Core Points - The company did not distribute cash dividends or issue bonus shares during the reporting period [3] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5] - The company has made changes to some fundraising investment projects, reallocating 100.409 million yuan from the "Ningxia Quartz Crucible Phase II Project" to a new project, "Semiconductor Quartz Crucible Construction Project" [7] Financial Data - As of June 30, 2025, the remaining convertible bonds "Oujing Convertible Bonds" amounted to 4,693,063 units, with a total face value of 469.306 million yuan [5][6] - During the reporting period, 1,748 units of "Oujing Convertible Bonds" were converted, resulting in an increase of 4,155 shares [5] Important Matters - The company activated the additional repurchase clause for "Oujing Convertible Bonds" due to changes in some fundraising projects, allowing bondholders to exercise a one-time repurchase right [6] - The effective repurchase application quantity during the repurchase period was 30 units [6]

Core Viewpoint - The company, Inner Mongolia Oujing Technology Co., Ltd., is facing significant financial challenges, with projected net losses for the first half of 2025, primarily due to supply-demand imbalances in the photovoltaic industry and low product prices [1][2]. Financial Performance - The company expects a net loss of between 86 million yuan and 70 million yuan for the first half of 2025, compared to a loss of 125.75 million yuan in the same period last year [1]. - As of March 31, 2025, the company's debt-to-asset ratio was 52.13%, with total debts amounting to 846 million yuan and cash assets totaling 801 million yuan [2]. Credit Rating - The credit rating agency, Zhongzheng Pengyuan, has maintained the company's credit rating at AA- and the rating for its convertible bonds at AA-, while placing both ratings on a watch list [2][5]. - The balance of the "Oujing Convertible Bonds" as of July 23, 2025, was 469 million yuan, with a maturity date of November 23, 2029 [2]. Industry Context - The photovoltaic industry continues to experience supply-demand imbalances, which has adversely affected the company's production capacity utilization and pricing [1].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering the downward adjustment clause due to stock prices falling below 85% of the current conversion price [1][5]. Group 1: Convertible Bond Issuance and Listing - The company has issued 4,700,000 convertible bonds with a face value of RMB 47 million, approved by the China Securities Regulatory Commission [1]. - The convertible bonds will be listed on the Shenzhen Stock Exchange starting December 15, 2023, under the name "欧晶转债" and code "127098" [1]. Group 2: Conversion Period and Price Adjustment - The conversion period for the bonds is from May 30, 2024, to November 23, 2029, allowing bondholders to choose whether to convert their bonds into shares [2]. - The initial conversion price was set at RMB 45.91 per share, which was adjusted to RMB 44.71 per share after the company's 2023 annual equity distribution [2][3]. Group 3: Downward Adjustment Clause - The company has a clause that allows for the conversion price to be adjusted downward if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3][4]. - The board of directors has the authority to propose a downward adjustment, which must be approved by a two-thirds majority of the shareholders present at the meeting [4]. Group 4: Decision on Price Adjustment - The company decided not to adjust the conversion price on July 10, 2025, despite the stock price triggering the adjustment clause [5]. - If the adjustment clause is triggered again after October 13, 2025, the board will convene to decide on the adjustment [5].

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment due to stock price performance [1][2]. Group 1: Board Meeting and Decisions - The fourth board meeting of the company was held on July 10, 2025, via communication voting, with all 9 participating directors present [1]. - The board unanimously approved the proposal not to adjust the conversion price of the "Oujing Convertible Bonds" [2]. Group 2: Conversion Price Adjustment Details - From June 20, 2025, to July 10, 2025, the company's stock price closed below the current conversion price of 42.00 CNY per share for 15 trading days, triggering the adjustment clause [1]. - The board decided that if the adjustment conditions are triggered again from July 11, 2025, to October 12, 2025, they will also not propose a downward adjustment [1]. - The next period for potential adjustment will restart from October 13, 2025, and the board will reconvene to decide on any future adjustments if necessary [1].

Group 1 - The company issued 4,700,000 convertible bonds on November 24, 2023, with a term of 6 years, approved by the China Securities Regulatory Commission [1] - The convertible bonds will be listed on the Shenzhen Stock Exchange starting December 15, 2023, with a total value of 47 million yuan [1] - The conversion period for the bonds is from May 30, 2024, to November 23, 2029 [2] Group 2 - The initial conversion price of the bonds was set at 45.91 yuan per share, which was adjusted to 44.71 yuan per share on June 17, 2024, following a cash dividend distribution [2] - The conversion price was further revised to 42.00 yuan per share effective October 14, 2024, after approval from the board and shareholders [3] Group 3 - As of June 30, 2025, the remaining convertible bonds amounted to 4,693,063, with a total face value of 469,306,300 yuan [3] - The total share capital increased from 192,407,260 shares to 192,411,335 shares due to the conversion of bonds, resulting in an increase of 4,075 shares in the unrestricted circulating stock [4]

Group 1 - The company, Inner Mongolia Oujing Technology Co., Ltd., announced the tracking credit rating results for its convertible bonds, "Oujing Convertible Bonds" [1][2] - The previous credit rating for the company was AA- with a stable outlook, and the same rating applies to the "Oujing Convertible Bonds" [1][2] - The tracking credit rating report was issued by Zhongzheng Pengyuan Credit Rating Co., Ltd. on June 27, 2025, maintaining the company's and the bond's credit rating at AA- and placing them on the credit rating watch list [2]

Core Viewpoint - Inner Mongolia OJing Science & Technology Co., Ltd. has issued convertible bonds to raise funds, facing significant operational challenges due to a sharp decline in demand for its quartz crucibles, leading to substantial financial losses in 2024 [2][13][14]. Group 1: Bond Issuance Details - The company issued 4,700,000 convertible bonds with a total net fundraising amount of approximately RMB 462.74 million, with each bond having a face value of RMB 100 [2][3][14]. - The bonds are set to be traded on the Shenzhen Stock Exchange starting December 15, 2023, under the name "OJing Convertible Bonds" with the code "127098" [3][14]. - The bonds have a maturity period of 6 years, with interest rates starting at 0.20% in the first year and increasing to 2.00% in the sixth year [3][4][14]. Group 2: Financial Performance - The company's revenue for 2024 was RMB 94.65 million, a decrease of 69.75% compared to 2023 [14]. - The net profit attributable to shareholders was a loss of RMB 53.60 million, representing a year-on-year decline of 181.96% [14]. - The company reported a significant drop in sales volume of quartz crucibles by 74.21%, leading to increased asset impairment provisions [13][14]. Group 3: Financial Health and Ratios - As of December 31, 2024, the company's total assets were RMB 220.93 million, down 37.58% from the previous year [14]. - The company’s equity attributable to shareholders decreased by 41.33% to RMB 106.22 million [14]. - The liquidity ratios indicate a healthy position, with a current ratio of 2.35 and a quick ratio of 2.18 [20]. Group 4: Use of Proceeds - The company has established a special account for the management of the raised funds, with a total of RMB 1.86 million remaining in the account as of December 31, 2024 [15][16]. - A total of RMB 17.76 million has been invested from the raised funds, with plans to adjust investment progress based on market conditions [15][16]. Group 5: Credit Rating - The convertible bonds have been rated AA- by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for the issuer [13][19].

Group 1 - The company issued 4,700,000 convertible bonds on November 24, 2023, with a term of 6 years, approved by the China Securities Regulatory Commission [1] - The convertible bonds will be listed on the Shenzhen Stock Exchange starting December 15, 2023, with a total value of 47 million yuan [1] - The initial conversion price for the bonds is set at 45.91 yuan per share [2] Group 2 - The conversion period for the bonds is from May 30, 2024, to November 23, 2029 [2] - The conversion price was adjusted to 44.71 yuan per share effective from June 17, 2024, following the annual profit distribution [2] - A further adjustment to the conversion price was made to 42.00 yuan per share effective from October 14, 2024 [3] Group 3 - As of March 31, 2025, the total number of shares increased by 80 shares due to the conversion of bonds, with the remaining convertible bonds being reported [4] - The total share capital of the company is 192,407,260 shares, with 83,900,717 shares classified as unrestricted circulating shares [4] - The company encourages investors to refer to the detailed terms of the convertible bonds as disclosed on the official website [4][5]