登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601231 证券简称：环旭电子 公告编号：2025-087 转债代码：113045 转债简称：环旭转债 环旭电子股份有限公司 关于2025年9月股份回购进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、回购股份的基本情况 环旭电子股份有限公司（以下简称"公司"）于2025年4月25日召开了第六届董事会战略与可持续发展委 员会第六次会议、第六届董事会第十八次会议、第六届监事会第十三次会议，审议通过了《关于2025年 以集中竞价交易方式回购股份方案的议案》，同意公司使用自有资金以集中竞价交易方式从二级市场回 购公司股份，拟回购资金总额不低于人民币1.5亿元、不超过人民币3亿元，回购期限自公司董事会审议 通过回购股份方案之日起不超过12个月，即2025年4月25日至2026年4月24日，回购股份的价格为不超过 人民币20.00元/股。因公司实施2024年年度权益分派，自2025年6月6日（除权除息日）起股份回购价格 上限由不超过20.00 ...

Core Viewpoint - The announcement details the adjustment of the conversion price for the "Huanxu Convertible Bonds" due to the exercise of stock options, which meets the criteria for price adjustment [2][5]. Group 1: Convertible Bond Issuance - Huanxu Electronics issued 34.5 million convertible bonds with a total value of RMB 345 million, with an initial conversion price set at RMB 20.25 per share [2][4]. - The bonds were listed on the Shanghai Stock Exchange on April 2, 2021, and have a maturity period from March 4, 2021, to March 3, 2027 [2][4]. Group 2: Conversion Price Adjustment - The previous conversion price was RMB 18.60 per share, which has been adjusted to RMB 18.59 per share [6][8]. - The adjustment will take effect on September 2, 2025, with the conversion suspended on September 1, 2025 [8]. Group 3: Basis for Adjustment - The adjustment is based on the company's stock option incentive plan, which has four exercise periods, all of which are currently active [4][6]. - The adjustment formula considers factors such as stock dividends, capital increases, and cash dividends, ensuring fair treatment for bondholders [6][7].

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% compared to the benchmark index in the next 6 - 12 months [27] Core Viewpoints - The current adjustment of convertible bonds still harbors potential investment opportunities. After the valuation pressure of some high - price/equity - like convertible bonds is cleared, they may offer returns to investors. The market's equity nature is stronger than its debt nature. Amid the strong performance of the equity market this year, the reversal of enhanced products may be a key factor influencing the configuration sentiment of the liability side. It is recommended to respond actively based on the actual participation time of subscription funds and the ability to withstand drawdowns [6][23] Summary by Directory When "Fear of High Prices" Meets Equity Resonance - On August 27, the convertible bond market adjusted, with the CSI Convertible Bond Index closing at 476.94, a decline of 2.82%. The declines of the Guozheng 2000 and the Equal - weighted Index of Convertible Bond Underlying Stocks were 2.01% and 2.44% respectively, while the ChiNext 50 Index rose 0.13%. There was no obvious differentiation in the structure [6][10] - The reasons for the adjustment include: directly, the rapid decline of convertible bond ETFs in the afternoon might have triggered investors' judgment of the market; in the equity market, industry performance was more differentiated, and some investors focused on the logic of switching between high - and low - value stocks or small - and large - cap stocks; actively, the long - standing "fear of high prices" in the convertible bond market led to the adjustment when the price reached a critical level [6][13][16] - The logic of the internal supply - demand mismatch in convertible bonds remains unchanged. The overall scale of the convertible bond market may continue to shrink, and there is a short - term demand gap. The logic of the equity market rally driven by incremental funds has not reversed, and there is still support from the underlying stocks for convertible bonds [6][20][21] Which Convertible Bond Varieties Are Oversold? - In the bullish equity market, it is recommended to diversify across multiple themes, such as consumer electronics, T - chain robots, chemical products, domestic computing power chips, and innovative drugs [7][25] - Pay attention to convertible bond elastic varieties and appropriately relax the drawdown limit. High - volatility products attract incremental funds during market transitions, so focus on elastic varieties with reasonable prices and cost - effectiveness [7][25] - With increased fluctuations in clause games and enhanced market pricing efficiency, keep an eye on individual bond clause changes, including high - price, low - premium convertible bonds with arbitrage opportunities and those approaching maturity with conversion incentives [7][25] - Look for oversold convertible bond varieties, including those that have declined more than the average of underlying stocks and convertible bonds, and those with significant valuation compression [7][25] - Low - price convertible bonds with improving fundamentals still have cost - effectiveness, such as Shouhua Convertible Bonds and Lepu Convertible Bonds 2 [7][25]

Company Overview - As of July 4, 2025, Huanxu Electronics (601231) closed at 14.5 yuan, a slight increase of 0.07% from the previous week [1] - The company's current market capitalization is 31.846 billion yuan, ranking 10th out of 88 in the consumer electronics sector and 468th out of 5149 in the A-share market [1] Recent Developments - The sixth board of directors held its nineteenth meeting, passing three resolutions: the proposed sale of a controlling subsidiary's land, the renewal of a housing lease agreement, and the revision of the group's tax policy, all with unanimous support [1][3] - In the second quarter of 2025, 179,000 yuan of "Huanxu Convertible Bonds" were converted into 9,236 shares, representing 0.0004% of the company's total issued shares prior to conversion [1][3] - As of June 2025, the company has repurchased a total of 257,400 shares at a cost of 3,630,573 yuan, with a repurchase price range between 13.96 and 14.55 yuan per share [2][3] Share Buyback Plan - The company approved a share buyback plan on April 25, 2025, with a total budget of no less than 150 million yuan and no more than 300 million yuan, set to run from April 25, 2025, to April 24, 2026 [2] - Following the annual equity distribution for 2024, the maximum repurchase price was adjusted to 19.77 yuan per share starting June 6, 2025 [2]

Core Viewpoint - The announcement details the results of the convertible bond conversion and stock option incentive plan for Huanxu Electronics in the second quarter of 2025, highlighting the number of shares converted and the adjustments in stock option prices due to various corporate actions [1][3][11]. Convertible Bond Conversion - As of June 30, 2025, a total of 179,000 yuan of "Huanxu Convertible Bonds" has been converted into 9,236 shares, representing 0.0004% of the company's total shares before conversion [3][4]. - The remaining unconverted amount of "Huanxu Convertible Bonds" is 3,449,821,000 yuan, accounting for 99.9948% of the total issuance [3][4]. Stock Option Incentive Plan - In the second quarter of 2025, there were no shares exercised under the stock option incentive plan, with a cumulative total of 11,683,419 shares exercised since the plan's inception, raising 181,560,331 yuan for the company [11][15]. - The stock option exercise price for the 2023 plan has been adjusted from 14.54 yuan to 14.04 yuan due to annual equity distribution [12][15]. - The number of stock options for the 2023 plan has been reduced from 1,386.85 million to 687.75 million due to the cancellation of options for those who left or did not meet performance criteria [12][13]. Share Capital Changes - The total share capital increased from 2,196,199,964 shares to 2,196,273,929 shares due to the conversion of convertible bonds and stock options exercised [16].

Group 1 - The company announced a share repurchase plan with a total expected amount between 150 million and 300 million RMB [1][2] - The repurchase period is set from April 25, 2025, to April 24, 2026 [1][2] - The maximum repurchase price is capped at 20.00 RMB per share, with actual repurchase prices ranging from 13.96 RMB to 14.12 RMB per share [1][2] Group 2 - As of the announcement, the company has repurchased a total of 242,400 shares, representing approximately 0.01% of the total share capital [1][2] - The total amount spent on repurchased shares so far is approximately 3.41 million RMB [1][2] - The company will adhere to relevant regulations and disclose information regarding the progress of the share repurchase [2]

Group 1 - The China Securities Convertible Bond Index opened up by 0.03% [1] - Huati Convertible Bond increased by over 6% [1] - Diao Convertible Bond rose by over 4% [1] - Yuguang Convertible Bond gained over 3% [1] - Tianyang Convertible Bond, Huanxu Convertible Bond, and Yong02 Convertible Bond fell by over 1% [1]

Group 1 - The company announced a temporary suspension of the conversion of "Huanxu Convertible Bonds" due to the implementation of the 2024 annual equity distribution plan [1][2] - The equity distribution plan was approved at the annual shareholders' meeting held on April 22, 2025, and will be based on the total share capital minus the shares in the company's repurchase account [2] - The company will disclose the implementation announcement and the adjustment of the conversion price for "Huanxu Convertible Bonds" on May 30, 2025 [2] Group 2 - The suspension of the conversion will occur from May 29, 2025, until the equity distribution registration date, with resumption on the first trading day after the registration date [2] - Holders of "Huanxu Convertible Bonds" wishing to enjoy the equity distribution must convert their bonds by May 28, 2025 [2] - The company’s securities department can be contacted for further information [2]

《上 海证券交易所公司债券上市规则》等有关规定，环旭电子股份有限公司（以下简 称"公司"）委托信用评级机构中诚信国际信用评级有限责任公司（以下简称"中诚 信"）对公司于 2021 年 3 月向不特定对象发行的可转换公司债券（以下简称"环旭 转债"）进行了跟踪信用评级。 公司前次主体信用评级结果为"AA+"，评级展望为"稳定"；"环旭转债"前次债 项信用评级结果为"AA+"，评级机构为中诚信，评级时间为 2024 年 4 月 30 日。 环旭电子股份有限公司 关于"环旭转债"2025 年跟踪评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 《上市公司证券发行注册管理办法》 环旭电子股份有限公司董事会 证券代码：601231 证券简称：环旭电子 公告编号：2025-051 转债代码：113045 转债简称：环旭转债 ? 前次债券评级：主体信用等级为"AA+"，评级展望为"稳定"；债项信用等 级为"AA+"。 ? 本次债券评级：主体信用等级为"AA+"，评级展望为"稳定"；债项信用等 级为"AA+"。 ...

环旭电子股份有限公司 编号：信评委函字2025跟踪 0182 号 环旭电子股份有限公司 2025 年度跟踪评级报告 声 明 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次 评级行为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚 信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实 性、完整性、准 或不定期对评级对象进行跟踪评级，根据跟踪评级情况决定维持、变更评级结果或暂停、终止评级 等。 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、 公正的原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判 断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金 ...