作为知名的老牌经济型酒店连锁品牌，新三板上市公司——布丁酒店浙江股份有限公司（证 券名"ST布丁"，以下简称布丁酒店）将被摘牌退市。此前，因最近三个会计年度经审计的 期末净资产均为负值，该公司股票已于2025年4月30日起停牌。这家公司日前披露多则公告 称，股票自7月14日起复牌、进入摘牌整理期，摘牌整理期为10个交易日，将于2025年7月28 日终止挂牌。7月14日，"ST布丁"更名为"摘牌布丁"。 布丁酒店最早曾于今年1月发布停牌 公告，透露股票存在被强制终止挂牌的风险，并称"为消除终止挂牌风险，公司全力寻求合 作，筹措资金，以增加流动资金，提高利润水平，改善公司的持续经营能力。"然而并未达 到期望，6月底，该公司披露公司股票被终止挂牌的决定的公告称：终止挂牌后，该公司将 努力做好与股东的解释沟通工作，妥善解决投资者诉求。布丁酒店有关知情人员对南都记者 透露，布丁酒店摘牌不会影响现有业务的正常运营。 南都记者在布丁酒店官方预订渠道及第三方平台搜索了解到，布丁酒店位于全国多地的经济房型多数在 80元~200元/晚，单间面积在20平米左右，一线城市（如北京、上海）黄金地段价格会超过200元/晚。 智尚酒店间夜 ...

Core Viewpoint - Pudding Hotel is facing potential delisting due to negative net assets over the last three fiscal years, highlighting significant financial distress and operational challenges in the economy hotel sector [2][3][5]. Company Summary - Pudding Hotel, established in 2006, operates a range of economy and mid-range hotel brands, including Pudding, Pudding Select, and Zhishang [3]. - The company was listed on the New Third Board in 2016 as the "first internet hotel brand stock" but has since faced financial difficulties, leading to a change in its stock name to "ST Pudding" due to negative net assets in 2022 [3][5]. - Financial data shows that Pudding Hotel's revenue fluctuated from 185 million yuan in 2022 to 239 million yuan in 2024, with net profits of -81.31 million yuan in 2022 and -15.14 million yuan in 2024 [4][5]. - As of the end of 2024, the company reported total assets of 388 million yuan and total liabilities of 404 million yuan, resulting in a debt ratio of 104.01%, indicating insolvency [6]. Industry Summary - The economy hotel market in China is undergoing significant changes, with the segment still representing about 80% of the total hotel count but declining in proportion from 61% in 2019 to 55% in 2023 [8][9]. - Major players in the economy hotel sector include Jinjiang, Huazhu, and Shoulv Rujia, which together hold nearly 38% market share, intensifying competition for smaller brands like Pudding Hotel [9]. - The industry is experiencing a shift towards mid-range offerings, and Pudding Hotel is attempting to adapt by promoting its mid-range "Zhishang" brand and enhancing product offerings [9].

Key Points - The company, Nanshan Zhishang Technology Co., Ltd., has issued convertible bonds totaling 6,995,800 units, with a net fundraising amount of approximately RMB 691.99 million after deducting related expenses [1][2] - The initial conversion price for the bonds was set at RMB 12.33 per share, which was later adjusted to RMB 12.17 due to profit distribution in 2022 [2][3] - A further downward adjustment of the conversion price to RMB 9.52 per share will take effect on May 29, 2024, following a decline in the stock price [3][4] - The bonds are subject to conditional redemption, which was triggered as the stock price exceeded 130% of the conversion price for at least 15 trading days [4][6] - The redemption price for the bonds is set at RMB 100.38 per unit, including accrued interest, with the redemption date scheduled for March 26, 2025 [7][8] - As of March 25, 2025, there were 10,400 units of the convertible bonds remaining unconverted, with a total redemption payment of approximately RMB 1.04 million [8][9] - The total number of shares increased by 74,705,856 due to the conversion of the bonds, which may dilute the earnings per share in the short term [9]

不过，硬币的另一方面是，出现上述现象的背景是，近几个月来可转债市场总体表现强劲，使得可转债更容易触及有条件赎回条款。 多只可转债拟强赎 近日，科华数据发布关于提前赎回"科数转债"的公告。公告称，自2025年2月12日至2025年3月5日期间，公司股票已有15个交易日的收盘价格不低于"科数转 债"当期转股价格27.65元/股的130%（即35.95元/股）。根据《募集说明书》的规定，已触发"科数转债"的有条件赎回条款。2025年3月5日，公司第九届董事 会第二十三次会议审议通过了《关于提前赎回"科数转债"的议案》，结合当前市场及公司自身情况，公司决定行使"科数转债"的提前赎回权利。根据安排， 截至2025年4月15日收市后仍未转股的"科数转债"，将按照100.32元/张的价格强制赎回。 无独有偶，南山智尚近日也发布公告称，自2025年2月11日至2025年3月4日，公司股票价格已满足在连续30个交易日中至少15个交易日的收盘价不低于"智尚 转债"当期转股价格（9.35元/股）的130%（即12.16元/股），已触发《募集说明书》中的有条件赎回条款。经过综合考虑，公司董事会同意公司行使"智尚转 债"的提前赎回权利 ...

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