长江精工钢结构（集团）股份有限公司 | 股票简称：精工钢构 | 股票代码：600496 | 编号：临 | 2025-094 | | --- | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | | 长江精工钢结构（集团）股份有限公司 关于不向下修正"精工转债"转股价格的公告 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个别及连带责任。 重要内容提示： 2025 年 7 月 18 日至 2025 年 8 月 7 日，长江精工钢结构（集团）股份有 限公司（以下简称"公司"）股票已有 15 个交易日的收盘价低于当期转股价格的 80%之情形，已触发"精工转债"的转股价格向下修正条款。 经公司第九届董事会 2025 年度第十六次临时会议审议通过，公司董事会 决定不向下修正"精工转债"的转股价格。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于核准长江精工钢结构（集团）股份有限公 司公开发行可转换公司债券的批复》（证监许可〔2021〕4153 号）核准，本公司 于 2022 年 4 月 2 ...

| 股票简称：精工钢构 | 股票代码：600496 | 编号：临 2025-093 | | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | 长江精工钢结构（集团）股份有限公司 关于第九届董事会 2025 年度第十六次临时会议决议公告 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个别及连带责任。 长江精工钢结构（集团）股份有限公司（以下简称"公司"）第九届董事会 2025 年度第十六次临时会议于 2025 年 8 月 7 日以通讯方式召开，本次会议应参 加董事 9 人，实际参加董事 9 人。会议的召开符合《公司法》、《公司章程》的规 定，会议决议有效。会议审议通过了以下议案： 长江精工钢结构（集团）股份有限公司 本议案表决情况：同意票 8 票，反对票 0 票，弃权票 0 票。董事方朝阳先 生作为"精工转债"的持有人，对本议案回避表决。 特此公告。 长江精工钢结构（集团）股份有限公司 董事会 2025 年 8 月 8 日 一、审议通过《关于不向下修正"精工转债"转股价格的议案》（详见公司同 ...

关于公司董事辞任暨选举职工代表董事的公告 | 证券代码：600496 | 证券简称：精工钢构 | 公告编号：2025-092 | | --- | --- | --- | | 转债代码：110086 | 转债简称：精工转债 | | 长江精工钢结构（集团）股份有限公司 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、董事离任情况 黄幼仙：中国国籍，无境外永久居留权。大学学历，高级经济师。曾就职于新加 坡 ST 微电子公司、上海电子元件二十一厂等公司。现任精工控股集团董事长助 理、公司总裁助理等职。黄幼仙女士未受过中国证监会及其他有关部门的处罚和 证券交易所惩戒情况。 长江精工钢结构（集团）股份有限公司（以下简称"公司"）董事会于近日 收到董事黄幼仙女士提交的辞职报告，因公司内部工作调整，黄幼仙女士申请辞 去公司第九届董事会董事职务。该辞职报告自送达董事会之日起生效，黄幼仙女 士辞职后将继续在公司担任其他职务。黄幼仙女士的辞职不会导致公司董事会人 数低于法定最低人数，其辞职不会影响公司董事会、公司正常运作。 二、职工代表董事选举 ...

Core Points - The company announced that board member Huang Youshan submitted a resignation report due to internal work adjustments [1] - Huang Youshan's resignation will take effect upon delivery to the board, but he will continue to hold other positions within the company [1] - The company will hold a staff representative meeting on August 4, 2025, to elect Huang Youshan as a staff representative director for the ninth board, with a term lasting until the board's term ends [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Core Points - The company has issued convertible bonds with a total amount of RMB 2 billion, with a maturity of 6 years and a tiered interest rate structure [3] - The initial conversion price of the bonds was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions [4] - There is a potential trigger for a downward adjustment of the conversion price due to the stock price being below 80% of the current conversion price for 10 trading days [2][7] Convertible Bonds Overview - The company issued 20 million convertible bonds at a face value of RMB 100 each, totaling RMB 2 billion, approved by the China Securities Regulatory Commission [3] - The bonds are listed on the Shanghai Stock Exchange under the name "精工转债" with the code "110086" [3] - The conversion period for these bonds is from October 28, 2022, to April 21, 2028 [3] Conversion Price Adjustment Mechanism - The conversion price can be adjusted downward if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [5] - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's price [5] - The company is required to hold a board meeting to decide on the adjustment and disclose the decision promptly [7] Current Situation - As of July 18 to July 31, 2025, the company's stock price has been below the threshold of RMB 3.83 for 10 trading days, indicating a potential for triggering the conversion price adjustment [2][6][7] - If the conditions are met in the next 20 trading days, the company will need to convene a board meeting to discuss the adjustment [7]

Group 1 - The stock price of Jinggong Steel Structure closed at 3.27 yuan on July 31, 2025, down 0.08 yuan, a decrease of 2.39% from the previous trading day [1] - The trading volume on that day was 301,600 hands, with a transaction amount of 99 million yuan, resulting in a turnover rate of 1.52% [1] - Jinggong Steel Structure's main business includes the design, manufacturing, and installation of steel structure buildings, covering areas such as prefabricated buildings and data centers [1] Group 2 - The company announced that from July 18 to July 31, the closing price of the stock had been below 80% of the current conversion price for 10 trading days, which may trigger the adjustment conditions for the "Jinggong Convertible Bonds" conversion price [1] - If the conditions are met, the company will convene a board meeting to consider whether to adjust the conversion price [1] - On July 31, the net outflow of main funds from Jinggong Steel Structure was 18.2061 million yuan, accounting for 0.28% of the circulating market value [1]

Core Viewpoint - The company, Jiangsu Jinggong Steel Structure Group Co., Ltd., is expected to trigger the condition for a downward adjustment of the conversion price of its convertible bonds due to its stock price being below 80% of the current conversion price for 10 consecutive trading days [2][5]. Group 1: Convertible Bond Basic Information - The company issued 20 million convertible bonds with a total value of RMB 2 billion, with a maturity of 6 years and a face value of RMB 100 per bond [3]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions, currently standing at RMB 4.79 per share [4][6]. Group 2: Conversion Price Adjustment Conditions - The conversion price can be adjusted downwards if the stock price is below 80% of the conversion price for 15 out of 30 consecutive trading days [5]. - The company will hold a board meeting to decide on the adjustment if the conditions are met, and must disclose the decision promptly [7].

Core Viewpoint - The company Jinggong Steel Structure announced that from July 18, 2025, to July 31, 2025, its stock price has closed below 80% of the current conversion price for 10 trading days, which may trigger a downward adjustment of the conversion price for its convertible bonds [1] Summary by Relevant Sections - **Company Announcement** - Jinggong Steel Structure has issued a notice regarding its stock performance and the potential adjustment of its convertible bond conversion price [1] - **Stock Performance** - The stock price has been below 3.83 yuan per share, which is 80% of the current conversion price, for 10 consecutive trading days [1] - **Future Actions** - If the adjustment condition is triggered, the company will hold a board meeting on the triggering day to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [1]

重要内容提示： 自 2025 年 7 月 18 日起至 2025 年 7 月 31 日收盘，长江精工钢结构（集 团）股份有限公司（以下简称"公司"、"精工钢构"）股票已有 10 个交易日收盘 价低于当期转股价格的 80%（即 3.83 元/股），预计触发转股价格向下修正条件。 若触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股价格并及 时履行信息披露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于核准长江精工钢结构（集团）股份有限公 司公开发行可转换公司债券的批复》（证监许可〔2021〕4153 号）核准，本公司 于 2022 年 4 月 22 日公开发行了 2,000 万张可转换公司债券，每张面值人民币 100 元，发行总额为人民币 20 亿元，期限 6 年。票面利率为：第一年 0.3%、第 二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 1.8%、第六年 2.0%，转股期限 为自 2022 年 10 月 28 日至 2028 年 4 月 21 日止。 长江精工钢结构（集团）股份有限公司 | 股票简称：精工钢构 | 股票代码：600496 ...