永和转债，海亮转债：强赎 国力股份：拟变更公司证券简称为"国力电子" ST中装：与重整投资人签署重整投资协议之补充协议 汇通转债：不下修 胜蓝转02：8月28日申购 三协电机：北交所新股【申购】 特别提示 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 128081 | 海亮转债 | 强厚 | 2025-08-26 | 公告 | | 111007 | 永和转债 | 强陵 | 2025-08-26 | 公告 | | 113665 | 汇通转债 | 不下修 | 2025-08-26 | 公告 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 113068 | 金铜转债 | 249.879 | 100.048 | 2025-08-20 | 2025-08-25 | 254.75 ...

固定收益 | 固定收益定期 可转债周报 20250824 证券研究报告 临期转债"百态" 转债周度专题 截至 8 月 22 日，2025 年内共有 82 只转债退市，其中 20 只为到期退市， 6 只到期退市转债的实际到期兑付比例低于 1%，3 只到期兑付比例高于 90% （核建转债、好客转债、智能转债），其余到期兑付比例集中在 20%-60%。 年内已到期退市转债的促转股与到期兑付之路存在差异：中信转债发行金 额 400 亿元，但最终兑付比例不足 1%，其促转股之路较为丰富：第一，控 股股东率先将转债溢价转股。第二，正股阶段性"异动"，负溢价率转股。 2024 年 12 月开始，银行股持续上行，中信转债的转股价值明显高于到期 价值，叠加银行发行转债补充一级核心资本的目标导向，转债转股节奏加 快。民企转债多数（11/18）在存续期曾下修过转股价，如好客转债、合兴 转债在到期前半年左右均提议下修过转股价，但下修均未实现有效促转股。 截至 8 月 22 日，年内即将到期转债还有 14 只。规模较高的如金能转债、 浦发转债、海亮转债、烽火转债、鹰 19 转债、建工转债等。金能转债 8 月 12 日刚下修过转股价，公 ...

Summary of Key Points Core Viewpoint - Zhejiang Hailiang Co., Ltd. has issued convertible bonds with specific terms and conditions regarding conversion and redemption, which are crucial for investors to understand [2][3][9]. Group 1: Convertible Bond Issuance and Listing - The company issued 31.50 billion yuan worth of convertible bonds on November 21, 2019, with a total of 31.50 million bonds at a face value of 100 yuan each, with a six-year term [3]. - The bonds were approved for listing on the Shenzhen Stock Exchange and began trading on December 16, 2019, under the name "Hailiang Convertible Bonds" with the code "128081" [4]. Group 2: Conversion Terms and Price Adjustments - The conversion period for the bonds is from May 27, 2020, to November 21, 2025, with an initial conversion price set at 9.83 yuan per share, which has been adjusted multiple times due to annual profit distributions [5][6][7][8]. - The conversion price has been adjusted from 9.83 yuan to 9.54 yuan as of July 5, 2023, and will further adjust to 9.20 yuan on July 4, 2025 [7][8]. Group 3: Conditional Redemption Terms - The company has the right to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [9][11]. - The redemption can also occur if the remaining balance of unconverted bonds falls below 30 million yuan [10]. Group 4: Future Announcements and Investor Guidance - The company will hold a board meeting to decide on exercising the redemption right if the conditions are met and will disclose relevant announcements in a timely manner [11][12].

Core Viewpoint - Zhejiang Hailiang Co., Ltd. has announced that its convertible bond, "Hailiang Convertible Bond," is expected to meet the redemption conditions based on recent stock performance [1][2]. Group 1: Convertible Bond Issuance and Listing - The company issued 31.50 billion yuan worth of convertible bonds on November 21, 2019, with a total of 31.50 million bonds, each with a face value of 100 yuan [3]. - The bonds were listed on the Shenzhen Stock Exchange starting December 16, 2019, under the name "Hailiang Convertible Bond" and code "128081" [4]. Group 2: Conversion Terms and Price Adjustments - The conversion period for the bonds is from May 27, 2020, to November 21, 2025, with an initial conversion price set at 9.83 yuan per share [5]. - The conversion price has been adjusted multiple times due to annual profit distribution, with the latest adjustment reducing it to 9.20 yuan per share effective July 4, 2025 [8]. Group 3: Conditional Redemption Terms - The company has the right to redeem all or part of the unconverted bonds if the stock price meets certain conditions, specifically if the closing price is at least 130% of the conversion price for 15 out of 30 consecutive trading days [9][10]. - The company will convene a board meeting to decide on exercising the redemption right if the conditions are met and will disclose relevant announcements in a timely manner [12].

Group 1 - The core point of the announcement is that the equity change is due to the conversion of convertible bonds, leading to a passive dilution of the controlling shareholder's equity from 34.25% to 33.95%, which touches the 1% integer threshold [2][4] - The equity change does not involve any change in the number of shares held by the controlling shareholder and does not trigger a mandatory bid or affect the company's governance structure and ongoing operations [2][4] - The company will continue to monitor shareholder equity changes and fulfill its information disclosure obligations in accordance with relevant laws and regulations [4][5]

Group 1 - The company Zhejiang Hailiang Co., Ltd. issued 31.50 billion yuan of convertible bonds on November 21, 2019, with a total of 31.50 million bonds at a face value of 100 yuan each, maturing in six years [1][2] - The initial conversion price for the convertible bonds was set at 9.83 yuan per share, which has been adjusted multiple times due to annual profit distribution [2][3][4] - As of June 30, 2025, the company has converted 263,291 bonds, resulting in the issuance of 2,809,933 new shares, with the remaining convertible bond amount being 26,329,100 yuan [5] Group 2 - The total share capital of the company before the conversion was 1,998,320,004 shares, which increased to 2,001,129,937 shares after the conversion [5] - The proportion of restricted shares held by executives decreased slightly from 3.51% to 3.50% after the conversion, while the proportion of unrestricted circulating shares increased from 96.49% to 96.50% [5]

Group 1 - The core viewpoint of the report is that Hailiang Co., Ltd. maintains its position as a giant in the copper processing industry, with significant capacity expansion and a strong global competitive advantage [1][2] - Hailiang Group, the controlling shareholder, increased its stake in the company to 30.62% as of March 2025, indicating stable governance and a clear strategic direction [1][2] - The company has become the largest manufacturer of copper pipes and rods globally, with plans for further expansion through self-built and acquisition strategies [1][2] Group 2 - Hailiang Co., Ltd. primarily engages in the research, production, and sales of copper pipes, rods, foils, and other related products, serving various industries including air conditioning, refrigeration, and electric power [2] - As of March 2025, the company's total copper processing capacity reached 1.4705 million tons per year, with 37.03% of this capacity located overseas, showcasing a strong global competitive edge [2] - The company effectively manages raw material price volatility through a strict net inventory management system and 100% hedging of net inventory [2] Group 3 - The total amount raised from the Hailiang convertible bonds was 3.15 billion yuan, with 2.725 billion yuan allocated for production line upgrades and the remainder for liquidity support [3] - As of the end of 2024, 2.814 billion yuan of the raised funds had been utilized, aligning with the intended use [3] - The credit rating agency maintains a stable credit outlook for Hailiang Co., Ltd. and the Hailiang convertible bonds, both rated AA [3]

证券代码：002203 证券简称：海亮股份 公告编号：2025-040 债券代码：128081 债券简称：海亮转债 浙江海亮股份有限公司 关于实施权益分派期间"海亮转债"暂停转股的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或者重大遗漏承担责任。 特别提示： 日 二○二五年六月二十日 附件：《浙江海亮股份有限公司公开发行可转换公司债券募集说明书》中"转 股价格的调整方式及计算公式"条款的规定 在本次可转债发行之后，若公司发生派送红股、转增股本、增发新股（不 包括因本次发行的可转换公司债券转股而增加的股本）、配股以及派发现金股利 等情况，将按下述公式进行转股价格的调整（保留小数点后两位，最后一位四 舍五入）： 派送红股或转增股本：P1＝P0/（1+n）； 增发新股或配股：P1＝（P0+A×k）/（1+k）； 上述两项同时进行：P1＝（P0+A×k）/（1+n+k）； 派送现金股利：P1＝P0-D； 鉴于浙江海亮股份有限公司（以下简称"公司"）将于近日实施公司 2024 年年度权益分派，根据《浙江海亮股份有限公司公开发行可转换公司债券募集 说明书》中"转股价格的调 ...

Group 1 - The company Zhejiang Hailiang Co., Ltd. issued 31.50 billion yuan of convertible bonds on November 21, 2019, with a maturity of six years [1] - The initial conversion price for the bonds was set at 9.83 yuan per share, which has been adjusted multiple times, currently standing at 9.37 yuan per share as of July 5, 2023 [2][3] - As of March 31, 2025, the remaining convertible bond amount is 2,702,368,200 yuan, with 27,023,682 bonds still outstanding [4] Group 2 - The company's total share capital remains at 1,998,320,004 shares, with no change during the first quarter of 2025 [4] - The proportion of restricted shares held by executives decreased slightly due to the sale of shares by a departing supervisor, while the number of unrestricted circulating shares increased correspondingly [4]