first quarter of 2025, Hengshuai reported a revenue of 202.8 million yuan, a year-on-year decrease of 16.04%, and a net profit of 41.8 million yuan, down 35.48% year-on-year [2] - As of June 2025, Hengshuai's shareholder concentration is high, with 8,995 shareholders and an average holding of 3,375 shares per person, amounting to an average investment of 189,700 yuan [2]

New Stock Offerings - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - ST Zhongcheng (300208) has 14 trading days remaining until the last trading day[1] Delisting and Trading Reminders - ST Jinguang (600190) has 14 trading days remaining until the last trading day[1] - ST Jinguang B (900952) also has 14 trading days remaining until the last trading day[1] - Hengli Tui (000622) has 11 trading days remaining until the last trading day[1] Abnormal Fluctuations - Nord Shares (600110) reported severe abnormal fluctuations on June 27, 2025[1] - ST Wanfang (000638) reported abnormal fluctuations on June 26, 2025[3] - ST Bailin (002424) reported abnormal fluctuations on June 23, 2025[3]

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Yong'an Convertible Bond increased by 9.6%, while Huafeng Convertible Bond rose by 3.6% [1] - Several other convertible bonds, including Lianchuang, Xuelong, Quanfeng, and Hengshuai, saw gains exceeding 2% [1] Group 2 - Shouhua Convertible Bond decreased by 4.7%, and both Tianhao and Chuanheng Convertible Bonds fell by over 2% [1]

Group 1 - The announcement details the pledge of convertible bonds by the controlling shareholder and actual controller of Ningbo Hengshuai Co., Ltd. [1][2] - The total amount of convertible bonds pledged is 2,428,838 units, which accounts for 74.14% of the total convertible bonds held by the shareholders [1][2] - The controlling shareholder, Yu Guomei, pledged 585,130 units, representing 17.86% of her holdings, while Ningbo Hengshuai Investment Management Co., Ltd. pledged 1,755,389 units, representing 53.58% of its holdings [1][2] Group 2 - The company confirms that the pledged convertible bonds do not involve non-operating fund occupation, illegal guarantees, or related party transactions that could harm the company's interests [2] - The company asserts that the pledge risk is within a controllable range and will not adversely affect its production operations or governance [2] - The company will continue to monitor the situation regarding the pledged convertible bonds and fulfill its information disclosure obligations as required [2]

Core Viewpoint - The company announced that its controlling shareholder and actual controller have pledged a significant portion of its convertible bonds for personal financing purposes [1] Group 1: Pledge Details - The total number of pledged convertible bonds is 2.4288 million, which accounts for 74.14% of the company's total convertible bond balance [1] - The actual controller, Ms. Yu Guomei, pledged 585,100 bonds, representing 100% of her holdings in convertible bonds [1] - Ningbo Hengshuai Investment Management Co., Ltd. pledged 1.7554 million bonds, also representing 100% of its holdings [1] - Ningbo Yumi Equity Investment Management Partnership (Limited Partnership) pledged 88,318 bonds, which is 100% of its holdings [1] Group 2: Pledge Purpose and Creditor - The creditor for all pledged bonds is Tibet Trust Co., Ltd. [1] - The purpose of the pledge is for personal financing [1]

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View From June 16 to June 20, 2025, the convertible bond market slightly adjusted. The weekly change rate of the CSI Convertible Bond Index was -0.2%, and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the convertible bond market has outperformed the equity market. The current valuation level of convertible bonds is not low. Looking ahead, trade negotiations, fundamentals, and macro policies remain important influencing factors for the convertible bond market. Investors can continue to focus on convertible bonds with excellent performance in the underlying stocks in areas such as boosting domestic demand and domestic substitution [1][4]. 3. Summary by Directory Market Conditions - From June 16 to 20, 2025, the convertible bond market slightly adjusted. The weekly change rate of the CSI Convertible Bond Index was -0.2% (0% in the previous trading week), and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the CSI Convertible Bond Index has risen by +4.5%, and the CSI All-Share Index has risen by +0.1%, indicating that the convertible bond market has outperformed the equity market [1][4]. - By rating, high-rated bonds (AA+ and above), medium-rated bonds (AA), and low-rated bonds (AA- and below) had weekly change rates of -0.08%, -0.57%, and -0.27% respectively, with high-rated bonds having the smallest decline. By convertible bond size, large-scale convertible bonds (bond balance greater than 5 billion yuan), medium-scale convertible bonds (balance between 500 million and 5 billion yuan), and small-scale convertible bonds (balance less than 500 million yuan) had weekly change rates of -0.15%, -0.30%, and -0.44% respectively, with large-scale convertible bonds having the smallest decline. By conversion parity, ultra-high parity bonds (conversion value greater than 130 yuan), high parity bonds (conversion value between 110 and 130 yuan), medium parity bonds (conversion value between 90 and 110 yuan), low parity bonds (conversion value between 70 and 90 yuan), and ultra-low parity bonds (conversion value less than 70 yuan) had weekly change rates of -1.64%, -0.81%, -0.79%, +0.50%, and +0.10% respectively, with ultra-high parity bonds having the largest decline. By industry, the top 30 convertible bonds in terms of increase were mainly from the chemical (4) and electronics (4) industries; the top 30 convertible bonds in terms of decline were mainly from the chemical (6), non-ferrous metals (3), agriculture, forestry, animal husbandry, and fishery (3), and building decoration (3) industries [2]. Convertible Bond Valuation Level - As of June 13, 2025, there were 470 outstanding convertible bonds (472 at the end of last week), with a balance of 660.951 billion yuan (662.041 billion yuan at the end of last week). - The average convertible bond price was 120.82 yuan (121.63 yuan last week), and the quantile was 75.9% (81.0% last week). - The average convertible bond parity was 91.32 yuan (93.35 yuan last week), and the quantile was 50.7% (66.9% last week). - The average convertible bond conversion premium rate was 31.3% (30.0% last week), and the quantile was 63.2% (60.3% last week). Among them, the conversion premium rate of medium-parity convertible bonds (conversion value between 90 and 110 yuan) was 23.8% (24.3% last week), higher than the median conversion premium rate of medium-parity convertible bonds since 2018 (19.8%) [3]. Convertible Bond Performance and Allocation Direction - The convertible bond market slightly adjusted from June 16 to 20, 2025. The weekly change rate of the CSI Convertible Bond Index was -0.2%, and the CSI All-Share Index changed by -1.2%. Since the beginning of 2025, the convertible bond market has outperformed the equity market. The current valuation level of convertible bonds is not low. Looking ahead, trade negotiations, fundamentals, and macro policies remain important influencing factors for the convertible bond market. Investors can continue to focus on convertible bonds with excellent performance in the underlying stocks in areas such as boosting domestic demand and domestic substitution [4]. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include Hengshuai Convertible Bond, Jingrui Convertible Bond, Liande Convertible Bond, etc. The industries involved include automotive, chemical, electronics, etc. [22].

Core Viewpoint - The convertible bond of Hengshuai Co., Ltd. (300969) experienced significant trading activity upon listing, with a first-day increase of 57.3% and a total rise exceeding 100% over three trading days, despite the company's stock showing a decline during the same period [1][3]. Company Overview - Hengshuai Co., Ltd. primarily engages in the research, development, production, and sales of automotive micro-motor technology and related products, aiming to become a leading global supplier of automotive micro-motor technology solutions [3]. - The company has shown steady revenue growth from 2019 to 2024, with total revenues increasing from 331 million yuan in 2019 to an estimated 962 million yuan in 2024, and net profits rising from 65 million yuan to 214 million yuan during the same period [3]. Recent Developments - The company is actively exploring applications in the robotics sector, although it has not yet secured relevant orders. For the ADAS sensor cleaning system, while some projects have been initiated, the direct revenue contribution is minimal, projected to be less than 1% of total revenue in 2024 [2]. - Hengshuai Co., Ltd. has received batch project approvals for its ADAS cleaning system from clients such as Waymo and Meituan, with plans to establish an annual production capacity of 250,000 units, including some production in Thailand [4]. Market Context - The convertible bond market had experienced a period of inactivity prior to Hengshuai's bond listing, making it one of the strongest performing convertible bonds upon its debut this year [2]. - As of June 19, the price of Hengshuai's convertible bond reached 217.00 yuan per share, with a conversion premium of 140.83%, indicating strong market interest despite the underlying stock's performance [3].

Group 1 - The company issued a total of 327.59 million yuan in convertible bonds, with a maturity of 6 years and a face value of 100 yuan per bond [1][2] - The trading of the convertible bonds experienced significant price fluctuations, with a cumulative price increase exceeding 30% over two consecutive trading days [2][3] - The company confirmed that there are no undisclosed significant matters that could impact the trading price of the convertible bonds [3] Group 2 - The current conversion price for the bonds is set at 62.55 yuan per share, with a first-year coupon rate of 0.20% [2] - The company is exploring new markets such as humanoid robot motors and ADAS sensor cleaning systems, but current revenue from these products is minimal [2] - The company has not identified any undisclosed information that could significantly affect the trading price of the convertible bonds [3]

Core Viewpoint - The China Convertible Bond Index opened nearly flat, indicating a stable market environment for convertible bonds [1] Group 1: Market Performance - Hengshuai Convertible Bond and Jingda Convertible Bond both increased by over 5% [1] - Tianyang Convertible Bond and Mengsheng Convertible Bond rose by more than 3% [1] - Dongshi Convertible Bond declined by nearly 4%, while Beilu Convertible Bond fell by over 1% [1]