Core Viewpoint - The announcement provides details on the conversion results of the "Xingqiu Convertible Bonds" and the changes in share capital of Nantong Xingqiu Graphite Co., Ltd, highlighting the limited conversion activity and the remaining unconverted bonds. Group 1: Convertible Bond Conversion Situation - The "Xingqiu Convertible Bonds" entered the conversion period on February 5, 2024, with a total of RMB 0.40 million converted into company shares from October 1, 2025, to December 31, 2025, resulting in 172 shares [2] - As of December 31, 2025, a total of RMB 16.90 million has been converted into company shares, amounting to 7,194 shares, which represents 0.005% of the company's total issued shares before conversion [2] - The amount of unconverted convertible bonds as of December 31, 2025, is RMB 61,983.10 million, accounting for 99.973% of the total issuance [2] Group 2: Convertible Bond Issuance Overview - The company issued 6.20 million convertible bonds with a total value of RMB 62,000.00 million, with a maturity period of six years from July 31, 2023, to July 30, 2029 [3] - The initial conversion price was set at RMB 33.12 per share, which has been adjusted to RMB 23.14 per share as of the announcement date [3] - The bonds were listed on the Shanghai Stock Exchange on August 22, 2023, under the name "Xingqiu Convertible Bonds" with the code "118041" [3] Group 3: Conversion Price Adjustments - The conversion price was adjusted to RMB 33.04 per share on January 27, 2024, due to the completion of the first vesting period of the restricted stock incentive plan [4] - Following the annual profit distribution for 2023, the conversion price was further adjusted to RMB 23.31 per share on June 7, 2024 [4] - The conversion price was adjusted again to RMB 23.39 per share on September 10, 2024, and to RMB 23.49 per share on June 25, 2025, due to the completion of additional stock repurchase activities [5][6]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - 2026 Q1 may see an increase in convertible bond calls, but high - parity convertible bond valuations are at historical highs. High valuations do not guarantee post - call valuation maintenance, and the pressure on convertible bond prices before and after the call is relatively large. It is recommended to take profit before the call or stop loss in a timely manner after the call based on market conditions [3][7]. - The overall trend of convertible bond valuations is likely to be high - level oscillations, with a possibility of short - term foaming. In January 2026, institutional demand for configuration will support valuations, and if the equity market performs better than expected, valuations may foam [28]. - In December 2025, the convertible bond market oscillated upward, with both convertible bonds and underlying stocks performing strongly, and valuations oscillated and increased. The trading volume of the convertible bond and equity markets decreased, but margin trading funds showed a strengthening trend [48][56]. - The issuance of new convertible bonds slightly increased in December 2025, and the number of new issuance plans continued to rise. The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased, with obvious reductions by insurance funds [3][62]. 3. Summary According to Relevant Catalogs 3.1 Historical Facts and Changes before and after Convertible Bond Calls - **Before the Call Announcement** - High market valuations do not guarantee post - call valuation maintenance. After the call, the valuation compresses to near 0%, and the compression process is basically completed before the call announcement [3][8]. - The strength of the underlying stock before the call can partially offset the compression of convertible bond valuations, but when valuations are high, the pressure on convertible bond prices before the call is still relatively large [3]. - The decline before the call mainly occurs within T - 10 days, and the day of the highest price is advancing [3][16]. - **After the Call Announcement** - In most months, convertible bond prices continue to decline after the call announcement, but in some months with a strong equity market, prices rebound [3][20]. - There is generally a decline of varying degrees on T - day, and the months with price rebounds mainly show strength from T + 1 to T + 15 days [3][21]. - The stronger the equity market, the more delayed the appearance of the highest price [3][25]. 3.2 Valuation Outlook - The overall trend is high - level oscillations, with a possibility of short - term foaming. In December 2025, valuations oscillated upward. As of December 31, 2025, the 100 - yuan par - value fitted conversion premium rate was 34.04%, up 2.50 pct from the end of November, reaching the highest level since 2019 [28]. 3.3 Key Focused Convertible Bonds - From December 1 to December 31, 2025, the convertible bond portfolio rose 3.84%, outperforming the benchmark index by 1.70 pct. Huayi and Xingqiu had obvious increases [41]. - The "Huachuang Convertible Bond" January key - focused portfolio is adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Ziyin, Qingnong, Zhongyin, and Xingye [43]. 3.4 Market Review - **Market Performance** - In December 2025, the convertible bond market oscillated upward, with a strong performance in the second half of the month. Most sectors of the convertible bond market rose, and technology - related concepts declined. The science and technology and manufacturing sectors showed significant increases, and the cyclical sector also performed well [48][50]. - **Fund Performance** - The trading volume of the convertible bond and equity markets decreased slightly. From December 1 to December 31, 2025, the average daily trading volume of CSI Convertible Bonds was 63.803 billion yuan, a 1.27% decrease from November, and the average daily trading volume of Wind All - A was 1.880842 trillion yuan, a 1.76% decrease from November [56]. - Margin trading funds oscillated and strengthened. As of December 31, 2025, the balance of margin trading in the Shanghai and Shenzhen Stock Exchanges was approximately 2.53 trillion yuan, an increase of 66.664 billion yuan from the end of November. Most industries received net margin purchases [60]. 3.5 Supply and Demand Situation - **New Bond Issuance and Listing** - In December 2025, 7 convertible bonds were issued, with a total scale of 5.494 billion yuan, and 5 new convertible bonds were listed, with a total scale of 3.005 billion yuan. The online new - bond issuance subscription scale increased, with an average effective subscription amount of 8.85 trillion yuan, a 2.61% increase month - on - month [62]. - **Expected Issuance Scale and New Plans** - The total expected issuance scale is approximately 122.663 billion yuan. As of December 31, 2025, 7 listed companies obtained convertible bond issuance approvals, with a planned issuance scale of 8.583 billion yuan; 6 companies' convertible bond issuances passed the review committee, waiting for approvals, with a total scale of 3.361 billion yuan. In December, 6 new board plans were added, with a total scale of approximately 77.9 billion yuan [65]. - **Holder Scale Changes** - The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased. In December 2025, the total par value of convertible bonds held by the two exchanges was 552.692 billion yuan, a decrease of 6.144 billion yuan from November, a 1.10% decline. The scale of public funds increased, while the scale of enterprise annuities decreased [83][87].

Core Viewpoint - The announcement details the conversion results of the "Xingqiu Convertible Bonds" and the changes in share capital of Nantong Xingqiu Graphite Co., Ltd, highlighting the limited conversion activity and the remaining unconverted bonds [2][7]. Summary by Sections Convertible Bond Issuance Overview - The company issued 6.2 million convertible bonds on July 31, 2023, with a total value of RMB 620 million, each with a face value of RMB 100 [3]. - The bonds have a maturity period of six years, from July 31, 2023, to July 30, 2029 [3]. - The initial conversion price was set at RMB 33.12 per share, which has been adjusted to RMB 23.14 per share as of the announcement date [3]. Conversion Situation - From July 1 to September 30, 2025, RMB 150,000 was converted into company shares, resulting in 6,387 shares [2][7]. - As of September 30, 2025, a total of RMB 165,000 has been converted, equating to 7,022 shares, which is 0.00489% of the company's total shares before conversion [2][7]. - The remaining unconverted bonds amount to RMB 6,198.35 million, representing 99.97339% of the total issuance [2][7]. Share Capital Changes - The announcement includes details on the adjustments to the conversion price due to various corporate actions, including stock incentive plans and annual profit distributions [4][5][6].

Group 1 - The China Convertible Bond Index opened up 0.13% on September 4, reaching 470.37 points [1] - Yiwei Convertible Bond increased by 3.80%, Jingxing Convertible Bond rose by 2.95%, and Xingqiu Convertible Bond gained nearly 2.90% [1] - Xuelong Convertible Bond decreased by 3.68%, Qianglian Convertible Bond fell by 2.45%, and Liyang Convertible Bond dropped by 1.35% [1]

Core Viewpoint - The company announces the third reminder regarding the optional redemption of its convertible bonds, "星球转债," allowing bondholders to sell their bonds back to the company at a specified price during a designated period [1][2]. Redemption Terms - Redemption Price: 100.02 RMB per bond (including current interest) [2][9] - Redemption Period: From August 6, 2025, to August 12, 2025 [4][9] - Payment Date for Redemption Funds: August 15, 2025 [4][9] - During the redemption period, the "星球转债" will stop conversion into shares [4][11]. Interest Payment Details - The company has paid interest for the period from July 31, 2024, to July 30, 2025, at a rate of 0.40%, resulting in an interest amount of 0.40 RMB per bond [5]. - The interest for the third year (July 31, 2025, to July 30, 2026) is set at 1.00%, with an estimated interest of approximately 0.02 RMB per bond for the redemption period [5]. Redemption Process - Bondholders can choose to redeem part or all of their unconverted bonds, and the redemption is not mandatory [6]. - The redemption application must be submitted through the Shanghai Stock Exchange trading system during the specified period [7][9]. Trading During Redemption - "星球转债" will continue to trade during the redemption period but will not allow conversion into shares [11]. - If the total face value of the convertible bonds in circulation falls below 30 million RMB due to redemptions, trading will continue until the end of the redemption period, after which the company will issue a relevant announcement [11].

Group 1 - The stock price of Planet Graphite closed at 28.50 yuan on August 7, 2025, down 0.56% from the previous trading day, with a trading volume of 12,795 hands and a transaction amount of 0.37 billion yuan [1] - Planet Graphite operates in the specialized equipment manufacturing industry, focusing on the research, production, and sales of graphite materials, primarily used in renewable energy sectors such as photovoltaics, semiconductors, and lithium batteries [1] - On the evening of August 7, Planet Graphite announced the third reminder regarding the optional redemption of "Planet Convertible Bonds," stating that if bondholders choose to redeem, it will be executed at a price of 100.02 yuan per bond, while the current market price of the bonds is higher than the redemption price, indicating potential losses for those opting for redemption [1] Group 2 - On the same day, the net outflow of main funds was 7.0243 million yuan, with a cumulative net outflow of 19.7779 million yuan over the past five trading days [2]

Group 1: New Stock Issuances - China Heavy Industry (601989) has a cash option declaration period from August 13, 2025[1] - China Shipbuilding (600150) has a buyback request period from August 13 to August 15, 2025[1] - Shenkai Co. (002633) has a tender offer period from July 29 to August 27, 2025[1] Group 2: Tender Offers and Mergers - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12 to September 10, 2025[1] - China Heavy Industry (601989) is involved in an absorption merger[1] Group 3: Abnormal Fluctuations - Tianlu Convertible Bond (110060) reported severe abnormal fluctuations on July 30, 2025[2] - Henghe Precision (300539) reported abnormal fluctuations on July 29, 2025[2] - ST Suwu (600200) reported abnormal fluctuations on August 6, 2025[2]

Core Points - The company announces the second reminder regarding the optional redemption of "Star Planet Convertible Bonds" [1] - The redemption price is set at 100.02 RMB per bond, including the current interest [2][4] - The redemption period is from August 6, 2025, to August 12, 2025, with funds to be disbursed on August 15, 2025 [4][9] Redemption Terms - Holders of the convertible bonds have the right to redeem their bonds at the specified price if there are significant changes in the implementation of the fundraising projects compared to the commitments made in the prospectus [2][6] - The current interest for the bonds is calculated based on a formula that considers the principal amount, interest rate, and the number of days [3] - The interest rate for the third year is set at 1.00%, leading to a calculated interest of approximately 0.02 RMB per bond for the redemption period [5] Redemption Process - Bondholders can choose to redeem part or all of their unconverted bonds, and the redemption is not mandatory [6] - The redemption application must be submitted through the Shanghai Stock Exchange trading system during the specified period [7][9] - If the total face value of the bonds in circulation falls below 30 million RMB after the redemption, the bonds will continue to trade until the end of the redemption period [11]

Core Points - The company announced the first notice regarding the optional redemption of "Xingqiu Convertible Bonds" [1] - The redemption price is set at 100.02 RMB per bond, including the current interest [2] - The redemption period is from August 6, 2025, to August 12, 2025 [2] - The payment date for the redeemed bonds is August 15, 2025 [2] - During the redemption period, the "Xingqiu Convertible Bonds" will stop converting into shares [2] - The redemption is not mandatory for bondholders [2] Redemption Terms - Bondholders have the right to redeem all or part of their unconverted bonds at the specified price [6] - The redemption price includes accrued interest calculated based on the formula provided [3] - The company has already paid interest for the period from July 31, 2024, to July 30, 2025, at a rate of 0.40% [5] - The interest for the next period (July 31, 2025, to July 30, 2026) is set at 1.00% [5] Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period [7] - If a request is not successful on the first day, bondholders can continue to submit requests on subsequent days within the redemption period [8] - The company will announce the results of the redemption and its impact after the redemption period ends [10] Trading During Redemption - The "Xingqiu Convertible Bonds" will continue to trade during the redemption period but will not allow conversion into shares [11] - If the total market value of the bonds falls below 30 million RMB due to redemptions, trading will continue until the end of the redemption period [11]

New Stock Issuance - Guangdong JianKe issued new shares at a price of 6.56 on August 1, 2025[1] - ShenKe Co., Ltd. has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] Market Alerts - ST Zitian reported significant abnormal fluctuations on July 21, 2025[1] - ST Suwu experienced abnormal fluctuations on July 30, 2025[1] - ST Xizang Tianlu reported significant abnormal fluctuations on August 1, 2025[1] Other Notable Announcements - Huaneng Electric's announcement was made on August 1, 2025, regarding its stock code 603063[1] - ST Sai Long's announcement was made on August 1, 2025, with stock code 002898[1] - ST Green Kang's announcement was made on July 31, 2025, with stock code 002868[1]