Financial Performance - The company's operating revenue for the third quarter was ¥426,077,918, a decrease of 14.03% compared to the same period last year[5]. - The total profit for the period was a loss of ¥7,508,074.63, with a year-to-date profit of ¥7,364,559.12, reflecting a decline of 69.22%[5]. - The net profit attributable to shareholders was a loss of ¥4,252,236.39 for the quarter, down 2,625.76% year-on-year, and a year-to-date profit of ¥11,683,839.30, down 62.37%[5]. - Total operating revenue for the first three quarters of 2025 was CNY 1,167,164,064.06, a decrease of 27.4% compared to CNY 1,606,148,470.04 in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was CNY 11,683,839.30, a decline of 62.3% compared to CNY 31,053,098.19 in the same period of 2024[22]. - The total comprehensive income for the first three quarters of 2025 was CNY 13,747,138.54, compared to CNY 38,640,505.14 in the previous year, reflecting a significant decline[22]. Earnings and Shares - Basic and diluted earnings per share for the quarter were both -¥0.03, a decrease of 3,100% year-on-year, with year-to-date earnings per share of ¥0.08, down 65.22%[6]. - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.08, down from CNY 0.23 in the previous year[22]. Cash Flow and Investments - The cash flow from operating activities for the year-to-date period was ¥158,938,147.44, a decrease of 32.54% compared to the previous year[5]. - Operating cash flow for the first nine months was $158.94 million, down from $235.60 million in the same period last year, representing a decrease of 32.4%[26]. - Cash inflow from investment activities increased significantly to $2.42 billion, compared to $1.18 billion in the previous year, marking a growth of 105.5%[27]. - Net cash flow from investment activities was negative at -$483.13 million, worsening from -$288.68 million year-over-year[27]. - Cash inflow from financing activities was $276.51 million, down from $416.69 million, a decline of 33.7%[27]. - The total cash and cash equivalents at the end of the period stood at $342.71 million, up from $256.34 million year-over-year, an increase of 33.7%[27]. Assets and Liabilities - The total assets at the end of the quarter were ¥2,563,763,944.95, an increase of 1.55% from the end of the previous year[6]. - Total current assets as of September 30, 2025, amount to ¥1,930,318,570.17, an increase from ¥1,842,636,808.99 as of December 31, 2024[15]. - Total liabilities increased to ¥743,001,824.59 from ¥615,591,675.05[16]. - Total liabilities amounted to CNY 934,710,721.57, with total equity at CNY 1,629,053,223.38, indicating a stable capital structure[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 27,852[12]. - The largest shareholder, Wang Jiasheng, holds 47,869,501 shares, representing 31.39% of total shares[12]. Operational Challenges - The company reported an increase in accounts receivable, leading to higher provisions for bad debts, which impacted profit margins significantly[9]. - The decline in gross profit from solar cell packaging films was a major factor contributing to the overall decrease in net profit for the year-to-date period[10]. - The company’s cash flow statement for the first three quarters of 2025 indicates ongoing operational challenges, with a focus on cost management and efficiency improvements[23]. Changes in Accounting Standards - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[28].

Core Viewpoint - The company reported its production and sales figures for functional polyolefin hot melt adhesive particles and hot melt adhesive films for Q3 2025, indicating a decline in product prices and raw material costs [1] Group 1: Production and Sales Data - Functional polyolefin hot melt adhesive particles produced 21,923.27 tons and sold 22,141.34 tons, generating revenue of 262.47 million yuan [1] - Hot melt adhesive films produced 2,731.86 tons and sold 2,824.49 tons, generating revenue of 140.07 million yuan [1] Group 2: Price Changes - The price of functional polyolefin hot melt adhesive particles decreased by 8.81% year-on-year and 3.25% quarter-on-quarter [1] - The price of hot melt adhesive films decreased by 12.83% year-on-year and 16.64% quarter-on-quarter [1] Group 3: Raw Material Costs - The price of polyethylene (PE) decreased by 9.71% year-on-year and 3.8% quarter-on-quarter [1] - The price of ethylene-vinyl acetate (EVA) increased by 4.81% year-on-year but decreased by 5.11% quarter-on-quarter [1] Group 4: Other Information - There were no significant impact events reported during the period, and the operational data is unaudited [1]

Core Viewpoint - Guangzhou Lushan New Materials Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 trading days, leading to the decision to redeem all outstanding bonds [2][3]. Redemption Details - The company announced the early redemption of "Lushan Convertible Bonds" at a price of 100.6805 CNY per bond, which includes accrued interest [5][8]. - The total amount to be redeemed is 3,468,444.77 CNY, covering 34,450 bonds, with the redemption payment date set for October 20, 2025 [6][12]. Impact on Company - As of the redemption registration date, the remaining balance of "Lushan Convertible Bonds" is 3,445,000 CNY, representing 0.66% of the total issuance [8]. - The total share capital of the company will increase to 161,632,896 shares post-redemption, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce future interest expenses [13]. Conversion Status - By the redemption registration date, a total of 520,555,000 CNY of "Lushan Convertible Bonds" has been converted into 27,396,376 shares, accounting for 29.36% of the total shares before conversion [9]. Trading and Freezing of Bonds - "Lushan Convertible Bonds" ceased trading on October 14, 2025, and all unconverted bonds were frozen after the market close on October 17, 2025 [11].

广州鹿山新材料股份有限公司 关于"鹿山转债"赎回结果暨股份变动的公告 | 证券代码：603051 | 证券简称：鹿山新材 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：113668 | 债券简称：鹿山转债 | | 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： 一、本次可转债赎回的公告情况 （一）有条件赎回条款满足情况 广州鹿山新材料股份有限公司（以下简称"公司"）股票自 2025 年 8 月 26 日至 2025 年 9 月 18 日，已有 15 个交易日的收盘价不低于"鹿山转债"当期转股 价格（即 16.05 元/股）的 130%（即 20.865 元/股）。根据《广州鹿山新材料股份 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》"） 的相关规定，已触发"鹿山转债"的有条件赎回条款。 （二）本次赎回事项公告披露情况 公司于 2025 年 9 月 18 日召开第六届董事会第三次会议，审议通过了《关于提 前赎回"鹿山转债"的议案》，决定行使"鹿山 ...

Core Viewpoint - Lushan New Materials announced that investors holding "Lushan Convertible Bonds" can only convert at a price of 16.05 yuan per share or face mandatory redemption at a total of 100.6805 yuan per bond, which includes accrued interest. This situation may lead to significant investment losses for investors [1]. Group 1 - The announcement specifies the conversion price for the convertible bonds at 16.05 yuan per share [1]. - Investors have the option to choose mandatory redemption at a total of 100.6805 yuan per bond, which includes 100 yuan face value and 0.6805 yuan accrued interest [1]. - The potential for significant investment losses is highlighted if investors opt for mandatory redemption instead of conversion [1].

| | | 广州鹿山新材料股份有限公司 自 2025 年 10 月 15 日起，"鹿山转债"停止交易。 1 赎回登记日：2025 年 10 月 17 日 赎回价格： 100.6805 元/张 赎回款发放日：2025 年 10 月 20 日 最后交易日：2025 年 10 月 14 日 最后转股日：2025 年 10 月 17 日 截至 2025 年 10 月 16 日收市后，距离 2025 年 10 月 17 日（"鹿山转债"最 后转股日）仅剩 1 个交易日，2025 年 10 月 17 日为"鹿山转债"最后一个 转股日。 本次提前赎回完成后，"鹿山转债"将自 2025 年 10 月 20 日起在上海证券交 易所摘牌。 投资者所持"鹿山转债"除在规定时限内按照 16.05 元/股的转股价格进行 转股外，仅能选择以 100 元/张的票面价格加当期应计利息 0.6805 元/张（即 合计 100.6805 元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。 "鹿山转债"已停止交易，公司特提醒"鹿山转债"持有人注意在限期内 转股。 广州鹿山新材料股份有限公司（以下简称"公司"）股票自 2025 年 8 月 2 ...

Core Viewpoint - The announcement from Lushan New Materials indicates that investors holding "Lushan Convertible Bonds" can either convert their bonds at a price of 16.05 yuan per share or face mandatory redemption at a total of 100.6805 yuan per bond, which includes accrued interest. This situation may lead to significant investment losses for those who opt for redemption instead of conversion [2]. Summary by Category - **Company Announcement** - Lushan New Materials announced the terms for investors holding "Lushan Convertible Bonds," specifying the conversion price and the conditions for mandatory redemption [2]. - **Investment Implications** - Investors are faced with a choice: convert at 16.05 yuan per share or accept a forced redemption at 100.6805 yuan per bond, which could result in considerable financial losses if they choose the latter option [2].

关于实施"鹿山转债"赎回暨摘牌的第四次提示性 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： 自 2025 年 10 月 15 日起，"鹿山转债"停止交易。 | 证券代码：603051 | 证券简称：鹿山新材 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：113668 | 债券简称：鹿山转债 | | 广州鹿山新材料股份有限公司 本次提前赎回完成后，"鹿山转债"将自 2025 年 10 月 20 日起在上海证券交 易所摘牌。 投资者所持"鹿山转债"除在规定时限内按照 16.05 元/股的转股价格进行 转股外，仅能选择以 100 元/张的票面价格加当期应计利息 0.6805 元/张（即 合计 100.6805 元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。 "鹿山转债"已停止交易，公司特提醒"鹿山转债"持有人注意在限期内 转股。 广州鹿山新材料股份有限公司（以下简称"公司"）股票自 2025 年 8 月 26 日至 2025 年 9 月 18 日，已有 1 ...

Core Points - The company has announced the early redemption and delisting of the "Lushan Convertible Bonds" [1][4][15] Redemption Details - Redemption registration date is set for October 17, 2025, and trading of "Lushan Convertible Bonds" will cease from October 15, 2025 [2][14] - The last conversion date for the bonds is also October 17, 2025, with only three trading days remaining until this date [3][14] - The redemption price is 100.6805 CNY per bond, which includes the face value and accrued interest of 0.6805 CNY [4][11] - The redemption payment date is October 20, 2025 [6][13] Conditions for Redemption - The conditional redemption clause has been triggered as the company's stock price has been above 130% of the conversion price (20.865 CNY) for at least 15 trading days [5][9] - The company has the right to redeem all or part of the unconverted bonds if the remaining balance is less than 30 million CNY [7][9] Redemption Process - All holders of "Lushan Convertible Bonds" registered by the redemption registration date will be subject to the redemption [10] - The company will notify bondholders of the redemption details before the end of the redemption period [12] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.5444 CNY per bond after tax [16] - Qualified foreign institutional investors will receive the gross redemption amount of 100.6805 CNY per bond [17]

Core Viewpoint - The announcement from Lushan New Materials indicates that investors holding "Lushan Convertible Bonds" can either convert their bonds at a price of 16.05 yuan per share or face mandatory redemption at a total of 100.6805 yuan per bond, which includes accrued interest. This situation may lead to significant investment losses for those who opt for mandatory redemption [2]. Summary by Relevant Sections - **Investment Options**: Investors can convert their bonds at a price of 16.05 yuan per share or choose mandatory redemption at 100.6805 yuan per bond, which includes 0.6805 yuan of accrued interest [2]. - **Potential Risks**: The possibility of mandatory redemption poses a risk of substantial investment losses for investors who do not convert their bonds within the specified timeframe [2].