1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Bond Information**: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - **Company Overview**: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - **Financial Data**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specifications, with leading market shares in core products. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - **Bond Information**: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - **Company Overview**: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - **Financial Data**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - **Company Highlights**: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - **Bond Information**: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - **Company Overview**: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - **Financial Data**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - **Company Highlights**: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - **Bond Information**: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - **Company Overview**: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - **Financial Data**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - **Company Highlights**: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - **Company Overview**: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - **Financial Data**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - **Bond Information**: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - **Company Overview**: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - **Financial Data**: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - **Company Highlights**: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - **Bond Information**: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - **Company Overview**: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - **Financial Data**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - **Company Highlights**: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - **Bond Information**: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - **Company Overview**: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - **Financial Data**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - **Company Highlights**: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - **Bond Information**: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - **Company Overview**: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - **Financial Data**: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - **Company Highlights**: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - **Company Overview**: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - **Financial Data**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - **Company Highlights**: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].

Company Performance - In the first half of 2025, the company achieved operating revenue of 5.16 billion yuan and a total profit of 37.61 million yuan, representing a year-on-year increase of 37.78%. However, the net profit attributable to shareholders was a loss of 8.58 million yuan. In Q2 2025, the net profit attributable to shareholders turned positive at 8.79 million yuan [2] - The company has established a comprehensive green and low-carbon circular economy industrial chain, leveraging abundant local resources such as coal, salt, and limestone. This includes a production capacity of 1.34 million tons of PVC, 970,000 tons of ion membrane caustic soda, 2.13 million tons of calcium carbide, and 250,000 tons of ethanol, along with self-supplied power stations [2] Cost Management - The company faced significant price declines in its main product, PVC resin, due to market fluctuations and macroeconomic conditions. However, the prices of key raw materials like coal and coke also decreased compared to the previous year. The implementation of refined management and an integrated industrial chain has effectively controlled manufacturing costs and expenses, leading to a notable increase in total profit [3] - During the reporting period, the company reduced its sales, management, and financial expenses by 33.58%, 6.23%, and 9.52% respectively compared to the same period last year [3] Industry Outlook - The company anticipates that macroeconomic stimulus policies and ongoing "anti-involution" measures will positively impact the PVC market. Additionally, the update of outdated equipment in the caustic soda sector is expected to gradually improve the supply-demand balance, enhancing the overall prosperity of the chlor-alkali industry [4] - In the caustic soda industry, the supply-demand fundamentals are becoming more relaxed, with prices having peaked and then declined. The second half of 2025 is expected to see increases in domestic production, consumption, and exports, although supply growth may slightly outpace demand growth, leading to potential price fluctuations [3]

（文章来源：证券日报） 证券日报网讯 8月27日晚间，新疆天业发布公告称，公司及控股子公司不存在逾期担保、涉及诉讼的对 外担保及因担保被判决败诉而应该承担的损失金额。 ...

Core Viewpoint - Xinjiang Tianye reported a decline in revenue and a significant net loss for the first half of 2025 compared to the previous year [1] Financial Performance - The company achieved operating revenue of 5,160,323,492.01 yuan for the first half of 2025, representing a year-on-year decrease of 0.98% [1] - The net profit attributable to shareholders of the listed company was -8,574,998.58 yuan, which is a decrease of 228.22% compared to the same period last year [1]

Core Viewpoint - Xinjiang Tianye (600075.SH) reported a slight decline in revenue for the first half of 2025, indicating potential challenges in maintaining growth [1] Financial Performance - The company achieved an operating income of 5.16 billion yuan, representing a year-on-year decrease of 0.98% [1] - The net profit attributable to shareholders was -8.575 million yuan, indicating a loss [1] - Basic earnings per share were reported at -0.0050 yuan [1]

Core Viewpoint - The financial performance of Xinjiang Tianye Co., Ltd. for the first half of 2025 shows a decline in net profit and revenue, despite an increase in total profit compared to the previous year [1][3]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 20.77 billion, a 1.17% increase from the previous year [1]. - Net assets attributable to shareholders decreased by 0.45% to CNY 9.28 billion [1]. - Operating revenue for the period was CNY 5.16 billion, down 0.98% year-on-year [1]. - Total profit reached CNY 37.61 million, representing a 37.78% increase from CNY 27.30 million in the previous year [1]. - The net profit attributable to shareholders was a loss of CNY 8.57 million, a significant decline of 228.22% compared to a profit of CNY 6.69 million in the same period last year [1]. - The net profit after deducting non-recurring gains and losses was CNY -31.62 million, a decrease of 55.41% from CNY -20.35 million [1]. - The net cash flow from operating activities was CNY -240.25 million, a decrease of 137.32% from CNY 643.79 million [1]. - The weighted average return on net assets was -0.092%, down 0.1643 percentage points from the previous year [1]. - Basic and diluted earnings per share were both CNY -0.005, a decrease of 228.21% from CNY 0.0039 [1]. Key Operational Insights - The average price of the main product, caustic soda, increased year-on-year, positively impacting gross profit [2]. - However, the average prices of polyvinyl chloride (PVC) resin and its variants saw significant declines, negatively affecting gross profit by CNY 41.35 million [2]. - The average procurement prices of key raw materials such as coal and lime decreased, contributing to a gross profit increase of CNY 25.95 million [2]. - The company implemented refined management and an integrated industrial chain to effectively control manufacturing costs and expenses, resulting in a total profit increase [2].

Group 1 - The board meeting of Xinjiang Tianye Co., Ltd. was held on August 27, 2025, with all 9 directors present, complying with relevant laws and regulations [1][2] - The board unanimously approved the resolutions, including the review of the 2025 semi-annual report and the special report on the use of raised funds [1][2] - The meeting was chaired by Chairman Zhang Qiang, and all supervisory and senior management personnel attended [1]

Group 1 - The company held its 11th Supervisory Board meeting on August 27, 2025, with all 5 supervisors present, complying with relevant laws and regulations [2] - The meeting approved the company's 2025 semi-annual report and a special report on the use of raised funds, with unanimous support from all supervisors [2] - The independent opinion confirmed that the preparation and review procedures of the semi-annual report met all legal and regulatory requirements, and the report accurately reflects the company's operational and financial status [3] Group 2 - The independent opinion stated that the content and format of the semi-annual report comply with the requirements of the China Securities Regulatory Commission and the stock exchange [3] - No violations of confidentiality were found among the personnel involved in the preparation and review of the report [3] - The report was confirmed to reflect the actual situation of the company during the reporting period without any false records [3]

Group 1 - The company will hold a half-year performance briefing on September 23, 2025, from 16:00 to 17:00 [2][3] - The briefing will be conducted via video and online interaction at the Shanghai Stock Exchange Roadshow Center [3][4] - Investors can submit questions from September 16 to September 22, 2025, before 16:00 [3][4] Group 2 - Key personnel attending the briefing include Chairman Zhang Qiang, CFO Chen Jianliang, Secretary of the Board Li Shenglong, and Independent Director Wei Hui [3] - Investors can participate online through the Shanghai Stock Exchange Roadshow Center [4] - After the briefing, investors can view the main content and details of the event on the Roadshow Center website [4]

Core Viewpoint - Xinjiang Tianye Co., Ltd. has released its key operational data for the second quarter of 2025, highlighting production, sales, and revenue figures across its main products, along with price changes and raw material costs [1][2]. Group 1: Production, Sales, and Revenue - The company reported the following production and sales figures for its main products in Q2 2025: - Electricity: Production of 19.18 billion kWh, sales of 0.08 billion kWh, revenue of 316.21 million CNY - Special PVC Resin: Production of 2.79 million tons, sales of 2.83 million tons, revenue of 16,235.36 million CNY - Caustic Soda: Production of 18.77 million tons, sales of 19.10 million tons, revenue of 56,249.64 million CNY - Cement: Production of 82.97 million tons, sales of 75.62 million tons, revenue of 23,369.49 million CNY - Clinker: Production of 96.36 million tons, sales of 13.27 million tons, revenue of 2,664.93 million CNY - Ethanol: Production of 4.54 million tons, sales of 4.64 million tons, revenue of 18,088.80 million CNY [1]. Group 2: Price Changes - The average selling prices for key products in Q2 2025 compared to the same period in 2024 are as follows: - Electricity: 381.17 CNY/MWh, up 14.05% - Special PVC Resin: 5,734.51 CNY/ton, down 13.56% - Caustic Soda: 2,945.23 CNY/ton, up 7.86% - Cement: 309.06 CNY/ton, down 6.84% - Clinker: 200.83 CNY/ton, down 16.95% - Ethanol: 3,899.88 CNY/ton [1][2]. Group 3: Raw Material Price Changes - The average procurement prices for major raw materials in Q2 2025 compared to the same period in 2024 are as follows: - Coal: 183.10 CNY/ton, down 25.39% - Lantan: 731.48 CNY/ton, down 18.24% - Coke: 860.71 CNY/ton, down 15.97% - Lime: 407.64 CNY/ton, down 5.06% - Industrial Salt: 177.45 CNY/ton, down 3.70% [2].