Core Viewpoint - Zhejiang Rongsheng Environmental Paper Co., Ltd. has successfully completed its share repurchase plan, acquiring a total of 8,697,032 shares, which accounts for 3.19% of the company's total share capital, with a total expenditure of approximately 100.07 million yuan [4][7]. Group 1: Share Repurchase Approval and Plan - The company approved a share repurchase plan on October 23 and November 11, 2024, allowing for a repurchase price not exceeding 16.36 yuan per share and a total repurchase amount between 10 million and 20 million yuan [2]. - The repurchase period is set for up to 12 months from the date of the shareholder meeting that approved the plan [2]. Group 2: Adjustments to Repurchase Price - Following the implementation of the 2024 annual equity distribution, the maximum repurchase price was adjusted to 15.88 yuan per share starting May 15, 2025 [3]. - After the 2025 semi-annual equity distribution, the maximum repurchase price was further adjusted to 15.31 yuan per share starting October 16, 2025 [3]. Group 3: Implementation of Share Repurchase - The company initiated its first share repurchase on January 6, 2025, and completed the repurchase plan by November 10, 2025 [4]. - The highest transaction price during the repurchase was 13.19 yuan per share, while the lowest was 10.77 yuan per share [4]. - The funding for the repurchase came from the company's own or self-raised funds, ensuring no significant impact on its operations or financial health [4]. Group 4: Stock Trading by Related Parties - As of the announcement date, there were no stock trading activities by the company's directors, senior management, controlling shareholders, or shareholders holding more than 5% of the shares [5]. Group 5: Share Cancellation Arrangement - The company has completed the necessary procedures for notifying creditors regarding the share repurchase and capital reduction [5]. - The repurchased shares will be canceled on November 12, 2025, with the total share capital reduced accordingly [5][6]. Group 6: Changes in Shareholding Structure - Following the cancellation of the repurchased shares, the actual controlling shareholders' stake will increase from 51.70% to 53.41% without any change in the number of shares held [6].

Core Viewpoint - Zhejiang Rongsheng Environmental Paper Co., Ltd. has adjusted its total cash dividend distribution for the first half of 2025 from RMB 154,727,337.60 (including tax) to RMB 154,624,131.60 (including tax) due to changes in the number of shares participating in profit distribution caused by convertible bond conversions and share repurchases [2][6]. Summary by Sections 1. Adjustment of Profit Distribution Plan - The cash dividend per share remains unchanged at RMB 6.00 for every 10 shares, with the total number of shares participating in the distribution adjusted from 257,878,896 to 257,706,886 shares [3][6]. - The adjustment is a result of the conversion of convertible bonds and the repurchase of shares, which altered the total number of shares eligible for profit distribution [2][4]. 2. Convertible Bonds and Share Repurchase - The company issued 5.76 million convertible bonds with a total value of RMB 57,600,000, which began trading on September 13, 2023 [4][21]. - As of the announcement date, 1,890 shares were converted from the convertible bonds, increasing the total number of shares [4][28]. - The company repurchased 173,900 shares, which do not participate in the profit distribution [5][6]. 3. Dividend Distribution Details - The total cash dividend distribution is now set at RMB 154,624,131.60 (including tax), based on the adjusted number of shares [6][10]. - The dividend will be distributed to all shareholders registered by the end of the trading day before the equity registration date [8][10]. 4. Tax Implications - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, while those holding for less than one year will not have tax withheld at the time of distribution [14][15]. - The actual cash dividend per share after tax for qualified foreign institutional investors (QFII) will be RMB 0.54 [16]. 5. Adjustment of Convertible Bond Conversion Price - The conversion price of the "Rong 23 Convertible Bond" has been adjusted from RMB 11.11 to RMB 10.54 due to the cash dividend distribution [20][25]. - This adjustment will take effect on October 16, 2025, with the bonds being suspended from conversion from October 9 to October 15, 2025 [25][32].

Core Points - The company, Zhejiang Rongsheng Environmental Paper Co., Ltd., announced the interest payment for its convertible bonds "Rong 23 Convertible Bonds" on August 18, 2025 [2][11] - The total issuance of the convertible bonds was 576,000 units, with a total value of 576 million yuan, and the bonds have a maturity of six years from the issuance date [2][3] - The coupon rates for the bonds increase progressively from 0.20% in the first year to 2.00% in the sixth year [2][3] Summary by Sections Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue convertible bonds, which were listed on the Shanghai Stock Exchange on September 13, 2023 [3] - The initial conversion price was set at 15.74 yuan per share but has been adjusted down to 11.11 yuan due to various corporate actions [3] Interest Payment Plan - The interest payment for the second year will be based on a coupon rate of 0.40%, resulting in a payment of 0.40 yuan per bond (before tax) [10][14] - The interest payment will be made annually, with the payment date set for August 18 each year, and the record date for interest payment is August 15, 2025 [6][11] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.32 yuan per bond after tax [14] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025, under specific regulations [15] Contact Information - The company and its underwriters have provided contact details for investor inquiries regarding the bonds [16]

Summary of Key Points Core Viewpoint The announcement details the interest payment schedule and terms for the convertible bonds issued by Zhejiang Rongsheng Environmental Paper Co., Ltd., highlighting the bond's issuance, interest rates, and payment procedures. Group 1: Bond Issuance Overview - The company issued 5.76 million convertible bonds on August 18, 2023, with a total value of 576 million yuan [2] - The bonds have a maturity period of 6 years, from August 18, 2023, to August 17, 2029 [2] - The coupon rates for the bonds are structured to increase over the years, starting from 0.20% in the first year to 2.00% in the sixth year [2] Group 2: Interest Payment Details - The interest payment for the second year will be calculated for the period from August 18, 2024, to August 17, 2025, at a rate of 0.40% [4] - The interest payment will be made annually, with the payment date set for August 18 each year [4][5] - The interest amount for each bond with a face value of 100 yuan will be 0.40 yuan (including tax) [6] Group 3: Conversion and Pricing Adjustments - The convertible bonds can be converted into shares starting from February 26, 2024, with an initial conversion price of 15.74 yuan per share [3] - The conversion price has been adjusted multiple times, with the latest price set at 11.11 yuan per share due to various corporate actions [3] Group 4: Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.32 yuan per bond after tax [6][7] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025 [7] Group 5: Contact Information - The company’s contact details for inquiries regarding the bond are provided, including the address and phone number for the securities department [8]

Core Viewpoint - Zhejiang Rongsheng Environmental Paper Industry Co., Ltd. is holding its third extraordinary general meeting of shareholders in 2025 to discuss various proposals, including the revision of the company's management system to prevent the occupation of company funds by controlling shareholders and related parties [1][4]. Group 1: Meeting Details - The meeting is scheduled for July 23, 2025, at 14:00, with a network voting period on the same day [4][5]. - The meeting will combine on-site and online voting methods, with specific time slots for voting [5][6]. - Legal representatives will be present to witness the meeting and provide legal opinions [4][5]. Group 2: Agenda and Proposals - The agenda includes sign-in, speech by the host, reading of meeting rules, and voting on the proposed resolutions [5][6]. - One of the key proposals is to cancel the supervisory board, change the registered capital, and amend the company's articles of association [6][7]. - The company plans to issue 5.76 million convertible bonds, totaling 576 million yuan, with a conversion period from February 26, 2024, to August 17, 2029 [6][7]. Group 3: Amendments to Articles of Association - The amendments will remove references to the supervisory board and transfer its powers to the audit committee, along with a comprehensive review and revision of the articles of association [6][7]. - Specific changes include updating the registered capital to 272,622,828 yuan and modifying various clauses to reflect the new governance structure [7][8]. - The revised articles will ensure compliance with the latest legal and regulatory requirements, enhancing corporate governance [7][8].

Core Viewpoint - The announcement details the results of the "Rong 23 Convertible Bond" repurchase option, indicating a low level of participation in the repurchase process, which will not impact the company's financial status. Group 1: Repurchase Details - The repurchase period for the "Rong 23 Convertible Bond" is from July 2, 2025, to July 8, 2025, with a repurchase price of 100.35 yuan per bond, including current interest [2][3] - The effective number of repurchase applications was 160 bonds, amounting to 16,056.00 yuan, including accrued interest and tax [3] Group 2: Impact on the Company - The repurchase of the "Rong 23 Convertible Bond" will not affect the company's cash flow, asset status, or share capital [2] - Unredeemed "Rong 23 Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [2]

Key Points - The company announced the third notice regarding the optional redemption of "Rong 23 Convertible Bonds" [1] - The redemption price is set at 100.35 CNY per bond, including the current interest [1][4] - The redemption period is from July 2, 2025, to July 8, 2025 [1][4] - The payment date for the redemption funds is July 11, 2025 [1][4] - During the redemption period, the "Rong 23 Convertible Bonds" will stop converting into shares [1][4] - Bondholders have the right to choose whether to redeem part or all of their unconverted bonds, and this redemption is not mandatory [1][4] Redemption Terms - The additional redemption clause is activated if there are significant changes in the implementation of the fundraising projects compared to the commitments made in the prospectus [2] - Bondholders can redeem their bonds at face value plus accrued interest if the additional redemption conditions are met [2] - The accrued interest calculation formula is provided, with the bond's interest rate set at 0.4% for the second year [3] Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period [4] - The redemption request period is from July 2, 2025, to July 8, 2025 [4] - The company will buy back the requested bonds at the specified price, and the results of the redemption will be announced after the period ends [4]

Core Points - The company announced the second notice regarding the optional redemption of "Rong 23 Convertible Bonds" [1] - The redemption price is set at 100.35 CNY per bond, including the current interest [1][4] - The redemption period is from July 2, 2025, to July 8, 2025, with funds to be disbursed on July 11, 2025 [1][4] - Holders of "Rong 23 Convertible Bonds" can choose to redeem part or all of their unconverted bonds, and this redemption is not mandatory [1][2] Redemption Terms - The additional redemption clause allows bondholders to redeem their bonds if there are significant changes in the implementation of the investment projects compared to the commitments in the prospectus [2] - The calculation for the current interest is based on a formula involving the bond's face value, interest rate, and the number of days [2][3] - The interest rate for the second year (August 18, 2024, to August 17, 2025) is 0.4%, with the interest calculated for 318 days [3] Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period [4] - The redemption period is from July 2, 2025, to July 8, 2025, and the redemption price is 100.35 CNY per bond [4] - If the total face value of the convertible bonds falls below 30 million CNY after the redemption, the bonds will continue to trade until the end of the redemption period [4]

Core Viewpoint The report outlines the issuance of convertible bonds by Zhejiang Rongsheng Environmental Protection Paper Co., Ltd., detailing the bond's terms, the company's financial performance, and the management of the raised funds. Group 1: Bond Issuance Details - The company issued 5.76 million convertible bonds with a total value of RMB 576 million, each with a face value of RMB 100, approved by the China Securities Regulatory Commission on August 18, 2023 [1][2] - The bonds have a six-year term, with interest rates increasing from 0.20% in the first year to 2.00% in the sixth year [1][2] - The initial conversion price is set at RMB 15.74 per share, subject to adjustments based on various corporate actions [2][3] Group 2: Financial Performance - The company's net profit attributable to shareholders for 2024 is RMB 286.35 million, a 5.79% increase year-on-year, despite a 2.45% decline in revenue [15][16] - The total assets increased by 29.76% to RMB 470.58 million, while net assets attributable to shareholders rose by 4.31% to RMB 232.87 million [15][16] Group 3: Fund Utilization and Management - The net proceeds from the bond issuance amount to RMB 570 million after deducting issuance costs, with funds allocated to various projects including a green packaging industrial park and a biomass boiler project [16][17] - The company has utilized RMB 31.54 million of the raised funds as of the reporting date, with ongoing projects expected to reach operational status by August 2025 [16][17] - The management of the raised funds is conducted through a dedicated special account, ensuring compliance with regulatory requirements [19]

Group 1 - The Zhongzheng Convertible Bond Index opened lower by 0.01% [1] - Guanglian Convertible Bond rose over 4%, while Haomei, Fuxin, and Xingqiu Convertible Bonds increased by more than 1% [1] - Zhengyu Convertible Bond fell by 2.7%, and Rong 23, Zhi Te, and Youzu Convertible Bonds dropped by over 1% [1]