Group 1 - The core point of the article is that Qibin Group announced that investors holding "Qibin Convertible Bonds" can either continue trading in the secondary market or convert at a price of 5.43 CNY per share, otherwise they will face forced redemption at a price of 100 CNY per bond plus accrued interest, which totals 101.1737 CNY per bond, potentially leading to significant investment losses [2] Group 2 - The announcement highlights the limited options available to investors, emphasizing the risk of forced redemption if they do not act within the specified timeframe [2] - The potential for substantial investment losses is a critical concern for investors holding these bonds, as the forced redemption price may not reflect the market value [2]

Core Viewpoint - Qibin Group (601636) reported that as of November 10, 2025, the number of its shareholders is 95,919 households [1] Summary by Category - Company Information - Qibin Group has a projected shareholder count of 95,919 households by November 10, 2025 [1]

Core Viewpoint - Qibin Group's main business focuses on the research, manufacturing, and sales of glass products [2] Company Summary - The company engages in the development of glass products [2] - Manufacturing is a key component of the company's operations [2] - Sales of glass products are a significant aspect of the company's business model [2]

Core Viewpoint - The company has established an integrated overseas supply chain in Malaysia, with a focus on increasing its overseas production capacity and expanding its customer base in response to changing international trade policies [1] Group 1: Overseas Operations - The company is one of the earliest glass enterprises to expand overseas, having built a float glass and photovoltaic glass production base in Malaysia [1] - The overseas production capacity accounts for 20% of the company's total capacity [1] - The operation of the Sabah Gudang silica sand mine and supporting terminal has created an integrated overseas supply chain covering "resources-production-sales" [1] Group 2: Customer Base and Market Strategy - The photovoltaic glass business supplies major international component manufacturers such as Longi and Jinko [1] - The internationalization achievements provide a solid foundation for the company to continue its overseas expansion strategy [1] Group 3: Future Plans and Disclosure - The company's board has not yet made investment decisions regarding new overseas projects [1] - There are no undisclosed matters that the company is obligated to disclose, and any significant matters will be communicated through legal channels as per regulatory requirements [1]

| 证券代码：601636 | 证券简称：旗滨集团 | 公告编号：2025-115 | | --- | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | | 株洲旗滨集团股份有限公司 关于实施"旗滨转债"赎回暨摘牌的第三次提示性公告 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。 重要内容提示： 截至 2025 年 11 月 20 日收市后，距离 11 月 27 日（"旗滨转债"最后交易日） 仅剩 5 个交易日，11 月 27 日为"旗滨转债"最后一个交易日。 1 最后转股日：2025 年 12 月 2 日 截至 2025 年 11 月 20 日收市后，距离 12 月 2 日（"旗滨转债"最后转股日） 仅剩 8 个交易日，12 月 2 日为"旗滨转债"最后一个转股日。 本次提前赎回完成后，"旗滨转债"将自 2025 年 12 月 3 日起在上海证券 交易所摘牌。 投资者所持"旗滨转债"除在规定时限内通过二级市场继续交易或按照 5.43 元/股的转股价格进行转股外，仅能选择以 100 元/张的票 ...

Market Overview - The glass fiber sector increased by 1.21% on November 20, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Jiuding New Materials (002201) closed at 8.37, up 6.49% with a trading volume of 537,200 shares [1] - China Jushi (600176) closed at 15.48, up 0.19% with a trading volume of 297,700 shares [1] - Zhongcai Technology (002080) closed at 33.26, up 4.23% with a trading volume of 557,600 shares [1] Capital Flow - The glass fiber sector experienced a net outflow of 138 million yuan from institutional investors, while retail investors saw a net inflow of 89.27 million yuan [2] - Speculative funds had a net inflow of 48.46 million yuan [2] Individual Stock Capital Flow - Honghe Technology (603256) had a net inflow of 20.35 million yuan from institutional investors, but a net outflow of 27.03 million yuan from retail investors [3] - China Jushi (600176) saw a net inflow of 11.61 million yuan from institutional investors, with a net outflow of 35.26 million yuan from retail investors [3] - Jiuding New Materials (002201) had a net inflow of 1.99 million yuan from institutional investors, but a net outflow of 33.33 million yuan from retail investors [3]

Core Viewpoint - Qibin Group maintains a market share of 10%-11% in the float glass sector, leveraging mature processes, efficient energy optimization technologies, and large-scale operations to sustain its leading position in the industry [1] Group 1: Competitive Advantages - The company possesses over 200 million tons of industry-leading silica sand resources, providing a high level of self-sufficiency that mitigates raw material price volatility and ensures product quality stability [1] - Qibin Group has established a low-cost and high-stability energy supply system through deep collaboration with pipeline natural gas suppliers, capitalizing on its bargaining power from large-scale operations [1] - The company employs centralized, strategic, and global procurement strategies, along with rigorous bidding and supplier management mechanisms, to achieve precise control over the cost, quality, and timeliness of raw materials such as soda ash and petroleum coke [1] Group 2: Inventory and Market Strategy - As of Q3 2025, the company has accelerated its inventory reduction pace, with stock levels returning to normal after a decrease from Q2 [1] - The company adopts a market demand-oriented approach, dynamically adjusting product strategies to enhance high-value-added product ratios and improve resilience against price fluctuations through various methods, including expanding into high-end and niche markets, deepening differentiated competition, enriching product systems, developing new application channels, optimizing shipment rhythms, and enhancing the quality of overseas orders [1]

Core Viewpoint - The announcement details the redemption and delisting of the "Qibin Convertible Bonds" (旗滨转债), with important dates and conditions for bondholders to be aware of [2][4][18]. Summary by Sections Redemption Details - The last trading day for "Qibin Convertible Bonds" is November 27, 2025, after which the bonds will be suspended from trading on November 28, 2025 [2][16]. - The last conversion date is December 2, 2025, and the bonds will be delisted from the Shanghai Stock Exchange on December 3, 2025 [3][17]. Redemption Conditions - The company has triggered the conditional redemption clause as the stock price met the criteria of being at least 130% of the conversion price for 15 out of 30 consecutive trading days [5][8]. - The redemption price is set at 101.1737 CNY per bond, which includes the face value and accrued interest [10]. Important Dates - Redemption registration date is December 2, 2025, and the redemption payment date is December 3, 2025 [6][15]. - Investors are reminded to convert or sell their bonds within the specified time frame to avoid forced redemption [4][18]. Tax Implications - Individual investors will be subject to a 20% tax on the interest income from the bonds, resulting in a net redemption amount of 100.9390 CNY per bond after tax [11]. Communication and Procedures - The company will issue further announcements regarding the redemption process and results after completion [14][13].

Core Points - Qibin Group announced that investors holding "Qibin Convertible Bonds" can either continue trading in the secondary market within the specified time or convert at a price of 5.43 yuan per share. If not, they will be forced to redeem at a face value of 100 yuan per bond plus accrued interest, totaling 101.1737 yuan per bond, which may lead to significant investment losses [2] Company Summary - Qibin Group has issued a notice regarding the options available to investors holding its convertible bonds, highlighting the potential for forced redemption [2] - The forced redemption option may result in considerable financial losses for investors who do not act within the specified timeframe [2]

| 证券代码：601636 | 证券简称：旗滨集团 | 公告编号：2025-114 | | --- | --- | --- | | 可转债代码：113047 | 可转债简称：旗滨转债 | | 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： 截至 2025 年 11 月 19 日收市后，距离 11 月 27 日（"旗滨转债"最后交易日） 仅剩 6 个交易日，11 月 27 日为"旗滨转债"最后一个交易日。 1 最后转股日：2025 年 12 月 2 日 截至 2025 年 11 月 19 日收市后，距离 12 月 2 日（"旗滨转债"最后转股日） 仅剩 9 个交易日，12 月 2 日为"旗滨转债"最后一个转股日。 本次提前赎回完成后，"旗滨转债"将自 2025 年 12 月 3 日起在上海证券 交易所摘牌。 株洲旗滨集团股份有限公司 关于实施"旗滨转债"赎回暨摘牌的第二次提示性公告 1、在转股期内，如果公司股票在任意连续三十个交易日中至少有十五个交易 日的收盘价格不低于当期转股价格的130%（含130%）。 投资 ...