Core Viewpoint - The article discusses the proposed adjustments to convertible bonds, highlighting the strong redemption and non-redemption statuses of various bonds, as well as shareholder reduction plans for specific companies [1][4]. Summary by Sections Convertible Bonds Overview - The article provides a detailed table of convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][6]. Strong Redemption and Non-Redemption - Specific convertible bonds such as "白电转债" and "游族转债" are noted for their strong redemption status, while "利扬转债" is mentioned as not being subject to strong redemption [4]. Shareholder Reduction Plans - Several companies are highlighted for their shareholder reduction plans, including: - 皓元医药: Shareholder 苏信基金 plans to reduce holdings by no more than 3% of the company's shares [4]. - 天能重工: Shareholder plans to reduce holdings by no more than 3% [4]. - 立高食品: Shareholders plan to reduce holdings by no more than 2.47% [4]. - 漱玉平民: Controlling shareholder plans to reduce holdings by no more than 2% [4]. Additional Convertible Bonds Information - The article includes further details on convertible bonds, such as their redemption prices, current prices, conversion values, and remaining scales, providing insights into their market performance [6][8].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Meeting Summary - The first extraordinary general meeting of shareholders was held on July 30, 2025, at the company's conference room in Xiamen [2] - The meeting was convened by the board of directors and chaired by the vice chairman, Pan Xiaozhen, with a combination of on-site and online voting [2][3] - All resolutions passed at the meeting were deemed legal and valid [3] Proposal Review - A proposal to change part of the fundraising investment projects was approved during the meeting [4] Legal Witness - The meeting was witnessed by Fujian Zhili Law Firm, with lawyers Jiang Hui and Han Xu providing legal opinions confirming the legality of the meeting procedures and resolutions [5][6] Convertible Bond Information - The convertible bond "Jin 23 Convertible Bond" (code: 113670) has a conversion price of 37.64 yuan per share, with a conversion period from October 21, 2023, to April 16, 2029 [7][8] - From July 17 to July 30, 2025, the company's stock closed below 80% of the conversion price for ten trading days, which may trigger a downward adjustment of the conversion price if it continues for five out of the next twenty trading days [7][13] Convertible Bond Issuance - The company issued 7.7 billion yuan worth of convertible bonds on April 17, 2023, with a six-year term and a tiered interest rate structure [8] - The initial conversion price was set at 39.57 yuan per share, which has been adjusted to 37.64 yuan per share as of July 9, 2025 [9] Conversion Price Adjustment Conditions - The company has the right to propose a downward adjustment of the conversion price if the stock price remains below 80% of the conversion price for at least fifteen out of thirty consecutive trading days [10] - The adjustment must be approved by two-thirds of the voting rights at the shareholders' meeting, excluding those holding the convertible bonds [10][11]

Core Points - The company, Jinpai Kitchen Cabinet Home Technology Co., Ltd., has maintained its credit rating of "AA" for both its entity and the "Jin 23 Convertible Bond" with a stable outlook [1][2]. - The tracking credit rating was conducted by China Chengxin International Credit Rating Co., Ltd. on June 26, 2025, confirming no changes from the previous rating [2]. Summary by Sections Credit Rating - Previous entity credit rating: "AA" - Current entity credit rating: "AA" - Previous bond credit rating: "AA" - Current bond credit rating: "AA" - Rating outlook: Stable [1][2]. Rating Agency - The rating was conducted by China Chengxin International Credit Rating Co., Ltd. [2].

Group 1 - The company will stop the conversion of its convertible bonds "Jin 23 Convertible Bonds" from July 1, 2025, until the equity distribution registration date [1][2] - The company plans to distribute a cash dividend of 0.392 yuan per share (including tax) to all shareholders based on the total share capital minus the shares held in the repurchase account [1][2] - The adjustment of the conversion price for "Jin 23 Convertible Bonds" will be made according to the terms outlined in the bond issuance prospectus after the equity distribution [2] Group 2 - The company will announce the implementation of the equity distribution and the adjustment of the convertible bond conversion price on July 2, 2025, through various media [2] - Holders of "Jin 23 Convertible Bonds" must convert their bonds before June 30, 2025, to participate in the equity distribution [2] - The company has provided contact information for inquiries regarding the equity distribution [2]

Group 1 - The core point of the article is the issuance of convertible bonds by GoldenHome Living Co., Ltd., with a total amount of RMB 770 million, approved by the China Securities Regulatory Commission [1][11] - The bonds are convertible into A-shares and will be listed on the Shanghai Stock Exchange, with a maturity period of six years from April 17, 2023, to April 16, 2029 [1][3] - The initial conversion price is set at RMB 39.57 per share, with provisions for adjustments based on corporate actions such as stock dividends and capital increases [3][4] Group 2 - The bond has a tiered interest rate structure, starting at 0.30% in the first year and increasing to 2.00% in the sixth year, with annual interest payments [1][3] - The total amount raised from the bond issuance, after deducting issuance costs of RMB 10.23 million, is RMB 759.77 million, which will be used for the Golden West IoT Manufacturing Base Project [12][13] - The company has reported a decline in net profit attributable to shareholders by 31.76% year-on-year, with total revenue decreasing by 4.68% [13][12] Group 3 - The company has established a special account for the management of raised funds, ensuring compliance with regulatory requirements and proper usage of the funds [13][12] - The bondholders have specific rights, including the ability to convert bonds into shares, exercise redemption rights, and participate in bondholder meetings [10][11] - The company has implemented measures to ensure timely payment of interest and principal, including the establishment of a bondholder meeting rule and the role of a bond trustee [14][11]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603180 证券简称：金牌家居 公告编号：2025-020 转债代码：113670 转债简称：金23转债 金牌厨柜家居科技股份有限公司 关于控股股东增持公司股份计划的 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： ●金牌厨柜家居科技股份有限公司（以下简称"公司"）控股股东厦门市建潘集团有限公司（以下简称"建 潘集团"）基于对公司未来发展的信心和对公司价值的认可，同时提振投资者信心，计划自本公告披露 之日起6个月内通过上海证券交易所交易系统以集中竞价交易方式增持公司股份，增持总金额不低于人 民币0.55亿元，不超过人民币1.1亿元（以下简称"本次增持计划"）。 ●本次增持不设定价格区间，将根据对公司股票价值判断及二级市场波动情况，择机实施增持计划。 ●本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其他因素导致无法顺利实施的风 险。本次增持计划实施过程中如出现上述风险情形，公司将及时履行信息披露义务。 一、增持主体的基本情 ...

Core Viewpoint - The article discusses the recent developments regarding the "双良转债" (Shuangliang Convertible Bond), indicating that the bond's adjustment is not reaching a bottom level, which may impact investor sentiment and market dynamics [1]. Summary by Sections Convertible Bonds - The article highlights that "金23转债" (Jin 23 Convertible Bond) and "三角转债" (Triangle Convertible Bond) are not undergoing adjustments, contrasting with the situation of "双良转债" [2]. New Stock Subscriptions - It mentions "中国瑞林" (China Ruilin) as a new stock available for subscription on the Shanghai and Shenzhen stock exchanges, indicating ongoing market activity and opportunities for investors [2]. Solar Energy Sector - The article notes that there is a scheduled subscription for solar energy-related convertible bonds on March 28, suggesting potential investment opportunities in the renewable energy sector [2].

Group 1 - The core viewpoint of the article highlights recent shareholder activities, including a planned reduction of shares by a shareholder of Wenke Co., which intends to reduce no more than 1.6% of the company's shares [1] - Chip Energy Technology's controlling shareholder plans to increase holdings by 50 million to 100 million yuan [1] - Zhishang Convertible Bond is subject to strong redemption, while Jin 23 Convertible Bond and Chip Energy Convertible Bond will not undergo adjustments [1]