8月27日，振华转债盘中下跌2.33%报280.977元/张，成交额7005.47万元，转股溢价率21.94%。 资料显示，振华转债信用级别为"AA"，债券期限6年（本次发行的可转债票面利率为第一年0.20%、第 二年0.40%、第三年0.80%、第四年1.50%、第五年1.80%、第六年2.00%），对应正股名称为振华股份， 转股开始日为2025年1月20日，转股价8.2元。 资料显示，湖北振华化学股份有限公司(股票代码SH.603067)是目前全球范围内最具规模的铬盐上市企 业,公司维生素K3的生产能力位居全球前列。公司是高新技术企业,分别在湖北黄石、重庆潼南设有生产 基地,拥有"民众"、"楚高"两大业内知名品牌,公司综合竞争力全球领先。公司主要产品有重铬酸钠、重 铬酸钾、铬酸酐、氧化铬绿、碱式硫酸铬、精制元明粉、铬黄、金属铬、超细氢氧化铝及维生素K3 等。目前,公司正深度融入液流储能产业链,逐步开展在液流储能关键原材料领域的投资布局。 根据最新一期财务数据，2025年1月-6月，振华股份实现营业收入21.896亿元，同比增加10.17%；归属 净利润2.979亿元，同比增加23.62%；扣非净利润2.9 ...

Group 1 - The core viewpoint of the news is that Zhenhua Convertible Bonds experienced a decline in trading, with a current price of 255.144 yuan per bond and a trading volume of 1.25 billion yuan, reflecting a conversion premium rate of 19.69% [1] - Zhenhua Convertible Bonds have a credit rating of "AA" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bonds is set at 8.2 yuan, with the conversion period beginning on January 20, 2025 [1] Group 2 - Hubei Zhenhua Chemical Co., Ltd. is recognized as the largest listed chromium salt company globally, with significant production capacity in Vitamin K3 [2] - The company operates high-tech production bases in Huangshi, Hubei, and Tongnan, Chongqing, and has established well-known brands "Minzhong" and "Chugao" [2] - For the first half of 2025, Zhenhua achieved a revenue of 2.1896 billion yuan, a year-on-year increase of 10.17%, and a net profit attributable to shareholders of 297.9 million yuan, reflecting a year-on-year increase of 23.62% [2] - The concentration of shareholding is relatively high, with the top ten shareholders holding a combined 48.79% of shares, and the average holding amount per shareholder is 597,300 yuan [2]

Group 1 - The core viewpoint of the news is that Zhenhua Convertible Bonds have shown a price increase and a notable premium rate, indicating investor interest and market activity [1] - Zhenhua Convertible Bonds have a credit rating of "AA" and a maturity period of 6 years, with a structured coupon rate increasing over the years [1] - The conversion price for the bonds is set at 8.2 yuan, with the conversion period starting on January 20, 2025 [1] Group 2 - Hubei Zhenhua Chemical Co., Ltd. is recognized as the largest listed chromium salt company globally, with significant production capacity in Vitamin K3 [2] - The company operates high-tech production bases in Hubei and Chongqing, and it has established well-known brands in the industry [2] - For the first quarter of 2025, Zhenhua achieved a revenue of 1.0198 billion yuan, a year-on-year increase of 7.59%, and a net profit of 117.4 million yuan, reflecting a 37.27% increase [2] - The concentration of shareholding is relatively high, with the top ten shareholders holding 47.57% of the shares [2]

Summary of Key Points Core Viewpoint - The stock of Zhenhua Co., Ltd. has experienced a decline of 6.96% this week, closing at 14.44 yuan as of July 11, 2025, with significant events including an upcoming shareholder meeting and regulatory scrutiny on the general manager for short-term trading violations [1][3]. Company Announcements - Zhenhua Co., Ltd. will hold its first extraordinary general meeting on July 15, 2025, to discuss amendments to the company’s articles of association, including an increase in total share capital to 710,760,277 shares and a change in registered capital to 710,760,277 yuan [1][3]. - The general manager, Ke Yusheng, is under investigation by the Hubei Regulatory Bureau of the China Securities Regulatory Commission for suspected short-term trading of the company's stock, with his son involved in frequent trading activities amounting to 529,000 shares and a transaction value of 5,291,021.99 yuan [1]. - The Hubei Regulatory Bureau plans to issue a warning to Ke Yusheng and impose a fine of 100,000 yuan [1]. Financial Information - Zhenhua Co., Ltd.'s convertible bonds will pay the first-year interest on July 14, 2025, with a coupon amount of 0.20 yuan per bond with a face value of 100 yuan [2][3].

Company Overview - Hubei Zhenhua Chemical Co., Ltd. is currently the largest listed chromium salt company globally, with significant production capacity for Vitamin K3 [2] - The company operates high-tech enterprises with production bases in Huangshi, Hubei, and Tongnan, Chongqing, and owns well-known brands "Minzhong" and "Chugao" [2] - Zhenhua's main products include sodium dichromate, potassium dichromate, chromium trioxide, chromium oxide green, basic chromium sulfate, refined yellow powder, chromium yellow, metallic chromium, ultra-fine aluminum hydroxide, and Vitamin K3 [2] Financial Performance - For the period of January to March 2025, Zhenhua achieved a revenue of 1.0198 billion yuan, representing a year-on-year increase of 7.59% [2] - The net profit attributable to shareholders was 117.4 million yuan, reflecting a year-on-year increase of 37.27% [2] - The net profit after deducting non-recurring items was 114.9 million yuan, showing a year-on-year increase of 29.93% [2] Shareholder Structure - As of March 2025, the concentration of shares is relatively high, with the top ten shareholders holding a combined 47.57% of the shares [2] - The total number of shareholders is 18,590, with an average of 27,390 circulating shares per person and an average holding amount of 340,700 yuan [2] Convertible Bond Information - Zhenhua's convertible bond experienced a decline of 3.55%, trading at 198.886 yuan per bond, with a transaction volume of 104 million yuan and a conversion premium rate of 8.95% [1] - The convertible bond has a credit rating of "AA" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 8.2 yuan, with the conversion period starting on January 20, 2025 [1]

Core Viewpoint - The company, Hubei Zhenhua Chemical Co., Ltd., has maintained its credit rating of AA for both its corporate entity and its convertible bonds, with a stable outlook, as assessed by Zhongzheng Pengyuan Credit Rating Co., Ltd. [1][2] Group 1: Credit Rating Details - The previous credit rating results indicated that the company's corporate credit rating was AA and the credit rating for the convertible bonds, referred to as "Zhenhua Convertible Bonds," was also AA, with a stable outlook [1][2] - The current rating results show that the corporate credit rating remains AA and the credit rating for "Zhenhua Convertible Bonds" is still AA, with a stable outlook, indicating no change from the previous assessment [1][2]

Group 1 - The company, Hubei Zhenhua Chemical Co., Ltd., has issued convertible bonds totaling RMB 406.21 million, with a maturity of 6 years and a face value of RMB 100 per bond [3][4][19] - The bonds were approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission, with the first issuance date on August 2, 2024 [3][4] - The company reported a revenue of RMB 406,671.94 million for 2024, representing a year-on-year increase of 9.95%, and a net profit of RMB 47,287.64 million, up 27.53% from the previous year [19][20] Group 2 - The bonds have a tiered interest rate structure, starting at 0.20% in the first year and increasing to 2.00% in the sixth year [4][5] - The initial conversion price for the bonds is set at RMB 11.64 per share, with provisions for adjustments based on corporate actions such as stock dividends and capital increases [6][8] - The company has established a dedicated fund management system for the raised capital, ensuring compliance with regulatory requirements and protecting investor interests [20][21] Group 3 - The company’s total assets increased by 18.98% year-on-year, reaching RMB 505,580.73 million by the end of 2024 [20] - The company’s net assets attributable to shareholders rose by 12.59% to RMB 315,899.40 million [20] - The company is engaged in the production and sale of chromium chemicals and related products, including sodium dichromate and potassium dichromate [19]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to its 2024 profit distribution plan, which includes cash dividends and a capital increase through stock distribution [1][2][3] Group 1: Conversion Price Adjustment - The previous conversion price of "Zhenhua Convertible Bonds" was set at 11.64 CNY per share, which will be adjusted to 8.20 CNY per share [1][4] - The adjustment will take effect on June 24, 2025, following the company's profit distribution [1][5] - The adjustment is in accordance with the regulations outlined in the company's bond issuance prospectus [2][3] Group 2: Profit Distribution Plan - The company will distribute a cash dividend of 1.90 CNY per 10 shares (including tax) and will increase capital by distributing 4 additional shares for every 10 shares held [1][3] - The total share capital of the company is 509,023,802 shares, with 4,682,613 shares held in the repurchase account, resulting in 504,341,189 shares eligible for distribution [3][4] - The cash dividend per share is calculated to be 0.19 CNY, and the stock increase results in an additional 0.3963 shares per share [4]

Core Viewpoint - The company, Hubei Zhenhua Chemical Co., Ltd., has announced a rights distribution plan for the year 2024, which includes a cash dividend and a capital increase through stock distribution, affecting the convertible bonds during the distribution period [3][4]. Group 1: Rights Distribution Plan - The rights distribution plan involves a cash dividend of 1.90 yuan per 10 shares (tax included) and a capital increase of 4 shares for every 10 shares held [3]. - The plan was approved at the company's annual shareholders' meeting on May 19, 2025, and details were disclosed in previous announcements [3]. Group 2: Convertible Bonds and Trading Suspension - The convertible bonds "Zhenhua Convertible Bonds" (bond code: 113687) will suspend conversion from June 17, 2025, until the rights distribution registration date [2][4]. - The company will announce the adjustment of the conversion price for the convertible bonds following the rights distribution implementation on June 18, 2025 [4].

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Tianyang Convertible Bond and Lidao Convertible Bond increased by nearly 5% [1] - Jiahe Convertible Bond rose by 4.6% [1] Group 2 - Zhenhua Convertible Bond decreased by 2.6% [1] - Aofei Convertible Bond fell by nearly 2% [1]