Group 1 - The report outlines the bond management situation of Changjiang Securities Co., Ltd., including the issuance and management of perpetual subordinated bonds [1][2] - As of the end of 2024, the company has issued two bonds: 23 Changjiang Y1 and 24 Changjiang Y1, with issuance scales of 2.5 billion and 2 billion respectively [2][3] - The initial coupon rates for these bonds are 4.59% and 3.10%, with annual interest payments unless the issuer opts for deferred interest payments [3][4] Group 2 - The report indicates that the issuer's total assets as of the end of 2024 are approximately 171.77 billion, showing a slight increase of 0.61% from the previous year [7] - The total liabilities decreased by 2.57% to approximately 132.46 billion, while total equity increased by 13.05% to approximately 39.31 billion [7][8] - The issuer's net profit for 2024 is reported at approximately 1.84 billion, reflecting a 19.19% increase compared to the previous year [7][8] Group 3 - The report highlights that the issuer has maintained stable cash flow and profitability, with an EBITDA interest coverage ratio of 2.37, up 32.40% from the previous year [8] - The issuer has a debt issuance approval scale of 17.5 billion, indicating potential for future financing [8][9] - The report confirms that the issuer's bond repayment plans and guarantees have not undergone significant changes during the reporting period [9][10] Group 4 - The report details that the issuer has successfully completed interest payments for the previous year on March 25, 2024, without any defaults [11][12] - The issuer has established a special account for managing raised funds, ensuring compliance with the intended use of funds [8][9] - The report states that there were no significant changes in the issuer's credit enhancement mechanisms or repayment capabilities during the reporting period [9][12]

Core Viewpoint - The announcement from Changjiang Securities Co., Ltd. indicates that the company has triggered a mandatory interest payment event for its perpetual subordinated bonds due to the approval of cash dividends to ordinary shareholders at the 2024 annual general meeting [1][2]. Group 1 - The company has publicly issued perpetual subordinated bonds (23 Changjiang Y1, 24 Changjiang Y1, 25 Changjiang Y1) with terms that stipulate mandatory interest payments if certain events occur, including the distribution of dividends to ordinary shareholders [1]. - On May 20, 2025, the company held its 2024 annual general meeting and approved a proposal for profit distribution, which includes cash dividends to shareholders, thus triggering the mandatory interest payment event [1]. - The company reassures that the triggering of this event will not have a significant impact on its daily management, financial condition, or debt repayment capability [2]. Group 2 - The company plans to reasonably arrange funds to ensure timely and full interest payments on the perpetual subordinated bonds despite the triggered event [2].