Lingyuan Iron & Steel bond report: Net profit plunges in 2024

Lingyuan Iron & Steel (SSE:600231) reported a substantial drop in net profit for 2024, with a net loss of CNY 167.85 million, a marked contrast to the previous year's loss of CNY 68.12 million. The report, released by Ping An Securities, the bond trustee, details a 10.94% decrease in revenue to CNY 1.81 billion. The company's assets also declined by 7.32% to CNY 15.25 billion. The report confirms that the company made its fourth interest payment to bondholders on April 14, 2025, with a coupon rate of 2.00%. Furthermore the company triggered a put option on its convertible bond due to stock prices falling below 70% of the conversion price; and the new adjusted conversion price is 1.97CNY/share.