Group 1 - The report indicates that the current convertible bond valuation remains relatively high, with some newly issued bonds having higher premium rates compared to other bonds at parity. This is attributed to strong demand for convertible bonds and high industry prosperity, leading to excess returns on corresponding stocks and increased volatility, which supports the high valuation levels of these new bonds [1][10]. - The report anticipates that the high premium of newly issued bonds will persist, as high-prosperity industries will continue to issue convertible bonds, maintaining a balance structure close to the levels seen in 2025. This is expected to support the valuation levels of newly issued bonds and the overall market [1][10]. - The report tracks the valuation levels across various industries, identifying the top ten industries with the highest valuations, including Media, Computer, Defense, Machinery, Electronics, Automotive, Beauty, Communication, Food & Beverage, and Electric Equipment. The proportion of high-valuation industry bonds has increased in 2025 compared to 2023 and 2024, indicating a rise in the overall market valuation center [2][11]. Group 2 - The weekly strategy indicates that most stock indices experienced adjustments, with the China Convertible Bond Index showing a slight increase of 0.52%. The report highlights that the median price of bonds in the parity range has risen, indicating that convertible bond valuations remain at historically high levels [3][17]. - The report notes that market liquidity remains ample, and as investor risk appetite gradually recovers, a mid-term upward trend in stock indices is expected. Key areas of focus include the acceleration of AI industrialization, the "anti-involution" trend benefiting sectors like photovoltaics and steel, and future industry-related convertible bonds such as hydrogen energy and nuclear fusion [3][17][18]. - Recent increases in convertible bond valuations may be due to inflows of new capital into the market, driven by a better alignment of the convertible bond market structure with current market styles. Specific sectors such as photovoltaics, lithium batteries, coal, and steel are highlighted as key areas for institutional investment [4][17].

Core Points - The company announces the interest payment for its convertible bonds "福22转债" on November 24, 2025, due to the holiday on November 22, 2025 [2][4] - The convertible bonds were issued on November 22, 2022, with a total issuance scale of 3.03 billion RMB and a maturity period of 6 years [2][5] - The interest rates for the bonds increase progressively from 0.20% in the first year to 2.00% in the sixth year [2][3] Summary by Sections Convertible Bond Issuance Overview - Bond Type: Convertible bonds that can be converted into the company's A-shares [2] - Issuance Scale: 303 million RMB [2] - Number of Bonds: 30.3 million [2] - Face Value: Each bond has a face value of 100 RMB [2] - Maturity: From November 22, 2022, to November 21, 2028 [2] Interest Payment Details - Interest Calculation: Annual interest is calculated based on the face value and applicable interest rate [3] - Interest Payment Date: November 24, 2025 [4] - Interest Record Date: November 21, 2025 [4] - Interest Rate for Current Period: 0.40% for the period from November 22, 2024, to November 21, 2025, resulting in an interest payment of 0.40 RMB per bond [13] Conversion and Pricing Information - Initial Conversion Price: 65.07 RMB per share [7] - Latest Conversion Price: Adjusted to 14.74 RMB per share as of June 24, 2025, due to profit distribution and capital increase [8][9] - Conversion Period: From May 29, 2023, to November 21, 2028 [6] Credit Rating and Guarantee - Credit Rating: The company's long-term credit rating is AA, with a stable outlook for the "福22转债" [9] - Guarantee: The convertible bonds are not secured by any guarantees [11] Taxation on Interest Income - Individual Investors: Subject to a 20% tax on interest income, resulting in a net payment of 0.32 RMB per bond after tax [15] - Corporate Investors: Responsible for their own tax payments on interest income [16]

Core Viewpoint - The company has decided to temporarily use part of the raised funds for supplementing working capital and has begun the process of returning these funds to the designated account [1][2]. Group 1 - The company approved the temporary use of up to RMB 100 million from the idle raised funds to supplement working capital, with a usage period not exceeding 12 months [1]. - As of the announcement date, the company has returned a total of RMB 80 million of the temporarily used funds, with a remaining balance of RMB 79.5 million yet to be returned [2]. - The company has notified the sponsor institution and representative of the return of funds on multiple occasions, ensuring compliance with disclosure obligations [2]. Group 2 - The board of directors confirmed the accuracy and completeness of the announcement regarding the return of funds [1][3]. - The announcement was made on July 16, 2025, following the company's board meeting [4].

Core Viewpoint - The announcement provides an update on the conversion results of the company's convertible bonds, indicating low conversion activity and significant amounts of unconverted bonds. Group 1: Convertible Bond Issuance and Listing - The company issued 30.30 billion yuan worth of convertible bonds on November 22, 2022, with a face value of 100 yuan per bond and a maturity period of six years [3] - The bonds were listed on the Shanghai Stock Exchange on December 22, 2022, under the name "福22转债" and code "113661" [4] Group 2: Conversion Status - As of June 30, 2025, a total of 115,000 yuan of "福22转债" has been converted into 2,828 shares, representing 0.00015% of the company's total shares before conversion [2][10] - During the quarter from April 1 to June 30, 2025, 4,000 yuan of "福22转债" was converted into 266 shares, accounting for 0.000014% of the total shares before conversion [2][10] - The amount of unconverted convertible bonds as of June 30, 2025, is 3,029,874,000 yuan, which constitutes 99.9962% of the total issuance [2][10] Group 3: Conversion Price Adjustments - The initial conversion price of "福22转债" was set at 65.07 yuan per share, adjusted to 46.37 yuan on May 26, 2023, and further adjusted to 32.94 yuan on June 24, 2024 [5][6] - Following a downward adjustment approved on March 17, 2025, the conversion price was set to 15.00 yuan per share, and subsequently adjusted to 14.74 yuan on June 24, 2025 [6][7] Group 4: Redemption Status - The company held bondholder meetings in September 2023 and October 2024, resulting in the redemption of 60 and 50 bonds, respectively, during the specified redemption periods [8][9]

Group 1 - The company, Hangzhou Foster Applied Materials Co., Ltd., issued convertible bonds totaling RMB 3.03 billion, approved by the China Securities Regulatory Commission [1][6] - The bonds were issued on November 22, 2022, with a face value of RMB 100 each, and a maturity period of 6 years [1][6] - The initial conversion price for the bonds is set at RMB 65.07 per share, with provisions for adjustments based on corporate actions [2][4] Group 2 - The company reported a net profit attributable to shareholders of RMB 130.76 million for the year 2024, a decrease of 29.33% compared to the previous year [6] - Total assets as of December 31, 2024, amounted to RMB 2.12 billion, reflecting a 2.86% decrease from the beginning of the year [6] - The company's operating revenue for 2024 was RMB 1.91 billion, down 15.23% from 2023 [6] Group 3 - The funds raised from the convertible bonds are allocated for various projects, including a reduction in the scale of a photomask project and a shift in funding to new projects in Guangdong and Vietnam [4][6] - The company has established a dedicated account for managing the raised funds, ensuring compliance with regulatory requirements [4][6] - The bond trustee, Guotai Junan Securities Co., Ltd., has been monitoring the company's financial and operational status to protect bondholders' interests [5]

Group 1 - The company will stop the conversion of "Fu 22 Convertible Bonds" from June 16, 2025, until the equity registration date due to the implementation of the 2024 annual equity distribution [1][3] - The 2024 annual equity distribution plan includes a cash dividend of 2.60 yuan (including tax) for every 10 shares, based on the total number of shares minus those held in the company's repurchase account [2][3] - The equity distribution plan was approved at the 2024 annual shareholders' meeting held on April 30, 2025 [2] Group 2 - The company will announce the implementation of the equity distribution and the adjustment of the conversion price for "Fu 22 Convertible Bonds" on June 17, 2025 [3] - Holders of "Fu 22 Convertible Bonds" can convert their bonds until June 13, 2025, to enjoy the equity distribution [3] - The conversion price of "Fu 22 Convertible Bonds" will be adjusted according to the terms outlined in the prospectus following the equity distribution [2]