Core Viewpoint - Changhai Co., Ltd. announced that the "Changhai Convertible Bond" (bond code: 123091) will pay the fifth-year interest at face value on December 23, 2025, with an interest of 18.00 yuan (including tax) for every 10 bonds with a face value of 1,000.00 yuan [1] Summary by Category - **Company Announcement** - Changhai Co., Ltd. will pay the fifth-year interest on the "Changhai Convertible Bond" on December 23, 2025 [1] - The interest payment will be 18.00 yuan for every 10 bonds, which have a face value of 1,000.00 yuan each [1]

Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 1.3%, 0.5%, and 0.7% respectively during the last period, outperforming the benchmark return of 0.3% [1] - Year-to-date, these strategies have achieved returns of 17.4%, 28.2%, and 52.2%, with cumulative excess returns of 0.3%, 11.2%, and 35.2% compared to the benchmark return of 17.0% [1] - The equity market experienced fluctuations, with the Wind All A and CSI Convertible Bonds rising by 1.5% and 0.3% respectively, indicating a resurgence of low volatility strategies [1] Low Price Enhancement Strategy - The latest holdings include new entries such as Jinggong Convertible Bond (Construction Decoration), Shangyin Convertible Bond (Bank), and Yangfeng Convertible Bond (Basic Chemicals) among others [2] - The adjustment rationale is based on the strong performance of the low price index (1.4%) and the resurgence of low volatility strategies, with a focus on stable or improving performance and reasonable premium rates [3] Improved Dual Low Strategy - The latest holdings feature new entries like Shangyin Convertible Bond (Bank) and Zhonghuan Convertible Bond (Environmental Protection) [4] - Adjustments were made due to the upward movement of the dual low index (0.4%), with a focus on stocks with improved performance or stable operations while avoiding those with high redemption progress [5] High Price High Elasticity Strategy - The latest holdings include new entries such as Wankai Convertible Bond (Basic Chemicals) and Shuiyang Convertible Bond (Beauty Care) [6] - The strategy's adjustments were influenced by the decline in high price index returns (-1.5%) and the need to manage redemption risks while maintaining a balanced industry allocation [7]

Group 1 - The company announced that from September 18, 2025, until the equity registration date for the semi-annual dividend distribution, the convertible bonds (code: 123091; abbreviation: Changhai Convertible Bonds) will be suspended from conversion [2] - The conversion of the bonds will resume on the first trading day after the equity registration date for the semi-annual dividend distribution [2]

Core Viewpoint - Jiangsu Changhai Composite Materials Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased demand and improved operational efficiency [1][5]. Financial Performance - The company achieved operating revenue of CNY 1,455,565,195.53, an increase of 18.96% compared to CNY 1,223,613,834.75 in the same period last year [2][5]. - Net profit attributable to shareholders reached CNY 173,689,686.19, up 42.30% from CNY 122,057,694.81 [2][5]. - The net cash flow from operating activities improved significantly to CNY 65,258,667.03, a turnaround from a negative cash flow of CNY -134,109,033.04 [2][5]. Earnings Per Share - Basic earnings per share increased to CNY 0.43, reflecting a growth of 43.33% from CNY 0.30 [3]. - Diluted earnings per share also rose to CNY 0.42, compared to CNY 0.30 in the previous year [3]. Asset and Equity Growth - Total assets at the end of the reporting period were CNY 7,203,251,120.04, a slight increase of 1.16% from CNY 7,120,328,881.57 [3]. - Net assets attributable to shareholders grew to CNY 4,718,064,535.48, up 1.91% from CNY 4,629,708,318.70 [3]. Strategic Developments - The company is expanding its production capacity with the completion of a 60,000-ton high-performance glass fiber manufacturing base, which is expected to enhance its competitive edge [6]. - A share repurchase plan was executed, with a total amount of CNY 52,994,701.54 spent on repurchasing shares, aimed at implementing employee stock ownership plans [6]. Future Outlook - The company plans to continue focusing on its core business, enhancing operational efficiency, and optimizing product structure to drive future growth [7].

Core Points - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 2.00 per 10 shares for all shareholders, based on a total share capital of 403,526,350 shares after excluding repurchased shares [1][2] - The total cash dividend amount is RMB 80,705,270, and the per-share cash dividend (after tax) is calculated to be approximately RMB 0.1974602 [1][5] - The record date for shareholders to receive the dividend is set for May 28, 2025, with the ex-dividend date on May 29, 2025 [3] Distribution Plan - The distribution plan specifies that the cash dividend will be RMB 2.00 per 10 shares, with different tax treatments for various types of investors, including a reduced dividend for certain foreign investors [2] - The company will not distribute any bonus shares or convert capital reserves into share capital, and any undistributed profits will be retained for operational needs [1][2] Dividend Payment Process - The cash dividends will be directly credited to the shareholders' accounts through their custodial securities companies on the ex-dividend date [4] - The company assumes all legal responsibilities for any issues arising from insufficient cash dividends due to a decrease in shares held by shareholders during the distribution application period [4] Adjustments Related to Convertible Bonds - The conversion price of the company's convertible bonds will be adjusted following the dividend distribution, effective from the ex-dividend date [4]

Core Viewpoint - Jiangsu Changhai Composite Materials Co., Ltd. is adjusting the conversion price of its convertible bonds, "Changhai Convertible Bonds," in accordance with its annual profit distribution plan and relevant regulations from the China Securities Regulatory Commission [1][2][3][4][5][6] Group 1: Convertible Bond Price Adjustment Regulations - The company issued 5.5 million convertible bonds on December 23, 2020, with an initial conversion price of 16.24 yuan per share [1] - The conversion price will be adjusted based on various corporate actions such as stock dividends, capital increases, and cash dividends, following a specific formula [1][2] - The company will disclose the adjusted conversion price and related details through official channels [1][2] Group 2: Historical Conversion Price Adjustments - The conversion price was adjusted from 16.24 yuan to 16.14 yuan on May 18, 2021, following the 2020 annual profit distribution [2] - On May 25, 2022, the conversion price was further adjusted from 16.14 yuan to 15.99 yuan due to the 2021 annual profit distribution [3] - The conversion price was adjusted again from 15.99 yuan to 15.79 yuan on May 24, 2023, after the 2022 annual profit distribution [4] Group 3: Upcoming Adjustments and Profit Distribution - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares based on the total share capital after accounting for repurchased shares, with the record date set for May 28, 2025 [5] - The conversion price will be adjusted to 15.44 yuan per share effective from May 29, 2025, following the upcoming profit distribution [6]

Core Points - The announcement details the conversion situation of Jiangsu Changhai Composite Materials Co., Ltd.'s convertible bonds for the first quarter of 2025, confirming that no conversions occurred during this period [1][5] - The current effective conversion price is set at 15.64 CNY per share, following adjustments made in previous years [4][5] Group 1: Convertible Bond Issuance - The company issued 5.5 million convertible bonds on December 23, 2020, with a total face value of 550 million CNY [1] - The bonds were listed and began trading on the Shenzhen Stock Exchange on January 15, 2021, under the name "Changhai Convertible Bonds" and code "123091" [1][2] Group 2: Conversion Period and Price Adjustments - The conversion period for the bonds started on June 29, 2021, and will last until December 22, 2026 [2] - The conversion price has been adjusted multiple times: from 16.24 CNY to 16.14 CNY in May 2021, then to 15.99 CNY in May 2022, and further to 15.79 CNY in May 2023, finally reaching 15.64 CNY in May 2024 [3][4][5] Group 3: Share Capital Changes - As of March 31, 2025, the company has 5,497,389 convertible bonds remaining, with a total face value of 549,738,900 CNY [5] - The total share capital remains at 408,716,549 shares, with 39.73% being restricted shares and 60.27% being unrestricted shares [5]