1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, most convertible bond issuers saw revenue growth compared to the previous year, with profits showing some divergence. Amid the bullish equity market since April, investors should focus on low - price and equity - biased convertible bonds with excellent or improving performance and high - quality underlying stocks [1][3][8]. 3. Summary According to the Table of Contents 3.1 2025H1 Convertible Bond Performance Overview - Revenue: By August 30, 61.7% of convertible bond issuers had year - on - year revenue growth, mainly in the (0, 30%] range. In Q2 2025, 77.5% had quarter - on - quarter revenue growth, also concentrated in the (0, 30%] range [8][9]. - Profit: 50.2% of convertible bond issuers had year - on - year growth in net profit attributable to shareholders, with significant differences in performance. In Q2 2025, 53.3% had quarter - on - quarter growth, and the industries with the most issuers having a quarter - on - quarter growth rate of over 100% were electronics, building decoration, and power equipment [8][9]. 3.2 Industries and Convertible Bond Issues with Outstanding Performance 3.2.1 Year - on - Year Dimension - Industry: In terms of revenue, agriculture, forestry, animal husbandry and fishery, non - bank finance, and electronics led; in terms of performance, agriculture, forestry, animal husbandry and fishery, building materials, and media had the highest year - on - year growth rates. The agriculture, forestry, animal husbandry and fishery industry achieved a significant turnaround in performance, with the net profit attributable to shareholders increasing by 6799.93% year - on - year [15]. - Convertible Bond Issues: Huahong Convertible Bond, Wanqing Convertible Bond, Jingrui Convertible Bond, Jingrui Convertible Bond 2, and Muyuan Convertible Bond had the top four year - on - year growth rates in net profit attributable to shareholders in H1 2025 [23]. 3.2.2 Quarter - on - Quarter Dimension - Industry: In terms of revenue, communication, building materials, and non - bank finance led; in terms of performance, building materials, social services, and communication had the highest quarter - on - quarter growth rates in Q2 2025. Some industries such as building materials showed signs of bottoming out and reversing [26]. - Convertible Bond Issues: Jiaojian Convertible Bond, Hengfeng Convertible Bond, Huayang Convertible Bond, Aojia Convertible Bond, and Tianchuang Convertible Bond had the top five quarter - on - quarter growth rates in net profit attributable to shareholders in Q2 2025 [35]. 3.3 Industries and Convertible Bond Issues with Significant Performance Improvement 3.3.1 Industries and Issues with Year - on - Year Turnaround from Loss to Profit - Industries: Agriculture, forestry, animal husbandry and fishery, medicine, and electronics had the most issuers turning around from loss to profit year - on - year. Representative issues include Shanbo Convertible Bond, Tianchuang Convertible Bond, and Jingrui Convertible Bond [38]. 3.3.2 Industries and Issues with Quarter - on - Quarter Turnaround from Loss to Profit - Industries: Power equipment, computer, and construction industries had the most issuers turning around from loss to profit quarter - on - quarter. Representative issues include Jiaojian Convertible Bond, Jidong Convertible Bond, and Like Convertible Bond [45]. 3.3.3 Industries and Issues with Year - on - Year Reduction in Losses - Industries: Computer, power equipment, and building decoration industries had the most issuers with reduced losses year - on - year. Representative issues include Shuangliang Convertible Bond and Xinfu Convertible Bond [50]. 3.3.4 Industries and Issues with Quarter - on - Quarter Reduction in Losses - Industries: Power equipment, computer, and medicine industries had the most issuers with reduced losses quarter - on - quarter. Representative issues include Tong 22 Convertible Bond, Long 22 Convertible Bond, and Shanshi Convertible Bond [56]. 3.4 Convertible Bonds Worth Attention in the Bullish Equity Market 3.4.1 Convertible Bonds in the Excellent Performance Sector - Five convertible bonds, including Muyuan Convertible Bond, Daotong Convertible Bond, Zhongchong Convertible Bond 2, Weice Convertible Bond, and Anji Convertible Bond, were selected based on certain criteria [61]. 3.4.2 Convertible Bonds with Improving Performance - Four convertible bonds, including Liang 22 Convertible Bond, Site Convertible Bond, Chutian Convertible Bond, and Li'ang Convertible Bond, are recommended for continuous attention [63].

证券代码：300655 证券简称：晶瑞电材 公告编号：2025-091 债券代码：123031 债券简称：晶瑞转债 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 关于"晶瑞转债"转股数额累计达到转股前 公司已发行股份总额 10%的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 学股份有限公司，以下简称"公司"）于2019年公开发行的可转换公司债券"晶瑞 转债"（债券代码：123031，以下简称"可转债"）累计转股数量为19,964,976股， 占可转债开始转股前公司已发行股份总额151,375,222股的13.19%。 公司可转债发行总量1,850,000张的3.35%。 一、"晶瑞转债"基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可[2019]687号"文核准，公司于2019 年8月29日向社会公开发行185万张可转换公司债券，每张面值100元，发行总额 （二）可转债上市情况 经深圳证券交易所（以下简称"深交所"）"深证上[2019]580号"文同意， 公司18,500万元可转换公司债券已于20 ...

证券代码：300655 证券简称：晶瑞电材 公告编号：2025-090 债券代码：123031 债券简称：晶瑞转债 特别提示： 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 关于"晶瑞转债"到期兑付及摘牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 "晶 瑞转债"持有人仍可以依据约定的条件，将"晶瑞转债"转换为公司股票，目 前转股价格为3.79元/股。 一、"晶瑞转债"基本情况 经中国证券监督管理委员会（以下简称"中国证监会"） "证监许可[2019]687 号"文核准，晶瑞电子材料股份有限公司（原名苏州晶瑞化学股份有限公司，以 下简称"公司"）于2019年8月29日向社会公开发行185万张可转换公司债券，每 张面值100元，发行总额18,500万元，存续期限6年。 经深圳证券交易所（以下简称"深交所"）"深证上[2019]580号"文同意， 公司18,500万元可转换公司债券已于2019年9月26日起在深交所挂牌交易，债券 简称"晶瑞转债"，债券代码"123031"。 根据相关法律法规和《苏州晶瑞化学股份有限公司创业板公开 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 次赎回完成后，"晶瑞转债"将在深圳证券交易所摘牌。特此提醒"晶瑞转债" 持有人注意在转股期内转股。 "晶 瑞转债"持有人仍可以依据约定的条件，将"晶瑞转债"转换为公司股票，目 前转股价格为3.79元/股。 证券代码：300655 证券简称：晶瑞电材 公告编号：2025-076 债券代码：123031 债券简称：晶瑞转债 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 关于"晶瑞转债"即将到期及停止交易的第五次提示性公告 根据《募集说明书》的约定，在本次发行的可转换公司债券期满后五个交易 日内，公司将按债券面值的111%（含最后一期利息）的价格赎回未转股的可转 换公司债券。 "晶瑞转债"到期合计兑付111元人民币/张（含税及最后一期利息）。 三、"晶瑞转债"停止交易相关事项说明 根据《深圳证券交易所上市公司自律监管指引第15号——可转换公司债券》 规定，上市公司在可转债转股期结束的20个交易日前应当至少发布3次提示性公 告，提醒投资者可转债将在转股期结束前的3个交易日停止交易或者 ...

Core Viewpoint - The article highlights the significant reduction in the number of convertible bonds priced below 100 yuan, with only one bond, Zhongzhuang Convertible Bond 2, trading at 99.4 yuan before its adjustment, indicating a shift in the market dynamics of convertible bonds [1]. Summary by Sections Recent Developments in Convertible Bonds - Zhongzhuang Convertible Bond 2 has undergone a downward adjustment, with its conversion value exceeding 102 yuan, leading to no convertible bonds priced below 100 yuan in the market [1]. - The article lists several convertible bonds with important announcements, including Titan Convertible Bond (not subject to forced redemption) and Zhongzhuang Convertible Bond (adjustment announcement) [2]. Convertible Bond Market Overview - The article provides a table summarizing various convertible bonds, including their current prices, forced redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [4]. - Notable convertible bonds include: - Lian De Convertible Bond priced at 139.299 yuan with a conversion value of 140.93 yuan [4]. - Yong An Convertible Bond priced at 152.289 yuan with a conversion value of 153.66 yuan [4]. - Z Qilu Convertible Bond priced at 122.209 yuan with a conversion value of 122.20 yuan [4]. Shareholder Actions - Shareholders of Liyang Chip and Xingrui Technology plan to collectively reduce their holdings by no more than 3.94% and 1.67% of the company's shares, respectively [3]. Additional Information - The article mentions the renaming of Jidong Cement's securities to "Jinyu Jidong" [3]. - It also includes a list of convertible bonds that are not subject to downward adjustments, such as Hongtu Convertible Bond and Heda Convertible Bond [3].

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]

证券代码：300655 证券简称：晶瑞电材 公告编号：2025-074 债券代码：123031 债券简称：晶瑞转债 瑞转债"持有人仍可以依据约定的条件，将"晶瑞转债"转换为公司股票，目 前转股价格为3.79元/股。 一、可转债上市发行情况 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 关于"晶瑞转债"即将到期及停止交易的第四次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 次赎回完成后，"晶瑞转债"将在深圳证券交易所摘牌。特此提醒"晶瑞转债" 持有人注意在转股期内转股。 "晶 根据《深圳证券交易所上市公司自律监管指引第15号——可转换公司债券》 规定，上市公司在可转债转股期结束的20个交易日前应当至少发布3次提示性公 告，提醒投资者可转债将在转股期结束前的3个交易日停止交易或者转让的事项。 "晶瑞转债"到期日为2025年8月28日，根据上述规定，最后一个交易日为 于2025年8月26日开始停止交易。 在停止交易后、转股期结束前（即2025年8月26日至2025年8月28日），"晶 瑞转债"持有人仍可以依据约定的 ...

Group 1 - Fangyuan Co. plans to reduce its repurchased shares by 3,320,000 shares, which accounts for 0.65% of the total share capital, to supplement its working capital [1] - Kangtai Medical's shareholders intend to reduce their holdings by no more than 3.59% of the company's shares [1] - Zhigao Machinery is listed for new share subscription on the Beijing Stock Exchange [1] Group 2 - Convertible bond data includes various bonds with their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][4][6] - Notable convertible bonds include Beilu Convertible Bond with a current price of 133.000 and a conversion value of 134.90, and Zte Convertible Bond with a current price of 163.100 and a conversion value of 164.90 [2] - The remaining scale of several convertible bonds varies, with some having a significant proportion of the underlying stock, such as Hongfeng Convertible Bond at 7.95% [6]

Group 1 - The board meeting of Crystal Ray Electronic Materials Co., Ltd. was held on July 30, 2025, combining both remote and in-person attendance [1][2] - All nine directors attended the meeting, and the meeting was convened by Chairman Li Xuan, complying with legal and regulatory requirements [1][2] - The board unanimously agreed to waive the notice period for the meeting, with the notice sent out on July 28, 2025 [1] Group 2 - The board's decision regarding the announcement on not adjusting the conversion price of "Crystal Ray Convertible Bond 2" was disclosed on July 31, 2025 [1]

"晶 证券代码：300655 证券简称：晶瑞电材 公告编号：2025-071 债券代码：123031 债券简称：晶瑞转债 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 关于"晶瑞转债"即将到期及停止交易的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 次赎回完成后，"晶瑞转债"将在深圳证券交易所摘牌。特此提醒"晶瑞转债" 持有人注意在转股期内转股。 三、"晶瑞转债"停止交易相关事项说明 根据《深圳证券交易所上市公司自律监管指引第15号——可转换公司债券》 规定，上市公司在可转债转股期结束的20个交易日前应当至少发布3次提示性公 告，提醒投资者可转债将在转股期结束前的3个交易日停止交易或者转让的事项。 瑞转债"持有人仍可以依据约定的条件，将"晶瑞转债"转换为公司股票，目 前转股价格为3.79元/股。 一、可转债上市发行情况 经中国证券监督管理委员会（以下简称"中国证监会"） "证监许可[2019]687 号"文核准，晶瑞电子材料股份有限公司（原名苏州晶瑞化学股份有限公司，以 下简称"公司"）于2019年8月 ...