Core Viewpoint - Nanjing Shenghang Shipping Co., Ltd. has issued convertible bonds to raise funds for its operations, with significant adjustments to the conversion price and ongoing management of its financial health and obligations [1][2][3]. Group 1: Company Overview - Nanjing Shenghang Shipping Co., Ltd. is a leading domestic liquid chemical shipping company, focusing on hazardous chemical transportation and providing logistics services to major chemical enterprises [3][4]. - The company operates a fleet of 52 vessels with a total capacity of 405,000 deadweight tons, including 33 chemical tankers and 13 product oil tankers [4][5]. Group 2: Financial Performance - As of the end of 2024, the company reported total assets of 488,327.67 million RMB, a 13.17% increase from the previous year, and net assets of 222,679.64 million RMB, reflecting a 25.54% growth [5]. - The company's operating revenue for 2024 was 149,961.24 million RMB, an 18.88% increase from 2023, while net profit decreased by 17.23% to 16,441.42 million RMB [5]. Group 3: Bond Issuance and Management - The company issued 7.4 billion RMB in convertible bonds with a maturity of 6 years and an initial coupon rate of 0.30%, which was later adjusted to 0.50% [1][6]. - The total net proceeds from the bond issuance amounted to 72,543.68 million RMB after deducting issuance costs [6][7]. Group 4: Use of Proceeds - The company has utilized 70,543.68 million RMB of the raised funds for various projects, including the purchase of vessels and working capital [9][13]. - There were no significant deviations or issues reported regarding the use of the raised funds, and all projects have reached their intended operational status [9][10]. Group 5: Debt Management and Creditworthiness - The company has established a series of measures to ensure timely repayment of the convertible bonds, including appointing a dedicated department for debt management [18][19]. - The issuer's credit ratings remained stable, with an AA- rating for both the issuer and the bonds, indicating a strong capacity to meet financial obligations [1][5].

Core Viewpoint - The credit rating for Nanjing Shenghang Shipping Co., Ltd. and its convertible bonds remains stable at AA- for both the company and the bonds, indicating no changes from the previous rating [1][2]. Group 1: Rating Information - The previous credit rating for the company was AA- and the bond rating was also AA- with a stable outlook [1]. - The current credit rating for the company and the "Shenghang Convertible Bonds" is maintained at AA- with a stable outlook, reflecting no adjustments from the previous rating [2]. Group 2: Rating Agency and Methodology - The credit rating was conducted by Dongfang Jincheng International Credit Assessment Co., Ltd., based on a comprehensive analysis of the company's operational status and related industry conditions [2]. - The rating report is available on the official website of the company, providing detailed insights into the credit assessment [2].

Group 1 - The company announced the conversion situation of its convertible bonds "Shenghang Convertible Bonds" for the first quarter of 2025, indicating a reduction of 281 bonds and a conversion of 1,800 shares [8][9] - As of March 31, 2025, the remaining amount of "Shenghang Convertible Bonds" is 4,540,733 bonds, with a total face value of RMB 454,073,300 [8][9] - The initial conversion price of "Shenghang Convertible Bonds" was set at RMB 19.15 per share, which was later adjusted to RMB 15.60 per share after a downward revision approved by the shareholders [4][5][8] Group 2 - The company issued 7,400,000 convertible bonds on December 6, 2023, with a total fundraising amount of RMB 74 million, and these bonds were listed on the Shenzhen Stock Exchange on December 28, 2023 [2][3] - The conversion period for the "Shenghang Convertible Bonds" is from June 12, 2024, to December 5, 2029 [3] - The company plans to use temporarily idle raised funds and self-owned funds for cash management, with a total amount not exceeding RMB 14.2 million [14][19]

南京盛航海运股份有限公司 证券代码：001205 证券简称：盛航股份 公告编号：2025-020 关于"盛航转债"2025年第一季度转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》等相关规则的规定，南京盛航海运股份有限 公司（以下简称"盛航股份"或"公司"）现将 2025 年第一季度可转换公司债券（以 下简称"可转债"或"盛航转债"）转股及公司股份变动情况公告如下： 债券代码：127099 债券简称：盛航转债 （1）2024 年 2 月转股价格不向下修正 自 2024 年 1 月 8 日至 2024 年 2 月 2 日，公司股票在连续三十个交易日中已 有十五个交易日的收盘价低于当期转股价格的 85%，即 16.28 元/股的情形，已 触发"盛航转债"转股价格向下修正条款。 一、可转债发行上市情况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意南 京盛航海运股份有限公司向不特定对象发行可转换 ...