Group 1 - The core viewpoint of the announcement is that the credit rating for Ningbo Meinuo Pharmaceutical Co., Ltd. and its convertible bonds remains unchanged at AA- with a stable outlook [1][2] - The previous credit rating was also AA- for both the company and the convertible bonds, indicating consistency in the company's financial standing [1][2] - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operations and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 25, 2025, confirming the ratings and outlook [2] - The previous rating was conducted on June 26, 2024, with the same results [1][2] - The report is available on the Shanghai Stock Exchange website for further details [2]

Core Viewpoint - The announcement details the adjustment of the conversion price for "Meinuo Convertible Bonds" due to the company's 2024 annual profit distribution plan, which includes a cash dividend of 0.05 yuan per share [1][2]. Summary by Sections 1. Convertible Bond Information - The "Meinuo Convertible Bonds" were issued on January 14, 2021, with a total value of 520 million yuan, consisting of 5.2 million bonds, each with a face value of 100 yuan, and a maturity of 6 years [1]. - The initial conversion price was set at 37.47 yuan per share, with the conversion period from July 20, 2021, to January 13, 2027 [2]. 2. Price Adjustment Basis - The adjustment of the conversion price is based on the company's decision made during the 2024 annual shareholders' meeting on May 8, 2025, to distribute a cash dividend of 0.05 yuan per share [2]. - The total share capital will be adjusted accordingly to maintain the distribution ratio despite changes due to convertible bond conversions, share buybacks, or other corporate actions [2]. 3. Conversion Price Adjustment Formula - The adjustment formula for the conversion price is defined in the prospectus, which states that if the company distributes stock dividends, issues new shares, or pays cash dividends, the conversion price will be adjusted accordingly [3][4]. - The specific formula for cash dividend adjustment is P1 = P0 - D, where P0 is the previous conversion price, and D is the cash dividend per share [4]. 4. Adjusted Conversion Price - The conversion price has been adjusted from 25.73 yuan per share to 25.68 yuan per share due to the cash dividend distribution [4]. - The new conversion price will take effect from June 25, 2025, after the suspension of conversion on June 17, 2025 [1][4].

Core Viewpoint - Ningbo Meinuo Pharmaceutical Co., Ltd. announced the suspension of the conversion of its convertible bonds "Meinuo Convertible Bonds" during the implementation of the 2024 annual equity distribution, along with an adjustment to the conversion price [1][4]. Group 1: Equity Distribution Plan - The company plans to distribute a cash dividend of 0.05 yuan (including tax) per share based on the total share capital of 219,828,267 shares as of May 28, 2025 [2][4]. - The actual results of the equity distribution will be determined based on the calculations by China Securities Depository and Clearing Corporation Limited [2]. - The equity distribution plan has been approved in meetings held on April 17, 2025, and May 8, 2025 [3]. Group 2: Suspension of Conversion - The "Meinuo Convertible Bonds" will stop conversion from June 17, 2025, until the equity distribution registration date, with resumption of conversion on the first trading day after the registration date [4]. - Holders of "Meinuo Convertible Bonds" wishing to enjoy the equity distribution must convert their bonds by June 16, 2025 [4]. Group 3: Communication - The company will disclose the implementation announcement of the 2024 annual equity distribution and the adjustment of the conversion price on June 18, 2025 [4]. - Contact information for the board office is provided for further inquiries [4].

Group 1 - The stock price of Meinuohua (603538) closed at 13.95 yuan on May 9, 2025, down by 1.06%, with a turnover rate of 1.7% and a trading volume of 36,200 lots, resulting in a transaction amount of 50.89 million yuan [1] - On May 9, 2025, the net inflow of main funds was 964,100 yuan, accounting for 1.89% of the total transaction amount, while retail investors had a net outflow of 1.3758 million yuan, representing 2.7% of the total transaction amount [2][4] - Meinuohua announced the first notice regarding the optional repurchase of "Meinu Convertible Bonds," with a repurchase price of 100.60 yuan per bond (including current interest), and the repurchase period set from May 16 to May 22, 2025 [2][4] Group 2 - On May 8, 2025, the company held its 2024 annual shareholders' meeting and the first bondholders' meeting for "Meinu Convertible Bonds," where it approved a proposal to change part of the fundraising investment projects, triggering the additional repurchase clause for the convertible bonds [3] - The repurchase procedure requires bondholders to submit their repurchase requests through the Shanghai Stock Exchange trading system, and once confirmed, the repurchase requests cannot be revoked [3]

Core Points - The company announced the first notice regarding the optional redemption of "Meinuo Convertible Bonds" [1] - The redemption price is set at 100.60 RMB per bond, including the current interest [3][5] - The redemption period is from May 16, 2025, to May 22, 2025 [4][5] - The payment date for the redemption funds is May 27, 2025 [1][5] - During the redemption period, the "Meinuo Convertible Bonds" will stop converting into shares [1][4] Redemption Terms - Holders of "Meinuo Convertible Bonds" can choose to redeem part or all of their unconverted bonds [1][4] - The redemption is not mandatory, allowing bondholders to decide whether to proceed [1][4] - The calculation for the current interest is based on a formula that considers the bond's face value, interest rate, and the number of days since the last interest payment [3] Redemption Process - The bond code for the redemption is "113618" and the abbreviation is "Meinuo Convertible Bonds" [5] - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period [5] - If a redemption request is not successful on the first day, bondholders can continue to submit requests on subsequent days within the redemption period [5] Trading During Redemption - "Meinuo Convertible Bonds" will continue to trade during the redemption period but will not be convertible into shares [5] - If the total face value of the convertible bonds falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [6]

Core Viewpoint - Ningbo Meinuo Pharmaceutical Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, despite triggering the downward adjustment clause due to stock prices falling below 90% of the current conversion price for a significant number of trading days [2][8]. Group 1: Convertible Bond Overview - The company issued 520 million yuan worth of convertible bonds on January 14, 2021, with a maturity of six years and an initial conversion price of 37.47 yuan per share [3]. - The bond trading began on February 4, 2021, under the name "Meinuo Convertible Bonds" with the code "113618" [3]. Group 2: Conversion Price Adjustment History - The conversion price has been adjusted multiple times since issuance, including a reduction to 26.51 yuan per share after a rights issue in June 2022 and further adjustments leading to the current price of 25.84 yuan per share [4][5]. - The most recent adjustment occurred on July 12, 2024, when the price was set at 25.84 yuan per share following a rights distribution [5]. Group 3: Downward Adjustment Clause - The downward adjustment clause is triggered when the stock price falls below 90% of the conversion price for at least 15 out of 30 consecutive trading days [6]. - The board has the authority to propose a downward adjustment, which requires a two-thirds majority approval from shareholders [6]. Group 4: Recent Board Decision - On April 3, 2025, the board held a meeting and unanimously decided not to adjust the conversion price, citing significant fluctuations in stock prices due to macroeconomic factors [2][8][11]. - The board indicated that if the downward adjustment clause is triggered again within the next three months, they will also not propose an adjustment [8].

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Ningbo Meinuo Pharmaceutical Co., Ltd., highlighting the amount converted and the remaining unconverted bonds as of March 31, 2025. Group 1: Conversion Status - As of March 31, 2025, a total of RMB 43,462,000 of "Meinuo Convertible Bonds" has been converted into company shares, resulting in 1,173,293 shares, which accounts for 0.784% of the total shares issued before the conversion [1][4]. - The amount of convertible bonds that have not been converted as of the same date is RMB 476,538,000, representing 91.642% of the total issuance [1][4]. - During the first quarter of 2025, the conversion amount was RMB 35,000, leading to the issuance of 1,350 shares [1][4]. Group 2: Convertible Bond Issuance Overview - The company was approved by the China Securities Regulatory Commission to publicly issue RMB 520 million of convertible bonds on January 14, 2021, with a maturity of 6 years and a tiered interest rate structure [2]. - The bonds were listed on the Shanghai Stock Exchange on February 4, 2021, under the name "Meinuo Convertible Bonds" with the code "113618" [2]. - The initial conversion price was set at RMB 37.47 per share, which has been adjusted multiple times due to various corporate actions, including cash dividends and stock incentive plans [2][3]. Group 3: Share Capital Changes - The total share capital before the conversion was 218,754,997 shares, which decreased to 218,609,075 shares after accounting for the conversion of 1,350 shares [5].

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights various companies undergoing significant events such as public offerings and trading alerts, indicating active market participation and potential investment opportunities [1]. - There are multiple instances of companies experiencing abnormal fluctuations, which may signal volatility and require further analysis for potential investment risks [2]. Summary by Relevant Sections - **New Stock Offerings**: Several companies are in the process of public offerings, including Chengda Biological (688739) with a tender offer period from March 5, 2025, to April 3, 2025 [1]. - **Trading Alerts**: Companies like Hangang Co. (600126) and HNA Technology (600751) have been flagged for severe abnormal fluctuations, suggesting a need for caution among investors [1][2]. - **Market Activity**: The report lists numerous companies with recent announcements, indicating a dynamic market environment with potential investment opportunities [1].