Core Viewpoint - The company, Ningbo Jintian Copper (Group) Co., Ltd., has released its third-quarter report for 2025, detailing financial performance, bond issuance, and shareholder activities, while ensuring compliance with disclosure regulations [24][31]. Financial Data - The third-quarter financial report is unaudited and covers the period from the beginning to the end of the quarter [3][20]. - The company reported a total of 39,279,469 shares held in its repurchase account, representing 2.27% of the total share capital [6]. Bond Issuance - The company issued 15 million convertible bonds named "Jintian Convertible Bonds" with a total value of RMB 150 million, which are set to mature in 2027 [7][8]. - As of September 30, 2025, a total of RMB 1,499,245,000 of the "Jintian Convertible Bonds" remains unconverted, accounting for 99.95% of the total issuance [8]. Shareholder Information - The company’s major shareholders include its controlling shareholder, Jintian Investment, and actual controller, Mr. Lou Cheng, who have been actively increasing their stakes in the company [17][18]. - As of September 30, 2025, the controlling shareholder and related parties have cumulatively increased their holdings by 12,613,593 shares, amounting to approximately RMB 79.98 million [18]. Corporate Governance - The company has decided to abolish its supervisory board, transferring its responsibilities to the audit committee of the board of directors [19]. - The company has also approved changes to its articles of association and related rules in accordance with legal requirements [19]. Capital Increase - The board approved a capital increase for its wholly-owned subsidiary, Ningbo Jintian Nonferrous Metals Materials Co., Ltd., raising its registered capital from RMB 5 million to RMB 10 million [27][28]. Upcoming Events - The company will hold a performance briefing on October 30, 2025, to discuss its third-quarter results and address investor inquiries [33][36].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The subsequent performance of forced - redemption convertible bonds shows strong individual bond characteristics. It is difficult to use forced - redemption convertible bonds as a continuous investment strategy, but it is necessary to pay attention to them. It is recommended to focus on medium - sized convertible bonds with low conversion dilution rates, combining fundamentals and forced - redemption driving factors [2][20] - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. The risk of convertible bond valuation correction has been partially mitigated, but the short - term profit - making effect of the convertible bond market may be weak. Attention should be paid to the band trading opportunities of convertible bonds in a volatile market. Regarding terms, continue to focus on the game space of downward revisions, be vigilant against forced - redemption risks, and appropriately pay attention to the short - term game opportunities of near - maturity convertible bonds [22] 3. Summary by Related Catalogs 3.1.转债周度专题与展望 3.1.1. 强赎转债怎么看？ - Some forced - redemption convertible bonds have shown remarkable performance before the last trading day this year, attracting market attention. In terms of historical performance, in 2025H2, 2024, and 2019, the prices of some forced - redemption convertible bonds showed a phased upward trend after forced redemption, but in 2024, the outstanding ones were mostly small - cap bonds, and in 2019, there were about 21 samples including industry leaders. Generally, the upward impulse effect of convertible bond prices weakens after 5 trading days, and forced redemption still exerts phased selling pressure on the underlying stocks [1][12] - When the convertible bond balance has a dilution rate of less than 5% on the underlying stock's floating shares, the convertible bond is more likely to rise after the forced - redemption announcement, and the price faces stronger downward pressure as the dilution rate increases. In terms of industry distribution, computer industry convertible bonds perform relatively well after the forced - redemption announcement, while pharmaceutical and biological convertible bonds show continuous corrections [2] 3.1.2. 周度回顾与市场展望 - This week, the A - share market fluctuated and adjusted, with significant differences in the performance of various indices. Looking forward, the current A - share market valuation has significantly recovered. Large - scale equipment updates and consumer product trade - in measures are expected to boost domestic demand, and the export growth rate may decline. The Fed has entered a new interest - rate cut cycle, and a weak resonance between the domestic economic fundamentals and capital flows is expected to gradually begin [21] - At the convertible bond level, considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. The risk of convertible bond valuation correction has been partially mitigated, but the short - term profit - making effect of the convertible bond market may be weak. Attention should be paid to the band trading opportunities of convertible bonds in a volatile market. Regarding terms, continue to focus on the game space of downward revisions, be vigilant against forced - redemption risks, and appropriately pay attention to the short - term game opportunities of near - maturity convertible bonds. Industries to focus on include hot themes, domestic - demand - oriented sectors, central state - owned enterprises under the China - specific valuation system, and the military industry [22][24] 3.2. 转债市场周度跟踪 3.2.1. 权益市场震荡分化，煤炭及电力设备领涨 - This week, the equity market fluctuated and differentiated, with large - cap blue - chips weakening. Among them, the Wind All - A Index fell 0.18%, the Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, and the ChiNext Index rose 2.34%. The market style was more inclined to small - cap value stocks. Thirteen Shenwan industry indices rose, and 18 fell. Coal, power equipment, and electronics led the gains, while banks, non - ferrous metals, and non - bank finance led the losses [27][31] 3.2.2. 可转债市场下跌，百元溢价率中位数回落 - This week, the convertible bond market declined. The CSI Convertible Bond Index fell 1.55%, the Shanghai Convertible Bond Index fell 1.43%, and the Shenzhen Convertible Bond Index fell 1.72%. The average daily trading volume increased. In terms of industries, 3 industries rose and 26 fell, with communication, national defense and military industry, and automobiles leading the gains, and non - ferrous metals, non - bank finance, and social services leading the losses. Most individual bonds fell. The weighted conversion value of the whole market decreased, and the premium rate increased. The 100 - yuan parity premium rate decreased [3][32][46] 3.2.3. 不同类型转债高频跟踪 3.2.3.1. 分类估值变化 - This week, the valuation of equity - biased convertible bonds decreased significantly. The valuations of convertible bonds with parities of 80 - 90 yuan and 120 - 130 yuan increased, while those of other parities decreased. Convertible bonds with ratings of AA+ and above saw an increase in valuation, while others decreased. The valuation of large - cap convertible bonds increased significantly, while that of other sizes decreased. Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [55] 3.2.3.2. 市场指数表现 - This week, convertible bonds of all ratings and sizes declined. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker resistance to declines and greater rebound strength [67] 3.3. 转债供给与条款跟踪 3.3.1. 本周一级预案发行 - This week, there were no newly listed convertible bonds, and 1 convertible bond was issued but not yet listed, with a scale of 150 million yuan. There were 9 first - level approvals this week, including 2 convertible bonds approved by the listing committee, 4 approved by the general meeting of shareholders, and 3 new convertible bond plans [72] 3.3.2. 下修&赎回条款 - As of September 20, 2025, 6 convertible bonds were expected to trigger downward revisions, 4 announced no downward revisions, 2 proposed downward revisions, and 1 actually made a downward revision. Two convertible bonds were expected to trigger redemption, 4 announced non - redemption within a certain period, and 4 announced early redemption. As of the end of this week, 4 convertible bonds were still in the put - option declaration period, and 20 were in the company's capital - reduction repayment declaration period [76][78][80]

Core Viewpoint - Ningbo Jintian Copper Industry (Group) Co., Ltd. has announced the early redemption of its "Jin Tong Convertible Bonds" as the stock price has met the redemption conditions, which is set at 130% of the conversion price, amounting to 7.53 yuan per share [1][2]. Redemption Announcement - The company held a board meeting on August 1, 2025, where it approved the early redemption of the "Jin Tong Convertible Bonds" at a price of 100.0477 yuan per bond, which includes accrued interest [2][4]. - The total amount to be redeemed is 1,024,490 yuan, covering 10,240 bonds, with the payment date set for August 26, 2025 [4][6]. Redemption Details - As of the redemption registration date on August 25, 2025, the remaining balance of "Jin Tong Convertible Bonds" is 1,024,000 yuan, representing 0.07% of the total issuance [3][5]. - The accrued interest for the bonds was calculated using the formula: IA = B × i × t / 365, resulting in an interest of 0.0477 yuan per bond [2][3]. Impact on Company - The total share capital of the company will increase to 1,728,618,528 shares following the redemption, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce the debt-to-asset ratio in the long run [6][7]. - The redemption amount is relatively small and will not significantly impact the company's cash flow [6]. Shareholder Changes - The shareholding structure of the company has changed, with the controlling shareholder's ownership percentage decreasing from 47.21% to 46.35% post-redemption [7].

Group 1 - The article discusses the planned reduction of shareholding by a major shareholder of Xinqianglian, with a maximum reduction of 3% of shares [1] - It highlights various convertible bonds, including strong redemptions for Zhenghai and Dayuan convertible bonds, and a down adjustment for Ou22 convertible bonds [2][4] - The article mentions the financial performance of Longi Green Energy and Trina Solar, reporting net losses of 2.569 billion and 2.918 billion yuan respectively for the first half of 2025 [3] Group 2 - The article provides detailed information on the current prices, redemption prices, last trading dates, and conversion values of several convertible bonds, indicating their market performance [4][6] - It notes that the fund managed by Gao Entropy Asset Management holds 1,311,820 shares of Fangyuan convertible bonds, accounting for 20.43% of the total issuance [1] - The article also mentions the upcoming listing of Weida convertible bonds on August 27 [3]

Key Points - The company will redeem all outstanding "Jin Tong Convertible Bonds" on August 25, 2025, at a price of 100.0477 CNY per bond [1][4] - The last trading day for the "Jin Tong Convertible Bonds" is August 20, 2025, and trading will cease on August 21, 2025 [1][5] - The last conversion date for the bonds is August 25, 2025, with only one trading day remaining before this date [1][5] - The redemption was triggered as the company's stock price exceeded 130% of the conversion price for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3] - The company will issue a final announcement regarding the redemption results and its impact after the redemption process is completed [5] - The redemption price includes accrued interest of 0.0477 CNY per bond, calculated based on the bond's face value and interest rate [4][5] - From August 26, 2025, the "Jin Tong Convertible Bonds" will be delisted from the Shanghai Stock Exchange [7]

Core Viewpoint - The company announces the redemption and delisting of the "Jin Tong Convertible Bonds" effective from August 26, 2025, following the completion of the early redemption process [1][4][15]. Redemption Details - The last trading day for "Jin Tong Convertible Bonds" is August 20, 2025, and trading will cease from August 21, 2025 [2][14]. - The final conversion date for the bonds is August 25, 2025, with only one trading day remaining before this date [3][14]. - The redemption price is set at 100.0477 yuan per bond, which includes accrued interest of 0.0477 yuan [4][8]. - The redemption registration date is August 25, 2025, and the redemption payment date is August 26, 2025 [6][13]. Conditions for Redemption - The company has triggered the redemption clause as the stock price has been at least 130% of the conversion price (7.53 yuan) for 15 out of the last 30 trading days [5][7]. - If the total face value of unconverted bonds is less than 30 million yuan, the company has the right to redeem all or part of the unconverted bonds [7]. Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.0382 yuan per bond after tax [9][10]. - For qualified foreign institutional investors, the redemption amount will be distributed on a pre-tax basis [10]. Post-Redemption Actions - After the redemption process, the company will announce the results and the impact of the redemption on the company [12].

Core Viewpoint - Ningbo Jintian Copper Industry (Group) Co., Ltd. has announced the early redemption of its convertible bond "Jin Tong Convertible Bond" due to the stock price exceeding the redemption threshold, with the bond set to be delisted from the Shanghai Stock Exchange on August 26, 2025 [1][2][6]. Redemption Details - The last trading day for "Jin Tong Convertible Bond" is August 20, 2025, and the last conversion day is August 25, 2025 [1][6]. - The redemption price is set at 100.0477 CNY per bond, which includes accrued interest [4][6]. - The redemption registration date is August 25, 2025, and the redemption payment date is August 26, 2025 [3][6]. Conditions for Redemption - The company triggered the redemption clause as the stock price was above 130% of the conversion price (7.53 CNY) for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3]. - The bond has stopped trading as of August 21, 2025, and holders must convert or redeem before the deadline [1][6]. Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.0382 CNY per bond after tax [4][5]. Communication and Procedures - The company will notify bondholders of the redemption process and results through designated media after the redemption is completed [5][6].

Core Viewpoint - Ningbo Jintian Copper Industry (Group) Co., Ltd. has announced the early redemption of its convertible bond "Jin Tong Convertible Bond" due to the stock price exceeding the redemption threshold, leading to its delisting from the Shanghai Stock Exchange on August 26, 2025 [1][2][4]. Redemption Details - The last trading day for "Jin Tong Convertible Bond" is August 20, 2025, and the last conversion day is August 25, 2025 [3][6]. - The redemption price is set at 100.0477 CNY per bond, which includes accrued interest of 0.0477 CNY [4][5]. - The company has triggered the redemption clause as the stock price was above 130% of the conversion price (7.53 CNY) for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3]. Investor Guidance - Investors are advised to convert their bonds at the conversion price of 5.79 CNY per share before the last conversion date to avoid forced redemption [1][7]. - From August 21, 2025, "Jin Tong Convertible Bond" will cease trading, and all unconverted bonds will be frozen after the redemption registration date [6][7]. Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.0382 CNY after tax [4][5].

Core Viewpoint - The China Convertible Bond Index experienced a decline of 0.17% on August 20, closing at 479.59 points, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - The top five declining convertible bonds were Xinzhiyuan Convertible Bond, Mingdian Convertible Bond, Zhongqi Convertible Bond, Huahong Convertible Bond, and Taifu Convertible Bond, with declines of 6.75%, 5.01%, 4.91%, 4.74%, and 4.54% respectively [1] - Conversely, the top five gaining convertible bonds were Dongshi Convertible Bond, Songyuan Convertible Bond, Jinlun Convertible Bond, Jincopper Convertible Bond, and Tianjian Convertible Bond, with increases of 20.00%, 13.32%, 11.57%, 8.71%, and 6.13% respectively [1]

Core Viewpoint - The company announces the early redemption of the "Jin Tong Convertible Bonds" due to the stock price exceeding the redemption trigger price, with the bonds set to be delisted from the Shanghai Stock Exchange on August 26, 2025 [1][2][6]. Redemption Details - Redemption Registration Date: August 25, 2025 [1][4] - Redemption Price: 100.0477 CNY per bond [1][4] - Redemption Payment Date: August 26, 2025 [1][6] - Last Trading Day: August 20, 2025 [1][6] - Last Conversion Day: August 25, 2025 [1][6] Conditions for Redemption - The redemption condition was met as the stock price was above 130% of the conversion price (7.53 CNY) for 15 out of 30 trading days from July 14 to August 1, 2025 [2][3][4]. Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.0382 CNY per bond after tax [4][5]. Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends, and all bonds will be frozen after the registration date [5][6].