（文章来源：每日经济新闻） 每经AI快讯，8月14日，中证转债指数午盘上涨0.09%，报473.35点。万得可转债等权指数下跌0.12%， 报230.16点。其中，金铜转债、章鼓转债、远信转债、欧通转债、天路转债涨幅居前，分别涨16.25%、 11.93%、7.64%、7.17%、6.49%。丽岛转债、海泰转债、景23转债、交建转债、华医转债跌幅居前，分 别跌9.70%、8.74%、7.68%、6.09%、4.16%。 ...

Core Viewpoint - Shandong Zhangqiao Blower Co., Ltd. has approved a capital change and amendments to its articles of association, including the issuance of convertible bonds totaling 243 million yuan, which will be listed on the Shenzhen Stock Exchange [1][2]. Capital Change Summary - The company will issue convertible bonds with a total amount of 243 million yuan, with each bond priced at 100 yuan, starting from November 3, 2023 [1]. - The total number of shares will increase from 312,000,000 to 312,038,474 due to the conversion of bonds during the period from April 23, 2024, to June 30, 2025 [2]. Articles of Association Amendments Summary - The company will revise its articles of association to reflect changes in registered capital and governance structure, which will require approval from the shareholders' meeting [2][3]. - Specific amendments include the addition of employee rights and responsibilities, as well as clarifications on the roles of the board and management [4][5]. - The revised articles will ensure compliance with the new Company Law and related regulations, maintaining the rights of shareholders and creditors [6][7].

Group 1 - The company issued 2,430,000 convertible bonds at a price of 100 yuan each, raising a total of 243 million yuan, with a net amount of approximately 238.63 million yuan after expenses [1][2] - The convertible bonds will be traded on the Shenzhen Stock Exchange starting from November 3, 2023, under the name "章鼓转债" and code "127093" [1][2] - The adjustment of the conversion price will occur based on specific corporate actions such as stock dividends, capital increases, and cash dividends, with detailed formulas provided for each scenario [1][2] Group 2 - The conversion price before adjustment was set at 10.25 yuan per share, which will be adjusted to 10.15 yuan per share due to a cash dividend distribution of 1 yuan per 10 shares [3][4] - The adjusted conversion price will take effect from July 25, 2025, which is the ex-dividend date [4]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1 RMB per 10 shares for all shareholders, approved by the shareholders' meeting held on May 27, 2025 [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan is based on the total share capital as of the equity registration date, which is set at 312,038,571 shares as of July 17, 2025 [2]. - The cash dividend of 1 RMB (including tax) will be distributed to all shareholders for every 10 shares held, with specific tax treatments for different categories of investors [2][3]. Taxation Details - For Hong Kong market investors and foreign institutions, the cash dividend will be 0.9 RMB per 10 shares due to tax considerations [2]. - A differentiated tax rate will apply to individual shareholders based on their holding period, with specific amounts to be paid depending on the duration of shareholding [3]. Key Dates - The equity registration date is set for July 24, 2025, and the ex-dividend date is July 25, 2025 [4]. Distribution Method - Cash dividends will be directly credited to the shareholders' accounts by their custodial securities companies or other custodial institutions [4]. Convertible Bond Adjustment - Following the profit distribution, the conversion price of the company's convertible bonds will be adjusted from 10.25 RMB to 10.15 RMB per share, effective from July 25, 2025 [4]. Consultation Information - The company has provided contact details for inquiries regarding the announcement, including a contact person and phone numbers [5].

Core Viewpoint - The credit rating agency maintains the credit rating of Shandong Zhangqiu Blower Co., Ltd. at A+ with a stable outlook, reflecting the company's strong position in the Roots blower industry and its robust technical capabilities, despite potential risks related to project capacity absorption and accounts receivable expansion [2][3][31]. Financial Overview - Total assets of the company are projected to grow from 25.50 billion in 2022 to 31.48 billion by 2025 [6]. - Owner's equity is expected to increase from 11.06 billion in 2022 to 13.60 billion by 2025 [6]. - Total liabilities are anticipated to rise from 14.45 billion in 2022 to 18.10 billion by 2025 [6]. - Total revenue is forecasted to grow from 18.75 billion in 2022 to 20.87 billion by 2025 [6]. - Net profit is expected to remain stable, with figures of 1.14 billion in 2022 and 0.78 billion in 2025 [6]. Industry Position - The company maintains a leading position in the Roots blower sector, with a strong technical foundation and continuous revenue growth [7]. - The competitive landscape in the blower market is characterized by intense competition in the low-end segment, while the mid-to-high-end market remains relatively stable with fewer players [10][11]. - The company is focusing on expanding its industrial pump market, which has positively impacted the sales volume of slurry pumps [11][14]. Risks and Challenges - There are potential risks related to the absorption of capacity from fundraising projects and the increasing scale of accounts receivable, which may affect the company's operational and credit status [3][7]. - The high pledge ratio of shares held by the controlling shareholder raises concerns about the stability of the company's control [12]. Future Outlook - The company is expected to maintain a stable credit level over the next 12 months, with a focus on enhancing capital strength and improving asset quality [4][5]. - The company plans to continue its investment in R&D, with a budget of 1.06 billion in 2024, representing 5.10% of its revenue [14]. - The company has a significant order backlog of approximately 6 billion, providing a certain level of revenue assurance for the future [14].