| | | 表决结果：7 票同意，0 票反对，0 票弃权。 本议案尚需提交公司股东会审议。 江山欧派门业股份有限公司 第五届董事会第十九次会议决议公告 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法律责任。 一、董事会会议召开情况 江山欧派门业股份有限公司（以下简称"公司"）第五届董事会第十九次会 议于 2026 年 3 月 4 日在公司会议室以现场结合通讯方式临时紧急召开。本次董 事会会议通知于 2026 年 3 月 4 日以邮件、微信送达全体董事。根据《公司章程》 第一百一十八条中关于"如情况紧急，需要尽快召开董事会临时会议的，可以随 时通过口头或者电话等方式向全体董事发出会议通知，但召集人应当在会议上做 出说明"的规定，公司于 2026 年 3 月 4 日以邮件、微信同步发出会议通知，召 集人亦于本次会议上做出了相应说明。本次会议由董事长吴水根先生召集并主持， 会议应出席董事 7 人，实际出席董事 7 人，公司部分高级管理人员列席会议。本 次董事会会议的召开符合《公司法》及《公司章程》的有关规定，会议决议合法 有效。 二、董事会 ...

江山欧派门业股份有限公司 章 程 （2026 年 3 月修订） 目 录 第一章 总则 第四章 股东和股东会 第五章 董事和董事会 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知和公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 江山欧派门业股份有限公司 章 程 第五条 公司住所：浙江省衢州市江山市贺村镇淤头村淤达山自然村 8 号， 邮编：324100。 第六条 公司注册资本为人民币 175,879,146 元。 第七条 公司为永久存续的股份有限公司。 ...

证券代码：603208 证券简称：江山欧派 公告编号：2026-013 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 关于召开2026年第一次临时股东会的通知 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、 召开会议的基本情况 2026年第一次临时股东会 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 3 月 20 日 14 点 00 分 召开地点：浙江省衢州市江山市贺村镇淤头村淤达山自然村 8 号江山欧派二 楼一号会议室 股东会召开日期：2026年3月20日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 3 月 20 日 至2026 年 3 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 ...

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2026-012 | | --- | --- | --- | | 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 关于调整回购专用证券账户股份用途并注销暨调整江 山转债转股来源的公告 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"）于 2026 年 3 月 4 日召开第 五届董事会第十九次会议，审议通过了《关于调整回购专用证券账户股份用途并 注销减少注册资本的议案》《关于调整"江山转债"转股来源的议案》，同时对《公 司章程》部分条款做相应修改，提请股东会授权公司管理层办理工商变更登记或 备案手续。具体情况如下: 一、回购股份及实施情况 2022 年 6 月 15 日，公司召开第四届董事会第十九次会议，会议审议通过了 江山欧派门业股份有限公司（以下简称"公司"）拟对回购专用证券账 户中 2023 年回购的且尚未使用的 1,293,528 股公司股份的用途进行变 更，将用途由"用于转换公司 ...

Core Insights - The indoor door industry in China is experiencing a decline in both production and market demand, with a projected production of 96.37 million units and a demand of 91.686 million units in 2025, reflecting a year-on-year decrease of 2.16% in production [10][11] - The market size for indoor doors is expected to be approximately 68.81 billion yuan in 2025, showing a slight decrease compared to previous years [10][11] Industry Overview - Indoor doors are defined as doors installed within residential spaces, categorized into bedroom doors, bathroom doors, and kitchen doors, contrasting with outdoor doors [2][3] - The market has traditionally been dominated by handcrafted wooden doors, but advancements in technology have led to the development of metal composite doors and other varieties [2][3] Industry Characteristics - The indoor door industry is highly correlated with the real estate cycle, with demand reliant on new housing completions and renovations of existing properties [4][5] - The industry faces low entry barriers, resulting in a large number of small manufacturers and low market concentration, leading to significant product homogeneity and intense price competition [4][5] Policy Background - From 2024 to 2025, numerous policies related to indoor doors are being introduced, focusing on environmental regulations, standard upgrades, and incentives for renovation of existing properties [6][7] - Key policies include the release of the "General Technical Requirements for Wooden Doors and Windows" and local subsidies for renovating old housing [6][7] Industry Chain - The upstream of the indoor door industry includes raw material suppliers such as wood, resin, steel, and glass, while the midstream consists of manufacturers like TATA and MengTian, who design and produce the doors [8] - The downstream market is primarily driven by residential and commercial real estate, linking demand closely to housing completions and renovations [8] Current Development Status - The indoor door industry saw steady growth from 2017 to 2021, but has since entered a phase of decline due to a downturn in the real estate market and reduced demand for renovations [10][11] - The industry is currently in a deep adjustment phase, with both production and demand continuing to decrease [10][11] Competitive Landscape - The indoor door market is characterized by increasing competition from home furnishing companies entering the sector, with many small enterprises facing challenges in management and production efficiency [14][15] - The industry struggles with issues such as outdated manufacturing processes, insufficient R&D capabilities, and severe product homogeneity [14][15] Development Trends - The indoor door industry is shifting towards smart home integration, with leading brands introducing smart door products featuring advanced security and monitoring capabilities [17] - There is a growing emphasis on green and low-carbon practices, driven by stricter environmental standards and consumer demand for sustainable products [17]

Group 1 - The company announced that a major shareholder plans to reduce their stake by up to 5.3151 million shares, which represents 3% of the total share capital, with the reduction period set from March 9, 2026, to June 8, 2026 [2] - The board of directors decided not to adjust the conversion price of the "Jiangshan Convertible Bonds" and will not propose a downward adjustment even if the adjustment clauses are triggered within the next three months [3] - The company issued a profit warning on January 23, 2026, forecasting a net loss attributable to shareholders of between 180 million and 230 million yuan for 2025, leading to a rating agency placing the company and its bonds under observation due to the anticipated losses [4]

Core Viewpoint - Jiangshan Oupai Door Industry Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, despite meeting the conditions for a downward adjustment due to stock price performance [2][11]. Group 1: Convertible Bond Issuance Overview - The company issued 5.83 billion RMB worth of convertible bonds on June 11, 2021, with a maturity of six years and a face value of 100 RMB per bond [3]. - The initial conversion price was set at 97.55 RMB per share, which has been adjusted multiple times due to equity distribution plans [3][4][5][6]. Group 2: Downward Adjustment Conditions and Trigger - The downward adjustment clause for the conversion price is triggered when the stock price is below 90% of the current conversion price for at least ten out of twenty consecutive trading days [7]. - From January 28 to February 10, 2026, the stock price met the criteria for a downward adjustment, falling below 17.86 RMB [9]. Group 3: Decision on Adjustment - On February 10, 2026, the board of directors held an emergency meeting and decided not to adjust the conversion price, citing confidence in the company's long-term value and market conditions [11]. - The board will reassess the situation after May 11, 2026, should the conditions for a downward adjustment be met again [11].

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2026-010 | | --- | --- | --- | | 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 关于不向下修正"江山转债"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法律责任。 重要内容提示： 自 2026 年 1 月 28 日至 2026 年 2 月 10 日期间，江山欧派门业股份有限 公司（以下简称"公司"）股票已满足在任意连续二十个交易日中至少有十个交 易日的收盘价低于当期转股价格即 19.84 元/股的 90%（即 17.86 元/股），已触 发"江山转债"转股价格的向下修正条款。 2、因公司实施 2021 年年度权益分派方案，"江山转债"的转股价格自 2022 年 7 月 6 日起调整为 73.53 元/股。具体内容详见公司于 2022 年 6 月 30 日在上 海证券交易所网站（www.sse.com.cn）及公司其他指定信息披露媒体披露的《江 山欧派关于 2021 年度权益分派引起的"江山 ...

Core Viewpoint - Jiangshan Oupai (603208) announced a share reduction plan by major shareholder Wang Zhong, intending to reduce holdings by up to 5,315,100 shares, representing 3% of the total shares. The company also projected a net loss of 180 million to 230 million yuan for 2025 [1][3]. Group 1: Share Reduction Plan - Wang Zhong plans to reduce his holdings by up to 5,315,100 shares, which is not more than 3% of the company's total shares [2]. - The reduction will occur through two methods: a centralized bidding method for up to 1,771,700 shares (1% of total shares) and a block trading method for up to 3,543,400 shares (2% of total shares) [2]. - The reduction period is set from March 9, 2026, to June 8, 2026 [2]. Group 2: Company Financial Performance - Jiangshan Oupai projected a net loss for 2025, estimating losses between 180 million and 230 million yuan, with a non-recurring net profit loss expected to be between -270 million and -220 million yuan [3]. - In contrast, the company reported a profit exceeding 100 million yuan for 2024 [3]. - As of February 5, the company's stock closed at 15 yuan per share, down 0.92% from the previous trading day, with a total market capitalization of 2.658 billion yuan [3].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report On February 3, the overall capital market remained stable; the bond market was mainly fluctuating, with short - term bonds being weak and medium - and long - term bonds being slightly strong; the main indexes of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds of different maturities showed divergent trends, and the yields of 10 - year government bonds of major European economies generally increased [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On February 3, the 2026 Central No. 1 Document was released, proposing reforms in rural collective property rights, support for new rural collective economies, and measures to control village - level debt. The central bank will conduct an 800 billion yuan 3 - month term buy - out reverse repurchase operation on February 4, resulting in a net investment of 100 billion yuan. The central bank Shanghai Head Office emphasized continuous financial reform and opening - up, and promoted free - trade zone financial reform [4][5]. - **International News**: On February 3 (local time), the U.S. House of Representatives passed a government funding bill, and the partial government shutdown is expected to end. However, the U.S. Department of Homeland Security only has funds until February 13, and there is still a risk of a more limited funding shortage [7]. - **Commodities**: On February 3, international crude oil and natural gas futures prices rose. WTI March crude oil futures rose 1.72% to $63.21 per barrel, Brent April crude oil futures rose 1.56% to $67.33 per barrel, COMEX gold futures rose 6.94% to $4975.30 per ounce, and NYMEX natural gas prices rose 3.49% to $3.377 per ounce [8]. 3.2 Capital Market - **Open - Market Operations**: On February 3, the central bank conducted a 7 - day reverse repurchase operation of 105.5 billion yuan at a fixed interest rate of 1.40%. With 402 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 296.5 billion yuan [10]. - **Funding Rates**: On February 3, the capital market was generally stable. DR001 decreased by 4.76bp to 1.371%, and DR007 increased by 0.66bp to 1.497%. Other funding rates also showed different degrees of change [11][12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: On February 3, the bond market fluctuated, with short - term interest - rate bonds being weak and medium - and long - term bonds being slightly strong. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.40bp to 1.8110%, and the yield of the 10 - year China Development Bank bond active bond 250215 remained unchanged at 1.9580%. Multiple bonds were issued on the same day, with different issuance scales, winning bid yields, and multiples [14][15]. - **Credit Bonds**: On February 3, there were no credit bond transactions with a price deviation of more than 10%. Several companies had credit - related announcements, including debt repayment difficulties, litigation, debt restructuring, and issuance cancellations [16][18]. - **Convertible Bonds**: On February 3, the A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 1.29%, 2.19%, and 1.86% respectively. The main indexes of the convertible bond market also rose collectively. The trading volume of the convertible bond market was 97.548 billion yuan, an increase of 12.465 billion yuan from the previous trading day. Most convertible bond issues increased. Tomorrow (February 5), Haitian Convertible Bonds will start online subscriptions, and Shangtai Convertible Bonds will be listed [18][19][23]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On February 3, the yields of U.S. Treasury bonds of different maturities showed divergent trends. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield decreased by 1bp to 4.28%. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate increased by 1bp to 2.36% [22][24][25]. - **European Bond Market**: On February 3, the yields of 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield increased by 2bp to 2.89%, and the yields of 10 - year government bonds of France, Italy, Spain, and the UK increased by 1bp, 1bp, 2bp, and 1bp respectively [26]. - **Chinese - Issued U.S. Dollar Bonds**: As of the close on February 3, the prices of Chinese - issued U.S. dollar bonds showed different degrees of change, with some rising and some falling [28].