思特转债：不强赎 芳源转债：高熵资产管理的基金合计持有"芳源转债"1,311,820 张，占发行总量的20.43% 科华转债：不下修 新强联：股东拟减持不超过3%股份 崇达转2，大元转债，正海转债，金现转债：强赎 欧22转债：下修到底 | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 113068 | 金铜转债 | 249.879 | 100.048 | 2025-08-20 | 2025-08-25 | 254.75 | 0.022 | 0.01% | | 128074 | 乙族转债 | 164.001 | 101.858 | 2025-08-22 | 2025-08-27 | 164.46 | 0.352 | 0.22% | | 123048 | Z急转债 | 125.334 | 100.770 | 2025-08-22 | 2025-08-27 | ...

"芳 源转债"，债券代码"118020"。 近日，公司收到债券持有人北京高熵资产管理有限公司（以下简称"高熵资 产"）的通知函，获悉截至 2025 年 8 月 21 日收盘，高熵资产管理的证券投资基 金合计持有"芳源转债"1,311,820 张，占公司可转债发行总量的 20.43%。 特此公告。 广东芳源新材料集团股份有限公司董事会 证券代码：688148 证券简称：芳源股份 公告编号：2025-044 转债代码：118020 转债简称：芳源转债 广东芳源新材料集团股份有限公司 关于债券持有人持有公司可转债 比例达到 20%的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 经中国证券监督管理委员会出具的《关于同意广东芳源新材料集团股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2022〕1685 号）同意注册，广东芳源新材料集团股份有限公司（以下简称"公司"）于 2022 年 9 月 23 日向不特定对象发行 6,420,000 张可转换公司债券，每张面值 100 元， 共计募集资金人民币 64, ...

Group 1 - The report is prepared by China International Capital Corporation as the trustee manager for the convertible bonds issued by Guangdong Fangyuan New Materials Group Co., Ltd [2][3] - The bonds were approved by the company's board meetings and the first extraordinary general meeting of shareholders in 2022 [3][4] - The issuance of the convertible bonds was approved by the Shanghai Stock Exchange and registered with the China Securities Regulatory Commission [4] Group 2 - The total issuance scale of the convertible bonds is RMB 642 million, with a total of 6,420,000 bonds issued at a face value of RMB 100 each [5] - The bonds have a term of six years, from September 23, 2022, to September 22, 2028, with an annual interest rate that increases over the years [6][7] - The initial conversion price for the bonds is set at RMB 18.62 per share, with the current conversion price at RMB 18.63 per share [12] Group 3 - The credit rating for the bonds is A+, with a stable outlook, as assessed by Zhongjian Pengyuan Credit Rating Co., Ltd [8] - The credit rating was later adjusted to BBB, maintaining a stable outlook [8] - The bonds are unsecured and do not have any guarantees [9] Group 4 - The company has undergone a change in its registered address and has eliminated its supervisory board, transferring some responsibilities to the audit committee of the board [10] - The fourth board of directors was elected on July 21, 2025, with a term of three years [11] - The new management team includes a president and several vice presidents, with specific roles outlined [12][13]

Core Viewpoint - Guangdong Fangyuan New Materials Group Co., Ltd. is issuing convertible bonds to unspecified investors, with a total issuance scale of RMB 642 million, aiming to enhance its capital structure and support business growth [4][6]. Group 1: Bond Issuance Details - The bond issuance was approved by the company's board meetings held on February 9, March 18, and June 10, 2022, and subsequently by the shareholders' meeting on February 28, 2022 [3]. - The bonds were reviewed and approved by the Shanghai Stock Exchange on July 8, 2022, and received regulatory approval from the China Securities Regulatory Commission on July 29, 2022 [4]. - The bonds have a total issuance of 6,420,000 units, each with a face value of RMB 100, and a maturity period of six years from September 23, 2022, to September 22, 2028 [4][5]. Group 2: Bond Characteristics - The coupon rates for the bonds are structured to increase over time, starting at 0.5% in the first year and reaching 3.5% in the sixth year [6]. - Interest payments will be made annually, with the first payment occurring one year after the issuance date [6][7]. - The initial conversion price for the bonds is set at RMB 18.62 per share, with the current conversion price at RMB 18.63 per share [8]. Group 3: Credit Rating Information - The bonds have been rated A+ by Zhongceng Pengyuan Credit Rating Co., Ltd., with a stable outlook, although the issuer's credit rating was later adjusted to BBB [8][10]. - The bonds are not secured by any collateral, and the registration and custody of the bonds are managed by China Securities Depository and Clearing Corporation Limited [9]. Group 4: Management and Oversight - China International Capital Corporation (CICC) serves as the sponsor, lead underwriter, and trustee for the bond issuance, ensuring the protection of bondholders' rights [3][10]. - CICC will continue to monitor the issuer's ability to meet interest and principal repayment obligations, as well as any other significant matters affecting bondholders [10].

Core Viewpoint - The credit ratings of multiple convertible bonds have been downgraded, with 19 bonds experiencing downgrades this year, surpassing the 14 downgrades recorded for the entire year of 2024 [1][3]. Group 1: Credit Rating Adjustments - As of June 2023, 10 convertible bonds have had their ratings downgraded, with notable mentions including Dongfeng Convertible Bond, Bohui Convertible Bond, and Shengxun Convertible Bond being placed on a credit watch list [3]. - The downgrades are primarily influenced by factors such as performance losses, debt pressures, and industry policy impacts [3][4]. - The majority of the downgraded bonds previously held ratings of A+, with some, like Wentai Convertible Bond and Jinneng Convertible Bond, rated as high as AA [4]. Group 2: Market Response and Outlook - Despite the downgrades, the overall performance of the convertible bond market remains strong, with limited impact on bond prices observed [5][6]. - Analysts suggest that the risks associated with these bonds have been largely anticipated, leading to lower institutional holdings and minimal market shock from the downgrades [6]. - The market is expected to see a more optimistic outlook for credit ratings in 2025, supported by economic recovery and policy measures aimed at expanding domestic demand and managing debt [6][7].

Core Viewpoint - The peak period for credit rating disclosures has arrived, with multiple convertible bond issuers experiencing downgrades in their credit ratings [1][2]. Group 1: Credit Rating Downgrades - As of now, 19 convertible bonds have had their credit ratings downgraded this year, surpassing the 14 downgrades recorded for the entire year of 2024 [2][5]. - The downgrades are primarily influenced by factors such as performance losses, debt pressures, and industry policy impacts [5]. - In June alone, 10 convertible bonds saw their ratings lowered, with several others placed on credit watch or given negative outlooks [4]. Group 2: Specific Company Cases - Fangyuan Co. announced a downgrade to a "BBB" credit rating due to declining market share in the ternary lithium battery sector, increased competition, and significant customer order reductions, leading to substantial losses over the past two years [4]. - Wenta Technology's credit rating was adjusted to "AA-" with a stable outlook, while Jinneng Technology also faced a downgrade to "AA-" [6]. Group 3: Market Impact and Future Outlook - Despite the downgrades, the overall performance of the convertible bond market remains strong, with analysts noting that the risks associated with downgraded bonds have already been priced in [9]. - The market is expected to see a relatively optimistic outlook for credit rating adjustments in 2025, supported by economic recovery and policy measures aimed at debt reduction [9]. - The current market conditions, including reduced supply of convertible bonds and low pure bond yields, have contributed to increased market resilience, suggesting potential opportunities for investors [9][10].

Group 1 - The shareholder of Borui Pharmaceutical, Advanced Manufacturing Industry Investment Fund, plans to reduce its stake by no more than 3% [1] - The shareholder of WISCO New Energy, Shenzhen Anyan, also intends to reduce its stake by no more than 3% [1] - Chuanheng Convertible Bond is subject to forced redemption [1] Group 2 - Fangyuan Convertible Bond's credit rating has been downgraded to BBB [1] - The company's focus on the ternary lithium battery market is seeing a continuous decline in market share, with intensified industry competition [1] - A significant reduction in core customer orders has led to a rapid decline in ternary precursor revenue, and new businesses such as lithium carbonate have yet to contribute to profitability [1] - The company has reported substantial losses for two consecutive years, indicating increased operational pressure [1] - The company's debt scale continues to rise, with high leverage levels and increased liquidity risks [1] Group 3 - Yao Stone Technology's associate company, Yaojie Ankang, has been listed on the main board of the Hong Kong Stock Exchange [1] - Lingkang Convertible Bond and Mingxin Convertible Bond will not undergo adjustments [1]

Group 1 - The controlling shareholder of Jingwang Electronics plans to reduce its stake by no more than 3% [1] - Jiemai Technology's subsidiary has signed a strategic cooperation framework agreement with a solid-state battery manufacturer [1] - Pulitui's stock and convertible bonds have been delisted [1] Group 2 - Guocheng Mining's credit rating for its convertible bonds has been downgraded to A+ by United Credit [1] - Several convertible bonds, including Xiangjia, Fangyuan, Wentai, Yongjin, Leizhi, and Wenke, will not undergo adjustments [1]