Core Insights - The first candidate for the EPC contract of the 50MW wind power project in Ma Fang Town, Fangshan County, is TBEA Xinjiang New Energy Co., Ltd., with a bid of 310.05 million yuan, translating to a unit price of 6201 yuan/kW [1] Project Details - The project is located in Luliang City, Shanxi Province, with a total construction capacity of 50MW [1] - A new 110kV booster station will be constructed as part of the project, which will connect to the Baota Mountain 110kV wind power plant booster station via a 110kV line approximately 16km long [1] - The tender is divided into one section, specifically for the EPC contract of the 50MW wind power project in Ma Fang Town [1]

Core Viewpoint - The opening ceremony for the TBEA flexible DC integrated service industrial park was held, marking a significant investment in offshore wind power development in Northeast China [1] Group 1: Company Overview - TBEA Electric Equipment Group and TBEA Xinjiang New Energy Co., Ltd. are jointly constructing the flexible DC integrated service industrial park [1] - The industrial park aims to establish a complete industrial chain for offshore wind power electrical equipment [1] Group 2: Industry Implications - The project is focused on the development of offshore wind power in deep-sea areas, providing flexible DC integrated solutions for long-distance transmission of clean electricity [1]

Core Viewpoint - TBEA Co., Ltd. (特变电工) has seen a significant increase in stock price, reaching a near one-year high, and is planning to issue convertible bonds to fund a coal-to-natural gas project [1][2][3] Group 1: Stock Performance - As of September 19, 2025, TBEA's stock closed at 16.38 CNY, up 10.45% from the previous week [1] - The stock reached a peak price of 16.62 CNY during the week, marking its highest point in nearly a year [1] - The total market capitalization of TBEA is currently 82.765 billion CNY, ranking 2nd in the electric grid equipment sector and 203rd among all A-shares [1] Group 2: Corporate Announcements - On September 19, 2025, TBEA held its ninth temporary board meeting and fifth temporary supervisory meeting, where it approved a revised proposal to issue convertible bonds [2] - The company plans to raise up to 800 million CNY through the issuance of convertible bonds, which will be used for the 20 billion Nm³/year coal-to-natural gas project [2][3] - The bonds will have a term of 6 years, issued at face value of 100 CNY each, with an initial conversion price based on the higher of the average stock price over the last 20 trading days or the previous trading day [2]

Core Viewpoint - The company has approved a plan to issue convertible bonds to unspecified investors, which aims to enhance its financial position and support future growth initiatives [1][3][21]. Group 1: Board Meeting Resolutions - The company held its ninth temporary board meeting on September 19, 2025, where all 11 attending directors voted in favor of the proposal to issue convertible bonds [1][2]. - The proposal for the issuance of convertible bonds has been reviewed and approved by the company's fifth independent director meeting [3][6]. - The board also approved a report analyzing the issuance plan, which outlines the rationale and expected impacts of the bond issuance [4][6]. Group 2: Financial Impact and Measures - The company plans to issue up to 800 million yuan in convertible bonds, with the initial conversion price set at 13.88 yuan per share [23][24]. - The issuance is expected to have a dilutive effect on immediate returns, but the company has committed to measures to mitigate this impact, including improving operational efficiency and governance [30][39]. - The company has outlined specific commitments from its directors and major shareholders to ensure the effectiveness of the measures aimed at protecting shareholder interests [43][48]. Group 3: Project Justification and Market Position - The funds raised from the bond issuance will be used for projects closely related to the company's core business, particularly in the coal sector, which is a significant revenue source [30][31]. - The company has established a strong market position in the coal industry, leveraging its resources and expertise to enhance profitability and competitiveness [31][38]. - The projects funded by the bond issuance are expected to contribute significantly to the company's future growth and market presence [31][40].

Group 1 - The Xinjiang revitalization concept index rose by 0.78%, ranking 8th among concept sectors, with 71 stocks increasing in value [1][2] - Notable gainers in the sector included Xiyu Tourism, Guangdong Hongda, and Tianshan Shares, which rose by 12.61%, 7.76%, and 7.50% respectively [1][2] - Major decliners included Meike Home, Anku Technology, and *ST Xinyan, which fell by 10.00%, 4.75%, and 4.73% respectively [1][2] Group 2 - The Xinjiang revitalization sector saw a net inflow of 1.276 billion yuan, with 63 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow [2][3] - The top stock for net inflow was Tebian Electric Apparatus, with a net inflow of 342 million yuan, followed by Tianfu Energy, Xinjiang Jiaojian, and Sany Heavy Industry, with net inflows of 256 million yuan, 249 million yuan, and 249 million yuan respectively [2][3] Group 3 - Tianfu Energy, Bona Film, and Jushen Shares had the highest net inflow ratios, at 30.81%, 28.97%, and 21.85% respectively [3] - The top stocks in the Xinjiang revitalization sector based on net inflow included Tebian Electric Apparatus, Tianfu Energy, Xinjiang Jiaojian, and Sany Heavy Industry, with respective daily price changes of 3.87%, 10.03%, 6.35%, and 5.29% [3][4]

特变电工股份有限公司于 2025 年 9 月 15 日以电子邮件、送达方式发出召开 公司 2025 年第五次临时监事会会议的通知，2025 年 9 月 19 日以通讯表决方式 召开了公司 2025 年第五次临时监事会会议，应当参会监事 5 人，实际收到有效 表决票 5 份。会议召集召开程序符合有关法律法规和《公司章程》的规定，会议 所做决议合法有效。会议审议通过了以下议案： 一、审议通过了公司向不特定对象发行可转换公司债券预案（修订稿）。 该项议案同意票 5 票，反对票 0 票，弃权票 0 票。 特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-062 特变电工股份有限公司 2025 年第五次临时监事会会议决议公告 本公司监事会及全体监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。 详见临 2025-063 号《特变电工股份有限公司关于向不特定对象发行可转换 公司债券预案及相关文件修订情况说明的公告》及公司披露于上海证券交易所网 站（www.sse.com.cn）的《特变电工股份有限公司向不特定对象发行可转 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2025-061 特变电工股份有限公司 2025 年第九次临时董事会会议决议公告 该议案已经特变电工股份有限公司 2025 年第五次独立董事专门会议审议通 过。 详见公司披露于上海证券交易所网站（www.sse.com.cn）的《特变电工股份 有限公司向不特定对象发行可转换公司债券方案的论证分析报告（修订稿）》。 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。 特变电工股份有限公司于 2025 年 9 月 15 日以电子邮件、送达方式发出召开 公司 2025 年第九次临时董事会会议的通知，2025 年 9 月 19 日以通讯表决方式 召开了公司 2025 年第九次临时董事会会议，应当参会董事 11 人，实际收到有效 表决票 11 份。会议召集召开程序符合有关法律法规和《公司章程》的规定，会 议所做决议合法有效。会议审议通过了以下议案： 一、审议通过了公司向不特定对象发行可转换公司债券预案（修订稿）。 该项议案同意票 11 票，反对票 0 票，弃权票 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 特变电工股份有限公司 向不特定对象发行可转换公司债券 方案的论证分析报告（修订稿） 本论证分析报告中如无特别说明，相关用语具有与《特变电工股份有限公司 向不特定对象发行可转换公司债券预案（修订稿）》相同的含义。 二零二五年九月 特变电工股份有限公司 第一节 本次发行证券及其品种选择的必要性 特变电工股份有限公司（以下简称"特变电工"、"公司"）结合自身的实际 情况，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）《上市公司证券发行注册管理办法》（以下简 称"《注册管理办法》"）等相关法律、法规和规范性文件的规定，拟通过向不特 定对象发行可转换公司债券（以下简称"本次发行"，可转换公司债券简称"可 转债"）的方式募集资金。 一、本次发行证券种类 本次发行证券的种类为可转换为公司股票的可转债，本次发行的可转债及未 来经本次可转债转换的公司股票将在上海证券交易所主板上市。 二、本次发行可转债的必要性 （一）本次发行是公司主营业务高质量发展的需要 本次发行募集资金投资项目为"准东 20 亿 N ...

证券代码：600089 证券简称：特变电工 公告编号：临 2025-063 特变电工股份有限公司 关于向不特定对象发行可转换公司债券预案及相关 文件修订情况说明的公告 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。 特变电工股份有限公司 | 文件名称 | 章节 | 修订情况 | | --- | --- | --- | | | 第四节 本次发行方式 的可行性 | 更新 2025 年 1-6 月财务数据，并相 应更新分析内容；因追溯调整，更 | | | | 新 2022 年至 2024 年财务数据 | | | 第五节 本次发行方案 | 更新本次发行已履行决策程序相关 | | | 的公平性、合理性 | 表述。 | | 公司关于向不特定对象发行 | 一、本次发行摊薄即期 | | | 可转换公司债券摊薄即期回 | 回报对公司主要财务 | 因追溯调整，更新 2024 年财务数据 | | 报与填补措施及相关主体承 | 指标的影响 | | | 诺（修订稿）的公告 | | | 除以上调整外，其他事项无实质性变化。修订后的相关文件已于上海证券交 ...

特变电工股份有限公司 证券代码：600089 证券简称：特变电工 特变电工股份有限公司 向不特定对象发行可转换公司债券预案（修 订稿） 二零二五年九月 特变电工股份有限公司 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、完整 性承担个别和连带的法律责任。 2、本次向不特定对象发行可转换公司债券完成后，公司经营与收益的变化 由公司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险由投 资者自行负责。 3、本预案是公司董事会对本次向不特定对象发行可转换公司债券的说明， 任何与之相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 5、本预案所述事项并不代表审核、注册部门对于本次向不特定对象发行可 转换公司债券相关事项的实质性判断、确认、批准或注册。本预案所述本次向不 特定对象发行可转换公司债券相关事项的生效和完成尚待上海证券交易所发行 上市审核并报经中国证监会注册。 | 目 录 . | | --- | | 释义 . | | 一、本次发行符合法律、法规和 ...