Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The global demand for polyester bottle chips is steadily increasing, with a CAGR of 6.2% from 2015 to 2024, growing from 20.04 million tons to 34.35 million tons [4][14] - The industry is entering the tail end of the current expansion cycle, with expectations for long-term improvement in profitability as the industry moves past its low point [5][37] - Recent industry-wide production cuts are expected to further enhance price recovery and improve profit margins [6][41] Summary by Sections Demand Side - The global demand for polyester bottle chips has shown a robust upward trend, with Asia-Pacific being the primary market [14][18] - In 2024, the demand for polyester bottle chips in China is projected to reach 8.62 million tons, with the soft drink market accounting for 65% of this demand [19][25] Supply Side - Domestic polyester bottle chip production capacity has increased significantly, from 33.35% of global capacity in 2021 to 47.94% in 2024, making China the world's largest producer [5][36] - The industry is currently experiencing a supply-demand imbalance, leading to a decline in profitability, but this is expected to improve as new capacity additions slow down [5][37] Price Dynamics - The price differential for polyester bottle chips is closely linked to supply and demand dynamics, with recent production cuts leading to a recovery in price differentials from 150-170 RMB/ton to over 400 RMB/ton [6][43] - The industry is anticipated to recover from its current low profitability as production capacity stabilizes and demand continues to grow [31][37] Investment Recommendations - It is recommended to focus on companies benefiting from the industry-wide production cuts and the anticipated recovery in profit margins, including Wan Kai New Materials, Sanfangxiang, and China Resources Materials [7][47]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 关于"三房转债"预计满足转股价格修正条件的提示性公告 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、可转债发行上市概况 经中国证券监督管理委员会《关于核准江苏三房巷聚材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〕2933号）核准，江苏三房巷聚材 股份有限公司（以下简称"公司"、"本公司"）于2023年1月6日公开发行了2,500 万张可转换公司债券（以下简称"三房转债"），每张面值100元，发行总额250,000 万元，期限6年，"三房转债"票面利率为第一年0.30%、第二年0.50%、第三年1.00%、 第四年1.50%、第五年1.80%、第六年2.00%。 经上海证券交易所自律监管决定书[2023]14号文同意，公司发行的25亿元可 转换公司债券于2023年2月7日起在上海证券交易所上市交易，该可转换公司债券 证 ...

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) H1 2025 net loss is forecast to significantly increase, with attributable net profit between **-250 million and -280 million yuan** Estimated Performance for H1 2025 | Indicator | Estimated Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | -250 million to -280 million yuan | Loss increased by 76.15% to 97.28% | | **Net Profit After Deducting Non-Recurring Gains and Losses** | -260 million to -290 million yuan | - | - The financial data in this performance forecast are preliminary estimates by the company's finance department and have not been audited by a certified public accountant[4](index=4&type=chunk) - This performance forecast applies to situations where net profit is negative[3](index=3&type=chunk) [Operating Performance and Financial Position in the Same Period Last Year](index=1&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Position%20in%20the%20Same%20Period%20Last%20Year) H1 2024 saw a net loss of **-141.93 million yuan** attributable to the parent company, with basic EPS at **-0.0364 yuan** H1 2024 Performance Overview | Indicator | H1 2024 Amount (RMB) | | :--- | :--- | | Total Profit | -175.40 million yuan | | Net Profit Attributable to Parent Company Shareholders | -141.93 million yuan | | Net Profit After Deducting Non-Recurring Gains and Losses | -140.25 million yuan | | Basic Earnings Per Share | -0.0364 yuan | [Main Reasons for Performance Change in the Current Period](index=2&type=section&id=III.%20Main%20Reasons%20for%20Performance%20Change%20in%20the%20Current%20Period) Expanded loss is primarily due to intensified competition, subdued demand, and increased exchange losses - Changes in market supply and demand have intensified industry competition, with downstream demand growth falling short of expectations, keeping product processing fees at a low level[7](index=7&type=chunk) - Decreased selling prices of the company's main products led to a decline in gross profit[7](index=7&type=chunk) - Affected by exchange rate fluctuations, the company's recognized exchange losses increased, further exacerbating the overall loss[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning%20and%20Other%20Notes) This preliminary, unaudited forecast has no major uncertainties; final data will be in the 2025 semi-annual report, investors should note risks - This performance forecast is a preliminary accounting result from the company's finance department and has not been audited by a certified public accountant[7](index=7&type=chunk) - The company states that there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to be aware of investment risks[8](index=8&type=chunk)

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于参与认购投资基金份额进展暨完成 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、对外投资概述 （有限合伙）合伙协议》，公司作为有限合伙人以自有资金人民币 1,000.00 万元 出资认购厦门衫势卓然壹号创业投资基金合伙企业（有限合伙）（以下简称"投资 基金"）份额，出资占比 50.00%。具体内容详见公司 2025 年 6 月 25 日披露于上 海证券交易所网站（www.sse.com.cn）的《江苏三房巷聚材股份有限公司关于参 与认购投资基金份额的公告》（公告编号：2025-050）。 江苏三房巷聚材股份有限公司（以下简称"公司"）近期与优势金控（上海） 资产管理有限公司等合作方签署了《厦门衫势卓然壹号创业投资基金合伙企业 1 公司将持续关注上述投资基金的后续进展情况，依据相关法律法规的要求及 时履行信息披 ...

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 可转债转股结果暨股份变动公告 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。 累计转股情况："三房转债"转股期起止日期为2023年7月12日至2029年1 月5日。截至2025年6月30日，累计已有人民币881,000元"三房转债"转换为公司A 股股票，累计转股数为291,708股，占可转债转股前公司已发行股份总额的 0.0075%。 未转股可转债情况：截至2025年6月30日，尚未转股的"三房转债"金额为 人民币2,499,119,000元，占可转债发行总量的99.9648%。 本季度转股情况：自2025年4月1日至2025年6月30日期间，共有人民币 28,000元"三房转债"转换为公司A股股票，因转股形成的股份数量为9,270股。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准江苏三房巷聚材股份有限 ...

Group 1 - The core viewpoint of the announcement is the adjustment of the credit rating for Jiangsu Sanfangxiang Ju Material Co., Ltd.'s convertible bonds and the company itself, reflecting a downgrade from "AA-" to "A+" [1][2] - The previous credit rating for the "Sanfang Convertible Bonds" was "AA-" with a stable outlook, which has now been changed to "A+" with a stable outlook [1][2] - The credit rating adjustment was conducted by the credit rating agency United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The new credit rating report was issued on June 26, 2025, confirming the company's long-term credit rating as "A+" and the "Sanfang Convertible Bonds" rating as "A+" with a stable outlook [2] - The previous credit rating was last assessed on May 27, 2024, when both the company and the bonds were rated "AA-" with a stable outlook [1][2]

Core Viewpoint - Jiangsu Sanfangxiang Polymer Co., Ltd. is issuing convertible bonds to raise funds for specific projects, with a total issuance amount of RMB 250 million, aiming to enhance its production capacity and market position in the polyester industry [2][17]. Summary by Sections Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission for the issuance of 2.5 million convertible bonds, each with a face value of RMB 100, totaling RMB 250 million [2][3]. - The bonds will be listed on the Shanghai Stock Exchange under the name "Sanfang Convertible Bonds" with the code "110092" [3]. Key Terms of the Convertible Bonds - The bonds have a maturity period of 6 years, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [3][4]. - The initial conversion price is set at RMB 3.17 per share, with provisions for adjustments based on various corporate actions [5][6]. Use of Proceeds - The funds raised will be allocated to projects including the production of green packaging materials and multifunctional bottle chips, with a total investment requirement of RMB 386.409 million [17]. - The company plans to use self-raised funds initially and will replace them with the proceeds once available [17]. Financial and Credit Rating - The company has received a credit rating downgrade to "A+" from a rating agency, reflecting concerns over its financial performance and debt levels [18][19]. - Despite a stable market position in the polyester industry, the company faces challenges such as declining sales prices and increased financial risk due to high short-term debt [19]. Rights and Obligations of Bondholders - Bondholders have rights to interest payments, conversion into shares, and the ability to sell back the bonds under certain conditions [15][16]. - The company is obligated to manage the proceeds responsibly and adhere to the terms outlined in the bond issuance documents [11][12].

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-051 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 公司前次主体长期信用等级为"AA-"；"三房转债"前次信用等级为"AA-"； 评级展望为"稳定"，评级机构为联合资信，评级时间为 2024 年 5 月 27 日。 评级机构联合资信在对公司经营状况、行业情况等进行综合分析与评估的基 础上，于 2025 年 6 月 26 日出具了《江苏三房巷聚材股份有限公司公开发行可转 换公司债券 2025 年跟踪评级报告》，本次公司主体长期信用等级为"A+"；"三 房转债"信用等级为"A+"，评级展望为"稳定"。 本次信用评级报告《江苏三房巷聚材股份有限公司公开发行可转换公司债券 2025 年跟踪评级报告》详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 江苏三房巷聚材股份有限公司 董 事 会 江苏三房巷聚材股份有限公司 关于"三房转债"评级调整公告 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 ...

江苏三房巷聚材股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 | | | www.lhratings.com 1 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受江苏三房巷聚材股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委 托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客 观、公正的关联关系。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合资信不 对专业机构出具的专业意见承担任何责任。 联合〔2025〕3827 ...

华兴证券有限公司 关于江苏三房巷聚材股份有限公司 公开发行可转换公司债券 2025年第一次临时受托管理事务报告 债券受托管理人 （上海市虹口区东大名路1089号2301单元） 2025 年 6 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《可转换公司债券管理办法》的相关规定以及《江苏三房巷聚材股份有 限公司公开发行可转换公司债券受托管理协议》（以下简称"《受托管理协议》"）、 《江苏三房巷聚材股份有限公司公开发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"）等，由本次可转债受托管理人华兴证券有限公司（以下简 称"华兴证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华兴证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，华兴证 券不承担任何责任。 1 华兴证券作为江苏三房巷聚材股份有限公司（以下简称"三房巷"、"公司" 或"发行人"）公开发行可转换公司债券（债券简称：三房转债，债券代码：110092， 以下简称"本次可转债"）的受托管理人， ...