Core Viewpoint - The company reported a significant decline in revenue and a net loss for the first three quarters of 2025, primarily due to supply-demand imbalance and intensified competition in the photovoltaic industry [1] Financial Performance - Revenue for the first three quarters of 2025 reached 353 million yuan, representing a year-on-year decrease of 56.36% [1] - The net profit was -87.18 million yuan, an improvement compared to -223.47 million yuan in the same period last year [1] Industry Impact - The company's performance was adversely affected by low capacity utilization and low product prices within the photovoltaic sector [1] Balance Sheet - As of the end of September, the company's total equity was 975 million yuan, with a debt-to-asset ratio of 53.05% [1] - Cash and cash equivalents amounted to 688 million yuan, while total debt stood at 798 million yuan [1] Credit Rating - Zhongjin Pengyuan maintained the company's and "Oujing Convertible Bond" credit rating at AA- and continues to list it on the observation list [1]

Group 1 - Taifu Pump Industry has terminated the acquisition of 51% equity in Nanyang Huacheng [1] - Shareholder Fosun Pharma of Shanhe Pharmaceutical Auxiliary plans to reduce its stake by no more than 3% [1] - Several convertible bonds including Anji Convertible Bond, Longda Convertible Bond, and Oujing Convertible Bond will not undergo forced redemption [1][2] Group 2 - The following convertible bonds will not be adjusted: Oujing Convertible Bond, Longda Convertible Bond, and Tong 22 Convertible Bond [2] - New shares from Danna Biotechnology will be listed on the Beijing Stock Exchange [1] - North Mining Testing is also set to issue new shares on the Beijing Stock Exchange [1]

Core Points - The company, Oujing Technology, announced that its stock price has been below 85% of the conversion price of 42.00 yuan per share for fifteen trading days, triggering the downward adjustment clause for its convertible bonds [2] - The board of directors decided not to adjust the conversion price downward at this time and will not propose any downward adjustment if the clause is triggered again from November 3, 2025, to January 4, 2026 [2] - The next period for triggering the downward adjustment clause will restart from January 5, 2026, and the board will convene again to decide on any potential adjustments if triggered [2]

Group 1 - The core point of the article is that Oujing Technology (SZ 001269) held a board meeting on October 31, 2025, to discuss the proposal regarding not adjusting the conversion price of "Oujing Convertible Bonds" [1] - For the first half of 2025, Oujing Technology's revenue composition was 69.59% from processing services and 30.41% from quartz products [1] - As of the report date, Oujing Technology has a market capitalization of 5.2 billion yuan [2]

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]