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].

Market Overview - The Shanghai Composite Index closed at 3865.23 points, with a decline of 0.62% [1] - The total trading volume of A-shares reached 25,965.85 billion yuan [1] Technical Analysis - A total of 114 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Hongxing Co., Ltd. with a distance of -2.60% [1] - Huayi Technology with a distance of -2.54% [1] - Top Group with a distance of -2.48% [1] Individual Stock Performance - Hongxing Co., Ltd. (001209) saw a decline of 2.11% with a trading turnover of 4.66% [1] - Huayi Technology (688071) experienced a drop of 6.84% with a trading turnover of 5.55% [1] - Top Group (601689) fell by 6.13% with a trading turnover of 2.80% [1] - Other notable declines include: - Green Harmonic (688017) down 7.05% [1] - Fangzheng Electric (002196) down 1.99% [1] - Zhongyou Technology (688648) down 5.32% [1] Additional Stock Movements - Several stocks showed minor declines, including: - ST Huayi (600360) down 0.49% [2] - Olin Biotech (688319) down 7.06% [2] - Qinchuan IoT (688528) down 1.43% [2] - Stocks with slight increases include: - Gujing (000596) up 2.81% [2]

| 证券代码：603051 | 证券简称：鹿山新材 | 公告编号：2025-072 | | --- | --- | --- | | 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 关于实施"鹿山转债"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： 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 14 日收市后，距离 2025 年 10 月 17 日（"鹿山转债"最 后转股日）仅剩 3 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 ...

Core Viewpoint - The A-share market is experiencing a decline, with the Shanghai Composite Index down by 0.47% and a total trading volume of 2,104.034 billion yuan as of 14:01 [1]. Group 1: Market Performance - The Shanghai Composite Index is at 3,871.31 points, reflecting a decrease of 0.47% [1]. - A total of 91 A-shares have seen their 5-day moving averages cross below their 10-day moving averages, indicating potential bearish trends [1]. Group 2: Notable Stocks - Hongxing Co. (001209) has a 5-day moving average of 18.33 yuan, down 1.39% today, with a distance of -2.53% from its 10-day moving average [1]. - Huayi Technology (688071) shows a significant drop of 5.62%, with its 5-day moving average at 40.79 yuan, which is -2.43% lower than its 10-day moving average [1]. - Top Group (601689) has decreased by 5.54%, with a 5-day moving average of 73.56 yuan, -2.42% from its 10-day moving average [1].

Core Points - The company announces the redemption and delisting of "Lushan Convertible Bonds" effective October 20, 2025, following the last trading day on October 14, 2025 [1][3][5] - The last conversion date for the bonds is October 17, 2025, with a redemption price of 100.6805 CNY per bond, including accrued interest [2][5][8] - The conditional redemption clause was triggered as the stock price exceeded 130% of the conversion price for 15 trading days [4][7][8] Summary by Sections Redemption Details - The redemption date is set for October 20, 2025, with the last trading day on October 14, 2025, and the last conversion day on October 17, 2025 [5][12][13] - The redemption price is 100.6805 CNY per bond, which includes accrued interest of 0.6805 CNY [8][9][11] - The company will notify bondholders of the redemption process and will freeze all unconverted bonds after the redemption registration date [9][10][12] Conversion Information - As of October 10, 2025, a total of 425,355,000 CNY of "Lushan Convertible Bonds" have been converted into 21,465,572 shares, representing 23.00% of the total shares before conversion [21][28] - The remaining unconverted bonds amount to 98,645,000 CNY, which is 18.83% of the total issuance [21][28] Regulatory Compliance - The company has complied with the relevant regulations and has triggered the conditional redemption clause as per the bond issuance prospectus [6][7][8] - The bonds will be delisted from the Shanghai Stock Exchange after the redemption is completed [3][13]

Group 1 - The core viewpoint of the news highlights the recent trading performance and financial metrics of Guangzhou Lushan New Materials Co., Ltd, indicating a decline in stock price and significant financing activities [1][2] - On October 13, Lushan New Materials experienced a stock price drop of 2.93%, with a trading volume of 179 million yuan, and a net financing purchase of 1.75 million yuan [1] - The total financing and securities balance for Lushan New Materials reached 200 million yuan, accounting for 5.82% of its market capitalization, which is above the 90th percentile of the past year [1] Group 2 - Lushan New Materials, established on November 12, 1998, focuses on the research, production, and sales of high-performance polymer hot melt adhesive materials, with a primary revenue composition of 57.41% from hot melt adhesive films and 39.55% from functional polyolefin hot melt adhesive granules [2] - For the first half of 2025, Lushan New Materials reported a revenue of 741 million yuan, representing a year-on-year decrease of 33.27%, and a net profit attributable to shareholders of 15.94 million yuan, down 48.40% year-on-year [2] Group 3 - Since its A-share listing, Lushan New Materials has distributed a total of 116 million yuan in dividends, with 79.03 million yuan distributed over the past three years [3]

Core Viewpoint - The announcement from Lushan New Materials indicates that investors holding "Lushan Convertible Bonds" have limited options for redemption, which may lead to significant investment losses if forced redemption occurs [2] Summary by Relevant Sections - **Investment Options** - Investors can either continue trading in the secondary market within the specified time or convert at a price of 16.05 yuan per share [2] - If neither option is exercised, investors will face forced redemption at a price of 100 yuan per bond plus accrued interest of 0.6805 yuan per bond, totaling 100.6805 yuan per bond [2] - **Potential Risks** - The possibility of forced redemption poses a risk of substantial investment losses for investors [2]