Core Viewpoint - The China Convertible Bond Index rose by 1.23% on September 11, closing at 480.25 points, indicating a positive trend in the convertible bond market [1] Group 1: Market Performance - The top performers in the convertible bond market included Fushi Convertible Bond, which increased by 20.00%, and Jing 23 Convertible Bond, also rising by 20.00% [1] - Other notable gains were seen in Jiaze Convertible Bond, which rose by 17.69%, and Outong Convertible Bond, which increased by 11.67% [1] - Conversely, Titan Convertible Bond experienced a decline of 2.69%, while Huicheng Convertible Bond fell by 2.04%, and Limin Convertible Bond decreased by 1.17% [1]

Core Viewpoint - The bond market continues to experience a downturn, with government bond futures showing a significant decline and a tightening liquidity environment affecting market sentiment [1][2][5]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.86% to 114.76, marking the lowest close since March 19 [2]. - The yield on the 10-year government bond increased by 2.75 basis points to 1.822%, while the yield on the 30-year bond rose by 2.5 basis points to 2.096% [2]. - The China Convertible Bond Index fell by 0.63% to 474.4 points, with a trading volume of 724.47 billion [2]. Overseas Market Trends - In North America, U.S. Treasury yields rose collectively, with the 2-year yield increasing by 7.41 basis points to 3.560% [3]. - Asian markets saw most bond yields rise, with the 5-year and 10-year yields increasing by 1.5 basis points and 0.4 basis points, respectively [3]. - In the Eurozone, most bond yields also increased, with the UK 10-year yield rising by 1.7 basis points to 4.621% [3]. Primary Market - The weighted average yield for the 91-day Treasury bond was 1.2745%, with a bid-to-cover ratio of 3.04 [4]. - The 5-year fixed-rate bond had a weighted average yield of 1.5973% and a bid-to-cover ratio of 3.24 [4]. - The 50-year special treasury bond had a yield of 2.2227% with a bid-to-cover ratio of 4.18 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation with a total of 3,040 billion at an interest rate of 1.40%, resulting in a net injection of 749 billion for the day [5]. - Short-term Shibor rates mostly increased, with the overnight rate rising by 0.6 basis points to 1.425% [5]. Economic Indicators - August CPI decreased by 0.4% year-on-year, while PPI fell by 2.9%, indicating a narrowing decline compared to the previous month [7]. - The core CPI has shown an expanding growth rate for four consecutive months, reflecting the effectiveness of policies aimed at boosting domestic demand [7]. Institutional Insights - Long-term liquidity is expected to remain stable, with the central bank likely to continue providing support for government bond issuance [8]. - The new regulations on public fund sales fees are anticipated to enhance the stability of public bond funds, potentially leading to increased inflows into bond ETFs [8].

Group 1 - The core point of the news is the performance of Titan Convertible Bonds, which saw a decline of 5.05% to 148.974 yuan per bond, with a trading volume of 119 million yuan and a conversion premium rate of 18.26% [1] - Titan Convertible Bonds have a credit rating of "A" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.50% in the first year to 3.00% in the sixth year [1] - The conversion price for the bonds is set at 13.27 yuan, with the conversion period starting on May 6, 2024 [1] Group 2 - Zhejiang Titan Co., Ltd. is recognized as a national high-tech enterprise and has received multiple honors, including being a vice president unit of the China Textile Machinery and Equipment Industry Association [2] - The company has been listed among the top 500 competitive enterprises in the Chinese textile and apparel industry for nine consecutive years [2] - For the first half of 2025, Titan Co. reported a revenue of 682.2 million yuan, a year-on-year decline of 17.1%, and a net profit attributable to shareholders of 36.24 million yuan, down 42.08% year-on-year [2] - The concentration of shareholding is very high, with the top ten shareholders holding a combined 75.87% of the shares [2]

| | | 浙江泰坦股份有限公司 | 2025 | 年半年度报 | | --- | --- | --- | --- | --- | | 告摘要 | | | | | | 证券代码：003036 证券简称：泰坦股份 | | | | 公告编 | | 号：2025-049 | | | | | | 债券代码：127096 债券简称：泰坦转债 | | | | | | 浙江泰坦股份有限公司 2025 年半年度报告摘要 | | | | | | 一、重要提示 | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | 资者应当到证监 | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | 非标准审计意见提示 | | | | | | □适用 | ?不适用 | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | □适用 | ?不适用 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | ...

Group 1 - Titan Convertible Bond rose by 2.08% to 153.588 CNY per share with a trading volume of 74.0355 million CNY and a conversion premium of 18.18% [1] - The credit rating of Titan Convertible Bond is "A" with a maturity of 6 years and a coupon rate that increases from 0.50% in the first year to 3.00% in the sixth year [1] - The conversion price for the bond is set at 13.27 CNY, with the conversion period starting on May 6, 2024 [1] Group 2 - Zhejiang Titan Co., Ltd. is recognized as a national high-tech enterprise and has received multiple honors, including being a vice president unit of the China Textile Machinery and Equipment Industry Association [2] - The company has been listed among the top 500 competitive enterprises in the Chinese textile and apparel industry for nine consecutive years [2] - For the first quarter of 2025, Titan Co. reported a revenue of 299.4 million CNY, a year-on-year decline of 19.1%, and a net profit attributable to shareholders of 18.9802 million CNY, down 7.53% year-on-year [2] - The concentration of shares is high, with the top ten shareholders holding 78.63% of the total shares, and the average holding amount per shareholder is 266,900 CNY [2]

Group 1 - Titan Convertible Bond experienced a decline of 2.19%, trading at 149.461 CNY per bond with a transaction volume of 75.0322 million CNY and a conversion premium of 12.37% [1] - The credit rating of Titan Convertible Bond is "A", with a maturity period of 6 years and a coupon rate that increases from 0.50% in the first year to 3.00% in the sixth year [1] - The conversion price for the underlying stock, Titan Co., is set at 13.27 CNY, with the conversion period starting on May 6, 2024 [1] Group 2 - Zhejiang Titan Co., established in 1998, is recognized as a national high-tech enterprise and has received multiple honors, including being a vice president unit of the China Textile Machinery and Equipment Industry Association [2] - In the first quarter of 2025, Titan Co. reported a revenue of 299.4 million CNY, a year-on-year decrease of 19.1%, and a net profit attributable to shareholders of 18.98 million CNY, down 7.53% year-on-year [2] - The concentration of shareholding is very high, with the top ten shareholders holding a combined 78.63% of the shares, and the average holding amount per shareholder is 266,900 CNY [2]

Group 1 - Titan Convertible Bonds rose by 2.42% to 153.353 CNY per bond with a trading volume of 438 million CNY and a conversion premium of 9.82% [1] - The credit rating of Titan Convertible Bonds is "A" with a maturity of 6 years and a tiered coupon rate starting from 0.50% in the first year to 3.00% in the sixth year [1] - The conversion price for the bonds is set at 13.27 CNY, with the conversion period starting on May 6, 2024 [1] Group 2 - Zhejiang Titan Co., Ltd. is recognized as a national high-tech enterprise and has received multiple honors, including being a vice president unit of the China Textile Machinery Association [2] - The company has been listed among the top 500 competitive enterprises in China's textile and apparel industry for nine consecutive years [2] - For the first quarter of 2025, Titan Co. reported a revenue of 299.4 million CNY, a year-on-year decline of 19.1%, and a net profit attributable to shareholders of 18.98 million CNY, down 7.53% year-on-year [2] - The concentration of shareholding is high, with the top ten shareholders holding a combined 78.63% of the shares [2]

Group 1 - Kaipu Testing reported a revenue of 111 million yuan for the first half of 2025, a year-on-year increase of 3.23%, and a net profit of approximately 40.79 million yuan, up 3.73% year-on-year. The company plans to distribute a cash dividend of 3 yuan per 10 shares [1] - Chunguang Technology plans to invest no more than 1 billion yuan to build a new project with an annual production capacity of 8 million clean electrical products [1] - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a traditional Chinese medicine, Ziying Granules, for chronic pelvic pain [2][3] Group 2 - Xintian Green Energy reported a power generation of 844,200 MWh in July 2025, a year-on-year increase of 9.32%, with a cumulative generation of 9,094,400 MWh, up 9.57% year-on-year [4][5] - Luvi Optoelectronics' controlling shareholder and major shareholders committed not to reduce their holdings for six months starting from August 18, 2025 [6][7] - Yunnan Energy Investment's subsidiary achieved grid-connected power generation for the first batch of wind turbines in the Yongning Wind Farm expansion project [9] Group 3 - Huizhi Microelectronics announced that a shareholder plans to reduce their stake by up to 1% [10] - Liyang Chip's shareholders plan to collectively reduce their holdings by up to 3.94% [11] - HeDa Technology's shareholder plans to reduce their stake by up to 1.0954% [12] Group 4 - *ST Sailong announced the resignation of its chairman and several senior executives due to a change in control [13] - Furan Energy's shareholder plans to reduce their stake by up to 0.37% [14] - Yinbao Shanneng's shareholder plans to reduce their stake by up to 1.54% [15] Group 5 - Silicon Treasure Technology's executives plan to reduce their holdings by up to 77,300 shares, representing 0.02% of the total share capital [16] - Henghua Technology's executive plans to reduce their stake by up to 9,280 shares, representing 0.015% of the total share capital [17] - Xingrui Technology's shareholders plan to reduce their holdings by up to 497,000 shares [18] Group 6 - Nanjing Julong's specific shareholder plans to reduce their stake by up to 0.87% [19][20] - Longlide's shareholder plans to reduce their stake by up to 1.9% [21] - Mengjie Co., Ltd.'s general manager plans to reduce their stake by up to 0.11% [22] Group 7 - Yuanda Holdings' vice chairman plans to reduce their stake by 80,000 shares, representing 0.16% of the total share capital [23] - Titan Co., Ltd. decided not to redeem its convertible bonds early despite meeting the redemption conditions [24] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudao Technology [26][27]

Group 1 - The core point of the announcement is that Zhejiang Titan Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, Titan Convertible Bonds, for the next six months due to current market conditions and to protect investor interests [4][18]. - The board meeting was held on August 8, 2025, where all nine attending directors unanimously agreed to waive the notification period for the meeting [2][3]. - The company’s stock price triggered the conditional redemption clause of the Titan Convertible Bonds, as it closed above 130% of the conversion price for 15 trading days from July 21 to August 8, 2025 [11][17]. Group 2 - The Titan Convertible Bonds were issued on October 25, 2023, with a total amount of 295.50 million bonds, each with a face value of 100 yuan, making the total issuance amount 2.955 billion yuan [12]. - The conversion period for the Titan Convertible Bonds is from May 6, 2024, to October 24, 2029, with an initial conversion price of 13.81 yuan per share, adjusted to 13.27 yuan per share as of June 27, 2025 [13][14]. - The board will reassess the decision on early redemption if the conditional redemption clause is triggered again after February 8, 2026 [4][18].

Core Viewpoint - Titan Co., Ltd. has triggered the conditional redemption clause of its convertible bonds due to its stock price consistently exceeding 130% of the conversion price for 15 trading days [1] Group 1 - From July 21 to August 8, the closing price of Titan's stock has not been lower than 17.25 yuan per share, which is 130% of the current conversion price of 13.27 yuan per share [1] - The board of directors of Titan Co., Ltd. held a meeting on August 8 and approved relevant proposals regarding the redemption of the convertible bonds [1] - The company will not exercise its early redemption rights within six months following the board's approval [1]