Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed's interest rate cut was confirmed this week, with the yield curve steepening rapidly. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market: Overall Decline with Most Industries Falling - This week (September 15 - 19), the equity market was significantly differentiated and overall declined. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the ChiNext Index rose 2.34%, and the CSI 300 fell 0.44%. The average daily trading volume of the two markets increased by about 196.154 billion yuan to 2.494834 trillion yuan, a week - on - week increase of 8.53% [7][9]. - Among the 31 Shenwan primary industries, 12 industries rose, with 5 industries rising more than 2%. Coal, power equipment, electronics, automobiles, and machinery had the highest increases [14]. 1.2 Convertible Bond Market: Overall Decline with Most Industries Falling - The CSI Convertible Bond Index fell 1.55%. Among the 29 Shenwan primary industries, 3 industries rose, with 1 industry rising more than 2%. Communication, national defense and military industry, and automobiles had the highest increases [15]. - The average daily trading volume of the convertible bond market was 9.0635 billion yuan, a significant increase of 364.4 million yuan, a week - on - week change of 4.19%. The top ten convertible bonds in terms of trading volume were Jingxing Convertible Bond, Jing 23 Convertible Bond, etc. [15]. - About 18.29% of individual convertible bonds rose, with 6.48% rising between 0 - 1% and 9.26% rising more than 2% [15]. - The overall market conversion premium rate increased. The average daily conversion premium rate this week was 37.17%, up 1.07 pcts from last week. There were different changes in different price and parity intervals [23]. 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weighted average and median weekly returns of convertible bonds and underlying stocks were negative, and the convertible bonds had a larger weekly decline. The trading volume of both markets increased significantly, with the convertible bond trading volume having a larger increase but a lower percentile level [37]. - About 18.88% of convertible bonds rose, and about 31.65% of underlying stocks rose. About 43.85% of convertible bonds had a higher return than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [37]. 2. Outlook and Investment Strategy - Overseas, the Fed's interest rate cut was confirmed. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41].

Meeting Overview - The company is holding its second extraordinary general meeting of shareholders in 2025 on September 15 [2] - The meeting aims to ensure the normal order and efficiency of discussions while protecting the legal rights of all shareholders [3] Agenda Items - The meeting will discuss ten proposals, including five ordinary and five special resolutions [5] - Key proposals include the stock option incentive plan for 2025, employee stock ownership plan, and amendments to the company's articles of association [6][9] Stock Option Incentive Plan - The company has proposed a stock option incentive plan for 2025 to attract and retain talent, aligning the interests of shareholders, the company, and employees [10][11] - The plan includes a management assessment method to ensure its effective implementation [12] Employee Stock Ownership Plan - The company is also proposing an employee stock ownership plan for 2025 to enhance employee engagement and company competitiveness [17][18] - The plan aims to create a mechanism for shared risks and benefits among employees and shareholders [17] Governance Changes - The company plans to cancel its supervisory board, transferring its responsibilities to the audit committee of the board of directors [8] - Amendments to the company's articles of association will be made to reflect changes in governance structure and improve operational efficiency [8][9] Risk Management - The company intends to purchase liability insurance for directors and senior management to mitigate governance and operational risks [10]

Core Viewpoint - Guangxi Liuyuan Group Co., Ltd. is undergoing significant changes in its corporate governance structure, including a capital reduction, the cancellation of the supervisory board, and amendments to its articles of association to enhance governance efficiency and compliance with regulations [1][3][4]. Capital Change Summary - The company has approved a capital reduction from RMB 398,863,861 to RMB 397,168,905 due to the repurchase and cancellation of 1,695,050 restricted shares [2][4]. - The conversion of convertible bonds has resulted in a total of 94 shares being converted from the "Liuyuan Convertible Bonds" since their issuance [1]. Cancellation of Supervisory Board - The decision to cancel the supervisory board is based on the need to align corporate governance with regulatory requirements and the company's operational realities, with the audit committee of the board taking over its responsibilities [3][4]. - The supervisory board will continue to fulfill its duties until the shareholders' meeting approves the cancellation [3]. Amendments to Articles of Association - The articles of association will be comprehensively revised to reflect the changes in capital structure and the cancellation of the supervisory board, including the removal of references to the supervisory board and the strengthening of responsibilities for controlling shareholders and independent directors [4][5]. - Specific amendments include the unification of terms related to the shareholders' meeting and the removal of the supervisory board section, along with adjustments to enhance governance effectiveness [4][5]. Other Governance System Revisions - The company plans to revise and establish several governance systems to improve operational standards, which will require shareholder approval for certain amendments [4][5]. - The proposed changes include updates to the management of shares held by directors and senior management, which will take effect upon board approval for most items [4].

Group 1 - The company announced a share repurchase plan with a total expected amount between 100 million and 200 million RMB [1][2] - The repurchase period is set from July 25, 2025, to July 24, 2026 [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1] Group 2 - As of now, the company has repurchased a total of 544,500 shares, representing 0.14% of the total share capital [2] - The total amount spent on the repurchase so far is 9.9828 million RMB, with a price range of 18.29 to 18.36 RMB per share [2] - The company will continue to make repurchase decisions based on market conditions and will fulfill information disclosure obligations [2]

Summary of Key Points Core Viewpoint - The announcement provides an update on the conversion status of the "Liuyao Convertible Bonds" issued by Guangxi Liuyao Group Co., Ltd., highlighting the low conversion rate and the significant amount of unconverted bonds. Group 1: Convertible Bond Issuance Overview - The company issued 8,022,000 convertible bonds on January 16, 2020, with a total value of RMB 800.22 million and a maturity period of 6 years [1][2] - The initial conversion price was set at RMB 34.94 per share, which was later adjusted to RMB 21.18 per share due to a rights distribution plan [2] Group 2: Conversion Status - As of June 30, 2025, a total of RMB 321,000 worth of "Liuyao Convertible Bonds" has been converted into shares, representing 0.0400% of the total bonds issued [1][2] - The total number of shares converted is 13,180, which accounts for 0.0036% of the total shares before conversion [1][2] - The remaining unconverted bonds amount to RMB 801,879,000, which constitutes 99.9600% of the total bonds issued [1][2] Group 3: Share Capital Changes - The total number of shares before the conversion on March 31, 2025, was 398,863,861, which increased to 398,863,908 after the conversion on June 30, 2025 [3]

Group 1 - The company will suspend the conversion of "Liuyao Convertible Bonds" during the implementation of the 2024 profit distribution plan, specifically from May 22, 2025, until the equity registration date [1][2] - The profit distribution plan includes a cash dividend of 7.51 yuan (after tax) for every 10 shares held, based on the total share capital as of the equity registration date, excluding repurchased restricted shares [1][2] - The profit distribution plan was approved at the annual shareholders' meeting held on April 18, 2025, and details will be disclosed on the Shanghai Stock Exchange and designated media [1][2] Group 2 - After the implementation of the profit distribution, the company will adjust the conversion price of "Liuyao Convertible Bonds" according to the terms outlined in the bond issuance prospectus [1] - Holders of convertible bonds can convert their bonds until May 21, 2025, to enjoy the benefits of the profit distribution [2] - The resumption of bond conversion will occur on the first trading day following the equity registration date [2]

Core Viewpoint - The company plans to distribute a cash dividend of 0.751 RMB per share for the fiscal year 2024, based on the total share capital registered on the dividend distribution date [1][2]. Profit Distribution Plan - The proposed profit distribution plan is to distribute 7.51 RMB (including tax) for every 10 shares held, which translates to a cash dividend of 0.751 RMB per share [2]. - The total number of shares as of March 20, 2025, is 398,863,861, leading to a total cash dividend payout of approximately 299.55 million RMB [2]. - The company’s net profit attributable to shareholders for 2024 is reported at 854,872,384 RMB, with retained earnings at the end of 2024 amounting to 2,823,023,731.39 RMB [1][2]. Compliance and Risk Assessment - The company has confirmed that the profit distribution plan does not trigger any risk warnings as per the Shanghai Stock Exchange regulations, given that the net profit is positive and the retained earnings are also positive [2][3]. - The cumulative cash dividends over the last three fiscal years exceed 30% of the average net profit for the same period, ensuring compliance with regulatory requirements [2][3]. Decision-Making Process - The board of directors approved the profit distribution plan with a unanimous vote of 7 in favor, with no objections or abstentions, and it will be submitted for shareholder approval [3]. - The supervisory board supports the profit distribution plan, stating it considers the company's development stage, profitability, future funding needs, and investor expectations, ensuring it aligns with the company's cash dividend policy [3].

| 证券代码：603368 | 证券简称：柳药集团 公告编号：2025-015 | | --- | --- | | 转债代码：113563 | 转债简称：柳药转债 | 根据相关法律法规规定和《广西柳州医药股份有限公司公开发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的"柳药转债" 自 2020 年 7 月 22 日起可转换为公司股份，初始转股价格为 34.94 元/股。因公司实 施 2019 年度-2023 年度权益分派方案，并于 2024 年 4 月 24 日完成向特定对象发行 股票的股份登记手续，"柳药转债"的转股价格由 34.94 元/股调整为 21.93 元/股。具 体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的相关公告（公告编 号：2020-017、2020-055、2021-039、2022-033、2023-067、2024-034、2024-058）。 二、关于不向下修正转股价格的具体内容 广西柳药集团股份有限公司 关于不向下修正"柳药转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大 ...