Core Viewpoint - The company has decided not to exercise the early redemption rights of its convertible bonds, "Xinhua Convertible Bonds," based on stock price performance and market conditions, aiming to protect the interests of all investors [1][5][6]. Summary by Sections Convertible Bond Issuance Overview - The company issued 6.5 million convertible bonds on November 28, 2022, with a face value of 100 yuan each, totaling 650 million yuan [1][2]. Convertible Bond Conversion Price Adjustment - The initial conversion price was set at 32.41 yuan per share, which has been adjusted multiple times due to corporate actions, with the latest price being 19.81 yuan per share [2][3]. Redemption Terms and Trigger Conditions - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for 15 trading days. The current trigger price is 25.753 yuan per share [5][6]. Company's Decision on Early Redemption - The board of directors decided not to redeem the bonds early during the period from August 14 to November 13, 2025, even if the redemption conditions are met again [1][4][6]. Related Parties' Trading Activity - Major shareholders and executives have not sold any convertible bonds in the six months leading up to the redemption conditions being met, with specific trading activities detailed for certain individuals [6][7]. Sponsor Institution's Review Opinion - The decision not to redeem the bonds has been approved by the board and complies with relevant regulations and the offering prospectus [7][8].

股票简称：新化股份 股票代码：603867 债券简称：新化转债 债券代码：113663 浙江新化化工股份有限公司 公开发行可转换公司债券 临时受托管理事务报告 债券受托管理人 二零二五年八月 2 一、核准文件及核准规模 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2163号）批准，公司向社会公开发行 可转换公司债券6,500,000张，每张面值人民币100元，募集资金总额为65,000.00 万元，扣除发行费用后募集资金净额为人民币63,925.33万元。上述募集资金已 于2022年12月2日到位，业经天健会计师事务所（特殊普通合伙）验证，并出具 了天健验[2022]660号《验证报告》。 经上海证券交易所同意，公司本次发行的可转债于2022年12月16日起在上 海证券交易所挂牌交易，债券简称"新化转债"，债券代码"113663"。 二、本次债券的主要条款 （一）发行证券的种类 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《浙 江新化化工股份有限公司关于向不特定对象发行可转换公司债券之受托管理协 议》（以下 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 关于不提前赎回"新化转债"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 2025 年 7 月 15 日至 2025 年 8 月 13 日，公司股票有 15 个交 易日的收盘价格不低于"新化转债"当期转股价 19.81 元/股的 130%（即 25.753 元/股），已触发"新化转债"的有条件赎回条款。公司董事会决定本 次暂不行使"新化转债"的提前赎回权利，不提前赎回"新化转债"。 未来三个月内（即 2025 年 8 月 14 日至 2025 年 11 月 13 日）， 若"新化转债"再次触发赎回条款，公司均不行使提前赎回权利。以 2025 年 11 月 13 日之后的首个交易日重新计算，若"新化转债"再次触发赎回条款， 公司董事会将再次召开会议决定是否行使"新化转债"的提前赎回权利。 一 ...

一、可转债发行上市概况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2163号）核准，公司于2022年11月28日公开 发行了650.00万张可转换公司债券，每张面值100元，发行总额65,000万元，发行期 限6年。票面利率为第一年0.3%、第二年0.5%、第三年1.0%、第四年1.5%、第五年 2.0%、第六年3.0%，到期赎回价为115元（含最后一期利息）。 东方证券股份有限公司 关于浙江新化化工股份有限公司 不提前赎回"新化转债"的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为浙江新化化工股份有限公 司（以下简称"新化股份"或"公司"）2022年公开发行可转换公司债券的保荐机构。根 据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《可转换公 司债券管理办法》和《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》等有关规定，对公司不提前赎回"新化转债"事项进行了审慎核查，发表如下 核查意见： 经上交所自律监管决定书〔2022〕343号文同意，公司65,000.00万元可转换公 司债券于2022年 ...

Group 1 - The company Zhejiang Xinhua Chemical Co., Ltd. issued 6.5 million convertible bonds with a total amount of 650 million yuan, which were listed on December 16, 2022 [2] - The bonds have a maturity period of 6 years with a coupon rate that increases from 0.3% in the first year to 3.0% in the sixth year, and a redemption price of 115 yuan [2] - The initial conversion price was set at 32.41 yuan per share, which has been adjusted multiple times due to corporate actions [3][4] Group 2 - The company has established conditional redemption terms for the convertible bonds, which can be triggered if the stock price meets certain criteria [5] - Specifically, if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days, or if the remaining unconverted bonds are less than 30 million yuan, the company can redeem the bonds [6] - As of July 15, 2025, the stock price has met the criteria for triggering the redemption clause, with a requirement for the stock price to be at least 25.753 yuan per share in the following trading days [6]

Group 1 - The company Zhejiang Xinhua Chemical Co., Ltd. issued 6.5 million convertible bonds with a total amount of 650 million yuan, which began trading on December 16, 2022 [1][2] - The initial conversion price of the bonds was set at 32.41 yuan per share, which has been adjusted multiple times due to corporate actions and market conditions [2][3] - The latest conversion price is 19.81 yuan per share, reflecting a significant decrease from the initial price [2][3] Group 2 - The company has established redemption terms for the convertible bonds, allowing for redemption if the stock price exceeds 130% of the conversion price for 15 consecutive trading days [2][4] - As of July 15, 2025, the company's stock price has met the condition for potential redemption, with ten trading days closing above the required threshold [4] - The company will decide on the redemption of the bonds based on the terms outlined in the offering document and will disclose any decisions in a timely manner [4]

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 因公司2023年度实施权益分派，转股价格自2024年6月18日由31.86元/股调 整为31.42元/股，详见公司在上海证券交易所网站（www.sse.com.cn）披露的 《新化股份关于调整"新化转债"转股价格的公告》（公告编号：2024- 039）。 关于"新化转债"预计满足赎回条件的提示性公告 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。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发 行可转换公司债券的批复》（证监许可[2022]2163号）核准，公司于2022年11 月28日公开发行了650.00万张可转换公司债券，每张面值100元，发行总额 65,000万元，发行期限6年。票面利率为第一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 ...

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，芯存微(上海)半导体有限公司成立，法定代表人为张 新利，注册资本1000万元，经营范围包含：一般项目：半导体器件专用设备销售；电子专用材料研发； 电子专用材料销售；前沿新材料销售；新材料技术研发；气体、液体分离及纯净设备销售；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广。(除依法须经批准的项目外，凭营业执照依法 自主开展经营活动)。天眼查APP股权穿透显示，该公司由新化股份、上海飞哥云信息技术有限公司、 建德市伽玛科技创业发展合伙企业(有限合伙)共同持股。 ...

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].