关于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。 重要内容提示： 累计转股情况：截至 2025 年 9 月 30 日，累计有 464,000.00 元"江山转 债"已转换成江山欧派门业股份有限公司（以下简称"公司"）股份，因转股形 成的股份数量累计为 4,964 股（其中 4,711 股为新增股份，253 股为库存股）， 占可转债转股前公司已发行股份总额的 0.0047%。 未转股可转债情况：截至 2025 年 9 月 30 日，公司尚未转股的"江山转 债"金额为 582,536,000 元，占"江山转债"发行总量的 99.9204%。 | 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 "江山转债"期限为自发行之日起 6 年，即自 2021 年 6 月 11 日至 2027 年 6 月 10 日。票面利率第一年 0.40%、第二年 0 ...

江山欧派今年以来股价跌14.33%，近5个交易日涨2.03%，近20日涨6.85%，近60日跌0.57%。 今年以来江山欧派已经2次登上龙虎榜，最近一次登上龙虎榜为7月22日，当日龙虎榜净买入-3378.77万 元；买入总计2144.10万元 ，占总成交额比6.69%；卖出总计5522.87万元 ，占总成交额比17.24%。 资料显示，江山欧派门业股份有限公司位于浙江省衢州市江山市贺村镇淤头村淤达山自然村8号，成立 日期2006年7月31日，上市日期2017年2月10日，公司主营业务涉及主要从事木门的研发、生产、销售和 服务。主营业务收入构成为：夹板模压门45.39%，其他产品20.73%，实木复合门15.64%，加盟服务费 7.43%，柜类产品7.32%，其他(补充)3.49%。 10月9日，江山欧派盘中上涨2.03%，截至13:21，报15.60元/股，成交5769.00万元，换手率2.11%，总市 值27.64亿元。 资金流向方面，主力资金净流入343.58万元，特大单买入225.14万元，占比3.90%，卖出0.00元，占比 0.00%；大单买入1551.88万元，占比26.90%，卖出1433.44 ...

重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 江山花木匠家居有限公司（以下简 称"花木匠公司"） | | --- | --- | --- | --- | | | | 本次担保金额 | 1,000 万元 | | 担 保 象一 | 对 | 实际为其提供的担保余额 | 19,460 万元（不含本次） | | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | | 本次担保是否有反担保 | □是 否 □不适用：_________ | | 保 | 对 | 被担保人名称 | 江山欧派装饰工程有限公司（以下 简称"欧派装饰公司"） 万元 | | 担 | | 本次担保金额 | 3,000 | | 象二 | | 实际为其提供的担保余额 | 14,600 万元（不含本次） | | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | | 本次担保是否有反担保 | □是 否 □不适用：_________ | | 担 保 | 对 | 被担保人名称 | 江山欧派木制品有限公司（以下简 称"欧派木制品公司"） | | 象三 | | 本次担保金额 ...

证券日报网讯 9月25日晚间，江山欧派发布公告称，公司收到全资子公司江山欧派进出口有限责任公司 （简称"欧派进出口公司"）报告，欧派进出口公司根据经营发展需要，对其法定代表人进行变更：法定 代表人由"徐郑磊杰"变更为"周俊"。本次工商变更登记手续完成后，欧派进出口公司仍为公司全资子公 司。目前，欧派进出口公司已完成相关工商变更登记手续，具体变更内容请参照变更后的《营业执 照》。 （编辑 姚尧） ...

统一社会信用代码：91330881MA29U7W72E | 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于子公司欧派进出口公司完成工商变更登记的公告 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法律责任。 江山欧派门业股份有限公司（以下简称"公司"）收到全资子公司江山欧派 进出口有限责任公司（以下简称"欧派进出口公司"）报告，欧派进出口公司根 据经营发展需要，对其法定代表人进行变更：法定代表人由"徐郑磊杰"变更为 "周俊"。本次工商变更登记手续完成后，欧派进出口公司仍为公司全资子公司。 目前，欧派进出口公司已完成相关工商变更登记手续，具体变更内容请参照 变更后的《营业执照》。 成立日期：2018年2月1日 经营范围：许可项目：货物进出口；技术进出口(依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以审批结果为准)。一般项目： 第一类医疗器械销售；日用 ...

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Investment Rating - The report maintains a "Strong Buy" rating for Jiangshan Oupai, expecting it to outperform the benchmark index by over 20% in the next six months [2][13]. Core Views - The company reported a significant decline in performance for the first half of 2025, with revenue of 868 million yuan, down 39.82% year-on-year, and a net profit attributable to shareholders of 10 million yuan, down 90.39% year-on-year [2]. - Despite short-term pressure on earnings, the company is making progress in channel transformation and new business development, which are expected to stabilize growth in the future [2][7]. Financial Performance Summary - **Revenue and Profitability**: In H1 2025, the company achieved total revenue of 868 million yuan, a decrease of 39.82% year-on-year. The net profit attributable to shareholders was 10 million yuan, down 90.39% year-on-year. The gross margin was 17.6%, a decline of 3.5 percentage points [2][7]. - **Future Projections**: The company is projected to have revenues of 2.334 billion yuan in 2025, with a year-on-year decline of 22.2%. The net profit is expected to be 69 million yuan, down 36.5% year-on-year [2][8]. - **Earnings Per Share (EPS)**: The EPS for 2025 is projected to be 0.39 yuan, with a PE ratio of 38 times [2][8]. Business Strategy and Market Position - **Channel Transformation**: The company is actively transforming its channel strategy, reducing direct engineering channels to control accounts receivable risks, while expanding its agency and franchise service channels, which have shown strong growth [2][7]. - **International Expansion**: The company is focusing on international markets, particularly in the Middle East, by establishing subsidiaries in regions like Saudi Arabia and Hong Kong [2][7]. Valuation - The target price for Jiangshan Oupai is set at 17.9 yuan per share, based on a discounted cash flow (DCF) analysis [2][3].

Group 1: Innovation Qizhi (02121.HK) - The report initiates coverage on Innovation Qizhi, projecting revenues of 1.471 billion, 1.729 billion, and 2.008 billion CNY for 2025-2027, representing year-on-year growth of 20.4%, 17.5%, and 16.2% respectively [1][7] - The net profit attributable to the parent company is expected to be -170 million, -127 million, and -61 million CNY for the same period, with adjusted net profit turning positive in 2026 [1][7] - The target market capitalization for 2025 is estimated at 5.642 billion HKD, corresponding to a target price of 10.01 HKD, with a "Buy" rating assigned [1][7] Group 2: Shenzhou Cell (688520.SH) - The company is expected to generate revenues of 2.194 billion, 2.543 billion, and 3.021 billion CNY from 2025 to 2027, with a year-on-year decline of 12.7% in 2025, followed by growth of 15.9% and 18.8% in the subsequent years [2][12] - The first half of 2025 saw revenues of 972 million CNY, a decrease of 25.5%, primarily due to regional policy impacts and price reductions in the market [10][11] - The company maintains a "Buy" rating, considering the potential catalysts from its innovative pipeline despite short-term sales pressure [2][12] Group 3: Jiangshan Oupai (603208.SH) - The company reported revenues of 868 million and 466 million CNY for the first half and second quarter of 2025, reflecting declines of 39.82% and 42.9% year-on-year [14][15] - The net profit attributable to the parent company was 10 million and 7 million CNY for the same periods, showing significant declines of 90.39% and 91.3% respectively [14][15] - The company is transitioning its business model from heavy asset to light asset and is expected to gradually improve performance as strategic adjustments take effect [16] Group 4: Swine Industry Dynamics - In August 2025, listed pig companies reported an output of 16.6036 million heads, a year-on-year increase of 29.11% and a month-on-month increase of 6.86% [5][18] - The total revenue for listed pig companies in August was 24.859 billion CNY, a decrease of 14.21% year-on-year, while cumulative revenue from January to August reached 205.332 billion CNY, up 11.57% year-on-year [5][19] - The average selling price of pigs in August decreased by 31.03% year-on-year, attributed to an oversupply in the market despite a slight month-on-month increase [20]

Core Viewpoint - The company reported significant declines in revenue and net profit for the first half of 2025, primarily due to industry downturns and strategic adjustments [1][2]. Group 1: Financial Performance - In 25H1, the company achieved operating revenue of 868 million yuan, a year-on-year decrease of 39.82%, and a net profit attributable to shareholders of 10 million yuan, down 90.39% [1]. - The company's gross margin for 25H1 was 17.62%, a decline of 4.61 percentage points year-on-year, attributed to decreased revenue and price adjustments in a competitive market [2]. - Cash flow improved, with cash received from sales and services amounting to 948 million yuan, a cash collection rate of 109.2%, higher than the previous year's 102.3% [2]. Group 2: Business Strategy - The company is actively adjusting its business strategy in response to industry challenges, focusing on expanding its dealer network and reducing traditional real estate operations [1]. - As of the end of 25H1, the company had 72,000 dealers, having added over 9,000 during the reporting period [1]. - The company is exploring new business avenues in hotels, offices, hospitals, and wellness sectors while enhancing overseas market efforts, particularly in the Middle East and Southeast Asia [1]. Group 3: Future Outlook - The company is transitioning from a heavy asset model to a lighter asset approach and adopting a flatter, matrix management style [3]. - Despite short-term pressures on performance, the company anticipates gradual improvement as the effects of its strategic changes materialize [3]. - Projected net profits for 2025-2027 are estimated at 60 million, 72 million, and 77 million yuan, respectively, maintaining a "buy" rating [3].

Investment Rating - The investment rating for Jiangshan Oupai is "Buy" [5] Core Views - The company's revenue for H1 2025 was 868 million yuan, down 39.82% year-on-year, with a net profit attributable to shareholders of 10 million yuan, down 90.39% year-on-year. The decline in revenue is attributed to industry downturns and strategic adjustments within the company [1][5] - The company is actively transforming its business model from a heavy asset structure to a lighter asset model, with a focus on a flat and matrix management approach. Despite short-term performance pressures, the effects of these changes are expected to gradually improve performance in the future [3] Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 17.62%, a decrease of 4.61 percentage points year-on-year, primarily due to declining revenues and price adjustments in a competitive market [2] - The company's cash flow improved year-on-year, with cash received from sales amounting to 948 million yuan and a cash collection rate of 109.2%, up from 102.3% in the previous year [2] Revenue Breakdown - Revenue from various channels in H1 2025 was as follows: agency sales 494 million yuan (down 44.42%), direct engineering 193 million yuan (down 51.46%), foreign trade exports 84 million yuan (up 109.82%), and franchise services 66 million yuan (up 22.32%) [1] Future Projections - The company is projected to achieve net profits attributable to shareholders of 60 million yuan, 72 million yuan, and 77 million yuan for the years 2025, 2026, and 2027, respectively [3][4]