Core Points - The company announced the interest payment for the "Nuitai Convertible Bonds" for the year 2025, with a coupon rate of 0.70% and a total interest payment of RMB 7.00 per 10 bonds [1][2][3] Group 1: Bond Issuance and Payment Details - The "Nuitai Convertible Bonds" were issued on June 27, 2023, and will have annual interest payments, with the second-year interest payment scheduled for June 27, 2025 [2][3] - The interest calculation formula is defined as I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the coupon rate [2] - The interest payment for every 10 bonds (with a face value of RMB 1,000) will be RMB 7.00, which is subject to a 20% withholding tax, resulting in a net payment of RMB 5.60 [3][5] Group 2: Taxation and Payment Process - The company will not withhold taxes on the interest payments; instead, the payment agents will handle the withholding tax for individual bondholders [3][6] - Non-resident enterprises holding the bonds are exempt from corporate income tax on the interest income until December 31, 2025 [6] - The payment will be processed through the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, which will distribute the interest to the bondholders' designated accounts [5][6]

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "Nuitai Convertible Bonds," despite triggering the conditional redemption clauses due to stock prices exceeding the specified thresholds [2][6]. Group 1: Convertible Bond Issuance and Listing - The company issued 350 million yuan worth of convertible bonds on June 27, 2023, with a total of 3.5 million bonds at a face value of 100 yuan each, resulting in a net fundraising amount of approximately 344 million yuan after deducting issuance costs [2][3]. - The bonds were listed on the Shenzhen Stock Exchange on July 18, 2023, under the name "Nuitai Convertible Bonds" and code "123201" [3]. Group 2: Conversion Price Adjustments - The conversion price of the bonds was adjusted from 29.88 yuan to 21.25 yuan per share effective May 21, 2024, and further adjusted to 21.19 yuan per share effective October 15, 2024 [3][4]. - The conversion price was subsequently lowered to 15.04 yuan per share effective May 26, 2025 [4]. Group 3: Conditional Redemption Clauses - The conditional redemption clauses allow the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million yuan [5]. - From May 20 to June 12, 2025, the stock price met the criteria for triggering the redemption clauses [5]. Group 4: Decision on Early Redemption - The board of directors decided not to exercise the early redemption rights for the bonds, considering the short conversion period and current market conditions, aiming to protect the interests of bondholders [6]. - The company will reassess the situation after September 12, 2025, if the redemption conditions are met again [6]. Group 5: Shareholder Transactions - There have been no transactions of "Nuitai Convertible Bonds" by major shareholders or executives in the six months prior to the redemption conditions being met, and there are no plans for future reductions in holdings [7].

Core Viewpoint - The company has decided not to exercise the early redemption option for its convertible bonds, "Nuitai Convertible Bonds," despite meeting the conditions for redemption, in order to protect the interests of bondholders [1][5]. Group 1: Convertible Bond Issuance - The company issued convertible bonds totaling 350 million yuan on June 27, 2023, with a net fundraising amount of approximately 344.08 million yuan after deducting issuance costs [1][2]. - The bonds were listed for trading on the Shenzhen Stock Exchange starting July 18, 2023, under the name "Nuitai Convertible Bonds" and code "123201" [2]. Group 2: Conversion Terms - The conversion period for the bonds is from January 3, 2024, to June 26, 2029, with an initial conversion price set at 29.88 yuan per share [2]. - The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to 15.04 yuan per share effective May 26, 2025 [3]. Group 3: Redemption Terms - The bonds have a conditional redemption clause that allows the company to redeem them if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period, or if the unconverted balance falls below 30 million yuan [3][4]. - The redemption condition was triggered between May 20, 2025, and June 12, 2025, as the stock price met the required threshold [4]. Group 4: Decision Against Early Redemption - The company's board of directors decided not to redeem the bonds early, considering the short conversion period and current market conditions, aiming to protect bondholder interests [5]. - The company will reassess the situation after September 12, 2025, should the redemption conditions be met again [5]. Group 5: Shareholder Transactions - There have been no transactions of the bonds by major shareholders, including the actual controller and board members, in the six months prior to the redemption condition being met [5]. - No plans for future reductions in holdings of the bonds have been reported by these stakeholders [5]. Group 6: Sponsor's Review - The sponsor has confirmed that the decision not to redeem the bonds early has been approved by the board and complies with relevant regulations and the terms outlined in the offering document [5].

Group 1 - The company held its 26th meeting of the 3rd Board of Directors on June 9, 2025, with all 7 directors present, complying with legal and regulatory requirements [1][2]. - The Board approved the proposal not to redeem the "Nuitai Convertible Bonds" early, as the stock price met the conditions for conditional redemption [2]. - The decision was made to protect the interests of bondholders, considering the short conversion period and current market conditions [2]. Group 2 - The company will not exercise the early redemption rights for the "Nuitai Convertible Bonds" for the next three months, with a review planned if the redemption conditions are triggered again after September 12, 2025 [2]. - The proposal received unanimous support from the Board, with 7 votes in favor and no opposition [2].