Summary of Conference Call on Convertible Bonds and Credit Bonds Market Industry Overview - The conference call discusses the convertible bonds and credit bonds market, highlighting the current trends, risks, and investment strategies. Key Points on Convertible Bonds Market - **Supply and Demand Imbalance**: The convertible bond market is experiencing a supply-demand imbalance, leading to a continuous increase in valuations. The total outstanding convertible bonds have decreased by approximately 1 trillion, leaving around 6 trillion in circulation. This has resulted in strong demand and high valuations, with the median price surpassing 130 yuan and the proportion of bonds priced below 100 yuan dropping to below 30% [2][3] - **Market Volatility**: The characteristics of convertible bonds are diminishing, leading to increased volatility in the market. The overall market valuation is currently in a historically high fluctuation range [1][2] - **Investment Strategy**: It is recommended to adopt a defensive strategy in the short term while also considering high-elasticity varieties and focusing on coupon-bearing assets. Caution is advised when pursuing long-term credit bonds [1][6] Key Points on Credit Bonds Market - **Yield Trends**: In October, credit bond yields have declined across the board, with long-term credit bonds seeing increased trading activity. The weighted average transaction duration has risen to approximately 2.5 years, indicating enhanced liquidity [5][6] - **Performance of Financial Leasing Sector**: The financial leasing sector has shown significant performance, with yield spreads narrowing by about 15 basis points [5] - **Investment Outlook**: The overall outlook for the credit bond market remains optimistic, although a slight downward adjustment in rhythm is expected. It is suggested to maintain a cautious approach towards long-term credit bonds while focusing on short to medium-term credit as a foundational strategy [5][6] Risks and Opportunities - **Risks**: The primary risks in the convertible bond market include high valuation levels and potential slow downward adjustments. However, strong demand and equity support mitigate significant downside risks [3] - **Opportunities**: There are opportunities in industrial bonds, particularly in local state-owned enterprises within construction, coal, and steel industries, where yield spreads are relatively thick. Additionally, perpetual bonds present a good cost-performance ratio for medium to long-term investments [3][13] Recommendations for Bond Investment Duration - **Duration Strategy**: It is advised to extend the bond investment duration to around three years, as this is considered a suitable timeframe despite the potential for yield spread compression in the two to three-year range [8] Specific Investment Focus Areas - **Individual Stock Opportunities**: Attention should be given to steep yield curves, private bonds, perpetual bonds, and ETF components, particularly those related to technology innovation bonds, which may have underpriced valuations due to liquidity differences [9][10] - **Regional Investment Opportunities**: Regions such as Hubei, Henan, Shandong, and Tianjin are highlighted for their attractive yield spreads, with specific areas showing spreads exceeding 40 basis points [12] Conclusion on Credit Bond Investment Strategies - **Overall Strategy**: The strategy for credit bond investment should focus on the 3-5 year yield spreads, which still have compression potential. Increased allocation to perpetual bonds is recommended, especially in light of the market's recovery from previous pessimistic interpretations of regulatory changes [16]

Financial Results - The Company aims to generate returns for shareholders through investments in income-generating real estate in the Baltic Sea Region, including Lithuania, Latvia, Estonia, Finland, Sweden, Denmark, Poland, and Germany [2] - As of December 31, 2024, the Company's total assets were EUR 75.648 million, total equity was EUR 43.448 million, and total liabilities were EUR 32.200 million [5] - The Company's investment assets at fair value through profit or loss increased by EUR 4.029 million (6.21%) compared to December 31, 2023, totaling EUR 69.908 million [5] - The Company reported a total comprehensive income of EUR 3.344 million for the year 2024 [5] Key Events - In 2024, the Company acquired investment properties valued at approximately EUR 23.9 million, including commercial buildings and land plots in Lithuania and Poland [5] - The Company issued private bonds with a nominal value of EUR 9.974 million and redeemed private bonds worth EUR 26.570 million during 2024 [5] - A public bond offering prospectus for EUR 35 million was approved on August 13, 2024, and the Company issued bonds totaling EUR 23.774 million during the year [5] - The third tranche of the public bond issuance was completed on January 19, 2025, with bonds issued totaling EUR 11.226 million [5] Shareholder Meeting - The shareholders will vote on the approval of the Group's and Company's 2024 financial statements at a meeting scheduled for April 30, 2025 [4][5] - Proposed profit distribution includes allocating EUR 1.275 million as dividends and transferring EUR 167,220 to the legal reserve [6] - Additional agenda items for the shareholders' meeting include amendments to the Company's Articles of Association and the establishment of an Audit Committee [6]