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].

证券代码：300196 证券简称：长海股份 公告编号：2025-048 二、本次实施的权益分派方案 公司2024年年度权益分派方案为：以公司现有总股本408,716,549股剔除已回 购股份5,190,199股后的403,526,350股为分配基数，向全体股东每10股派2.000000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、QFII、 RQFII以及持有首发前限售股的个人和证券投资基金每10股派1.800000元；持有首 发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行差别化税率 征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应 纳税额【注】；持有首发后限售股、股权激励限售股及无限售流通股的证券投资 基金所涉红利税，对香港投资者持有基金份额部分按10%征收，对内地投资者持有 基金份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股1 个月（含1个月）以内，每10股补缴税款0.400000元；持股1个月以上至1年（含1 年）的，每10股补缴税款0.200000元；持股超过1年的，不需补缴税款。】 债券代码： ...

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]

证券代码：300196 证券简称：长海股份 公告编号：2025-018 债券代码：123091 债券简称：长海转债 江苏长海复合材料股份有限公司 关于 2025 年第一季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 日（如遇节假日，向后顺延）；最新有效的转股价格为 15.64 元/股。 （一）可转换公司债券发行情况 可转换公司债券票面总金额为人民币 549,738,900 元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律监 管指引第 15 号——可转换公司债券》的有关规定，江苏长海复合材料股份有限公司（以 下简称"公司"）现将 2025 年第一季度可转换公司债券（以下简称"可转债"）转股及 公司股份变动情况公告如下： 一、可转换公司债券上市发行情况 经中国证券监督管理委员会《关于同意江苏长海复合材料股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可20203066 号）同意注册，公司于 2020 年 12 月 23 日向不特定对象发行了 550 万张可转换公司债券，每张面值 ...