1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - The market or still favors TACO trading, but the volatility of equity asset prices may be weaker than that during the April 2025 tariff 1.0 period [6]. - In the short - term, with relatively weak equity elasticity, it's recommended to maintain a moderately low position and focus on low - price convertible bonds with clause resonance, especially export - chain convertible bonds affected by tariff policies [7]. - In the medium - term, the upward repair of domestic micro - enterprise performance is becoming a consensus, and the high - price equity - biased strategy may still be structurally dominant, with high attention on the rotation strategy of small - cap growth convertible bonds in technology self - controllable directions [7]. 3. Summary According to Relevant Catalogs 3.1 April 2025 Market Phases and Performance - **Tariff Upgrade Pre - period (April 2 - 7)**: A - shares and convertible bonds declined. The Shanghai Composite Index dropped 7.34% on April 7, and the Wind Convertible Bond Underlying Stock Weighted Index fell over 12%. High - price convertible bonds led the decline, and the equity - biased convertible bond strategy underperformed the market [1]. - **Tariff Counter - measure Initiation (April 8 - 11)**: A - shares and convertible bonds rebounded. The CSI Convertible Bond Index rebounded 2.45%, and high - price convertible bonds rose 5.38% [1]. - **Trade Friction Continuation (April 12 - 20)**: Market risk - aversion sentiment was high, and financial real - estate and dividend industries performed relatively well. Convertible bonds fluctuated narrowly [2]. - **Trade Friction Easing (April 21 onwards)**: Advanced manufacturing and technology sectors drove the market up, while the financial real - estate sector corrected [2]. 3.2 April 2025 Convertible Bond Market Performance by Industry - **High External - demand Exposure Industries**: Industries such as power equipment, machinery, and electronics had deep declines during the tariff upgrade pre - period and weak rebounds later. For example, electronics and home appliance industry convertible bonds' underlying stocks fell over 15% initially and only rebounded about 5% later [3]. - **Balanced Internal and External - demand Exposure Industries**: Industries like national defense and military, computer, and environmental protection had high declines initially but strong rebounds later [3]. - **Domestic - demand - led Industries**: Industries such as agriculture, forestry, animal husbandry, and fishery, food and beverage, and transportation had low initial declines and led the rebounds [3]. 3.3 April 2025 Performance of Key Export - chain Convertible Bonds - **Good Initial and Rebound Performance**: Convertible bonds in chemical pesticides (Limin Convertible Bond, Suli Convertible Bond), textile and apparel (Shengtai Convertible Bond), and medical equipment (Yirui Convertible Bond, Kangyi Convertible Bond) had low initial declines and good rebounds [4]. - **High Initial Decline but Strong Rebound**: Convertible bonds in semiconductors (Huaya Convertible Bond, Weil Convertible Bond), military (Ruichuang Convertible Bond, Hangxin Convertible Bond), and agriculture, forestry, animal husbandry, and fishery (Zhongchong Convertible Bond 2) had high initial declines but strong rebounds [4]. - **Deep Initial Decline and Weak Rebound**: Convertible bonds in consumer electronics, cleaning home appliances, medical outsourcing, and tires had deep initial declines and weak rebounds [4]. 3.4 Current Situation of the Convertible Bond Market - **Investor Behavior**: Since the end of August, investors have tended to "take profits". By the end of September, the scale of Shanghai - listed convertible bonds decreased naturally by 7.1% compared to the end of July. Insurance institutions were the main force in reducing holdings, with a 33% reduction, and other major holders also reduced their holdings [6]. - **Valuation**: Thanks to the reverse increase of public funds, convertible bond valuations are still at a relatively high historical level, and valuation indicators have slightly repaired upwards since late September [6].

证券代码：603585 证券简称：苏利股份 公告编号：2025-068 转债代码：113640 转债简称：苏利转债 江苏苏利精细化工股份有限公司 关于取消监事会、变更注册资本并修订《公司章程》及其附 件的公告 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、准确性和完整性承担个别及连带责任。 江苏苏利精细化工股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开公司第五届董事会第六次会议，审议通过了《关于取消监事会、变更注册 资本并修订 <公司章程> 及其附件的议案》，同意取消公司监事会、变更公司注册 资本并修订《公司章程》，授权相关人员办理相关工商变更登记手续。上述议案 尚需提交公司股东大会审议，现将有关情况公告如下： 一、取消监事会的情况 根据《中华人民共和国公司法》、《上市公司章程指引》等相关法律法规的 规定，公司将不再设置监事会，监事会的职权由董事会审计委员会行使，公司《监 事会议事规则》相应废止。 在公司股东大会审议通过取消监事会事项之前，公司第五届监事会仍将严格 按照有关法律、法规和《公司章程》的规定继续履行监督职能，维护公司和 ...

Company Overview - Jiangsu Suli Fine Chemical Co., Ltd. is engaged in the production of fine chemical products and related derivatives, with a registered address in Jiangyin City, Jiangsu Province [15][16]. - The company has faced a cyclical downturn in the agricultural chemical industry, with many pesticide prices dropping to near cost levels, pressuring profit margins and pushing companies towards technological innovation and niche markets [16][18]. Financial Performance - In 2024, the company achieved a consolidated operating revenue of RMB 2.31 billion, representing a year-on-year increase of 17.91% [17]. - The sales volume of pesticides and pesticide intermediates reached 41,600 tons, an increase of 58.72% compared to 2023, while sales of flame retardants and their intermediates reached 20,600 tons, up 38.75% [16]. - Despite increased sales volumes, the net profit attributable to shareholders was a loss of RMB 10.85 million, a decline of 154.03% year-on-year, primarily due to low pesticide prices and increased costs from new production lines [17][18]. Bond Issuance - The company issued convertible bonds totaling RMB 957.21 million, with a net amount of RMB 943.62 million after deducting issuance costs [19]. - The bonds have a term of six years, with an annual interest rate that increases from 0.40% in the first year to 3.00% in the sixth year [3][9]. - The initial conversion price for the bonds is set at RMB 20.11 per share, with provisions for adjustments based on corporate actions such as stock dividends and capital increases [6][7]. Fund Utilization - The raised funds are allocated for a project to produce 19,000 tons of fine chemical products and related derivatives, with a total investment of RMB 1.48 billion [19][20]. - As of December 31, 2024, the company had invested RMB 671.38 million in the project, with plans to adjust the project scope based on market conditions [19][20]. - The company has established a special account for the management of the raised funds, ensuring compliance with regulatory requirements [19][21]. Market Conditions - The agricultural chemical industry is experiencing a downturn, with prices for many products remaining low, although some recovery has been noted in recent quarters due to improved supply-demand dynamics [16][18]. - The company is focusing on expanding its market presence and enhancing brand recognition amid these challenging conditions [16].

Core Viewpoint - The company maintains its credit rating for both the convertible bonds and the corporate entity at "AA-" with a stable outlook, indicating consistent financial health and stability in operations [1][2]. Group 1: Credit Rating Details - Previous rating results indicated that the "Suli Convertible Bonds" had a credit rating of "AA-" and the corporate entity also held a credit rating of "AA-" with a stable outlook [1][2]. - The current rating results reaffirm the "Suli Convertible Bonds" credit rating at "AA-" and the corporate entity's credit rating at "AA-" with a stable outlook, as assessed by Shanghai New Century Credit Rating Co., Ltd [1][2]. Group 2: Rating Agency and Methodology - The rating agency, Shanghai New Century, conducted a comprehensive analysis of the company's operational status and relevant industry conditions before issuing the tracking credit rating report [2]. - The tracking credit rating report was published on June 21, 2024, confirming the ratings and outlook [2].

| 证券代码：603585 | 证券简称：苏利股份 公告编号：2025-020 | | --- | --- | | 转债代码：113640 | 转债简称：苏利转债 | 江苏苏利精细化工股份有限公司 关于不向下修正"苏利转债"转股价格的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 截至 2025 年 2 月 28 日收盘，江苏苏利精细化工股份有限公司（以下简 称"公司"）已出现任意连续三十个交易日中有十五个交易日的收盘价低于当期 转股价格的 90%的情形，触发"苏利转债"转股价格向下修正条款。 经公司第五届董事会第二次会议决议，公司董事会决定本次不向下修正 "苏利转债"的转股价格，并且在未来六个月内（即自 2025 年 3 月 1 日至 2025 年 8 月 31 日期间），公司股价若再次触发此条款，亦不向下修正"苏利转债" 的转股价格。从 2025 年 9 月 1 日（如遇节假日，则顺延至下一个交易日）起， 若再次触发"苏利转债"的转股价格向下修正条款，届时公司董事会将召开会议 决定是否向下修正" ...

江苏苏利精细化工股份有限公司 关于"苏利转债"预计触发转股价格向下修正的提示性公告 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、准确性和完整性承担个别及连带责任。 | 证券代码：603585 | 证券简称：苏利股份 公告编号：2025-019 | | --- | --- | | 转债代码：113640 | 转债简称：苏利转债 | 经上海证券交易所自律监管决定书[2022]50 号文同意，公司 95,721.10 万 元可转债于 2022 年 3 月 10 日起在上交所挂牌交易，债券简称"苏利转债"，债 券代码"113640"。 根据《上海证券交易所股票上市规则》等有关法律法规的规定和《江苏苏利 证券代码：603585，证券简称：苏利股份 转债代码：113640，转债简称：苏利转债 转股价格：17.20 元/股 转股时间：2022 年 8 月 22 日至 2028 年 2 月 15 日 精细化工股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）的约定，公司本次发行的"苏利转债"自 2022 年 8 月 22 日起可 转换为公司 ...