Core Viewpoint - Xinjiang Tianye (600075) announced a proposal to lower the conversion price of its "Tianye Convertible Bonds" [1] Group 1 - The company's board of directors has put forward a proposal regarding the adjustment of the conversion price [1]

Group 1 - The company Xinjiang Tianye announced the convening of its third temporary board meeting for 2025 on August 12, 2025, via communication voting [2] - The meeting reviewed a proposal to lower the conversion price of "Tianye Convertible Bonds" [2] - In the fiscal year 2024, Xinjiang Tianye's revenue composition was as follows: industrial accounted for 93.96%, commercial for 3.34%, other businesses for 1.78%, and transportation for 0.92% [2]

证券之星消息，8月12日化学原料板块较上一交易日上涨0.05%，大洋生物领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。化学原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 003017 | 大洋生物 | 34.87 | 10.00% | 7.58万 | | 2.58亿 | | 000818 | 航锦科技 | 22.87 | 4.24% | 75.80万 | | 17.15 Z | | 600075 | 新疆天业 | 4.86 | 2.53% | 117.43万 | | 5.62亿 | | 920489 | 佳先股份 | 23.30 | 1.97% | 8.66万 | | 2.04亿 | | 000683 | 博源化工 | 5.90 | 1.72% | 81.28万 | | 4.76亿 | | 663299 | 示盐井神 | 10.98 | 1.48% | 8.35万 | | 9129.13万 | | ...

Group 1 - The company held its third temporary board meeting on August 12, 2025, with all nine directors present, complying with relevant laws and regulations [2] - The board approved a proposal to adjust the conversion price of the "Tianye Convertible Bonds" downward, as the stock price had been below 85% of the current conversion price for fifteen trading days [3] - The adjusted conversion price will not be lower than the average stock price of the last 20 trading days prior to the shareholders' meeting and the most recent audited net asset value per share [3] Group 2 - The company did not exercise the right to adjust the conversion price of the "Tianye Convertible Bonds" during the first half of 2025, but will reconsider if the conditions are met after July 23, 2025 [2][3] - The proposal to adjust the conversion price is subject to approval by the shareholders' meeting [3]

Core Viewpoint - The company proposes to lower the conversion price of its convertible bonds due to the stock price falling below a certain threshold for a specified period, which requires shareholder approval for implementation [2][5]. Group 1: Convertible Bond Overview - The company issued 300 million yuan of convertible bonds, known as "Tianye Convertible Bonds," which began trading on July 19, 2022 [2]. - The initial conversion price was set at 6.90 yuan per share, which has been adjusted to 6.78 yuan per share as of June 19, 2023 [3][4]. Group 2: Price Adjustment Mechanism - The conversion price can be adjusted downwards if the stock price closes below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3][4]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholder meeting and the most recent audited net asset value per share [5]. Group 3: Board Proposal and Shareholder Meeting - The board of directors has approved a proposal to lower the conversion price, which will be submitted for approval at the upcoming shareholder meeting [5]. - If the average stock price indicators exceed the current conversion price at the time of the shareholder meeting, no adjustment will be made [5].

证券代码：600075 股票简称：新疆天业 公告编号：临 2025-055 债券代码：110087 债券简称：天业转债 新疆天业股份有限公司 关于提议向下修正"天业转债"转股价格的公告 新疆天业股份有限公司 ● 经公司 2025 年第三次临时董事会议审议通过，公司董事会提议向下修正"天业 转债"的转股价格。 ●本事项尚需提交公司股东大会审议。 一、可转换公司债券发行上市概况 经中国证券监督管理委员会《关于核准新疆天业股份有限公司公开发行可转换公司 债券的批复》（证监许可[2022]785 号）的核准，公司于 2022 年 6 月 23 日公开发行了 3,000 万张（300 万手）可转换公司债券，每张面值 100 元，发行总额 300,000 万元。 经上海证券交易所自律监管决定书[2022]188 号文同意，公司 300,000 万元可转换 公司债券于 2022 年 7 月 19 日起在上海证券交易所挂牌交易，债券简称"天业转债"， 债券代码"110087"。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ...

新疆天业股份有限公司（以下简称"公司"）于 2025 年 8 月 9 日以书面方式发出召 开 2025 年第三次临时董事会会议的通知，会议于 2025 年 8 月 12 日以通讯表决方式召 开，应到董事 9 名，实到董事 9 名，公司监事及部分高管人员列席本次会议。会议由董 事长张强主持，会议召开符合《公司法》《证券法》和《公司章程》的有关规定，会议 审议通过如下决议： 新疆天业股份有限公司 | 证券代码：600075 | 股票简称：新疆天业 | 公告编号：临 | 2025-054 | | --- | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | | 新疆天业股份有限公司 2025 年第三次临时董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 二、董事会会议审议情况 1.审议并通过关于提议向下修正"天业转债"转股价格的议案。(该项议案同意票 9 票，反对票 0 票，弃权票 0 票) 自 2025 年 7 月 23 日至 2025 年 8 ...

Group 1 - Xinjiang stocks have shown strong performance, with companies like Bayi Steel, Beixin Road and Bridge, Xinjiang Jiaojian, and Xinjiang Torch hitting the daily limit up for three consecutive trading days [1] - Hongtong Gas has been particularly notable, achieving five limit-up days within six trading days [1] - The overall Xinjiang sector is active, with multiple stocks experiencing significant price increases, closely related to the advancement of the New Tibet Railway project [1] Group 2 - The New Tibet Railway Company was officially established on August 7, with a registered capital of 95 billion yuan, primarily focused on railway transportation [1] - The railway project will stretch approximately 2000 kilometers from Hotan in Xinjiang to Shigatse, with a total investment exceeding 100 billion yuan, significantly enhancing the railway network accessibility in the western region [1] - Infrastructure investment in Xinjiang is increasing, with several major projects starting, providing development opportunities for local companies in the steel, building materials, and construction sectors [1] Group 3 - Bayi Steel, the largest steel enterprise in Xinjiang, has a production capacity of 10 million tons and offers over 2400 product specifications [2] - Beixin Road and Bridge has extensive experience in infrastructure construction, while Xinjiang Jiaojian focuses on civil engineering projects [2] - Market trading volume has increased significantly, with main funds showing heightened interest in Xinjiang stocks, leading to a continuous rise in stock prices [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a bottoming out of profitability, with the potential for recovery driven by anti-involution policies. As of July 2025, the average profit for the caustic soda industry is estimated at 1,053 RMB/ton, while the PVC industry is facing an average loss of 767 RMB/ton. The implementation of anti-involution policies is expected to improve the overall profitability of the chlor-alkali industry [5][21][22]. Chlor-Alkali Industry - The chlor-alkali industry primarily produces caustic soda and polyvinyl chloride (PVC), which are essential for various sectors including infrastructure and real estate. The profitability of the chlor-alkali industry has been under pressure due to low demand in downstream sectors, particularly in real estate [15][20]. - The industry is characterized by high energy consumption, with significant electricity usage per ton of product. The total electricity consumption for caustic soda and PVC production is substantial, indicating potential regulatory challenges in the future [16][19]. PVC Market - The PVC industry is currently facing weak profitability, with a projected new capacity of only 220,000 tons/year in 2025. The demand for PVC has been declining, with a 5.04% year-on-year decrease in apparent consumption in the first half of 2025 [6][39]. - The demand for PVC is heavily influenced by the real estate market, which has been underperforming. However, urban renewal initiatives may provide a boost to PVC demand in the future [40][44]. - The supply side is expected to see a shift towards ethylene-based production methods, as outdated acetylene-based capacities are phased out. This transition is anticipated to stabilize the market [45]. Caustic Soda Market - The caustic soda market is expected to benefit from a gradual recovery in demand, particularly from the aluminum sector, which is seeing increased production capacity. The exit of outdated production capacities is likely to improve the supply-demand balance [7][27]. - The average consumption of caustic soda in the first half of 2025 was 1,941 million tons, reflecting a slight year-on-year decline of 2.35% [7]. Beneficiary Stocks - Key beneficiaries in the chlor-alkali sector include Zhongtai Chemical, Xinjiang Tianye, and Jiayuan Energy, among others. These companies are positioned to capitalize on the anticipated recovery in the chlor-alkali industry [33].