Core Points - The company announced the interest payment schedule for its convertible bonds, "Wujin Convertible Bonds," which will start on July 10, 2025 [1][2] - The bonds were issued on July 10, 2023, with a total of 3.1 million bonds at a face value of 31 million yuan, and they are set to be traded on the Shanghai Stock Exchange [1][2] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with an annual interest rate of 0.30% for the first year and 0.50% for the second year [2][3] Bond Issuance Overview - The bonds were approved by the China Securities Regulatory Commission and began trading on August 3, 2023 [1][2] - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan due to the company's equity distribution plans [2] Interest Payment Details - The interest payment method is annual, with the first payment scheduled for July 10, 2025, covering the period from July 10, 2024, to July 9, 2025 [3][4] - The interest amount for each bond is calculated based on the face value and the applicable interest rate, resulting in a payment of 0.50 yuan per bond (before tax) for the second year [4][5] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.40 yuan per bond after tax [5][6] - Non-resident enterprises are exempt from corporate income tax on the interest earned from these bonds [6]

Summary of Key Points Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. has issued convertible bonds, with limited conversion activity reported as of June 30, 2025, indicating a low uptake of the conversion option by bondholders [1][2][3]. Convertible Bond Issuance Overview - The company issued 3.1 million convertible bonds on July 10, 2023, with a face value of 310 million yuan, and a maturity period of six years [1]. - The coupon rates for the bonds are structured to increase from 0.30% in the first year to 2.00% in the sixth year [1]. Listing and Conversion Price - The bonds were listed on the Shanghai Stock Exchange on August 3, 2023, under the name "Wujin Convertible Bonds" with the code "113671" [2]. - The initial conversion price was set at 8.55 yuan per share, which has been adjusted to 7.93 yuan per share as of the latest report [2]. Conversion Activity - As of June 30, 2025, only 57,000 yuan worth of bonds had been converted into 6,778 shares, representing 0.0012% of the total shares before conversion [3][4]. - The remaining unconverted bonds amount to 309,943,000 yuan, which is 99.9816% of the total issuance [3][4]. Share Capital Changes - There has been no change in the total share capital of the company as no bonds were converted during the reporting period [5]. - The total share capital remains at 561,069,165 shares, with no changes in shareholder proportions due to the lack of conversion [5].

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. maintains its credit rating of "AA" with a stable outlook for both the company and its convertible bonds, indicating consistent financial health and stability in its operations [1][2]. Group 1: Credit Rating Information - The company commissioned China Chengxin International Credit Rating Co., Ltd. to conduct a follow-up credit rating for its convertible bonds issued on July 10, 2023 [1]. - The previous credit rating for the company was "AA" with a stable outlook, and the same rating applies to the Wujin Convertible Bonds [2]. - The follow-up rating report was issued on June 26, 2025, confirming that there were no changes in the credit ratings from the previous assessment [2]. Group 2: Regulatory Compliance - The company’s actions are in accordance with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the issuance and rating of securities [1]. - The follow-up rating report is publicly available on the Shanghai Stock Exchange website, ensuring transparency and compliance with disclosure requirements [2].

Summary of Key Points Core Viewpoint - The company Jiangsu Wujin Stainless Steel Co., Ltd. has experienced a decline in revenue and net profit for the year 2024, while also announcing a bond issuance to fund a new project [2][4]. Group 1: Financial Performance - For the year 2024, the company reported a revenue of RMB 2,651,650,094.54, representing a year-on-year decrease of 24.57% [2][4]. - The net profit attributable to shareholders for 2024 was RMB 125,714,250.52, which is a significant decline of 64.25% compared to the previous year [2][4]. Group 2: Bond Issuance - The company announced a bond issuance totaling RMB 310,000,000.00, with a net fundraising amount of RMB 299,766,509.45 after deducting issuance costs [2]. - The raised funds will be allocated to a project aimed at producing 20,000 tons of high-end stainless steel seamless pipes [2]. Group 3: Management Changes - The company's chairman, Zhu Guoliang, resigned on May 14, 2024, and the vice chairman, Zhu Qi, has taken over the chairman's responsibilities [2][4]. - The company completed the election of the board of directors and supervisory board, along with the appointment of senior management personnel on August 5, 2024 [2]. Group 4: Credit Ratings - The company's credit rating is classified as "AA" with a stable outlook, while the "Wujin Convertible Bond" also holds an "AA" credit rating [2].

Group 1 - The company Jiangsu Wujin Stainless Steel Co., Ltd. issued convertible bonds totaling RMB 310 million, with 3,100,000 bonds at a face value of RMB 100 each [3][19][26] - The bonds have a maturity period of six years, from July 10, 2023, to July 9, 2029, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [4][10] - The initial conversion price for the bonds is set at RMB 8.55 per share, with provisions for adjustments based on stock dividends and other corporate actions [6][7][10] Group 2 - The company reported a significant decline in net profit for 2024, amounting to RMB 125.71 million, a decrease of 64.25% compared to the previous year, primarily due to downturns in the petrochemical industry [20][26] - The total revenue for 2024 was RMB 2.65 billion, reflecting a 24.57% decrease from RMB 3.52 billion in 2023 [20][26] - The company’s total assets at the end of 2024 were RMB 4.05 billion, down 4.98% from RMB 4.26 billion in 2023 [20][26] Group 3 - The company has established a special account for managing the raised funds, with agreements signed with multiple banks to ensure proper oversight [19][21] - As of July 25, 2024, the company had permanently supplemented its working capital with surplus funds amounting to approximately RMB 14.89 million [25][26] - The company’s credit rating is "AA" with a stable outlook, indicating a strong capacity to meet its financial obligations [19][26]

Group 1 - The company has adjusted the total cash dividend for the 2024 profit distribution from 50,050,713.69 yuan (including tax) to 50,050,724.85 yuan (including tax) due to changes in the total share capital resulting from the conversion of convertible bonds [1][2] - The cash dividend per share remains unchanged at 0.09 yuan (including tax), and the total number of shares for distribution is adjusted to 561,069,165 shares after accounting for the conversion of bonds and share repurchases [2][3] - The adjustment is based on the principle of maintaining the same distribution ratio, with the total cash dividend recalculated according to the new total share capital [2] Group 2 - The company will announce the specific date for the implementation of the equity distribution in the upcoming announcement [2] - The total cash dividend distribution will be finalized based on the results of the equity distribution implementation [3]

Core Viewpoint - Jiangsu Wujin Stainless Steel Co., Ltd. announced the suspension of the conversion of its convertible bonds during the implementation of the 2024 annual profit distribution plan, which includes a cash dividend of 0.09 yuan per share [2][3][4]. Group 1: 2024 Annual Profit Distribution Plan - The company plans to distribute a cash dividend of 0.09 yuan per share (including tax) to all shareholders, based on a total share capital of 561,069,041 shares, minus 4,950,000 shares held in the company's repurchase account, resulting in a distribution base of 556,119,041 shares [3]. - The total cash dividend to be distributed amounts to 50,050,713.69 yuan (including tax) [3]. - The profit distribution plan was approved at the annual shareholders' meeting held on May 20, 2025 [4]. Group 2: Suspension of Convertible Bond Conversion - The convertible bonds will stop conversion from June 12, 2025, until the equity registration date, with resumption of conversion on the first trading day after the equity registration date [5]. - Holders of the convertible bonds wishing to enjoy the profit distribution must convert their bonds by June 11, 2025 [5]. Group 3: Disclosure and Contact Information - The company will disclose the implementation announcement and the adjustment of the conversion price for the convertible bonds on June 13, 2025 [5]. - For further inquiries, the company can be contacted via the Securities Affairs Department [6].

证券代码：603878 证券简称：武进不锈 公告编号：2025-012 债券代码：113671 债券简称：武进转债 江苏武进不锈股份有限公司 ? 累计转股情况：截至 2025 年 3 月 31 日，累计有人民币 57,000 元"武进 转债"转为江苏武进不锈股份有限公司（以下简称"公司"）A 股普通 股，累计转股股数 6,778 股，累计转股股数占"武进转债"转股前公司 已发行股份总额的 0.0012%。 ? 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的"武进转债" 金额为人民币 309,943,000 元，占"武进转债"发行总量的 99.9816%。 ? 本季度转股情况：自 2025 年 1 月 1 日至 2025 年 3 月 31 日，共有人民币 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意江苏武进不锈股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可20231353 号）同意注册，公 司于 2023 年 7 月 10 日向不特定对象发行 310 万张可转换公司债券，每张面值 根据《江苏武进不锈股份有限公司向不特定对象发行可转换公司债券募集说 明书》的约 ...