Core Viewpoint - The company, Daon Co., Ltd. (002838), has seen a recent increase in stock price and has completed the redemption of its convertible bonds, which will be delisted from the Shenzhen Stock Exchange. Group 1: Stock Performance - As of May 23, 2025, Daon Co., Ltd. closed at 18.71 yuan, up 1.8% from the previous week's 18.38 yuan [1] - The stock reached a nearly one-year high of 19.66 yuan on May 21, 2025, with a low of 17.9 yuan on May 20, 2025 [1] - The company's current market capitalization is 8.951 billion yuan, ranking 9th in the plastics sector and 1728th among all A-shares [1] Group 2: Convertible Bond Redemption - The company announced the redemption results for its convertible bonds issued on July 2, 2020, totaling 360 million yuan [2] - The bonds had a conversion period from January 8, 2021, to July 1, 2026, with an adjusted conversion price of 11.76 yuan per share [2] - The redemption was triggered as the stock price exceeded 130% of the conversion price for 15 out of 30 trading days [2] - The redemption price was set at 101.73 yuan per bond, with a total redemption payment of 875,183.19 yuan [2] - Following the redemption, 30,428,874 shares were added to the total share count, which may dilute earnings per share [2] - The bonds will be delisted from the Shenzhen Stock Exchange on May 21, 2025 [2] Group 3: Guarantees for Subsidiaries - In 2025, the company plans to provide guarantees totaling up to 1.323 billion yuan for its subsidiaries [3] - A guarantee contract was signed with Zheshang Bank for a maximum of 135 million yuan for its subsidiary, Qingdao Haier New Materials R&D Co., Ltd. [3] - The guarantee is a joint liability guarantee with a duration of three years from the debt fulfillment date [3] Group 4: Dividend Distribution - The company announced a cash dividend distribution plan for 2024, proposing a payout of 0.65 yuan per 10 shares [4] - The total number of shares eligible for the dividend is 473,664,302 after excluding repurchased shares [4] - The record date for the dividend distribution is May 28, 2025, and the ex-dividend date is May 29, 2025 [4]

Summary of Key Points Core Viewpoint The announcement details the redemption results of the convertible bonds issued by Shandong Daon High Polymer Materials Co., Ltd., including the conditions for redemption, the redemption price, and the impact on the company's financials. Group 1: Convertible Bond Issuance and Listing - The company issued 3,600,000 convertible bonds at a total amount of RMB 360 million, with each bond having a face value of RMB 100 [2][24]. - The bonds were listed on the Shenzhen Stock Exchange on July 20, 2020, under the name "Daon Convertible Bonds" and code "128117" [3][25]. - The conversion period for these bonds is from January 8, 2021, to July 1, 2026 [4][26]. Group 2: Conversion Price Adjustments - The initial conversion price was RMB 29.32 per share, which has been adjusted to RMB 11.76 per share as of the latest update [5][27]. Group 3: Conditional Redemption Conditions - The redemption was triggered as the company's stock price was above 130% of the conversion price for at least 15 out of 30 consecutive trading days [7][29]. - The company has the right to redeem the bonds if the remaining balance is less than RMB 30 million or if the stock price condition is met [6][30]. Group 4: Redemption Implementation - The redemption price is set at RMB 101.73 per bond, which includes accrued interest [9][32]. - The total amount to be paid for the redemption is RMB 875,183.19, covering 8,603 bonds that were not converted [14][38]. Group 5: Impact of Redemption - The redemption of the bonds represents 0.24% of the total issuance and is not expected to significantly impact the company's financial status or cash flow [15]. - The total share capital has increased by 30,428,874 shares due to the conversion of bonds, which may dilute earnings per share in the short term [17]. Group 6: Bond Delisting - The bonds will be delisted from the Shenzhen Stock Exchange on May 21, 2025, following the completion of the redemption [16][39].

Core Viewpoint - A number of convertible bonds are approaching their last trading and conversion days, and investors must act promptly to avoid significant losses due to forced redemption [1][2][6]. Group 1: Specific Convertible Bonds - The last trading day for Daon Convertible Bond is May 7, 2025, after which it will stop trading [3][4]. - If investors do not sell or convert their Daon Convertible Bonds by the deadlines, they may incur losses exceeding 25% due to forced redemption at a price of 101.73 yuan [4][5]. - The latest price of Daon Convertible Bond is 135.855 yuan, while its conversion value is 136.565 yuan, indicating that timely conversion can mitigate losses [4][5]. Group 2: Other Convertible Bonds - Huisheng Biological's Huisheng Convertible Bond will stop trading on May 16, 2025, and stop conversion on May 21, 2025, with a forced redemption price of 100.64 yuan [6]. - The latest price of Huisheng Convertible Bond is 159.999 yuan, and failure to act could result in a loss of 37.1% [6]. - Feikai Materials' Feikai Convertible Bond will stop trading on May 19, 2025, and stop conversion on May 22, 2025, with a forced redemption price of 100.87 yuan [7][8]. - The latest price of Feikai Convertible Bond is 133.400 yuan, and not converting could lead to a loss of 24.39% [8].

Core Viewpoint - A number of convertible bonds are approaching their early redemption clauses, and investors risk significant losses if they do not sell or convert their holdings in time [1][2][3]. Group 1: Specific Convertible Bonds - The last trading day for Daon Convertible Bond is May 7, and failure to sell or convert by this date could result in losses exceeding 25% [2][4]. - Daon Convertible Bond will stop trading after May 7, and the last conversion date is May 12, 2025. If investors do not convert by then, they will face forced redemption at a price of 101.73 yuan, leading to a potential loss of 25.12% [5][6]. - The current price of Daon Convertible Bond is 135.855 yuan, while its conversion value is 136.565 yuan, indicating that timely conversion can help avoid significant losses [6]. - Other convertible bonds, such as Huisheng and Feikai, are also approaching their last trading and conversion dates, requiring investor attention to these deadlines [3][8]. Group 2: Redemption Details - Huisheng Convertible Bond will stop trading on May 16 and stop conversion on May 21, with a forced redemption price of 100.64 yuan, leading to a potential loss of 37.1% if not converted [9]. - Feikai Convertible Bond will stop trading on May 19 and stop conversion on May 22, with a forced redemption price of 100.87 yuan, resulting in a potential loss of 24.39% if investors do not act in time [10].

Group 1 - The company plans to provide a total guarantee amount of up to RMB 1.323 billion for its subsidiaries and joint ventures in 2025, with specific limits based on their asset-liability ratios [2][3] - The guarantee period will last from the approval date at the 2024 annual general meeting until the 2025 annual general meeting [2] - The company has signed a guarantee contract with Chongqing Bank for a maximum amount of RMB 60 million for its wholly-owned subsidiary, Daon Polymer Materials (Chongqing) Co., Ltd [3][5] Group 2 - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 965.5 million, which is 30.95% of the company's latest audited net assets attributable to shareholders [6] - There are no overdue guarantees or guarantees involved in litigation, nor any losses due to guarantees [6] Group 3 - The last trading day for the "Daon Convertible Bonds" is May 7, 2025, after which trading will cease [9] - The last conversion day for the bonds is May 12, 2025, and any unconverted bonds will be redeemed [10][12] - The redemption price is set at RMB 101.73 per bond, including accrued interest, with a tax-inclusive rate of 2.00% [11][22] Group 4 - The company triggered the redemption clause for the "Daon Convertible Bonds" due to the stock price exceeding 130% of the conversion price for 15 out of 30 trading days [13][18] - The company issued a total of 3.6 million convertible bonds, with a face value of RMB 100 each, amounting to RMB 360 million [14][15] Group 5 - The redemption process includes a series of important dates: trading stops on May 8, 2025, redemption registration on May 12, and redemption execution on May 13 [23] - After the redemption, the "Daon Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [12][23]

家联转债：董事会提议下修 ST天创：5月6日撤销退市风险警示 通裕重工：筹划控制权变更，停牌 文科股份：公司4.34亿元重大诉讼一审胜诉 声讯股份：净利润为负且营业收入低于3亿元，实施退市风险警示，5月6日复牌 对销售收入进行再次分析，基于谨慎性原则，部分收入 2024 年度不予确认，营业收入减少约 3000 万元，扣除后的营业收入不足 3 亿元； 正川转债，鸿路转债：不下修 | 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 | | 128117 | 道恩转债 | 131.018 | 101.730 | 2025-05-07 | 2025-05-12 | 131.97 | 0.730 | 1.13% | | 123132 | 回盛转债 | 144.150 | 100.640 | 2025-05-15 | 2025-05-20 | 146.53 | 2.296 | ...

*ST普利：2025年4月28日复牌，退市整理期 锦鸡股份：股东拟合计减持不超1.71%公司股份 柳工：控股股东拟增持2.5亿-5亿元公司股份 易瑞生物：与科汉森签订5年6亿人民币重大经营合同 华翔转债，飞凯转债：强赎 节能转债，中装转2：董事会提议下修 美锦能源：2024年亏损11.43亿元 欧晶科技：2024年亏损5.36亿元 天工股份：北交所新股申购 | | | | | ■△ロ担账可按顶 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 128117 | 道恩转债 | 130.400 | 101.730 | 2025-05-07 | 2025-05-12 | 130.70 | 0.839 | 1.32% | | 123132 | 回盛转债 | 145.323 | | 100.640 2025-05-15 | 2025-05-20 ...

明天161124港股小盘LOF会封死跌停的，而且，后天还会封死跌停，我怀疑最后就是跌到成本附近，大家白忙活。 这让我想起个故事。 上次我去澡堂子洗澡： 牛：老板，你这儿洗澡多少钱？ 老板：男浴池10元，女浴池100元。 牛：为什么女浴池那么贵？ 老板：你就说想去男浴池还是女浴池？ 牛：一听这话，果断交了100块。 兴冲冲进女浴池一看，全是买票进来的男的。。。 被骗过一次长记性了。 但前天我去澡堂子，心里又痒痒了，我想虽然概率很低，但成本不高，万一要是能遇到个女的呢？ 最后还是忍不住买了100块钱的票。 风语转债：董事会提议下修 维尔转债：下修到底 赛力医疗：收到证监会湖北监管局行政处罚决定书 | 转债代码 | 转债名称 | 强赎天计数 | 现价 | 转股价值 | 溢价率 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | (亿元) | 流通市值比 | | 128144 | 利民转债 | 还需0天 | 145.777 | 146.35 | -0.39% | 5.042 | 11.10% | | 1136 ...

凌钢转债：下修到底 鼎龙转债：4月23日上市 | 搜 | | --- | | 索 | | 公 | | 众 | | 号 | | "jisilu8" | | 添 | | 加 | | 我 | | 们 | | 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 | 转债占止股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 113582 | 火炬转债 | 150.743 | 101.632 | 2025-04-17 | 2025-04-22 | 151.95 | 0.056 | 0.03% | | 123228 | 震裕转债 | 220.700 | 100.200 | 2025-04-17 | 2025-04-22 | 223.69 | 0.015 | 0.01% | | 127051 | 博杰转债 | 106.150 | 100.700 | 2025-04-24 | 2025-04-24 | 106.41 | 0.091 | 0. ...

1. Report Industry Investment Rating There is no information provided in the text about the industry investment rating. 2. Core Views of the Report - The weak expectation of the 2024 annual report performance may gradually materialize, with negative category performance forecasts significantly increasing compared to the previous two years. However, the sentiment in 2025 may be relatively controllable, and the over - selling of low - and medium - rated convertible bonds during the performance disclosure period is not significant [9][10]. - The new "Nine - Point Plan" has tightened the requirements for dividends. The performance disclosure in April will determine whether some underlying stocks of convertible bonds will face ST/*ST [10]. - The divergence between convertible bonds and underlying stocks may indicate the pressure of inventory liquidation. Attention should be paid to the annual report performance of underlying stocks, especially those with poor subsequent hematopoietic ability, and the potential disturbances caused by institutional inventory liquidation [18][19]. - Last week, the convertible bond market declined, and the conversion premium rates of convertible bonds of various ratings and scales were compressed [22][30]. - Last week, Huisheng and Daowen convertible bonds announced redemptions, and Shouhua convertible bonds proposed a downward revision. The approval situation of the China Securities Regulatory Commission for convertible bonds is fair, with a pending issuance scale of about 15.6 billion yuan [48][51]. 3. Summary According to the Catalog 3.1. How to Identify Risks as the Financial Report Disclosure Enters the Acceleration Phase - *ST Puli will enter the delisting consolidation period on April 28, 2025, and Puli convertible bonds will become the fifth convertible bonds to delist with the underlying stock [1][9]. - As of January 31, among the 254 convertible bond issuers that disclosed their 2024 performance forecasts, the proportion of negative category performance forecasts increased by nearly 10 pcts to 66.93% compared to the previous two years, with the frequency and probability of first - losses and continued losses increasing [9]. - As of April 18, 2025, among the 177 underlying stocks of convertible bonds that announced their 2024 annual performance, 96 achieved a year - on - year positive increase in net profit attributable to the parent, while 79 had a decrease/turn - negative/expanded loss. Low - and medium - rated convertible bonds did not experience significant over - selling during the performance disclosure period [10]. - The "New Nine - Point Plan" has tightened the requirements for dividends. Currently, no disclosed underlying stocks of convertible bonds meet the delisting risk warning criteria. *ST Puli and *ST Tianchuang are under delisting warning, and ST Zhongzhuang and ST Dongshi are under other risk warnings [15][16]. - To avoid inventory liquidation risks or spread losses, forward - looking indicators such as the price trends of stocks and convertible bonds, and negative public opinion events should be considered. Stocks with characteristics such as net profit losses, significant net profit decreases, weak solvency, and private enterprises should be focused on [18][19]. 3.2. Market Review: Weekly Decline and Valuation Compression of Convertible Bonds 3.2.1. Weekly Market Conditions - Last week, the major stock indices showed differentiation, and the convertible bond market declined. There are 481 issued but unexpired convertible bonds with a balance of 700.761 billion yuan. Qingyuan, Anji, Weice, and Dinglong convertible bonds have not been listed for trading, and there are no convertible bonds to be issued [22]. - In the equity market, sectors such as banking, real estate, and media led the gains, while machinery, automobiles, and computers led the losses. In the convertible bond market, sectors such as building materials and petroleum and petrochemicals led the gains, while communication, power equipment, and agriculture led the losses [24]. - Among popular concepts, radio frequency and antennas, first - tier real estate developers, etc. led the gains, while optical chips, consumer electronics OEM, etc. led the losses [24]. 3.2.2. Valuation Performance - The weighted average closing price of convertible bonds was 116.33 yuan, a 0.65% decrease from the previous Friday. The closing prices of equity - biased, debt - biased, and balanced convertible bonds all decreased [30]. - The conversion premium rate of convertible bonds of various ratings and scales was compressed. The AAA - rated convertible bonds decreased by 3.81 pcts, and the convertible bonds with a scale of over 5 billion yuan decreased by 3.75 pcts. The conversion premium rate of convertible bonds with a par value below 80 yuan (inclusive) increased by 4.72 pcts [30]. 3.3. Terms and Supply: Huisheng and Daowen Convertible Bonds Announced Redemptions, and the Approval of the CSRC for Convertible Bonds is Fair 3.3.1. Terms - As of April 18, Huisheng and Daowen convertible bonds announced redemptions, and Nuotai convertible bonds announced redemption arrangements. Zhongqi, Tianlu, and Fuxin convertible bonds announced no early redemptions. No convertible bonds announced expected fulfillment of redemption conditions [48]. - As of April 18, Shouhua convertible bonds' board of directors proposed a downward revision, and Bohui convertible bonds announced the result of the downward revision, which was basically at the bottom. Thirteen convertible bonds announced no downward revisions, and 41 convertible bonds announced expected triggers for downward revisions [48]. 3.3.2. Primary Market - Last week, Taineng convertible bonds were newly listed with a scale of 2.95 billion yuan, and there were no new issuances of convertible bonds [50]. - Last week, there were no new board proposals, 5 new shareholder meeting approvals, no new approvals from the issuance review committee, and no new approvals from the CSRC. As of April 18, 6 listed companies obtained approval for convertible bond issuances with a proposed issuance scale of 12.966 billion yuan, and 4 companies passed the issuance review committee with a total scale of 2.632 billion yuan [51][55].