Summary of Key Points Core Viewpoint - Gansu Energy Chemical Co., Ltd. has announced adjustments to the conversion price of its convertible bonds, "Nenghua Convertible Bonds," due to various corporate actions including rights distributions and asset restructuring [1][4][5]. Convertible Bond Issuance and Adjustments - The company issued 28 million convertible bonds with a total value of 280 million yuan, netting approximately 2.77 billion yuan after expenses [1]. - The conversion price was adjusted from 3.33 yuan/share to 3.00 yuan/share due to multiple corporate actions including rights distributions and asset restructuring [1][4]. - The bond was initially listed on January 22, 2021, and was renamed "Nenghua Convertible Bonds" on April 18, 2023, following a major asset restructuring [2]. Conversion Price Adjustments - The conversion price has undergone several adjustments: - From 3.33 yuan/share to 3.23 yuan/share on June 3, 2021, due to the 2020 annual rights distribution [2]. - From 3.23 yuan/share to 3.13 yuan/share on October 12, 2021, due to the 2021 semi-annual rights distribution [2]. - From 3.13 yuan/share to 3.08 yuan/share on April 11, 2022, due to the 2021 annual rights distribution [3]. - From 3.08 yuan/share to 3.31 yuan/share on February 9, 2023, following the completion of an asset acquisition [4]. - From 3.17 yuan/share to 3.10 yuan/share on December 13, 2023, due to a new share issuance [6]. - From 3.10 yuan/share to 3.00 yuan/share on June 21, 2024, due to the 2023 annual rights distribution [6]. Share Capital Changes - As of June 30, 2025, the company reported a total share capital of 5,351,807,601 shares, with a minor increase of 4,999 shares due to the conversion of bonds [7]. - The total number of convertible bonds remaining is 1,946,377,300 yuan, equivalent to 19,463,773 bonds [7]. Contact Information - The company is located at 1230 Guazhou Road, 19th Floor, Qilihe District, Lanzhou, Gansu Province, with contact details provided for investor relations [9].

证券研究报告|宏观研究报告 [Table_Date] 2025 年 06 月 06 日 [Table_Title] 2025Q1 转债信用评分&负面事件梳理出炉 [Table_Summary] 我们在报告《转债信用分析框架指南》中介绍了转债信用分 析方法，现基于最新的存续转债情况，更新 2025Q1 转债信用 评分。 2025Q1 转债信用评分涵盖所有非金融存续转债，共计 448 只。包括基础设施类转债 37 只，零售类转债 12 只，公用事业 类转债 21 只，轻资产服务类转债 22 只，消费医药类转债 90 只，制造类转债 162 只，周期类转债 104 只，统计时间截至 2025 年 3 月 31 日。 总体来看，基础设施类、零售类和轻资产服务类信用评分较 上一季度环比提升；消费医药类、制造类和周期类信用评分 较上一季度均环比下降；公用事业类信用评分较上一季度变 化不大。 我们将按季度对转债信用评分进行持续更新，敬请投资者关 注。 风险提示 转债信用分析框架不够完善、转债发行人信用资质评估框架 不够细致；转债规则出现超预期调整。 评级及分析师信息 [Table_Author] 分析师：田乐蒙 邮箱：ti ...