| 证券代码：603500 | 证券简称：祥和实业 | 公告编号：2026-015 | | --- | --- | --- | | 转债代码：113701 | 转债简称：祥和转债 | | 浙江天台祥和实业股份有限公司 关于"祥和转债"预计满足转股价格修正条件的提示性公告 根据《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 的有关 规定，公司就可能触发可转换公司债券转股价格向下修正条件的相关情况公告如下： 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意浙江天台祥和实业股份有限公司向不特定对象 发行可转换公司债券注册的批复》(证监许可〔2026〕27 号)同意注册，并经上海证券交 易所同意，公司于 2026 年 3 月 3 日向不特定对象发行可转换公司债券 4,000,000 张，每 张面值为人民币 100.00 元，发行总额为人民币 400,000,000.00 元。本次发行的可转债期 限为发行之日起 6 年，即自 2026 年 3 月 3 日至 2032 年 3 月 2 日。 转债代码：113701 转债简称：祥和转债 转股价格：13.59 元/股 转股期限：2026 年 9 ...

浙江天台祥和实业股份有限公司 Zhejiang TiantaiXianghe Industrial Co.,Ltd. （浙江省台州市天台县赤城街道人民东路 799 号） 股票简称：祥和实业 证券代码：603500 向不特定对象发行可转换公司债券 上市公告书 保荐机构（主承销商） 中国国际金融股份有限公司 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二六年三月 | | | 第一节 重要声明与提示 三、可转换公司债券发行量：40,000.00 万元（4,000,000 张） 四、可转换公司债券上市量：40,000.00 万元（4,000,000 张） 浙江天台祥和实业股份有限公司（以下简称"祥和实业"、"发行人"、"公司" 或"本公司"）全体董事和高级管理人员保证上市公告书的真实性、准确性、完整性， 承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律 责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司董事、高级管理人员 已依法履行诚信和勤勉尽责的义务和责 ...

浙江天台祥和实业股份有限公司 关于开立可转换公司债券募集资金专项账户 并签订募集资金专户存储三方监管协议的公告 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。 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意浙江天台祥和实业 股份有限公司向不特定对象发行可转换公司债券注册的批复》(证监许可〔2026〕27号)同 意注册，并经上海证券交易所同意，浙江天台祥和实业股份有限公司(以下简称"公司"或" 祥和实业")向不特定对象发行可转换公司债券4,000,000张，每张面值为人民币100.00元， 募集资金总额为人民币400,000,000.00元，扣除承销费用5,000,000.00元（含税）后实际收 到的募集资金为395,000,000.00元，已由保荐人（主承销商）中国国际金融股份有限公司 于2026年3月9日汇入公司募集资金专用账户。该募集资金经天健会计师事务所(特殊普通 合伙)审验，并于2026年3月9日出具了《验证报告》（天健验〔2026〕73号）。 证券代码：603500 证券简称：祥和实业 公告编号：202 ...

浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（主承销商）：中国国际金融股份有限公司 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： 浙江天台祥和实业股份有限公司（以下简称"祥和实业"、"发行人"或"公 司"）向不特定对象发行可转换公司债券（以下简称"可转债"）已获得中国证 券监督管理委员会证监许可〔2026〕27 号文同意注册。中国国际金融股份有限公 司（以下简称"中金公司"、"保荐人（主承销商）"或"主承销商"）为本次 发行的保荐人（主承销商）。本次发行的可转债简称为"祥和转债"，债券代码 为"113701"。 证券代码：603500 证券简称：祥和实业 公告编号：2026-013 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 362,486 | 0 | | 网上社会公众投资者 | 36,800 | 714 | | 主承销商包销数量（放弃 认购总数量） | | 714 | | 发行数量合计 | | 400, ...

证券代码：603500 证券简称：祥和实业 公告编号：2026-012 浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 凡参与"祥和转债"网上申购的投资者持有的申购配号尾数与上述号码相同 的，则为中签号码。中签号码共有 37,514 个，每个中签号码只能认购 1 手（1,000 元）"祥和转债"。 特此公告。 1 发行人：浙江天台祥和实业股份有限公司 保荐人（主承销商）：中国国际金融股份有限公司 2026 年 3 月 5 日 2 （此页无正文，为《浙江天台祥和实业股份有限公司向不特定对象发行可转换公 司债券网上中签结果公告》之盖章页） 保荐人（主承销商）：中国国际金融股份有限公司 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个别及连带责任。 根据《浙江天台祥和实业股份有限公司向不特定对象发行可转换公司债券发 行公告》，发行人浙江天台祥和实业股份有限公司及本次可转债发行的保荐人（主 承销商）中国国际金融股份有限公司于 2026 年 3 月 4 日（T+1 日）主持了浙江 天台祥和实业股份有限公司向不特定对 ...

证券代码：603500 证券简称：祥和实业 公告编号：2026-011 浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券 网上中签率及优先配售结果公告 保荐人（主承销商）：中国国际金融股份有限公司 3、 网上投资者连续 12 个月内累计出现 3 次中签但未足额缴款的情形时，自 中国结算上海分公司收到弃购申报的次日起 6 个月（按 180 个自然日计算，含次 日）内不得参与新股、可转债、可交换公司债券和存托凭证的网上申购。 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： | 类别 | 中签率/配 | 有效申购数量 | 实际配售 | 实际获配金额 | | --- | --- | --- | --- | --- | | | 售比例（%） | （手） | 数量（手） | （元） | | 原股东 | 100 | 362,486 | 362,486 | 362,486,000.00 | | 网上社会公众投资者 | 0.00042899 | 8,744,798,090 | 37,514 | 37,514,000. ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Xianghe Convertible Bond on the first day of listing is expected to be between 165 - 170 yuan, and investors are advised to actively subscribe [3][17] - The expected first - day new bond lottery winning rate is around 0.002% - 0.0028% [4][18] 3. Summary According to Relevant Catalogs 3.1 Xianghe Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Xianghe Convertible Bond is priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 400 million yuan, the initial conversion price is 13.59 yuan, the convertible bond parity is 100.66 yuan, the pure bond value is 92.39 yuan. The game terms (lower - revision, redemption, and put - back terms) are normal. The bond issuance scale is low, liquidity is poor, the rating is weak, but the bond floor protection is good. It is difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][13] 3.1.2 New Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of rail transit - related products and components, electronic component accessories, and polymer modified materials. After deducting issuance fees, the raised funds will be used for the intelligent equipment production base project, the annual production of 18,000 tons of plastic modified new material production line construction project, and supplementing working capital [3][16] - The target price of Xianghe Convertible Bond on the first day of listing is 165 - 170 yuan. Considering the current market environment and parity level, the conversion premium rate on the first day of listing is expected to be in the range of [63%, 68%] [3][17] 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - The expected first - day new bond lottery winning rate is around 0.002% - 0.0028%. Assuming the old shareholders' placement ratio is 34% - 54%, the scale available in the market is 183 million - 263 million yuan. Assuming the online effective subscription number is 9.34 million households, the lottery winning rate is calculated to be in the above - mentioned range [4][18] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company focuses on the R & D, production, and sales of rail transit - related products and components, electronic component accessories, and polymer modified materials. Its rail fastener products cover multiple categories and have CRCC certification. The railway track comprehensive inspection instrument is in the process of industrialization. The electronic component accessories business is a standard - drafting unit, and the polymer modified materials are widely used [19][20] - The upstream of the rail fastener business provides raw materials such as steel and rubber. The upstream of electronic component accessories is nylon and rubber, and the upstream of polymer modified materials is synthetic resin and additives. The downstream of the rail fastener business is rail construction, the downstream of electronic component accessories is the aluminum electrolytic capacitor industry, and the downstream of polymer modified materials is diverse [20] 3.2.2 Company's Operating Conditions - The company's operating income has been on the rise from 2022 to the first half of 2025, with year - on - year growth rates of 24.21%, 5.60%, 4.22%, and 6.49% respectively. The main business income comes from multiple sources, and the rail transit business is the basic business, while the electronic component accessories business is expanding [23] - The company's comprehensive gross profit margin has increased slightly, with values of 25.70%, 28.39%, 27.47%, and 30.92% from 2022 to the first half of 2025. The net profit margin has also shown an upward trend. The changes in gross profit margin are related to raw material prices and production capacity [26] - The company's period expenses are generally stable, with the total of sales, management, and financial expenses being 0.43 billion, 0.51 billion, 0.44 billion, and 0.32 billion yuan from 2022 to the first half of 2025. The R & D expenses have been increasing, and the accounts receivable turnover is generally stable [27][31][33] - The company's归母 net profit from 2022 to the first half of 2025 is 0.67 billion, 0.67 billion, 0.75 billion, and 0.64 billion yuan respectively, with year - on - year growth rates of 6.04%, 0.81%, 12.44%, and 96.56%. The weighted ROE has shown small fluctuations [35][37] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. The first and second major shareholders hold 26.86% and 7.49% of the shares respectively, and the top ten shareholders hold 55.57% in total. The Tang family is the actual controller, controlling 52.56% of the voting rights [40] 3.2.4 Company's Business Characteristics and Advantages - The company has a multi - business coordinated development layout. It has technical advantages with a professional R & D department, a team of 74 R & D personnel, and 107 patents as of June 30, 2025 [44] - It has qualification certification advantages, participating in the formulation of industry standards in multiple fields and having complete industry qualification certifications [45] - It has customer resource advantages, with a 20 - year cooperation history with Zhongyuan Lida. The railway track comprehensive inspection instrument project can reduce market entry costs based on existing customer resources [46] 3.2.5 Current Raised Funds Allocation - The company plans to issue convertible bonds to raise 400 million yuan. After deducting issuance fees, 280 million yuan will be used for the intelligent equipment production base project, 50 million yuan for the annual production of 18,000 tons of plastic modified new material production line construction project, and 70 million yuan for supplementing working capital [11][47] - The intelligent equipment production base project has a post - tax internal rate of return of 12.43% and a post - tax static investment payback period of 9.47 years (including the construction period), with an expected sales revenue of 546.292 million yuan at full production [48][50] - The annual production of 18,000 tons of plastic modified new material production line construction project has a post - tax internal rate of return of 14.52%, a post - tax static investment payback period of 7.11 years (including the construction period), and an expected sales revenue of 215.0211 million yuan at full production [48]

Group 1 - The article mentions the issuance of a convertible bond by Xianghe Industrial, with a conversion price set at 13.59 yuan and an issuance price of 100.00 yuan [1] - The bond has been rated A+, indicating a relatively high credit quality [1] Group 2 - There are no new stock offerings available today, indicating a potential lull in the market for new investments [1] - The document does not provide any additional insights or data regarding market trends or company performance [1]

证券代码：603500 证券简称：祥和实业 公告编号：2026-010 浙江天台祥和实业股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：中国国际金融股份有限公司 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个别及连带责任。 特别提示 浙江天台祥和实业股份有限公司（以下简称"祥和实业"、"发行人"或"公司"）、 中国国际金融股份有限公司（以下简称"保荐人（主承销商）"、"主承销商"或 "中金公司"）根据《中华人民共和国证券法》、《证券发行与承销管理办法》（证 监会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕）、《上海证券交易所上市公司证券发行与承销业务实施细则（2025 年修订）》（上证发〔2025〕47 号）、《上海证券交易所证券发行与承销业务 指南第 2 号——上市公司证券发行与上市业务办理》（上证函〔2021〕323 号）、 《上海证券交易所证券发行与承销业务指南第 4 号——上市公司证券发行与承 销备案（2025 年 3 月修订）》（上证发〔2025〕42 ...

Report Industry Investment Rating No information provided in the text Core Viewpoints - The divergence in the convertible bond market has intensified, and it is expected that the Sharpe ratio of assets will decline. The main sectors will "separate the wheat from the chaff", and attention should be paid to the sub - directions that have lagged behind in the early stage and have performance support [3][18] Summary by Relevant Catalogs Market Focus (2026/2/24 - 2026/2/27) Stock Market - After the Spring Festival, the market showed a warming trend, with major indices oscillating upwards and trading volume steadily increasing to about 2.5 trillion yuan. The market sentiment was generally positive. Upstream resource products became the main line of the market, with sectors such as non - ferrous metals, oil and gas, chemicals, and coal taking turns to perform, while the media sector adjusted significantly due to the adjustment of the film and entertainment and AI application sectors [1][8] - By industry, most Shenwan primary industries rose last week. Steel (12.27%), non - ferrous metals (9.77%), basic chemicals (7.15%), environmental protection (6.96%), and coal (5.92%) led the gains; media (-5.10%), commercial retail (-1.64%), food and beverage (-1.54%), and non - bank finance (-1.18%) performed poorly [9] Bond Market - At the beginning of the week, the bond market adjusted continuously under the suppression of factors such as the unexpected implementation of the Shanghai real - estate new policy and the strong linkage between stocks and commodities. On Friday, the capital market loosened, and the tone of the Politburo meeting was stable. Market sentiment gradually stabilized, and the yields of various maturities declined slightly. The whole week showed a pattern of gradually stabilizing during the adjustment. The 10 - year Treasury bond rate closed at 1.7877% on Friday, down 0.51bp from the last trading day before the Spring Festival [1][9] Convertible Bond Market - Last week, most convertible bond issues fell. The CSI Convertible Bond Index fell 0.23% for the whole week, the median price rose 1.22%, the calculated arithmetic average parity rose 3.46% for the whole week, and the market conversion premium rate decreased by 4.65% compared with the previous week. In terms of individual bonds, Youcai (polyester staple fiber), Shuangliang (space photovoltaic), Guanglian (commercial aerospace), Dazhong (lithium mine), and Guanzhong (environmental protection) convertible bonds led the gains; Huicheng (advanced packaging), Weidao (semiconductor equipment), Ruichuang (military industry), Xinfu (software), and Hengshuai (automotive motor) convertible bonds led the losses [2][9][13] - Most industries in the convertible bond market fell last week. Steel (4.73%), non - ferrous metals (1.99%), public utilities (1.90%), and building decoration (1.87%) performed well, while media (-4.45%), social services (-2.47%), commercial retail (-2.33%), and non - bank finance (-2.23%) performed poorly [12] - The total trading volume of the convertible bond market last week was 27.2551 billion yuan, with an average daily trading volume of 681.38 million yuan, a slight decrease from the previous week [15] Views and Strategies (2026/3/2 - 2026/3/6) Stock Market - After the new year, the introduction of structural monetary policies and the relaxation of real - estate control in Shanghai are better than the previous stable and moderate policy expectations, which is beneficial for maintaining a relatively high risk preference in the equity market. From the perspective of past seasonal effects, the winning rate of small - cap stocks is extremely high between the Spring Festival and the Two Sessions, and after the Two Sessions, the correlation between the stock market trend and performance gradually increases. During the spring rally, the price - increase chain in the technology + resource product sectors has obvious excess returns. As the economic data for January - February are gradually released, it is expected that March - April will be an important window for the market to further verify price increases and performance. The main sectors will face "separating the wheat from the chaff", and sectors that have lagged behind in the early stage and have current performance are more advantageous [3][18] Convertible Bond Market - After the Spring Festival, the divergence in the convertible bond market has increased. On the 25th and 26th, the premium rates of high - price and high - premium targets were significantly compressed. Some investors are worried that the spring market will gradually come to an end in terms of duration. According to the previous judgment (the sustainability of the polarized valuation of convertible bonds depends on the stock market expectations), it is expected that the volatility of convertible bonds in March (especially the volatility of the premium rate) will further increase. It should be recognized that there are obvious differences between selecting convertible bonds and selecting underlying stocks at this stage. Most of the core targets related to the main equity lines are expected to have a poor Sharpe ratio for convertible bonds at a conversion premium rate of over 30%, and they are not the best choice for the current portfolio allocation. Bond selection needs to sort out the upward logic one by one and screen by considering both the price and premium rate of the available convertible bond targets [3][18] - In the context of power shortages in North America, most convertible bonds related to main lines such as high - volume orders for gas turbines, price increases in the upstream and downstream of the electronic industry chain such as power semiconductors/silicon wafers/carrier tapes, and the increasing prosperity of liquid cooling are all high - price and high - premium, and many targets are close to triggering redemption. At present, when the divergence in the convertible bond market has emerged, the volatility of convertible bonds may be greater than that of the underlying stocks in the short term, and the odds are limited. Some targets are about to enter the conversion period. If the major shareholders reduce their holdings and the market corrects, and the convertible bond valuation is significantly compressed, then additional allocation can be considered [18] - For the AI main line, consider allocating to the divergent fields that have relatively lagged behind in the early stage and have performance support, such as computing power leasing, energy storage, embodied intelligence, and autonomous driving [18] - Against the background of the global increase in strategic reserves of resource products and the downward trend of the US dollar, pay attention to the polyester industry chain, engineering machinery, resource products and mining services. In addition, pay attention to the innovative drug industry chain, two - wheeled vehicles, and the post - cycle of the real - estate chain [18] - If the equity market turns down, funds will replenish the defensive sectors that have fallen significantly in the early stage. Referring to past experience, at the beginning of the equity market decline, the parity and valuation of the entire convertible bond market will fall together. Then, the low - price bottom - position varieties with high ratings will stabilize first. It is recommended to reduce positions as a response. After that, pay attention to the defensive sectors such as banks and power that have adjusted more in the early stage [18] Valuation Overview - As of last Friday (2026/02/27), for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 54.87%, 46.47%, 35.03%, 26.27%, 23.02%, and 15.61% respectively, which were at the 99%/99%, 98%/99%, 99%/99%, 98%/98%, 98%/100%, and 98%/97% percentile values since 2010/2021 [19] - For bond - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was -5.14%, which was at the 1%/3% percentile values since 2010/2021 [19] - The average implied volatility of all convertible bonds was 49.88%, which was at the 95%/98% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 8.63%, which was at the 96%/98% percentile values since 2010/2021 [19] Primary Market Tracking - Last week (2026/2/24 - 2026/2/27), Xianghe and Tonglian convertible bonds announced their issuance, and Aiwei convertible bonds were listed [26] - As of the announcements on February 27, there are no convertible bonds announced for issuance and listing next week (2026/3/2 - 2026/3/6). Last week, the exchanges accepted applications from 2 companies (Zuoli Pharmaceutical and Zhenyu Technology), and the general meetings of shareholders passed the applications of 3 companies (Shenghui Integration, Aopute, and Shenling Environment). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board proposals. As of now, there are a total of 102 convertible bonds to be issued, with a total scale of 166.28 billion yuan, including 5 that have been approved for registration with a total scale of 4.39 billion yuan and 7 that have passed the listing committee with a total scale of 6.97 billion yuan [29]