Core Viewpoint - The China Convertible Bond Index closed up 0.38% at 449.04, with a trading volume of 70.86 billion yuan [1] Group 1 - Yongxi Convertible Bond rose over 27% [1] - Yitian Convertible Bond increased over 14% [1] - Hao24 Convertible Bond gained over 8% [1] - Jingzhuang Convertible Bond and Bohui Convertible Bond both rose over 7% [1] - Yinlun Convertible Bond and Saili Convertible Bond increased over 5% [1] Group 2 - Liande Convertible Bond fell over 6% [1] - Huicheng Convertible Bond decreased over 5% [1]

Core Points - The company has issued a total of 5.5 billion yuan in convertible bonds, known as "Hao 24 Convertible Bonds," which began trading on November 20, 2024 [2] - As of June 30, 2025, a total of 166,388,000 yuan worth of "Hao 24 Convertible Bonds" has been converted into 26,284,873 shares, representing 3.1533% of the company's total shares before conversion [1][2] - The remaining unconverted "Hao 24 Convertible Bonds" amount to 383,612,000 yuan, accounting for 69.7476% of the total issuance [3] Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue 5.5 million convertible bonds at a face value of 100 yuan each [2] - The bonds have a maturity period of 6 years, from October 23, 2024, to October 22, 2030, with a tiered interest rate structure starting at 0.20% in the first year and increasing to 2.10% in the sixth year [2] Share Capital Changes - Following the conversion of bonds, the total share capital increased from 833,560,654 shares to 859,845,527 shares [3] - The conversion has resulted in changes in shareholding proportions among major shareholders, with specific changes noted for shareholders such as Xiang Chaodong and Xiang Xingxing [3][4]

Key Points - Chengdu Haoneng Technology Co., Ltd. issued convertible bonds totaling RMB 550 million, with a net amount of RMB 542.39 million after deducting issuance costs [1][5][6] - The bonds, named "Haoneng 24 Convertible Bonds," will be traded on the Shanghai Stock Exchange starting November 20, 2024 [1][4] - The initial conversion price is set at RMB 8.43 per share, which has been adjusted to RMB 6.33 per share due to a profit distribution plan [4][6] - The company reported a revenue of RMB 2.36 billion in 2024, a year-on-year increase of 21.29%, and a net profit of RMB 321.84 million, up 76.87% [3][5] - The company’s credit rating is AA- with a stable outlook, as assessed by Zhongzheng Pengyuan Credit Rating Co., Ltd. [4][6] - The funds raised will be used for projects including the construction of a key component production base for new energy vehicles, with a total investment of RMB 710.38 million [3][5] - The company has seen significant growth in its new energy vehicle segment, with revenue from this sector increasing by 63.52% [3][5]

Core Viewpoint - Chengdu Haoneng Technology Co., Ltd. has decided not to exercise the early redemption option for its "Hao 24 Convertible Bonds" despite triggering the conditional redemption clause due to the stock price reaching 130% of the conversion price, aiming to protect investor interests [1][5]. Group 1: Convertible Bond Issuance and Terms - The company issued 5.5 billion yuan worth of convertible bonds on October 23, 2024, with a face value of 100 yuan per bond, totaling 5.5 million bonds [2]. - The "Hao 24 Convertible Bonds" were listed on the Shanghai Stock Exchange on November 20, 2024, under the code "113690" [2]. - The bond has a 6-year term with a tiered interest rate starting at 0.20% in the first year and increasing to 2.10% in the sixth year [2]. Group 2: Redemption Clause and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price, which is currently set at 6.33 yuan per share [3][5]. - From April 29, 2025, to May 22, 2025, the stock price has exceeded 8.23 yuan (130% of the conversion price) for 15 trading days, triggering the redemption clause [5]. Group 3: Decision on Early Redemption - The board of directors has resolved not to redeem the "Hao 24 Convertible Bonds" early, considering current market conditions and the company's situation [5]. - The company will not exercise the early redemption option for the next three months, and any future decisions will be made after August 22, 2025, if the redemption conditions are met again [1][5]. Group 4: Related Party Transactions - The actual controllers and major shareholders have engaged in transactions involving the "Hao 24 Convertible Bonds" within the last six months, with specific holdings and changes detailed in the announcement [5]. - No plans for reduction in holdings of the "Hao 24 Convertible Bonds" have been reported by the relevant parties as of the announcement date [5].

Core Points - Chengdu Haoneng Technology Co., Ltd. announced that its "Hao 24 Convertible Bond" is expected to meet the redemption conditions due to the stock price being above 130% of the conversion price for ten trading days [1][2][3] Group 1: Convertible Bond Issuance Overview - The company issued 5.5 billion yuan worth of convertible bonds on October 23, 2024, with a face value of 100 yuan per bond [1][2] - The initial conversion price was set at 8.43 yuan per share, which was later adjusted to 6.33 yuan per share due to the company's 2024 equity distribution plan [2][3] Group 2: Redemption Terms and Expected Trigger - The company has the right to redeem all or part of the unconverted bonds if the stock price remains above 130% of the conversion price, which is 8.23 yuan per share [2][3] - The redemption will be based on the bond's face value plus accrued interest, calculated using the formula provided in the announcement [2][3]

Group 1 - The China Securities Convertible Bond Index opened down by 0.01% [1] - Yongji Convertible Bond fell by 20.00% [1] - Hao 24 Convertible Bond and Dongfeng Convertible Bond decreased by 1.90% and 0.89% respectively [1] Group 2 - Jiali Convertible Bond increased by 4.68% [1] - Mengsheng Convertible Bond rose by 1.54% [1]

Group 1 - The China Securities Convertible Bond Index increased by 0.59% [1] - The top gainers included Hao 24 Convertible Bond, Huaxiang Convertible Bond, and Huicheng Convertible Bond, which rose by 18.03%, 11.00%, and 10.81% respectively [1] - Conversely, the Kexing Convertible Bond and Jingzhuang Convertible Bond experienced declines of 4.37% and 2.61% respectively [1]

Core Viewpoint - The China Convertible Bond Index opened with a slight increase of 0.01%, indicating a stable market performance in the convertible bond sector [1] Group 1: Market Performance - The following convertible bonds experienced significant gains: Hao 24 Convertible Bond increased by 13.61%, Qiaoyin Convertible Bond rose by 2.66%, and Emergency Convertible Bond went up by 1.46% [1] - Conversely, Ruifeng Convertible Bond saw a decline of 4.51%, while Zhenhua Convertible Bond decreased by 1.55% [1]

Core Points - The company announced a profit distribution and capital increase plan for the fiscal year 2024, which includes a cash dividend of 0.20 yuan per share and a capital increase of 0.3 shares for every share held [2][4][13]. Distribution and Capital Increase Plan - The profit distribution and capital increase plan was approved at the company's annual general meeting on April 11, 2025 [2][3]. - The total number of shares before the distribution is 641,200,503, resulting in a total cash dividend payout of 128,240,100.60 yuan and an increase of 192,360,151 shares, leading to a new total of 833,560,654 shares post-distribution [4][9]. Relevant Dates - The record date for the distribution is April 24, 2025, and the ex-dividend date is April 25, 2025 [13][14]. Taxation Details - Individual shareholders holding shares for over one year are exempt from personal income tax on dividends, while those holding for less than one year will have taxes calculated upon stock transfer [7][8]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied, resulting in a net cash dividend of 0.18 yuan per share [8]. Share Structure Changes - Following the capital increase, the diluted earnings per share for the fiscal year 2024 is projected to be 0.4595 yuan [9]. Convertible Bond Adjustment - The company announced an adjustment to the conversion price of its convertible bonds ("豪24转债") from 8.43 yuan to 6.33 yuan per share, effective from April 25, 2025, due to the profit distribution [12][14][15].

Core Viewpoint - The report outlines the ongoing supervision of Haoneng Co., Ltd. by China Merchants Securities Co., Ltd. regarding the issuance of convertible bonds, emphasizing compliance with regulatory requirements and the establishment of effective governance and internal control systems [1][2][3]. Group 1: Supervision Overview - The company is issuing convertible bonds named "Hao 24 Convertible Bonds" on the Shanghai Stock Exchange, with the supervision period set from November 20, 2024, to December 31, 2025 [1]. - China Merchants Securities has established a comprehensive supervision system and developed a targeted work plan for ongoing supervision [2]. Group 2: Daily Supervision Activities - Continuous supervision is conducted through daily communication, regular visits, on-site inspections, and due diligence [3]. - The supervision includes monitoring compliance with laws, regulations, and the company's commitments [6][7]. Group 3: Information Disclosure and Compliance - The company has been found to comply with information disclosure regulations, ensuring timely, accurate, and complete announcements without false statements or omissions [16]. - During the supervision period, no matters requiring reporting to the China Securities Regulatory Commission or the Shanghai Stock Exchange were identified [16]. Group 4: On-site Inspection - An on-site inspection was conducted from February 11 to February 14, 2025, reviewing the company's operational status, project implementation, and financial transactions with related parties [16].